From Transaction to Integration: How M&A and Post-M&A Work Together to Create Value

In Italy, the number of M&A transactions has grown significantly in recent years. Many companies focus on completing the deal, negotiating the price, and signing the Share Purchase Agreement (SPA). However, closing the transaction is only the beginning. The significant financial impact of an acquisition depends on what happens after the deal: the Post-M&A phase.

Understanding the difference between M&A and Post-M&A (or in other words Post-Acquisition) is critical for any company operating in the Italian market. The two phases require different competencies, different advisors, and different decision-making frameworks. M&A is transactional. Post-M&A is transformational. One captures the opportunity; the other determines the success of the investment.

Many associate the “post-deal” period with administrative tasks such as statutory reporting, compliance, or short-term cash management. While these activities are certainly required, they represent only the surface of the real challenge.

The Post-M&A phase is where value is either created or destroyed. This is where the acquiring company must transform the initial investment thesis into concrete financial outcomes. The work shifts from ownership transfer to operational integration, financial clarity, system harmonisation, and long-term performance improvement.

This stage demands a specialist skillset centred on process redesign, FP&A alignment, governance, data transparency, and cross-functional program management- very different from the skills used in deal sourcing, valuation, and negotiation.

When a professional defines themselves as an M&A Advisor, their mandate is clear: lead the transaction to a successful closing.

The typical scope includes preparation, scouting, valuation, due diligence, and negotiation of the SPA. The advisory model is centred on identifying risks, determining the correct price, and protecting the client throughout the transaction process.

Nature of M&A Advisory
• Transaction-focused
• Confidential and time-sensitive
• Analytical and valuation-driven
• Strong emphasis on legal terms and risk management

Core Competencies of the M&A Advisor
• Advanced valuation methods and financial modelling (DCF, Multiples, LBO)
• Quality of Earnings analysis and due diligence
• SPA negotiation, warranties, indemnities, and regulatory compliance
• Structuring the deal and supporting investment decisions

Mindset
Precision, speed, skepticism, and confidentiality.
The goal is to secure the best deal on paper.

M&A advisory is most often performed by external specialists, because the deal phase requires highly specialised expertise in valuation, due diligence, transaction structuring, regulatory matters, and negotiation — competencies that many companies do not maintain in-house unless they complete deals frequently.

Because Post-Acquisition integration relies heavily on understanding the business model, it is typically led internally. Yet many organisations quickly discover that their existing finance teams lack the transformation skills needed for integration.

Internal teams may be strong in business-as-usual operations but not in programme management, system harmonisation, governance redesign, or cross-country alignment. For acquisitions involving foreign subsidiaries, international exposure becomes essential, and this expertise is not always available in-house.

Hiring a permanent Finance Manager or Finance Director to drive such a transformation is challenging. Candidates with robust integration experience, cross-border exposure, and transformation capabilities are rare, and companies may hesitate to commit to a long-term contract before stabilisation.

This is where Interim Finance Leadership offers a compelling solution.

Interim CFOs, Finance Directors, or Post-M&A Integration Specialists bring the precise skills required during the transformation period. They are temporary but operate internally, deeply embedded in the business, driving change from within, and ensuring alignment with the Group’s strategic and operational requirements. Once the integration stabilises and transparency is restored, the organisation can transition to a permanent leader with a more traditional long-term focus.

Interim leadership therefore acts as the bridge between the transaction and the stable operating model.

While the M&A Advisor focuses on transaction logic, the Post-M&A specialist focuses on operational and financial execution. Their mission is to transform theoretical synergies into measurable results. This usually requires six to eighteen months of structured integration work.

Nature of Post-M&A Advisory
• Execution-driven and hands-on
• Cross-functional, covering Finance, IT, HR, Operations
• Focused on change management, system alignment, and financial clarity
• Designed to stabilise and transform the acquired entity

Core Competencies of the Post-M&A Specialist

Program Management and PMO
Designing and managing the 100-Day Plan, tracking synergy initiatives, coordinating interdependent workstreams across departments.

Operational and Process Redesign
Process mapping, Lean management, Target Operating Model (TOM) design, harmonisation of functions, system migration planning.

Advanced FP&A, Reporting, and Control
Creating Group reporting packages, integrating budgeting/forecasting cycles, establishing allocation methodologies, and validating synergy delivery.

Change Leadership
Stabilising operations, managing resistance, aligning cultures, and acting as interim management where necessary.

Mindset
Execution discipline, flexibility, operational realism, and focus on measurable value creation.

This is the skill set required to deliver the return on investment

Post-M&A execution, is often led internally, because integration requires a deep understanding of the company’s internal processes, culture, systems, and operational requirements. The Post-M&A team must work closely with internal stakeholders, operational managers, and the Group’s finance, IT, HR, and operations functions.

Therefore, companies often rely on internal leadership, potentially supported by external specialists or interim managers, to drive the execution.

Most M&A transactions in Italy include preliminary synergy assessments or a 100-Day Plan drafted during the deal phase. These plans are necessary but are built on incomplete information because due diligence access is limited.

Two fundamental gaps emerge after closing:

The Skills Gap
The team that builds the synergy model rarely has the operational expertise to execute the integration.

The Assumption Gap
Pre-deal assumptions often diverge from the real conditions found inside the acquired entity.

The Post-M&A phase must therefore validate the investment thesis, adjust the integration roadmap, and create the operational conditions for the synergies to materialise.

M&A determines the strategic opportunity.
Post-M&A determines the financial result.

M&A answers the question:
Is this the right company at the right price?

Post-M&A answers a different question:
Can this company generate the expected value inside our Group?

Both forms of advisory require different skills, different professional profiles, and different time horizons. Many acquisitions fail not because the price was wrong but because the integration was underestimated or started too late.

In Italy—where many mid-market companies have legacy systems, informal processes, and limited transparency—the importance of Post-M&A execution is even greater.

The recent growth of M&A in Italy reflects strong strategic ambition. But the acquisition’s success is determined not at the signing table, but in the months that follow.

M&A advisors bring the external expertise needed to structure and negotiate the deal.
Post-M&A specialists, often supported by interim finance leaders, bring the internal expertise needed to transform the acquired company into a fully integrated and performing part of the Group.

For any organisation seeking sustainable value creation, investing in both phases, with the right experts at the right moment, is not optional. It is the path from transaction to transformation.

If your organisation is preparing for an acquisition or navigating a Post-M&A integration, FinDep Consult offers senior-level support in financial transformation, FP&A integration, and interim finance leadership.
You can book a confidential consultation to discuss your needs and explore how we can support your integration and value-creation journey.