Envoy/FEMSA Leverages BDO’s End-to-End Support in Multibillion Dollar Cross-Border Roll-Up Strategy

Top 3 Areas of Impact

Buy-side support across 12+ acquisitions

Significant tax savings through strategic tax structuring

Sell-side support for an initial relevant payment derived from a transaction related to FEMSA’s strategic plan for Envoy Solutions


FEMSA, a publicly traded, Mexico-based multinational corporation, wanted to execute a buy-and-build strategy for its business unit, Envoy Solutions, LLC, which is based in the United States. Over a span of three years, FEMSA engaged BDO to provide comprehensive financial and tax due diligence services for both buy-side and sell-side transactions, resulting in a successful transaction creating a new platform within the facility care, foodservice disposables, and packaging distribution industries in the United States.

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Envoy achieved rapid growth through a substantial number of acquisitions within a short timeframe. This required a flexible team with extensive experience in U.S. middle-market mergers and acquisitions, capable of managing multiple deal processes simultaneously. Additionally, the diversity of tax statuses of some of these acquisition targets posed an interesting array of considerations. Each transaction was individually assessed from a tax perspective to be aligned with the broader roll-up strategy and platform.


BDO's end-to-end support helped ensure a seamless execution of Envoy's roll-up strategy along with FEMSA’s initial payment derived from a transaction related to FEMSA’s strategic plan for Envoy Solutions.