Professional Services

In a multi-year partnership, a storied industrial powerhouse faced significant challenges in its digital imaging business due to a steep decline in demand for personal cameras, driven by the rise of smartphone cameras. The company recognized that maintaining its current operation or business model would lead to a dead end, prompting efforts to improve cost structure and efficiency, which ultimately proved insufficient. In early 2021, the company sold its digital imaging business to an Asian private equity firm.

Following this, in mid-2021, the company announced its decision to sell its scientific instruments division, which produced microscopes, videoscopes, and testing equipment for various life sciences and industrial applications. This strategic move aimed to solidify its position in the med-tech sector, with management setting an ambitious goal to deliver a fully transactable division within 10 months. Remarkably, the separation was completed within the targeted timeframe, and the business was transferred to a well-known private equity fund, achieving a 6x EBITDA multiple over expectations.

we played a crucial role in this transition, ensuring the successful delivery of both non-core divisions. The team worked closely with management to carve out the businesses, disentangle functions, and reach a transactable state under tight timelines and pressure to safeguard margins. They developed a blueprint for the physical and economic separation of sites, tailored to the distinct requirements of markets in Asia, Europe, and the U.S. we also took on critical interim roles, such as regional CFO and Treasurer, to mitigate risks during the uncoupling process.

Once the separation path was established, the team shifted focus to support the sale process, enhancing the outcome by building a value creation plan that highlighted potential incremental value in pricing, delivery performance, supply chain, and target operating models. As a result of these efforts, the company was able to refocus on its core med-tech business, delivering on its promise of focused growth.