Atlab CFO Agenda #4: Mergers and Acquisitions

Jacob Buchardt from EG shared how his company has executed 40 acquisitions in just four years while maintaining a cohesive strategy. The key is to continuously simulate changes in market dynamics and keep the strategic process lean and adaptable. Post-merger integrations at EG are managed centrally with dedicated resources to ensure efficiency and alignment across multiple business units. A successful scaling approach requires leaders to act as business developers, strong M&A execution capabilities, agile post-merger integration processes, and a scalable operating model.

Thomas Haals Løndorf, CFO of NIL Technology, led one of Europe’s largest deep-tech transactions last year – a two billion DKK deal that took nearly a year to finalize. He highlighted the importance of financial discipline and governance in securing strong negotiation leverage. NIL Technology ensured transparency with an audit-committee-style CFO function, structured board reporting, strict cap table management, and due diligence preparation from day one. These elements allowed them to negotiate from a position of strength and avoid potential roadblocks.

Even if a sale is not imminent, maintaining up-to-date data room materials ensures the company is always ready. Sudden behavioral changes can signal to the organization that something is underway, potentially creating unnecessary unrest. By embedding this readiness into daily operations, the business stays in control and avoids distractions during critical phases.

A well-organized company signals lower risk to potential buyers, and investments in compliance often pay off multiple times in valuation. Buyers are willing to pay for peace of mind and reduced likelihood of unpleasant surprises. Good structure, documentation, and governance are not just internal benefits – they directly impact how attractive a company appears externally.

Christian Okholm, VP of Strategic Finance at Novo Nordisk, shared insights from the company’s largest-ever acquisition – Catalent in December 2024 – along with Inversago (June 2023) and Cardior (March 2024). For Novo Nordisk, acquisitions serve as a strategic enabler to expand market reach, secure value chain and increase patient impact. A key success factor is the ability to integrate new businesses quickly and efficiently. This requires aligning cultures, processes, and business models early in the acquisition process, ensuring a smooth transition with minimal operational disruption.

Large-scale acquisitions involve navigating complex approval processes and managing multiple stakeholders, making structured governance and disciplined execution essential for success. Okholm emphasized that organizational readiness plays a critical role in M&A success – teams must be equipped to handle post-merger challenges, and leadership must balance long-term strategic ambition with the day-to-day realities of integration. By maintaining a strong financial and operational foundation, companies can drive long-term value creation from their acquisitions.

At Atlab, we specialize in supporting companies throughout the M&A journey, from due diligence and strategic CFO support to integration and operational alignment. Reach out to us at hello@atlab.at if you would like to discuss an upcoming project.