The document provides an overview of market and M&A trends in the aeronautics and defense sector. It notes that the COVID-19 pandemic disrupted the sector, especially commercial aeronautics, but that the sector is slowly recovering. Defense revenues increased. New opportunities are emerging from market reshaping and consolidation. The global MRO market is expected to grow to $108 billion by 2026. M&A activity has returned to pre-COVID levels, driven by consolidation, new technologies, and environmental demands. The document then outlines Gereje Corporate Finance's expertise in advising companies in this sector, including their network of over 300 companies and 400 investors globally.
Chief Executive Officer Alessandro Profumo presented on March 14th the FY2018 Results along with:
- Alessandra Genco - Chief Financial Officer
- Norman Bone - MD Electronics Division
- Gian PIero Cutillo - MD Helicopter Division
- Lucio Valerio Cioffi - MD Aircarft Division
- William J. "Bill" Lynn - CEO of Leonardo DRS
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
More Related Content
Similar to GCF - Our Added Value in A&D Sector 0923.pdf
Chief Executive Officer Alessandro Profumo presented on March 14th the FY2018 Results along with:
- Alessandra Genco - Chief Financial Officer
- Norman Bone - MD Electronics Division
- Gian PIero Cutillo - MD Helicopter Division
- Lucio Valerio Cioffi - MD Aircarft Division
- William J. "Bill" Lynn - CEO of Leonardo DRS
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
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Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...
GCF - Our Added Value in A&D Sector 0923.pdf
1. OUR ADDED VALUE & M&A TRENDS
IN THE AERONAUTICS & DEFENSE SECTOR
BUY SIDE – FUNDRAISING – SELL SIDE
SEPTEMBER 2023
2. 2
P R I V A T E & C O N F I D E N T I A L
TABLE OF CONTENT
I. Market and M&A trends in the Aeronautics & Defense sector 03
III. Our expertise, added-value & methodology
in the Aeronautics & Defense sector 12
IV. About GEREJE Corporate Finance 25
II. M&A trends valuation & recent transactions 08
4. 4
P R I V A T E & C O N F I D E N T I A L
Forecast of Global Revenue Passerger Kilometers
(2019 - 2040)
0
3000
6000
9000
12000
15000
18000
21000
2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040
COVID-19 HAS DISCRUPTED THE AERONAUTICS & DEFENSE SECTOR
Increased focus on short-haul and domestic travel
▪ In 2022, domestic RPKs recovered faster (80% of 2019 traffic) than
international RPKs (62% of 2019 traffic).
Defense was more resilient: revenue up 2% at top 6
US defense companies
Sources : PwC, Deloitte, Airbus – GMF, Fitch Ratings, IATA, GCF Research
Market trends
Change of behaviors
The Covid crisis has led to a slowdown in the sector, especially in commercial aeronautics. The sector is slowly
recovering, driven by changes of behaviors and the easing of restrictions
Commercial aeronautics is most affected: in 2022,
the traffic recovered nearly 70% of 2019 RPKs
▪ Noted a 66% decline in RPK in 2020 vs. 2019
Decrease in lucrative business flights
▪ The rise of new communication technologies such as Zoom has
accelerated the substitution of in-person meetings to virtual ones
CAGR 19-40
+ 3.9%
RPK (billion)
5. 5
P R I V A T E & C O N F I D E N T I A L
Environmental pressure
▪ Considering the global environmental pressure and the funds given by the
governments to pass the crisis, Airline companies will have to reduce CO2
emissions. Electric air transport is growing rapidly : by 2025, 25% of the
aviation sector will be composed of electric or hybrid aircraft.
Sources : PwC, Deloitte, ASD, Boursorama, Airbus, GCF Reseach
Airbus A320 family monthly production rate
(2022-2025)
The resumption of deliveries is a reliable indicator of an end of the crisis: Airbus forecasts for its A320 family, a
monthly production rate of 75 aircrafts by 2026. New deliveries over the next 20 years are estimated around 40,000
aircrafts
50
65
75
0
10
20
30
40
50
60
70
80
2022e 2024f 2026f
New opportunities amid the sector’ reshaping
▪ The adaptation to the current market situation will result in M&A
opportunities (consolidation, economies of scale, innovation, …)
Resilience of low-cost companies which are mainly using
single-aisle aircrafts (A320 family)
▪ Faster recovery due to lower fixed costs
▪ Preference for direct flights: reinforcing the low-cost companies' strategy
NEW OPPORTUNITIES IN THE AERONAUTICS & DEFENSE SECTOR
6. 6
P R I V A T E & C O N F I D E N T I A L
Global MRO Market evolution in $bn
(2019 – 2031)
The global Aeronautics & Defense MRO (Maintenance, Repair & Operations) market has been valued at $87bn in
2021 and is expected to reach $108bn by 2026, increasing at a CAGR of 4%
Increase of investments in MRO equipment which help reduce
operational expenditure (process efficiency, reduce of
downtime’s length).
Sources GMI, OliverWyman, Les Echos , Statista, Xerfi, GCF Research
The growth of air travel and the aircraft production will
support the MRO industry
▪ Air traffic passengers is expected to reach 7.2bn in 2035 (+200% vs. 2021)
87,3
108,4
117,7
0
20
40
60
80
100
120
140
2021 2026f 2031f
CAGR 26-31
+ 1.5%
CAGR 19-26
+ 4%
RESILIENCE OF THE GLOBAL MRO MARKET
Consolidation of the fragmented sector
▪ Leaders of the market are looking to increase their size, to achieve scale
economies and to complete their offer
▪ Numerous small companies with targeted skills, especially in engines and
components segments which represent over 60% of the market
N2
France is the N°2 MRO market (18% of total Europe revenue)
after Germany (40%) in Europe
7. 7
P R I V A T E & C O N F I D E N T I A L
439 444
364
574
439
0
100
200
300
400
500
600
700
2018 2019 2020 2021 2022
Number of M&A Deals
Number of deals
STRONG M&A ACTIVITY IN THE SECTOR
Source Janes Capital Partners
The M&A activity in the A&D sector returned to its pre-crisis level in 2022 after a peak in 2021. In 2023, the sector is
estimated to witness a comparable M&A activity.
Consolidation trends in the sector especially in the
MRO segment and maturing markets
Increase of policies and demands for environment
compliant solutions and processes
In 2022, Hy24 raised a €2bn fund to deploy and finance infrastructures for
carbon-free hydrogen
Digitalization & needs of disruptive technologies
Government Services, IT Services & Software is the most active
segment: 20% of 2022 deals
Sources Bain & Company, Janes Capital Partners, KMPG, Xerfi, GCF Research
Key Drivers
9. 9
P R I V A T E & C O N F I D E N T I A L
VALUATION METRICS
Year Buyer Target Sector
Transaction
Value
TEV/
EBITDA
2021 H.I.G Capital SMTC Corporation Provider of Electronics Manufacturing Services $172m 9,2x
2021 UMS JEP Manufacturer of high precision equipment $31m 11,65x
2020
Avon Protection
Systems
Team Wendy Defense $130m 9,7x
2020 TT Electronics Excelitas Technologies Components & systems $18m 10,4x
2020
SFPI-FPIM & Sabena
Aerospace
SABCA Manufacturer of aeronautical components $88m 4,9x
2019 Nitta Corporation Korea Nitta Moore Plastic-extruding products manufacturer $20m 7,55x
Source Merger Market et Janes Capital Partners Aerospace & Defense, (rapport 2022)
➢ Company Size
The larger the company, the higher the
multiple with key thresholds
➢ Profitability
EBITDA margin is the most important benchmark
for companies of similar size
➢ Market position
A leading position in a market
improves a valuation multiple
3 factors influence the valuation multiples:
10. 10
P R I V A T E & C O N F I D E N T I A L
RECENT STRATEGIC OPERATIONS
Source: Fusacq, Mergermarket, crunchbase, GCF analysis
Year Investors Target Information
Group est.
revenue
See
More
Mar.
2023
AAR (US): a leading provider of aviation services to
commercial and government operators
Trax (US): a provider of aircraft MRO and fleet
management software
$1.8bn here
Nov.
2022
Sabena Technics (FR): MRO services in aeronautics
Heli-Union (FR): a leading helicopter services
provider
€650m here
Dec.
2021
Mecachrome (FR): a global leader in precision
mechanics
WeAre Group (FR): an aeronautic subcontractor
€345m here
Aug.
2021
Gerard Perrier Industrie (FR): an industrial group
AECE (FR): a manufacturer of electronic and
electrical equipment
€210m here
July
2021
Mecachrome (FR): a global leader in precision
mechanics
Hitim Group (FR): a high precision mechanics
manufacturer
€220m here
June
2021
ACI Groupe (FR): a subcontractor for cutting edge
industries
Dviation (Malaysia): a subcontractor in aeronautics
€45m here
11. 11
P R I V A T E & C O N F I D E N T I A L
Year Investors Target Information
Transaction
Value
See
More
Mar.
2023
Ascendance (FR): Developer of sustainable flight
solutions: a cutting-edge VTOL aircraft based on
hybrid-electric propulsion technology.
€21m here
Jun.
2022
Flying Whales (FR) : offers a pioneering solution
for air cargo transportation
€122m here
Jan.
2022
ACI Groupe (FR): a subcontractor for cutting edge
industries
€7m here
Oct.
2021
Satys Aerospace (FR): aircraft painting, sealing
and surface treatment
€40m here
Sept.
2021
Figeac Aero (FR): a leading European
aeronautical subcontractor
€35m here
May
2021
Cebu Pacific (Philippines): a leading low-cost
airline company
$250m here
RECENT FUNDRAISING DEALS
Source: Fusacq, Mergermarket, crunchbase, GCF analysis
13. 13
P R I V A T E & C O N F I D E N T I A L
OUR EXPERTISE & ADDED VALUE [1/2]
We have a specific expertise and experience in the mobility & environment sector. We have
a direct access to >300 companies in this specific sector in Europe, Asia, and
internationally
1. Our Expertise & Experience in the Mobility & Environment sector
2. Our International presence
Entrepreneurs close to Entrepreneurs = reactivity & adaptability
3. Our “entrepreneurial” culture
Privileged access to > 400 investors (Cap development funds, VC, debt funds, Family
Offices), with a specific interest in the Mobility & Environment sector
4. Our Privileged access to Strategic & Financial Investors
Our multicultural teams with our own offices in Europe and in Asia (Paris , Singapore,
Geneva, Lyon, Nantes, Vienna, Lisbon, Munich), and our partners in the Middle East, Africa
and the US
14. 14
P R I V A T E & C O N F I D E N T I A L
OUR EXPERTISE & ADDED VALUE [2/2]
We prefer to act over the long term as partners alongside business leaders
5. Advisor & Partner
With over 80 closings between 2016 & 2022, GEREJE is No. 1 & No. 2 between 2016 & 2021 in
the Advisory Fusacq ranking – Corporate banking fundraising rankings in France
6. Our Track-Record
Our expertise in structuring complex operations : Earn-Out, Management Buy-Out, Owner
Buy-Out, Joint Venture…
7. Our Expertise in complex structuring
We work with no conflict of interests and ensure confidentiality & discretion
8. Our independence
15. 15
P R I V A T E & C O N F I D E N T I A L
Companies
~300 companies in Europe, Asia and Worldwide -
listed in our proprietary data base
Investors
~ 400 investors (PE, VC, CVC, Family Offices, etc.)
with a specific interest in the sector - listed in our
proprietary data base
● ● ●
OUR DIRECT ACCESS TO FINANCIAL AND STRATEGIC PLAYERS
16. 16
P R I V A T E & C O N F I D E N T I A L
Laurent GOBINET
Partner at GEREJE Corporate Finance
Industrial Expertise in France and abroad
Education :
DESS electronic & MBA Purchasing, Bordeaux, France
Key Points:
● + 25 years of experience in the Aeronautics/Naval/Defense & All-terrain vehicles sectors
● + 20 years of international experience
EXPERIENCE & EXPERTISE
➢ + 20 years of experience in large groups
➢ Industrial Strategy : production & services
➢ Aero., naval, defense, All-terrain vehicles , energies, etc.
➢ Purchasing, Supply Chain & Management
➢ VP Neopolia (regional business network with 5 business
clusters: Aerospace, Rail, MRE, Marine and Energies)
➢ Specific expertise:
▪ Previous President et Deputy General Manager at
GESTAL
▪ Previous Purchasing & Logistics Director at
STELIA/SOGERMA SERVICES (AIRBUS)
▪ Chantiers de l'Atlantique, Manitou, etc
OUR EXPERTISE IN THE INDUSTRY SECTOR
17. OUR EXPERTISE IN THE INDUSTRY SECTOR
17
P R I V A T E & C O N F I D E N T I A L
Fabrice LOMBARDO
Founder & CEO of GEREJE Corporate Finance
Expertise at the international level, in Europe, Asia (especially ASEAN), Middle East & Africa, in
GEREJE’s 8 key sectors
Education:
BBA at Oxford Brookes Université, Grenoble Business School, Executive MBA at ESSEC, SFAF
Certified
Key Points:
● + 12 years in Business Dev. (multinationals) ● Creation of GEREJE: 2008 ● +100 deals closed
EXPERIENCE & EXPERTISE
➢ + 15 years in M&A consulting for SMID & Large Caps
➢ Buy-Side Mandate & Sell-Side Mandate
➢ Fundraisings (Equity / Debt)
➢ Valuation & Structuring
➢ Speaker and lecturer at ESSEC Paris, EGE, EDC Paris
➢ Specific expertise in Industry
▪ Previous Managing Director Asia at EDELCOM (subsidiary
of Citelum Group : EDF-Veolia)
▪ Previous Export Manager at BWT
▪ Previous APAC Area Manager at CATU (Legrand / Sicame
Group
▪ M&A Consulting : VINCI, EGIS, SOCOTEC, M+W Group, etc.
18. 18
P R I V A T E & C O N F I D E N T I A L
OUR BUY-SIDE METHODOLOGY
Option: Preparation of a "Long-List" of
potential targets in the targeted sector
and geographical area and ranking them
in order of interest and according to M&A
criteria (sales, EBITDA, etc.)
Initiate contact between GEREJE and the
target(s) (without giving the name of the
client) to validate their actionability
Meeting between GEREJE and the client
to select a short list of targets to be
approached in phase 2
Assist our client in the final Due
Diligence
Optimize the discussions between all
involved parties: legal, audit,
accounting…
Advise on the best strategy and tactic
for final negotiations with the target(s)
until closing.
Assist in the drafting & proof-reading of
final contracts.
Drafting & negotiation of a Letter of
Intent (LOI)
Management of client’s questions &
requests (Q&A)
Optimize the negotiations with the
target
Advise on the best structuring (equity /
debt / mix) in the interest of the
shareholders
Option : Preparation of a strategic and
financial note (detailed profile of the
target) for the client
Signing of the Letter of Intent (LOI)
Signing of a Reciprocal Confidentiality
Agreement (RCA).
Meeting between the target and the client
to confirm the strategic fit and the mutual
willingness to enter negotiations
Phase 1 – 1 to 3 months
Market Screening & Preliminary
Approach
Phase 2 – 4 to 9 months
Maximization of Negotiations –
Signing of LOI
Phase 3 – 2 to 4 months
Final DD – Offer – Optimization of the
Closing
19. 19
P R I V A T E & C O N F I D E N T I A L
TRACK RECORD OF OUR EXPERTS’ NETWORK
Click on the logos to access the website.
20. 20
P R I V A T E & C O N F I D E N T I A L
BUY-SIDE BEST PRACTICES [1/2]
DEFINE clear & ambitious strategies for yourself & the
potential target
1
2
BE PROACTIVE: approach actionable and specific targets
→ value creation
3
TIME is the essence: giving rhythm by respecting a
structured process
4
COMMUNICATION: take the time to explain every step
until the closing
1
2
3
4
21. 21
P R I V A T E & C O N F I D E N T I A L
BUY-SIDE BEST PRACTICES [2/2]
OPTIMIZE the structuring to align the interests regarding
valuation
5
THINK about the forward value by working on a joint business
model
6
ANTICIPATE tax and legal issues (shareholders' agreement)
7
ANTICIPATE the cultural differences (cross border)
8
22. 22
P R I V A T E & C O N F I D E N T I A L
OUR TAILOR-MADE FUNDRAISING & SELL-SIDE PROCESS
Phase 1 – 1 to 2 months
Preparation phase
Financial analysis (past results and
business plan)
Analysis of possible structuring schemes
(equity/debt/mix)
Set-up of an electronic dataroom
Blind Teaser online on our web
platform
In order to optimize the process, it is essential to prepare the project seriously, explain the use of the
funds and demonstrate the positive impact on turnover and margins
Phase 2 – 2 to 8 months
Selection, teasing and approach of
investors - Maximization of
negotiations
Identification of candidates (”long list”)
Checking of candidates’ seriousness, e-
NDA signing, transmission of
documents
Management and optimization of
negotiations with the most serious
candidates
Phase 3 – 1 to 2 months
Closing optimization
Optimize the discussions between all
involved parties, in particular, legal &
audit advisors of both parties
Supervision of financial audits (option)
Advise on strategy and tactics for final
negotiations
Prepare a Strategic & Financial Note for
investors
Negotiation and signature of the Letter
of Intent (LOI), including all the key
terms of the deal
Transition to phase 2 after mutual consent
Valuation report for business owner(s)
Approach of candidates with a 100%
digitalized process
Set-up of a calendar & deadlines
Advise on the different structuring
schemes (earn out) and final review of
the documents in a M&A point of view
Prepare the executive managers for the
negotiations with the investors in Phase 2
23. 23
P R I V A T E & C O N F I D E N T I A L
DIFFERENT TYPE OF INVESTORS
Strategic and financial investors have different investment criteria and objectives involving different sales
strategies and structuring scenarios themselves
• Strategic investors are often competitors, suppliers or customers of the target.
• Their objective is to identify companies whose products or services can be integrated in synergy with their
existing portfolio or gain market share, in order to create long-term value for their shareholders.
• The main driver of the acquisition is strategic (vs. rapid return on investment). These buyers may also be
unconnected to the target and seek to expand in its market to diversify their revenue sources.
Strategic
investors
• Financial investors/buyers include private equity firms, hedge funds, family offices ...
• These players make investments in companies and achieve a return on investment within 5-7 years with a
sale or IPO.
• Some Family Offices have an unlimited time horizon and can invest large sums of money to support the
growth of the business at all stages of its development.
Financial
investors
These buyers have fundamentally different objectives, so the way they will approach
the activities of the targets in an M&A process will differ considerably.
25. 25
P R I V A T E & C O N F I D E N T I A L
In the 13th century, the Emperor Kublai Khan awarded
Marco Polo a gold tablet in the form of a long piece of
currency named « GEREGE » along with a password,
which ensured numerous privileges to the beholder.
With this golden passport, Marco Polo obtained all
necessary protections, supplies and assistance which
included horses, food and equipment for his safe return to
Venice accompanied by his immense fortune.
The GEREJE, first diplomatic passport,
ensuring safe and secure cross border
transactions, is a powerful symbol
matching perfectly our mission and goals
GEREJE team members share a common
passion in dealing with cross border
transactions and are united around the
GEREJE symbol reflecting our mind set as well
as our working philosophy.
THE “GEREJE” PHILOSOPHY
26. 26
P R I V A T E & C O N F I D E N T I A L
OUR WORLDWIDE REACH
We are an independent M&A firm with an “entrepreneurial” culture, providing both strategic and financial
advisory services, composed of a multidisciplinary team based between Europe & Asia
Our Corporate Film
EUROPE
▪ Paris
▪ Lyon
▪ Geneva
▪ Nantes
▪ Vienna
▪ Lisbon
▪ Munich
ASIA
▪ Singapore
▪ Hong-Kong
EUROPE
MOYEN-ORIENT
ASIE
27. 27
P R I V A T E & C O N F I D E N T I A L
EXECUTION TEAM ENSURING THE QUALITY OF THE DOCUMENTS
Fabrice LOMBARDO
Founder & CEO
Antoine ALEMANY
Partner, Lisbon
Clarisse SUN
M&A Associate, Paris
Laurent GOBINET
Partner, Nantes
Hugo MONNET
M&A Vice President, Lyon
Servais MICOLOT
Partner, Geneva
Hannah DERENBACH
M&A Analyst, Paris
28. 16
P R I V A T E & C O N F I D E N T I A L
SENIORS BRINGING SECTOR & GEOGRAPHIC EXPERTISES
François LAURENT
Senior Advisor, Hong-Kong
Olivier JOB
Senior Advisor, Lyon
Arnaud BEASSE
Senior Advisor, Vienna
Maurice LAM
Executive Director, Singapore
Bertrand LAM
Partner, Singapore
Jeff CZELUSTA
Directeur M&A, Munich
29. 29
P R I V A T E & C O N F I D E N T I A L
Partial or Total Sell mandate
Managing and Optimizing a sell process, leveraging on
our structuring experience, valuation expertise &
international network to maximize the transaction price.
Using every financial tool to align the interests of all
parties.
OUR SERVICES
The quality of our services relies
in our 100% in-house team
enabling us to manage the
entire transaction process,
thereby ensuring efficiency,
confidentiality and tangible
results
Buy mandate / Acquisition / Joint Ventures
Optimizing external cross-borders expansion strategies.
Global Knowhow, Local Approach
Strategic Advisory – Business Consultancy
The experience and operational know-how of the senior
team allows us to optimize the development strategies of
companies and thus facilitate the management of
corporate finance issues (Fundraising or acquisition)
Fund raising mandate & IPO – Capital development
Structure a solid & realistic business plan in order to
maximize the valuation forward and raise the capital
needed (Equity, Debt, Convertible Shares).
Local Markets Approach and Implementation Assistance
for IPO to maximize forward value & optimize
Transaction Structuring
30. 30
P R I V A T E & C O N F I D E N T I A L
OUR PROVEN METHODOLOGY
GEREJE is recognized for the quality of its documents (strategic & financial analysis) based on personalized
execution, enhanced by a multidisciplinary team acting under one hat !
Execution
Excellence
Each assignment is managed by
one Team leader to optimize the process
We rely on our own proprietary
research
Our mandates are on an exclusivity basis
only, including fixed and success fee
Our mandates are tailor-made
We manage 100% of the Transaction
coordinating the process
We deliver regular reports to optimize
the momentum
Our digital platform allows us to have constant
access to all the necessary information
31. 31
P R I V A T E & C O N F I D E N T I A L
OUR RECENT TRACK RECORD
With a total of 78 closings between 2016 and 2021, GEREJE is N1 or N2 M&A firm for SMICAP for the past 5
years in the Advisory Fusacq ranking – Corporate banking fundraising rankings in France.
2021 – Acquisition –€50m Sales 2021 – Joint Venture
2021 – Debt Financing: €2.5m 2019-20 – Capital Injection: €6m 2019 – Sell: €55m 2018 – Sell: €7m
Target:
Learn more
Target:
Learn more
Investors:
Learn more
Crowdfunding:
Investors:
Learn more
Investors :
Learn more
Acquirer:
Learn more
Groupe
AMIQUAR
2021 – Acquisition – €10m Sales
Target:
Learn more
2021 – Fundraising: €7m
Investors:
Learn more
32. 32
P R I V A T E & C O N F I D E N T I A L
OUR REFERENCES– SMID & LARGE CAP
Click on the logo to access the website.
33. 33
P R I V A T E & C O N F I D E N T I A L
OUR STRONG NETWORK OF PARTNERS
Our solid network of partners in Europe and Asia enable us to get qualified, updated information in order to
accompany our clients and create value.
EUROPE
Access to +1,100 Family Offices
+150 banks & private bankers
+100 law firms
ASIA
Access to +700 Family Offices
+200 banks & private bankers
+150 law firms
Partnership signed with Business France (website) in 2021
Coverage of 110 countries, offering a direct access to
international investors
34. 34
P R I V A T E & C O N F I D E N T I A L
TESTIMONIES
In this complicated economic
environment, the support and
involvement of the GEREJE teams
were key to the success of the
project.
Mr. François-
Denis POITRINAL
Founder & CEO
Thank you for the excellent work
done by the GEREJE team.
Mr. Kaci KÉBAÏLI
Founder & Chairman
In this complicated economic context,
the support and involvement of the
GEREJE teams were key elements in
the success of the operation
Mr. Guillaume
RAGUET
CEO
*click on a logo to access the website
GEREJE's efficiency and discipline,
as well as the fluidity of our
exchanges, have been essential to
the successful financing of the
LAPSA group's R&D projects!
Mme. Maroua BEN
MARZOUK
Chargée d’affaires
Entreprises
35. 35
P R I V A T E & C O N F I D E N T I A L
BIBLIOGRAPHY
Articles
Surveys
Gifas - Airbus prévoit un doublement de la flotte mondiale d'avions
Gifas - Entretien avec Guillaume Faury qui prévoit une reprise de la demande de gros-porteurs
Le Figaro - Airbus réorganise son activité de cybersécurité
Gifas - Safran a fait du site de Toulouse son centre d'excellence de la pile à combustible hydrogène depuis 2019
Gifas - Airbus anticipe des livraisons mondiales de près de 39 500 avions neufs d'ici 2041
Kearney - A bird’s eye view: opportunities in aerospace and defense M&A
McKinsey & Company - How airlines can chart a path to zero-carbon flying
KPMG - The Aviation Industry Leaders Report 2022
Bain & Company - Aerospace and defense M&A report 2023
KPMG - Mergers & Acquisitions help transform Aerospace & Defense
PwC - Aerospace and defense: US Deals 2023 outlook