Managing the integration of a new acquisition.
Collinson Grant managed a significant acquisition integration project within a challenging time-scale.
ZyroFisher is the leading distributor of cycling parts, accessories and clothing in the UK and Ireland. It was established in April 2016 when Zyro Limited (Zyro) acquired Fisher Outdoor Leisure Limited (Fisher), one of its competitors, using investment finance from LDC, a mid-market private equity group.
The incoming Chief Executive Officer asked Collinson Grant to help plan and project manage the integration. We worked closely with the management teams, investors and employees ensuring all aspects of the integration were considered, monitored and controlled and all stakeholders were engaged.
The project involved:
- preparing and overseeing the announcement of the acquisition to employees, customers and suppliers of both businesses
- managing the departure of employees from the acquired business
- recruiting employees for the combined business
- developing a new B2B web site and changing the ERP systems to allow orders to be fulfilled temporarily from two warehouses
- moving a significant quantity of inventory between sites
- restoring and closing a site.
Collinson Grant managed the project, driving and tracking progress, coordinating work in different functions, supporting managers and providing regular updates to the senior managers and LDC. Although completion of the acquisition took place later than anticipated, the integration finished on time and achieved the planned synergies.
Matthew Barker, Chief Executive Officer of ZyroFisher, commented:
‘This was the second major integration project I’ve worked on with Collinson Grant’s support in the past ten years and yet again they were a huge support, enabling the integration to be completed on time, on plan and on budget, whilst providing senior management the bandwidth to retain focus on running the business.’