UFI Open Seminar in Europe 2010 - Budapest - Anna John

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M&A versus organic growth – what´s possible right now?
by: Anna John, Partner, Mayfield Media, London, United Kingdom

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UFI Open Seminar in Europe 2010 - Budapest - Anna John

  1. 1. Anna John – Mayfield Media Driving Business Forward M&A vs. Organic Growth
  2. 2. Introduction • Organic growth experience • M&A experience
  3. 3. Is M&A a shortcut to growth? • Great theory • Is it realistic? • Can it be improved?
  4. 4. Is M&A still alive after the crisis? • Our deal flow is increasing • There was a pause at the end of 2008 when everything stopped • Internally financed deals are going through and there are more parties chasing them • More early-cycle deals • Some companies not buying • Some companies are unrealistic
  5. 5. What are the trends on price and deal structures? • Big deals stopped • Multiples down • More strategic and less market share focussed • More emphasis on deferred consideration • Deals taking longer to complete – more due diligence • Tougher negotiations
  6. 6. What are the golden Rules for M&A after the crisis? • The rules aren’t new – just more important to follow them • Fit/Added Value • Partner • Future • Due Diligence
  7. 7. How risky is M&A? • In an uncertain world there are risks • You can limit them – process and due diligence • Post acquisition risks are the most dangerous • Is organic growth less risky
  8. 8. What are the major challenges to organic and acquisitive growth? • Lines blurred between both – use of acquisition to drive organic growth • Flow of opportunities – mature and congested markets • Uncertainty and lack of knowledge in new markets • Too many players chasing the opportunities.
  9. 9. Anna John – Mayfield Media Driving Business Forward M&A vs. Organic Growth

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