Turning Philips Domestic Appliances into a standalone company involved more than just a name change. As Versuni CEO Henk S. De Jong explains, it required a complete business and IT transformation.
Our Approach to Carve-Outs
Every carve-out is unique, requiring an approach tailored to the transaction, the business, and the organization’s strategic priorities. BCG’s carve-out consultants work as an extension of your team, combining dedicated separation and integration expertise, proprietary tools, and industry and functional capabilities to help clients navigate complex transitions. We tailor our support to each leadership team’s priorities and internal capacity, bringing senior-led teams that manage cross-functional interdependencies, accelerate value creation, and set both organizations—and their people—up for long-term success.
15%+
RemainCo excess TSR at the end of Year 1
14%+
SpinCo excess TSR at the end of Year 1
>$3t
cumulative value of supported transactions
>8m
accumulated hours of transaction experience
意思決定
Preparing a business for separation requires balancing transaction readiness with long-term value creation for both the carved-out business and the remaining organization. Our carve-out consultants support clients across every stage of the separation journey, including:
- Carve-out strategy. Define the separation vision, scope, value case, governance, and roadmap while assessing deal complexity and key risks.
- Transition planning. Map functional and cross-functional interdependencies, define the separation perimeter, and create the execution blueprint.
- Transition service agreements (TSAs). Structure, negotiate, and manage TSAs to support business continuity while enabling an efficient transition.
- Operational readiness. Coordinate people, processes, technology, and communications to enable a seamless operational separation.
- RemainCo optimization. Identify and mitigate stranded costs, redesign operating models, and strengthen the remaining business for future growth.
- Separation execution. Stand up RemainCo and SpinCo capabilities, enable operational independence, and minimize long-term entanglements.
影響
Acquiring a carved-out business requires more than successful integration. It demands early planning, disciplined execution, and a clear path to value realization. Our carve-out consulting approach helps corporate and private equity investors accelerate performance, from signing through stabilization, by supporting:
- Carve-out strategy. Assess value creation opportunities and integration risks during diligence while defining transition priorities and the long-term value creation agenda.
- Target operating model design. Define the future organization, governance, and capability requirements needed to execute the investment thesis.
- Transition planning. Identify operational dependencies, establish execution priorities, and prepare for a successful transition.
- TSAs. Design and negotiate TSA arrangements that reduce operational risk while accelerating independence.
- Integration readiness. Coordinate business, technology, operations, and people activities to ensure uninterrupted operations from close.
- Synergy realization planning. Identify and size synergies, define ownership, and establish execution roadmaps through post-close value capture.
- Separation execution. Stand up NewCo capabilities, establish control, and enable operational independence aligned with strategic objectives.
カーブアウト領域におけるクライアント支援事例
30%
SG&A savings
A business unit carve-out became the catalyst for a broader cost transformation. BCG helped the client complete the separation in five months while leveraging the transaction to redesign the operating model and identify approximately 30% Selling, General, and Administrative (SG&A) savings across both RemainCo and NewCo.
$120m
in cost savings
BCG provided end-to-end buy-side carve-out consulting support for a complex transaction spanning approximately 100 countries. Working across pre-diligence, business and technology transformation, and value creation, the team helped deliver the separation on time and on budget while achieving more than $120 million in cost savings through contract negotiations.
Client Impact
カーブアウト 最近の論考など
Video
Capturing the Full Value of Carve-Outs
How to improve retention, increase employee buy-in, and send a message of confidence and strength to investors during a carve-out.
Video
Managing People and Culture in a Carve-Out
Best practices for managing the deal perimeter, retaining talent, and communicating with employees during a carve-out deal.
Video
Getting the Carve-Out Basics Right
How to get the basics right when managing carve-outs to create and protect value.
Video
Carve-Out Opportunities and Challenges for PE Investors
The number-one lever that private equity buyers can use to create value with carve-outs.
BCGのカーブアウト領域のエキスパート
BCGのカーブアウト領域のエキスパートは、各クライアントに合わせた個別のアプローチで事業のカーブアウトのストラクチャーを構築し、実行しています。
