iDeal Magazine is a quarterly publication which is specially produced and written with business owners in mind.
iDeal Magazine highlights some of the most recent deals BCMS has completed, offering a real insight into the mechanical and emotional processes involved with selling a business.
The publication also incorporates industry news, business updates as well as other business related information.
Sign up here http://www.bcmscorporate.com/business-sale-news-magazine
This document is a publication from Benchmark International that includes the following:
- An introduction from the CMO welcoming readers and highlighting Benchmark's record number of deals in the last year.
- Articles on topics like due diligence in M&A deals, the power of PR, sector snapshots, and profiles on Benchmark directors.
- Information on Benchmark's office locations and recent recognition.
- Advertisements for upcoming webinars and a client testimonial praising Benchmark's role in achieving a satisfactory sale price.
The document discusses the impact of the UK government's Comprehensive Spending Review (CSR) which outlined public spending cuts over the next four years.
The FTSE 100 index rose on the day of the CSR as global factors such as expected US quantitative easing boosted share prices, outweighing fears around slower UK growth due to cuts. However, some sectors were directly impacted by reductions in government spending. Transport companies gained from changes to bus subsidies while construction and housebuilding declined on cuts to capital spending. Defense companies also fell but global factors are expected to mitigate these declines over the long run. Investors will monitor the success of the CSR but the plan has reduced short-term uncertainty.
This document discusses the importance of Irish companies reviewing and strengthening their policies for managing foreign exchange (FX) risk given upcoming volatility in the British pound sterling rate due to the Brexit vote. It notes that many Irish SMEs that export to the UK either do not have a formal FX risk management policy or do not actively follow their policy. The document outlines elements that should be included in a strong FX risk management policy, such as identifying exposure levels, setting hedging targets, and making FX management a board-level issue rather than just a finance department responsibility. It emphasizes that an effective policy can help companies protect profits by reducing risks from currency fluctuations.
The food and beverage industry is poised for growth globally as executives are again optimistic about increasing revenues and profits over the next year. However, to maintain profit margins amid rising costs, companies will need to focus on improving efficiency and reducing costs through automation and information technologies. While most companies expect to see revenue growth, they are more cautious about increasing employment and will look to control labor costs. Expanding exports also presents opportunities for growth, but companies will need to navigate complex regulations and competition in foreign markets. To capitalize on growth opportunities, many food and beverage businesses plan to invest in new plants and equipment, research and development, information technologies, and mergers and acquisitions.
BusinessLink, the magazine for growing companies, delivers real solutions for today’s innovative business builders. It gives advice, tools and resources to CEOs and owners of small-to-midsize companies as well as new entrepreneurs that help accelerate their growth.
Get the full magazine now for only $1 or subscribe for 12 months for only $10. Visit http://smebusinesslink.com/magazine for details or call us or Whatsapp +263 777 774 007
The document discusses emerging trends that will impact businesses in the new economy. It outlines 8 trends: 1) businesses can no longer throw money at problems and must understand ROI; 2) the new business model will be lean and outsource non-core functions; 3) customers will be more discriminating and demand flexibility; 4) continuous innovation is needed; 5) businesses must create new revenue streams to self-finance; 6) commodities will face long-term pricing pressures; 7) exports will be key to survival; and 8) public-private partnerships can help small businesses. Understanding these trends is important for strategic planning going forward.
I will teach you how to invest in the grocery sectorWalter Hin
A new way to research shares in the grocery sector. I have compiled several techniques to give you an early warning signs when stocks turn adverse or appreciate in price.
This document is a publication from Benchmark International that includes the following:
- An introduction from the CMO welcoming readers and highlighting Benchmark's record number of deals in the last year.
- Articles on topics like due diligence in M&A deals, the power of PR, sector snapshots, and profiles on Benchmark directors.
- Information on Benchmark's office locations and recent recognition.
- Advertisements for upcoming webinars and a client testimonial praising Benchmark's role in achieving a satisfactory sale price.
The document discusses the impact of the UK government's Comprehensive Spending Review (CSR) which outlined public spending cuts over the next four years.
The FTSE 100 index rose on the day of the CSR as global factors such as expected US quantitative easing boosted share prices, outweighing fears around slower UK growth due to cuts. However, some sectors were directly impacted by reductions in government spending. Transport companies gained from changes to bus subsidies while construction and housebuilding declined on cuts to capital spending. Defense companies also fell but global factors are expected to mitigate these declines over the long run. Investors will monitor the success of the CSR but the plan has reduced short-term uncertainty.
This document discusses the importance of Irish companies reviewing and strengthening their policies for managing foreign exchange (FX) risk given upcoming volatility in the British pound sterling rate due to the Brexit vote. It notes that many Irish SMEs that export to the UK either do not have a formal FX risk management policy or do not actively follow their policy. The document outlines elements that should be included in a strong FX risk management policy, such as identifying exposure levels, setting hedging targets, and making FX management a board-level issue rather than just a finance department responsibility. It emphasizes that an effective policy can help companies protect profits by reducing risks from currency fluctuations.
The food and beverage industry is poised for growth globally as executives are again optimistic about increasing revenues and profits over the next year. However, to maintain profit margins amid rising costs, companies will need to focus on improving efficiency and reducing costs through automation and information technologies. While most companies expect to see revenue growth, they are more cautious about increasing employment and will look to control labor costs. Expanding exports also presents opportunities for growth, but companies will need to navigate complex regulations and competition in foreign markets. To capitalize on growth opportunities, many food and beverage businesses plan to invest in new plants and equipment, research and development, information technologies, and mergers and acquisitions.
BusinessLink, the magazine for growing companies, delivers real solutions for today’s innovative business builders. It gives advice, tools and resources to CEOs and owners of small-to-midsize companies as well as new entrepreneurs that help accelerate their growth.
Get the full magazine now for only $1 or subscribe for 12 months for only $10. Visit http://smebusinesslink.com/magazine for details or call us or Whatsapp +263 777 774 007
The document discusses emerging trends that will impact businesses in the new economy. It outlines 8 trends: 1) businesses can no longer throw money at problems and must understand ROI; 2) the new business model will be lean and outsource non-core functions; 3) customers will be more discriminating and demand flexibility; 4) continuous innovation is needed; 5) businesses must create new revenue streams to self-finance; 6) commodities will face long-term pricing pressures; 7) exports will be key to survival; and 8) public-private partnerships can help small businesses. Understanding these trends is important for strategic planning going forward.
I will teach you how to invest in the grocery sectorWalter Hin
A new way to research shares in the grocery sector. I have compiled several techniques to give you an early warning signs when stocks turn adverse or appreciate in price.
Quarterly report for our investors - Second Quarter 2018BESTINVER
The document provides an overview of Bestinver's international and Iberian equity portfolios for the second quarter of 2018.
For the international portfolio:
- Returns were 0.86% year-to-date, outperforming the European market which declined 0.48%.
- The portfolio trades at a price-to-earnings ratio of 10.4x with 44% growth potential.
- Largest sector allocations are to industrial and consumer stocks. Geographically, most holdings are in Europe.
For the Iberian portfolio:
- Returns were 5.8% year-to-date, outperforming the Iberian market index which rose 0.98%.
Ashcourt Rowan Perspectives produced for River. I was asked to take a look at the existing design and this is the end result. Cleaner and using one illustrator throughout, Neil Webb, it helped the pace and flow of a relatively small magazine. Client decided against the cover, but I really liked it.
The document discusses the challenges private equity firms face in "buying well" in today's competitive market environment. It notes that high entry multiples, an abundance of dry powder, and increased competition from other buyers have made it difficult to find attractive deals. Private equity firms must focus on developing sector expertise, building relationships, and having a robust value creation plan to succeed in this environment where simple multiple arbitrage is no longer sufficient. Management issues are also a primary reason why deals fall apart after due diligence.
The document discusses the arrival of Alibaba in Australia as an opportunity for retailers, rather than a threat like Amazon. It notes that Alibaba has officially opened an office in Melbourne, and describes Alibaba as "reimagining and reinventing global trade" by connecting China and the world. While some Australian retailers are focused on threats from companies like Amazon, the author argues they should see Alibaba as a chance to access the growing Chinese consumer market and expand beyond Australia's small domestic market.
The document is a newsletter from the UK's number 1 free investment publication called Master Investor.
It contains articles on various investment topics such as delving into the mind of John Bogle, the father of passive investing. It also examines whether Legal & General's high yield of over 6% can be trusted. Additionally, it reveals companies poised to profit from India's growing fintech revolution.
The newsletter provides commentary on recent interest rate cuts by the Bank of England and implications for investors' portfolios. It also includes sections on ethical funds, small cap IPO opportunities, technical chart analysis, currency trading, building a property portfolio as a millennial, and reviews of investment books.
This document provides an executive summary of a white paper on the challenges facing the retail industry. It notes that retail accounts for a significant percentage of GDP in the UK, US, and Australia. While most retailers are struggling, some like Tesco and Holland & Barrett are extremely successful. It aims to explain why some retailers succeed despite challenges and outlines an innovative framework to help the industry. The document reviews past reports that highlighted issues but failed to explain differences in retailer performance or provide solutions. It argues the industry needs to embrace change rather than blame outside factors for its problems.
Going global: Expert insights to expand your eCommerce businessWorld First
You’ve dominated your home market and you feel business has peaked, so what’s next? Go global. This presentation covers tips and strategies for expanding your Amazon business overseas and beyond, discussing revenue growth, bringing your earnings home, payments, identifying markets and more.
Quarterly report for our investors - First Quarter 2019BESTINVER
The quarterly report provides an overview of Bestinver's international portfolio performance for the first quarter of 2019. Some key points:
- The international portfolio returned 9.6% for the quarter, outperforming the European market which rose 12.8%.
- The portfolio trades at a PER of 9.7x with 55% upside potential based on the managers' estimated target price.
- Top sectors are Industrial (40.8%), Communication & Technology (13.8%), and Consumer (25.4%).
- Geographically, the portfolio is focused on Europe (78.1%) with others regions making up 15.3% and cash at 6.5%.
The Trust MLM aims to provide orphan sponsorship and development in conflict regions through a multi-level marketing model. Over three years, it projects gross and net surpluses will increase from £1-2 million and £2-8 million respectively. Its competitive advantage is providing job satisfaction and multiple revenue streams for agents. Financial projections show break-even within a year and monthly positive cash flow thereafter. Keys to success include management credibility, human resource strategies to leverage expertise, sales through an MLM network, public relations, diversified funding, technology use, and customer care.
A sustainable business requires a plan and real-time monitoring. Whether you’re a small boutique winery or on your way to 100,000 cases, you have the opportunity to proactively drive more profitable revenues at each tipping point in your business. Learn to drive your business instead of it driving you. Walk away with new tools for assessing impacts of key decisions (organizational, product, sales channel, facilities, operational) on winery strategic plans.
- Deutsche EuroShop exceeded its operating profit forecasts for 2013 and benefited from the sale of its stake in a Polish shopping center and high property revaluations. However, the company is monitoring new German investment regulations and some of its centers saw reduced sales due to local flooding issues. Overall, Deutsche EuroShop is pleased with its 2013 results but recognizes that real estate values may not continue rising indefinitely.
- The document analyzes Tesco's recent financial results and strategy under its new CEO Dave Lewis.
- It notes that Lewis has made progress in improving service and availability, which led to the first positive quarterly volume growth in 4 years, but that Tesco's UK like-for-like sales were still down 1% in the last quarter.
- The document expresses surprise that Lewis did not explicitly mention improving quality as part of Tesco's strategy, as quality was a key part of previous turnarounds, and argues that higher quality products are important for Tesco to compete against discounters Aldi and Lidl.
Louder mooing from the herd brought 5% to 10% in a month.
StockTakers BlackSwanTrading-Solo 50K TM allows small investors to grow their own wealth with our Risk Price driven 'likeables'.
Enjoy another slice of our Risk Price method to earn investment income for yourselves with our 'likeables.
Because You Can.
Accredited Investors Buy A Slice of StockTakers 12% Bond to earn investment income by leaving that work to us.
Because We Do.
Inside Retail - Starting a Retail BusinessKate Disley
A free report from Inside Retail, aimed at young and established indies. It’s filled with insight and advice from some of the biggest names in the industry.
2017 Oregon Wine Symposium| Assessing the Health of Your BusinessOregon Wine Board
A healthy business creates value that can be reinvested to create more value. Learn what drives value in a healthy business, how to assess your business model to improve cash flow and increase the return on your investment. Walk away armed with a performance management dashboard adaptable to your winery and a stronger understanding of how to use these practical measures of performance to drive beneficial changes in your strategy.
This document provides an analysis of Walmart's financial ratios from 2013 to 2014 based on information from their annual reports. It finds that most of Walmart's profitability and stability ratios declined over this period, indicating weaker performance. Specifically, return on equity and net profit margin decreased, while debt and expenses rose. Based on this trend and Walmart's P/E ratio of 15 years, the document recommends against investing in Walmart as its financial position may continue to weaken.
Master Investor Magazine February 2016 - What NowMaria Psarra
This document is a February 2016 issue of the Master Investor magazine. It includes articles on various investment topics such as commodities, oil, shale, lithium, currencies, and junior mining stocks. One article interviews Justin Urquhart Stewart of Seven Investment Management to get his views on the recent market downturn. Another article profiles trader Robbie Burns and what stocks he has been buying in the sell-off. The issue also includes the regular sections on trading diaries, opportunities, economics, and company profiles.
The document discusses the current economic cycle and signs that the economy may be slowing down after nearly a decade of growth. It notes that while economic numbers have been strong, interest rates have risen several times in recent years and indicators like the CAPE ratio suggest the market may be overvalued. Rather than trying to time the market, the document recommends investors hedge risks by taking advantage of tax laws to protect assets and reduce downside if a market correction occurs.
StockTakers Black Swans are honking nicely giving small investors means to build their wealth with our proprietary Risk Price method
StockTakers TaxCharityTM gives small investors means to save tax refunds with our proprietary Risk Price method.
Enjoy another slice to earn investment income for yourselves. Because You Can..
Accredited investors can Buy A Slice of StockTakers 12% Bond to earn investment income for them leaving that work to us.
Because We Do.
Business Quarterly - Making The Most Out Of Your BusinessEvalsam O
BQ - Issue 2 gives insight on how to use your business loss effectively and how to start a business quickly post covid-19 pandemic. There is a feature to inform you on how your mental health can affect the bottom line in your business.
BQ provides important business and industry specific news and snippets, with many engaging features, as well as marketing tips to help position your business as we emerge from
this pandemic.
The document is Baker Tilly International's 2013 global annual review. It provides an overview of the accounting network's performance and opportunities. In 3 sentences:
Baker Tilly recorded a strong performance in 2013 with combined member firm revenues increasing for a third consecutive year, and welcomed seven new member firms, while existing firms expanded into new locations. The review showcases how the network operates worldwide, its culture, and opportunities it provides. An unwavering commitment to quality underpins everything the network does and it continually invests in tools and resources to enhance the high quality work and identify ways to remain positioned to provide premier client services.
The document provides an overview of the Winter 2016 issue of the Old Mill Food & Drink newsletter. It includes short articles on various topics relevant to food businesses, such as knowing when a business has achieved its goals, the availability of finance for food businesses, hot topics like the apprenticeship levy and business rates, using accounting software like Xero to monitor business performance, and recapping the winners of the Taste of Dorset food and drink awards. The overall document serves to inform and advise food businesses on current issues and opportunities in the industry.
Quarterly report for our investors - Second Quarter 2018BESTINVER
The document provides an overview of Bestinver's international and Iberian equity portfolios for the second quarter of 2018.
For the international portfolio:
- Returns were 0.86% year-to-date, outperforming the European market which declined 0.48%.
- The portfolio trades at a price-to-earnings ratio of 10.4x with 44% growth potential.
- Largest sector allocations are to industrial and consumer stocks. Geographically, most holdings are in Europe.
For the Iberian portfolio:
- Returns were 5.8% year-to-date, outperforming the Iberian market index which rose 0.98%.
Ashcourt Rowan Perspectives produced for River. I was asked to take a look at the existing design and this is the end result. Cleaner and using one illustrator throughout, Neil Webb, it helped the pace and flow of a relatively small magazine. Client decided against the cover, but I really liked it.
The document discusses the challenges private equity firms face in "buying well" in today's competitive market environment. It notes that high entry multiples, an abundance of dry powder, and increased competition from other buyers have made it difficult to find attractive deals. Private equity firms must focus on developing sector expertise, building relationships, and having a robust value creation plan to succeed in this environment where simple multiple arbitrage is no longer sufficient. Management issues are also a primary reason why deals fall apart after due diligence.
The document discusses the arrival of Alibaba in Australia as an opportunity for retailers, rather than a threat like Amazon. It notes that Alibaba has officially opened an office in Melbourne, and describes Alibaba as "reimagining and reinventing global trade" by connecting China and the world. While some Australian retailers are focused on threats from companies like Amazon, the author argues they should see Alibaba as a chance to access the growing Chinese consumer market and expand beyond Australia's small domestic market.
The document is a newsletter from the UK's number 1 free investment publication called Master Investor.
It contains articles on various investment topics such as delving into the mind of John Bogle, the father of passive investing. It also examines whether Legal & General's high yield of over 6% can be trusted. Additionally, it reveals companies poised to profit from India's growing fintech revolution.
The newsletter provides commentary on recent interest rate cuts by the Bank of England and implications for investors' portfolios. It also includes sections on ethical funds, small cap IPO opportunities, technical chart analysis, currency trading, building a property portfolio as a millennial, and reviews of investment books.
This document provides an executive summary of a white paper on the challenges facing the retail industry. It notes that retail accounts for a significant percentage of GDP in the UK, US, and Australia. While most retailers are struggling, some like Tesco and Holland & Barrett are extremely successful. It aims to explain why some retailers succeed despite challenges and outlines an innovative framework to help the industry. The document reviews past reports that highlighted issues but failed to explain differences in retailer performance or provide solutions. It argues the industry needs to embrace change rather than blame outside factors for its problems.
Going global: Expert insights to expand your eCommerce businessWorld First
You’ve dominated your home market and you feel business has peaked, so what’s next? Go global. This presentation covers tips and strategies for expanding your Amazon business overseas and beyond, discussing revenue growth, bringing your earnings home, payments, identifying markets and more.
Quarterly report for our investors - First Quarter 2019BESTINVER
The quarterly report provides an overview of Bestinver's international portfolio performance for the first quarter of 2019. Some key points:
- The international portfolio returned 9.6% for the quarter, outperforming the European market which rose 12.8%.
- The portfolio trades at a PER of 9.7x with 55% upside potential based on the managers' estimated target price.
- Top sectors are Industrial (40.8%), Communication & Technology (13.8%), and Consumer (25.4%).
- Geographically, the portfolio is focused on Europe (78.1%) with others regions making up 15.3% and cash at 6.5%.
The Trust MLM aims to provide orphan sponsorship and development in conflict regions through a multi-level marketing model. Over three years, it projects gross and net surpluses will increase from £1-2 million and £2-8 million respectively. Its competitive advantage is providing job satisfaction and multiple revenue streams for agents. Financial projections show break-even within a year and monthly positive cash flow thereafter. Keys to success include management credibility, human resource strategies to leverage expertise, sales through an MLM network, public relations, diversified funding, technology use, and customer care.
A sustainable business requires a plan and real-time monitoring. Whether you’re a small boutique winery or on your way to 100,000 cases, you have the opportunity to proactively drive more profitable revenues at each tipping point in your business. Learn to drive your business instead of it driving you. Walk away with new tools for assessing impacts of key decisions (organizational, product, sales channel, facilities, operational) on winery strategic plans.
- Deutsche EuroShop exceeded its operating profit forecasts for 2013 and benefited from the sale of its stake in a Polish shopping center and high property revaluations. However, the company is monitoring new German investment regulations and some of its centers saw reduced sales due to local flooding issues. Overall, Deutsche EuroShop is pleased with its 2013 results but recognizes that real estate values may not continue rising indefinitely.
- The document analyzes Tesco's recent financial results and strategy under its new CEO Dave Lewis.
- It notes that Lewis has made progress in improving service and availability, which led to the first positive quarterly volume growth in 4 years, but that Tesco's UK like-for-like sales were still down 1% in the last quarter.
- The document expresses surprise that Lewis did not explicitly mention improving quality as part of Tesco's strategy, as quality was a key part of previous turnarounds, and argues that higher quality products are important for Tesco to compete against discounters Aldi and Lidl.
Louder mooing from the herd brought 5% to 10% in a month.
StockTakers BlackSwanTrading-Solo 50K TM allows small investors to grow their own wealth with our Risk Price driven 'likeables'.
Enjoy another slice of our Risk Price method to earn investment income for yourselves with our 'likeables.
Because You Can.
Accredited Investors Buy A Slice of StockTakers 12% Bond to earn investment income by leaving that work to us.
Because We Do.
Inside Retail - Starting a Retail BusinessKate Disley
A free report from Inside Retail, aimed at young and established indies. It’s filled with insight and advice from some of the biggest names in the industry.
2017 Oregon Wine Symposium| Assessing the Health of Your BusinessOregon Wine Board
A healthy business creates value that can be reinvested to create more value. Learn what drives value in a healthy business, how to assess your business model to improve cash flow and increase the return on your investment. Walk away armed with a performance management dashboard adaptable to your winery and a stronger understanding of how to use these practical measures of performance to drive beneficial changes in your strategy.
This document provides an analysis of Walmart's financial ratios from 2013 to 2014 based on information from their annual reports. It finds that most of Walmart's profitability and stability ratios declined over this period, indicating weaker performance. Specifically, return on equity and net profit margin decreased, while debt and expenses rose. Based on this trend and Walmart's P/E ratio of 15 years, the document recommends against investing in Walmart as its financial position may continue to weaken.
Master Investor Magazine February 2016 - What NowMaria Psarra
This document is a February 2016 issue of the Master Investor magazine. It includes articles on various investment topics such as commodities, oil, shale, lithium, currencies, and junior mining stocks. One article interviews Justin Urquhart Stewart of Seven Investment Management to get his views on the recent market downturn. Another article profiles trader Robbie Burns and what stocks he has been buying in the sell-off. The issue also includes the regular sections on trading diaries, opportunities, economics, and company profiles.
The document discusses the current economic cycle and signs that the economy may be slowing down after nearly a decade of growth. It notes that while economic numbers have been strong, interest rates have risen several times in recent years and indicators like the CAPE ratio suggest the market may be overvalued. Rather than trying to time the market, the document recommends investors hedge risks by taking advantage of tax laws to protect assets and reduce downside if a market correction occurs.
StockTakers Black Swans are honking nicely giving small investors means to build their wealth with our proprietary Risk Price method
StockTakers TaxCharityTM gives small investors means to save tax refunds with our proprietary Risk Price method.
Enjoy another slice to earn investment income for yourselves. Because You Can..
Accredited investors can Buy A Slice of StockTakers 12% Bond to earn investment income for them leaving that work to us.
Because We Do.
Business Quarterly - Making The Most Out Of Your BusinessEvalsam O
BQ - Issue 2 gives insight on how to use your business loss effectively and how to start a business quickly post covid-19 pandemic. There is a feature to inform you on how your mental health can affect the bottom line in your business.
BQ provides important business and industry specific news and snippets, with many engaging features, as well as marketing tips to help position your business as we emerge from
this pandemic.
The document is Baker Tilly International's 2013 global annual review. It provides an overview of the accounting network's performance and opportunities. In 3 sentences:
Baker Tilly recorded a strong performance in 2013 with combined member firm revenues increasing for a third consecutive year, and welcomed seven new member firms, while existing firms expanded into new locations. The review showcases how the network operates worldwide, its culture, and opportunities it provides. An unwavering commitment to quality underpins everything the network does and it continually invests in tools and resources to enhance the high quality work and identify ways to remain positioned to provide premier client services.
The document provides an overview of the Winter 2016 issue of the Old Mill Food & Drink newsletter. It includes short articles on various topics relevant to food businesses, such as knowing when a business has achieved its goals, the availability of finance for food businesses, hot topics like the apprenticeship levy and business rates, using accounting software like Xero to monitor business performance, and recapping the winners of the Taste of Dorset food and drink awards. The overall document serves to inform and advise food businesses on current issues and opportunities in the industry.
global Venture funding and start up data : top 10 chartsSumit Roy
- Global VC funding hit a record high of $128.5B in 2015 but pulled back significantly in Q4/15, dropping from $38.7B in Q3 to $27.2B. Deal volume also declined from 2008 deals in Q3 to 1742 in Q4.
- The number of mega-rounds (>$100M) declined sharply from over 72 in Q3 to 38 in Q4 as investors became more cautious due to economic uncertainty and concerns about recent IPOs falling short of private valuations.
- Both North America and Asia saw large decreases in mega-rounds and funding compared to previous quarters while Europe experienced a more modest decline.
Quarterly report for our investors - First Quarter 2018BESTINVER
During the first quarter of 2018, the international portfolio fell 3.3% compared to a 4.3% fall in the European market index. Over the long term, the portfolio has outperformed with returns of 4.38% over 3 years and 10.76% over 5 years. The portfolio is trading at a potential growth of 54% from its current net asset value to its target value. Recent portfolio activity included selling positions that had achieved strong gains and reduced exposure, and using market fluctuations to add undervalued companies with good long-term potential such as Smith & Nephew.
Quarterly report for our investors - Fourth Quarter 2018BESTINVER
This quarterly report provides an overview of Bestinver's performance in 2018 and outlook. Key points include:
- Bestinfond value fund fell 13.4% and Bestinver Bolsa stock fund fell 8.7% in 2018, though the company remains confident in long-term returns.
- Opportunities exist from market volatility, and the company has been rotating portfolios into "ugly" companies at attractive prices.
- Exposure to industrials has increased through companies supplying automotive and stainless steel that have lost over 65% of value.
- Prudence is advised regarding financial and Chinese companies due to various risks, though some gains were achieved.
- With $6 billion under management
East Midlands Corporate Finance Annual Review Spring 2016 (Single)Pete Wood
The document provides an annual review from an East Midlands corporate finance firm. It discusses the firm's growth over the past few years and highlights some of its accomplishments in 2015, including advising on over 20 transactions. It summarizes a few transactions the firm completed in 2015, including advising on an MBO of two lift companies. It also notes the return of MBOs as a transaction format in 2015 with increased availability of financing. The review discusses key considerations for successful MBOs, including having a strong cash-generative company, a solid management team, and setting the right price and structure.
Quarterly report for our investors - Third Quarter 2018BESTINVER
1) The Bestinver international portfolio returned -2.5% for the third quarter of 2018 while the Iberian portfolio returned 2.11%. Over longer periods of 3 and 5 years, Bestinver's portfolios have outperformed the market.
2) Interest rates have been rising in the US slowly since 2015, now at 2-3%, which some believe will hurt stock markets. However, Bestinver sees this as monetary policy normalizing as economies strengthen.
3) Bestinver finds expensive good companies, cheap companies that could get cheaper, and good businesses with high growth potential trading at discounts. They see opportunities in industrial companies like Konecranes and sectors like machinery.
This document provides a summary of key topics that will impact CFOs in 2016, including the economy, taxes, deals and accounting/financial reporting. It discusses expectations for low global economic growth and high debt levels. On taxes, it mentions potential tax reform in the US and abroad. For deals, it suggests that 2016 may be a challenging year following strong M&A activity in 2015. The accounting section previews new rules that may be issued by the FASB.
The professional recruitment market as a whole has continued the trend from the back end of last year by growing steadily in terms of absolute job numbers by between 5% and 12% so far this year; a good indicator of market sentiment.
We have also found in Q1 2015 versus the same period last year that firms are committed to hiring when they go to market, not just scoping out the possibilities. As you will see in our market breakdown of the legal sector, firms are now moving quickly to secure talent and are offering competitive packages up front to secure the best people.
BoyarMiller Breakfast Forum: The Current State of the Capital Markets 2018BoyarMiller
As part of its ongoing Breakfast Forum series, BoyarMiller gathered industry experts for a moderated discussion on the Current State of the Capital Markets. Speakers included Mark Montgomery with BBVA Compass, Ali Nasser with AltruVista, and Scott Winship of GulfStar Group.
Small business growth in New Jersey is expected to be modest in 2016, with potential for slight improvement. While consumer spending and employment growth could boost some sectors like construction, healthcare, and retail, other sectors like manufacturing may face challenges from global economic uncertainty and slowing growth in China. Additionally, New Jersey's high tax rates could impact business growth in the state. Overall, most experts predict continued modest economic expansion in 2016 similar to recent years.
Global Capital Confidence Barometer | In an age of M&A complexity, do you pau...EY
This document summarizes a survey on corporate M&A activity and confidence. It finds that while some executives are pausing M&A plans due to regulatory uncertainty, others are continuing acquisition activities. The survey found that executives see the M&A cycle continuing but at lower levels than the past year. Trade issues and increased private equity competition are influencing near-term dealmaking.
A round-up of the latest UK economic news, including a reminder of the key announcements in George Osborne's Budget, inflation falling to 0%, the latest unemployment figures and David Cameron's comments about his re-election.
- Lincoln National Corporation reported net income of $91.6 million for 2002, achieving positive net flows in each business despite declines in equity markets negatively impacting fees and assumptions.
- The company focused on controlling expenses, maintaining a strong capital position, and developing new products, positioning itself for future growth while lessening short-term impacts of market downturns.
- Lincoln believes it is well-positioned for long-term growth in retirement income and wealth transfer businesses as baby boomers focus on ensuring income and legacy, and the industry evolves to provide comprehensive financial planning and retirement solutions.
Find out everything you need to know about Ireland's economy, including the latest mortgage arrears figures, AIB returning to profit for the first time since the crash and which company has revealed it is to sell almost 3% of Bank of Ireland shares.
This document provides an overview of trends impacting the global financial services industry in 2012 from the perspective of Investance, a management consulting firm. It identifies 12 key trends, including a focus on increasing capital requirements, right-sizing businesses to focus on core operations, growth in emerging markets and fee-based businesses, and cost optimization efforts. The document also discusses views on European and French banking, including the need to reduce balance sheets and rescale business portfolios due to regulatory changes and liquidity scarcity.
The document is a transcript from Ameriprise Financial's fourth quarter 2008 earnings call on January 28, 2009.
In the call, Jim Cracchiolo, Chairman and CEO of Ameriprise Financial, discusses the company's disappointing financial results for Q4 2008 which included a net loss of $369 million due to impacts from the deteriorating market conditions. However, he emphasizes that the company's financial foundation remains strong with healthy capital ratios and a solid balance sheet. Looking ahead, the company expects challenging market conditions to continue through 2009 and is taking actions to reduce expenses and better prepare for potential further credit market issues.
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iDeal Autumn Winter 2014
1. iDealRealising the worth of your business
AUTUMN / WINTER 2014 / 15
www.idealmagazine.org
WHAT MAKES YOU VALUABLE? | INTERNATIONAL UPDATE | STATE OF THE MARKET | AND MORE!
TOPMARQUESExclusive interview: BCMS drives sale of
leading vintage automobile specialist,
Wildae Restorations
WHY BCMS?
Our three blue-chip executives,
leading the way
IT SECTOR
REPORT
Vibrant market,
global success
2. The UK market leader in the sale of privately
owned businesses would like to invite you
to join one of our forthcoming seminars
These free, informative events are held around the country.
Our seminars have been created to help business owners consider
their options for succession planning, and exit strategies.
To find out more or to register call: 01635 296193
To view our current seminar diary, visit www.bcmscorporate.com
We look forward to welcoming you
3. www.idealmagazine.org / 3
The value of experience / 4 – 7
What new developments will impact on deal making
going into 2015. Steve Anstey reports
International spotlight / 8 – 9
News and insights from our partner teams in Ireland,
Benelux and the Mediterranean
COVER STORY / 10 – 13
What does it feel like to build and sell your business? We
speak to the former owners of vintage car specialist, Wildae
Restorations, who sold with BCMS
Leading from the front / 14 – 17
CEO Steve Dally, US Chairman Paul Daitz, and Jonathan
Dunn, MD of our Major Transactions Group, on why they
chose to work with BCMS
Sector overview / 18 – 20
BCMS offers an insight into the IT and Computing sector
What makes your business valuable? / 22 – 23
Where do acquirers find value in a company? Here are five key
questions to consider when planning your exit strategy
p4
p10 p14 p22
p8
ContentsWelcome
According to Start-Up Britain, which
tracks new company formations via
Companies House, the volume of
business start-ups is at record levels.
At the time of writing, in the last
week alone 8,675 new businesses
were created, and 387,611 so
far this calendar year. Recession
often seems to precede a period
of growth in company start-ups,
which is a very good thing for innovation, job creation
and ultimately the future wealth and health of the UK’s
business sector.
Recession will certainly have left some with no
choice, but others will see it as the right time to
back themselves, to assert more control over their
own futures. Many will take their lead from a hobby,
something they are passionate about, turning it
into a business – and that’s not a bad place to start.
Enjoying what you do and being passionate about
it is attractive to potential customers because it
invariably translates into quality. A good example
of this is a company we recently had the privilege
of selling, Wildae Restorations, who specialise in
bringing classic automobiles back to life.
We caught up with Bill Cooke and David Trueman
of Wildae for this issue’s cover story.“It was sheer
enjoyment that made us set up this business,”they
tell us. You can read the full interview on pages
10-13…
iDeal Magazine
Autumn / Winter 2014 /15
idealmagazine.org
Editorial
BCMS Corporate
Coldridge House, Kingsclere Park
Kingsclere, Newbury Berks
RG20 4SW, UK
Reproduction in whole or part without written permission is strictly prohibited. Whilst every care has been taken during the preparation of this magazine, BCMS Corporate cannot be
held responsible for the accuracy of the information herein or for any consequence arising from it. BCMS Corporate accepts no responsibility for the views expressed by contributors.
Opinions expressed do not necessarily reflect BCMS Corporate policies. The articles in this magazine are intended to be for general information only and should not be used as the
basis for divestment decisions. BCMS Corporate, its staff and contributors do not accept any liability for any loss suffered by readers as a result of decisions made purely on the basis
of the contents of this publication. Professional advice should be taken in relation to all divestment decisions. BCMS Corporate is a trading style of BCMS Corporate Limited
Creative
Rebecca Pritchard-Wickens
Matthew Grant
E: ideal@bcmscorporate.com
Designed by
Apple Print & Creative
T: 01635 521654
Printed by
Calderstone
T: 01737 851851
Publisher
BCMS Corporate
iDeal Magazine is published by BCMS Corporate, registered in England no.
2932734. This publication is copyright protected.
Brian Rebbettes, Chairman of BCMS
4. 4 / www.idealmagazine.org
Thevalueofexperience
As BCMS deal completions continue across a wide range of sectors, 2014
looks like a good year for M&A. But what new developments will impact on
deal making going into 2015. Steve Anstey reports
Predictions are increasingly positive about the prospects for M&A as 2014
progresses in what is a sellers’market, with all acquirer types seemingly
hungry to acquire. BCMS’own recent experience confirms this wider
sentiment having just concluded our most successful month of M&A
activity since the recession took hold in 2008, completing 11 deals. We do
however have a few notes of caution which mean vendors, acquirers and
advisors need to‘keep a finger carefully on the pulse.’I would argue that by
virtue of the sheer scale of BCMS operations in the UK, some 150 staff, well
over half of whom are market-facing, we are very well placed to do that.
“ It is simply too
risky to sit back and
hope that the right
acquirer finds you”
5. www.idealmagazine.org / 5
Apoliticaldimension
I always get a little apprehensive as a
General Election approaches. If you
don’t feel there is enough politics
coverage by the media currently,
then you won’t be disappointed
over the next 12 months, as political
announcements and commentary
goes into overdrive.
What we hope is that politicians
exercise caution when floating policy
ideas between now and next May.
Ill-considered policy announcements
could threaten stability and the
market’s predictability. A sense of
continuity and no sharp tacks in the
opposite direction are essential to
ensure inward investment, capital
investment by indigenous firms, job
creation and, of course, deal making.
After all, it’s the wealth effect which
invariably wins elections.
Astrongpound
A strong currency has historically
been synonymous with a strong
economy, and we are doing well, by
comparison with many of our trading
partners. Mainland Europe is still
very much in the‘starting blocks’of
recovery, the European Central Bank
(ECB) may need to start quantitative
easing (electronic money creation by
central banks to you and me). In the
US, meanwhile, quantitative easing
has never been switched off – money
creation continues at a remarkable rate
– something which is scheduled to end
later this year.
In such circumstances it’s no surprise
that Sterling has strengthened against
the Euro and the US Dollar by 10%
and 13% respectively so far this year.
Sterling value will fluctuate, but
generally it will continue to perform
well against other currencies until
recovery truly gets underway in
Europe and the US economy is weaned
off quantitative easing.
For UK domiciled companies trading
across borders this is a challenge.
Profits made elsewhere in the world
are devalued when converted back
into Sterling for reporting purposes.
This is why Sterling strength features
in the interim financial statements of
UK plc.
Exports from the UK are of course
less competitively priced as Sterling
strengthens, but imports get cheaper,
pressure on inflation consequently
eases and therefore the pressure on
the Bank of England monetary policy
committee to raise interest rates
diminishes.
Howwillthisaffectdeal
making?
We would expect to see purely
domestic M&A between companies
who trade nationally to continue very
strongly. We also expect that cross-
border M&A, interest in UK targets
from foreign acquirers, will continue
as they seek to exploit growth in the
UK and view us a relative safe haven in
Europe.
In fact, analysis of 50 recent BCMS
transactions reveals that 30%
involved foreign acquirers. We are
active in over 30 sectors, with some
markets demonstrating high levels
of activity. Computing and the
wider IT sector accounted for 18%
of deals; engineering and high end
manufacturing accounted for 16%;
wholesale, retail and distribution for
10%; services including marketing
advertising, accountancy and
other financial services 18% and
pharmaceutical and medical 6%. The
remaining deals were varied with no
aggregate trend.
6. 6 / www.idealmagazine.org
In any M&A market, margin
improvement through improved
efficiency and productivity features
highly, but in today’s market even
more so. Also, technical advantage,
brands and other means of achieving
‘price elasticity’– in other words deal
gains which help underpin demand
even where prices are rising through
actual price increases or currency
fluctuations – are likely to feature.
Where the acquirers disclosed their
motives to BCMS, 39% cited product,
skills and technological advantage;
17% cited consolidation and removing
waste and costs, and 16% cited client-
base, contracts and brand as the
drivers for acquisition.
Newfundingsources
There are a lot of cash rich buyers,
larger corporates who have paid down
debt and hoarded cash and private
equity who have been busy exiting
investee businesses and raising new
funds; but debt is also still a factor in
financing of many deals.
The funding environment still remains
a challenge in the SME and lower
mid-market from the banking sector,
particularly High Street names, who
are still cautious about SME business
lending to support M&A or otherwise.
Traditional lenders tend to be
dogmatic, simply applying an EBITDA
multiple as a mechanism for setting
a debt ceiling and, consequently, the
purchase price in some cases.
Despite this though, or rather, I should
say because of this, the funding
environment is becoming much
more interesting and options are
opening up if you know where to look.
Unsurprisingly, where there is a need,
new innovative solution providers are
moving into this space vacated by the
traditional banks.
There are some interesting alternative
funding sources emerging which
broadly fall under the category
heading of asset-based lending. So
called‘challenger banks’are also
mounting a‘challenge’to better known
High Street banking brands in the
business funding space. A longer-term
trend to watch is the emergence of
peer-to-peer funding, initially confined
to individuals, it is now facilitating a
move into the business funding space.
I spoke recently with a finance broker
who is on the cusp of completing
a funding round for an acquirer to
complete a buy-out via peer-to-peer
funding. This is a relatively small
transaction, raising £1.2m for a deal
with an enterprise value of £2m.
But it’s an interesting development
nevertheless.
According to our recent deal data,
the cash rich status of many acquirers
is confirmed with 48% admitting
to paying the consideration from
company reserves. 22% admitted
to using a mixture of funding types
including asset-based lending and
overall, 22% of buyers also had access
to PE backing where needed. Not
all acquirers disclose their funding
sources.
7. www.idealmagazine.org / 7
Appetiteforacquisition
In our case momentum, in the form of
deal volumes, has built gradually over
the course of this year, culminating
in a record-breaking month in July
of 11 completions. Our pipeline of
expected completions is also robust.
We continue to see really strong buyer
activity from all quarters: SMEs, private
investors, private and listed corporates
here and overseas, private equity-
backed businesses and various equity
investors.
Despite this appetite, acquirers still
appear to be selecting their targets
carefully, such that anecdotally
acquirers are struggling to deploy
their capital. We are receiving more
speculative enquiries directly from
acquirers, letting us know their target
requirements, or indirectly from their
retained advisors. This would seem to
suggest that the uncompromising and
comprehensive research component
of the BCMS service is still absolutely
essential – it is simply too risky to sit
back and hope that the right acquirer
finds you; there is no substitute for a
deliberate and targeted search.
One prolific acquirer told me recently,
“We much prefer intermediated
introductions to targets because
we can quickly get into meaningful
dialogue based on a professionally
prepared IM. We don’t have the
time and resource to speculatively
approach companies that look right on
the surface only to discover all isn’t as
it seems when we get into the detail.”
Drivingthedeal
Appetite aside, acquirer sensitivity
to risk can still be described as
heightened. Advisors need to exercise
care during Due Diligence, which is
broad and deep. Our own investment
in a virtual data room for each
client, and our unique arrangement
with BCMS panel lawyers to review
documents well before Due Diligence
commences is helping ease the
progress of this process. Without a
firm hand on the rudder at this stage,
advisors can risk deal fatigue on either
buy or sell side. Deal momentum has
always been important and perhaps
even more so now.
Whowillbuymybusiness?
The answer to this question is perhaps
to pose another,“What do you want to
achieve?”
Whether seeking an outright sale, an
equity investor, longer-term succession
or some shareholders wanting to sell
and others wanting to stay, the good
news is that the potential to structure
a deal which is right for you is better
now than I can recall; certainly since
2008.
“ We are receiving
more speculative
enquiries directly
from acquirers”
8. 8 / www.idealmagazine.org
Internationalspotlight
News and insights from our partner teams in
Ireland, Benelux and the Mediterranean
Interviews by Nicola Revolta
BCMS Ireland
Alan Branagh – Managing Director
What would be your number one tip for a business owner considering selling their
business?
My top tip is to make sure that there are“no surprises”– you need to prepare your
business for sale a number of years before you actually decide to take it to market.
Plan to get all your legal and financial affairs in shape and, of course, engage
professional consultants that know how to sell your business. Above all, you need to
be prepared individually by getting your head in the right place for the journey, being
sure of your outcomes and open to the choices you will have.
How much interest does your region get from overseas buyers?
BCMS Ireland did a survey recently of all the company acquisition transactions in
both Northern Ireland and the Republic of Ireland. The buyer originating country
ratio was 40% Ireland, 20% Great Britain, 20% USA and 20% rest of
world. BCMS’global presence means we can identify and
facilitate interest from overseas buyers in multiple locations.
Are there any cultural traditions or subtleties of doing
business in your region?
Ireland can be like a big village where people
know people and the businesses we work with
understand this. They are therefore attracted by
our confidentiality, integrity and independence
and know that, as we only work on the
sell-side of the transaction, we are never
compromised during negotiations.
Ireland office facts:
Location: Belfast, Northern
Ireland
Regions supported: Northern
Ireland and the Republic of Ireland
Size of M&A market in Ireland
(2013): 237 deals and 25,844 million
USD deal value
Languages spoken by staff: English
www.bcms.ie
8 / www.idealmagazine.org
BCMS’unique methodology translates perfectly to international
markets – because we have expert professionals on the ground in
offices around the world, we have unmatched‘local knowledge’
delivering maximum value for our clients.
Note - Source for all market size data:
Zephyr Annual M&A Report Global, 2013
9. www.idealmagazine.org / 9
BCMS Benelux
Derk Kropholler – Managing Director
What would be your number one tip for a business owner
considering selling their business?
Be open-minded about who your acquirer could be and
think outside the box. Have confidence in the interest your
company will generate – it may be more attractive to a
potential buyer than you think it is.
Howmuchinterestdoesyourregiongetfromoverseasbuyers?
We get a great deal of interest from overseas buyers.
The Netherlands has always been a good starting point
for international businesses wanting to access Western
European markets. This is due to the many languages
spoken here and our international orientation. We see a
lot of interest from Scandinavia because of the cultural
alignment and a growing interest from China.
Are there any cultural traditions or subtleties of doing
business in your region?
Trust is important. A lot of Dutch business owners prefer
a more informal atmosphere during meetings which is
sometimes confusing for foreigners because, although
the setting is informal, the issues always stay focused and
business-like!
Benelux office facts:
Location: Huizen, The Netherlands
Countries supported: The Netherlands, Belgium
and Luxembourg
Size of M&A market by country (2013):
Netherlands 1,380 deals and 133,173 million USD deal value;
Belgium 449 deals and 31,859 million USD deal value;
Luxembourg 129 deals and 20,581 million USD deal value
Languages spoken by staff: Dutch, English, French
and German
www.bcmsbenelux.nl
BCMS AKA/Mediterranean Office
Mehmet Soyer – Partner and General Manager
What would be your number one tip for a business owner
considering selling their business?
We encourage business owners to view their company as
a product and to apply the same marketing methods to
their business as they do to their products and services.
Businesses have a life-cycle and are grown to be sold.
Howmuchinterestdoesyourregiongetfromoverseasbuyers?
Interest in our region is continuously on the rise due to
its growing potential as a market and its proximity to the
developed countries, whilst still having comparatively lower
production costs. All three countries have recently started
operating with free economy principles – Turkey in the 80s
and Bulgaria and Romania in the 90s. Turkey is now the
centre for many manufacturing sectors, as well as tourism.
Most business owners here seek a foreign buyer and, thanks
to our vast international database, we can offer our clients
around 200 overseas prospects per project.
Are there any cultural traditions or subtleties of doing
business in your region?
Some of the bazaar traditions remain strong and bargaining
is commonplace. Many business owners think they are the
best talent the world has seen!
AKA/Mediterranean Office facts:
Location: Istanbul, Turkey and Sofia, Bulgaria
Countries supported: Turkey, Bulgaria and Romania
Size of M&A market by country (2013):
Turkey 870 deals and 15,115 million USD deal value;
Bulgaria 1,989 deals and 2,852 million USD deal value;
Romania 404 deals and 2,162 million USD deal value
Languages spoken by staff: Bulgarian, English, French,
German, Italian, Russian, Spanish, Turkish
www.bcmsaka.com
10. “Itwassheerenjoymentthat
madeussetupthisbusiness…”
Client interview: There’s something about a classic car that appeals to us
all. Earlier this year, BCMS advised on the successful sale of renowned vintage
car specialistWildae Restorations to the Joe Macari Group of Companies.
Here, we speak to founders Bill Cooke and DavidTrueman at their Devon HQ
to talk about how they built – and then sold – this rather special business
Article by Nolan John
A 1930s Rolls-Royce Phantom 3 is not the first thing you
expect to see in a Devonshire village. But when that village
is Braunton, situated by the River Taw and the beautiful
Saunton Sands, then the sight is not uncommon. For close
to 40 years, Braunton has been home to Wildae Restorations
Ltd, one of Britain’s most highly regarded classic and
vintage car restorers. And here, it’s my slate-grey Vauxhall
that looks a little out of place.
On arrival at Wildae Restorations Ltd, I’m greeted by William
Cooke - Bill to his friends and loyal customers. He guides me
through double glass doors into a bright workshop lit by
daylight from numerous large windows.
The space is cavernous, and the scene is breathtaking:
vintage Ferraris and Mercedes flank an Aston Martin, and a
near completely restored Rolls-Royce in pristine condition
stands next to a car that could be 100 years old. Here
and there engine components and parts reside on work
benches alongside engineering tools. Cars in various stages
of restoration are part-covered with plastic sheeting, their
engines exposed awaiting further work.
At the centre of the warehouse, a fully restored automobile
takes pride of place, awaiting one final wheel fitting. I am
a big car fan, but I don’t recognise the marque. The reason
soon becomes clear.
“ That’s a Belgian Minerva dating back from before the
First World War,”Bill explains.“In fact this model was built
in 1913. We’ve worked on this car for around three years,
painstakingly restoring it.”
The Minerva has elegant coachwork crowned with two
lanterns that seem more suited to a Victorian horse-drawn
carriage than a motor car, and this design tension flows
through the entire vehicle. It’s not a car, it’s a work of art.
10 / www.idealmagazine.org
11. David & Bill
with the 1913
Minerva
The gorgeous
interior of the
Phantom 3
Many people take pride in their work, but when you talk
to Bill about the cars in the workshop, his genuine, lasting
passion for the automobile is revealed.“This Minerva came
to us in pieces, with a damaged engine. Everything you see
was restored by us. We worked with
specialist suppliers where we needed
certain materials, such as the vintage
leather. I even had to seek out a
foundry that could provide the iron
castings for the engine block.”
How much is a car like this worth? Bill
answers thoughtfully:“There are not
many of these models left and they
very rarely come on the market, if at
all. A collector would easily spend
over £100,000 on a restoration. This
particular example is priceless.”
Allinthedetails
We walk over to the Rolls Royce Phantom 3 – with
impeccably finished black and silver painted coachwork –
where Bill’s friend and business partner of nearly 40 years,
David Trueman, is at work on the upholstery. David is keen
to show me a rich purple fabric, bearing a print of a male
peacock, with which the interior of the Rolls Royce has been
upholstered to beautiful effect.
“ A collector
would easily spend
over £100,000 on
a restoration, this
particular example is
priceless.
”
The attention to detail is astonishing.“I tend to try as much
as possible to match the original look and type of materials
used when restoring interiors,”explains David. “ I once
worked with Axminster carpets to specially weave a type of
carpet needed for one project where it
was simply impossible to find a replica
of the original carpet used.”
In listening to both men speak
about their work, neither betrays a
Devonshire accent.
“I grew up in the Midlands. My father
was a construction worker,”David
explains.“He took ill when I was a child,
which meant he couldn’t work around
concrete dust any longer. We moved
to Braunton to be near the sea so he
could benefit from the fresh sea air.”
David found himself working on farms as an agricultural
worker as a teenager but he successfully applied for an
apprenticeship at a local car dealership in Braunton, where
his love affair with the automobile began. It was the appeal
of coastal life that brought Bill to Braunton, he explains.
“I was a builder, and I decided to relocate to the area having
enjoyed holidaying in North Devon.”
www. idealmagazine.org / 11
12. Asharedhistory
The pair met quite by chance at the school gate, where both
had sons in attendance at the local primary. It was through
their children’s friendship that they became friends; a
friendship which ultimately led to both men embarking on
their first ever restoration project.
“I had bought a classic car that was in a complete state and I
wanted to do it up in my spare time,”Bill explains.“I knew David
could help me with the project and when I asked him, he was
up for it. It was the sheer enjoyment of doing that project that
gave us both the idea of setting up
Wildae.”
With all the present success of the
business, it is difficult to imagine
that this huge workshop was once
an empty engineering space, chosen
purely because it was affordable –
and came with an overhead crane
pre-installed.
“I’ll never forget the very first day we
both walked in here with our tools,”Bill
explains.“The space seemed so vast
and empty; we just looked at each
other thinking:‘What do we do now?’”
“In the early days people thought I was mad, giving up a
stable job to go and set up a business restoring vintage
cars. Especially as my wife had just had a baby!”says David.
“At one bank they turned me down flat for a loan, as the
only businesses they had ever supported were agricultural
and farming related.”
One of the first customers came to them completely
unexpectedly: a high net worth individual from the
Midlands who said he had heard about their new business
and had a number of cars that needed restoration.
“The business just grew and grew, with us eventually
having to take on staff,”says Bill.“Our reputation spread
as our customers, who were wealthy people started
recommending their acquaintances and business
partners to us.”
Despite only a modest investment in advertising – chiefly in
car magazines –Wildae became so successful that it quickly
outgrew its original space, with operations expanding into
adjacent buildings to meet demand.The company soon added
more workshop space, a paint shop and a machine room.
High-profileclients
It wasn’t long before interest was
received from international car
collectors, high net worth individuals
and even European royalty. When
asked to pick one particular
restoration that stands out against
the many projects completed over the
years, both men choose the same job.
“One of the highlights has to be the
imperial car of South Korea,”says
Bill.“It was presented as a gift to the
Emperor of South Korea from the Emperor of Japan. The
job came quite out of the blue. Representatives from South
Korea had spoken to one or two restorers in Britain, but
unlike us, none of the other restorers could offer a complete
restoration service.”
“That was a very special job,”adds David.“I’ll always
remember the patterned gold silk that was used for the
upholstery, which came from China and was only permitted
for use on the imperial car. I feel proud knowing the car is still
on display at the National Palace Museum of South Korea.”
“ In the early days
people thought I
was mad – giving
up a stable job to
start a business
restoring cars!
”
12 / www.idealmagazine.org
13. So, once restored, are these exquisite
vehicles locked away in climate-
controlled garages, never to see the
light of day? Not a bit of it. Many
Wildae clients invest in restoring these
rare and precious automobiles solely
for use in racing and rallying.
Cars like this 1920s French-built Ballot
(pictured right) were designed with
racing in mind.“Édouard Ballot, the
Frenchman who manufactured these
cars had worked with Bugatti,”says
Bill.“Only a few Ballots were made but
they are some of the best examples of
sports cars from that time.”
RE-BUILTFORSPEED!Wildae and vintage vehicle racing
Bill is quick to point out business hasn’t always been
a smooth ride:“Things were difficult when the 1980s
recession hit as we were still a young company. We did
everything we could to keep the business going. It was
tough for a while.”
The most recent financial crash did not have quite the same
impact.“It seemed like wealthy individuals were still putting
money into classic cars because they didn’t want to leave
their cash in the banks,”Bill explains.
Thedecisiontosell
Having invested so much of their lives
in the business one imagines that
making the decision to sell Wildae
Restorations must have been difficult.
“We’ve worked at this for nearly 40
years now, and we always talked
about where the business would go
if we wanted to step back a bit,”says
David.“We thought our kids might
want to take over the business but
they were never interested. Neither
could the lads here look at buying us
out. The only option then was to sell
the business, as we didn’t want to just
shut the doors.”
“We weren’t quite sure if the business was even worth
anything,”he says, to my evident surprise. It was David’s
daughter Estelle, who manages the office at Wildae, who
suggested the next step. She noticed an advert for a BCMS
seminar in Exeter, which offered advice for company owners
thinking of selling up.“Estelle and I went along to the
BCMS seminar and we were impressed by what we heard.
Everything that was said made sense,”David adds. After
further conversations with their accountant, it didn’t take
both men long to decide to proceed with BCMS.
“It was great to have a whole team of people involved in
the sale and everything happened as explained at the very
beginning. We are grateful to Sue [Parkin-Russell] and Steve
[Marston], members of the BCMS team who worked with us
throughout the sale. They kept us informed and attending
the meetings with interested parties,”says David.
“In the end we had a few people interested, but the Joe
Macari Group were the ones we chose to move forward
with,”says Bill.“The toughest bit was the final part of Due
Diligence. As we got closer to agreeing
the sale the lawyers started asking
for huge amounts of information. It
became very intense. A huge amount
of paperwork had to be prepared, on
everything about the company from
contracts to insurances…”
Bill adds that the motivation for the
sale was not solely about realising
the value in the business:“It was
important to me that the business
went to a good home. I never wanted
to shut the doors, and I wanted the
staff to be looked after. Some of these
lads have been with us since leaving
school; some I took on as apprentices.”
Wherenext?
In looking to the future both men have not yet quite
decided how they will adjust to life post-sale:“I’d like to do
something completely different,”says Bill.“Being on the
coast, I’ve always had an interest in steam trains. Between
us we’ve got a bit of property as well so that will also need
to be thought about.”
Surely wherever they go, they’ll travel in style.
Bill with the
1920s Ballot
These cars were made to be driven:
“One of our repeat customers often
races his vintage Rolls-Royce. One
year he took part in the Peking to Paris
Rally: one of the toughest endurance
races, and the car went through hell.
He wrote to us saying he had
wrecked part of the engine
crossing a river
in Mongolia!”
“ It was important
the business went
to a good home, and
I wanted the staff
to be looked after.
Some of these lads
have been with
us since leaving
school…
”
www.idealmagazine.org / 13
14. 14 / www.idealmagazine.org
Leadingfromthefront
From Goldman Sachs to Ernst &Young, BCMS’hand-picked senior
management team has a blue-chip past and a clear vision for the
future, offering our clients an unmatched service
BCMS has grown significantly since it was first established
by the Rebbettes family in 1989. While we remain a family
business, we know the value of international corporate
experience.This is why BCMS’shareholders have actively
recruited blue-chip individuals with director-level
experience at some of the most respected and successful
organisations across the globe.
Here we meet Steve Dally, Paul Daitz and Jonathan Dunn
– three BCMS senior executives, with combined 70 years+
experience in international corporates including Goldman
Sachs, 3M and Ernst & Young. What is it about BCMS that
attracts people of such high calibre, and how will they
shape the future of this market-leading advisor?
EDUCATED:
Downing College,
University of Cambridge
SELECTED PREVIOUS ROLES:
Senior Board, 3M UK;
Anglo American
STEVE DALLY
CEO, BCMS
EDUCATED:
Amherst College,
Massachusetts
SELECTED PREVIOUS ROLES:
17 years at Goldman Sachs’ M&A division in
the US, UK and Australia; Macquarie Group
PAUL DAITZ
Executive Chairman, BCMS Capital Advisors LLC, New York
EDUCATED:
Queen Mary’s College;
Stoy Hayward
SELECTED PREVIOUS ROLES:
M&A Director for EY,
leading media transactions
JONATHAN DUNN
MD, BCMS Major Transactions Group
15. www.idealmagazine.org / 15
Moving on to progressively
bigger challenges, in diverse
markets from Industrial, to
Consumer Products, I was
appointed to the Executive
Board of 3M UK plc in 2000
to the position of Head of
M&A and Enterprise Growth.
The key to 3M’s success was,
and still is, understanding
the customer and delivering
unique, innovative client
focused solutions.
In 2004, after spending
20 years with 3M, I was
headhunted to join Anglo
American and returned to
operational management
as MD of Mondi fine coated
papers UK: through market
segmentation, and customer
focus with strong sales and
operational planning, the
business grew significantly in
the five years I was there.
What did you know about
BCMS before you joined?
My first contact with BCMS
came through working with
[BCMS founding director]
Dave Rebbettes in a number
of trusts and charities. I built
a great respect for Dave as an
inspirational entrepreneurial
businessman. Dave asked
me to advise when BCMS
was looking to build a Major
Transactions Division, back in
2010, and I was keen to help.
It wasn’t until December 2013
that I joined BCMS in a full
time role.
What interested you most
about working with BCMS?
I was impressed with BCMS as
a company, its market leading
reputation, its ethos and
family values.
The leadership and vision of
the Rebbettes family was a
prime motive in me joining: I
admired the ethics, integrity,
passion and commitment to
success. BCMS has a great
culture - this is a company
where the staff are truly
respected and cared for.
BCMS has a proved track
record built over 25 years
of experience in advising
owners of SMEs in the release
of equity for part or full sale.
They are a market leader
in a strong position. I saw a
company keen to learn, and
expand, and my role is very
much involved in taking the
company on to the next level
by injecting pace and focus.
Focus is all about our clients
- and how together we can
build and shape solutions
around their needs and
requirements.
What is your background, and
where did you work before
joining BCMS?
Steve Dally: Most of my
experience is in International
Companies: building well-
known brands, market
leading positions with a high
profile in their sectors.
I started my commercial
life at 3M in a technical role
before moving through
manufacturing, sales and
marketing and then business
development. Whilst 3M is
one of the biggest global
companies, it’s made up of
many small business units
covering diverse markets.
One of the first business units
I managed was a subsidiary
division which specialised
in emergency and oil and
chemical spill clean-up.
Through understanding the
market, sales and operational
excellence and delivering
solutions to customer needs,
we trebled the business.
In your opinion, what has
made BCMS so successful over
the last 25 years?
The simplicity of the product.
BCMS offers an established
market-leading service; an
eloquent, effective, and
proven selling process. Like
all good business models, it’s
a simple one. BCMS widens
the net, creates genuine
competition, and delivers the
very best advice available to
those looking to sell. BCMS
staff are key to the success:
businesses are all about
people, cooperating for
mutual gain. At BCMS, our
teams work together with
the client at the centre of our
processes.
What do you see as the key
future prospects for BCMS?
I see BCMS broadening our
offer to clients, and building
on the successes we have
enjoyed.
We are going to come even
closer to our customers
to understand and deliver
solutions to their needs.
BCMS has been successful
with our focus on trade sales,
but the market is changing,
and M&A is very different
post-recession. Debt finance
is still restricted, and deal
making has become more
challenging, as acquirers have
to consider more creative,
complex ways of funding
acquisitions.
BCMS is already much, much
more than a trade-sale
specialist. We have a great
story to tell, across multiple
sectors, but it all comes back
to individual client needs –
and which is the best and
most appropriate solution to
deliver success.
“ My focus is all about our clients
– together we will build and shape
BCMS around their needs and
requirements
”Steve Dally – CEO
16. 16 / www.idealmagazine.org
cross-border. Some were
friendly transactions, some
hostile. I worked on some
significant, high-profile deals,
including the merger of
Mobil and Exxon [a reported
$73.7billion transaction], as
well as the sale of Seagram to
media conglomerate Vivendi.
I was also the dedicated
M&A banker for Bristol Myers
Squibb, and executed a
number of pharmaceutical,
consumer products and
business services sector
deals on their behalf.
I am familiar with the different
deal making process in US,
Europe and the Asia Pacific
region, and I left Goldman
Sachs to join Australian
Investment Bank Macquarie,
where I was one of the first
executives hired to develop
the company’s operations in
North America.
What did you know about
BCMS before you joined?
Because BCMS operates
in a different market
sector – focusing on sell-
side advisory for privately
owned businesses – I had
not interacted with BCMS
professionally. However,
a close personal friend of
mine sold his business to a
Private Equity firm, and he
was successfully represented
by BCMS. Additionally I knew
Bob Goldsmith [President and
CEO at BCMS North America],
and he would seek my advice
on how to develop and grow
BCMS in the US. I began to
understand the uniqueness
of BCMS’approach, and the
more I learned the more
intrigued I became.
What interested you most
about working with BCMS?
I was attracted to the specific
focus on privately owned
businesses, and by BCMS’
technical expertise as a
sell-side advisor. To advise
clients on a sale requires
a very particular skillset,
and extensive technical
knowledge, from research to
deal structuring. These are
competencies specific to our
approach. My observation
is that the quality of the
BCMS process and approach
differentiates us greatly
from our competitors – it is
thoughtful, sophisticated and
proactive.
What pushed me towards
BCMS was the culture of
the company – meeting
the shareholders, and
understanding their personal
integrity and commitment.
They should feel proud of the
working culture they have
established.
What is your background, and
where did you work before
joining BCMS?
Paul Daitz: Investment
banking, where I have over 25
years’experience. I was hired
on the graduate programme
at Goldman Sachs straight
after my undergraduate
studies, and joined the
Merger & Acquisitions
department in NewYork. Over
a 17-year career at Goldman
Sachs – including working
out of the London office,
and 3 years in the Sydney
office – my primary focus
and responsibilities were as
an M&A specialist, across all
industries.
I worked in mega-cap deals
and with publicly listed
companies, in a wide variety
of transactions – on the
sell-side, the buy-side, and
In your opinion, what has
made BCMS so successful over
the last 25 years?
Our service, based on
extensive research, and a
broad approach to finding
potential buyers. BCMS has
established a genuinely
international network.
We have researchers and
deal makers around the
world and a clear, proven
ability to market our clients
globally. Competitors in
our market are often sector
specific, or localised. BCMS
is comprehensive, and offers
a much higher level process
than the SME business owner
typically gets from a standard
broker.
I know our clients
appreciate that they receive
personalised attention from
highly experienced deal
professionals, with a built-in
attitude that the client comes
first, and the knowledge
that we will be relentless in
our approach to selling their
business. Some clients don’t
fully understand what we
offer at the beginning of the
process, but they are thrilled
at the end, when they realise
how much effort we dedicate
to working for them.
What do you see as the key
future prospects for BCMS?
The quality of what we do
is evident from our track
record: hundreds of deals,
a successful formula, and a
proven knowledge of how
to complete a range of
transaction types. For me,
the greatest opportunity is
optimising our international
network, sharing best
practice, working cross border
and leveraging the expertise
we have across the globe.
This will ensure our continued
success.
“ Competitors in our market are
often sector specific, or localised.
BCMS is global, comprehensive, and
offers a much higher-level process
”Paul Daitz – Executive Chairman,
BCMS Capital Advisors LLC, NewYork
17. www.idealmagazine.org / 17
the BBC, and I worked on a
variety of multi-million pound
deals to acquirers including
Siemens, Macquarie, and
Satellite Information Systems,
who purchased the BBC’s
Outside Broadcast division
in 2008. My last deal before
leaving for BCMS in 2010 was
the sale of Nortel Networks
Enterprise Division to Avaya,
a $975m deal out of New
York, involving the complex
Chapter 11 process, which
concerns US insolvency laws.
In your opinion, what has
made BCMS so successful over
the last 25 years?
Client focus. The mainstream
M&A profession accounts for
its time, literally. In previous
roles, I had to account for
each hour I spent with a
client. My time – right down
to six-minute periods – would
then be calculated and
invoiced to the client based
on a charge-out rate. By the
time I left, my rate was around
£600 per hour. Now, how can
you possibly spend the time
and effort BCMS does if you
are set up in this way?
You won’t find another model
like the one we use at BCMS.
We spend as much time with
clients as we need to get the
deal done.
What did you know about
BCMS before you joined?
Because I was dealing with
larger, corporate clients, I
had been operating in a
different market. I did know
the Rebbettes family though,
and was impressed with their
integrity, and entrepreneurial
spirit. I knew I wanted to
return to my roots dealing
with smaller businesses and
clients – I really enjoy working
with business owners; people
emotionally tied in to the
outcome of a deal.
What interested you most
about working with BCMS?
No-one in the M&A industry
was operating the way we
do at BCMS. No-one was
talking directly to clients,
to business owners. The
Corporate Finance sector
tends to rely on networking.
But the lengths and breadths
BCMS goes to sell our clients’
businesses – to find an
acquirer beyond the obvious
– is unique in my experience.
I joined to help establish the
Major Transactions Group.
For me it was an opportunity
to be part of an exciting
company at a senior level,
shaping new directions
for the organisation. The
company was totally
supportive, and gave me a
high level of autonomy to
build the team.
What is your background and
where did you work before
joining BCMS?
Jonathan Dunn: I’m an
accountant by training, and
after college I did a year’s
foundation training, before
moving to practice as a
trainee with Stoy Hayward.
This was a quicker, fast-track
route into the profession, and
because of where my birthday
falls in the year, I was at one
point the youngest qualified
chartered accountant in the
country! I spent 10 years at
Stoy Hayward – now part of
BDO International – before
moving to Ernst andYoung
(EY), where I worked for over
14 years.
At EY, I operated in a variety of
roles, before being appointed
M&A Director for media
transactions. My biggest
client was the BBC, where I
led the sale for some of the
Corporation’s assets. This was
relatively new territory for
Right from the start, I
knew the decision was
good personally and
professionally. My experience
in Private Equity and financial
modelling helped us get
a number of major deals
over the line, including
pharmaceutical services
provider KBiosciences.
What do you see as the key
future prospects for BCMS?
We will continue to replicate
our strong UK market position
in chosen international
markets, as well as expanding
our offering. We are looking
to offer clients a range of
services, including advisory,
finance raising, and advising
acquirers. At BCMS, we want
to be more things, to more
clients.
“ The time and resource we
commit as a business to our
clients is unmatched
”Jonathan Dunn – MD, BCMS Major
Transactions Group
“ You won’t
find another
model like the
one we use at
BCMS
”
18. ITSectoroverview
M&A activity in the IT and computing sector is vibrant, with
significant demand for niche businesses from a diverse range
of acquirers.The sector encompasses not only software
development, but multi-device application development, and
innovative hardware, such as embedded computer systems.
IT SECTOR:
DEAL MAKING
IN NUMBERS
215Average number of
potential acquirers
identified globally per IT
project.
74%The increase in offers
submitted on BCMS IT
sector clients - 2013 vs.
2014.
27Average number of
acquirers signing a binding
non-disclosure agreement
per IT and Computing
sector project.
29Average number of
seriously interested
acquirers per project
8Average number of
exploratory meetings with
potential acquirers.
IT and Computing acquisitions at an
all-time global high…
Demand is significant, driven by better
access to bank funding, stabilised global
economies and cash-rich strategic
acquirers, attracted to IP, revenue
visibility and niche firms.
“It is widely reported by Merger Market
that 2014 global deal volumes in the
technology space have reached their
highest level since 2006,”explains BCMS
Deal Leader Shaun Farnden“This is
partly due to growth in major developed
economies, and increased overall
investment confidence.”
BCMS teams have seen an increase in
Management Buy Out and Private Equity
acquirers completing deals, in addition to
same sector buyers. Recent analysis also
suggests that as well as bank lending,
many more transactions are being
creatively funded, including through cash
reserves and via alternative lenders.
“Key to our success with technology
clients has been the ability to
communicate the benefits of the deal
to an audience of competitive strategic
buyers,”says Farnden,“including technical
aspects, IP and maintenance revenue
issues, which feature in negotiations.”
The value of competition
Recent BCMS Corporate-led tech
completions, including Compass
Computer Consultants Ltd (see case
study opposite), demonstrate that
competition amongst acquirers is central
to maximising valuations.
In the past decade, BCMS has advised
on the successful sale of 34 IT and
Computing businesses across diverse
specialisations and niches.
Our tailored approach explores all
available resources for strategic,
complementary and diversified buyers.
BCMS Research Analyst Chris Fox
explains why a sourced approach to
identifying global acquirers, delivers
optimised value for shareholders.
The key to effective M&A research is
to select the best potential acquirers
through an exhaustive, open-minded and
inclusive process, utilising multiple data
sources and industry perspectives.
Our approach explores all available
sources for strategic, complementary and
diversified buyers. The relationships BCMS
has within the IT and Computing industry,
mean we capture daily communications
with key acquirers from around the world,
gaining direct insight into their strategic
thinking.
By creating a competitive bidding
environment for our clients we give them
genuine options and the opportunity to
achieve optimised valuations for their
businesses.
Engaging IT Sector acquirers across the
revenue spectrum…
In 2014 to date, acquirers of BCMS IT
Sector clients have largely been British
multinational organisations, with one-
third of buyers being companies listed
on the major stock markets.
As the chart demonstrates, the revenue
profile of these acquirers is diverse with a
notable concentration within the
£10m – £100m range.
18 / www.idealmagazine.org
19. www.idealmagazine.org / 19
Table: The value of competition – the range of offers from IT businesses
PROJECT A – Technology; Software Development; Hardware Systems…
OFFER 1 OFFER 2 OFFER 3
Bidder 1 £8m
Bidder 2 £5m
Bidder 3 £7.5m £11.9m £13.6m
Bidder 4 £2m
Bidder 5 £9m £11m
PROJECT B – Data Processing; Software Applications; Business Intelligence…
OFFER 1 OFFER 2 OFFER 3
Bidder 1 $10m $12m
Bidder 2 $9m $12m $15m
Chart: Examples of recent company sales involving competitive bidding.
Project A: generated fierce bidding which resulted in an £11m uplift in offer value.
Project B: demonstrates the benefit of at least one other competitive bidder to the final
transaction value.
Chart: Revenue profile of BCMS acquirers
(January – June 2014)
Chart: Targeted IT sector acquirers by region
CASE STUDY: Compass Computer Consultants Ltd sells to Advanced Computer Software Group Plc
The successful acquirer was
Advanced Computer Software Group
Plc, an AIM-listed organisation, and
one of the UK’s leading suppliers of
software and IT services to health,
care and commercial sectors.
Vin Murria, Chief Executive of
Advanced Computer Software
Group Plc, commented:“This
earnings-enhancing acquisition
is complementary to the Group’s
existing education sector offering. It
provides us with greater critical mass
and a broader product range for the
growing education market in the UK.”
“ This earnings-
enhancing acquisition
is complementary to
the Group’s existing
education sector
offering.
”Vin Murria, Chief Executive of Advanced
Computer Software Group Plc.
Compass Computer Consultants
Ltd is a software development
company specialising in providing
business software solutions to
the education sector. Established
in 1988, the Cheshire-based
company’s solutions include
record management and customer
relationship management (CRM)
software.
BCMS identified 217 companies
that could potentially acquire the
business. Interest in the business
was significant, with selected major
international software organisations
expressing a serious interest in
acquiring the business.
After discreet approaches by the
BCMS team, 12 companies met
the shareholders to discuss the
acquisition, which included North
American, European and UK-based
acquirers. Ultimately, four companies
tabled offers for Compass Computer
Consultants Ltd.
70%
60%
50%
40%
30%
20%
10%
0%
< £10m £10m-£50m £100m+ £500m+
Compass Computer Consultants Ltd: Key Facts
DEAL VALUE: £14.5m (net of £2.6m
cash and property)
LOCATED: Helsby, Cheshire
ESTABLISHED: 1988
STAFF: 38
BCMS RESULTS
ACQUIRERS IDENTIFIED: 217
SERIOUS INTEREST: 42
EXPLORATORY MEETINGS: 12
Asia-Pacific
Europe
UK
USA
20. 20 / www.idealmagazine.org
Mike Davies, former Shareholder
and Director of Compass Computer
Consultants Ltd discusses the
successful sale of his company.
Why did you decide to sell your
business?
In the last 10 years the thing that
excited me most was designing and
writing software. My business partner
had reached his chosen retirement age
and was working reduced hours, which
left me engaged with the day-to-day
management issues, and that simply
didn’t interest me. That’s when we
decided to start looking at a sale.
How did you find out about BCMS?
Once we decided to sell we started
to look around at different advisors.
We really had no idea how to sell
the business. We then received an
invitation to attend a BCMS seminar.
We met one other advisory firm before
deciding to choose BCMS.
How did you feel the sale process
was managed?
The sale process was managed very
well. Once we had approached a
handful of buyers it became apparent
that there were certain things we
could do to increase the value of the
business. The BCMS approach helped
us tweak the business and make it
more saleable, which had a beneficial
impact on how much we got, who we
sold to, and the conditions attached to
the sale.
Are your staff staying with the
company, and was this an important
factor in the sale process?
That was really important right from
the beginning – there were a number
of companies we refused to speak to
and who we would not have sold to,
because we didn’t want our staff to be
working for them.
What is your overall opinion of
BCMS?
We were very impressed with
everything BCMS did for us. BCMS had
seen and done it all before, so they
were able to impart a lot of knowledge
to us which was invaluable.
To read this interview in full visit
www.bcmscorporate.com/success-
gallery
“ The BCMS approach
helped us tweak the
business and make it more
saleable, which had a
beneficial impact on how
much we got, and who we
sold to.
”
Mike Davies, former shareholder and Director
of Compass Computer Consultants Ltd
22. Whatmakesyour
businessvaluable?
Potential acquirers will take an array of factors into
account when assessing your company. But there
are five key questions you’ll need to answer, as
BCMS Deal Leader Shaun Farnden explains
Do you have any unique
products, technology,
patents or Intellectual
Property (IP)?
YES: Anything a business‘owns’
exclusively is likely to appeal to a
potential acquirer – a unique product
or process could be scalable, and open
up brand new revenue streams. If you
can do something no-one else in your
market can, that will drive the value in
your business.
NO: You might not have the legal
copyright on a particular process or
product, but perhaps your product
range, your systems or the way you
deliver your services, differentiates you
in the market. This is likely to make
your business an attractive target.
Do you have a stable,
committed client base?
YES: This is likely to be a major
positive; especially if you have clients
under contract. Cross-selling and up-
selling are key drivers for acquisition.
Strategic buyers often seek access to
‘locked-in’clients, perhaps located in
new territories, which will provide a
strong platform for growth and new
routes to market for their existing
products.
NO: Perhaps your customer base
is fluid, or you offer a‘one-time only’
service. You may have established clear
routes to market, such as a distribution
network, or partnerships, or sought-
after business critical accreditations.
These factors might make your
business an attractive proposition.
22 / www.idealmagazine.org
23. 25TOPDEALS
BYSECTOR
Do you have a strong
management team in
place?
YES: Staff and infrastructure are
key in a transaction. If you have
established a dedicated, competent
management team who can run the
business on a day-to-day basis, then
this is likely to be a huge positive for
an acquirer or investor. It reduces the
perception of risk when you exit.
NO: While some level of shareholder
input is inevitable, it is important to
demonstrate that your business doesn’t
start and end with you. Acquirers are
risk averse, and will not want to feel that
if you leave the business, you take its
best bits with you!
Do you have significant
market share in your
chosen sales territory?
YES:There is a clear advantage in
having substantial market share and
leading status in your field, especially if
an acquirer is looking for high-level entry
or immediate access to your sector.
NO: An ambitious acquirer may
wish to catch the‘up-and-coming’
business instead of the established
bigger players. You may be more agile,
flexible and therefore have far greater
potential…
Is your business forecast
to grow over the coming
years?
YES: Growth is good. Acquirers
are likely to target you if you are
operating successfully in an expanding
market, buoyed by factors such as
regulation, legislation, or supply and
demand. Alternatively, you may even
be outperforming your competitors
thanks to your key differentiators. Any
credible growth plans will drive value.
NO: You may have an established
mature business, with predictable
revenues, or there may be certain
factors limiting further growth. The
stability can provide security to an
acquirer, and a strong platform from
which to grow the business. The whole
can be greater than the sum of its parts!
ClientName Sector
Bluecherry Telecom Telecoms reseller
The Preactor Group Ltd Software development, manufacturing
Churchill Filestore Records management
Client name confidential Display advertising agency
Client name confidential Kitchen design, manufacture and installation
Delta Labelling Ltd & Delta Labelling (HK) Limited Specialist labelling company
Client name confidential Precision engineering
Droitwich Pharmacy Retail dispensing pharmacy
FTL Seals Technology Limited Specialist bearings and seals
Client name confidential Civil Engineering and Waste Management
Client name confidential Supplier of pet products
Client name confidential Floor protection products to industry
Client name confidential Fire detection and suppression systems
Kbiosciences Bio and Pharma services
Moo Ltd, operator of Preloved.co.uk Digital marketing platform
Client name confidential Car dealership
The Holiday Specialists Ltd t/a The Cruise Specialists Travel agency, cruises
NSTB Group Tyre dealership
Client name confidential Specialist protective clothing
Client name confidential Energy conservation services
Client name confidential Outdoor childrens clothing
Pitlivie Holdings, Macintyre Chocolate Systems Food manufacturing equipment
Client name confidential Environmental services
Client name confidential Energy conservation services
Softel Ltd Captioning & subtitling software
24. Worldwide
Locations
Allourofficesarestaffedbydealmakers
withlocalmarketknowledge
BCMS United Kingdom T: +44 (0) 1635 296 193 | F: +44 (0) 1635 818 511 | E: enquiries@bcmscorporate.com | www.bcmscorporate.com
International Headquarters
Kingsclere Park, Kingsclere
Newbury
Berkshire RG20 4SW
Tel: +44 (0) 1635 296 193
Redheugh House
Thornaby Place
Thornaby onTees
TS17 6SG
Tel: +44 (0) 1635 296 193
Link 665 Business Centre
Carrs Industrial Estate,Todd Hall Rd
Haslingden
Rossendale BB4 5HU
Tel: +44 (0) 1635 296 193
BCMS Europe
Ireland – NI & ROI
25Talbot Street
Cathedral Quarter
Belfast BT1 2LD
Tel: 028 9082 3656
E: enquiries@bcmscorporate.com
www.bcms.ie
Poland
ul. El Elżbiety Drużbackiej 15
01-622Warszawa
Poland
Tel: +48 604 493 933
E: biuro@bcmspolska.pl
www.bcmspolska.pl
Turkey
Anadoluhisari Goksu Evleri
Palmiye CaddesiVilla A-6A
Beykoz - 34815 Istanbul,Turkey
Tel: +90 (0) 216 465 71 76
E: info@bcmsaka.com
www.bcmsaka.com
Czech Republic
Bezová 1658/1
147 00 Praha-Braník 147 00
Czech Republic
Tel: +42 (0) 603858769
www.bcmscorporate.cz
Sweden
Annebergsgatan 15 B
214 66 Malmö
Sweden
Tel: +46 (0) 40-54 41 10
www.impentab.com
Denmark
Gerdagatan 6
SE-223 62 Lund
Sweden
Tel: +46 070 776 7642
www.impentab.com
Bulgaria
7A Han Krum Str.
1000 Sofia
Bulgaria
Tel: +359 (0) 888 356 585
E: angelova@bcmsaka.com
www.bcmsaka.com
Romania
Anadoluhisari Goksu Evleri
Palmiye CaddesiVilla A-6A
Beykoz - 34815 Istanbul,Turkey
T: +90 (0) 216 465 71 76
E: info@bcmsaka.com
www.bcmsaka.com
Benelux
Nijverheidsweg 18
Postbus 1090
1270 EA Huizen
The Netherlands
Tel: +31 (0)35 7511 970
E: info@bcmsbenelux.nl
www.bcmsbenelux.nl
Lithuania
POB 233
LT – 10008Vilnius
Lithuania
Tel: +370 685 30 343
www.bcms.se
Switzerland
Chemin du Manoir 8
1009 Pully
Switzerland
Tel: +41 21 588 0291
E: info@bcmscorporate.ch
www.bcmscorporate.ch
BCMS North America T: 888-413-2267 | F: 888-704-2267 | E: contact@bcmscorp.com | www.bcmscorp.com
North American Headquarters
747Third Avenue
NewYork
NewYork 10017
Tel: +1 212-520-8288
US –Texas
201 Main St, Suite 1200
FortWorth,TX 76102
Tel: +1 214-453-0133
US – California
12100Wilshire Blvd., Suite 1135
Los Angeles
CA 90025
Tel: +1 310-622-9381
Canada – Calgary
3300, 205 5th Avenue SW
33rd Floor Calgary
Alberta, Canada,T2P 4L2
Tel: +1 403-538-2155
BCMS China BCMS Australia BCMS South Africa
China
1809, 18F China MerchantsTower, C
118 Jianguo Road
Chaoyang
Beijing, China 100022
Tel: +86 (10) 592 33729
Fax: +86 (10) 656 62728
E: infochina@bcmscorporate.com
www.bcms.com.cn
Australia
PO Box 319
Round Corner
NSW 2158
Australia
Tel: +61 418 683 322
E: richbarlowsmg@bigpond.com
www.bcms-australia.com
CapeTown
ExecuJet Business Centre
1st Floor,Tower Road
CapeTown International Airport
CapeTown
7525
Tel: +27 87 350 7883
E: info@xigo.co.za
www.xigo.co.za
Johannesburg
Block C, Bradford House,
12 Bradford Road
Bedfordview
2047
Tel: +27 11 615 0602
E: info@xigo.co.za
www.xigo.co.za