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Operational Due Diligence

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 Operational Due Diligence (ODD) 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);
  • 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.
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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


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