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M&A Operations

Focused on value

As the uptick in M&A activity continues, the focus on operational matters as a source of value in transactions has never been more prevalent. Both Corporate and Private Equity deal professionals are increasingly looking to drive transaction value through improving operational performance and proactively managing operational risk, whilst lenders continue to seek additional insight and comfort on management’s business plans, forecast operating performance and cash flow.

Expert advice and opinion

For Corporates that are acquiring, value is typically realised in the form of synergies, or when they are disposing, from capturing and communicating effective value enhancement propositions for any entities being sold. For Private Equity clients, operational efficiencies and cost reduction continue to be a greater area of focus, both in the area of pre-deal due diligence and in their approach to managing the organisations under their ownership.

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Deep and focussed insight

Our dedicated M&A Operations team combines extensive performance improvement expertise to deliver insight regarding operational risk and potential opportunities in due diligence engagements. We bring together both experienced line managers and operational due diligence specialists to provide deep and focussed insight in both pre-deal diligence and in identifying opportunities for post deal value enhancement.

Our team can:

  • Develop an understanding of the composition and nature of the target’s cost base and operational capability (including areas of IT alongside our M&A Technology colleagues);
  • Review and evaluate forecast cost reduction plans, synergy reviews and bid defence plans;
  • Review and evaluate operational risks within a business, for example the carve-out of a division from a parent company or the deliverability of a major cost reduction programme;
  • Identify opportunities for further cost reduction and assist in the development of performance improvement plans; and
  • In partnership with our Post Merger Integration team, develop plans for early ownership/ first 100 days to leverage change momentum in realising value enhancing operational benefits.
Magnifying Glass

Jason Caulfield has previously published on the role of Operating Partners within Private Equity and delivering value from their portfolio companies. Please download this here.

Key contacts

Matt Penny

Matt Penny


Matt is a TS partner with over 15 years M&A experience. He focuses on operational due diligence, performance improvement, synergy and separation review work for Corporate, Private Equity and banking c... More

Jason Caulfield

Jason Caulfield

Global Value Creation Services Leader

Jason heads Value Creation Services and M&A Operations in Financial Advisory globally. He has over 25 years of international experience supporting both corporate and private equity clients with comple... More

Jan Rattay

Jan Rattay


Jan is a Partner in the Operational Due Diligence and Post Deal Services team in London. He has over 10 years of Corporate Finance experience working with both private equity and corporate clients, an... More

David Harrison

David Harrison


David is a partner in our Financial Advisory Operational Due Diligence practice. He has over 15 years of international experience supporting corporate and private equity clients on complex M&A transac... More

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  • Related Services

    Related Services

    M&A Technology

    The speed of change and growth in prominence of technology is unprecedented. Within the context of an M&A transaction – for buyers or sellers – this means technology now represents both a massive opportunity, and a risk of equal measure.

    Post Merger Integration and Carve Out / Separation Advice

    The merging or de-merging of two or more organisations triggers a flood of complexities. The best serial acquirers follow a structured and disciplined approach, with clear strategic objectives, detailed implementation plans, and a focus on creating and capturing value from the start.

  • International network

    Global M&A Operations and Value Creation Services

    Globally, Deloitte’s M&A Operations international network works alongside the broader Value Creation Services network.

    Value creation services

    Value creation services uses rapid identification, planning, and implementation of prioritized performance improvement initiatives to improve cash and enhance profits.