Panamoure Consulting were approached by a PE fund to perform a pre-acquisition IT Due Diligence review on an upcoming lower mid-cap target who designed and manufactured electronic component boards for the defence, aviation, automotive and energy sectors.
The challenges for the business was that it was dependant on key product sets from China and Korea, had key global clients yet was still a small UK family run business and that it had not invested in technology outside of client-specific projects.
The fund required that we dug far deeper into the business model and technology stack to identify the risks to the business because of its lack of investment, its supplier profile risks and its ownership of the intellectual property when developing bespoke technologies for its clients. The PE acquisition and IT DD was not known to the interviewees, documentation was at a bare minimum and out of date. The corporate IT infrastructure was ‘shared’ by other entities and the IT manager felt uneasy about opening the IT skeletons cupboard. Third-party supplier contracts were also ‘missing’.
We were able to get the IT manager ‘onside’ and working with us quickly. We organised all key stakeholder meeting within a limited time and were able to quickly identify key supplier risks. We supported the local team in developing a contract database and managed to acquire signed supplier contracts directly from the suppliers by supporting the local management team. We developed a plan for mitigating key risks that appeared on the IT DD report. We enhanced the data room with full IT asset and audit documentation when we were informed that it was not possible. We included a full opportunities assessment as part of our report, including immediate EBITDA upside that was available from quick wins activities.
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© 2024 Panamoure Group LLP
© 2024 Panamoure Group LLP
