Case Studies Across Australian Industries

The Challenge

Margin Compression & Succession Uncertainty

A third-generation family-owned steel fabrication business in western Sydney was facing a convergence of pressures: raw material costs had risen 28% over two years, a key management figure was approaching retirement with no successor identified, and workflow inefficiencies inherited from decades of unplanned growth were consuming margin at an accelerating rate. The board engaged Keystone after three consecutive years of declining EBITDA margins.

Keystone's Approach

Integrated Strategy & Leadership Program

Keystone deployed a blended engagement across strategic planning, interim management, and HR transformation. Principal consultant James Kilpatrick assumed an interim COO role for six months while a permanent appointment was recruited. Simultaneously, the team conducted a full operational review, implementing lean manufacturing principles across three production cells and redesigning procurement to capture volume consolidation benefits. A structured leadership pipeline program was initiated, identifying and developing four internal candidates for senior roles.

Outcomes & Results

Measurable, Sustained Improvement

The Challenge

Bricks-and-Mortar Disruption & Store Rationalisation

A 34-store specialty homewares retailer operating across Australia was experiencing declining foot traffic, increasing competition from online-only competitors, and unsustainable occupancy costs across its legacy store network. With revenue falling 14% year-on-year and a lease renewal cycle approaching, the board needed a clear strategic direction: defend the existing network, rationalise and reinvest, or exit.

Keystone's Approach

Market Intelligence & Channel Strategy

Keystone conducted a comprehensive market research engagement, segmenting the customer base, benchmarking competitors, and modelling store-level profitability with adjusted cost structures. The analysis supported a strategic recommendation to rationalise the network from 34 to 21 stores — closing underperforming locations in high-rent CBDs — while investing the resulting capital savings into an integrated e-commerce platform and a repositioned brand targeting the premium homewares segment. Keystone supported the execution phase with ongoing strategic advisory for 12 months post-recommendation.

Outcomes & Results

Profitability Restored; Digital Revenue Established

The Challenge

Scaling Beyond New South Wales

A 14-clinic allied health network with strong performance in NSW sought to expand into Queensland and Victoria but lacked a structured market-entry framework, an investor-ready growth strategy, and the capital to fund the expansion. The founding management team had deep clinical expertise but limited experience in capital markets or interstate regulatory environments. The board sought a strategic advisory partner who could bridge both worlds.

Keystone's Approach

Market Study, Investor Prospectus & Growth Roadmap

Keystone's market research team delivered a detailed study of the allied health markets in Queensland and Victoria, including regulatory landscape analysis, competitor mapping, and site-level feasibility assessments for 14 potential new locations. The investment risk practice developed a financial model underpinning a $9.5M investor prospectus, and Keystone's principals provided representation in investor meetings. An ongoing strategic advisory retainer was established to support the expansion execution phase.

Outcomes & Results

National Presence Established

The Challenge

Paralysing Founder Dispute Threatening Business Continuity

A mid-tier residential and commercial builder in Queensland was brought to near-operational paralysis by an escalating dispute between two founding shareholders holding equal stakes. Disagreements over strategic direction, dividend policy, and the company's future had deteriorated into personal animosity, with legal proceedings in preparation by both parties. Key management staff were resigning, and several major project clients had flagged concern about the firm's stability.

Keystone's Approach

Facilitated Mediation & Structured Resolution

Dr. Annette Strom led a structured mediation process, beginning with separate sessions with each shareholder before convening a series of jointly facilitated discussions. Keystone's approach focused on identifying the genuine interests beneath the stated positions, and reframing the dispute around the long-term commercial interests both parties shared. A formal governance review identified structural weaknesses that had contributed to the conflict, and a revised shareholders' agreement was facilitated. Legal proceedings were withdrawn by both parties prior to any court filings.

Outcomes & Results

Dispute Resolved; Governance Strengthened

The Challenge

M&A Integration Risk Threatening Deal Value

An ASX-listed technology company had completed a $47 million acquisition of a SaaS competitor, but within 90 days of close it was clear the integration was in difficulty. Cultural friction between the two engineering teams was driving attrition of key technical staff, systems integration had stalled due to competing priorities, and the projected synergies — the primary justification for the deal premium — were at risk of not being captured within the committed timeframe.

Keystone's Approach

Integration PMO & People-First Strategy

Keystone was engaged to establish and lead a dedicated Integration Management Office (IMO), with principal consultant Catherine Ngo providing HR leadership. Keystone's IMO established clear workstream ownership, integration milestones, and escalation pathways — resolving the structural ambiguity that had allowed friction to grow. A combined leadership alignment program was co-designed and facilitated, creating shared purpose and agreed operating principles for the merged entity. A revised retention framework was negotiated for 28 critical technical staff.

Outcomes & Results

Deal Value Preserved & Synergies Captured

The Challenge

First-Time Business Sale with Complex Lease Structure

The founding family of a six-venue premium restaurant group in Sydney had decided to exit after 17 years of ownership. They had never sold a business before, held no relationships with potential acquirers, and faced a complex lease structure across their venues that needed resolution before any sale could be finalised. Their initial self-assessed valuation was $13.5 million. They engaged Keystone to manage the sale process.

Keystone's Approach

Structured Sale Process & Value Enhancement

Keystone's exit planning team began with a formal independent valuation, identifying EBITDA adjustments that increased the defensible earnings figure by 31% compared to the reported accounts. Lease terms on three venues were renegotiated prior to going to market, materially improving the financial profile. Keystone prepared a comprehensive information memorandum and managed a targeted process involving nine credible acquirers, ultimately running a two-party competitive final round. All enquiries were handled under strict confidentiality, with no public announcement until completion.

Outcomes & Results

Sale Price 41% Above Initial Estimate