Finance and M&A Services Case Study

Anchor Power

“The professionalization implemented …made the sales process seamless.”

OUTSOURCE FINANCE FUNCTIONS; PREPARE FOR PRIVATE EQUITY INVESTMENT AND EXIT

Anchor Power Solutions is a software company helping utility companies make optimal supply decisions in a transitioning market environment that is focused on decarbonization and sustainability.

OVERVIEW

Anchor’s software is used by utilities to develop and analyze their mid to long-term resource requirements and by transmission companies and project developers to analyze market prices and congestion. To maximize the firm’s value, competitiveness, and thoroughness of financial reporting, they turned to TechCXO for help.

CHALLENGES

  • Need for experienced strategic guidance preparing for and executing on a future potential sale of the business
  • Need for finance/accounting leadership and to professionalize finance and accounting functions, including CFO support, in an outsourced model.
anchor-power

Anchor Power was acquired by Yes Energy (press release)

GOALS

Anchor Power needed a trusted resource to oversee all finance and accounting activities.

SOLUTION

To achieve these goals, Anchor engaged TechCXO. The firm responded by:

  • Implementing a playbook for best practice processes, methodologies, and systems to prepare for and execute its sell-side M&A plans.
  • Leading all internal, tactical, and strategic, finance/accounting operations.
Jason Scherr
Jason ScherrTechCXO Partner and Fractional CFO

OUTCOME

The company was acquired by AKKR backed, Yes Energy, in 2023. (Press Release)

Upgraded Finance & Accounting

New, professionalized financial reporting, processes, methodologies and systems.

Successful Exit

Well-executed due diligence process and sell-side transaction.

“We brought in TechCXO to take over our finance and accounting functions. Jason and Julie were invaluable resources leading up to and through the sale of Anchor Power. The professionalization implemented by TechCXO within our company made the sale process seamless. Before diligence even started with our PE-backed buyer, we had all of the reporting, metrics, documentation, etc organized and ready.”

-Norm Richardson

President & Founder, Anchor Power Solutions