Tritium Partners taps Consero before hiring a full-time portfolio company CFO

Updated: June 7, 2021

The private equity firm Tritium Partners tapped Consero Global before hiring a full-time portfolio company CFO, so when the ideal candidate came along, he could focus on strategic initiatives immediately.

Read Full Case Study

Private equity investing isn’t for the faint of heart. A lot of firms built their reputation on rescuing enterprises from the brink and leaving those businesses stronger than ever before. Even GPs who target high-growth businesses will focus on those struggling to manage that success. Those fees and carried interest are based on their ability to see untapped potential and execute a plan to realize it.

Tritium Partners saw a lot to like in PELITAS, a rapidly growing, healthcare Saas company that created industry-leading solutions for increasing cash and cultivating patient loyalty at over 200 hospitals and ambulatory locations. It was launched by co-founders that had built a great solution platform, but who eventually realized they needed a partner to build a management team and take the business to the next level. Tritium was a great fit for PELITAS because they focus on high growth businesses where they can collaborate with talented management teams and founders to guide their companies to new heights.

Tritium identified an enormous amount of potential for the company, but some facets of the business needed to be upgraded to match its growth, including its finance and accounting function. They wanted to hire a new CFO, but they also knew any initiative could be hobbled if its books weren’t in order first.

“We hired Consero for its outsourced finance-as-a-service solution, because they provided us leverage to immediately upgrade our finance function without hiring a large back-office team,” said Chris Steiner, Principal of Tritium Partners. “Consero’s capabilities allowed us to focus on the rest of our 100-day plan, with the confidence that our basic finance function would be handled properly.”

PELITAS had a great offering, but its finance and accounting capabilities needed more sophistication to support the anticipated growth. Consero brought scalable systems, teams and processes to the business and began producing GAAP-compliant, audit friendly financials. Consero helped PELITAS through its conversion to accrual-accounting, its first audit and the establishment of its credit facility, all before there was a permanent CFO in place.

McClure explains that PELITAS appreciated his more strategic orientation, and with Consero in place, the company didn’t need to hire a CFO based on their ability to build the finance function from scratch. During his first few months with PELITAS, McClure did some minor customization to the process and procedures, but Consero’s platform was flexible so it was only a matter of refining. “I didn’t need to hire, train and manage the staff. I could just focus on learning the business and our key deliverables without having to be distracted with personnel matters.”

Related Resources

White text for Strategic Finance webinar with Ashley Honeyman
Events and WebinarsFinancial Leadership

Strategic Finance: How do CFOs transform the finance function + prepare for acquisitions?

Ashley Honeyman, CFO of Consero, discusses the keys to success for modern CFOs at PE-backed companies.
Gray broken triangle with red and blue splatter at the broken part
ArticleExit Strategy

Signs Your Portco Isn’t Ready for an Exit (+ How to Prepare)

Identify and address these warning signs to maximize your valuation and ensure a successful exit.
Title card for 2024 CFO Survey Webinar year in review
CFO SupportEvents and Webinars

2024 Year in Review: CFO Survey Insights + Predictions for 2025

Key challenges facing investor-backed CFOs and predictions for the future of finance leadership.
Man in dress shirt next to man in blazer in hallway
Finance as a ServiceNonprofit

How A Nonprofit CEO Leveraged Finance as a Service

Kelsey Louie, CEO of The Door, a youth services nonprofit, discusses how Finance as a Service (FaaS) transformed the organization's financial management, operational efficiency, and ...
CFO SupportExit Strategy

Exit Readiness Preparation: A Complete CFO Checklist

Investor-backed CFOs are expected to lead their businesses through successful exits. Tom Pierce and Steve Isom share how to prepare to maximize shareholder value.
Events and WebinarsFinance as a Service

Financial Transformation in 90 Days: How Neil Wainwright and Consero Revolutionized Cira Apps’ Operations

Neil Wainwright, CEO of Cira Apps, discusses how partnering with Consero helped establish an efficient and cost-effective finance function within his first 90 days in-seat.

Finance as a Service

Cutting edge technology, processes, and people in a fully-managed solution to deliver precise financial visibility and improved operational scalability, plus a lower and more predictable cost structure. 

Flex Finance

Keep your existing technology and processes. We can manage the back-office F&A function from end-to-end process, including closing the books. When you need skilled talent, we can supplement your F&A team.

Advisory Services

Expert advice and strategies to help you grow.

• CFO Advisory Services
• FP&A and Reporting
• Technical Accounting & Clean-Up
• Business Process and Technology Transformation

Consero FaaS: Disrupting the Outdated Traditional F&A Model

Transformation
  • Cash to GAAP conversion
  • Clean-up work
  • Interim oversight & support
  • Accounting software Implementation

Build it Yourself Solution

  • CFO / Interim CFO
  • Consultants / VARs

Consero FaaS Solution

  • CFO / Interim CFO
  • or Consero Interim CFO
  • Consero Setup/Transformation
Ongoing F&A
  • Monthly financials
  • Daily accounting support
  • Management reporting
  • Integrate add-on acquisitions

Build it Yourself Solution

  • CFO
  • Controllers & Accounting Team
  • Enterprise Accounting Applications

Consero FaaS Solution

  • CFO
  • or Consero Fractional CFO
  • Consero FaaS Enterprise F&A Software and Services

New PE Platform Investment F&A Challenges

Founder Owned Company Accounting:
  • Existing accounting done on a cash/hybrid basis
  • Run on SMB accounting software and other disparate applications
  • Inability to produce auditable financials
  • Lack of know-how to develop projections & KPIs
  • No consistency/structure to customer contracts
  • Underqualified staff
  • Non-scalable manual processes
Carve-Out Accounting:
  • Required to move off parent company accounting applications in a timely fashion
  • Have to build an entire F&A team
  • No documented operational policies and procedures
To Optimized Finance & Accounting:
  • Monthly financials available in 5-10 business days
  • Audit and diligence ready support details
  • Integrated enterprise grade accounting software
  • Budget and forecast reporting
  • Business KPIs
  • Efficient & scalable processes for rolling in add-ons