About Ivan
- In Transaction Services (KPMG Advisory, Squareness), I conducted financial due diligence on targets ranging from €20 million to €740 million in revenue, in energy, infrastructure, TMT, and agri-food. I know how to identify adjustments that move valuations and argue in Q&A with lawyers, bankers, and PE funds.
- In FP&A and financial analysis (Karmen, Scalens), I modeled business plans, tracked growth KPIs, analyzed cash flows, and built credit memos to finance SMEs and scale-ups. I speak the language of CFOs as well as founders.
- In fundraising and VC (NCI | WaterStart Capital, Scalens), I participated in Seed and Series A deals (Exotrail, EarlyMetrics), drafted investment memos. I also assisted the NCI | WaterStart Capital fund in identifying potential subscribers for their new fund dedicated to supporting entrepreneurs based in Normandy, Brittany, the North, and the Île-de-France region.
French
Native or bilingual
English
Fluent
Experience
- KPMG SAAssociate Transaction ServicesBANKING AND INSURANCEJanuary 2023 - April 2026 (3 years and 3 months)Paris, FranceSupporting Private Equity funds, companies, and public institutions on buy-side and sell-side financial due diligence assignments.
- Reconstruction and complete analysis of P&L (revenue, price/volume effects, margins, normalized EBITDA, non-recurring items, below EBITDA) and balance sheet (working capital, fixed assets, net debt, off-balance sheet commitments)
- Identification and documentation of QoE (Quality of Earnings) and QoD (Quality of Debt) adjustments directly impacting enterprise value and the equity bridge
- Specific analyses: like-for-like, backlog, intercompany flows, customer/supplier concentration, maintenance vs. development capex
- Review of business plans and analysis of historical budget execution rate
- Leading Q&A sessions with management, lawyers, bankers, and advisors from both parties
- Supporting and upskilling junior staff
Representative Deals- **Eneo Cameroon (buy-side, governmental mandate)**: acquisition of a hydraulic/thermal/solar producer-distributor in an emerging country — €740 million in revenue, 1,012 MW installed. Regulatory, currency, and public subsidy issues.
- **H2Air (sell-side)**: Divestiture of a European wind & solar player — ~€200 million in revenue, ~270 MW. Revenue normalization, P&L and balance sheet analysis.
- **Agri-food (buy-side)**: DD on a flour, semolina, and pasta producer-distributor — ~€150 million in revenue. Analysis of margins by segment, seasonality, and raw material exposure.
- **Voltalis (sell-side)**: Divestiture of a connected thermostat provider for energy savings — €100 million in revenue. Qualification of SaaS vs. one-shot and revenue recurrence.
- **Axian Group (Buy-side)**: Acquisition of a cable internet service provider — ~€80 million in revenue. Churn analysis, ARPU, and network capex.
- **Axian Group (buy-side)**: Acquisition of a conglomerate for a solar development project — €45 million, ~50 MWp.
- KarmenInvestment AnalystPRIVATE EQUITYOctober 2021 - July 2023 (1 year and 9 months)Paris, FranceKarmen finances growing companies through traditional debt and Revenue Based Financing (RBF). As an Investment Analyst, I analyzed the financial strength of applications, structured financing solutions, and negotiated terms with management.
- Analysis of business models, growth strategies, and financial projections through management interviews
- In-depth review of bank statements: qualification of cash flows, revenue recurrence, seasonality, signs of fragility
- Construction and review of business plans (projected P&L, cash flow, working capital, stress scenarios)
- Choice and structuring of financing solution: senior debt vs. RBF depending on revenue profile and growth trajectory
- Drafting of investment memos and negotiation of terms (amount, rate, covenants, repayment schedule)
- Continuous improvement of analysis processes and risk scoring grids
What this experience brings to my FP&A assignmentsI developed a quick and pragmatic understanding of SME or scale-up finances: understanding an incomplete balance sheet, identifying true performance drivers, challenging forecasts, and producing actionable analyses for management. This is what I bring to freelance FP&A assignments today: analytical rigor combined with an understanding of the operational realities. - ScalensFinancial AnalystBANKING AND INSURANCEJanuary 2021 - July 2021 (6 months)Paris, FranceScalens assists entrepreneurs with their fundraising efforts. I was involved in the entire preparation chain, from financial modeling to investor outreach.
- Business plan modeling: projected P&L, cash flow plan, scenarios (base/optimistic/pessimistic)
- Tracking and presentation of key KPIs: MRR/ARR, CAC, LTV, churn, unit economics
- Construction and management of investor databases (VC, family offices, corporate ventures, BPI)
- Market research (TAM/) to support growth narratives
- Drafting thematic analyses on ESG and SPACs — publication and external distribution
What this experience brings to my Fundraising assignmentsI know both sides of the table: I prepared files for founders and evaluated those same files from the investor's perspective at WaterStart Capital. I know what convinces a fund and what makes it disengage — and I build the deliverables (financial model, memo, investor deck) accordingly.
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Education
- Specialized MasterNeoma Business School2021Analyse Financière Internationale
- Master of ScienceEMLyon Business School2018Corporate Finance
Certifications
- AMFAutorité des Marché Financiers2020