Commercial DD is a core area of any due diligence process in private equity and has increasingly become a more important area of focus as the market has matured and become more competitive. CDD work will typically be completed over a period of 2-8 weeks, usually earlier on the deal process as it is key to forming the investment thesis for the asset.
The key CDD workstreams usually are comprised of the following topics:
L.E.K. Consulting is a global management consulting firm that provides strategic insights and actionable solutions to business leaders across various industries. Founded in 1983, L.E.K. excels in areas such as mergers and acquisitions, growth strategy, and performance improvement. The firm is renowned for its data-driven approach and deep industry expertise, helping clients achieve tangible results. With a presence in the Americas, Europe, and Asia-Pacific, L.E.K. combines global reach with local knowledge to address complex business challenges and drive sustainable growth.
OC&C Strategy Consultants excels in providing tailored strategic advice to senior management across various sectors, including consumer goods, retail, technology, and private equity. Leveraging deep industry knowledge and advanced analytics, OC&C delivers pragmatic, creative solutions to complex business challenges. Their unique approach, termed "uncommon sense," ensures customized strategies that drive long-term impact. With a global presence, OC&C collaborates closely with clients to foster enduring relationships and sustainable growth.
CIL Management Consultants is a strategic consultancy specializing in rigorous analysis and actionable insights for management teams and investors. With expertise in mergers and acquisitions, value creation, and advanced analytics, CIL helps businesses identify growth opportunities, optimize strategies, and manage risks. Founded in 1986, CIL operates internationally with offices in the US, Europe, and the UK, providing deep industry knowledge and maintaining strong client relationships through tailored primary research and competitor assessments.
Kearney is a leading global management consulting firm that specializes in delivering transformative strategies and operational improvements. The firm works across a wide range of industries, including automotive, energy, healthcare, and technology, offering services in digital transformation, mergers and acquisitions, supply chain optimization, and sustainability. Kearney's collaborative approach and deep industry expertise help clients achieve measurable, sustainable results.
Simon-Kucher & Partners specializes in unlocking profitable growth for clients through optimizing commercial strategies in product, pricing, marketing, and sales. With nearly 40 years of experience and a global presence, they leverage deep industry expertise and advanced digital tools to drive measurable revenue and profit increases. Serving sectors such as consumer goods, financial services, healthcare, and technology, Simon-Kucher is recognized for their results-driven approach and ability to deliver sustainable growth.
Alvarez & Marsal (A&M) is a global professional services firm renowned for its expertise in turnaround management, performance improvement, and business advisory. Established in 1983, A&M assists clients in navigating complex business challenges and achieving operational excellence. The firm offers a wide range of services, including restructuring, mergers and acquisitions, and regulatory and risk advisory, across various industries such as healthcare, financial services, and real estate. With a hands-on approach, A&M drives sustainable growth and long-term value for businesses worldwide.
Oliver Wyman is a global management consulting firm known for delivering significant impact through collaboration and innovative solutions. With deep industry expertise and a focus on strategic advisory, the firm helps clients address complex business challenges and seize new opportunities. Oliver Wyman’s services span across various sectors, including financial services, healthcare, retail, and transportation, providing tailored strategies and transformative insights that drive growth and efficiency. The firm's commitment to excellence and client success has positioned it as a leader in the consulting industry.
Candesic is a strategic consultancy specializing in the healthcare and life sciences sectors. With a team of experts combining medical, scientific, and business insights, they provide in-depth, actionable advice to improve patient outcomes and drive innovation. Their services span across corporate strategy, investment support, and public sector advisory, ensuring tailored solutions for growth, digital transformation, and regulatory challenges. Candesic's commitment to excellence and collaboration helps clients navigate complex healthcare landscapes and achieve sustainable success.
Mansfield Advisors is a London-based consulting firm specializing in healthcare, life sciences, social care, education, and veterinary sectors. They provide strategic insights and support for mergers and acquisitions, value creation, and post-acquisition strategies. With a European focus and international team, Mansfield Advisors leverages deep sector expertise and data-driven analysis to help private equity, corporate, and institutional investors maximize value and achieve sustainable growth.
Altman Solon is a global strategy consulting firm specializing in the telecommunications, media, and technology sectors. The firm provides tailored solutions ranging from strategy development to operations implementation, leveraging deep industry expertise to help clients navigate market complexities and drive growth. With a global presence, Altman Solon combines local insights with a collaborative approach to deliver impactful results for companies and investors.
These three providers make up the lion share of wallet for private equity diligence work, however tend to focus primarily on large-cap work only, targeting the largest (and most complex) DD exercises. They are not very well represented in mid-market or lower-end of growth transactions.
Bain & Company is a leading global management consulting firm known for its expertise in driving growth, innovation, and performance improvement across various industries. With a client-centric approach, Bain provides strategic insights and practical solutions to address complex business challenges. Their services encompass a wide range of areas, including digital transformation, mergers and acquisitions, customer experience, and sustainability. Bain's commitment to delivering measurable results has established it as a trusted advisor to top executives worldwide.
McKinsey & Company is a leading global management consulting firm that helps organizations create sustainable, inclusive growth. With expertise across industries and functions, McKinsey provides strategic advice and innovative solutions for complex business challenges. Their services range from digital transformation and advanced analytics to mergers and acquisitions and organizational restructuring. McKinsey's commitment to measurable impact and deep industry knowledge positions them as a trusted advisor to top executives worldwide.
Boston Consulting Group (BCG) is a global management consulting firm known for driving total transformation in organizations by enabling growth, building competitive advantage, and fostering operational excellence. BCG offers expertise across a wide range of industries and capabilities, including digital transformation, innovation strategy, and sustainability. With a focus on creating long-term impact, BCG collaborates with clients to address their most pressing challenges and achieve measurable results.
Over the course of their history, the big 4 have gone through a number of cycles either acquiring general consulting capabilities or trying to divest them, with the most recent example being the 2023 failed EYP divestiture transaction.
Generally speaking, EYP and PWC have the strongest presence in CDD work, due to the Parthenon and Booz acquisitions.
Roland Berger is a global management consultancy headquartered in Munich, Germany, specializing in providing strategic advice across various industries including automotive, energy, healthcare, and technology. They offer expertise in areas such as digital transformation, mergers and acquisitions, operations, and sustainability. Known for their innovative approach and deep industry insights, Roland Berger partners with clients to navigate complex business challenges and achieve sustainable growth.
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