Divestitures & Carve-Outs Case Studies
SaaS Carve-Out for PE Acquisition
Client: Private Equity Firm + Carved-Out SaaS Company
Deal Type: Corporate carve-out from public technology company
Scope: IT separation, TSA management, standalone infrastructure build
Timeline: 6-month separation program
Value: $120M acquisition
🔹 The Challenge
A global SaaS firm divested a niche product line acquired years prior. The buyer, a PE sponsor, needed the asset fully operational outside the parent company within 180 days — with a limited TSA and no standalone IT footprint.
🔹 Our Role
Creston led the full separation: mapping entangled systems, designing new infrastructure, and executing a rapid TSA exit. We established an interim finance and HR structure and stood up new cloud environments, identity systems, and CRM platforms.
🔹 The Outcome
- TSA exited in 135 days
- Entire company migrated to standalone IT stack
- Full Day 1 readiness across all back-office functions
Business remained fully operational during transition
Industrial Division Carve-Out
Client: Fortune 500 Manufacturer
Deal Type: Divestiture of a $250M global product line
Scope: Operational separation, TSA design, legal entity simplification, HR support
Timeline: 9-month carve-out timeline
Regions: North America, EMEA, Southeast Asia
🔹 The Challenge
The client was selling a multi-region division with deeply integrated functions, shared services, and dozens of system interdependencies. The buyer required a clean carve-out to operate independently within a compressed timeline.
🔹 Our Role
Creston stood up a global PMO, led TSA negotiation, and drove execution across 12 functional workstreams — from finance and IT to logistics and legal. We coordinated regional carve-out planning and helped implement standalone payroll and tax structures in 6 countries.
🔹 The Outcome
- Delivered Day 1 readiness in all operating regions
- Exited 90% of TSA obligations within 6 months
- Maintained customer and supply chain continuity
Enabled successful rebranding and operational stand-up
Pre-Sale Separation Planning for Mid-Market Healthcare Firm
Client: Founder-Owned Healthcare Services Business
Deal Type: Pre-sale preparation for PE exit
Scope: Carve-out planning, systems audit, Day 1 playbook development
Timeline: 3-month engagement pre-sale
Outcome: Successful transaction + accelerated transition
🔹 The Challenge
The company was preparing for a potential sale of its home health subsidiary. The parent lacked separation documentation, standalone financials, or TSA plans — and buyers were raising red flags during diligence.
🔹 Our Role
Creston performed a full separation readiness assessment, created draft TSAs, and developed a Day 1 transition plan. We worked with finance, legal, and IT to prepare clean financial statements, vendor contracts, and compliance protocols.
🔹 The Outcome
- Accelerated buyer confidence during diligence
- Enabled smoother SPA negotiation with TSA clarity
- Post-close execution followed Creston’s Day 1 blueprint
- Sale closed on time with strong valuation outcome
“Creston delivered exactly what we needed — a fast, clean separation with no surprises. They didn’t just keep us on track, they kept us ahead of it. Our leadership team was able to stay focused on the deal, because Creston was focused on execution.”
Managing Director
Private Equity Firm
Managing Director
Private Equity Firm
“This was one of the most complex carve-outs we’ve ever attempted — global scope, shared systems, tight deadlines. Creston came in and immediately brought order to the chaos. Their cross-functional leadership and TSA guidance were absolutely critical to our success.”
VP of Strategy & M&A
Global Industrial Manufacturer
VP of Strategy & M&A
Global Industrial Manufacturer
“We had no in-house experience with carve-outs, and Creston became our secret weapon. They brought the plan, the team, and the experience we didn’t have. Their Day 1 readiness plan became the backbone of our transition strategy — and it worked flawlessly.”
Founder & CEO
Mid-Market Healthcare Services Company
Founder & CEO
Mid-Market Healthcare Services Company