Virtas Partners was engaged by a PE-owned SaaS / AI company to provide interim controllership support and support the sell-side due diligence for its lender – Blackrock.
Client Need
Our client, a PE-owned SaaS/AI company, was indebted to Blackrock who sought to exit its debt position by having the company sell itself to a corporate buyer. Additionally, the Corporate Controller had resigned in the months leading up to the sale. Virtas stepped in and acted as interim Controller to the company. As the sales process and our interim controllership continued, we were brought in to assist our client in getting the deal to close which specifically revolved around negotiation of the NWC peg and debt-like items.
Tailored Solutions
- Provided interim Controllership support, ensuring that the CFO was supported throughout the entirety of the sale process
- Provided sell-side due diligence support which was focused on NWC and debt-like items to finalize the purchase agreement
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Collaborated with client management, our Virtas interim controllership team, as well as Blackrock and legal teams to identify a pragmatic path forward and get the transaction finalized
Value to client
- Supplemented management team with appropriate resources to efficiently support our client
- Jumped in late in the sales process to triage the NWC and debt item analysis necessary to negotiate with the Buyer and their Big 4 advisors
- We brought peace of mind to both our client and their lender with our technical expertise from both the interim controllership function and the M&A advisory support
Capabilities
- Interim Controllership
- Sell side due diligence support
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Efficient collaboration with management team, lenders, and internal service lines at Virtas
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Identification of NWC and debt-like items to expedite transaction finalization