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Our client, a Midwestern adhesives and coatings business, had been created from the carve-out of a major industrial firm that had been combined with multiple other portfolio companies. With its formation, the company became the world’s largest producer of binder, adhesive, coating and ink resins for industrial applications, employing approximately 7,000 people worldwide with $5B in annual revenues.
This carve-out required a transactional processing infrastructure, a new fair value-based opening balance sheet backed by proper purchase accounting and a consolidation system to produce accurate, auditable financial statements. The client’s Big Four auditor recommended that SolomonEdwards assist with external reporting, S-1 stock offering preparation, SOX compliance and a systems conversion.
We provided various services in the areas of post-M&A integration, integration management, transaction reporting, and financial carve-out and compilation. Specific activities included:
Through our delivery of both strategic and tactical corporate accounting solutions, we helped this newly formed business establish a transactional processing infrastructure, proper purchase accounting, and accurately consolidated, auditable financial statements.