The document discusses the results of a survey of over 100 private equity professionals. It finds that respondents are cautiously optimistic about 2012, expecting more deal flow and an easier fundraising environment compared to 2011. Specifically, 70% expect to close 2-3 deals in the next 12 months compared to 47% closing no deals in 2011. Respondents also anticipate investing more capital in 2012, with middle market funds in particular expecting to nearly double their investment levels.
The document provides an overview of M&A, private equity, and capital markets activity in 2012. It finds that overall US M&A transaction levels were at a post-financial crisis high in 2011, though activity declined in the second half of the year and first quarter of 2012 due to macroeconomic uncertainties. Private equity investment also declined throughout 2011 and further in Q1 2012. EBITDA multiples recovered in Q1 2012 to pre-financial crisis levels, with larger deals commanding a premium.
The 2012 BDO Biotech Briefing found that biotech companies increased R&D spending and revenues in 2011. Average R&D spending among companies rose 5% to $50 million, while average revenues jumped 24% to $76 million. Larger biotech firms with over $50 million in revenues saw a 33% rise in revenues and increased R&D spending more than smaller firms. Although employment grew 10% overall, it rose 16% at large firms while declining 3% at small firms. The briefing indicates biotech companies are relying more on virtual and outsourced business models to maximize resources for R&D.
Banco Pine - Institutional Presentation 2Q12Banco Pine
This document provides an overview of PINE's history, business lines, and recent financial highlights. PINE has been in business since 1939 and focuses on providing financial solutions to large corporate clients in Brazil. It has four primary business lines: corporate credit, financial and commodity instruments, investment banking, and distribution. The document outlines PINE's ownership history and growth over time, with its corporate credit portfolio and shareholders' equity both increasing significantly in recent years.
Banco Pine - Institutional Presentation 3Q12Banco Pine
PINE is a specialized wholesale bank that provides financial solutions to corporate clients. It has four primary business lines: corporate credit, foreign exchange and commodities trading (FICC), investment banking, and distribution of banking products. Some highlights include maintaining a positive liquidity gap, strong capital ratios, and diversified funding sources. PINE continues to receive recognition from rating agencies through several rating upgrades in recent years due to its solid financial position and recurring revenue streams across business lines.
China has rapidly become the second largest economy in the world and is expected to contribute two-fifths of global growth in 2012, however it faces significant challenges including a potential real estate slump, a growing bad debt problem in its financial system, and difficulties transitioning to a more consumption-based economy. The upcoming leadership change also brings uncertainty as the new leaders will need to navigate domestic and global economic issues while addressing issues such as corruption, inequality, and environmental degradation.
The document contains charts summarizing survey results from Raddon Financial Group about consumer attitudes and behaviors related to finances. The charts show:
1) Most consumers (31%) are very or extremely likely to take on greater risk in their non-retirement investment portfolio.
2) The top purpose for non-retirement investment portfolios is safety of capital and funds as the first priority (17%).
3) The top financial need or goal for consumers is having additional retirement income (68%).
This document proposes a new online platform called Pajebal that aims to revolutionize microfinance by directly connecting small businesses in developing countries with social investors in developed countries. Pajebal will address issues with current platforms by requiring businesses to publish financial statements and pitch videos, directly matching individual investors and businesses to foster mentorship, and expanding beyond microloans to include small businesses. The platform is proposed to launch with a pilot program in Guatemala connecting U.S. companies' CSR funds with vetted small businesses through Pajebal's local partners.
This document provides a summary of the state of the destination club industry. It discusses challenges facing the industry due to the economic downturn, including a drop in new member enrollments and reduced access to financing. Some destination clubs have declared bankruptcy, damaging member trust. The document examines reorganization strategies clubs have pursued and notes that special assessments have led to higher resignation rates. It provides context on the destination club model and success of Exclusive Resorts. Mergers and acquisitions in the industry are also summarized.
The document provides an overview of M&A, private equity, and capital markets activity in 2012. It finds that overall US M&A transaction levels were at a post-financial crisis high in 2011, though activity declined in the second half of the year and first quarter of 2012 due to macroeconomic uncertainties. Private equity investment also declined throughout 2011 and further in Q1 2012. EBITDA multiples recovered in Q1 2012 to pre-financial crisis levels, with larger deals commanding a premium.
The 2012 BDO Biotech Briefing found that biotech companies increased R&D spending and revenues in 2011. Average R&D spending among companies rose 5% to $50 million, while average revenues jumped 24% to $76 million. Larger biotech firms with over $50 million in revenues saw a 33% rise in revenues and increased R&D spending more than smaller firms. Although employment grew 10% overall, it rose 16% at large firms while declining 3% at small firms. The briefing indicates biotech companies are relying more on virtual and outsourced business models to maximize resources for R&D.
Banco Pine - Institutional Presentation 2Q12Banco Pine
This document provides an overview of PINE's history, business lines, and recent financial highlights. PINE has been in business since 1939 and focuses on providing financial solutions to large corporate clients in Brazil. It has four primary business lines: corporate credit, financial and commodity instruments, investment banking, and distribution. The document outlines PINE's ownership history and growth over time, with its corporate credit portfolio and shareholders' equity both increasing significantly in recent years.
Banco Pine - Institutional Presentation 3Q12Banco Pine
PINE is a specialized wholesale bank that provides financial solutions to corporate clients. It has four primary business lines: corporate credit, foreign exchange and commodities trading (FICC), investment banking, and distribution of banking products. Some highlights include maintaining a positive liquidity gap, strong capital ratios, and diversified funding sources. PINE continues to receive recognition from rating agencies through several rating upgrades in recent years due to its solid financial position and recurring revenue streams across business lines.
China has rapidly become the second largest economy in the world and is expected to contribute two-fifths of global growth in 2012, however it faces significant challenges including a potential real estate slump, a growing bad debt problem in its financial system, and difficulties transitioning to a more consumption-based economy. The upcoming leadership change also brings uncertainty as the new leaders will need to navigate domestic and global economic issues while addressing issues such as corruption, inequality, and environmental degradation.
The document contains charts summarizing survey results from Raddon Financial Group about consumer attitudes and behaviors related to finances. The charts show:
1) Most consumers (31%) are very or extremely likely to take on greater risk in their non-retirement investment portfolio.
2) The top purpose for non-retirement investment portfolios is safety of capital and funds as the first priority (17%).
3) The top financial need or goal for consumers is having additional retirement income (68%).
This document proposes a new online platform called Pajebal that aims to revolutionize microfinance by directly connecting small businesses in developing countries with social investors in developed countries. Pajebal will address issues with current platforms by requiring businesses to publish financial statements and pitch videos, directly matching individual investors and businesses to foster mentorship, and expanding beyond microloans to include small businesses. The platform is proposed to launch with a pilot program in Guatemala connecting U.S. companies' CSR funds with vetted small businesses through Pajebal's local partners.
This document provides a summary of the state of the destination club industry. It discusses challenges facing the industry due to the economic downturn, including a drop in new member enrollments and reduced access to financing. Some destination clubs have declared bankruptcy, damaging member trust. The document examines reorganization strategies clubs have pursued and notes that special assessments have led to higher resignation rates. It provides context on the destination club model and success of Exclusive Resorts. Mergers and acquisitions in the industry are also summarized.
Pyatt Broadmark Real Estate Fund I Fact Sheet Sept 2015Alan Chu
The portfolio currently holds 141 active loans totaling $159.3 million, secured by $275.3 million in collateral. 182 loans have been repaid totaling $106 million, secured by $180.9 million in collateral. The Pyatt Broadmark Real Estate Lending Fund I is an evergreen fund that provides short-term loans secured by real estate in the Pacific Northwest, with a focus on high monthly returns while minimizing risk of loss. Prospective investors should be aware of risks including potential loss of principal, liquidity, interest rates, and income.
The document outlines the agenda for CNO Financial Group's 2014 Investor Day, including presentations on strategy opportunities in the middle market, investments in business growth and infrastructure, managing investments to generate risk-adjusted yield, and managing the long-term care business. It provides background on several CNO executives who will present, discusses CNO's focus on the middle-income market and track record of execution, and outlines capital allocation priorities going forward to grow the business and deliver value to shareholders.
Two newly hired executives at JP Morgan said the firm will study participant behavior and alter its target-date fund lineup and other investments based on what they find. The executives said JP Morgan will research its clients and release a white paper with findings in the coming months. The focus is understanding events that impact investment choices to apply learnings to their funds.
The document discusses the unique financial and legal challenges faced by the LGBT community, including taxes, retirement planning, estate planning, and social security benefits. It provides an overview of these issues and recommends action items like reviewing insurance policies and working with professionals to implement tax reduction techniques. The attorney discusses legal documents like wills, trusts, and powers of attorney that are important for estate planning within the LGBT community.
How to Prepare Your Startup for Venture Capital Investmentideatoipo
Getting venture capital funding is the ultimate yet often elusive goal of many Silicon Valley startups. Venture capital funding dramatically improves a startup's chances of having a big IPO or buy out exit. Most startups at their inception have the hope, if not the expectation, that they will eventually receive venture capital funding.
In the current environment, venture capital funding has become more competitive, but it is still available. This presentation will cover what a startup should do to prepare for venture funding, what essential steps to take, what venture capitalists expect and how to avoid venture capital deal breakers.
1) Despite an uncertain economic environment, many private equity firms are raising new funds dedicated to consumer deals in hopes of benefitting from market share gains.
2) However, investors have mixed views on dedicated consumer funds, with some preferring diversification across sectors while others welcome the specialization.
3) Private equity firms will use these new funds to acquire consumer brands, but valuations remain high for quality companies and the sector remains challenging with risks of failures or bankruptcies for certain deals.
Este documento discute el significado del primer jinete del Apocalipsis que monta un caballo blanco. Argumenta que este jinete no representa a Cristo, sino al engaño espiritual. Según el documento, este jinete causa gran sufrimiento en la iglesia mediante el engaño, y engaña incluso a los elegidos de Dios. El documento también analiza las advertencias de Jesús sobre este engaño en Mateo 24.
INDIVIDUAL INCOME TAXES, WHETHER PAID THROUGH EMPLOYER WITHHOLDING OR QUARTERLY ESTIMATES, ARE PROBABLY ONE OF YOUR LARGEST ANNUAL EXPENDITURES. SO, JUST AS YOU WOULD SHOP AROUND FOR THE BEST PRICE FOR FOOD, CLOTHING OR MERCHANDISE, YOU WANT TO CONSIDER OPPORTUNITIES TO REDUCE OR DEFER YOUR ANNUAL TAX OBLIGATION. THIS TAX LETTER IS INTENDED TO ASSIST YOU IN THAT EFFORT. ALSO, AT THE END OF THIS TAX LETTER IS A LIST OF FEDERAL TAX LAW PROVISIONS TO HELP INDIVIDUALS SAVE AND PAY FOR HIGHER EDUCATION COSTS.
This document summarizes the key findings from the 2011 BDO RiskFactor Report for Technology Businesses. It found that supply chain issues were the biggest risk cited by tech companies, with 86% noting concerns over issues like vendor relations and material costs. Intellectual property risks also increased substantially, with 79% of companies concerned about protecting their intellectual property. Regionally, West Coast tech companies faced amplified risks around intellectual property protection, product transitions, and attracting/retaining key talent.
The document discusses International Financial Reporting Standards (IFRS), which are a set of accounting standards used in over 100 countries as an alternative to standards set by the United States Generally Accepted Accounting Principles (GAAP). It provides an overview of IFRS, including key differences from GAAP, the SEC's ongoing consideration of adopting IFRS for U.S. companies, and important factors for companies to consider when preparing for a potential transition to IFRS reporting.
This year, BDO has set out once again to understand how CFOs from globally aspiring companies view their growth prospects overseas, as well as looked at what is changing and what, in the last year, has made a difference to their plans.
The key findings were:
- Mid-cap CFOs are nearly all (95%) confident that their three year plans to expand internationally will succeed
- China, USA and Germany are the top three countries that are both global investors and attractors of inward investment. For China, opportunity and risk go hand in hand
- Finding local people with the right skills and knowledge is more challenging than finding the money to expand abroad
For more information on the BDO Ambition Survey 2011 see:
http://www.bdointernational.com/ambitionsurvey2011
This document discusses internal controls and fraud prevention for organizations. It begins by defining fraud and describing common fraud perpetrator characteristics. It then discusses the fraud triangle of incentive, opportunity, and rationalization. Various types of fraud like fraudulent financial reporting and asset misappropriation are explained. The responsibilities of management, boards, and auditors in fraud detection are outlined. Key internal controls around physical access, job descriptions, and accounting reconciliations are recommended. The importance of tone at the top and professional skepticism are also emphasized.
The document discusses trends in the biotech industry based on a briefing from BDO, an accounting firm. It finds that while biotech stocks recently declined in value due to controversies over drug prices, R&D spending continues to increase significantly. Small biotechs saw a 28% rise in R&D spending on average in 2014, and biotechs overall increased their cash reserves to have enough to fund over 3 years of R&D spending. The briefing also notes that biotech companies and hiring grew substantially in 2014.
Cyber Alert FDA Issues New Cybersecurity Guidelines for Medical Device Manufa...Ryan Starkes
The FDA issued new draft guidelines for medical device manufacturers regarding cybersecurity. The guidelines recommend manufacturers adopt a risk-based cybersecurity program involving ongoing risk assessment, vulnerability monitoring and response. They also promote information sharing between manufacturers and participation in information sharing organizations. The guidelines aim to help manufacturers identify and address cyber vulnerabilities that could compromise device function or patient safety.
The document is a special advertising supplement from the Los Angeles Business Journal that profiles the finalists and honorees of the 2015 CFO of the Year Awards. It includes letters from the publisher of the LA Business Journal and sponsors of the awards. It then profiles five CFOs who were selected as honorees in different categories, including Todd Tappin of Rubicon Project for Public Company CFO, Cordell B. Sweeney of Pabst Brewing Company for Private Company CFO (over $100M revenue), and Jake Himelstein of BAMKO for Private Company CFO (under $100M revenue).
According to the 2011 BDO Biotech Briefing,
which examined the most recent 10-K SEC
filings of the publicly traded companies listed
on the NASDA Q Biotechnology Index (NBI),
R&D spending at U.S. biotech firms dropped
7 percent in 2010, marking the second
consecutive year biotechs have cut R&D costs.
Eddie Gibbons is recommended for employment based on his excellent performance as an intern at BDO Risk Advisory Group. During his internship, Eddie distinguished himself by helping to mitigate pressures on an audit engagement for one of BDO's most valued clients. Eddie blended in well with the team and possessed strong analytical, communication, and intelligence skills. He would be a valuable asset to any firm.
Klassieke HR-oplossingen bieden organisaties geen oplossingen meer in deze digitaliserende en disruptieve economie. De traditionele arbeidsmodellen komen steeds meer onder druk en hetzelfde gebeurt met de aanpak gebaseerd op groepsoplossingen en uniformiteit. We moeten gaan nadenken over benaderingen waarbij medewerkers heel individuele keuzes maken op basis van het systeem waarbinnen ze hun prestaties aanbieden. Dit betekent het einde van de klassieke personeelsafdeling.
This document discusses strategic management tools used to analyze BDO Unibank, Inc, including a SPACE matrix diagram to analyze internal strengths and weaknesses and external opportunities and threats, a BCG matrix to evaluate product portfolio, and a product positioning map to identify target market segments.
Beyond The Election: the three main political parties' plans for local govern...BDO
The three main UK political parties - Labour, Conservatives, and Liberal Democrats - have different plans for local government and public services. In education, Labour wants to maintain local authority control over most schools while expanding academies. Conservatives want academies to become the norm with less local authority oversight. Liberal Democrats would give schools more autonomy but maintain strategic local authority role. In health, all parties pledge more local accountability but differ on structures, with Conservatives wanting to decentralize public health initiatives and Labour strengthening local authority scrutiny powers over local services.
Pyatt Broadmark Real Estate Fund I Fact Sheet Sept 2015Alan Chu
The portfolio currently holds 141 active loans totaling $159.3 million, secured by $275.3 million in collateral. 182 loans have been repaid totaling $106 million, secured by $180.9 million in collateral. The Pyatt Broadmark Real Estate Lending Fund I is an evergreen fund that provides short-term loans secured by real estate in the Pacific Northwest, with a focus on high monthly returns while minimizing risk of loss. Prospective investors should be aware of risks including potential loss of principal, liquidity, interest rates, and income.
The document outlines the agenda for CNO Financial Group's 2014 Investor Day, including presentations on strategy opportunities in the middle market, investments in business growth and infrastructure, managing investments to generate risk-adjusted yield, and managing the long-term care business. It provides background on several CNO executives who will present, discusses CNO's focus on the middle-income market and track record of execution, and outlines capital allocation priorities going forward to grow the business and deliver value to shareholders.
Two newly hired executives at JP Morgan said the firm will study participant behavior and alter its target-date fund lineup and other investments based on what they find. The executives said JP Morgan will research its clients and release a white paper with findings in the coming months. The focus is understanding events that impact investment choices to apply learnings to their funds.
The document discusses the unique financial and legal challenges faced by the LGBT community, including taxes, retirement planning, estate planning, and social security benefits. It provides an overview of these issues and recommends action items like reviewing insurance policies and working with professionals to implement tax reduction techniques. The attorney discusses legal documents like wills, trusts, and powers of attorney that are important for estate planning within the LGBT community.
How to Prepare Your Startup for Venture Capital Investmentideatoipo
Getting venture capital funding is the ultimate yet often elusive goal of many Silicon Valley startups. Venture capital funding dramatically improves a startup's chances of having a big IPO or buy out exit. Most startups at their inception have the hope, if not the expectation, that they will eventually receive venture capital funding.
In the current environment, venture capital funding has become more competitive, but it is still available. This presentation will cover what a startup should do to prepare for venture funding, what essential steps to take, what venture capitalists expect and how to avoid venture capital deal breakers.
1) Despite an uncertain economic environment, many private equity firms are raising new funds dedicated to consumer deals in hopes of benefitting from market share gains.
2) However, investors have mixed views on dedicated consumer funds, with some preferring diversification across sectors while others welcome the specialization.
3) Private equity firms will use these new funds to acquire consumer brands, but valuations remain high for quality companies and the sector remains challenging with risks of failures or bankruptcies for certain deals.
Este documento discute el significado del primer jinete del Apocalipsis que monta un caballo blanco. Argumenta que este jinete no representa a Cristo, sino al engaño espiritual. Según el documento, este jinete causa gran sufrimiento en la iglesia mediante el engaño, y engaña incluso a los elegidos de Dios. El documento también analiza las advertencias de Jesús sobre este engaño en Mateo 24.
INDIVIDUAL INCOME TAXES, WHETHER PAID THROUGH EMPLOYER WITHHOLDING OR QUARTERLY ESTIMATES, ARE PROBABLY ONE OF YOUR LARGEST ANNUAL EXPENDITURES. SO, JUST AS YOU WOULD SHOP AROUND FOR THE BEST PRICE FOR FOOD, CLOTHING OR MERCHANDISE, YOU WANT TO CONSIDER OPPORTUNITIES TO REDUCE OR DEFER YOUR ANNUAL TAX OBLIGATION. THIS TAX LETTER IS INTENDED TO ASSIST YOU IN THAT EFFORT. ALSO, AT THE END OF THIS TAX LETTER IS A LIST OF FEDERAL TAX LAW PROVISIONS TO HELP INDIVIDUALS SAVE AND PAY FOR HIGHER EDUCATION COSTS.
This document summarizes the key findings from the 2011 BDO RiskFactor Report for Technology Businesses. It found that supply chain issues were the biggest risk cited by tech companies, with 86% noting concerns over issues like vendor relations and material costs. Intellectual property risks also increased substantially, with 79% of companies concerned about protecting their intellectual property. Regionally, West Coast tech companies faced amplified risks around intellectual property protection, product transitions, and attracting/retaining key talent.
The document discusses International Financial Reporting Standards (IFRS), which are a set of accounting standards used in over 100 countries as an alternative to standards set by the United States Generally Accepted Accounting Principles (GAAP). It provides an overview of IFRS, including key differences from GAAP, the SEC's ongoing consideration of adopting IFRS for U.S. companies, and important factors for companies to consider when preparing for a potential transition to IFRS reporting.
This year, BDO has set out once again to understand how CFOs from globally aspiring companies view their growth prospects overseas, as well as looked at what is changing and what, in the last year, has made a difference to their plans.
The key findings were:
- Mid-cap CFOs are nearly all (95%) confident that their three year plans to expand internationally will succeed
- China, USA and Germany are the top three countries that are both global investors and attractors of inward investment. For China, opportunity and risk go hand in hand
- Finding local people with the right skills and knowledge is more challenging than finding the money to expand abroad
For more information on the BDO Ambition Survey 2011 see:
http://www.bdointernational.com/ambitionsurvey2011
This document discusses internal controls and fraud prevention for organizations. It begins by defining fraud and describing common fraud perpetrator characteristics. It then discusses the fraud triangle of incentive, opportunity, and rationalization. Various types of fraud like fraudulent financial reporting and asset misappropriation are explained. The responsibilities of management, boards, and auditors in fraud detection are outlined. Key internal controls around physical access, job descriptions, and accounting reconciliations are recommended. The importance of tone at the top and professional skepticism are also emphasized.
The document discusses trends in the biotech industry based on a briefing from BDO, an accounting firm. It finds that while biotech stocks recently declined in value due to controversies over drug prices, R&D spending continues to increase significantly. Small biotechs saw a 28% rise in R&D spending on average in 2014, and biotechs overall increased their cash reserves to have enough to fund over 3 years of R&D spending. The briefing also notes that biotech companies and hiring grew substantially in 2014.
Cyber Alert FDA Issues New Cybersecurity Guidelines for Medical Device Manufa...Ryan Starkes
The FDA issued new draft guidelines for medical device manufacturers regarding cybersecurity. The guidelines recommend manufacturers adopt a risk-based cybersecurity program involving ongoing risk assessment, vulnerability monitoring and response. They also promote information sharing between manufacturers and participation in information sharing organizations. The guidelines aim to help manufacturers identify and address cyber vulnerabilities that could compromise device function or patient safety.
The document is a special advertising supplement from the Los Angeles Business Journal that profiles the finalists and honorees of the 2015 CFO of the Year Awards. It includes letters from the publisher of the LA Business Journal and sponsors of the awards. It then profiles five CFOs who were selected as honorees in different categories, including Todd Tappin of Rubicon Project for Public Company CFO, Cordell B. Sweeney of Pabst Brewing Company for Private Company CFO (over $100M revenue), and Jake Himelstein of BAMKO for Private Company CFO (under $100M revenue).
According to the 2011 BDO Biotech Briefing,
which examined the most recent 10-K SEC
filings of the publicly traded companies listed
on the NASDA Q Biotechnology Index (NBI),
R&D spending at U.S. biotech firms dropped
7 percent in 2010, marking the second
consecutive year biotechs have cut R&D costs.
Eddie Gibbons is recommended for employment based on his excellent performance as an intern at BDO Risk Advisory Group. During his internship, Eddie distinguished himself by helping to mitigate pressures on an audit engagement for one of BDO's most valued clients. Eddie blended in well with the team and possessed strong analytical, communication, and intelligence skills. He would be a valuable asset to any firm.
Klassieke HR-oplossingen bieden organisaties geen oplossingen meer in deze digitaliserende en disruptieve economie. De traditionele arbeidsmodellen komen steeds meer onder druk en hetzelfde gebeurt met de aanpak gebaseerd op groepsoplossingen en uniformiteit. We moeten gaan nadenken over benaderingen waarbij medewerkers heel individuele keuzes maken op basis van het systeem waarbinnen ze hun prestaties aanbieden. Dit betekent het einde van de klassieke personeelsafdeling.
This document discusses strategic management tools used to analyze BDO Unibank, Inc, including a SPACE matrix diagram to analyze internal strengths and weaknesses and external opportunities and threats, a BCG matrix to evaluate product portfolio, and a product positioning map to identify target market segments.
Beyond The Election: the three main political parties' plans for local govern...BDO
The three main UK political parties - Labour, Conservatives, and Liberal Democrats - have different plans for local government and public services. In education, Labour wants to maintain local authority control over most schools while expanding academies. Conservatives want academies to become the norm with less local authority oversight. Liberal Democrats would give schools more autonomy but maintain strategic local authority role. In health, all parties pledge more local accountability but differ on structures, with Conservatives wanting to decentralize public health initiatives and Labour strengthening local authority scrutiny powers over local services.
The document summarizes the key risk factors cited in SEC filings by the 100 largest US technology companies. Competition, economic concerns, and regulations were the top 3 risks. Concerns about natural disasters/conflicts, data breaches, and supply chain disruptions have increased significantly. Successful product development and M&A integration are also major challenges given competitive pressures.
Addressing the challenge of the new European Union Medical Device RegulationEY Belgium
The document discusses the new European Union Medical Device Regulation and how it presents both challenges and opportunities for medical device companies. It provides an overview of the key changes in the new regulation regarding transparency, products, and patients. These include requirements for more clinical evidence, restrictions on certain substances, unique device identification, and expanded labeling. The document then analyzes how these changes could impact businesses in areas like branding, competitive landscape, portfolio rationalization, and strategic planning. It argues companies should view the regulation as a strategic opportunity and presents a seven-step approach to help companies implement compliant solutions and changes.
Deloitte is a global professional services firm founded in 1845 in London. It has 225,400 employees and revenue of $35.2 billion in 2015. Deloitte provides audit, tax, consulting, financial advisory, enterprise risk, and legal services to clients worldwide. The company is headquartered in New York City and has offices in over 150 countries including major cities in India like Ahmedabad, Bangalore, Chennai, Delhi, Hyderabad, Kolkata, Mumbai, and Pune. Deloitte recruits new employees through an application process involving resume submission, transcript submission, aptitude and personal interviews.
This document summarizes M&A activity in 2012 and provides an outlook for 2013. In 2012, deal activity was moderate and inconsistent due to economic uncertainty. While some industries like healthcare were active, business owners were hesitant to sell given low interest rates. There was a large amount of unused capital from private equity firms, driving up valuations. For 2013, experts were divided on activity levels but strategics are expected to be more active than financial buyers, especially in healthcare, energy/utilities, and technology. Valuation expectations for 2013 were mixed depending on the level of economic uncertainty.
Banco Pine - Institutional Presentation 4Q12Banco Pine
PINE is a Brazilian bank specialized in providing financial solutions to wholesale clients. In 2012:
- Total credit risk grew 12.5% to R$7.948 billion while total funding grew 7.9% to R$6.544 billion.
- Shareholders' equity increased 20.2% to R$1.015 billion.
- Fee income grew 96.7% to R$120 million and net income grew 15.4% to R$187 million.
- Return on average equity was 17.9%, an increase of 70 basis points from 2011.
This investor presentation describes two investment funds, the Small Business Fund of America and the SM Equity Fund, that provide financing to small businesses. The Small Business Fund makes secured loans to established small businesses, while the SM Equity Fund takes equity stakes in early-stage companies. The presentation provides details on the types of businesses each fund invests in, expected returns, risks, and fees. It also introduces the fund managers and describes the company's referral network and process for originating small business investments.
Sustainable and responsible investing (SRI) integrates environmental, social, and governance factors into investment decisions to improve long-term returns while also considering an investment's societal impact. SRI recognizes that non-financial issues can influence corporate performance and risk. Boardwalk Capital helps clients customize SRI portfolios through individual stocks, funds, and separate accounts to meet financial needs and personal values. SRI indexes have provided competitive returns with lower volatility than the broader market.
Sustainable and responsible investing (SRI) integrates environmental, social, and governance factors into investment decisions to improve long-term returns while also considering an investment's societal impact. SRI recognizes that non-financial issues can influence corporate performance and risk. Boardwalk Capital helps clients customize SRI portfolios through individual stocks, funds, and separate accounts to meet financial needs and personal values. SRI indexes have provided competitive returns with lower volatility than the broader market.
Theme Capital Structure and leverageAssignment Case 3Deluxe.docxsusannr
Theme: Capital Structure and leverage
Assignment Case 3
Deluxe Corporation
Case 35 page 479
GUIDANCE SHEET
Synopsis
In July 2002, an investment banker advising Deluxe Corporation must prepare recommendations for the company’s board of directors regarding the firm’s financial policy. Some special considerations are the mix of debt and equity, maintenance of financial flexibility, and the preservation of an investment-grade bond rating. Complicating the assessment are low growth and technological obsolescence in the firm’s core business.
The objective is to recommend an appropriate financial policy for Deluxe Corporation and, in support of that recommendation, it is recommended to show the impact on the cost of capital, financial flexibility (i.e., unused debt capacity), bond rating, and other considerations.
Objectives
The following are the analytical objectives of this case study:
· Survey the determinants of corporate bond ratings. The case highlights the important influence of the rating agencies on the costs of debt and the access to capital markets. The case data afford students the opportunity to explore profitability, coverage ratios, and capitalization ratios as measures of credit quality.
· Explore the practical challenges involved in determining the optimal mix of debt and equity, in particular assessing the tradeoff between the benefits of debt tax shields and the costs of financial distress. The case affords the opportunity to highlight methodological problems in estimating the optimal mix.
· Consider the concepts of debt capacity and financial flexibility. The notion advanced in this case is that flexibility is the ability to access capital without falling short of the firm’s minimum target credit rating.
Introduction
In the check printing industry Deluxe has been one of the most dominant companies. The company occupies 49% of the market share and its compound annual was growing at the rate of 12%. The new forms of payments have really encroached on the demand of check printing industry. The demand greatly went down annually. There is a big challenge that is faced by the core business of Deluxe. The company opted to retain Singh was retained by the board of directors and asked him to come up with a plan for the new round of debt issuing. A clear indication is that at some point in the future the company will really struggle. In order to deal with the bad situation in the future, Deluxe must maintain the flexibility of its finances and ensure that it sets its cost of capital as low as possible through adopting the appropriate capital structure. This paper will be trying to find out the recommendations that can help Dluxe company to get back on truck with running its business.
Questions
1. What are the risks associated with Deluxe’s business and strategy? What financing requirements do you foresee for the firm in the coming years? ( HERE YOU ARE SUPPOSE TO ADD NUMBERS CHECK THE SAMPLE AGAIN PLEASE)
The n.
The document provides an overview of hiring trends and salary ranges across various financial services sectors in Hong Kong for 2012. In the first section, it summarizes that while financial services hiring slowed in the second half of 2011 due to global economic uncertainty, some areas like sales, insurance and private banking may see increased opportunities in 2012. It also notes that bonuses are expected to be 25% lower than 2010-2011 levels.
The rest of the document details hiring trends and typical salary ranges by functional area within financial services, including accounting and finance, asset management, banking operations, hedge funds and private equity, and human resources. Across sectors, salaries are expected to remain stable in 2012 but hiring will be slower and more cautious compared to
The document provides an overview of compensation and hiring trends across different professional fields in Hong Kong for 2012. In financial services, accounting and finance salaries are expected to remain stable but bonuses will be 25% lower than 2010-2011 levels. Demand remains for specialists in risk management, compliance, and actuarial fields. Commerce and industry salaries increased 7% in 2011, with higher increases in sales, accounting, and IT security. Hiring slowed in late 2011 due to global financial uncertainty impacting various industries.
The document discusses CNO Financial Group's presentation at the 2013 Citi US Financial Services Conference. It notes that the presentation contains forward-looking statements and non-GAAP financial measures, and provides an overview of CNO Financial Group's fundamentals, strengths, growth strategies, and financial trends. Specifically, it highlights CNO's focus on the middle-income market, track record of execution, investments in productivity and growth, expanding business lines, and stable and growing segment earnings.
The 15th Annual Global CEO Survey found that CEO confidence has declined as the global economic outlook remains uncertain. Half of CEOs expect the global economy to decline in 2012. However, CEOs remain more confident in their own companies' growth prospects over the next year. They are focusing on adapting their strategies and operations to important local markets, managing talent, and addressing risks in a more integrated global environment. Key priorities for CEOs include reconfiguring operations, developing talent strategies, and managing newly amplified risks from greater economic integration.
The document provides an overview of hiring trends and salary ranges across various financial services sectors in Hong Kong for 2012.
Within financial services, hiring is expected to be slow in Q1 2012 but pick up later in the year, focused on replacement rather than growth roles. Salaries are predicted to remain stable overall but bonuses will be significantly lower. In asset management, hiring will be cautious due to market uncertainty. Hedge funds and private equity firms will also take a conservative approach to hiring and salary increases.
The document discusses the challenges facing hedge funds in 2013, including increased regulatory burdens and pressure from investors to reduce fees and increase transparency. It predicts that hedge funds will address these challenges by fostering a strong compliance culture, competing for new assets through targeted investment strategies, and streamlining operations to cut costs through outsourcing and technology solutions.
DealMarket digest issue 80_25 january 2013CAR FOR YOU
1. Global private equity investment grew for the third consecutive year in 2012, reaching its highest level since 2008. However, the total number of deals declined for the second year in a row.
2. European tech companies like Shazam, Rovio, Wonga, and Just-Eat are seen as potentially delivering the next billion-dollar exits from venture capital investments in Europe.
3. A survey found that M&A professionals expect deal activity in 2013 to remain stable or possibly improve slightly compared to 2012, with cash reserves and favorable credit seen as driving factors.
Manulife reported its financial results for the fourth quarter and full year of 2012. Some key highlights include:
- Core earnings of $537 million for Q4 2012 and $2.2 billion for the full year of 2012, in line with 2011 results.
- Record insurance sales of $3.3 billion for 2012, a 33% increase over 2011, driven by strong growth in Asia. Wealth sales also increased with Q4 2012 sales reaching $10.4 billion, up 31% from Q4 2011.
- Net income attributed to shareholders was $1.057 billion for Q4 2012 and $1.736 billion for the full year, up significantly from 2011 results.
So
ACG European Capital Tour Pamela Hendrickson and Dominique GaillardACGEU
ACG European Capital Tour; views and perspectives on French and US private equity. Pamela Hendrickson COO the Riverside Company, Dominique Gaillard, Board member AXA Private Equity
Banco Pine - Institutional Presentation 1Q12Banco Pine
PINE is a Brazilian bank specialized in providing financial solutions for large corporations. It has a long history dating back to 1939 and extensive experience with Brazil's corporate credit cycles. The bank focuses on establishing long-term relationships with large corporate clients. Its business is structured along four primary lines: corporate credit, hedging, investment banking and distribution. Over half of PINE's credit portfolio consists of clients with annual revenues over $1 billion USD.
December 2010 - Michigan Energy Forum - Kurt RieggerAnnArborSPARK
On December 2nd, 2010 the Michigan Energy Forum will present its Year in Review discussion panel and networking event, “Models for Generating New Energy Businesses.” The panel will provide an overview of the various clean-tech technologies discussed throughout 2010 and highlight promising points of entry for entrepreneurs and expanding businesses. The panel will discuss the confluence of attractive energy technologies, public policy shifts, and sources of private funding, as well as successful models for generating new business opportunities in the clean tech space. • What were the highlights from the last year of MEF, any updates on panelists? • What have been the most important enablers in terms of technology and public policy that we should be aware of? • What’s being funded, where is the money going? • After being inspired to generate a new clean tech venture, what are my next steps? • For audience and panelists: what do you need from the MEF in 2011 to generate traction?
Ceo survey-the-role-and-value-of-todays-modern-gcAmber Clark
The document discusses the results of a survey of over 100 CEOs about the role of the general counsel (GC). It finds that while almost all public company GCs are now part of the senior leadership team, only 57% of private company GCs have this role. CEOs indicated the top areas for GCs to improve are business acumen and industry knowledge. Additionally, over half of companies have not identified a successor for the GC role, especially among private companies. The document advocates that GCs take on more strategic advisory roles to provide greater value to companies.
Navigating Risk In Data & Technology TransactionsMMMTechLaw
The document discusses various risks and considerations for negotiating data and technology contracts. It covers indemnification provisions, confidentiality obligations, security requirements, limitations of liability, export controls, open source software risks, and patent licensing issues. The parties should address allocation of risks, third party intellectual property claims, data protection policies, liability caps, exceptions for gross negligence, compliance with export laws, risks to intellectual property and revenue from open source software, and product liability insurance requirements.
This document is a proposed bill to amend Georgia law to create the Invest Georgia Fund as a component of the existing Seed-Capital Fund. The bill provides legislative findings about increasing private investment capital for Georgia businesses. It defines key terms related to venture capital funds, early stage businesses, and the new Invest Georgia Board. The bill also establishes provisions for insurance premium tax credits that can be purchased by insurance companies to offset tax liability and be allocated to the new Invest Georgia Fund.
Here are the key points about post-closing purchase price adjustments from the document:
- Post-closing purchase price adjustments allow the purchase price to be adjusted based on the target's financial position at closing compared to estimates made prior to closing.
- Adjustments are typically made based on working capital balances like cash, accounts receivable and accounts payable at closing relative to pre-closing estimates.
- An "Adjustment Amount" is calculated as the difference between the actual closing working capital and the estimated "Initial Working Capital" used to determine the upfront purchase price payment.
- The Adjustment Amount can increase or decrease the purchase price paid at closing depending on whether the actual closing working capital is higher or lower than the initial
- SaaS M&A activity was down slightly in August from the previous year, with 13 transactions totaling $1.48 billion compared to 19 transactions totaling $173 million in August 2011.
- The SaaS index increased 8.8% in August, outperforming the Nasdaq which increased 4.1%. Large-cap and small-cap SaaS groups increased over 10% and 6.8% respectively.
- Notable SaaS transactions in August included IBM's acquisition of Kenexa for $1.4 billion and Tangoe's acquisition of Symphony Teleca for $44 million.
This document provides contact information for various professionals at Hyde Park Capital Advisors, LLC, an investment banking firm focused on mergers and acquisitions, capital raising, and technology. It then summarizes capital market performance in the first half of 2012, technology-focused initial public offerings, middle market M&A activity and trends in the technology sector, and notable technology M&A transactions announced in the second quarter of 2012.
Financial Technology July Market AnalysisMMMTechLaw
Raymond James provides an overview of their financial technology investment banking services and recent transaction experience. They cover areas such as payments, banking technology, trading technology, and outsourced solutions. Services include M&A advisory, public offerings, private placements, debt origination, and valuation. Recent transactions since 2010 include acquisitions, mergers, and public offerings totaling over $3 billion across various fintech subsectors.
This document discusses six healthcare trends and why user experience matters for addressing them. It provides definitions of usability and user experience, arguing that user experience is broader and requires understanding user needs from the start. The six trends are: 1) increased adoption of electronic medical records, 2) increased patient engagement, 3) mobile health becoming mainstream, 4) moving towards accountable care, 5) rise of retail health clinics, and 6) increased care at home solutions. For each trend, the document discusses challenges and how user-centered design can help address them.
This document summarizes recent employment law cases from the United States Supreme Court and the National Labor Relations Board.
1) The Supreme Court upheld a state law mandating employer use of E-Verify and found that oral complaints are protected under the FLSA's anti-retaliation provision. Additionally, the Court enforced arbitration agreements prohibiting class actions.
2) An NLRB decision found that mandatory arbitration clauses cannot restrict employees' rights to collective or class actions. The NLRB also required employers to post notices informing employees of their NLRA rights. New NLRB rules make it easier for unions to organize small employee groups.
3) The document discusses the implications of these rulings, including states' ability
The document summarizes M&A activity in the infrastructure software sector from 2011-2012. It notes that deal volume doubled from 2009 to 142 deals in 2011, driven by cloud computing adoption. However, the largest deals lacked the billion-dollar transactions of 2010. The top 5 deals ranged from $700M to $591M in value. Cloud computing remains the biggest trend, with Forrester forecasting the cloud market to grow over six-fold to $241B by 2020. Large vendors made numerous acquisitions to expand their cloud, virtualization, and data offerings.
This document is an executive summary of the Deloitte Open Mobile Survey 2012. It finds that the mobile industry is undergoing rapid changes as new entrants rewrite the rules of competition. Nearly half of respondents believe internet companies will dominate mobile in 5 years, while carriers will focus on connectivity. Most companies must transition from closed to open models. The summary also notes that mobile cloud, machine-to-machine technologies, and mobile payments show the most potential for future revenue. Gaming is seen as the most lucrative app category long-term.
This document provides an industry update on the education sector from Hyde Park Capital Advisors. It summarizes recent stock performance and valuation multiples for different education industry subsectors. It also lists several recent private placement and M&A transactions in the education industry, including a proposed acquisition of Archipelago Learning by PLATO Learning for $305 million.
Financial Technology Market Analysis - March 2012MMMTechLaw
Raymond James provides the following in their financial technology investment banking services:
- A market analysis of the financial technology sector including coverage of payments, banking technology, insurance technology, and more.
- Expertise in transaction processing, investment technology, outsourced solutions, and other business models.
- A range of investment banking services including M&A advisory, public offerings, private placements, debt origination, and valuation.
The document summarizes M&A activity and market performance in the industrials sector in Q4 2011. It notes that overall M&A transaction volume and value declined from Q4 2010 levels, with the number of deals down 32% and total value down 14%. However, public company stock prices in the sector increased over both 3 and 12 month periods. The electrical equipment industry saw the strongest performance with median multiples of 10.0x LTM EBITDA. Recent M&A transactions highlighted include the acquisitions of Heil Trailer and Unifrax.
Grant Thornton/Pitchbook PE Exits ReportMMMTechLaw
The document summarizes private equity exit activity in 2011 and 2012 trends. It found that 420 US companies were exited in 2011 through sales or IPOs totaling $104 billion, similar to 2010 levels. While exit levels remain strong, the growing gap between investment and exits is concerning as it indicates portfolio companies are being held longer. Secondary buyouts could help address the growing inventory of companies by shortening hold periods. The report aims to analyze industry-level data to better understand which sectors may see more exits or hold periods lengthen further.
This document provides an overview of the technology mergers and acquisitions (M&A) landscape in the fourth quarter of 2011. It summarizes M&A deal activity and public market performance for the technology sector. Specifically, it notes that overall technology M&A deal volume declined in 2011 compared to 2010, though total deal value increased slightly. It also provides examples of notable technology M&A transactions announced in Q4 2011.
The document summarizes a report from Hyde Park Capital Advisors on healthcare mergers and acquisitions (M&A) activity in the fourth quarter of 2011. It provides contact information for several senior directors and associates at the firm. It then reviews capital market performance in Q4 2011 and lists several healthcare-related initial public offerings (IPOs) and secondary offerings. The rest of the document analyzes trends in annual and quarterly middle market M&A activity and transaction pricing in the healthcare industry for 2011.
This document provides a summary of key changes and impacts from the America Invents Act of 2011, which overhauled the U.S. patent system. The Act transitions the U.S. from a "first to invent" system to a "first to file" system, increasing the urgency to file patent applications quickly. It also aims to improve patent quality through new procedures allowing easier challenges of patents outside the court system. However, the Act likely will not cut back on large patent lawsuit damages or significantly impact patent "trolls" in the near future. The biggest change is transitioning to a "first to file" priority system.
This document provides an overview of technology spending by U.S. bankers in 2012. It discusses key themes in the banking industry like channel shift, disintermediation, customer engagement, and improving customer experience. The document also summarizes the state of the banking industry in 2011, noting continued challenges from the mortgage crisis but signs of recovery. Technology spending growth is projected to be modest at 1.8% in 2012 due to uncertainties. The rest of the document breaks down projected spending areas and provides expert opinions on trends in mobile banking, analytics, compliance, security and other technologies.
The Multi-State Employers Council will host its ninth annual invitation-only conference from May 2-4, 2012 at The Sea Pines Resort in Hilton Head Island, South Carolina. The conference will allow employers to network, address recent developments in employment law, and explore strategies for managing human resources issues. A proposed agenda includes sessions on legal updates, HR audits, FLSA compliance, and unemployment claims. Registration is $250 per person and hotel rooms are $175 per night.
This document provides an overview and analysis of private equity deals from 2001 to 2010 based on data from PitchBook. Some key findings include:
- There were 17,361 private equity deals totaling $1.73 trillion in invested capital over the decade.
- Lower middle-market companies accounted for 81% of deals.
- Private equity investment multiples peaked at 11.5x in 2008 before declining during the financial crisis.
- The average time between investments dropped from six months in 2002 to 2.5 months in 2007, indicating increased deal velocity.
- Add-on deals accounted for 46% of PE buyouts by the end of the decade.
- Texas saw more PE deals
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
Enhancing Asset Quality: Strategies for Financial Institutionsshruti1menon2
Ensuring robust asset quality is not just a mere aspect but a critical cornerstone for the stability and success of financial institutions worldwide. It serves as the bedrock upon which profitability is built and investor confidence is sustained. Therefore, in this presentation, we delve into a comprehensive exploration of strategies that can aid financial institutions in achieving and maintaining superior asset quality.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting, 8th Canadian Edition by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Ebook Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Pdf Solution Manual For Financial Accounting 8th Canadian Edition Pdf Download Stuvia Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Financial Accounting 8th Canadian Edition Ebook Download Stuvia Financial Accounting 8th Canadian Edition Pdf Financial Accounting 8th Canadian Edition Pdf Download Stuvia
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdfshruti1menon2
NIM is calculated as the difference between interest income earned and interest expenses paid, divided by interest-earning assets.
Importance: NIM serves as a critical measure of a financial institution's profitability and operational efficiency. It reflects how effectively the institution is utilizing its interest-earning assets to generate income while managing interest costs.
New Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy VisaAmit Kakkar
Discover essential details about Thailand's recent visa policy changes, tailored for tourists and students. Amit Kakkar Easy Visa provides a comprehensive overview of new requirements, application processes, and tips to ensure a smooth transition for all travelers.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
1. Spring 2012
www.bdo.com
Executive Summary
BDO USA, LLP’s Private
Equity Practice
Strategically focused and remarkably
responsive, the experienced, multi-
disciplinary partners and directors of
BDO’s Private Equity practice provide
value-added assurance, tax and
consulting services for all aspects of a
fund’s cycle, wherever private equity
firms are investing.
Contact:
Scott Cacurak, San Francisco
415-490-3232 / scacurak@bdo.com
Private Equity Professionals Alfred Cepero, Miami
305-381-8000 / acepero@bdo.com
Express Cautious Optimism Wayne Corini, Washington, D.C.
301-634-4910 / wcorini@bdo.com
About THE YEAR AHEAD Jerry Dentinger, Chicago
312-239-9191 / jdentinger@bdo.com
General Partners Expect More Deal Flow, an Lee Duran, San Diego
Easier Fundraising Environment & Improvements 858-431-3410 / lduran@bdo.com
in Portfolio Company Performance Ryan Guthrie, Costa Mesa
714-668-7385 / rguthrie@bdo.com
P
rivate equity professionals entered Private Equity Study to take the pulse of Scott Hendon, Dallas
into 2011 with high hopes for the year the industry and identify key issues that will 214-665-0750 / shendon@bdo.com
ahead. In 2010, as economic conditions impact private equity in the year ahead. This Kevin Kaden, New York
improved, general partners saw an uptick year’s study, which examined the opinions 212-885-7280 / kkaden@bdo.com
in deal flow, leverage return to the markets of more than 100 senior executives at
Bob Pearlman, Atlanta
and portfolio values increase. However, the private equity firms throughout the U.S., 404-979-7124 / bpearlman@bdo.com
momentum seen during the first half of 2011 found that despite the continued challenges
proved to be fragile. During the second half in the financing markets, private equity Matt Segal, Chicago
312-616-4630 / msegal@bdo.com
of the year, private equity experienced a professionals are confident that the industry
slowdown: the typical summer lull in activity is poised for recovery. With more than $400
extended well into the winter, as uncertainty billion in dry powder ready to invest and www.bdo.com/privateequity
in Washington and Europe continued to 4,000 portfolio companies ready to sell,
impact the global economy. fund managers are cautiously optimistic
that 2012 will bring with it more deal flow,
From October through December 2011, better portfolio company performance and
the Private Equity Practice at BDO USA, an easier fundraising environment.
LLP conducted its third annual PErspective
Read more
2. 2 Executive Summary BDO PErspective Third Annual Private Equity Study
CONTINUED FROM PAGE 1
In fact, the majority of private equity fund
managers (70 percent) – regardless of fund Approximately how many new deals did you close during the past 12 months
size – expect to close two or three deals and how many do you predict you will close in the next 12 months?
during the next 12 months. While that may
not bring firms close to the level of deal flow 80% Next 12 Months
76%
seen in “boom” years, it is an increase from Past 12 Months
2011 when nearly half (47 percent) of fund
60%
managers reported closing no new deals and 50%
another 19 percent reported closing only one
new deal. Small funds – those with less than 48% 42%
40%
$250 million in assets under management –
were the hardest hit in 2011, with 66 percent
reporting they closed no new deals during the 20%
year.
4% 4%
The moderate level of deal flow reported 1% 2%
during the past year reflects the quality of 0-2 new deals 3-5 new deals 6-8 new deals 9+ new deals
deals, which remained relatively consistent
with the quality of deals seen in 2010. Nearly
half (48 percent) of respondents reported
Approximately how much capital did you invest through new deals and add-on
the financial characteristics of the deals seen
acquisitions during the past 12 months and how much do you predict you will invest
in 2011 were only moderately better than
during the next 12 months?
those seen in 2010, while another 37 percent
indicated the quality was the same as those Next 12 Months
seen during the previous year. When asked the Past 12 Months
34%
same question at the end of 2010, 21 percent
of respondents indicated that the deals seen 27%
during that year were much better than those 23% 22%
seen in 2009, another 62 percent said they 20%
were at least moderately better and only 14 16%
percent indicated deal quality was the same in 10% 11% 10%
9%
2010 as in 2009. 5% 5% 5%
3%
1% 1%
“Private equity fund managers are Less than $1M $11-$29M $30-$50M $51-$100M $101-$250M $251-$500M $501-$1B More than $1B
approaching 2012 with cautious
optimism. The last two quarters of 2011
proved to be slow for private equity, but
general partners remain confident in
u nd Managers Look
Fu previous 12 months. Middle market funds –
their ability to source and close deals as those with $250 million to $500 million in
to Invest More Capital in
the economy turns around.” AUM – expect the most significant uptick with
2012 almost double the percentage of respondents
– Lee Duran, partner and leader of the Private
Despite fund managers’ cautious outlook (88 percent) predicting that they will invest
Equity practice at BDO
regarding deal flow, respondents to BDO’s $30 million or more during the next 12
Even so, the majority of respondents remain third annual study are hopeful that they months. That’s up from 45 percent who
committed to their primary investment will deploy more capital in the coming year. reported investing the same amount during
strategies. Only 7 percent have asked One fifth (22 percent) of private equity fund the trailing four quarters.
their limited partners to allow them to managers – regardless of fund size – expect to
change investment strategies to broaden deploy $30 million to $50 million of capital Looking back, the majority of private equity
opportunities and only 11 percent stated they through new deals and add-on acquisitions funds (71 percent) directed the most capital
will do so during the next 12 months. in the coming year and another 16 percent toward new deals in 2011. However, there
expect to invest $51 million to $100 million. was an uptick in the number of funds
That’s compared to only 10 percent and 11 reporting that they deployed the most capital
percent of funds that reported investing toward add-on acquisitions (13 percent in
the same amount, respectively, during the 2011 versus only 6 percent in 2010). When
Read more
3. Executive Summary BDO PErspective Third Annual Private Equity Study 3
CONTINUED FROM PAGE 2
asked about the year ahead, 95 percent of
respondents indicated that they will seek
add-on acquisitions, which is an increase from
88 percent of private equity funds that sought
add-on acquisitions during the trailing four
quarters.
u nds Increase Holding
Fu
Periods, Focus on Sales
to Strategic Buyers
At the same time that general partners are
expecting more, but limited, deal flow in
2012, they are feeling pressure on the other
end of the fund cycle as they look to exit their
investments and earn a return for investors.
While exit activity remained fairly steady
from 2010 to 2011, BDO’s third annual study
found that private equity professionals are
not optimistic about their ability to exit deals
in 2012. Despite the significant number of said they were receiving new commitments reallocating their assets away from alternative
mature portfolio companies in the market, from LPs in 2010 and only 40 percent who investments” as the most significant challenge
the majority of private equity fund managers said so in 2009. The largest percentage of they have faced. Another 22 percent and 12
(91 percent) indicated that their expected funds indicated that they are receiving the percent, respectively, identified “the quantity
average holding period is longer now than it majority of first-time financial commitments of private equity funds raising new funds” and
was 12 months ago. That’s up from 70 percent from family offices (55 percent), followed “past funds’ track record during the recession”
who indicated the same in last year’s study. by pension funds (21 percent), international as the number one challenges.
The largest percentage of respondents (31 investors (11 percent), endowment funds
percent) indicated that their expected average (9 percent) and insurance companies (4
percent). u ortfolios Are in the
P
holding period is seven-12 months longer,
with another 28 percent indicating it is 13-18 Black, but Individual
months longer. However, an alarming one
“The significant number of firms that
Companies Continue to
in five respondents (19 percent) indicated
are either currently raising a new fund
Face Hard Times
that their expected average holding period is
The majority (67 percent) of private equity
currently more than two years longer than it or planning to do so in the coming
professionals surveyed saw the overall value
was at this time last year. year could lead to a marked uptick in of their entire current portfolio increase
fundraising activity in 2012. However, it in 2011. That’s down slightly from 2010
When asked how their exit assumptions have
won’t all be smooth sailing. The notable when 70 percent of respondents saw such
changed when compared to 12 months ago,
an increase. However, when it comes to
21 percent reported an increased focus on capital overhang of private equity funds
individual portfolio companies, private equity
sales to strategic buyers, 15 percent reported is likely to impact commitments in the fund managers reported that there are fewer
an increased focus on a long-term hold and 7
coming year as investors look for funds’ underperforming companies within their
percent reported an increased focus on sales
cumulative distributions to increase.” portfolio now than one year ago. Twenty-one
to financial buyers. Only 2 percent reported an
percent of respondents indicated that “none”
increased focus on IPOs.
– Ryan Guthrie, managing director in the of their portfolio companies are performing
Private Equity practice at BDO below forecasts or expectations, which is an
u ndraising
Fu increase from 2010 when only 10 percent of
While private equity professionals are not Despite the uptick in the number of fund respondents reported the same. That said,
expecting an uptick in exit activity in the near managers receiving new commitments, many companies continue to struggle in the
future, the majority are planning to raise new the majority of respondents acknowledged current economy with the largest percentage
funds in 2012. More than three in five (63 that they are facing challenges in regards of respondents (22 percent) indicating that
percent) respondents – regardless of fund to fundraising. When asked about the more than 20 percent of their portfolio
size – indicated that they are receiving new current fundraising environment, the companies are currently performing below
commitments from LPs. That’s up from 56 largest percentage of respondents (35 forecasts or expectations.
percent of private equity professionals who percent) identified “institutional investors
Read more
4. 4 Executive Summary BDO PErspective Third Annual Private Equity Study
CONTINUED FROM PAGE 3
“The stagnant global economy continues professional staff headcount and another 31 South and Central America Overtake Asia
to impact funds’ ability to grow their percent reported increasing administrative as the Area with the Greatest Opportunity
staff headcount at the operating company for New Investments
portfolios. However, strategic fund level. At the fund level, 44 percent of The largest percentage of respondents (36
managers are taking steps now to respondents reported increasing employee percent) believe that, other than North
mitigate losses and ensure they are count during the past 12 months and 42 America, South and Central America will
well-positioned to maximize the return percent plan to do so during the next year. have the greatest opportunities for new
on their investments as the market investments during the next 12 months,
Other major findings from the BDO followed by Asia (27 percent). That’s a
rebounds.”
PErspective Private Equity Study switch from last year when 20 percent and
– Scott Hendon, partner in the Private include: 59 percent saw opportunities in South and
Equity practice at BDO Central America and Asia, respectively.
Fund Managers Expect Leverage Ratios, Eighteen percent of respondents identified
Cost of Capital to Rise Continental Europe as the area with the
u nds Continue
Fu Of respondents who used leverage in their greatest opportunity for new investments,
last deal, 39 percent indicated that 41 to 60 followed by the Middle East and Africa (15
to Mitigate Losses; percent of the deal value was debt. Looking percent) and Eastern Europe, including Russia
Bankruptcies Decline at the debt ratio of their next deal, 48 (4 percent).
In response, the majority of private equity percent expect 41 to 60 percent to be debt.
professionals are taking steps to improve the Similarly, there was a drop in the percentage Manufacturing Attracts Investors, Followed
bottom line at their portfolio companies, of respondents not planning to use debt at by Healthcare
a trend that has been consistent during all in their next deal. While 18 percent of Private equity professionals continue to
the past three years. Sixty-one percent of respondents indicated that they did not use see the greatest opportunities for new
respondents to BDO’s third annual study have leverage in their last deal, only 9 percent are investments in the next 12 months in the
reduced headcount at portfolio companies not planning to use leverage in their next manufacturing (28 percent) and healthcare
performing below forecasts or expectations deal. When it comes to capital, the largest and biotech (21 percent) industries. However,
during the past year; another 62 percent have percentage of respondents (45 percent) that’s down slightly from last year when
reduced costs by scaling back, 72 percent expects the cost of capital to increase by up 37 percent and 23 percent of respondents
have reassessed market strategy, 64 percent to 200 basis points during the next 12 months saw the greatest opportunities for new
have renegotiated debt and 74 percent have given the recent discussions regarding the U.S. investments in manufacturing and healthcare
monitored cash flow on a weekly basis. and global deficits. respectively. Thirteen percent of respondents
Private equity professionals appear confident
these efforts will continue to pay off. While
11 percent of respondents reported declaring
bankruptcy for one or more portfolio
companies during the past 12 months, only 3 Other than North America, during the next 12 months, which one of the
percent expect to do so in the coming year. following geographic areas do you think will have the greatest opportunity for
new investments?
u nds Report Hiring,
Fu Continental Europe
Increasing Headcount 15% 18% Eastern Europe, including Russia
at Operating Company &
South and Central America
Fund level 4%
Asia, including Southeast Asia
At the same time, private equity fund
managers seem to be hopeful that their Middle East and Africa
portfolio companies will experience growth 27%
during the coming year. For the second year
in a row, the majority of private equity fund 36%
managers (62 percent in 2011 and 63 percent
in 2010) reported that they will increase
professional staff headcount at the operating
company level during the next 12 months.
When asked about the past 12 months, 57
percent of respondents reported increasing
Read more