Deloitte UK S&O Interview: M&A Case Study Under Pressure

德勤英国战略与运营面试：高压下的并购案例实战

5 January 2025

5 min read

Anonymous Candidate

2025 Deloitte UK S&O Interviewee

摘要 Summary

An intense M&A case study experience from Deloitte's Strategy & Operations division, featuring a supermarket acquiring a fresh produce e-commerce platform.

德勤S&O部门的高强度并购案例面试实录，详解超市收购生鲜电商平台的战略分析。

Interview Format: High-Pressure Case Interview| 面试形式：高压案例面试

Just came off the battlefield from Deloitte S&O's interview, and it felt like I'd just finished a grueling battle—my mind is still buzzing. A word of caution for anyone challenging this position: they're not looking for students here, they're looking for warriors.

刚从Deloitte S&O（Strategy & Operations）的面试「战场」上下来，感觉像是刚打完一场硬仗，脑子还在嗡嗡作响。给想挑战这个岗位的勇士们提个醒：这地方招的不是学生，是战士。

Case Background| 案例背景

Our client is a large UK supermarket chain, let's call it 'SuperMart'. SuperMart is considering acquiring a popular fresh produce e-commerce platform, let's call it 'FreshGo'. FreshGo's model involves direct farm sourcing and subscription-based home delivery, focusing on organic and premium quality. The CEO wants to know: Should we do this deal or not?

我们的客户是一家英国的大型连锁超市，叫'SuperMart'。SuperMart正在考虑收购一家最近很火的生鲜电商平台'FreshGo'。FreshGo的模式是从农场直接采购，然后通过订阅制配送到家，主打有机和高品质。现在，CEO想问我们，这笔交易，到底该不该做？

My Strategic Framework| 我的破局思路

This is a classic M&A decision case. I immediately built an analytical framework in my mind, centered around two core questions: 1) Is the deal itself attractive? 2) Do we have the capability to execute it well?

这是一个典型的并购决策Case。我立刻在脑海里建立了一个分析框架，围绕两个核心问题展开：1. 这笔交易本身有没有吸引力？2. 我们自己有没有能力把它做好？

Part 1: Deal Attractiveness Analysis| 第一部分：交易吸引力分析

I started with an external perspective, analyzing FreshGo as the 'target' and its market.

我先从外部视角，分析FreshGo这个「猎物」本身，以及它所在的市场。

Market Analysis| 市场分析

Market Size & Growth: How big is the UK online fresh produce market? What's the future growth rate? I emphasized that the pandemic has dramatically accelerated market penetration.
市场规模与增长：英国的线上生鲜市场有多大？未来的增长率怎么样？我强调，疫情极大地加速了这个市场的渗透率。
Competitive Landscape: Who else is in this space? Ocado, HelloFresh, etc. What's FreshGo's Unique Selling Proposition? I guessed it's their 'farm-direct sourcing' and 'organic' positioning.
竞争格局：除了FreshGo，还有没有其他玩家？比如Ocado, HelloFresh等。FreshGo的独特优势是什么？我猜是它的「农场直采」和「有机」标签。

Target Company Analysis| 目标公司分析

Business Model: The subscription model locks in Recurring Revenue, but what are the Customer Acquisition Cost and Churn Rate?
商业模式：订阅制模式能锁定Recurring Revenue，但它的获客成本和客户流失率是多少？
Financials: Is FreshGo profitable? Or burning cash for growth? What are the Gross Margin and Contribution Margin?
财务状况：FreshGo现在是盈利的吗？还是在烧钱换增长？它的毛利率和贡献利润率怎么样？
Operations: How efficient is their supply chain? How well do they control Last-mile Delivery costs?
运营能力：它的供应链效率如何？最后一公里配送成本控制得怎么样？

Part 2: Synergies & Risks Analysis| 第二部分：协同效应与风险分析

After the external analysis, I shifted focus back to SuperMart—analyzing what this deal could bring us and whether we can handle it.

分析完外部，我把视角转回客户SuperMart，分析这笔交易能给我们带来什么，以及我们能不能接得住。

Revenue Synergies| 收入协同

Cross-selling: Can we sell FreshGo's organic vegetables to SuperMart's millions of loyal customers? Can we add our supermarket products to FreshGo's subscription boxes?
交叉销售：能不能把FreshGo的有机蔬菜，卖给SuperMart现有的几百万忠实客户？能不能在FreshGo的订阅盒子里，加入我们自己超市的商品？
Channel Expansion: FreshGo's online capabilities and brand image can help SuperMart accelerate digital transformation and attract younger users.
渠道扩展：FreshGo的线上运营能力和品牌形象，可以帮助SuperMart加速数字化转型，吸引更多年轻用户。

Cost Synergies| 成本协同

Purchasing Power: SuperMart's procurement volume far exceeds FreshGo's. Post-merger, can we negotiate better prices from suppliers?
采购议价能力：SuperMart的采购体量远大于FreshGo。合并后，能不能以更低的价格从供应商那里采购？
Supply Chain Optimization: Can we use SuperMart's nationwide store network as 'micro-fulfillment centers' to reduce FreshGo's last-mile delivery costs?
供应链优化：能不能利用SuperMart遍布全国的门店网络，作为FreshGo的「前置仓」，来降低最后一公里配送成本？

Risks & Challenges| 风险与挑战

Cultural Integration Risk: SuperMart is a traditional retail giant, while FreshGo is a fast-growing startup. Can two completely different corporate cultures merge smoothly?
文化整合风险：SuperMart是传统零售巨头，FreshGo是快速发展的创业公司。两种完全不同的企业文化，能否顺利融合？
Technology Integration Risk: Can the two companies' IT systems (ERP, CRM, etc.) be integrated smoothly?
技术整合风险：两个公司的IT系统能否顺利打通？
Valuation Risk: Are we paying too much for an attractive 'story'?
高估值风险：我们是不是为了买下一个「性感的故事」，而付出了过高的价格？

Final Recommendation| 最终建议

Overall, I believe the strategic value of this deal is enormous—it can bring SuperMart the online capabilities and growth story it desperately needs. However, execution risk is also very high. Therefore, my recommendation is 'Proceed with Caution.'
综合来看，我认为这笔交易的战略价值是巨大的，它能为SuperMart带来急需的线上能力和增长故事。但是，执行风险也非常高。因此，我的建议是「谨慎推进」。

Before making a formal offer, I recommend the client complete a very thorough Due Diligence, especially on culture, technology, and operations. Simultaneously, we must start planning now exactly how we'll realize the synergies we discussed post-acquisition. We need a very detailed Post-Merger Integration plan.

在正式出价之前，我建议客户必须完成一个非常详尽的尽职调查，尤其是在文化、技术和运营层面。同时，我们必须现在就开始规划，在收购完成后，我们具体要如何一步一步地去实现我们刚才提到的那些「协同效应」。我们需要一个非常详细的投后整合计划。

Key Takeaways| 面试心得

Deloitte S&O interviews are looking for people who can process large amounts of information in a very short time and make clear, logical business judgments. They don't require you to give the only correct answer, but they require your analysis process to be structured, comprehensive, and deep.

Deloitte S&O的面试，就是在寻找那些能在极短时间内，处理大量信息，并做出清晰、有逻辑的商业判断的人。他们不要求你给出唯一的正确答案，但他们要求你的分析过程，必须是结构化的、全面的、有深度的。

When preparing, make sure to practice all types of business cases (market entry, profitability decline, M&A, pricing, etc.). More importantly, learn to interact with the interviewer—treat them as your information source, constantly asking questions, making assumptions, and validating. This isn't just an exam; it's a real business conversation.
准备面试时，一定要把各种商业案例（市场进入、盈利下降、并购、定价等）都练熟。更重要的是，要学会跟面试官互动，把他当成你的信息来源，不断地提问、假设、验证。这不仅仅是一场考试，更是一场真实的商业对话。