Wir informieren Sie über aktuelle Entwicklungen und Trends im internationalen M&A-Markt, erfolgreich abgeschlossene Transaktionen sowie unsere praxisnahen M&A-Workshops für Unternehmer.
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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.
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Closing from Belgium joins ICFN
Strengthening our global network. It is with great pleasure that we welcome to the International Corporate Finance Network the Belgian firm Closing SRL: www.closing.be
Closing is an independent M&A and Corporate Finance advisory firm located in the french speaking part of Belgium. Strategic M&A operations are potentially high added value projects which need careful preparation and dedicated attention throughout their implementation. With a strong entrepreneurial mindset, Closing advises shareholders, enterprises and managers in these transactions, in Belgium and abroad. Closing executes more than a dozen M&A transactions every year.
Closing´s offices are located in Namur, Liège, Brabant Wallon, Luxembourg Belge and Gosselies.
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CoTra from Belgium joins ICFN
Strengthening our global network. It is with great pleasure that we welcome to the International Corporate Finance Network the Belgian firm CoTra:
CoTra is a dynamic boutique law firm specialized in transactions and corporate law.
The firm has an aggregate (inter)national experience and track record of more than 35 years, with an own pragmatic approach. They assist entrepreneurs, investors, start-ups, growth and established companies and (inter)national groups. CoTra focusses on transactions, corporate law and advisory. Therefore, CoTra joins its forces with our client’s specialist advisers or our trusted specialist partners (e.g. for financial, tax, HR or foreign assistance).
CoTra´s offices are located in Antwerp, Mechelen and Keerbergen.
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3J Partners from Finnland join ICFN
Strengthening our global network. It is with great pleasure that we welcome to the International Corporate Finance Network the Finnish M&A firm 3J Partners: https://3j.fi/
3J Partners, independent Corporate Finance advisor focused on Mergers & Acquisitions with wide ranging experience in the field of acquisitions, mergers, buy in and buy out operations, business valuation and debt advisory, advises mid-sized companies on either buy- or sell-side, offering high-quality corporate finance services to their clients while holding themselves to the highest ethical standard, emphasizing trust, open/honest dissemination of information and the resolution of the problems of the different parties.
3J Partners’ offices are in Helsinki, Hämeenlinna and Jyväskylä.
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Milner Corporate Finance from Denmark joins ICFN
Strengthening our global network. It is with great pleasure that we welcome to the International Corporate Finance Network the Danish firm Milner Finance: https://milnerfinance.com/
Sale, acquisition and financing of company – trusted advice.
Milner Finance is advising executive management and „owner managers“ on Mergers & Acquisitions, equity raising, financing, governance and financial risk management issues, based on:
- More than 25 years of corporate finance experience and strong track record from global mid-market Mergers & Acquisitions.
- Significant insight into strategic change processes and strategy advisory.
- Broad network across sectors and industries in Denmark and the Nordic area.
- Reputation for high level of professional integrity and craftsmanship in all aspects of transactions.
- Experienced, senior, independent, trusted, committed.
- 30 years experience as corporate finance advisor with focus on negotiated M&A, debt finance and strategic issues related to transactions and critical business transformations.
- More than 80 mid-market deals valued between €10m and €1bn closed on five continents globally since early 1990’ies covering a broad range of sectors.
- Soren Milner, CEO at Milner Finance, runs its own business since 2014. Milner Finance has its offices at Charlottenlud, Denmark.
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Meeting, talking, planning
On 23rd May 2022 ICFN members met in Amsterdam for the annual ICFN Global Summit. For the first time since the outbreak of the corona pandemic members were able to meet again in person to talk about cross-border opportunities and exchange thoughts on the current situation in the various M&A markets. Members unanimously confirmed high levels of activity with so far little to no impact from the war in the Ukraine nor from supply chain disruptions in the wake of the pandemic and ongoing lockdowns. Inflation is an issue in most member countries as is a continuous lack of human resources especially in the technology sector. However, strong demand from strategic and financial investors with high volumes of cash looking to be invested are driving valuations which remain at a very high level.
In an online session, ICFN members shared their insights with clients and friends. The online event also included an interview with Peter Dorfner, Principal at the Green Generation Fund, a new Berlin-based early stage impact fund backing the Seed and Series A funding rounds of European and American Food Tech and Green Tech startups. Peter Dorfner talked about challenges in foreign market deal sourcing, the role of intermediaries and their impact on transaction efficiency and price setting as well as on how to leverage strategic synergies in an international context.



