An ageing population and significant public funding pressures means that the private sector is becoming more involved in delivering healthcare services. Our Autumn 2012 Healthcare Services industry sector note outlines key issues and pressures within the healthcare services supply chain and analyses the impact on M&A.
5 Medical Distribution Strategies Doomed to Fail in 2012Gunter Wessels
The document discusses 5 medical distribution strategies that are doomed to fail in 2012: 1) portfolio expansion through acquiring new brands, 2) focusing on high-volume products, 3) overly focusing on manufacturers and specific product lines, 4) private label products, and 5) an overreliance on features and benefits in sales and marketing. It provides analysis of why each strategy is likely to fail and recommendations for more effective alternatives, such as maintaining focus on core expertise, specializing in hard-to-find products, and selling services that solve customer problems.
This document discusses the meaning and types of mergers and acquisitions. It defines a merger as the combining of two or more businesses into one new entity, with the goal of expanding customer base and growing more rapidly globally. The main types of mergers are horizontal, vertical, conglomerate, and concentric. Acquisitions are defined as one company gaining control of another by obtaining at least 25% of its voting shares. Mergers and acquisitions allow companies to hold larger market shares, improve profitability, accelerate growth, utilize financial strengths, and serve customers better through a broader range of products and services. However, they also face issues related to shareholders, accounting, technology integration, taxation, and human resources.
This document discusses the potential opportunities and challenges of implementing a VAT cost sharing exemption for higher education institutions in the UK. It outlines that the exemption could allow universities to share services in a cost-effective manner by reducing irrecoverable VAT. However, there are still barriers to implementation like differences in processes across institutions and a lack of cultural awareness. Critical success factors include building on existing collaborations and maintaining senior management buy-in through open dialogue. Next steps involve scenario modeling and identifying specific services that could be included in a cost sharing group to realize potential savings.
This document summarizes information presented by Taoufiq LAHRACH at a global conference on guarantee schemes for SME financing in Tallinn, Estonia. It outlines challenges facing Morocco's central guarantee institution, Caisse Centrale de Garantie (CCG), including a need to rationalize the national guarantee system. It then describes CCG's new strategy to address these challenges through a revised guarantee offer tailored to SME lifecycles, streamlining application processes, and increasing regional representation. The goal is to better support SMEs and have a greater economic impact through a more accessible, efficient guarantee system.
This document provides a table of contents for the February 2012 issue of the magazine "Frontiers in Finance". The table of contents outlines various articles and sections in the issue, including features on Brazil as a new investment hotspot, controlling rogue trading, effective customer remediation, and implications of Basel III capital adequacy guidelines. The issue also includes columns on the chairman's message, regulatory matters, and a new recurring section on cutting through complex financial concepts.
This document discusses opportunities for higher education institutions to form cost sharing groups under the proposed VAT cost sharing exemption in the UK. It outlines that shared services can help institutions reduce irrecoverable VAT costs and realize efficiencies. The exemption allows independent groups to share back office services like finance and HR at cost without incurring VAT. Remaining challenges include ensuring sufficient scale, compatible processes between institutions, and overcoming cultural barriers to collaboration over competition. Next steps involve scenario modeling to identify which services would benefit from cost sharing and calculating potential savings.
Granite Equity Partners is a private equity firm that invests $1-5 million in growing companies located within driving distance of its offices. It focuses on companies with $10-100 million in revenue, $1-8 million in EBITDA, and a strong management team. Granite Equity's Fund II has committed capital to seven companies across various industries. It aims to build a diversified portfolio of 10-12 companies. With over 1,500 companies in the region and 40% facing leadership succession in the next 5 years, Granite Equity sees opportunities to complete its portfolio. The firm is led by experienced general partners and advised by a board with hundreds of years of business experience.
Apresentação de Ricardo Lanfranchi, Head of Equities Sales, Barclays Capital, no Seminário “Targeting: Como conhecer e gerenciar sua base de acionistas?”, realizado pelo IBRI em 18/08/2009 em SP.
Sales – O Targeting “em ação”
5 Medical Distribution Strategies Doomed to Fail in 2012Gunter Wessels
The document discusses 5 medical distribution strategies that are doomed to fail in 2012: 1) portfolio expansion through acquiring new brands, 2) focusing on high-volume products, 3) overly focusing on manufacturers and specific product lines, 4) private label products, and 5) an overreliance on features and benefits in sales and marketing. It provides analysis of why each strategy is likely to fail and recommendations for more effective alternatives, such as maintaining focus on core expertise, specializing in hard-to-find products, and selling services that solve customer problems.
This document discusses the meaning and types of mergers and acquisitions. It defines a merger as the combining of two or more businesses into one new entity, with the goal of expanding customer base and growing more rapidly globally. The main types of mergers are horizontal, vertical, conglomerate, and concentric. Acquisitions are defined as one company gaining control of another by obtaining at least 25% of its voting shares. Mergers and acquisitions allow companies to hold larger market shares, improve profitability, accelerate growth, utilize financial strengths, and serve customers better through a broader range of products and services. However, they also face issues related to shareholders, accounting, technology integration, taxation, and human resources.
This document discusses the potential opportunities and challenges of implementing a VAT cost sharing exemption for higher education institutions in the UK. It outlines that the exemption could allow universities to share services in a cost-effective manner by reducing irrecoverable VAT. However, there are still barriers to implementation like differences in processes across institutions and a lack of cultural awareness. Critical success factors include building on existing collaborations and maintaining senior management buy-in through open dialogue. Next steps involve scenario modeling and identifying specific services that could be included in a cost sharing group to realize potential savings.
This document summarizes information presented by Taoufiq LAHRACH at a global conference on guarantee schemes for SME financing in Tallinn, Estonia. It outlines challenges facing Morocco's central guarantee institution, Caisse Centrale de Garantie (CCG), including a need to rationalize the national guarantee system. It then describes CCG's new strategy to address these challenges through a revised guarantee offer tailored to SME lifecycles, streamlining application processes, and increasing regional representation. The goal is to better support SMEs and have a greater economic impact through a more accessible, efficient guarantee system.
This document provides a table of contents for the February 2012 issue of the magazine "Frontiers in Finance". The table of contents outlines various articles and sections in the issue, including features on Brazil as a new investment hotspot, controlling rogue trading, effective customer remediation, and implications of Basel III capital adequacy guidelines. The issue also includes columns on the chairman's message, regulatory matters, and a new recurring section on cutting through complex financial concepts.
This document discusses opportunities for higher education institutions to form cost sharing groups under the proposed VAT cost sharing exemption in the UK. It outlines that shared services can help institutions reduce irrecoverable VAT costs and realize efficiencies. The exemption allows independent groups to share back office services like finance and HR at cost without incurring VAT. Remaining challenges include ensuring sufficient scale, compatible processes between institutions, and overcoming cultural barriers to collaboration over competition. Next steps involve scenario modeling to identify which services would benefit from cost sharing and calculating potential savings.
Granite Equity Partners is a private equity firm that invests $1-5 million in growing companies located within driving distance of its offices. It focuses on companies with $10-100 million in revenue, $1-8 million in EBITDA, and a strong management team. Granite Equity's Fund II has committed capital to seven companies across various industries. It aims to build a diversified portfolio of 10-12 companies. With over 1,500 companies in the region and 40% facing leadership succession in the next 5 years, Granite Equity sees opportunities to complete its portfolio. The firm is led by experienced general partners and advised by a board with hundreds of years of business experience.
Apresentação de Ricardo Lanfranchi, Head of Equities Sales, Barclays Capital, no Seminário “Targeting: Como conhecer e gerenciar sua base de acionistas?”, realizado pelo IBRI em 18/08/2009 em SP.
Sales – O Targeting “em ação”
Informe de Estrategia Semanal del 7 al 13 de abrilInversis Banco
El documento presenta un informe de estrategia de asset allocation para abril de 2014. Resume las recomendaciones para diferentes activos, incluyendo renta fija y variable de varios países. También analiza los escenarios globales recientes, con comentarios sobre las políticas del BCE, la FED, el BoJ y datos macroeconómicos.
This document is Reliance Steel & Aluminum Co.'s annual report on Form 10-K filed with the SEC. It provides an overview of the company's business including that it is the largest metals service center company in North America, operating over 200 locations. It discusses the company's growth strategy of acquisitions and expansion. While the first three quarters of 2008 were strong, the fourth quarter was significantly impacted by the economic downturn, though the company remained profitable. Key risks include volatility in metal prices and economic conditions that could impact demand and pricing.
The Incredible Saga of Naga... (authors: Philippe Echelle, Chrissi Serini and...Trimaran Enthusiasts
The 11.5 m trimaran whose story we're going to recount is a living legend! A single-
handed racing boat from the 1980s, it is now being used by its builder – owner
and his partner as a cruising – expedition support around the world, a permanent
residence and the headquarters of the couple's professional activities. Who said
that Newick's multihulls were spartan and fragile?
Text: Philippe ECHELLE - Chrissi SERINI and Jack PETITH
NAGA web site: www.trimaran-naga.com
This document is Reliance Steel & Aluminum Co.'s annual report (Form 10-K) filed with the SEC. It provides an overview of the company's business including: the metals service center industry, Reliance's history and operations, customers, suppliers, products/services, competition, regulations, and risk factors. Key details include that Reliance operates over 180 locations in North America and Asia, distributes over 100,000 metal products, and achieved record sales of $5.74 billion and net income of $354.5 million in 2006.
The document summarizes the upcoming 31st season of productions at The Gamm Theatre in Pawtucket, Rhode Island. The season will include classics like A Streetcar Named Desire and The Winter's Tale, as well as contemporary works like The Rant and Grizzly Mama. In addition to the main stage productions, the theater also offers classes for adults and youth. Subscribers receive benefits like priority seating and discounts. The Gamm Theatre strives to produce provocative and challenging works that push audiences and contribute to the cultural life of New England.
Reliance Steel & Aluminum Co. reported strong financial performance in 2006 with increased sales, gross profit, operating profit, net income, and EBITDA compared to prior years. The company saw opportunities for continued growth and success. Key financial data such as income, expenses, earnings per share, cash flow, and assets all increased substantially from 2002 to 2006, demonstrating the company's ongoing financial strength.
A Healthcare Organization that is Open to Change and Opportunities - Intervie...marcus evans Network
Robert Gamble and Kerry Shannon of FTI Consulting, Inc, a solution provider at the upcoming marcus evans National Healthcare CXO Summit Fall 2012, on surviving in today’s changing healthcare business environment.
Interview with: Robert Gamble, Senior Managing Partner, and Kerry Shannon, Senior Managing Partner, FTI Consulting, Inc.
O uso de acopladores Ancon simplificara concepção e construção em betão armado e reduz a quantidade de reforço necessário. Os Acopladores Ancon para União de varões de aço nervurado existem em três conceitos: Aperto Lateral - Rosca Cónica - Rosca Direita Apresenta ainda suloções de posicionamento e transição de diâmetros.
This document provides an overview and summary of Bellus Health Inc., a biopharmaceutical company focused on developing treatments for rare kidney diseases. Their lead drug candidate, KIACTA, recently completed a Phase III confirmatory study in patients with AA amyloidosis, a rare and fatal kidney disease with no approved treatments. Topline results from the study are expected in Q2 2016 and, if positive, could support KIACTA's approval. The company has funding to progress KIACTA's development and pursue additional rare disease programs, with potential value-driving milestones in 2016.
Process and training to avoid confidentiality breach (mha690)marcheta
The document outlines best practices for hiring and training employees, including verifying references and conducting background checks before hiring. New employees should attend an orientation covering drug tests, policies, and consent forms. A 3-month evaluation provides feedback and identifies concerns. Annual reviews and in-service training help maintain confidentiality, with topics like HIPAA and electronic communications. The goal is effective training to create processes that protect patient privacy.
This report analyzes the worldwide markets for Steel in Million Metric Tons by the following End-Use Applications: Construction, Automotive, Machinery, Other Domestic/Commercial Equipment, and Others. The report provides separate comprehensive analytics for the US, Canada, Japan, Europe, Asia-Pacific, Middle East, Latin America, and Africa. Annual estimates and forecasts are provided for the period 2007 through 2015. A seven-year historic analysis is also provided for these markets. The report profiles 210 companies including many key and niche players such as Anshan Iron & Steel Co., Ltd., ArcelorMittal, Baoshan Iron & Steel Co., Ltd, Evraz Group S.A., Nizhniy Tagil Iron and Steel Works, Novokuznetsk Iron and Steel Plant, V
This is an overview of Tangerine Lab's capabilities and services. Tangerine Lab is a customer experience design agency that employs design thinking and service design methods to create enchanting customer experiences for brands. Our designs are enabled by emerging technologies and fueled by quantitative insights and customer analytics.
Mengevaluasi nilai sosial organisasi amalAbdee Aikawa
Dokumen ini membahas pentingnya mengevaluasi nilai sosial organisasi amal dengan menggunakan pengukuran multidimensi. Hal ini dapat membantu organisasi amal meningkatkan layanan, menunjukkan efektivitas mereka kepada donor, dan meningkatkan kepercayaan masyarakat. Dokumen ini juga membahas berbagai pemangku kepentingan yang dapat memanfaatkan informasi evaluasi dampak sosial, seperti perorangan, perusahaan, yay
International Journal of Engineering and Science Invention (IJESI)inventionjournals
International Journal of Engineering and Science Invention (IJESI) is an international journal intended for professionals and researchers in all fields of computer science and electronics. IJESI publishes research articles and reviews within the whole field Engineering Science and Technology, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
Pamela Ellis has over 20 years of experience in healthcare revenue cycle management, patient access, and EMR/EPM implementation. She has held various leadership roles at healthcare organizations and consulting firms, managing teams and improving revenue cycle processes through initiatives like denial recovery, training development, and system implementations. Her background includes experience with revenue cycle assessments, interim management, and strategic planning.
1) Executives expect competition to significantly increase over the next two years across most industries and geographies as the market becomes more volatile and competitive pressures extend across the entire value chain.
2) Four macroeconomic factors are shaping increased competition in the new economy - greater market variation between countries and segments, enhanced volatility, sustained cost pressures, and growing stakeholder concerns.
3) Margins are under pressure from factors like price erosion, input cost inflation, and labor cost inflation, making it difficult for companies to raise prices in line with these rising costs.
The document discusses how companies are responding to increased competitive pressures in the new economy. It finds that high performing companies are significantly ahead in four critical areas: 1) maximizing customer reach, 2) improving operational agility, 3) sustaining cost competitiveness, and 4) building stakeholder confidence. Competition is being shaped by market variation, volatility, pressure on margins, and nervous stakeholders. High performers are focusing on profitable customer segments, broadening offerings, prioritizing markets, and reinforcing their brand.
Profitable growth is all about access to the right knowledge
Want to know more?
Competing for growth is a global survey by Ernst & Young focusing on growth. Through extensive research and conversations with 1,400 senior executives from companies around the world, Ernst & Young has developed key insights into how the world’s leading businesses are returning to profitable growth. To access our insights and learn more about Competing for Growth, contact your local Ernst & Young office or visit
1110 Eda034 Competing Growth Main Report WebEric Ohlund
1) Companies expect increased competition in the new economy across industries and markets.
2) High performing companies focus on maximizing customer reach, improving operational agility, sustaining cost competitiveness, and building stakeholder confidence.
3) These four areas are interlinked, and the best approach is a balanced focus on all to thrive in the competitive new economic environment.
The document provides an overview of the Indian mutual fund industry in 2009, including its current state, key challenges, customer perspectives, and future outlook. It finds that while the industry has grown rapidly in recent years, profitability has not kept pace. Low customer awareness and financial literacy pose significant challenges. Going forward, the industry will need to focus on product innovation, deeper retail penetration, and building customer trust to achieve sustained growth.
Informe de Estrategia Semanal del 7 al 13 de abrilInversis Banco
El documento presenta un informe de estrategia de asset allocation para abril de 2014. Resume las recomendaciones para diferentes activos, incluyendo renta fija y variable de varios países. También analiza los escenarios globales recientes, con comentarios sobre las políticas del BCE, la FED, el BoJ y datos macroeconómicos.
This document is Reliance Steel & Aluminum Co.'s annual report on Form 10-K filed with the SEC. It provides an overview of the company's business including that it is the largest metals service center company in North America, operating over 200 locations. It discusses the company's growth strategy of acquisitions and expansion. While the first three quarters of 2008 were strong, the fourth quarter was significantly impacted by the economic downturn, though the company remained profitable. Key risks include volatility in metal prices and economic conditions that could impact demand and pricing.
The Incredible Saga of Naga... (authors: Philippe Echelle, Chrissi Serini and...Trimaran Enthusiasts
The 11.5 m trimaran whose story we're going to recount is a living legend! A single-
handed racing boat from the 1980s, it is now being used by its builder – owner
and his partner as a cruising – expedition support around the world, a permanent
residence and the headquarters of the couple's professional activities. Who said
that Newick's multihulls were spartan and fragile?
Text: Philippe ECHELLE - Chrissi SERINI and Jack PETITH
NAGA web site: www.trimaran-naga.com
This document is Reliance Steel & Aluminum Co.'s annual report (Form 10-K) filed with the SEC. It provides an overview of the company's business including: the metals service center industry, Reliance's history and operations, customers, suppliers, products/services, competition, regulations, and risk factors. Key details include that Reliance operates over 180 locations in North America and Asia, distributes over 100,000 metal products, and achieved record sales of $5.74 billion and net income of $354.5 million in 2006.
The document summarizes the upcoming 31st season of productions at The Gamm Theatre in Pawtucket, Rhode Island. The season will include classics like A Streetcar Named Desire and The Winter's Tale, as well as contemporary works like The Rant and Grizzly Mama. In addition to the main stage productions, the theater also offers classes for adults and youth. Subscribers receive benefits like priority seating and discounts. The Gamm Theatre strives to produce provocative and challenging works that push audiences and contribute to the cultural life of New England.
Reliance Steel & Aluminum Co. reported strong financial performance in 2006 with increased sales, gross profit, operating profit, net income, and EBITDA compared to prior years. The company saw opportunities for continued growth and success. Key financial data such as income, expenses, earnings per share, cash flow, and assets all increased substantially from 2002 to 2006, demonstrating the company's ongoing financial strength.
A Healthcare Organization that is Open to Change and Opportunities - Intervie...marcus evans Network
Robert Gamble and Kerry Shannon of FTI Consulting, Inc, a solution provider at the upcoming marcus evans National Healthcare CXO Summit Fall 2012, on surviving in today’s changing healthcare business environment.
Interview with: Robert Gamble, Senior Managing Partner, and Kerry Shannon, Senior Managing Partner, FTI Consulting, Inc.
O uso de acopladores Ancon simplificara concepção e construção em betão armado e reduz a quantidade de reforço necessário. Os Acopladores Ancon para União de varões de aço nervurado existem em três conceitos: Aperto Lateral - Rosca Cónica - Rosca Direita Apresenta ainda suloções de posicionamento e transição de diâmetros.
This document provides an overview and summary of Bellus Health Inc., a biopharmaceutical company focused on developing treatments for rare kidney diseases. Their lead drug candidate, KIACTA, recently completed a Phase III confirmatory study in patients with AA amyloidosis, a rare and fatal kidney disease with no approved treatments. Topline results from the study are expected in Q2 2016 and, if positive, could support KIACTA's approval. The company has funding to progress KIACTA's development and pursue additional rare disease programs, with potential value-driving milestones in 2016.
Process and training to avoid confidentiality breach (mha690)marcheta
The document outlines best practices for hiring and training employees, including verifying references and conducting background checks before hiring. New employees should attend an orientation covering drug tests, policies, and consent forms. A 3-month evaluation provides feedback and identifies concerns. Annual reviews and in-service training help maintain confidentiality, with topics like HIPAA and electronic communications. The goal is effective training to create processes that protect patient privacy.
This report analyzes the worldwide markets for Steel in Million Metric Tons by the following End-Use Applications: Construction, Automotive, Machinery, Other Domestic/Commercial Equipment, and Others. The report provides separate comprehensive analytics for the US, Canada, Japan, Europe, Asia-Pacific, Middle East, Latin America, and Africa. Annual estimates and forecasts are provided for the period 2007 through 2015. A seven-year historic analysis is also provided for these markets. The report profiles 210 companies including many key and niche players such as Anshan Iron & Steel Co., Ltd., ArcelorMittal, Baoshan Iron & Steel Co., Ltd, Evraz Group S.A., Nizhniy Tagil Iron and Steel Works, Novokuznetsk Iron and Steel Plant, V
This is an overview of Tangerine Lab's capabilities and services. Tangerine Lab is a customer experience design agency that employs design thinking and service design methods to create enchanting customer experiences for brands. Our designs are enabled by emerging technologies and fueled by quantitative insights and customer analytics.
Mengevaluasi nilai sosial organisasi amalAbdee Aikawa
Dokumen ini membahas pentingnya mengevaluasi nilai sosial organisasi amal dengan menggunakan pengukuran multidimensi. Hal ini dapat membantu organisasi amal meningkatkan layanan, menunjukkan efektivitas mereka kepada donor, dan meningkatkan kepercayaan masyarakat. Dokumen ini juga membahas berbagai pemangku kepentingan yang dapat memanfaatkan informasi evaluasi dampak sosial, seperti perorangan, perusahaan, yay
International Journal of Engineering and Science Invention (IJESI)inventionjournals
International Journal of Engineering and Science Invention (IJESI) is an international journal intended for professionals and researchers in all fields of computer science and electronics. IJESI publishes research articles and reviews within the whole field Engineering Science and Technology, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
Pamela Ellis has over 20 years of experience in healthcare revenue cycle management, patient access, and EMR/EPM implementation. She has held various leadership roles at healthcare organizations and consulting firms, managing teams and improving revenue cycle processes through initiatives like denial recovery, training development, and system implementations. Her background includes experience with revenue cycle assessments, interim management, and strategic planning.
1) Executives expect competition to significantly increase over the next two years across most industries and geographies as the market becomes more volatile and competitive pressures extend across the entire value chain.
2) Four macroeconomic factors are shaping increased competition in the new economy - greater market variation between countries and segments, enhanced volatility, sustained cost pressures, and growing stakeholder concerns.
3) Margins are under pressure from factors like price erosion, input cost inflation, and labor cost inflation, making it difficult for companies to raise prices in line with these rising costs.
The document discusses how companies are responding to increased competitive pressures in the new economy. It finds that high performing companies are significantly ahead in four critical areas: 1) maximizing customer reach, 2) improving operational agility, 3) sustaining cost competitiveness, and 4) building stakeholder confidence. Competition is being shaped by market variation, volatility, pressure on margins, and nervous stakeholders. High performers are focusing on profitable customer segments, broadening offerings, prioritizing markets, and reinforcing their brand.
Profitable growth is all about access to the right knowledge
Want to know more?
Competing for growth is a global survey by Ernst & Young focusing on growth. Through extensive research and conversations with 1,400 senior executives from companies around the world, Ernst & Young has developed key insights into how the world’s leading businesses are returning to profitable growth. To access our insights and learn more about Competing for Growth, contact your local Ernst & Young office or visit
1110 Eda034 Competing Growth Main Report WebEric Ohlund
1) Companies expect increased competition in the new economy across industries and markets.
2) High performing companies focus on maximizing customer reach, improving operational agility, sustaining cost competitiveness, and building stakeholder confidence.
3) These four areas are interlinked, and the best approach is a balanced focus on all to thrive in the competitive new economic environment.
The document provides an overview of the Indian mutual fund industry in 2009, including its current state, key challenges, customer perspectives, and future outlook. It finds that while the industry has grown rapidly in recent years, profitability has not kept pace. Low customer awareness and financial literacy pose significant challenges. Going forward, the industry will need to focus on product innovation, deeper retail penetration, and building customer trust to achieve sustained growth.
This document discusses competitive advantage in mature industries. It notes that in mature industries, opportunities for differentiation advantage have diminished as products become standardized and buyers are more knowledgeable. Cost advantages are also difficult to sustain as process technologies diffuse. However, the document argues that maturity does not preclude opportunities for competitive advantage and innovation. It outlines that in mature industries, competitive advantage is increasingly based on cost leadership rather than differentiation. Effective strategies focus on tightly controlling costs and increasing sales while maintaining product quality and customer service. The document uses McDonald's as an example of a company that achieves cost advantage through stringent control and monitoring of materials and processes.
The document discusses mergers and acquisitions (M&A) in the hospitality industry. It begins with an introduction to the industry and lists some recent M&A deals. It then discusses academic papers on M&A in different parts of the hospitality sector, including lodging, brands, and the overall industry. Finally, it proposes an area for future research on what drives value in hotel brand M&A beyond strategic and operational factors, suggesting analysis of trademark portfolios, potential project pipelines, and management agreement values.
Aegon at Morgan Stanley European Financial ConferenceAegon
- Aegon agreed to cancel all preferred shares held by Vereniging Aegon in exchange for cash and common shares. This simplifies Aegon's capital structure and improves capital quality under new regulations.
- Vereniging Aegon will receive €400 million in cash from Aegon and common shares equivalent to €655 million in value, reducing its debt by ~€500 million.
- The transaction has a limited dilutive effect for common shareholders as the increased number of common shares is partly offset by no longer paying preferred dividends.
- Aegon agreed to cancel all preferred shares held by Vereniging Aegon in exchange for cash and common shares. This simplifies Aegon's capital structure and improves capital quality under new regulations.
- Vereniging Aegon will receive €400 million in cash from Aegon and common shares equivalent to €655 million in value, reducing its debt by ~€500 million.
- The transaction has a limited dilutive effect for common shareholders as the increased number of common shares is partly offset by no longer paying preferred dividends.
This document discusses how companies are responding to increased competitive pressures in the new economy. It finds that executives expect competition to intensify further over the next two years across industries and geographies. High performing companies are differentiating themselves in four key areas: maximizing customer reach, improving operational agility, reducing costs, and building stakeholder confidence. These areas are interlinked, and a balanced approach across all four is needed to achieve a competitive advantage in the new economic environment.
Profitable growth is all about access to the right knowledge
Want to know more?
Competing for growth is a global survey by Ernst & Young
focusing on growth. Through extensive research and conversations with 1,400 senior executives from companies around the world, Ernst & Young has developed key insights into how the world’s leading businesses are returning to profitable growth. To access our insights and learn more about Competing for Growth, contact your local Ernst & Young office or visit
www.ey.com/competing-for-growth
Ernst & Young - Competing for growthLaura Hodges
The document discusses how companies are facing increased competitive pressures in the new economy. It finds that 85% of executives surveyed expect their markets to become significantly more competitive over the next two years. This is being driven by four main factors: increased market variation globally, greater market volatility, sustained cost pressures, and nervous stakeholders. The new normal is one of dynamic competition that is challenging companies across all sectors to adapt their strategies and operations.
This document discusses how companies are responding to increased competitive pressures in the new economy. It finds that executives expect competition to intensify further over the next two years across industries and geographies. High performing companies are differentiating themselves in four key areas: maximizing customer reach, improving operational agility, reducing costs, and building stakeholder confidence. These areas are interlinked, and a balanced approach across all four is needed to achieve a competitive advantage in the new economic environment.
1) Executives surveyed expect competition to significantly increase over the next two years across all sectors and markets as companies fight for growth in the new economy.
2) The new economy is characterized by greater market variation, increased volatility, sustained cost pressure, and nervous stakeholders.
3) High performers are distinguished by their focus on customer reach, operational agility, cost competitiveness, and building stakeholder confidence to gain an advantage in this competitive environment.
Holistic Solutions for Key Challenges of the Wealth Management Industry Infosys
The document discusses key challenges facing the global wealth management industry and provides holistic solutions. The key challenges are a challenging economic environment, sub-optimal strategies, client and advisor dissatisfaction, and regulatory pressures. Solutions include enhancing business models, improving client experiences, leveraging technology and data, and focusing on compliance. Adopting holistic solutions like these will help firms overcome challenges and capitalize on opportunities for growth.
This document discusses the need for and benefits of implementing a Service Oriented Architecture (SOA) in the insurance industry. It outlines the business and technical challenges insurance companies face, such as competitive pressures, complex distribution channels, and integrating new systems. SOA can help insurance companies address these challenges by exposing existing software components as reusable services, enabling loose coupling and rapid development. The document provides an overview of how SOA can benefit insurance companies through lower IT budgets, higher return on investment, and increased business flexibility.
This document discusses the evolution and valuation of conglomerates. It notes that conglomerates typically start with a single successful business and use the capital to diversify across many sectors. However, increased competition and regulations often force conglomerates to consolidate into core businesses over time. The valuation of a conglomerate depends on the synergies across businesses, diversity of industry exposure to balance risk, and how well the mix of businesses hedges against downturns in any one sector. Finally, conglomerates become associated with their most prominent brand, which can influence or hinder growth of other entities within the group.
The document discusses mergers and acquisitions from multiple perspectives:
- It outlines some of the key advantages and disadvantages of mergers and acquisitions, such as allowing shareholders to own a piece of a larger company or potential clashes of company cultures.
- It then explains different types of mergers and acquisitions like vertical, horizontal, conglomerate, and circular combinations.
- Next, it introduces a five stage model of mergers and acquisitions that includes corporate strategy development, organizing for acquisitions, deal structuring, post-acquisition integration, and post-acquisition audits.
- It also discusses how synergies can be created through mergers and acquisitions by improving financial performance, providing
The retail industry in India has experienced rapid growth in recent years but is now facing challenges due to the global economic slowdown. Retail sales growth has declined and profits have been impacted by higher interest costs and operating expenses. Strategies to cope include optimizing costs, improving technology usage, efficient store management, re-evaluating expansion plans, better understanding consumer behavior, forming partnerships, and developing private labels.
The UK asset finance and leasing sector has undergone significant changes since the 2008 financial crisis, with new entrants replacing traditional players and changing the types of products and customers. This has created new outsourcing opportunities for companies to take over operations like portfolio management. However, during the 2008 recession, many asset finance companies chose to retain control of their business rather than outsource. Since then, new competitors like challenger banks and alternative lenders have entered the market and captured business from traditional players. Technology has also lowered barriers to entry and allowed faster client services. The asset finance sector now has more competition and must adapt quickly through new products, customers, and financing methods like securitization to continue evolving.
1. Healthcare Services Sector
M&A update
Autumn 2012
£20 billion opportunity ahead for the private sector
An ageing population and significant public funding
pressures means that the private sector is becoming more
involved in delivering healthcare services. This is leading
to increased M&A activity.
Key observations
Trade buyers have renewed capacity for acquisitions. Stronger
balance sheets are allowing management teams to refocus on growth and,
with shareholders now more willing to sell than in 2009-2011, this is leading
to an increase in M&A. The deal process can be lengthy, complex and due “The fundamentals in healthcare
diligence potentially extensive. However, with the right preparation, services are strong and there is a
vendors can achieve fair valuations and complete transactions. real opportunity in primary and
Mid-market and specialist private equity houses continue to invest. secondary care for private
The private healthcare sector, a large element of which is owned by private providers”
equity, dominates delivery of the highly fragmented specialist and domiciliary
Justin Crowther, Director
care sector. Private equity continues to grow businesses in these sectors
whilst also looking for new platforms.
Overseas institutional investors are acquiring UK assets.
Leading pension funds are attracted to healthcare businesses that have
scale and stable cash flows, as demonstrated by Ontario Municipal
Employees Retirement System’s acquisition of Lifeways from August Equity.
Significant opportunity for the private sector in primary and
secondary care. The introduction of GP commissioning and interest in
healthcare models offering alternatives to hospital care will require a higher
proportion of services to be delivered by the private sector. The markets for
these services are estimated to be worth around £20 billion.
Catalyst Corporate Finance LLP 2012
Landmark contracts awarded to Circle, Virgin Care and Serco demonstrates
increasing recognition from the public sector that leveraging the private
sector’s ability to invest capital and use more efficient delivery models is
necessary for the government to reduce costs while improving the quality
of healthcare.
2. Healthcare Services Sector M&A update
Trade buyers need to M&A activity
Guidance on the deal
grow market share increasing process: be prepared
Acquisitions back on the
Our experience of acting for both
strategic agenda
buyers and sellers in the healthcare
Deal activity, especially amongst larger sector is that the deal process can be
corporates, has picked up since mid-2011. lengthy and due diligence potentially
With balance sheets repaired, equity extensive and complex. Vendors need
positions reset or restructuring transactions to ensure they are well prepared. Key
completed, management teams are now areas to focus on include:
able to focus on growth and acquisitions
Developing a detailed understanding
are back on their agendas.
of historical and future financial
Notable recent deals include Voyage performance
Healthcare’s acquisition of Solor Care
Understanding and presenting
and Saga’s acquisitions of Allied and
appropriate KPIs
Nestor. Saga is now the largest
domiciliary care provider in the UK. Understanding property and lease
Other operators such as Four Seasons agreements
and Care UK now have the resources
and desire to expand their offering, Reviewing compliance history,
as illustrated by Care UK’s recent policies and procedures
acquisition of Whitwood Care.
Understanding and presenting key
Acquisition drivers include market share customer relationships,
growth and expansion from a regional opportunities and fee discussions
to a national offering. Healthcare
Demonstrating quality of outcomes
services markets remain highly
fragmented, especially the specialist
and domiciliary care market. For
High level of private equity and
example, post the acquisition of Solor
institutional investor interest
Care, Voyage Healthcare will have a
market share of around just two per Private equity investors continue to invest in
cent. Acquisitions also allow operators the sector convinced by its strong long-term
to protect margins through economies dynamics, especially the homecare/
of scale. domiciliary sector. Since 2009, 40% of
overall transactions have been in this asset
Buyers are looking for evidence of
lite sector (see Figure 1).
resilient trading, robust internal systems
and compliance, and are focusing on For those businesses that can deliver
the viability of forward forecasts and exceptional outcomes for users of services
strength of customer relationships. whilst implementing efficiencies and being
competitive on costs, there are
The number of businesses embarking
opportunities to create scalable and
PE attracted to on sales processes has increased in
valuable businesses across the sector.
Catalyst Corporate Finance LLP 2012
2012. Private vendors are more
sector’s long-term predisposed to selling than in 2009-
Activity has been led by three types of
investors:
dynamics 2011. Some have moderated their
price expectations and recognise that Sector focused houses which continue
valuations of 6-8x EBITDA represent to invest in new platforms while
sensible value. consolidating existing ones. August
Equity-backed Enara have made a
series of multiple bolt-on acquisitions to
2
3. Healthcare Services Sector M&A update
help it become one of the largest
providers of domiciliary care in the Institutional investors
South of England. ISIS Private Equity “Managing healthcare services
has acquired Independent Community businesses is all about focusing on attracted to strong
Care Management. These deals are the detail, creating strong teams cash flows
less reliant on bank funding, which
and having best-in-class
historically have leveraged property-
backed assets. procedures. We turned around an
underperforming business and
Mid-market funds acquiring maturing there was a strategic logic to the
platforms such as Graphite Capital’s
acquisition of National Fostering Agency
deal with Voyage”
from Sovereign, or investing in sizeable Kit Doleman, Ex-Chief executive, Solor Care
businesses with strong market
positions, for example, Advent’s
combination of Craegmoor and Private equity investors looking
The Priory Group. for exit opportunities PE-backed exit
Large UK and overseas institutional Over the last three years M&A activity activity to increase
funds are attracted to non-cyclical has returned to the volumes experienced
businesses that have scale and strong between 2002 and 2005 (see Figure 2).
cash flows. For example, Bridgepoint’s We expect the number of exits to
acquisition of Care UK, Canadian accelerate as investors take advantage
pension fund Ontario Teachers’ of the more favourable M&A environment
Pension Plan’s acquisition of Acorn to bring investments made pre-2010 to
and OMERS’ acquisition of Lifeways market.
from August Equity.
The public markets remain difficult for
healthcare service businesses. Perceived
reputational risk (heightened by the
Southern Cross implosion) has deterred
investors. We do not see this lack of
appetite changing in the short to
medium term.
Figure 1: Over 40% of M&A since Figure 2: Activity is returning to
2009 has been in the domiciliary pre-downturn levels
care sector UK deal volume since 2002
M&A activity since 2009 by healthcare sector
152
33
138
130
26
24
92
19 18
80
Catalyst Corporate Finance LLP 2012
16
76
14 68
63 61
11 11
9 45
8
7
6 6
40
5
4 4 4
3 3 3 3 3
2 2 2 2
1
YTD 2012*
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2009 2010 2011 YTD 2012*
Primary Care Secondary care Domcare
Elderly Specialist Childcare Other
Source: Corpfin, Catalyst Corporate Finance. Source: Corpfin, Catalyst Corporate Finance.
*August 2012 *August 2012
3
4. Healthcare Services Sector M&A update
Opportunities in Primary and secondary care: the next big
primary care, opportunity for private providers
community health The private sector currently delivers a very
and commissioning small proportion of primary and secondary Figure 3: Private sector should
care (see Figure 3). However, if the increase its share of primary and
government is to manage funding pressures
and achieve improved outcomes for
secondary care by 2020
patients this will need to increase. Proportion of UK public health and social care
The government will need to access the delivered by private sector
capital investment potential of the private Private sector already
dominates delivery
sector and make use of alternative models
100%
Delivery by private sector
of healthcare delivery which focus on the forecast to increase to
80% between 20% and 40%
community and home and away from
60%
hospital care. This is an opportunity for
40%
financial investors to invest in the earliest
20%
stages of this shift.
0%
Primary Acute/ Elderly Domicillary MH & LD
Areas such as primary care, community Care secondary
Care
& PD
health services and commissioning support % delivered by private sector today % delivered by private sector 2020
services are potentially worth billions of
pounds: Source: Department of Health, Catalyst
Corporate Finance
Primary care: The NHS spent £8.3
billion on GP services in England in
2009-2010, currently dominated by
small general practices. However,
operators such as multi-practice groups
like The Practice or Virgin Care are
growing and private providers are
estimated to be generating annual
revenues of £185 million, currently
2.2% of the addressable market.*
Nevertheless, there are significant
challenges to increased penetration,
fundamentally around ownership “Since 2006 we have treated two
structure and access to pension and a half million NHS patients,
entitlements. offering improved accessibility,
Community Health Services: Moving
convenience and most importantly
Private sector secondary healthcare services into delivering improved health
starting to deliver community-based settings is estimated outcomes - providing good value
to be worth £8-£8.5 billion in England.* for the NHS”
secondary We believe the private sector could
Bart Johnson, Chief executive, Virgin Care
deliver up to 20%, or around £2 billion,
healthcare services
Catalyst Corporate Finance LLP 2012
by 2020.
Signs that the private sector is being
recognised as capable of delivering Other specialist services like pathology
services in this area are apparent with are also in focus. South West Pathology
major contract wins by Circle, Virgin Services (the joint venture between Taunton
Care and Serco worth over £700 million and Somerset and Yeovil NHS Foundation
(see Figure 4). Trusts and Integrated Pathology
4
5. Healthcare Services Sector M&A update
Partnerships, founded by Sodexo and
Labco) and NHS Midlands and East’s Locally-accessible
tender for a five-year £500 million contract
which is open to private providers, are
specialist services to
examples of the restructuring of pathology grow significantly
services into efficient, scalable networks.
Commissioning support services:
From April 2013, Clinical
Commissioning Groups (CCGs) will
assume responsibility for £80 billion “Reforms across the NHS combined
of NHS services in England and will with the need for greater efficiencies
start buying commissioning support
represent increased opportunities for
services worth an estimated
£1.3 billion.* the private sector to provide more
NHS funded services. The desire to
With further regulation and guidance move services from acute hospitals
relating to commissioning expected over
the coming months, the impact of the
into the community (often linked with
Health & Social Care Act on procurement, using the Any Qualified Provider
delivery channels and models is unclear. model), increased use of the private
Nevertheless, the role of the private sector sector in joint ventures/outsourcing
is increasing. If this is combined with the
removal of barriers to higher participation,
for services such as pathology
such as in primary care removing practice and the potential to provide
boundaries and goodwill on GP practices, commissioning support services to
investment would be boosted and the CCGs are just some examples”
opportunity for the private sector to build
Robert Breedon, Partner, Wragge & Co
business with scale will be considerable.
Figure 4: Private and public sectors working together: major healthcare contracts
have been awarded to the private sector during 2012
In February 2012 Circle became the first ever non-state Circle has reported productivity gains and increased
provider to deliver a full range of NHS district general patient satisfaction at Hinchingbrooke and the
hospital services as part of a ten-year contract to run day-surgery hospitals it operates in Nottingham.
Hinchingbrooke Healthcare NHS Trust. However, this business model is young and yet to
show evidence of profit generation.
Hinchingbrooke staff will continue to be employed
by the NHS, retaining their NHS terms and conditions
including their NHS pension.
In March 2012 Richard Branson’s Virgin Care was awarded Virgin Care under the agreement and retained their
a £500 million five-year contract by NHS Surrey to deliver employment terms and conditions, including access to the
Catalyst Corporate Finance LLP 2012
community health services in South West and North West NHS pension scheme. Virgin Care is the preferred bidder for
Surrey, and other services (such as sexual and prison a £130 million contract to provide a range of core NHS and
health) across Surrey. Some 2,500 staff transferred to social care services for children in Devon.
In March 2012 Serco was awarded a three-year £140 for supplying to the public sector to take advantage of the
million contract to provide community health services for opportunity to expand into the healthcare services market.
NHS Suffolk. Serco is an example of a company from a Staff will transfer to Serco under TUPE and should remain
different sector (facilities management) using its reputation in the NHS pension scheme.
* Source: Laing & Buisson Primary Care and Out of Hospital Services UK Market Report 2011/12
5
6. Healthcare Services Sector M&A update
M&A activity will Prospects for M&A: our predictions
remain buoyant The dynamics discussed above mean that the sector is positioned for further
M&A during the next 18 months.
Specifically, we expect to see:
Further investment from private equity. This will focus on new platforms
and existing portfolio investments.
The pace of exits increasing. Driven by platform investments made before 2010
seeking exits, vendors’ moderated price expectations and corporate acquirers
returning to the market.
Businesses from other sectors will look to enter the market. Companies from
sectors such as facilities management will try to enter or further penetrate the market.
This means private vendors will have more exit options available to them.
Limited funding appetite from banks. Banks will remain cautious
throughout 2012 and into 2013.
M&A activity in primary and secondary care. Increased delivery of services by
the private sector will lead to M&A in these sectors over the medium to long-term.
The depth of reform initiated by the Health & Social Care Act has created a difficult
backdrop for M&A. Nevertheless, it is clear that private providers will achieve a greater
share of publicly-funded healthcare services. Further promotion by the government of the
alternative models used by the private sector, combined with the removal of regulatory
barriers to the sector’s increasing participation will create a positive environment for
ongoing consolidation and M&A across the healthcare services sector.
Contact us
Catalyst Corporate Finance has an experienced team of healthcare experts led by Justin Crowther. If you would
like to discuss this report in more detail or the opportunities for your business, call +44 (0) 121 654 5000.
Andy Currie, Managing Partner Justin Crowther, Director
Andy is Managing Partner at Catalyst. His chief Justin is a Director at Catalyst and has over
responsibilities include advising on MBOs, fund ten years’ corporate finance experience. His
raising, company acquisitions and disposals, as main responsibilities include advising on MBOs,
well as directing Catalyst’s day-to-day operations fund raising, company acquisitions and
and developing the firm’s strategy. Andy has disposals. Justin leads our global healthcare
transacted across multiple sectors including the sector team and is an expert in the healthcare
healthcare sector. services sector.
Catalyst Corporate Finance LLP 2012
Zachary Tsai, Principal
Zac is a Principal at Catalyst and has over six
years’ experience in M&A. His main responsibilities
include advising on MBOs, fund raising, company
acquisitions and disposals. A key member of the
Healthcare sector team, Zac specialises in the
UK and international pharmaceuticals market.
6
7. Healthcare Services Sector M&A update
Figure 5: Selected recent healthcare services M&A transactions
Date Bidder Target Target Product Line Deal Value
(£m)
Provides residential care facilities specialising in
Aug-12 Care UK (UK) Whitwood Care Ltd (UK) n/d
assisting those with learning disabilities
Provides domicilary care services to the elderly, those
Aug-12 City and County Healthcare (UK) Help at Home (UK) n/d
with autism, mental health needs and sensory impairment
Provides carers and nurses to nursing and
Aug-12 Sevacare Holdings (UK) Prompt Care Ltd (UK) n/d
residential homes
Provides residential care homes and schools for
Jul-12 NBGI Private Equity (UK) Horizon Care Ltd (UK) n/d
children with emotional and behavioural needs
Jun-12 OMERS Private Equity (UK) Lifeways Community Care (UK) Provider of community care services n/d
Provider of risk assessment services to the life
May-12 Capita (UK) Medicals Direct (UK) 15.2
insurance industry
Apr-12 Terra Firma Capital Partners (UK) Four Seasons Healthcare (UK) Provider of elderly and specialist care 825.0
Provider of care and support to people with
Apr-12 Voyage Care (UK) Solor Care Group (UK) n/d
complex needs
Mar-12 Synergy Health (UK) Leoni Studer Hard (CH) Outsource healthcare equipment services 39.7
Feb-12 Doughty Hanson (UK) United Surgical Partners Operator of private hospitals 295.0
Europe (Esp)
Healthcare At Home (majority Provider of acute medical treatments in
Feb-12 Vitruvian Partners (UK) 40.0
stake) (UK) residential locations
Provides foster placements and services for local
Jan-12 Graphite Capital (UK) National Fostering Agency (UK) 135.0*
authorities
Independent Vetcare (August
Dec-11 Berry House vetinary practice (UK) Provides veterinary services n/d
Private Equity) (UK)
Independent Community Care Provides specialist home care for people with
Nov-11 ISIS Private Equity (UK) n/d
Management (UK) long-term conditions
Allied Healthcare International Profesisonal staffing services to the health and
Oct-11 Saga Group (UK) 107.0
(USA) social care industries
Provides residential and foster care to children
Sep-11 Advanced Childcare (UK) Clifford House Ltd (UK) 10.0
emotional and behavioural needs
Aug-11 Fostering Solutions (UK) Pathway Care Group Ltd (UK) Provider of fostering services n/d
BUPA Spain, subsidiary Centro Internacional de Medicina
Jun-11 Provides medical services 18.6
of BUPA UK Avanzada SA (Esp)
Apr-11 Priory Group (UK) Craegmoor Group Ltd (UK) Provides long term care facilities 330.0
Provides specialist care and education to children
Mar-11 GI Partners (UK) Advanced Childcare Ltd (UK) 28.0
with emotional and behavioural needs
Mar-11 Advent International (USA) Priory Group (UK) Provider of acute health and rehabilitation services 925.0
Provider of healthcare staff to prisons and other
Feb-11 Saga Group (UK) Nestor Healthcare Group (UK) 133.0
secure units
Jan-11 Associated Dental Practices (backed 450.0*
Integrated Dental Holdings (UK) Owners and operators of dental practices
by Carlyle and Palamon) (UK)
Independent Clinical Services
Nov-10 Pulse Staffing (UK) Provides healthcare staffing solutions 75.0*
(backed by Blackstone) (UK)
Jul-10 Four Seasons (UK) Care Principles Specialist care provider n/d
Jun-10 General Healthcare Group (UK) Transform Medical Group (UK) Provides cosmetic surgery and related procedures n/d
May-10 General Healthcare Group (UK) Abbey Hospitals (UK) Provides healthcare services from four 70.0
Catalyst Corporate Finance LLP 2012
private hospitals
Apr-10 Bridgepoint Capital (UK) Care UK (UK) Provides specialist health and social care services 281.0
Mar-10 Virgin Healthcare Holdings (UK) Assura Medical (UK) Provides primary care services 4.0
Feb-10 Mears Group (UK) Supporta (UK) Provides domiciliary care services 27.2
Jan-10 Teachers Private Capital (UK) Acorn Care and Education (UK) Provides specialist care and education for children n/d
Source: Catalyst Corporate Finance
7
8. Selected recent Catalyst Corporate Finance deals
Lead adviser on sale to Lead adviser on sale to Lead adviser on sale to
Catalyst Corporate Finance
Award-winning international corporate finance advice
Catalyst advises management teams, private shareholders and corporates on:
Buying businesses (MBOs/MBIs/BIMBOs) This is all we do and all we want to do.
‘Mid Market Adviser
of the Year’ 2011
Selling businesses
Searching for businesses to acquire, both in
the UK and overseas
Investment opportunities for private equity firms
Maximising shareholder value
International experience
Through our international partnership, Mergers Alliance, Catalyst Corporate Finance provides:
Access to overseas buyers International M&A Research
Local knowledge of M&A culture Identifying targets overseas
and tactics and executing acquisitions
London: 5th Floor, 12-18 Grosvenor Gardens London SW1W 0DH
Catalyst Corporate Finance LLP 2012
Tel: +44 (0) 20 7881 2960
Birmingham: 9th Floor, Bank House, 8 Cherry Street Birmingham B2 5AL
Tel: +44 (0) 121 654 5000
Nottingham: 21 The Triangle, ng2 Business Park Nottingham NG2 1AE
www.catalystcf.co.uk Tel: +44 (0) 115 957 8230
Catalyst Corporate Finance LLP 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 Services Authority (number 478406)