Mandate anatomy
Post-acquisition integration. Anatomy of a 12-month mandate.
Brief
Anonymised. A European group acquires an Italian target and needs an operator on the ground on day one to protect value and capture synergies.
Direct answer
A European industrial group acquires an Italian target at 45 million euros of revenue. The seller-CEO exits at closing. An interim CEO takes the seat on day one, runs the integration for twelve months, and hands over to a permanent country manager selected during the mandate. Synergies delivered above the SPA case.
Situation at closing
- Italian target: 45 million euros revenue, 6.5 million EBITDA, two locations.
- Seller-CEO exits at closing with a nine-month non-compete.
- Integration case in the SPA assumes 3.2 million euros of run-rate synergies by month 18.
- Buyer group has no Italian operating team.
First 30 days
- Day-one town hall in Italian, one-page integration narrative signed by parent-group CEO.
- Top-team assessment, retention letters for key people, exit terms for one exec.
- IT, ERP and finance integration path agreed with parent, milestones locked to a 12-month plan.
- Top ten customers visited personally in the first three weeks.
First 90 days
- Procurement synergies renegotiated with the top 15 suppliers, worth 1.8 million euros annualised.
- Sales overlap mapped in two regions, coverage rebalanced without customer loss.
- Finance and reporting migrated to group standards.
- Search for a permanent country manager launched in month three.
Outcome at month twelve
- Run-rate synergies at 3.6 million euros, above the SPA case.
- No key customer or key employee attrition beyond expected transition losses.
- Permanent country manager in seat from month ten, six-week handover.
- Group CEO retains the interim as advisor for the following two quarters.
Continue reading
Hub
Interim CEO in ItalyOne senior operator with a C-level track record, the alternative to head hunter fees.
Related
Post-acquisition interim CEOThe full playbook for buyer-side integrations.
Related
Foreign investors in ItalyWhen the buyer sits abroad.
FAQ
FAQ on post-acquisition integration mandates
Why hire an interim CEO for a post-acquisition integration?
The first 100 days after closing define whether synergies are captured or lost. An interim CEO gives the buyer an operator on the ground on day one, without the delay of a permanent search.
Who does the interim CEO report to during integration?
The parent-group CEO or the fund's operating partner. Weekly cadence in the first quarter, monthly board pack after that. The seller-side leadership team reports to the interim CEO during the handover.
What is a realistic mandate length for an integration?
Nine to fifteen months. Long enough to close the first full budget cycle under the new structure. Short enough to preserve urgency and to hand over to a permanent country manager.
Need this seat filled. Fast.