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GCF- our added value in industry sector 0923.pdf
1. OUR ADDED VALUE & M&A TRENDS
IN THE INDUSTRY SECTOR
BUY SIDE – FUNDRAISING – SELL SIDE
SEPTEMBER 2023
2. 2
P R I V A T E & C O N F I D E N T I A L
TABLE OF CONTENT
I. Market and M&A trends in the industry sector 03
III. Our expertise, added-value & methodology in the industry sector 13
IV. About GEREJE Corporate Finance 24
II. M&A trends valuation & recent transactions 08
4. 4
P R I V A T E & C O N F I D E N T I A L
INDUSTRY OVERVIEW
Manufacturing production unevenly distributed at the
global level
▪ China = 30% of the world manufacturing production (the United States = 20%
; France = 3%)
Sources : PwC, Deloitte, Gifas
An energy recovery issue
▪ Industry contributes to 21% of global greenhouse gas emissions
▪ Implement the necessary processes to recover fatal heat (= quantity of
energy coming from an industrial process but not used)
The industry sector consolidate many segments
▪ Ex: energy, transport & logistics, aeronautics, construction
5. 5
P R I V A T E & C O N F I D E N T I A L
Environmental pressure
▪ Considering the global environmental pressure and the funds given by the
governments to pass the crisis, Airline companies will have to reduce CO2
emissions. Electric air transport is growing rapidly : by 2025, 25% of the
aviation sector will be composed of electric or hybrid aircraft.
Sources : PwC, Deloitte, ASD, Boursorama, Airbus, GCF Reseach
Airbus A320 family monthly production rate
(2022-2025)
The resumption of deliveries is a reliable indicator of an end of the crisis: Airbus forecasts for its A320 family, a
monthly production rate of 75 aircrafts by 2025. New deliveries over the next 20 years are estimated around 40,000
aircrafts
50
65 65
75
0
10
20
30
40
50
60
70
80
2022e 2023f 2024f 2025f
New opportunities amid the sector’ reshaping
▪ Pre-crisis, Airbus forecasted 63 monthly aircrafts’ production in 2021 vs. actual
45. The adaptation to the current market situation will result in M&A
opportunities (consolidation, economies of scale, innovation, …)
Resilience of low-cost companies which are mainly using
single-aisle aircrafts (A320 family)
▪ Faster recovery due to lower fixed costs
▪ Preference for direct flights: reinforcing the low-cost companies' strategy
FOCUS ON THE AERONAUTICS MARKET
6. 6
P R I V A T E & C O N F I D E N T I A L
Global MRO Market evolution in $bn
(2019 – 2031)
THE GLOBAL MRO MARKET
Asia Pacific expected to witness a significant growth
▪ Representing 31% of the global MRO market, Asia Pacific market will increase by
5.5% by 2027
The global Aeronautics & Defense MRO (Maintenance, Repair & Operations) market has been valued at $87bn in
2021 and is expected to reach $108bn by 2026, increasing at a CAGR of 4%
Increase of investments in MRO equipment which help reduce
operational expenditure (process efficiency, reduce of
downtime’s length).
Sources GMI, OliverWyman, Les Echos , GCF Research
The growth of air travel and the aircraft production will
support the MRO industry
▪ Air traffic passengers is expected to reach 7.2bn in 2035 (+200% vs. 2021)
87,3
108,4
117,7
0
20
40
60
80
100
120
140
2021 2026f 2031f
CAGR 26-31
+ 1.5%
CAGR 19-26
+ 4%
7. 7
P R I V A T E & C O N F I D E N T I A L
FOCUS ON THE WATER TREATMENT MARKET
Geographic penetration in emerging market
▪ Massive investments in ASEAN, China and India to upgrade water quality
High potential markets: Growing interest of leader groups in
wastewater, sanitation and sustainable infrastructures
Sources Statista, Bluefield Research, Raymond James Report, GCF Research
Digitalization: traditional companies accelerate their growth
with integration of digital tools and solutions
▪ Digital water segment (software, hardware, services & connectivity) = $55bn in
2030 (+ 8.8% CAGR)
300
490
0
50
100
150
200
250
300
350
400
450
500
2022 2029
Water and wastewater
treatment market (in $bn)
Vertical integration of new technologies to offer design-build
contracts
Key M&A drivers
9. 9
P R I V A T E & C O N F I D E N T I A L
M&A TRENDS – VALUATION METRICS
Company Size
▪ The largest the company, the higher the multiple with key thresholds (10M revenue;
50M revenue; 100M revenue…)
Profitability
▪ EBITDA margin compared to peers may be the most important comparison criteria
when the companies’ sizes are similar
Market position
▪ A leading position within a local market improves a valuation multiple, on the other
hand, a mid-tier position will drive a lower valuation
Within the same sector, valuation multiples vary according to the size, profitability, and market positioning of the
company
10. 10
P R I V A T E & C O N F I D E N T I A L
RECENT TRANSACTIONS – CONSTRUCTION FOCUS
Date
Buyer /
Investor(s)
Target
Transaction
Value
Information
Learn
More
Sep.
2022
€6m
Obat (FR): a SaaS solution that facilitates the
management and procedures of building
professionals
here
Jun.
2022
€10m
Vestack (FR): technology company specializing
in the design and construction of low-carbon
buildings
here
Jun.
2022
€20m
Néolithe (FR): transforms waste into usable
stones for the construction industry
here
Apr.
2022
€3m
Groupe Giesper (FR): specialized in
construction, civil engineering and public
works activities
here
Source Mergermarket, Fusacq, GCF Research, MBA Capital Click on the logo to access the website
11. 11
P R I V A T E & C O N F I D E N T I A L
RECENT TRANSACTIONS – AERONAUTICS FOCUS
Source Mergermarket, Fusacq, GCF Research, crunchbase, fusacq
Click on the logo to access the website
Year Investors Target Information
Group est.
revenue
See
More
Mar.
2023
AAR (US): a leading provider of aviation services to
commercial and government operators
Trax (US): a provider of aircraft MRO and fleet
management software
$1.8bn here
Nov.
2022
Sabena Technics (FR): MRO services in aeronautics
Heli-Union (FR): a leading helicopter services
provider
€650m here
Jun.
2022
Flying Whales (FR) : offers a pioneering solution for
air cargo transportation
€122m here
Jan.
2022
ACI Groupe (FR): a subcontractor for cutting edge
industries
€7m here
Dec.
2021
Mecachrome (FR): a global leader in precision
mechanics
WeAre Group (FR): an aeronautic subcontractor
€345m here
Oct.
2021
Satys Aerospace (FR): aircraft painting, sealing and
surface treatment
Figeac Aero (FR): anaeronautical subcontractor
€40m
€35m
here
here
June
2021
ACI Groupe (FR): a subcontractor for cutting edge
industries
Dviation (Malaysia): a subcontractor in aeronautics
€45m here
12. 12
P R I V A T E & C O N F I D E N T I A L
RECENT TRANSACTIONS – WATER TREATMENT
Date
Buyer /
Investor(s)
Target
Transaction Value
(TV) / Revenue
Information
Learn
More
Jan.
2023
£15m
Badger Meter (US): global provider of
industry leading water solutions
Syrinix (UK): provider of intelligent water
monitoring solutions
here
Nov.
2022
£15m
Strix (Isle of Man): a global leader in kettle
controls and filtration technologies
Billi (AU):a producer of filtered boiling
and chilled multifunctional taps
here
Feb.
2022
Saur rev. = 1.7bn
Aqua-chem rev.
= $50m
Saur (FR): provider of delegated
management for environmental services
Aqua Chem (US): a provider of clean
water solutions
here
Feb.
2022
€10m
Tsurumi (JP): a pioneer in submersible
water pumps
Zenit (ES): a manufacturer of electric
submersible pumps
here
Source Fusacq, crunchbase, GCF Research, Click on the logo to access the website
14. 14
P R I V A T E & C O N F I D E N T I A L
OUR EXPERTISE & ADDED VALUE [1/2]
We focus on 8 main sector, including the industry sector. We have a direct access to >1300
companies in this specific sector in Europe, Asia, and internationally
1. Our Expertise & Experience in the industry sector
Our multicultural teams with our own offices in Europe and in Asia (Paris , Singapore,
Geneva, Lyon, Nantes, Vienna, Lisbon, Munich), and our partners in the Middle East, Africa
and the US
2. Our International presence
Entrepreneurs close to Entrepreneurs = reactivity & adaptability
3. Our “entrepreneurial” culture
Privileged access to > 1000 investors (Cap development funds, VC, debt funds, Family
Offices), with a specific interest in the industry sector
4. Our Privileged access to Strategic & Financial Investors
15. 15
P R I V A T E & C O N F I D E N T I A L
OUR EXPERTISE & ADDED VALUE [2/2]
We prefer to act over the long term as partners alongside business leaders
5. Advisor & Partner
With over 80 closings between 2016 & 2022, GEREJE is No. 1 & No. 2 between 2016 & 2021 in
the Advisory Fusacq ranking – Corporate banking fundraising rankings in France
6. Our Track-Record
Our expertise in structuring complex operations : Earn-Out, Management Buy-Out, Owner
Buy-Out, Joint Venture…
7. Our Expertise in complex structuring
We work with no conflict of interests and ensure confidentiality & discretion
8. Our independence
16. 16
P R I V A T E & C O N F I D E N T I A L
Small Cap companies
~300 companies in Europe, Asia and Worldwide -
listed in our proprietary data base
Mid & Large Cap companies
~1 000 companies in Europe, Asia and Worldwide -
listed in our proprietary data base
Investors
~1 000 investors (PE, VC, CVC, Family Offices, etc.)
with a specific interest in the sector - listed in our
proprietary data base
● ● ●
● ● ●
OUR DIRECT ACCESS TO FINANCIAL AND STRATEGIC PLAYERS
17. OUR EXPERTISE IN THE INDUSTRY SECTOR [1/2]
17
P R I V A T E & C O N F I D E N T I A L
Fabrice LOMBARDO
Founder & CEO of GEREJE Corporate Finance
Expertise at the international level, in Europe, Asia (especially ASEAN), Middle East & Africa, in
GEREJE’s 8 key sectors
Education:
BBA at Oxford Brookes Université, Grenoble Business School, Executive MBA at ESSEC, SFAF
Certified
Key Points:
● + 12 years in Business Dev. (multinationals) ● Creation of GEREJE: 2008 ● +100 deals closed
EXPERIENCE & EXPERTISE
➢ + 15 years in M&A consulting for SMID & Large Caps
➢ Buy-Side Mandate & Sell-Side Mandate
➢ Fundraisings (Equity / Debt)
➢ Valuation & Structuring
➢ Speaker and lecturer at ESSEC Paris, EGE, EDC Paris
➢ Specific expertise in Industry
▪ Previous Managing Director Asia at EDELCOM (subsidiary
of Citelum Group : EDF-Veolia)
▪ Previous Export Manager at BWT
▪ Previous APAC Area Manager at CATU (Legrand / Sicame
Group
▪ M&A Consulting : VINCI, EGIS, SOCOTEC, M+W Group, etc.
18. 18
P R I V A T E & C O N F I D E N T I A L
Laurent GOBINET
Partner at GEREJE Corporate Finance
Industrial Expertise in France and abroad
Education :
DESS electronic & MBA Purchasing, Bordeaux, France
Key Points:
● + 25 years of experience in the Aeronautics/Naval/Defense & All-terrain vehicles sectors
● + 20 years of international experience
EXPERIENCE & EXPERTISE
➢ + 20 years of experience in large groups
➢ Industrial Strategy : production & services
➢ Aero., naval, defense, All-terrain vehicles , energies, etc.
➢ Purchasing, Supply Chain & Management
➢ VP Neopolia (regional business network with 5 business
clusters)
➢ Specific expertise:
▪ Previous President et Deputy General Manager at
GESTAL
▪ Previous Purchasing & Logistics Director at
STELIA/SOGERMA SERVICES (AIRBUS)
▪ Chantiers de l'Atlantique, Manitou, etc
OUR EXPERTISE IN THE INDUSTRY SECTOR [2/2]
19. 19
P R I V A T E & C O N F I D E N T I A L Click on the logo to access the website
OUR REFERENCES IN INDUSTRY SECTOR
20. 20
P R I V A T E & C O N F I D E N T I A L
OUR BUY-SIDE METHODOLOGY
Option: Preparation of a "Long-List" of
potential targets in the targeted sector
and geographical area and ranking them
in order of interest and according to M&A
criteria (sales, EBITDA, etc.)
Initiate contact between GEREJE and the
target(s) (without giving the name of the
client) to validate their actionability
Meeting between GEREJE and the client
to select a short list of targets to be
approached in phase 2
Assist our client in the final Due
Diligence
Optimize the discussions between all
involved parties: legal, audit,
accounting…
Advise on the best strategy and tactic
for final negotiations with the target(s)
until closing.
Assist in the drafting & proof-reading of
final contracts.
Drafting & negotiation of a Letter of
Intent (LOI)
Management of client’s questions &
requests (Q&A)
Optimize the negotiations with the
target
Advise on the best structuring (equity /
debt / mix) in the interest of the
shareholders
Option : Preparation of a strategic and
financial note (detailed profile of the
target) for the client
Signing of the Letter of Intent (LOI)
Signing of a Reciprocal Confidentiality
Agreement (RCA).
Meeting between the target and the client
to confirm the strategic fit and the mutual
willingness to enter negotiations
Phase 1 – 1 to 3 months
Market Screening & Preliminary
Approach
Phase 2 – 4 to 9 months
Maximization of Negotiations –
Signing of LOI
Phase 3 – 2 to 4 months
Final DD – Offer – Optimization of the
Closing
21. 21
P R I V A T E & C O N F I D E N T I A L
BUY-SIDE BEST PRACTICES [1/2]
DEFINE clear & ambitious strategies for yourself & the
potential target
1
2
BE PROACTIVE: approach actionable and specific targets
→ value creation
3
TIME is the essence: giving rhythm by respecting a
structured process
4
COMMUNICATION: take the time to explain every step
until the closing
1
2
3
4
22. 22
P R I V A T E & C O N F I D E N T I A L
BUY-SIDE BEST PRACTICES [2/2]
OPTIMIZE the structuring to align the interests regarding
valuation
5
THINK about the forward value by working on a joint business
model
6
ANTICIPATE tax and legal issues (shareholders' agreement)
7
ANTICIPATE the cultural differences (cross border)
8
23. 23
P R I V A T E & C O N F I D E N T I A L
OUR TAILOR-MADE FUNDRAISING & SELL-SIDE PROCESS
Phase 1 – 1 to 2 months
Preparation phase
Financial analysis (past results and
business plan)
Analysis of possible structuring schemes
(equity/debt/mix)
Set-up of an electronic dataroom
Blind Teaser online on our web
platform
In order to optimize the process, it is essential to prepare the project seriously, explain the use of the
funds and demonstrate the positive impact on turnover and margins
Phase 2 – 2 to 8 months
Selection, teasing and approach of
investors - Maximization of
negotiations
Identification of candidates (”long list”)
Checking of candidates’ seriousness, e-
NDA signing, transmission of
documents
Management and optimization of
negotiations with the most serious
candidates
Phase 3 – 1 to 2 months
Closing optimization
Optimize the discussions between all
involved parties, in particular, legal &
audit advisors of both parties
Supervision of financial audits (option)
Advise on strategy and tactics for final
negotiations
Prepare a Strategic & Financial Note for
investors
Negotiation and signature of the Letter
of Intent (LOI), including all the key
terms of the deal
Transition to phase 2 after mutual consent
Valuation report for business owner(s)
Approach of candidates with a 100%
digitalized process
Set-up of a calendar & deadlines
Advise on the different structuring
schemes (earn out) and final review of
the documents in a M&A point of view
Prepare the executive managers for the
negotiations with the investors in Phase 2
24. 24
P R I V A T E & C O N F I D E N T I A L
Strategic and financial investors have different investment criteria and objectives involving different sales
strategies and structuring scenarios themselves
• Strategic investors are often competitors, suppliers or customers of the target.
• Their objective is to identify companies whose products or services can be integrated in synergy with their
existing portfolio or gain market share, in order to create long-term value for their shareholders.
• The main driver of the acquisition is strategic (vs. rapid return on investment). These buyers may also be
unconnected to the target and seek to expand in its market to diversify their revenue sources.
Strategic
investors
• Financial investors/buyers include private equity firms, hedge funds, family offices ...
• These players make investments in companies and achieve a return on investment within 5-7 years with a
sale or IPO.
• Some Family Offices have an unlimited time horizon and can invest large sums of money to support the
growth of the business at all stages of its development.
Financial
investors
These buyers have fundamentally different objectives, so the way they will approach
the activities of the targets in an M&A process will differ considerably.
DIFFERENT TYPE OF INVESTORS
26. 26
P R I V A T E & C O N F I D E N T I A L
In the 13th century, the Emperor Kublai Khan awarded
Marco Polo a gold tablet in the form of a long piece of
currency named « GEREGE » along with a password,
which ensured numerous privileges to the beholder.
With this golden passport, Marco Polo obtained all
necessary protections, supplies and assistance which
included horses, food and equipment for his safe return to
Venice accompanied by his immense fortune.
The GEREJE, first diplomatic passport,
ensuring safe and secure cross border
transactions, is a powerful symbol
matching perfectly our mission and goals
GEREJE team members share a common
passion in dealing with cross border
transactions and are united around the
GEREJE symbol reflecting our mind set as well
as our working philosophy.
THE “GEREJE” PHILOSOPHY
27. 27
P R I V A T E & C O N F I D E N T I A L
OUR WORLDWIDE REACH
We are an independent M&A firm with an “entrepreneurial” culture, providing both strategic and financial
advisory services, composed of a multidisciplinary team based between Europe & Asia
Our Corporate Film
EUROPE
▪ Paris
▪ Lyon
▪ Geneva
▪ Nantes
▪ Vienna
▪ Lisbon
▪ Munich
ASIA
▪ Singapore
▪ Hong-Kong
EUROPE
MOYEN-ORIENT
ASIE
28. 28
P R I V A T E & C O N F I D E N T I A L
EXECUTION TEAM ENSURING THE QUALITY OF THE DOCUMENTS
Fabrice LOMBARDO
Founder & CEO
Antoine ALEMANY
Partner, Lisbon
Clarisse SUN
M&A Associate, Paris
Laurent GOBINET
Partner, Nantes
Hugo MONNET
M&A Vice President, Lyon
Servais MICOLOT
Partner, Geneva
Hannah DERENBACH
M&A Analyst, Paris
29. 29
P R I V A T E & C O N F I D E N T I A L
SENIORS BRINGING SECTOR & GEOGRAPHIC EXPERTISES
François LAURENT
Senior Advisor, Hong-Kong
Olivier JOB
Senior Advisor, Lyon
Jean de MORAS
Senior Advisor, Paris
Arnaud BEASSE
Senior Advisor, Vienna
Maurice LAM
Executive Director, Singapore
Bertrand LAM
Partner, Singapore
Jeff CZELUSTA
Directeur M&A, Munich
30. 30
P R I V A T E & C O N F I D E N T I A L
Partial or Total Sell mandate
Managing and Optimizing a sell process, leveraging on
our structuring experience, valuation expertise &
international network to maximize the transaction price.
Using every financial tool to align the interests of all
parties.
OUR SERVICES
The quality of our services relies
in our 100% in-house team
enabling us to manage the
entire transaction process,
thereby ensuring efficiency,
confidentiality and tangible
results
Buy mandate / Acquisition / Joint Ventures
Optimizing external cross-borders expansion strategies.
Global Knowhow, Local Approach
Strategic Advisory – Business Consultancy
The experience and operational know-how of the senior
team allows us to optimize the development strategies of
companies and thus facilitate the management of
corporate finance issues (Fundraising or acquisition)
Fund raising mandate & IPO – Capital development
Structure a solid & realistic business plan in order to
maximize the valuation forward and raise the capital
needed (Equity, Debt, Convertible Shares).
Local Markets Approach and Implementation Assistance
for IPO to maximize forward value & optimize
Transaction Structuring
31. 31
P R I V A T E & C O N F I D E N T I A L
OUR PROVEN METHODOLOGY
GEREJE is recognized for the quality of its documents (strategic & financial analysis) based on personalized execution, enhanced
by a multidisciplinary team acting under one hat !
Execution
Excellence
Each assignment is managed by
one Team leader to optimize the process
We rely on our own proprietary
research
Our mandates are on an exclusivity basis
only, including fixed and success fee
Our mandates are tailor-made
We manage 100% of the Transaction
coordinating the process
We deliver regular reports to optimize
the momentum
Our digital platform allows us to have constant
access to all the necessary information
32. 32
P R I V A T E & C O N F I D E N T I A L
With over 80 closings between 2016 and 2022, GEREJE is N1 or N2 M&A firm for SMID CAP for the past 6
years in the Advisory Fusacq ranking – Corporate banking fundraising rankings in France.
2019 – Sell: €55M
Target:
Learn more
Investors:
Learn more
Crowdfunding:
Investors:
Learn more
Investors :
Learn more
Target:
Learn more
2021 – Fundraising: €7M
Investors:
Learn more
2021 – Debt Financing: €2,5M 2019-20 – Capital Injection: €6M
2021 – Joint Venture
Target:
Learn more
2021 – Acquisition – €10M Sales 2021 – Acquisition – €50M Sales
Target:
Learn more
2022 – Acquisition – €14M Sales
OUR RECENT TRACK RECORD
33. 33
P R I V A T E & C O N F I D E N T I A L
OUR REFERENCES– SMID & LARGE CAP
Click on the logo to access the website.
34. 34
P R I V A T E & C O N F I D E N T I A L
OUR STRONG NETWORK OF PARTNERS
Our solid network of partners in Europe and Asia enable us to get qualified, updated information in order to
accompany our clients and create value.
EUROPE
Access to +1,100 Family Offices
+150 banks & private bankers
+100 law firms
ASIA
Access to +700 Family Offices
+200 banks & private bankers
+150 law firms
Partnership signed with Business France (website) in 2021
Coverage of 110 countries, offering a direct access to
international investors
35. 35
P R I V A T E & C O N F I D E N T I A L
TESTIMONIES
In this complicated economic
environment, the support and
involvement of the GEREJE teams
were key to the success of the
project.
Mr. François-
Denis POITRINAL
Founder & CEO
Thank you for the excellent work
done by the GEREJE team.
Mr. Kaci KÉBAÏLI
Founder & Chairman
In this complicated economic context,
the support and involvement of the
GEREJE teams were key elements in
the success of the operation
Mr. Guillaume
RAGUET
CEO
*click on a logo to access the website
GEREJE's efficiency and discipline,
as well as the fluidity of our
exchanges, have been essential to
the successful financing of the
LAPSA group's R&D projects!
Mme. Maroua BEN
MARZOUK
Chargée d’affaires
Entreprises
36. 36
P R I V A T E & C O N F I D E N T I A L
Articles
Surveys
Gifas - Airbus prévoit un doublement de la flotte mondiale d'avions
Les Echos - Entretien avec Bruno Le Maire et Robert Habeck sur les prix de l'énergie
Gifas - Entretien avec Guillaume Faury qui prévoit une reprise de la demande de gros-porteurs
Le Figaro - Airbus réorganise son activité de cybersécurité
Gifas - Safran a fait du site de Toulouse son centre d'excellence de la pile à combustible hydrogène depuis 2019
Le Monde - Budget des armées en hausse d'au moins 3 milliards d'euros
Gifas - Airbus anticipe des livraisons mondiales de près de 39 500 avions neufs d'ici 2041
Startus Insights - Top 10 Construction Industry Trends in 2022
Les Echos - Risque cyber : Airbus, Michelin et BASF créent leur propre société d'assurance
Iata - Economic Performance of the Airline Industry
McKinsey & Company - How airlines can chart a path to zero-carbon flying
Mirus Capital Advisor - M&A transactions rebound in 2021 in the Aeronautics & Defense sector
KPMG - The Aviation Industry Leaders Report 2022
Yardeni - Global Economic Briefing: Industrial Production
BIBLIOGRAPHY
