Winning the Carve-out Relay

KPMG’s playbook for designing, executing and winning consumer and industrials carve-outs, built around treating value creation as year-round portfolio management. Co-authored as China Head of Deal Strategy.

Published in four parts, each with its own download below.

Part 1: Selection & Preparation

Portfolio strategy. Building carve-out readiness into year-round portfolio management, long before a divestment decision lands.

Part 2: Setting the Race Plan

Carve-out strategy. Shaping the deal perimeter, separation strategy and target operating model for the exit.

Part 3: Building the Value Case

Building the value case. Framing the equity story and upside that move buyers and price.

Part 4: Separation in Practice

Separation in practice. Running a clean separation through to Day 1 and a stable standalone business.

Decoding Value

A short, practical look at how companies actually create value factoring lifecycle stage, sector dynamics and capital costs.

I’ve always liked Michael Mauboussin’s framing that value creation is simply returns over cost of capital. Our new report takes that principle and shows how to operationalise it systematically.

If you’re interested in Fundamental Analysis, ROIC, WACC, driver trees or just making strategy tangible, it’s worth a read.

Value Creation in Private Equity

This paper sets out a five-capability blueprint for value creation alpha and illustrates — with data and case studies — how leading GPs are now tilting their models to becoming the next-gen ‘quant PE house’.

The M&A Dance

This report examines why many public company M&A deals fail to deliver sustainable shareholder value — and how the best acquirers beat the odds.

Following the Money in AI

Examines the unprecedented scale of hyperscaler investment in AI infrastructure — forecast to exceed US$1 trillion between 2025–2027 — and the strategic dilemmas it creates.

The Asia Data Center Landscape

This report provides a comprehensive analysis of the Asian data centre market, exploring the factors driving growth and the strategic considerations for successful carve-outs.

The Electricity Economy

Explores the rising strategic importance of cheap, secure and reliable electricity as a driver of global competitiveness amid surging demand from emerging markets, data centres and transport electrification.