Move enhances firm's healthcare and turnaround and restructuring expertise, making Accordion the premier partner to support PE-backed healthcare organizations through the entire lifecycle of the investment
NEW YORK , July 16, 2024 /PRNewswire-PRWeb/ -- Accordion, a financial consulting firm focused on private equity, today announced that it has enhanced its healthcare offering with the addition of leading practitioners from ToneyKorf Partners, the turnaround and restructuring management, and advisory firm specializing in the healthcare sector, bringing of wealth of experience and expertise to Accordion.
"Over the last decade, an avalanche of private capital has flown into the healthcare sector, representing a six-fold increase from the same period prior," said Nick Leopard, CEO, Accordion. "The complexities of the sector in general, when coupled with unique sub-sector nuances, have led to a growing wave of healthcare organizations experiencing strategic, operational, and financial challenges, including margin compression and talent attrition. Some of these organizations are dangerously close to being distressed assets, while others are simply not performing to sponsor or board expectations. The result is a mountain of healthcare companies requiring sector-specific performance improvement, turnaround, or restructuring support."
Adding sector-leading professionals from ToneyKorf Partners will enable Accordion to support a full spectrum of PE-backed healthcare companies. Andrew Hede, senior managing director and head of Accordion's Turnaround & Restructuring Practice added: "Accordion has a wealth of experience helping healthcare CFOs—from providers, to payers, to services companies—drive value creation through levers including IT modernization, tech-stack enhancement, RCM automation, cash flow forecasting, liquidity management and enhancement, performance visibility, close process acceleration, and supply chain efficiency. The team joining from ToneyKorf will build upon our existing healthcare services in addition to expanding our turnaround and restructuring capabilities in the sector."
The combined expertise of these professionals will enable Accordion to support PE sponsors invested in healthcare and their portfolio company CFOs throughout the entire lifecycle of the healthcare services sector, from deal execution to accelerating post-closing initiatives, including developing FP&A best practices, executing sell-side readiness strategies, and creating and implementing asset stabilizing or restructuring plans.
Mark E. Toney, co-founder and senior managing director of ToneyKorf Partners, shared similar sentiments: "We are excited for our people and clients alike and believe that bringing members of the ToneyKorf team into Accordion provides new markets and experiences for our people and new solutions for healthcare clients. We are also pleased to join an organization that shares our approach to helping clients with similar values, as well as focusing on the clients and culture for our people. Like Accordion, we have a team of experts who have sat in the seats of management and are passionate about their work, and together, we can leverage our combined strengths and management skills to drive for the best outcomes."
About Accordion
Accordion is a financial consulting firm uniquely focused on private equity. Rooted in data and technology, Accordion's expertise lives at the intersection of sponsors and PE-backed CFOs. Our team helps drive value creation for clients, with services supporting the Office of the CFO across all stages of the investment lifecycle—including foundational accounting, strategic financial planning and analysis enhancement, CFO-led performance, transaction support, and turnaround and restructuring solutions. All of Accordion's services are powered by deep expertise in data and analytics, CFO-specific technology, and finance-led transformations. Accordion is headquartered in New York with ten offices around the globe.
For more information, please visit https://www.accordion.com/
About ToneyKorf Partners
ToneyKorf Partners, LLC has built a strong reputation as a results-driven management and advisory firm specializing in helping healthcare organizations address complex and critical challenges. Founded in 2012, ToneyKorf Partners serves clients nationally. Known for its deep industry knowledge and commitment to the client, ToneyKorf Partners has helped many clients navigate the many continuously changing and complex issues that the healthcare industry faces. ToneyKorf Partners provides the highest caliber interim management and advisory services complimented by a passion for Making A Difference.
Media Contact
Carrie Kalish, Accordion, 1 9176573155, [email protected], https://www.accordion.com/
SOURCE Accordion
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