Founded in 2023, Neptune is a carve-out acquisition of an OCC-regulated bank from a large global annuities and investment manager. The target is a specialty bank providing high-value products and services to consumer and commercial clients nationwide.
About
-
Due Diligence – Reviewed Quality of Earnings, built bottoms-up cost models for one-time and run-rate costs, met with target management, assessed and estimated carve-out timeframe and costs.
-
Carve Out and Stand-Up – Advised on the stand-up of technology and facilities for all services excluded from the TSA in preparation for a timely closing. Remit and functional areas included branding and marketing, human resources with full benefits and payroll, corporate insurance, facilities and corporate services, vendor contracting team with a third-party risk monitoring, and cyber security defense, all with a regulatory compliance overlay. Ensured stand-up was timely and cost-effective. Participated in negotiation of TSA legal document as well as schedule of services and pricing. Led team of attorneys and paralegals as we negotiated over 220 key third party vendor contracts to accomplish the stand-up. Worked with CFO to track one-time cost budget.
-
Key Partners – Target management, Outside counsel and top-tier global consultant.