We keep you informed about current developments and trends in the international M&A market, successfully completed transactions, and our practical M&A workshops for business owners.
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AT Swiss Ventures from Switzerland joins ICFN
Strengthening our global network. It is with great pleasure that we welcome to the International Corporate Finance Network the Swiss firm AT SWISS VENTURES. www.atswiss.vc.
AT Swiss Ventures is a global investment and advisory firm and combines a wide and collective experience in financial advisory, M&A, strategy consulting, and private equity. The leadership team also has extensive operational experience. AT Swiss Ventures is supported by a team of field experts in many industry verticals, which allows us to uniquely position our clients in terms of their people, business models and technology to the most appropriate investors, strategic acquirers and financial counterparties. AT Swiss Ventures is supporting both buy-side and sell-side transactions as well as value creation plans development and Post-merger integration.
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Brazil M&A market scenario
The expectation of the Brazilian capital market is that corporate transactions will reach greater momentum in 2024, after declines in business volumes observed in the last two years.
According to data from PwC, the number of mergers and acquisitions (M&A) in Brazil fell 17.3% in 2023, totaling 1,287 announcements, 45% of which were concentrated in the TMT segment. Despite the drop, this is a volume considered historically significant for the country, which in 2020 renewed the local record with 1,038 transactions. In 2021, Brazil reached the highest historical volume of M&A, with 1,659 deals announced.
There are still some important challenges to improve the economic scenario in Brazil, mainly due to political and fiscal issues, in addition to a domestic credit market with still restricted supply, but the country has Inflation expectations that are apparently better anchored and has already recorded successive falls in the country’s basic interest rate (SELIC) at the latest meetings of the Central Bank of Brazil.
After turbulent presidential elections at the end of 2022, the M&A market in Brazil began 2023 on hold, evaluating the impacts of the new government’s initial measures, and only began to observe a more vigorous increase in M&A activity in the third quarter, when 405 deals were complete, an increase of 9.46% compared to the same period in 2022, as reported by KPMG.
The prospects for this year promise to begin to awaken the appetite of international investors for selected opportunities in the 9th largest economy in the world.
Post by Daniel Rivera, ELIT CAPITAL
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Transaction News: EXG advises TPG on majority stake acquisition by Alpina
EXG Consulting GmbH advises the shareholders of The Project Group Informationstechnologie GmbH on the majority stake acquisition by Alpina Partners to support the company’s further international growth strategy.
TPG The Project Group, a leading provider of software products and consulting services for project, portfolio, and resource management (PPM), paved the way for an expanded growth strategy at the end of 2022 with the acquisition of a majority stake by funds managed by Alpina Management GmbH.TPG, headquartered in Munich with several international subsidiaries, employs more than 100 people. As a long-standing partner of Microsoft and Planisware, TPG offers complementary software solutions as well as integration and implementation services in the field of project, portfolio, and resource management. The company serves more than 700 customers from various industries in Germany, Austria, Switzerland, and internationally, including small and medium-sized enterprises as well as large international corporations.
Alpina is an independent European technology investment company focused on leading companies with strong USPs in the areas of B2B software, technology-enabled business services, and industrial technologies.
Together with Alpina, TPG’s management aims to expand both its international service offering and its own software solutions and products, becoming one of the leading platforms for software and consulting in the PPM environment. TPG’s management has reinvested significantly in the course of the transaction and will continue to drive growth.
EXG acted as M&A advisor to TPG on the transaction.
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Q3 2023 News: ESG-compliance driving M&A activity
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Q2 2023 News: What is happening in the global M&A scenario?
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USA: the collapse of silicon valley bank affecting M&A industry
Deal activity in the US in 1Q23 slowed a bit relative to the high amount of activity seen in 2022. Companies have experienced slowed growth – the elevated demand for goods and services in 2022 was, in part, due to pent up demand during the Covid years and, once satisfied, slowed as 2023 began. As a result, many companies were less attractive acquisition candidates which has delayed M&A activity.
The M&A industry itself in the US has suffered a little from the collapse of Silicon Valley bank and the rise in interest rates.
Post by Andrew Heitner, ALCON PARTNERS
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Q1 2023 News: For those about to M&A, we salute you
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AURIS finance from France joins ICFN
Strengthening our global network. It is with great pleasure that we welcome to the International Corporate Finance Network the French firm AURIS Finance: www.auris-finance.fr
Founded in 2000, AURIS Finance is an independent investment bank with expertise in corporate finance: mergers and acquisitions, fundraising, financial restructuring, and valuation services, both in France and abroad. Our team of experts has a strong entrepreneurial spirit and works with SMEs and mid-sized companies in the following sectors: Food & beverage and consumer goods industry, IT & telecom, Industrial & Engineering and Business Services (Human Resources & Temporary Work, Cleaning & Environment).
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How to better value acquisition targets
A recent in-depth study on how to make better investment decisions came to the following conclusions:
In-depth industry knowledge and endless company-specific research work (“Inside view”) alone are not enough for accurate forecasts. You also need accurate knowledge of what has happened in similar decision situations in history (“Outside view”). For example, an entrepreneur or investor can, based on his in-depth industry knowledge and research, predict that M&A target will grow very quickly and for a very long time in the future.However, based on the conclusions of the report, this is not enough, and the forecast of the success of the M&A target should also take into account how other companies have grown in similar situations in history.
If it has been rare, based on historical data, that companies grow really fast for a really long time, then the acquisition target’s forecasts and especially valuation should take these into account.For example, according to the study, only 2% of the companies in their extensive database grow by approx. 20-25% per year for 10 years. Considering how rare it is for companies to have fast, long-lasting growth, entrepreneurs and investors should take this into account and adjust valuations of acquisition targets accordingly. In addition, entrepreneurs and investors (and their advisors) should think how much weight optimistic management forecasts should have in their decision making.
Post by Turo Kiiski, 3J PARTNERS
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Enes | Cabral from Portugal joins ICFN
Strengthening our global network. It is with great pleasure that we welcome to the International Corporate Finance Network the Portuguese firm Enes | Cabral:
Enes | Cabral is a law firm, based in Lisbon, Portugal, specialized in Mergers & Acquisitions, Corporate Law and Foreign Investment matters. With a team of solid expertise, Enes | Cabral assists companies operating in Portugal in mostly all the relevant economic sectors and provides legal support to foreign companies that intend to establish in Portugal, guaranteeing tailor-made and sophisticated solutions which can represent an actual added value in the context of each client’s global strategy.