Successful integration project at an Italian group in the marine sector

The situation

An American private equity firm had recently acquired an Italian global marine interiors' contractor specializing into both the refit and new-build segments. The Group also had a strong business in scheduled maintenance and spare parts. Headquartered in Italy with offices in Europe, the US and Asia and comprised of three recently merged companies, the Group is a turnkey solution provider delivering design, engineering, manufacturing, project management & installation, after-sales services and system upgrades to cruise ship operators and related segments. The Group was embarking on a business integration process.

The challenge

The Group was facing unprecedented demand for its services. It was therefore critical that processes and systems were robust, effective and efficient, and that synergies could be realized to enable maximum focus on achieving the business plan targets. The processes and systems also needed to be scalable so as to accommodate further growth, both organic and in the future through additional M&A activity.

The mission for the Italian globalise Company was:

  • To find a CFO to support the PE firm and the company in implementing effective financial reporting, planning and analysis to meet their portfolio requirements and allow improved monitoring and management of the business on a day-to-day basis.
  • To find a Head of IT to complete the pre-acquisition due diligence. After that, to develop the team, architecture and systems required to enable integration of the group, streamline delivery of the existing order book and position it for international organic and acquisition-based growth.

The success

With the globalise managers driving the operation, cooperating with senior management and the financial advisors already involved in the project, the integration process was completed within the pre-established 6-month timeframe. In the process, certain disparities have been overcome: corporate culture, different policies and management of business processes, poor communication, resistance to change among the workforce, conflict in decision-making processes, as well as other typical organizational obstacles.

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