When Dealmaking's Hot, They Turn to S.W.A.T.

• Author: Gonzales, Shelley
• Position: Navigant International

Navigant International's M&A S.W.A.T. team approach has enabled it to successfully acquire some three dozen companies in the past four years.

(Editor's Note. For a different kind of M&A perspective, we asked an insider at Navigant, a corporate travel management company, to profile its acquisition team and the process it uses to do deals. The result is an intriguing view of one successful model for doing serial acquisitions. This article was written before September's terrorist attacks and doesn't reflect the ensuing plunge in corporate travel, which will surely hurt Navigant's dealmaking abilities.)

Anyone can buy a company, or a lot of companies. But turning acquisitions into successfully integrated operations that strengthen the whole organization requires patience, due diligence and a commitment to follow-through.

Since 1997, Navigant International, a Denver-headquartered multinational, has acquired more than 35 companies, catapulting it to the No. 2 position (behind American Express Co.) among the largest corporate travel management providers in North America. Navigant's approximately 900 regional offices and onsite travel operations put the company in all 50 states, 10 foreign countries and various U.S. territories.

"There is a bit of art to doing it and doing it well," said Robert C. Griffith, the company's chief financial officer and leader of its acquisition "S,W.A.T." team. ("S.W.A.T." stands for Strategic Worldwide Acquisition Team, and personifies the focused and tactical approach the five leading members take to overseeing the acquisition and integration process.)

It is comprised of Griffith; vice president and controller John S. Coffman; vice president and general counsel Eugene A. Over Jr.; senior finance director Nancy Fulton; and Theresa Brandorff, senior director, global IT (information technology) development. Each member brings to the table expertise in the critical segments of the organization -- ranging from fiscal and operational requirements to technological and back-office centralization -- which helps ensure successful integration into the Navigant organization.

A fiscally lean company with a reputation for localized customer service, Navigant provides end-to-end travel services to its 13,000 corporate clients. Competing with industry stalwarts such as American Express and Carison Wagonlit, Navigant specializes in mid-market clients, which it defines as companies with annual travel spending of $500,000 up to about $20 million. Navigant also is a leading technology provider, offering corporate clients and frequent travelers the tools to get the most...