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Case Studies

Carve-Out Acquisition Support for a Permit Expeditor

Carve-Out Acquisition Support for a Permit Expeditor

Situation

MMG partnered with a PE-backed permit expeditor for support following a carve-out acquisition that surfaced unexpected accounting issues. Shortly after close, the company discovered that client retainers had been recognized as revenue immediately, creating material misstatements.

Meanwhile, the finance team lacked reliable opening balance sheets and consistent monthly processes. At the same time, leadership needed interim support while searching for a permanent Controller to stabilize the function.

Solutions
1

Corrected Revenue Recognition Issues

MMG identified errors in the company’s revenue recognition methodology that had not been identified during the Quality of Earnings process. From there, we aligned practices with GAAP requirements.
2

Prepared Opening Balance Sheets and Monthly Processes

In parallel, MMG prepared accurate opening balance sheets and implemented proper monthly accounting processes to support reliable reporting going forward.
3

Provided Interim Controller Support

During this transition, MMG delivered interim Controller services to stabilize finance operations and maintain continuity until a full-time hire was onboarded.
4

Diligence Workstream Leadership

Post-LOI, MMG led the finance workstream:
• Built and managed the data room
• Coordinated with internal departments
• Developed strategies for buyer responses and information flow
5

Strategic Modeling for the Deal

We developed key financial models central to the transaction, including:
• Cap table waterfalls
• Integration forecasts
• Valuation scenario planning
6

C-Suite & Buyer Liaison

MMG served as a trusted partner to the CEO, acting as a point of coordination across stakeholders — including the board, internal teams, and the buyer — throughout a 5-month exclusive diligence process with a global public acquirer.
Results

As a result of MMG’s work, the company achieved audit readiness by year-end. Moreover, corrected revenue recognition practices brought financial reporting into GAAP compliance.

Ultimately, stabilized finance operations gave leadership confidence during a critical growth phase and positioned the company for smoother audits and stronger execution post-acquisition.

Carve-out

Post-acquisition integration supported

Leadership

Controller support during transition

Acquisition On-boarding and Exit SupportInterim CFO / Controller / FP&AB2B ServicesConstruction and Industrial Services
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