An Independent Path: How Ed Rozkydal Built a Career in M&A Integrations and Separations

Over two decades spanning continents and sectors, Ed Rozkydal's career has taken him from electrical engineer to independent M&A specialist. He's worked with governments, major corporations, and private equity firms, driving large Integration and Separation programs.

An Engineer's Path to M&A

Ed's path into M&A may not have been conventional, but it was instructive. "I did electrical engineering and a post-grad in industrial engineering, and that put me on a path to operational consulting," he explained. This technical foundation proved invaluable when he began working as a supply chain consultant in South Africa, where he gained experience on significant projects with blue-chip clients, including BMW and Toyota.

Moving to London, he found "an opportunity to get both my passions aligned – one around operations and logistics and supply chain, the other around finance and business". Joining Ernst and Young's deals team, Ed found himself focusing on the operational elements of M&A transactions.

Ed's operational background became his differentiator during his 14 years at EY, where he gained exposure to every aspect of M&A work: "Separations/ carve-outs, pre-deal operational due diligence and synergy assessments, preparing for deal completion, and then the large post-deal integration work."

Taking the Leap to Independence

After building substantial expertise, Ed made the daunting decision to become an independent consultant. "Psychologically, it's quite a big step from a corporate or professional services firm," he admitted. However, his transition was strategically planned, allowing him to continue working on substantial projects while consulting back to EY and building his own client base.

Over the past seven years as an independent consultant, Ed has focused on working alongside clients on large, complex Integration or Separation programs across different sectors. He has found that work across sectors keeps the work interesting and the skills transferable, as the fundamental business requirements remain remarkably consistent across sectors. "When it comes to Integrations and Separations, the same things tend to come up over and over.

Where things differ is in managing specific complexities, such as regulatory requirements. "That's where, as a consultant, close collaboration with sector-specific expertise – regulatory affairs or legal and compliance – becomes crucial."

Corporate vs Private Equity: Different Challenges

Based on Ed's experience, when working with corporate or private equity (PE) clients, the approach and style can differ. "Very few corporates have a long history of multiple acquisitions, so this necessitates an educational approach around structuring and planning," he explained.

However, with private equity, "they are often more experienced and aggressive in their approach to achieving their deal thesis". While the focus on value is critical, it is also essential to maintain a focus on getting the basics right to keep the lights on.

Clear Targets, Relentless Delivery and Respect

Through numerous integrations and separations, Ed has identified essential elements that distinguish successful transformations from costly failures. "The organisations that are really successful are those with a clear view upfront of what they are trying to achieve – a clear target operating model," he observed.

And that clarity is comprehensive. "They know what their finance function will look like; what their property portfolio will be; what their technology landscape will look like, and so on. They're definitive about what the end state is, which allows them to plan and resource on how they need to get there.”

But vision alone isn't sufficient. "Discovery and planning are the fun stuff – you can plan forever. However, at some point, the right point, you must pivot teams into delivery. That's the hard part. Organisations that succeed are the ones that resource up and stay focused on delivering the integration objectives. If the integration becomes just one of 10 big projects, it often fails."

Finally, Ed observed that the human element of any transformation is critical. "Inevitably, an integration could involve difficult decisions. You may need to make leadership and other organisational changes, and if necessary, these should be implemented quickly. The key is handling this sensitively: being transparent, making changes with respect is critical. Once the dust settles, the focus needs to be on building a strong single organisation with the desired culture.”

Market Dynamics and the Independent Advantage

For those contemplating life as an independent consultant, Ed says, don't hold back. "The value of working as an independent is that you work with clients all day, every day to deliver big programs, and you have the opportunity to become even more experienced in what you do.”

However, you have to make sure you have a clear value proposition and clarity of purpose so clients know how you are relevant to their situation. Reputation and brand are also key if you are independent, as you are the product!  

"Everyone worries about websites and business cards in the beginning, but success is all about having a solid reputation and strong relationships, finding the first opportunity and then building momentum from there. Also, make sure you've got the right partners – Allura Partners' advice and support has been invaluable for me – and opportunities will start flowing your way."