A glimpse behind the scenes

How PwC teams work on a transformation project

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  • Publication
  • 09 Apr 2024

At PwC, colleagues continuously work on customer solutions and strive, preferably in a team, for the best and most future-proof result. Read here the first story in the series 'A glimpse behind the scenes' of Charlotte, Leonardo, and Rajeev. All three of them worked together from different disciplines on a transformation project for Heineken.

Allow us to introduce

  • Charlotte Crooijmans, Senior Manager Financial Due Diligence
    Charlotte started eight years ago as a Deals trainee at PwC. She has been with the Financial Due Diligence team (FFD) for over six years. Her focus is on the Consumer markets industry. 
  • Rajeev Menon, Senior Manager People in Deals
    Rajeev is part of the larger Workforce team. His specialty is post-deal, managing and closing the deal, and the transition of people in the process.
  • Leonardo Vallone, Manager Delivering Deal Value
    Leonardo started six years ago as a Deals trainee at PwC. He is now part of the Delivering Deal Value team in Amsterdam, which focuses on the operational aspect of the transaction. 

About the Project

Heineken wanted to sell Vrumona and needed an objective report, called a due diligence report, containing relevant information about Vrumona for interested buyers. The teams at PwC compiled this report.

According to Charlotte, companies often want a broader perspective of a company to support them in a sale or due diligence process. ‘This means that multidisciplinary teams are needed to provide insight to specialist topics relevant to that business. Divesting a business has a number of financial, operational, tax and workforce implications. In this project, PwC had involved specialists from throughout the firm to support Heineken with the disentanglement of Vrumona. The results from these teams are brought together and processed into the due diligence report.’

Rajeev Menon

'I believe that you should always be willing to go that extra mile. Call it a challenge, but for me, it is a part of our work.'

Rajeev Menon

Charlotte was the daily point of contact for Heineken across the different workstreams involving people from Finance due diligence, M&A Tax, workforce, and Carve-out. 'I managed the task allocation and internal planning and monitored the deadlines. The streamlined process ensured clear communication to both colleagues and the client. The client had many different specialized questions throughout the process, so it was helpful to have a clear point of contact,' explains Charlotte.

Rajeev: 'We supported Heineken on various topics such related to their workforce, labour agreements and pensions. We also guided the pension transformation from beginning to end. As part of the deal, employees had to transition into a new pension fund.' While Charlotte oversaw the process and Rajeev focused on aspects such as labor agreements, the team of Leonardo was responsible for advising Vrumona on the disentanglement of Vrumona and Heineken. ‘We advised Heineken around standalone views on capabilities and costs,’ explains Leonardo.

The challenges

'The challenge is collaborating with many different expert teams,' says Charlotte. 'But it is through the discussions and different perspectives that we always achieve a good result.' Rajeev turned his personal challenge into a learning opportunity: 'Some of the topics are quite complex and at various times, I would consult with my actuarial and pension subject matter experts, to ensure we brought the best of the firm. For me, this deepened my knowledge around the technical specifications of topics relevant to my work. I believe you should always be willing to go the extra mile. Call it a challenge, but for me, it is part of our work.' According to Leonardo, his most challenging moment came later in the process. ‘In a transaction process, we often receive multiple questions. Each type of question requires a specific technical answer and, in part, in-depth research. It was challenging to answer these specialized questions from interested buyers within this due diligence process.’

'We have encouraged each other to work closely together. With so-called touchpoint meetings with the teams and the client, we obtained the right answers.'

Leonardo Vallone
Leonardo Vallone


‘Although we worked in different ways, we encouraged each other to collaborate closely. Through so-called touchpoint meetings with the teams and the client, we obtained the right answers. For example, Charlotte’s team had to work with the client on how best to present and articulate the key business drivers and diligence considerations for the business on the profitability of Vrumona. Our team provided the operational perspective so that they could translate it into numbers. By exchanging knowledge with specialists on the subject during these sessions, we can create broader perspectives. For me, it was truly a highlight in the project,’ explains Leonardo about the teamwork. Rajeev also acknowledges the power of teamwork: ‘Despite my extensive knowledge and experience, each transaction has unique characteristics. Knowing what you don't know is very important in these types of projects. Having access to the right help from fellow experts is therefore crucial.’ ‘In the end, it was great to see that, thanks to our different expertise and everyone's involvement, we have produced a valuable report that has led to a successful deal for Heineken,’ says Charlotte.

Charlotte Crooijmans

'In the end, it was great to see that, thanks to our different expertise, we have produced a valuable report. The result was a successful deal for Heineken.'

Charlotte Crooijmans