CASE STUDY
Truck 9 Solves Complex Partial Ownership Accounting Across 40-Plus Entities With NetSuite
September 2, 2026
Services: NetSuite Implementation Industries: Private Equity, Family Office Technologies: NetSuite
Truck 9 is a family office and private equity firm with a portfolio of blue-collar operating companies, including mitigation businesses and a biotech moving company, alongside its principals’ real estate investments and other holding entities that together bring its total footprint to roughly forty-two entities. John Curylo, Accounting Manager at Truck 9, joined the company as the hands-on lead for its NetSuite implementation, working directly with Caravel throughout a two-month project to bring the firm’s complex ownership structure onto a single platform.
Challenge
A Legacy System That Could Not Consolidate: Truck 9 ran on legacy construction software with no customizability or unique reporting, and entities could not speak to one another. Consolidating financials across the portfolio meant manual work in Excel, and a single allocation of parent company accounting fees down to subsidiaries required more than 30 separate entries.
A Complex, Shifting Ownership Structure: Two principals held ranging ownership percentages that varied by entity and changed constantly, and certain managers also owned percentages of individual entities. Every one of the more than forty entities had its own unique ownership breakout, including cases of intra-company, or percent-of-percent, ownership rather than simple outside joint ventures.
Competitors Said It Could Not Be Done: As Truck 9 evaluated accounting systems, competing vendors argued that NetSuite could not support its non-controlling interest requirements, a claim that nearly steered the company away from the platform before Caravel presented its advanced ownership solution.
A Lean, Two-Person Finance Team: With only two people running finance and accounting, Truck 9 needed an implementation partner willing to work hands-on alongside its team rather than one that assumed a large, dedicated client-side staff.
Solution
Truck 9 landed on NetSuite for three reasons: Caravel’s advanced ownership module for non-controlling interest accounting, native intercompany consolidation, and the absence of an entity cap in NetSuite’s pricing tiers.
“Those three main points together made us realize this really is our solution and something that we’d be able to keep around five, ten, fifteen years down the road,” Curylo said.
Rather than chase custom wish-list items, Caravel and Truck 9 prioritized out-of-the-box functionality and focused the aggressive, two-month scope on core financials, accounts payable, and a successful launch of the non-controlling interest module. Because Truck 9’s structure included shared ownership among subsidiaries rather than a straightforward outside joint venture, the teams ran a constant, iterative process of daily check-in calls to verify that reporting outputs, including income statements and balance sheets, reflected the correct ownership calculations before moving forward.
Curylo also pushed to be hands-on throughout the build, sitting in on calls as Caravel loaded bundles and completed tasks so he could learn the system in real time as the firm’s sole power user. Whenever the reporting output did not look quite right, he knew he could flag it to the Caravel team and count on a quick, collaborative fix, a level of responsiveness that held true throughout the engagement.
Outcome
Truck 9’s close process shortened from six days to four, and Curylo said the reduction in day-to-day stress felt even larger than the two-day difference on paper. Intercompany tracking that once required manually re-entering due-to and due-from balances into Excel is now automated. Pulling the parent entity’s balance sheet now surfaces sixteen tagged due-to and due-from entries with all subsidiaries in one view.
The advanced ownership module also gives Truck 9 flexible reporting: Curylo can generate an accounting book that isolates a single partner’s balance sheet, both managers together, or one principal at a time.
“To have that functionality, I can’t even put into words the leaps and bounds Truck 9 has gone from in terms of reporting capabilities,” Curylo said.
With the foundation in place, Truck 9 is positioned to keep growing. Caravel gave Curylo a step-by-step process for adding new entities with their own ownership structures, so a newly acquired portfolio company can be set up and running in NetSuite the same day, a dramatic shift from the firm’s prior manual approach.