Over the past 15 years, we have worked closely with Canadian businesses to solve difficult problems, achieve strategic objectives, grow and succeed. We reach out to clients, investors, lawyers and other industry participants so that we are always current on what is happening in focus sectors, the capital markets and the Canadian economy. Further, we have developed informed opinions on a range of matters pertinent to many Canadian businesses and how things may unfold.
Institutionalizing DC Plans | A Starting Point for Addressing Fiduciary Issues The 401k Study Group ®
This article provides a basic framework for plan sponsors and fiduciaries interested in exploring perspectives on institutionalizing their DC plans. For those who would like further details, page 10 of this paper lists additional DCIIA resources on select topics.
Webinar | Perspectives on the Proposed DOL "Fiduciary Rule"NICSA
On April 20, 2015 the DOL published its re-proposed regulation on the definition of “Fiduciary” under section 3(21) of ERISA. The proposal included not only the change to the “Fiduciary” definition, but also two new prohibited transaction exemptions (“PTE”), as well as a number of amendments to existing PTEs. Since publication the DOL has received an avalanche of comment letters on the proposal, has held four days of hearings on the proposal and has accepted additional comment letters following those hearings. The proposal, if implemented in its current form will be a true game changer for the Retirement and RIA industries. As we now wait for the DOL to sift through the mountain of comment letters and hearing transcripts this session allows us an opportunity to pause and reflect on the current proposal and to provide unique perspectives from mutual fund, broker dealer, legal and retirement record keeper stake holders on how the proposal will impact the retirement industry.
FTI Consulting is a global business advisory firm that is uniquely positioned to provide holistic expert advice to businesses that are facing financial distress due to the impact of COVID-19 and companies seeking government support through the CARES Act.
Do you need to secure financing? Do you need to improve profitability? Do you need to protect wealth?
Financing decisions can become competitive advantages or disadvantages for a company and chances and risks for their owners. A suitable capital and wealth structure to reach your objectives requires business and financial planning, cash flow modeling, risk-management, legal structuring, and adequate finance sources.
This session looked at the critical risks facing charities in 2023, from decreasing income to increasing costs and the ways that charities should be managing these risks for effective decision making. Should you be spending reserves? How can you budget forecast and make informed decisions in such challenging times? What other imminent changes in the legislation, the sector and government need to be factored into this planning? And what support is out there for charities to tap into?
Institutionalizing DC Plans | A Starting Point for Addressing Fiduciary Issues The 401k Study Group ®
This article provides a basic framework for plan sponsors and fiduciaries interested in exploring perspectives on institutionalizing their DC plans. For those who would like further details, page 10 of this paper lists additional DCIIA resources on select topics.
Webinar | Perspectives on the Proposed DOL "Fiduciary Rule"NICSA
On April 20, 2015 the DOL published its re-proposed regulation on the definition of “Fiduciary” under section 3(21) of ERISA. The proposal included not only the change to the “Fiduciary” definition, but also two new prohibited transaction exemptions (“PTE”), as well as a number of amendments to existing PTEs. Since publication the DOL has received an avalanche of comment letters on the proposal, has held four days of hearings on the proposal and has accepted additional comment letters following those hearings. The proposal, if implemented in its current form will be a true game changer for the Retirement and RIA industries. As we now wait for the DOL to sift through the mountain of comment letters and hearing transcripts this session allows us an opportunity to pause and reflect on the current proposal and to provide unique perspectives from mutual fund, broker dealer, legal and retirement record keeper stake holders on how the proposal will impact the retirement industry.
FTI Consulting is a global business advisory firm that is uniquely positioned to provide holistic expert advice to businesses that are facing financial distress due to the impact of COVID-19 and companies seeking government support through the CARES Act.
Do you need to secure financing? Do you need to improve profitability? Do you need to protect wealth?
Financing decisions can become competitive advantages or disadvantages for a company and chances and risks for their owners. A suitable capital and wealth structure to reach your objectives requires business and financial planning, cash flow modeling, risk-management, legal structuring, and adequate finance sources.
This session looked at the critical risks facing charities in 2023, from decreasing income to increasing costs and the ways that charities should be managing these risks for effective decision making. Should you be spending reserves? How can you budget forecast and make informed decisions in such challenging times? What other imminent changes in the legislation, the sector and government need to be factored into this planning? And what support is out there for charities to tap into?
Managing balance sheet liquidity & long term funding Dr Rajeev Jain
Managing balance sheet liquidity and long term funding
• Do the company have the right cash management processes?
• The importance of accurately forecast company cash flow with liquidity management
• Looking at your balance sheet frequently: Do the company has sufficient funding sources?
• Ensuring the right balance of credit and non-credit service utilisation for funding process
• Learning about rebuilding the balance sheet and turning their problem into growth
• Establishing long term stability and security of our funding in turn helps protect our liquidity position in the crisis
• Building necessary tools and methods to achieve properly structured balance sheet
• Managing complex situations precisely through flexible values (general direction), values with longer lifespan than goals or objectives and past and present corporate actions
There are a number of financing options in the California market right now promising to solve the payment deferral issue. But depending on school size, fiscal situation, and long-term growth plans, the best solution will be different for many schools. In this webinar, we layed out all the broadly available options and their details and provide a transparent analysis of which tools which schools should leverage.
Webinar presented by TMA SoCal featuring panelists from Business Capital, Midcap Financial and Robins Kaplan with perspectives on borrowing, lending and legal implications during the COVID-19 crisis.
Covid 19 impact on lenders & borrowers webinarChuck Doyle, CTP
Webinar presented by TMA SoCal featuring panelists from Business Capital, Midcap Financial and Robins Kaplan with perspectives on borrowing, lending and legal implications during the COVID-19 crisis.
Webinar presented by TMA SoCal featuring panelists from Business Capital, Midcap Financial and Robins Kaplan with perspectives on borrowing, lending and legal implications during the COVID-19 crisis.
MBA 640 Final Project Guidelines and Rubric Overview .docxARIV4
MBA 640 Final Project Guidelines and Rubric
Overview
The final project for this course is the creation of an external capital funding proposal.
Most businesses face a landscape of uncertainty and a never-ending stream of risks and opportunities. Managers must continually project the likely financial
impact of decisions, make recommendations, act on those decisions, determine how to pay for them, and evaluate the costs and effectiveness of what has been
done. Many decisions are short-term, routine, and operational. Others are longer-term investment decisions that require substantial new resources, such as
developing new services, expanding into new geographic markets, or undertaking business combinations or spin-offs. Each requires managers to forecast, plan,
and make decisions based on a thorough understanding of both internal and external factors that can affect a company’s financial success.
For the summative assessment in this course, you will bring your finance and economics knowledge to bear by preparing an external capital funding proposal for
a major international investment at a publicly traded corporation. In order to secure the support of potential financial backers, your proposal will need to lay out
what the proposed investment opportunity is, how it fits within the company’s broader mission and goals, its financial impact, and the amount being requested
and why (including alternative funding mechanisms considered). In addition, it will also need to include information on the organization’s context, risk factors,
and microeconomic assumptions that could affect the success of the investment.
The project is divided into three milestones prior to the final submission, which will be submitted at various points throughout the course to scaffold learning and
ensure quality final submissions. These milestones will be submitted in Modules Four, Six, and Seven. The final submission will occur in Module Nine.
In this assignment, you will demonstrate your mastery of the following course outcomes:
Assess the global microeconomic environment for determining the driving factors that affect business financial decisions
Develop financial models that project the impact of different business scenarios on financial performance and business planning
Assess decision alternatives by using time value of money (TVM) and other appropriate financial metrics
Evaluate the potential impact of internal and external qualitative factors on business activities for supporting strategic financial decisions
Weigh internal and external funding alternatives for carrying out investment decisions
Construct persuasive, evidence-based arguments that incorporate legal and ethical behavior and sound financial analysis for soliciting external business
funding
Prompt
Imagine you are a manager working at a publicly traded company. (You will select a company from the list below.) You have been tasked with preparing an
...
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Gutters are typically installed at a slight downward slope to allow water to flow freely towards downspouts or drains – the downspout being the vertical pipe attached to the gutters. The water is subsequently transported by the downspout to either the ground or an underground drainage system. Maintaining a gutter system that is free of blockages and functional requires regular maintenance.
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2. Page | 2 Confidential
I. Restructuring Expertise and Capabilities Overview & Case Studies
II. Introduction & Overview of DNA/MPA
III. Appendix (Other Selected Transaction Experience by Sector)
SECTION
3. Page | 3 Confidential
What You Don’t Know About DNA/MPA
Financial Restructuring – What You Don’t Know About Us
DNA and MPA have created an independent national advisory firm with more than 20 financial
professionals in Montreal and Toronto
Beyond banks and government programs, there are private sources of funding (family offices,
private investors, specialized funds in Canada and in the USA) which can be solicited as a
complement to support a restructuring plan
DNA and MPA understand that this is a financially critical time for your business; we work with
your financial position in mind
Businesses should take significant measures to de-risk, beyond the government sponsored
programs, in order to survive and position themselves for the future
In the current economic environment, business owners need experienced and creative
financial advice more than ever. Survival of their business is at stake.
Our depth and breadth of
knowledge is unprecedented
We know and work with a vast
network of private sources of
funds
We have the necessary firepower
needed in the field of
financial restructuring
We are flexible and creative in the
way we are compensated, offering
a tailored approach per case
We work quickly and diligently to
get you two steps ahead of the
competition
1
3
2
4
5
4. Page | 4 Confidential
▪ Seasoned bankers with vast experience in assisting companies addressing financial challenges
o Good companies with weak balance sheets and /or addressing unforeseen event-driven and/or market evolution challenges
▪ DNA / MPA staff includes a number of senior members having lived through financial challenges as business owners and CFOs and have
executed restructurings and refinancings as principals, CFO’s and advisors;
Financial Restructuring in the New World
Our National Team of Experienced Advisors are Available to Help You
During Such Time of Crisis
How We Can Help: DNA Capital / Morrison Park Advisors (MPA) Restructuring Capabilities
Experience
Creativity
Access to Capital
Complementary Collaborators
▪ Focus on pragmatic and proactive solutions to ensure continuity; creative solutions absent knee-jerk reaction to seek creditor protection
(often the case for many accounting firm advisors)
▪ Active coverage of, relationships with, and access to, numerous non-bank lenders (Ontario, Quebec and US); intimate knowledge of specific
lenders’ approach and priorities
▪ Access to private equity and Family Office equity capital to shore up balance sheets and marry entrepreneurial capital with entrepreneurial
companies
▪ DNA/MPA is complemented by relationships with third-party restructuring experts who can assume various roles depending on the
circumstances and specific needs
o Advisors / Consultants
o Part-time or Full-time CROs
5. Page | 5 Confidential
Actionable solutions require knowledge of,
and access to, private/non-bank institutions and
funds as well as government funds
and special programs
Restructuring Advisory Offering
Current Environment
▪ In addition to the obvious interruption of business
activities (and the resulting operational and financial
stress), there are a number of factors impacting the
nature and timing of solutions
o Timeliness is critical – many options require
access to working capital
o Court systems are limiting activity to time
sensitive, high impact situations
o Banks and institutions are swamped with
deferral requests, covenant breaches (actual or
expected)
o Recovery through an auction of assets
requires time and resources, often being
the last resort
o Actionable solutions offered to the bank
may aid in a path to resolution
o Being proactive is the key: prudent
management of issues and solutions
The Current Environment is Highly Dynamic and in a Constant State of Change
Navigation of the available alternatives for financial relief is therefore complex and requires expertise in
evaluating and executing the available options
Restructuring Advice & Services Offered
▪ Full and detailed assessment of the situation (nature, depth and breadth)
▪ Preparation of decision-making tools
o Weekly cash flow analysis for the short and medium-term outlook (3-6
months)
o Identifying the CF deficit (financial needs and timing thereof)
▪ Preparation of a financial plan supported by a detailed financial model
o Identify and model proactive corrective measures (eg. Cost reduction plan)
o Identify optimal available external sources of capital (equity, debt, hybrid
securities, etc.)
o Develop a revised CF plan based on the above measures
o Prepare scenario and sensitivity analyses (stress-test the impact and
needs)
▪ Assist in assessing and accessing the various governmental aid programs
(Federal, Provincial, and others)
▪ Create, compile and organize the required information to execute the plan with
3rd-party capital providers
▪ Negotiate with capital suppliers and creditors (if/as needed) to secure capital at
optimal terms
▪ Coordinate the involvement of other advisors within a multi-party process
▪ Issue Fairness Opinions, if/as required
o Fairness of a refinancing from the issuer’s perspective
o Fairness of the allocation of recovery from each asset class’ perspective
o Liquidity opinion
6. Page | 6 Confidential
Main Canadian Institutions
Current Support Initiatives
Short-term Support from Government-related Institutions for Canadian Businesses
Why it’s Not Enough – Long-term Outlook
Despite the increase in support from institutions such as BDC (see below), businesses need to consider that economic recovery could be significantly
delayed. The bulk of Government assistance from Federal and Provincial authorities will be in the form of short-term “shock absorbers”, much like the one
described below.
Although these programs are incredibly helpful in fulfilling short-term liabilities, business should also be positioning themselves for a healthy long-term
capital structure that will de-risk their growth plans. This can be achieved in many ways, including and not limited to:
1. Refinance long-term debt
2. Raise equity
3. Sell non-core assets
BUSINESS CREDIT AVAILABILITY PROGRAM (BCAP) – BDC AND EDC
Under the federal government’s new BCAP, the Business Development Bank of Canada (BDC) and Export
Development Canada (EDC) have been allocated more that $10 billion of additional financing to support Canadian
businesses facing economic challenges caused by COVID-19.
The BCAP mandate is to offer financial support to companies in crisis. Qualified borrowers will have sustainable
underlying businesses with strong potential to stay or return to viability. Revenue may be zero, however borrowers
will be required to demonstrate a plan for survival and path to recovery.
Currently available financing options:
(1) $100K loan – Available through online application and intended to be relatively quick and simple
(2) Four-year loan up to $2M (evaluated on a case-by-case basis) under the following conditions:
▪ First year interest only
▪ 40% Principal paid back over 3 years with 60% bullet
▪ Funds not to be used to pay down existing loans – Existing lenders must be flexible and working
constructively with the borrower
▪ Will sit behind other lenders
7. Page | 7 Confidential
DNA/MPA’s Selected Case Studies - Restructuring
Case Study #1: Concordia
Case Study #1
Special Committee on
recapitalization
transaction
USD $2,400,000,000
Advisor to
Case Study #2
Exclusive Financial Advisor to
Restructuring and
Acquisition by its Major
Shareholders
Provided Fairness Opinion
Case Study #3
Debt Restructuring and
Plan of Arrangement
USD $210,000,000
Advisor to
Case Study #5
RestructuringMandate
Co-Advisor to
Currently Live
A North American
Mining and Metals
Company
DNA Capital
Case Study #6
Advisor to
A Major North
American Real Estate
Development Company
RestructuringMandate
Currently Live
Concordia (“CXR”), a global specialty-generic pharmaceutical company
faced competitive and regulatory headwinds putting pressure on its
future outlook and near-term debt servicing abilities.
Deal complexity included cross-ownership and differential participation
opportunities within and between different stakeholder groups.
Recapitalization transaction was effected under a CBCA plan of
arrangement.
MPA provided fairness opinions to Concordia’s Board of Directors in
respect of its $2.4 billion Recapitalization Transaction.
CONCLUSION
Through the Recapitalization Transaction, CXR obtained new equity in
the amount of US$586 million while reducing its total debt load and
annual interest payments by approximately US$2.4 billion and US$170
million, respectively. Summary of terms include:
▪ $565 million of new money investment from certain secured /
unsecured holders via a Private Placement – proceeds used for partial
repayment of secured debt
▪ Equitization of all unsecured debt
Case Study #4
Proposed Sale Transaction
to Telus
Provided Fairness Opinions
Advisor to
Case Study #2: The Canadian Press
Canadian Press was a cooperative with subscribing newspaper
members located across Canada whereby members would pay annual
dues to obtain access to news content. Given the membership
structure, CP did not have balance sheet strength and, like many
companies at that time, developed a large pension plan deficit (defined
benefit plan) which threatened the company’s financial viability.
MPA has retained as lead advisor to assess the situation and potential
transaction structure as well as issue a fairness opinion to the Board of
Directors that the transaction was fair to the exiting members.
CONCLUSION
A group of three large newspapers (Torstar, Globe & Mail and La
Presse) acquired CP in exchange for supporting the CP business and
pension plan obligations of the exiting members. Summary of terms
include:
▪ Federal Government approved relief package extending out the
annual deficit true-up contributions
▪ Exiting members entered commercial agreement for continued
access to content
8. Page | 8 Confidential
DNA/MPA’s Selected Case Studies - Restructuring
Case Study #3: Miller Western Case Study #4: Mobilicity
Case Study #1
Special Committee on
recapitalization
transaction
USD $2,400,000,000
Advisor to
Case Study #2
Exclusive Financial Advisor to
Restructuring and
Acquisition by its Major
Shareholders
Provided Fairness Opinion
Case Study #3
Debt Restructuring and
Plan of Arrangement
USD $210,000,000
Advisor to
Millar Western, a private Canadian forest products company looked to
restructure their debt obligations – US$210 million of 8.5% senior
unsecured notes (“Existing Notes”)
MPA provided fairness opinions to Millar Western’s Board of Directors
in respect of its $210 million Note Exchange Transaction
▪ Company realized its ability to services the notes were
compromised; no access to capital markets; not able to wait for
Countervail and Anti-Dumping Recovery
▪ Changes in the foreign exchange currency environment and the
lumber pricing environment caused concern that the company would
ultimately not be able to refinance its notes
▪ Reduction of Millar Western’s indebtedness by approximately US$97
million and annual cash interest expense by more than US$7 million
and provided an extended maturity date for the newly issued notes
CONCLUSION
The transaction immediately brought Millar Western’s capital structure
in-line with its peers, and improve its capital structure relative to various
outcomes that could have been reasonably expected.
Mobilicity (formerly DAVE Wireless) was one a few new wireless
entrants resulting from the CRTC 2008 spectrum auction. Service was
launched in 2010 but faced financial headwinds in funding the network
build-out and competition from the incumbent wireless operators.
Between 2013-2015, Mobilicity pursued several courses of action
including three attempted sales to Telus resulting from a sale process.
MPA was retained by the special committee of Mobilicity to provide
fairness of opinions under a CBCA plan of arrangement.
CONCLUSION
The proposed Telus transaction was approved by the Mobilicity Board
and stakeholders but was ultimately prohibited by the Competition
Bureau.
Mobilicity was ultimately acquired by Rogers out of bankruptcy in a
$440 M offer that included concessions to the CRTC and Industry
Canada for the sale of spectrum to Wind Mobile in order to address
concerns regarding over concentration and lessening of wireless
competition.
Case Study #5
RestructuringMandate
Co-Advisor to
Currently Live
A North American
Mining and Metals
Company
DNA Capital
Case Study #6
Advisor to
A Major North
American Real Estate
Development Company
RestructuringMandate
Currently Live
Case Study #4
Proposed Sale Transaction
to Telus
Provided Fairness Opinions
Advisor to
9. Page | 9 Confidential
DNA/MPA’s Selected Case Studies - Restructuring
Case Study #5: Project Metal – Live (Exp. Close April 30th, 2020) Case Study #6: Project Complex – Live (Exp. Close H1 2020)
Case Study #1
Special Committee on
recapitalization
transaction
USD $2,400,000,000
Advisor to
Case Study #2
Exclusive Financial Advisor to
Restructuring and
Acquisition by its Major
Shareholders
Provided Fairness Opinion
Case Study #5
RestructuringMandate
Co-Advisor to
Currently Live
Client is an international group involved in sourcing, trading and secondary
transformation metal for utility and manufacturing end markets.
▪ Two Canadian based subsidiaries filed under CCAA following metal
supply disruption from a key supplier following a force majeure event
(work stoppage).
▪ DNA is retained by the shareholder to secure funding and structure the
re-purchase of one of the facilities. This work involved:
1. A wide canvass of potential equity and debt partners, and
ultimately negotiating a long-term debt facility to fund the purchase
with a private project finance entity based in Europe;
2. Negotiations with the CCAA monitor acting on behalf of senior
creditors (EDC, a Canadian chartered bank and a Quebec based
quasi-public lending institution);
3. Resolving cross-guarantee issues between client subsidiaries
outside of the CCAA process and the bankrupt entities (ancillary
agreements) as part of the overall transaction;
4. Negotiating and signing a term sheet – senior creditor overall
recovery of 50% (100% on mortgage debt and 25% on equipment
debt) and 0% for unsecured creditors;
5. Overall value of restructured debt (secured and unsecured)
approximately 100M$.
A North American
Mining and Metals
Company
DNA Capital
MPA is acting as lead financial advisor in the restructuring of a major
real estate development company. The restructuring is complex and
involves more than 20 limited partnerships and more than 30 different
lenders. Scope includes:
1. Providing high level strategic advice
2. Identification of optimal short, medium and long-term capital
structures
3. Portfolio valuation analyses
4. Preparation of a financial plan & detailed financial model
5. Dataroom assembly and overlook during due diligence process
6. Design and implementation of a process to identify alternative
funding sources
Case Study #3
Debt Restructuring and
Plan of Arrangement
USD $210,000,000
Advisor to
Case Study #6
Advisor to
A Major North
American Real Estate
Development Company
RestructuringMandate
Currently Live
Case Study #4
Proposed Sale Transaction
to Telus
Provided Fairness Opinions
Advisor to
10. Page | 10 Confidential
SECTION
I. Restructuring Expertise and Capabilities Overview & Case Studies
II. Introduction & Overview of DNA/MPA
III. Appendix (Other Selected Transaction Experience by Sector)
11. Page | 11 Confidential
What it Means for
Our Clients
▪ Montreal-based
▪ Founded in 2009
▪ Team of 11 employees, including 4
Partners
▪ Senior backgrounds from
Scotiabank, Rothschild, Lazard, RBC
▪ Strong cross-border M&A and equity
private placement capabilities
▪ TMT, Health & Wellness, Real
Estate / Leisure, Manufacturing
▪ Greater breadth and depth of
transactional experience and expertise
▪ Significantly expanded network in
Canadian industry and financial
community
▪ Boots on the ground in Canada’s two
largest markets
▪ Broader sector and product coverage
▪ Senior-led, seamless execution
▪ Flexibility and agility focused around
customer needs
▪ Toronto-based
▪ Founded in 2006
▪ Team of 14 employees, including 11
Partners
▪ Senior Scotiabank Investment
Bankers
▪ Strong financial advisory, M&A,
restructuring and debt capabilities
▪ TMT, Health, Utilities, Infrastructure
Builds on longstanding relationships between DNA and MPA
partners
1
3
Deep relationships and roots in Canada’s two main financial
markets and global reach through partnerships
A truly national,
partner-owned and
entrepreneurial
Investment Bank
Combined team of 25 professionals in Montreal and Toronto2
Goal: To provide the best independent, unbiased advice for superior resultsBest independent, unbiased advice for superior results
What it Means for
Our Clients
Motivated to Enhance Client Service
DNA Capital and MPA Merger
DNA and MPA as One Firm
12. Page | 12 Confidential
Key Sector Focus Area
Jeffrey
Drummond
Philippe
Castonguay
Power /
Infrastructure
Healthcare Mining Industrial
Private
Placement
Fairness /
Valuation
Debt/Project
Financing
International M&A Partners (IMAP)
MPA is proud to be a partner of the international M&A partners organisation. Through
IMAP, MPA and DNA have access to over 42 international boutiques in 30 countries,
providing an unparalleled cross-border reach. In addition to its reach, IMAP offers the
following advantages:
▪ Access to 450 professionals through an extensive partnership agreement
▪ Access to experts with knowledge of all industry sectors
▪ Deep relationships with thousands of potential buyers and sellers
▪ Trusted partners with “boots on the ground” local knowledge, relationships and
execution capabilities, far exceeding international presence of any Canadian bank
Roland Berger
Founded in 1967, Roland Berger (“RB”) is one of the leading strategy consultancies in
the world. DNA Capital is proud to have created a lasting partnership with RB in addition
to be co-housed with their Montreal office. The partnership provides DNA and MPA with:
▪ A team of 2,500 consultants with 51 offices in 36 countries with privileged access to
large global corporate clients
▪ Coverage across the spectrum of business models, processes and organizational
structure
TMT
Claude
Michaud
Daniel
Labrecque
Benjamin
Kinder
David
Santangeli
Brent
Walker
Stephen
Altmann
Ken
Skinner
Simon
Pelletier
Ram
Kumar
Our International Partners Enable DNA/MPA to Provide Clients with
Local Execution and Global Reach
Unparalleled Network and Capabilities
Our Global Footprint
Key Service Offerings
Partnerships Selected Team Members
Restructuring M&A
Alexander
Singh
13. Page | 13 Confidential
Partners of Choice for Access to Private Capital
> Initial equity funding round for the principals of The Alexander Group in
their first development of senior living and retirement residence located
in Muskoka, Ontario
> MPA initiated a tight process with a selective number of potential LPs
leading to an all-star cast of LPs including owner / senior executives of
Canada’s leading public and private companies, and healthcare, real
estate experts
> MPA devoted significant time and effort during diligence and negotiation
process which resulted in client preserving approximately 30% of
project upside
Private Placement
CAD 15,000,000
Private Placement
CAD 80,000,000> Operator of automotive
dealership producing aggressive
growth strategy through
acquisitions to scale and expand
footprint in
the U.S.
> $10M of equity investment
intended to finance acquisitions
> MPA was able to source a single
FO (preferred) to commit funds
(pending OEM approval)
> Investment alongside a highly
regarded leading entrepreneur
in the fitness industry. Dynamic
deployment plan with several
new fitness centre openings and
other consolidation opportunities
in the sector
> DNA rolled a tight process with a
selective number of potential
investors who were identified by
DNA, and completed this
transaction requiring rapid
execution, with a price/value
already established
> This placement was
oversubscribed and closed
within 4 weeks, from beginning
to end
> Second round of financing of
$80M for the construction of 7
new hotels across Canada
> Mix of direct investments from
HNWI (ticket > $5M),
institutional investors and
creation of a DNA investment
vehicle to allow smaller tickets
($0.5-$5M)
> DNA has been able to assemble
the necessary equity for the
transaction without any difficulty
and in a short period of time
> Approximately $40 M raised via >55 Family Offices and HNW
investors directed towards infrastructure investments
> Special purpose vehicle providing unique access to the Axium
Infrastructure Funds, otherwise limited to institutions with $10M
minimum investment
> DNA infrastructure LP provide ongoing dialogue with a large
number of serial investors seeking alternative assets, namely
direct investments via private placement
Private Placement
CAD 36,400,000
CAD 10,000,000
CAD 6,000,000
Private Placement
Private Placement
> DNA and MPA have the most extensive network of relationships with private investors among Quebec and Ontario investment banks:
• Direct high-level access to more than 340 investors including FO (160) and HNWI (180) from Quebec, Canada and Europe
> In addition to DNA and MPA’s established network of contacts, indirect partnerships with other Investment Banks provide access to ~140 U.S. credit
investors and ~60 credit funds, pension funds, direct lenders, and family offices
> The 10 DNA and MPA senior bankers have extensive cross-border industry experience with a diversified client base, each with over 25 years of
experience (executing more than 400 transactions) in major banks (Scotiabank, RBC, Rothschild, Schroders, etc.)
> Level of proactive involvement of senior bankers in the execution of mandates is unmatched with major competing Canadian banks
> DNA and MPA have participated in various transactions requiring to raise a significant amount of capital in a short period of time
14. Page | 14 Confidential
Unrivalled Cross-border Transactional & Operational Experience
DNA Capital’s Advisory Team is Comprised of Montreal’s Most Experienced
Financial Advisors
Daniel Labrecque, CPA,
MBA (INSEAD), CBV
Founder &
Chief Executive Officer
Over 25 years of
corporate advisory and
international M&A
experience
> Founded DNA Capital in
2009
> Former CEO of Rothschild
Canada, COO and MD of
Lazard Canada and MD of
Schroders and National Bank
Financial
Philippe Castonguay,
MBA (INSEAD)
Managing Director
Over 25 years of
corporate finance and
technology
entrepreneurship
> Joined DNA Capital in 2011
> Previously Director at
Schroders Canada and RBC
Capital Markets (Toronto,
London, Milan)
> Serial entrepreneur: CFO
and co-founder of software
companies N(i)2 and
MindAvenue
Jeffrey Drummond,
BBA (Western)
President &
Chief Operating Officer
Over 25 years of M&A
and Corporate Advisory
in Canada
> Joined DNA Capital in 2015
> Former Managing Director,
M&A at Scotia Capital, RBC
Dominion Securities and held
the Vice President, Senior
Global Banker capacity at
Citibank
> Recently CFO at Revision
Military (now Galvion)
Claude Michaud, B.
Eng., MBA (Cornell)
Vice-Chairman &
Managing Director
Seasoned investment
banker and CFO of
publicly traded and
private companies
> Joined DNA Capital in 2012
> 10+ years of senior
executive experience
including CFO of publicly-
traded C-Mac Industries,
Neurochem, Kangaroo
Media and privately held
Groupe Lagasse
> 20+ years of investment
banking experience at Scotia
Capital, TD Securities and
DNA Capital
Simon Pelletier, CFA,
CPA, CA (McGill)
Vice President
Over 4 years of
experience in corporate
finance and accounting
> Previously worked as a
manager at Deloitte
Corporate Finance advising
on a variety of sell-side and
financing mandates in a
wide array of industries
including manufacturing,
retail and urban
transportation
> Simon graduated with
Honors from McGill
University (BCom)
15. Page | 15 Confidential
Unrivalled Cross-border Transactional & Operational Experience
MPA’s Advisory Team is Comprised of Seasoned Investment Bankers
Driven by Client Satisfaction
David Santangeli, BSc,
MBA (Toronto)
Co-Founder &
Managing Director
25+ years of experience
in investment banking
and structured finance
> Previously Industry Head of
Power and Infrastructure at
Scotia Capital
> Has been responsible for
over $20 billion of financing
transactions
> Extensive debt structuring
and placement experience
in a variety of industries and
situations
> Has lead the structuring and
credit rating processes for 3
new asset classes: reverse
mortgages, personal lines of
credit and Canadian social
housing bonds
Alexander Singh, BA,
J.D. (Dalhousie)
Managing Director
Experienced
professional with a
multifaceted legal
background
> Previously General Counsel
at WestFace Capital, where
he was directly involved in a
variety of complex special
situations and restructurings
> Previously partner,
managing director and
general counsel at Acasta
Capital
> Founder of Acasta
Enterprises, here he co-led
the development of a new
private equity style asset
management, including a
$400M capital raise and
IPO, and the acquisition of
several businesses with over
$1.2B in value within 18
months
Brent Walker, MBA
(McMaster)
Co-founder &
Managing Director
25+ years of experience
in the investment
banking industry
> Previously managing
director in the M&A group at
Scotia Capital
> Extensive experience in
complex transaction
situations including balance
sheet restructurings, asset
sales, strategic sales and
joint ventures
> Leads MPA’s fairness
opinion practice, which
specializes in complex
situations requiring careful
allocation of value to
stakeholder groups
Ken Skinner, BA, MBA
(McMaster)
Managing Director and
Head of TMT practice
Seasoned investment
banker in Power and
Infrastructure
> Previously director at Scotia
Capital. Involved directly in
equity, debt and M&A
transactions in the power,
infrastructure sector as well
as technology
> Extensive experience in
structuring and placing
private and quasi-public debt
transactions
> Extensive experience in
credit rating processes and
launching new asset classes
into the capital markets
Ben Kinder, BBA, M.A.
(Toronto, Cambridge)
Director
15+ years of experience
in the investment
banking industry
> Former investment banking
and equity capital markets
professional with Scotia
Capital (Healthcare,
Communications, Media
and Technology sectors
> Extensive involvement in
executing MPA’s
restructuring and fairness
opinion assignments
16. Page | 16 Confidential
I. Restructuring Expertise and Capabilities Overview & Case Studies
II. Introduction & Overview of DNA/MPA
III. Appendix (Other Selected Transaction Experience by Sector)
SECTION
17. Page | 17 Confidential
Other Selected Transactional Experience
$3,500,000,000
has acquired the
US assets of
DNA Capital
$405,000,000
has been acquired by
DNA Capital
in the valuation of
their divisions
Advisor to
DNA Capital
$235,000,000
has acquired
DNA Capital
Sale of Spreads division
Advisor to
DNA Capital
Advisor to
Regarding a
special project
DNA Capital
Advisor to
In the evaluation of
potential acquisition
targets
DNA Capital
$100,000,000
has acquired
DNA Capital
$23,000,000
Groupe Paul Masson
has been acquired by
DNA Capital
Advisor to
regarding defence from
the unsolicited approach
DNA Capital
has acquired
DNA Capital
$283,000,000
has been acquired by
DNA Capital
$710,000,000
has been acquired by
DNA Capital
US$330,000,000
has acquired
Pacific Cycle
DNA Capital
has been acquired by
DNA Capital
Consumer Products Healthcare
Special Committee on
recapitalization
transaction
USD $2,400,000,000
Advisor to
on acquisition of
Advisor to
Has acquired
DNA Capital
DNA Capital
Has acquired
Sale of
to
Sale of
to
DNA Capital
DNA Capital
has been sold to
Note: Transactions above represent assignments led and completed by DNA Capital and MPA’s professionals at DNA Capital and/or MPA and prior firms
18. Page | 18 Confidential
Other Selected Transactional Experience
Utilities
£1,100,000,000
Restructuring
$280,000,000
Divestiture of Cross-
Sound Cable toDivestiture of the
mobile home division
€ 93,300,000,000
board advisory on its
merger with
Financial advisor to
Initial Public Offering
and subsequent
flotation of units
$150,000,000
Divestiture of
Murraylink to
$3,000,000,000
has been acquired by
$85,000,000
Divestiture of 20% of
Meiya Power to
financial buyers
$300,000,000
Sale of assets in
Mexico
DNA Capital DNA Capital DNA Capital
DNA CapitalDNA Capital DNA Capital
DNA Capital DNA Capital DNA Capital
Note: Transactions above represent assignments led and completed by DNA Capital and MPA’s professionals at DNA Capital and/or MPA and prior firms
19. Page | 19 Confidential
Other Selected Transactional Experience
Technology (Application and Infrastructure Software) Media
DNA Capital
£75,000,000
InitialPublic Offering
DNA Capital
ZAR785,000,000
has acquired
DNA Capital
£204,000,000
has been acquired by
Exclusive Financial Advisor to
Private Placement of
Common Shares
DNA Capital
Undisclosed
has been acquired by
DNA Capital
£500,000,000
and Computer Software
Group
have been acquired by
Exclusive Financial Advisor to
Sale of
Exclusive Financial Advisor to
To review and comment on the
valuation of the company for
an offer received
DNA Capital
€240,000,000
has acquired the assets of
DNA Capital
Undisclosed
Buy-side advisory regarding
Canadian M&A Targets
Exclusive Financial Advisor to
Acquired by Research Now
Plc
DNA Capital
$15,000,000
Private Placement
DNA Capital
€70,000,00
0
a portfoliocompany of
has been acquired by
DNA Capital
Undisclosed
a portfoliocompany of
has been acquired by
FinancialAdvisors to
MYCA Health $10 Million
Private Placement
Exclusive Financial Advisor to
DNA Capital
£119,000,000
has been acquired by
a portfoliocompany of
DNA Capital
£50,000,000
has acquired
DNA Capital
€1,700,000,000
has acquired
from
DNA Capital
regarding a
special project
Financialadvisor to
DNA Capital
£23,000,000
has been acquired by
a portfoliocompany of
DNA Capital
$20,000,000
Private Placement
DNA Capital
Undisclosed
Board advisory
Take private situation
DNA Capital
Undisclosed
Strategic review
DNA Capital
Undisclosed
has merged with
DNA Capital
$20,000,000
Private Placement
Financial Advisor to
Proposed Sale to
Restructuring and
Acquisition by its Major
Shareholders
Provided Fairness Opinion
Exclusive Financial Advisor to
$273,000,000
has been acquired by
DNA Capital DNA Capital DNA Capital DNA Capital
$120,000,000
has acquired
Cheneliere Éducation
$40,000,000
has acquired
Publicor
from
£520,000,000
has been acquired by
Undisclosed
has been acquired by
Note: Transactions above represent assignments led and completed by DNA Capital and MPA’s professionals at DNA Capital and/or MPA and prior firms
20. Page | 20 Confidential
Other Selected Transactional Experience
Natural Resources Financials
$185,000,000
timberland properties
divestitures
Financing for
Project Ambatovy
$180,000,000
has sold its recycled
newsprint mill in
Snowflake, Arizona
$2,500,000,000
has been acquired by
$38,000,000,000
has been acquired by
DNA Capital DNA Capital
DNA Capital DNA Capital
DNA Capital
$330,000,000
has acquired
Trust Prêt et
Revenu
has been acquired by
$2,500,000,000
Initial Public Offering
$106,000,000
has been acquired by
FIAMI
Aeterna Life Insurance
has been acquired by
$625,000,000
has acquired
$1,500,000,000
has acquired
La St-Maurice
Insurance
has been acquired by
DNA Capital DNA Capital DNA Capital
DNA Capital DNA Capital
DNA CapitalDNA Capital DNA Capital
Note: Transactions above represent assignments led and completed by DNA Capital and MPA’s professionals at DNA Capital and/or MPA and prior firms
21. Page | 21 Confidential
Other Selected Transactional Experience
Industrials Industrial Technologies
$100,000,000
Initial Public Offering
$118,000,000
has its ownership
stake in Trencap
Sale of the Tech division of
to
Advisor to
for the filing of IPO
prospectus regarding
Transaxio
Advisor to
and
in their merger
$205,000,000
Income Fund
has been acquired by a
consortium
$594,000,000
has sold
BAE Systems Canada
to
$2,300,000,000
Initial Public Offering
Advisor to
In the sale of its
Canadian solid waste
management division to
$3,000,000,000
has been acquired by
$700,000,000
Financing of the
Milit-Air project in
partnership with the
Government of Canada
$227,000,000
Financing of the Global
Express business jet
Financial advisor to
in its refinancing
&
Private Placement
Acquisition of the
food service paper
products division of
by
Advisor to
In valuation of their
divisions
£60,000,000
Initial Public Offering
$4,100,000,000
has been acquired by
Circo Craft
Takeover defense &
acquisition by
Board advisory and
strategic review
$1,020,000,000
Dual Initial Public
Offering on NYSE &
TSX
DNA Capital DNA Capital
DNA Capital
DNA Capital DNA Capital DNA Capital DNA Capital DNA Capital
DNA Capital DNA Capital DNA Capital DNA Capital DNA Capital DNA Capital DNA Capital
DNA Capital DNA Capital DNA Capital DNA Capital DNA Capital
Note: Transactions above represent assignments led and completed by DNA Capital and MPA’s professionals at DNA Capital and/or MPA and prior firms
22. Page | 22 Confidential
Other Selected Transactional Experience
Real Estate
Acquisition of Brookfield
Place Calgary East Tower
Development
$1.03 billion
Exclusive Financial Advisor to
Acquisition of Bay Adelaide
Centre East Development
$635 million
Exclusive Financial Advisor to
Note: Transactions above represent assignments led and completed by DNA Capital and MPA’s professionals at DNA Capital and/or MPA and prior firms