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Catalyst Corporate Finance - H1 2015
- 1. Our latest news Observations,commentary and market trends © Catalyst Corporate Finance LLP 2015 H1 2015 2014 review Business without borders – international acquirers are targeting UK companies Recent deals – debt-funded MBOs, securing premium valuations, achieving market leadership International perspectives Sector M&A insights Reasons to be cheerful Within this publication you will find information on our recent deals, sector and international insights, observations on trends within the M&A market and news on our business generally. I am conscious that an M&A advisor talking up the market might be seen as somewhat self-serving. However, whilst there are a number of challenges to sustainable and predictable GDP growth, we do see many reasons for business owners and managers to be optimistic. The most important of these is the sheer weight of capital chasing investment opportunities. Whether that capital is from the balance sheets of large corporates, the private equity community or the relatively new breed of alternative debt providers, it is seeking a home and providing a degree of choice for businesses that has rarely been seen before. I hope that you find the enclosed of interest and that our paths cross soon. “It is a privilege to be an integral part of our clients’ journeys, working with them to grow and realise maximum value for the businesses they have built.” Andy Currie, Managing Partner
- 2. MBO Telecoms for microSMEs £120m Deal activity © Catalyst Corporate Finance LLP 2015 Selected 2014 transactions * Total value of non-disclosed deals: over £600 million Business Services TMT Healthcare Industrials Consumer Waste Renewables Sale to Medical supplies and services £45m Sale to Technology products for the financial services market n/d MBO Healthcare IT £35m Sale to Generic pharmaceutical products £50m+ Sale to Industrial automation n/d Sale to PE investment vehicle Supplier to the global aerospace industry Project Scorpion n/d MBO Recruitment specialist £90m Growth capital investment by Marketing communications £30m Sale to Automotive dealership £52m Sale to Food manufacturer n/d Acquisition of Emergency and off highway vehicle lighting £110m Debt Capital Markets World leading architect Return to Partnership Model Sale to Waste services n/d Radioactive waste management services Sale to n/d Private Equity MBO Recruitment specialist £90m MBO £307m Venue operator Sale to n/d Corporate travel for marine and offshore sector Furniture manufacturer n/d Sale toMBO Telecoms for micro SMEs £120mn/d
- 3. A record yearfor Catalyst and our clients Latest news Activity across all sectors As the tombstones opposite demonstrate, in 2014 we worked with world-class businesses and management teams to complete 25 deals worth over £1 billion, a record year. We completed deals in each of our sector verticals and most involved a cross-border aspect. In the first two months of 2015 we have completed a further five deals worth in excess of £500 million in value. Investing time with the right parties This success is the result of our focus on keeping clients’ interests at the heart of what we do. When selling a business we believe that value is obtained by focusing on a few, clearly strategic, buyers. Our approach is to invest in those parties to drive value, rather than hoping someone from a longer list will step forward. In all of the sale transactions we engaged with five counter-parties or fewer. This has significant client benefits, ranging from protecting confidentiality through to more expedient deal timescales and less disruption to the business. Creating innovative solutions for clients International expansion is a priority for many corporates and our approach of building knowledge about global businesses interested in making acquisitions in the UK has been key in delivering many of the sales for clients. Recent investment to broaden Catalyst’s service offering has also borne fruit, including the creation of our debt capital markets team led by Andrew Shellard. With unrivalled experience and knowledge of mid-market bank and non-bank debt funding, the team has delivered innovative structures for shareholders and management. Following the retirement of Brian McGowan, entrepreneur and experienced chairman Tim Trotter, profiled opposite, has joined as Chairman. John Wimbleton has joined as a specialist advisor in the travel sector. Throughout his 35 year career, John has held senior executive positions with leading companies in the sector including Tui plc, Scott Dunn and European Travel Ventures. Senior advisory appointments Commenting on the appointments, Andy Currie said “Tim and John have an enviable record of building and creating value in new and established businesses in the UK and around the world. They bring considerable operational and MA experience, sector insights and a wealth of contacts that we can share with our clients. We recognise the value that industry advisors can give to clients and we are looking to expand our advisory panel across other sectors.” © Catalyst Corporate Finance LLP 2015 Number of Catalyst deals by value in 2014 Catalyst deals by sector over the last three years Up to £20 million £20-£50 million £50-£100 million £100 million+ 33% 28% 22% 17% Business Services Consumer / Food Drink Technology, Media and Telecoms Industrials / Construction Waste Renewables Healthcare 35% 24% 15% 15% 7% 4% New chairman Tim Trotter has joined Catalyst as non-executive Chairman following the retirement of Brian McGowan. Tim is a successful entrepreneur with over thirty years’ experience establishing and running businesses. He is the co-founder of Citywire, Luther Pendragon and Bluefin, which was acquired by AXA. Tim is also the founder of international PR consultancy Ludgate Group and led its sale to Interpublic. Commenting on his appointment, Tim said “I’m delighted to be joining the Catalyst team which has a high quality reputation as experienced and trusted practitioners giving objective advice. The firm has a very strong and experienced team. This is a great opportunity to work alongside them to help achieve the next stage of growth for Catalyst.”
- 4. Business without borders ©Catalyst Corporate Finance LLP 2015 MA trends UK inbound acquisitions by sector in 2014 Source: Mergermarket 0 20 40 60 80 100 120 140 160 180 £0 £2 £4 £6 £8 £10 £12 £14 £16 HealthcareIndustrials TMT Business Services Consumer Value (£bn) No. of deals (RHS) Numberofdeals Value£billion £2 £4 £6 £8 £10 £12 £14 £16 Value (£bn) £0 £2 £4 £6 £8 £10 £12 £14 £16 Industrials Value (£bn) No. of deals (RHS) Cross-border MA is at a post-financial crisis high, a situation that certainly reflects our deal portfolio The majority of transactions advised by Catalyst in 2014 had an international element and this trend will continue in 2015. There are many factors driving this including limited domestic growth encouraging overseas expansion, the attractiveness of the UK business environment and economy, and access to innovative products and services. A selection of our recent cross-border deals illustrate a number of these points. UK market entry; specialist products Routeco is the UK’s largest independent distributor of industrial automation and control products. In 2010, the founders supported an internal management buy-out which resulted in the management team acquiring a 35% shareholding. By 2014, the founders wanted to realise the remainder of their shareholding and retire. The transaction process started with a strategic options review, which included pre-screening a short list of large multinational strategic acquirers we knew would have a strong interest in Routeco. This gave us intimate knowledge of these companies’ acquisition rationale, value assessment “When we are selling a business there is always a high level of interest from international corporates. UK companies are attractive targets: relative growth rates and a supportive business environment mean that the UK is a key market for corporates that want to expand internationally. They are prepared to pay premium prices for their acquisition targets given that they tend to be strategically important.” and MA process methodology, allowing us to present the opportunity in a way designed to maximise its appeal to each potential acquirer. One of these parties was Sonepar, the French-based privately-owned global market leader in the B2B distribution of electrical products. Sonepar serves customers in 41 countries and has a total turnover of more than €16 billion, none of which came from the UK. We knew Sonepar had a long-held ambition to enter the UK market. Over the years this had been thwarted by losing out on opportunities to the likes of Rexel and Edmundson Electrical, as well as the available opportunities not being of sufficient scale or sufficiently specialist. As a specialist distributor with significant market share, Routeco represented a strong platform to enter the fragmented and highly competitive UK market. Armed with this knowledge, we were able to encourage Sonepar to submit a very attractive offer to secure the deal. The acquisition provided a full exit for the founding shareholders, whilst the management team shareholders were able to retain an ongoing stake. Keith Pickering, Partner, Catalyst Corporate Finance
- 5. “US corporates are puttingtheir significant cash balances to work buying innovative, high quality mid- market businesses to help them fuel growth. US corporates acquire more businesses in the UK than in any other country. Equally, the US is the largest target market for acquisitive UK businesses; the stable US economy and rising consumer confidence make it a strategically attractive market for UK companies of all sizes.” Phil Seefried, CEO, Mergers Alliance, USA Top 10 companies regionally by cash on balance sheet (US$bn) Attractive UK market; supply chain relationships The sale of privately-owned franchised motor dealer group Allen Ford to South Africa’s Super Group was a classic example of thinking strategically about exit options and not accepting an easy, sub-optimal solution. Whilst our options review concluded a deal could be achieved with another UK dealership, the ability to drive premium value would be limited. Therefore, although the UK dealership market is very concentrated, and there have been few cross-border deals, Catalyst and the shareholders felt that a non-UK buyer would see most value from the UK platform and strategic relationship with Ford. To achieve this strategy we worked closely with our international partner firms in Mergers Alliance to identify and screen a pool of parties from key automotive markets including the USA, Australia, Japan and South Africa. This resulted in expressions of interest from a number of significant overseas dealerships. We entered into serious discussions with two of these, one of them being Super Group, the second largest dealership in South Africa. This approach allowed us to secure a price for the business which was at a significant premium to domestic deals in this sector. © Catalyst Corporate Finance LLP 2015 Completing global presence; sales network synergies We regularly work with foreign corporates looking to acquire in the UK. In 2014 one such deal was US-based ECCO Group’s acquisition of UK-headquartered Public Safety Equipment International (PSE). ECCO Group, a portfolio company of the US family office Berwind Corporation, is a manufacturer of safety and warning lighting for commercial vehicles. ECCO had a strategy to grow its global presence in the blue and amber lighting market. We identified PSE as a business that would enable ECCO to compete as a strong global player in both the commercial vehicle aftermarket and emergency services. Through our market knowledge and relationships, we enabled ECCO to gain access to PSE before the intended auction process. At this point in time, ECCO’s valuation of PSE was not sufficient to pre-empt a process and so they stood down. We then monitored the deal process and reintroduced ECCO at a point where its offer would be sufficiently attractive to gain exclusivity. Having secured exclusivity, we assisted ECCO in completing the deal, including negotiating with the PSE shareholders and debt holders. 0 100 200 300 400 500 North America Asia Pacific Western Europe Latin America Middle East 480 202 165 27 13 Source: Orbis by Bureau van Dijk US$billion
- 6. Recent research reports Companiesare becoming increasingly sophisticated buyers of consultancy services. Hiring behaviour is changing as highly focused assignments, which emphasise outcomes and value for money, are increasing demand for specialist skills. As a result, new delivery models are emerging as traditional consultancies use MA to create end-to-end consulting capabilities and new players establish innovative models to grow market share. Many consultancies are seeking to increase their exposure to high growth opportunities via acquisition. Global technology market leaders are targeting UK companies that provide highly innovative software solutions and capabilities. Given the fast moving nature of the sector, large corporates are looking to acquire these capabilities rather than develop them in-house so that they can continue to stay ahead of the competition. These innovative companies are also being keenly fought for by private equity (PE) due to having asset light platforms, long-term recurring revenue streams and the potential to be scaled very quickly. This, combined with the ability to use the platform as a ‘buy and build’ Major consultancies and mid-sized players are using bolt-on acquisitions to deepen expertise, add new capabilities and widen their geographic presence in industries and regions where demand is strong. Valuations are very attractive in sectors such as technical and business consultancy. Private equity (PE) investors are targeting those businesses that have developed scalable propositions delivering essential services. A track record of successful exits to larger PE and strategic buyers is emerging, encouraging further investment. vehicle, is very attractive to PE. Software companies in niche verticals which are highly fragmented, such as healthcare IT, fintech and adtech, are of particular interest. Private equity and corporate acquirers have considerable appetite for high quality assets and are willing to meet price expectations, with double digit multiples increasingly prevalent. As such, the prospects for continuing MA activity in the sector remain very positive for 2015. © Catalyst Corporate Finance LLP 2015 Below are extracts from some of our recent reports exploring MA trends in a range of sectors Sector insights “The pressure on major technology players to stay competitive is higher than it has ever been. Recent acquisition activity shows that the fastest way to meet this challenge is to acquire niche providers with innovative services and technologies.” Jamie Hope, Partner Technology sector update Demand for software at the forefront of technology MA Consultancy MA driven by increasingly sophisticated client demands Consultancy sector update “We expect transaction activity will remain high over the next few years as major players seek to acquire both scale and specialist consultancies in order to broaden reach and maintain margins.” Andy Currie, Managing Partner Bs Business Services Tmt Technology, Media Telecoms
- 7. Catalyst’s Debt CapitalMarkets factsheets provide details of new high yield and leveraged loan issuance by UK and European companies, with each factsheet dedicated to a specific sector. The implementation of Basel III regulations in January 2014, requiring banks to set aside more capital to cover lending positions, means that bond markets and alternative capital providers are competing to supplement, and often replace, bank debt as the core medium to long-term lending option for the mid-market. Debt financing options for mid-market companies Debt Capital Markets factsheets The changing investor profile in healthcare services is increasing competition for assets. A new pool of overseas investors, including US real estate investment trusts, sovereign wealth funds and government pension funds, are investing in the sector. They often have a lower cost of capital and a longer investment horizon than traditional investors, which is attractive to certain care businesses. This, together with lower yields, is increasing valuations. In the pharmaceutical industry, mega mergers will benefit mid-market contract research organisations (CROs) as merged entities will continue to increase the outsourcing of non-core capabilities. Healthcare sector update Strong deal volumes in 2014 across healthcare markets Recent deals demonstrate that non-bank debt investors can provide greater flexibility than traditional bank debt, whether that is longer maturities, higher leverage or more operational freedom. Positive economic news from some major developed economies is creating a sustainable positive lending environment and the scale of funds available to alternative lenders means there are now a variety of debt providers and structures available to complement existing bank capacity. This will result in their major outsourcing partners, typically the largest CROs, continuing to grow and acquire new capabilities themselves, which will drive activity across the supply chain. Technology is enabling new care models. The digitisation of data and increasingly sophisticated digitally- connected medical devices and smartphones offer the potential to integrate primary, secondary and social care and promote preventative care. Innovative new market entrants include the likes of Babylon Health and Apple. This is encouraging further investment across the medtech sector. © Catalyst Corporate Finance LLP 2015 All our reports are available in full at www.catalystcf.co.uk/research “Market conditions in alternative debt capital markets are very favourable for both existing and new borrowers. Strong investor demand is underpinned by highly liquid debt funds looking for yield in the prevailing low interest rate environment.” Andrew Shellard, Partner “The story in 2014 has been the strong re-emergence of capital, whether it be venture capital, traditional debt, REITs or hedge funds. They are all attracted to the positive dynamics of the sector.” Justin Crowther, Head of Healthcare Dc Debt Capital Markets Hc Healthcare
- 8. Deal activity Selected recentdeals The solution Private capital in the mid-market has historically been dominated by senior banks and institutional equity funds. However, non-bank debt funds now provide more options, both alongside private equity and in their stead. Based on a deep knowledge of the non-bank debt funds market, and the fundamentals of the business, we advised management that a totally debt-funded buy-out was both appropriate and achievable. © Catalyst Corporate Finance LLP 2015 A number of debt funds were attracted to the opportunity with GSO, a subsidiary of Blackstone, one of the world’s largest alternative asset managers, winning the mandate to deliver the debt facility. We worked with the management team, ECI (the exiting shareholder) and GSO to optimise the terms of the debt package, ensuring the deal structure would support growth and enable the business to retain, attract and reward key members of staff. XLN, a provider of telecoms services to small businesses, has successfully partnered with two private equity firms over the last seven years to grow market share. The management team could still see significant opportunities for the business and wanted to regain full control and drive the next stage of the business’s growth. Based on a long-held relationship, XLN asked Catalyst to advise on the options available to achieve this objective. Debt-funded management buy-out gains control Value: £120m The solution HCIG’s management team wanted to bring in a new partner that could support them in delivering the next phase of growth. It was decided that investment from a strategic private equity house with a strong record in recruitment was the best option. HCIG’s business model meant there were a lot of minority shareholders; we managed the deal process to achieve a smooth transition to new investors and ensure the complex shareholder structure continued to incentivise key employees and position the business for future growth. Founded in 2007, Human Capital Investment Group (HCIG) is a fast-growing recruitment company which has expanded rapidly using acquisitions and new brand launches to create a diverse portfolio of niche recruitment agencies. By 2014, HCIG’s private equity investor was ready to exit the business. Secondary management buy-out supports growth Value: £90m The solution In parallel with developing the dialogue with the approaches made, we conducted a strategic options review which identified a further handful of strong global strategic buyers. This culminated in the decision to accelerate discussions with the strategic buyers who had made the unsolicited approaches, recognising for reasons unique to those buyers a sale in 2014 was desirable. Having already prepared the business for sale, we were able to share bespoke information, helping the buyers to fully appreciate the strategic fit. One of those parties was Amdipharm Mercury (AMCo). Our interaction with AMCo enabled them to make an offer that met the Focus shareholders’ aspirations, both in terms of value and structure. We completed the transaction within eight weeks of agreeing terms. Focus Pharmaceuticals develops and licenses generic pharmaceuticals. In 2013 the shareholders decided to appoint an advisor to help them manage a couple of unsolicited approaches and prepare for a future sale process. There were no time pressures driving a sale, however, the shareholders recognised external advice would help deliver an optimal outcome either through the unsolicited approaches or a future managed sales process. Saletostrategicbuyersecurespremiumvalue Value: £50m+
- 9. Opinions online Catalyst viewsonline © Catalyst Corporate Finance LLP 2015 Catalyst staff regularly share their insights on events and developments in the UK and international MA markets. Extracts from recent blog posts are shown below. To read the blogs in full, go to www.catalystcf.co.uk “Consolidation in the dental market is continuing with Oasis Healthcare’s acquisition of Smiles Dental. Bridgepoint-backed Oasis has ambitious plans to create a consumer-focused ‘go-to brand’ for UK dentistry…” Oasis Healthcare acquires Smiles Dental Sophie Stephenson Overseas investors targeting UK healthcare services Justin Crowther Tips for succession planning - it’s never too early to start Richard Sanders “Owning and running your own business can be a lonely but rewarding position to be in, and probably more so now than ever in the last few years. When it comes to deciding on its future, undoubtedly the biggest decision you will ever make is when to sell and who to sell it to...” Why an FD matters for fast growth companies Mark Wilson “For many high growth business owners the decision of whether and when to recruit a full time finance director rather than using a financial controller/book keeper or firm of accountants to produce the accounts can be a challenging one. Getting the decision right may impact both the future direction of the business and its speed of development...” “It is the school holidays and many a teacher may be wondering about their next career move. Certainly there seem to be plenty of vacancies to fill judging by the flurry of MA in teacher recruitment and staffing...” Buoyant fundamentals for teacher recruitment and staffing Jeremy Harrison Private equity - The Pros and Cons Mark Farlow “Without doubt, the private equity market is a significant part of the MA landscape. If you’re considering a sale of your business or seeking capital to support the business going forward, it’s likely that the private equity market will be an option for you. It’s therefore important to understand the pros and cons of this market before the decision is made to explore it in detail…” “UK firms are leading the global push to make civil aviation ever more fuel efficient in order to minimise its impact on climate change. The UK’s technological and engineering prowess has provided the country with the world’s second largest aerospace industry after the US…” MA in the aerospace sector is taking off Richard Benyahia Healthcare in focus Can Google and Apple reinvent healthcare? Emma Dowson “Google and Swiss drugmaker Novartis have announced they’re developing a ‘smart’ contact lens for diabetics capable of monitoring glucose levels in tear fluid...” “It has been another busy month for healthcare deals, confirming a number of trends discussed in our latest healthcare sector update...”
- 10. © Catalyst CorporateFinance LLP 2015 Perspectives from our partners International outlook Cross-border MA represents around 30% of deal volumes and over 70% of aggregate deal value. MA is being supported by cash-rich corporates, which have accumulated cash balances of more than $2 trillion and are enjoying a significant increase in operating profitability. Outbound MA to the US, UK and Europe remains high. The UK is Japan’s favoured target country in Europe. Recent deals include Suntory Beverage Food’s acquisition of Ribena and Lucozade from GSK, VT Holdings’s acquisition of vehicle dealership Griffin Mill Garages and ENDO Lighting’s acquisition of electrical lighting products wholesaler Ansell Electrical Products. United States Japan High levels of corporate liquidity, cheap debt, a booming private debt market and highly active private equity investors will boost MA volumes in 2015. Given limited domestic growth, many large companies need to acquire both at home and abroad. Cross-border deal activity will accelerate as companies look to consolidate in Europe and expand outside the region with a specific focus on North America. Targets include the UK mid-market with France’s INSIDE Secure, an embedded security specialist, acquiring software encryption specialist Metaforic, Dutch medical technology specialist Medivator acquiring Puricore International and H2 Equity Partners acquiring aggregates producer Ballast Phoenix. France and Benelux Outbound MA volumes are at record highs due to the availability of financing, especially from the non-bank debt market, and the need to acquire to achieve growth. The UK is the most targeted nation with US companies making 278 acquisitions worth over £25 billion in 2014. The UK is still seen as the springboard into Europe with the benefit of a common language and legal framework. Technology, Telecoms, and Healthcare Information and Services are driving MA. Growth in the broader US economy is encouraging family businesses, with owners at retirement age, to sell. Some $5-7 trillion of value is held in these businesses, creating significant opportunities for acquirers, both domestic and cross-border. Many UK companies are using MA to access the US market and grow market share. “US private equity is sitting on US$486bn, a record level of unspent capital. This is encouraging PE funds to look towards the UK, targeting both bolt-on acquisition opportunities and new stand alone investments.” “Japan is one of the main acquirers of UK companies. With over $2 trillion of cash, Japanese corporates continue to look to the UK as a source of high quality assets across a range of sectors.” “Outbound cross-border activity is rising as companies look to gain access to technology, management expertise and new markets, particularly in the e-commerce, digital media, outsourcing and food and agricultural technologies sectors.” Mergers Alliance, USA Mergers Alliance, Japan Mergers Alliance, France and Benelux
- 11. © Catalyst CorporateFinance LLP 2015 What our clients say Testimonials “Catalyst have a calm, no nonsense robustness to their approach. When this is combined with their attention to detail, tenacity and innovation, they are a deeply impressive team.” Scott Malvenan CEO, Sofa Brands International Sector: Consumer Has been acquired by Furniture manufacturer “The shareholders of Routeco are very pleased to have reached an agreement with Sonepar and we are sure the group will continue to thrive under new ownership. The team at Catalyst invested a great deal of time in understanding our business at the outset, and from there were innovative and professional in driving a successful outcome for all parties.” Ian Stewart CEO, Routeco Sector: Industrials Industrial automation Has been acquired by “With the wide food and drink sector experience on hand from Catalyst, and their high level of motivation throughout, a successful deal was delivered that worked for all the parties. Their strategic input into the process, execution and superb day-to-day management was second to none; I am now a big supporter of Catalyst.” Simon Webber Chairman, McCambridge Group Sector: Consumer Food manufacturer Has been acquired by “Over the five years we have worked with Catalyst they have supported us on fund raising, acquisitions and all manner of conversations around MA. Most recently this led to our refinancing with Bridgepoint, a deal Catalyst successfully brought to fruition, working with all the stakeholders to achieve the outcome we were seeking. This represents another stage in our relationship and I am sure this will continue under the new ownership.” Simon Ward CEO, Inspired Thinking Group Sector: Business Services A portfolio company of Received a growth capital investment from “This was a great journey for us and without the invaluable advice, support and guidance from the Catalyst team, we would not have achieved such a fantastic outcome.” Richard Grethe Finance Director, Focus Pharmaceuticals Sector: Healthcare Has been acquired by A portfolio company of “Catalyst was instrumental in getting the deal done. They have a unique offering in terms of how deep they go into the financial preparation of the business for sale. In our circumstances this was a key driver of value in this process. Griffin is a complex business operating in over 22 countries so the careful aggregation, cleansing, vetting and preparation in rapid time of numbers was important to take pressure off the management team and ensure that all parties had robust figures to work from.” Gareth Healy Investment Director, Inflexion Sector: Business Services A portfolio company of Has been acquired by
- 12. Catalyst Corporate FinanceLLP is a limited liability partnership registered in England Wales (registered number OC306421) Registered Office: Bank House, 8 Cherry Street, Birmingham, B2 5AL Catalyst Corporate Finance LLP is authorised and regulated by the Financial Conduct Authority (number 478406) www.catalystcf.co.uk London 5th Floor 12-18 Grosvenor Gardens London SW1W 0DH T +44 (0) 207 881 2960 Birmingham 16th Floor, Bank House 8 Cherry Street Birmingham B2 5AL T +44 (0) 121 654 5000 Nottingham 21 The Triangle ng2 Business Park Nottingham NG2 1AE T +44 (0) 115 957 8230 © Catalyst Corporate Finance LLP 2015 Company sales Management buy-outs and buy-ins Company acquisitions Raising private equity capital Raising and refinancing debt capital Smart advice Catalyst advises business owners and management teams on: Global reach Access to overseas buyers Identification of overseas targets and acquisition execution International MA research Local insight into MA culture and likely tactics International sector teams understand industry trends and issues Cross-border relationships with strategic acquirers and capital providers Regular primary research output Our international partnership is present in 50 cities worldwide and provides: Sector coverage We have in-depth knowledge of the sectors our clients operate in: Bs Business Services Hc Healthcare Ind Industrials Tmt Technology, Media Telecoms Wt Waste Renewables Fd Food Drink Cn Construction Co Consumer