Post-Acquisition Transition Services for a Private Equity-Backed HVAC Platform

CFOx recently completed an accounting transition for a PE-backed HVAC platform following a recent add-on acquisition.  Our client acquired an established, family-owned HVAC company in the Southeast.  CFOx was engaged post-acquisition to transition the acquiree’s key accounting functions, accounting software, and processes to the platform.

The first order of business for the CFOx team was coordinating Opening Balance Sheet entries with the buy-side due diligence team and the acquiree.  After that was completed, the team migrated the company from a desktop-based accounting software to a cloud-based software. By migrating to a cloud-based software, the team could then integrate the company’s ERP with the accounting system. A new Chart of Accounts was also established to match the platform’s master Chart of Accounts.

After all the systems were properly set up and integrated, the team focused its attention on accounting processes and procedures. The company needed to convert from cash-basis accounting to accrual-basis accounting. The CFOx team developed new processes to ensure revenue and expenses were recorded on an accrual-basis going forward. Various accrual schedules were also created to ensure supporting information and reconciliations are performed monthly.

Lastly, the team created financial reporting files that matched the platform’s other portfolio companies for uniform management and investor reporting.

If you would like to learn more about our Accounting Transition services, please reach out via email ([email protected]) or schedule a call directly on our Contact Us page.

CFO Services Provided:

  • Accounting Integration & Transition
  • Opening Balance Sheet
  • Processes & Procedures
  • Financial Reporting