This document summarizes M&A activity in 2012 and provides an outlook for 2013. In 2012, deal activity was moderate and inconsistent due to economic uncertainty. While some industries like healthcare were active, business owners were hesitant to sell given low interest rates. There was a large amount of unused capital from private equity firms, driving up valuations. For 2013, experts were divided on activity levels but strategics are expected to be more active than financial buyers, especially in healthcare, energy/utilities, and technology. Valuation expectations for 2013 were mixed depending on the level of economic uncertainty.
The document provides an overview and analysis of private equity merger and acquisition activity for the year ended December 31, 2014. It finds that 2014 was a high-value, high-volume year for private equity deals. The total value of deals reached $350 billion, continuing an annual growth rate of 20% since 2010. While the number of deals completed declined slightly in 2013, blockbuster deals ensured continued growth in total deal value that year. The favorable conditions of 2014 created an impressive year for private equity divestitures, with the total value of divestitures being over 2 times the value of acquisitions. High asset valuations were an ongoing theme in 2014, driven by factors such as low interest rates and a seller's market
The document provides an overview of hiring trends and salary ranges across various financial services sectors in Hong Kong for 2012. In the first section, it summarizes that while financial services hiring slowed in the second half of 2011 due to global economic uncertainty, some areas like sales, insurance and private banking may see increased opportunities in 2012. It also notes that bonuses are expected to be 25% lower than 2010-2011 levels.
The rest of the document details hiring trends and typical salary ranges by functional area within financial services, including accounting and finance, asset management, banking operations, hedge funds and private equity, and human resources. Across sectors, salaries are expected to remain stable in 2012 but hiring will be slower and more cautious compared to
The document provides an overview of hiring trends and salary ranges across various financial services sectors in Hong Kong for 2012.
Within financial services, hiring is expected to be slow in Q1 2012 but pick up later in the year, focused on replacement rather than growth roles. Salaries are predicted to remain stable overall but bonuses will be significantly lower. In asset management, hiring will be cautious due to market uncertainty. Hedge funds and private equity firms will also take a conservative approach to hiring and salary increases.
2014 Life Insurance and Annuity Industry Outlook Transforming for growthDeloitte United States
It’s 2014. Is it the best of times? Is it the worst of times? Or is it both for the financial services industry?
For a view into where and how growth will emerge or solidify in 2014, the Deloitte Center for Financial Services sought insight and first-hand experience from nearly 200 of Deloitte’s financial services practitioners.
Their views yielded insight into how banks and the capital markets are repositioning for growth. How the commercial real estate market is trimming its sails for growth. How the insurance industry is transforming for growth. And, how investment management is faring on its quest for accelerated growth.
http://www.deloitte.com/view/en_US/us/Industries/Private-Equity-Hedge-Funds-Mutual-Funds-Financial-Services/center-for-financial-services/cdfdf026b94fa310VgnVCM2000003356f70aRCRD.htm
2010 Middle-Market M&A Review and OutlookRobert Roose
The document discusses trends in the middle-market M&A environment in 2010. It notes that while leading economic indicators improved in 2009, deal activity suffered in Q1 2010 due to increased uncertainty. Transaction volume and value decreased across large mega-deals and in the national and Massachusetts middle-markets. However, healthcare and software deals dominated in Massachusetts. The document outlines areas of potential growth in the lower middle-market, including divestitures and increased activity by private acquirers.
Mercer Capital's Investment Management Industry Newsletter | Q4 2021 | Focus:...Mercer Capital
Mercer Capital’s Investment Management Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to asset managers, trust companies, and investment consultants.
- Investors should expect continued market volatility in 2016 due to ongoing concerns over weak global growth.
- The advisor recommends trimming stocks, bonds, and cash and focusing on alternatives like high-yield bonds and hedged equity strategies that offer gains less correlated to traditional assets.
- High-yield bonds in particular offer attractive yields of around 7.5% that exceed stocks and Treasury bonds, and they have historically held up better than other bonds and stocks during market declines.
Mercer Capital's Value Focus: Auto Dealer Industry | Year-End 2020Mercer Capital
Mercer Capital's Auto Dealer Industry newsletter provides perspective on valuation issues. Each newsletter also includes a macroeconomic trends, industry trends, and guideline public company metrics.
The document provides an overview and analysis of private equity merger and acquisition activity for the year ended December 31, 2014. It finds that 2014 was a high-value, high-volume year for private equity deals. The total value of deals reached $350 billion, continuing an annual growth rate of 20% since 2010. While the number of deals completed declined slightly in 2013, blockbuster deals ensured continued growth in total deal value that year. The favorable conditions of 2014 created an impressive year for private equity divestitures, with the total value of divestitures being over 2 times the value of acquisitions. High asset valuations were an ongoing theme in 2014, driven by factors such as low interest rates and a seller's market
The document provides an overview of hiring trends and salary ranges across various financial services sectors in Hong Kong for 2012. In the first section, it summarizes that while financial services hiring slowed in the second half of 2011 due to global economic uncertainty, some areas like sales, insurance and private banking may see increased opportunities in 2012. It also notes that bonuses are expected to be 25% lower than 2010-2011 levels.
The rest of the document details hiring trends and typical salary ranges by functional area within financial services, including accounting and finance, asset management, banking operations, hedge funds and private equity, and human resources. Across sectors, salaries are expected to remain stable in 2012 but hiring will be slower and more cautious compared to
The document provides an overview of hiring trends and salary ranges across various financial services sectors in Hong Kong for 2012.
Within financial services, hiring is expected to be slow in Q1 2012 but pick up later in the year, focused on replacement rather than growth roles. Salaries are predicted to remain stable overall but bonuses will be significantly lower. In asset management, hiring will be cautious due to market uncertainty. Hedge funds and private equity firms will also take a conservative approach to hiring and salary increases.
2014 Life Insurance and Annuity Industry Outlook Transforming for growthDeloitte United States
It’s 2014. Is it the best of times? Is it the worst of times? Or is it both for the financial services industry?
For a view into where and how growth will emerge or solidify in 2014, the Deloitte Center for Financial Services sought insight and first-hand experience from nearly 200 of Deloitte’s financial services practitioners.
Their views yielded insight into how banks and the capital markets are repositioning for growth. How the commercial real estate market is trimming its sails for growth. How the insurance industry is transforming for growth. And, how investment management is faring on its quest for accelerated growth.
http://www.deloitte.com/view/en_US/us/Industries/Private-Equity-Hedge-Funds-Mutual-Funds-Financial-Services/center-for-financial-services/cdfdf026b94fa310VgnVCM2000003356f70aRCRD.htm
2010 Middle-Market M&A Review and OutlookRobert Roose
The document discusses trends in the middle-market M&A environment in 2010. It notes that while leading economic indicators improved in 2009, deal activity suffered in Q1 2010 due to increased uncertainty. Transaction volume and value decreased across large mega-deals and in the national and Massachusetts middle-markets. However, healthcare and software deals dominated in Massachusetts. The document outlines areas of potential growth in the lower middle-market, including divestitures and increased activity by private acquirers.
Mercer Capital's Investment Management Industry Newsletter | Q4 2021 | Focus:...Mercer Capital
Mercer Capital’s Investment Management Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to asset managers, trust companies, and investment consultants.
- Investors should expect continued market volatility in 2016 due to ongoing concerns over weak global growth.
- The advisor recommends trimming stocks, bonds, and cash and focusing on alternatives like high-yield bonds and hedged equity strategies that offer gains less correlated to traditional assets.
- High-yield bonds in particular offer attractive yields of around 7.5% that exceed stocks and Treasury bonds, and they have historically held up better than other bonds and stocks during market declines.
Mercer Capital's Value Focus: Auto Dealer Industry | Year-End 2020Mercer Capital
Mercer Capital's Auto Dealer Industry newsletter provides perspective on valuation issues. Each newsletter also includes a macroeconomic trends, industry trends, and guideline public company metrics.
This document defines 278 investment terms commonly used in venture capital, such as accelerator, adviser charge, annual recurring revenue, angel investor, carried interest, and cap table. It provides concise explanations of each term, as well as examples and context where relevant. The terms were compiled based on the experience of MJ Hudson and Founders Intelligence in working with VC clients to demystify frequently used jargon in the industry.
DealMarket DIGEST Issue 140 // 09 May 2014CAR FOR YOU
This document provides a summary of recent news and deals in the private equity industry:
- M&A activity in the Middle East increased in Q1 2014, with the top deal being a $700 million acquisition in Qatar. Foreign investment in the region also significantly increased.
- German fire safety company Minimax is being sold to private equity firms in a potential $1.8 billion deal.
- Large tech companies like Yahoo and Google led the US in M&A deals in 2013, paying high multiples for acquisitions in their pursuit of technology dominance.
- Sovereign wealth funds and family offices have increasingly been investing directly in the European venture capital market in large deals.
- Fundraising
Mercer Capital's Asset Management Industry Newsletter | Q3 2012 | Focus: Alte...Mercer Capital
Mercer Capital’s Asset Management Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to asset managers, trust companies, and investment consultants.
Mercer Capital's Value Focus: FinTech Industry | Third Quarter 2021 Mercer Capital
Mercer Capital’s quarterly newsletter, FinTech Watch, provides an overview of the FinTech industry, including public market performance, valuation multiples for public FinTech companies, and articles of interest from around the web. This newsletter focuses on FinTech segments, including payment processors, technology, and solutions companies, examining general economic and industry trends as well as a summary of M&A and venture capital activity.
This white paper summarizes current trends in mergers and acquisitions (M&As) within the residential real estate brokerage industry. It notes that M&A activity declined significantly from 2006-2010 due to the housing market downturn. The paper predicts a slow recovery in both housing and M&As from 2010-2012. Key factors that will impact M&As include available capital for deals, management talent needed to integrate acquisitions, and personal/emotional issues for sellers considering a sale. Buyer valuations of firms are affected by competition, sales professional retention, and deal structure/terms will be less favorable if the price is higher.
Mercer Capital | Valuation Insight | Corporate Finance in 30 Minutes Mercer Capital
This document provides a primer on corporate finance for directors and shareholders. It summarizes key concepts in three areas: capital structure, capital budgeting, and dividend policy. For capital structure, it discusses the tradeoff between debt and equity and how the optimal structure minimizes overall cost of capital. For capital budgeting, it outlines how management should select projects with expected returns exceeding the cost of capital. For dividend policy, it addresses shareholders' preferences for income versus growth and how these fit a company's strategic position. The goal is to give directors and shareholders a framework to meaningfully contribute to major financial decisions.
Mercer Capital's Value Focus: Venture Capital | Mid-Year 2016Mercer Capital
Mercer Capital's Venture Capital newsletter provides perspective on some of the most relevant market trends affecting venture capital firms and other financial sponsors.
Mercer Capital's Investment Management Industry Newsletter | Q1 2021 | Focus:...Mercer Capital
Mercer Capital’s Investment Management Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to asset managers, trust companies, and investment consultants.
Mercer Capital's Portfolio Valuation: Private Equity and Credit | Q1 2020Mercer Capital
Mercer Capital's Portfolio Valuation: Private Equity and Venture Capital Marks and Trends Newsletter provides a brief digest and commentary of some of the most relevant market trends influencing the fair value regarding private equity portfolio investments.
This document discusses ways that hedge fund managers align their interests with investors through various fee structures and incentives. It finds that high water marks and hurdle rates above 3% are commonly used. Managers also provide transparency, have personal investments in funds, and offer tiered fee structures where fees reduce as assets grow. The goal is a collaborative relationship where both managers and investors benefit from knowledge sharing, customized solutions, and long-term investing. There is no one-size-fits-all approach, and different methods should be tailored to individual situations to incentivize mutually beneficial behavior.
Mercer Capital's Portfolio Valuation: Private Equity and Venture Capital Mark...Mercer Capital
The document discusses fraudulent conveyance and solvency opinions. It provides:
1) An overview of fraudulent conveyance laws and how solvency opinions are used to evaluate transactions that could potentially leave a company with inadequate capital or unable to pay its debts.
2) A summary of the four tests used in solvency opinions - whether a transaction leaves a company balance sheet solvent, cash flow sufficient to pay debts, with adequate capital, and with surplus assets over liabilities and capital.
3) An example of how Mercer Capital provides solvency opinions to evaluate potential fraudulent conveyance issues for transactions like leveraged buyouts and dividend recapitalizations.
What Family Business Advisors Need to Know About ValuationMercer Capital
Family business advisors help companies and leaders navigate a wide range of business and family challenges, ranging from corporate governance to succession planning to family relationship dynamics and all points in between. This whitepaper helps fill in that gap.
This document provides an overview and guidance for implementing ASC 820, which establishes standards for fair value measurements and disclosures in financial statements. It summarizes key aspects of ASC 820 including the definition of fair value, requirements for level 3 fair value measurements and disclosures, and the effective dates. The document is intended to help alternative investment funds comply with ASC 820 which aims to increase consistency, comparability, and transparency around fair value reporting.
Legacy Education Alliance, Inc. is a leading international provider of educational training on topics including personal finance, entrepreneurship, real estate, and financial markets. It operates globally through various brands such as Rich Dad Education and has served over 2 million students. The document provides an overview of the company's operations, financial performance, and growth opportunities in both domestic and international markets through its portfolio of brands. It also compares Legacy Education Alliance's valuation metrics favorably to other companies in the education industry.
Mercer Capital's Portfolio Valuation: Private Equity and Venture Capital Mark...Mercer Capital
Mercer Capital's Portfolio Valuation: Private Equity and Venture Capital Marks and Trends Newsletter provides a brief digest and commentary of some of the most relevant market trends influencing the fair value regarding private equity portfolio investments.
The document summarizes predictions from the National Venture Capital Association (NVCA) about the venture capital industry in 2005. Key points include:
- Venture capitalists will have fresh funds to invest in early stage companies, focusing on seed, startup, and early stage deals seeking breakthrough innovations. Competition for funding will remain fierce.
- Fundraising will continue strongly as demand persists for participation in the venture capital asset class. Limited partners will compete for spots in top performing funds.
- Technology, especially software and life sciences, will remain cornerstones of venture investing. Emerging areas like energy and clean tech may see more investment. Exits markets are expected to continue improving.
Mercer Capital's Value Focus: Auto Dealer Industry | Mid-Year 2021Mercer Capital
The document discusses options for auto dealerships to allocate excess capital, including reinvesting in the business through M&A or organic growth, or returning capital to shareholders through dividends or share repurchases. It notes that some public auto dealers have focused on share repurchases recently. For private dealers, reinvesting options like adding new locations may be limited, so returning capital to owners could be preferable if attractive growth prospects are absent. The document analyzes growth strategies and capital allocation considerations for both public and private auto dealerships amid high current profitability and liquidity levels.
Mercer Capital's Investment Management Industry Newsletter | Q2 2021 | Focus:...Mercer Capital
The document discusses investment manager performance in the second quarter of 2021. Alternative asset managers significantly outperformed other sectors, rising 26% compared to 15% for traditional asset/wealth managers and 6% for aggregators. The segment focus looks more closely at alternative asset managers, which have benefited from rising allocations to alternative investments and the attractiveness of illiquid assets. The document also addresses ongoing strong M&A activity in the investment management space, driven by favorable market conditions and potential tax code changes.
The document provides an overview of compensation and hiring trends across different professional fields in Hong Kong for 2012. In financial services, accounting and finance salaries are expected to remain stable but bonuses will be 25% lower than 2010-2011 levels. Demand remains for specialists in risk management, compliance, and actuarial fields. Commerce and industry salaries increased 7% in 2011, with higher increases in sales, accounting, and IT security. Hiring slowed in late 2011 due to global financial uncertainty impacting various industries.
- The accounting and finance market in Singapore was mixed in 2011, with strong hiring early in the year but slowing significantly in the second half as the European sovereign debt crisis impacted financial institutions.
- Salaries for permanent roles ranged from $40k-$330k depending on level, with bonuses likely to be reduced or eliminated for 2012. Demand remained for commodities, product control and management reporting professionals but employers became highly selective
This document provides salary information for various roles in Ireland in 2012. It discusses trends in different industries such as accounting and finance, banking and financial services. Overall salaries have remained steady with some increases seen for in-demand skills. Hiring has improved in 2011 and is expected to grow further in 2012 as the economy recovers. Specialist roles in banking command higher salaries due to regulatory requirements.
This document defines 278 investment terms commonly used in venture capital, such as accelerator, adviser charge, annual recurring revenue, angel investor, carried interest, and cap table. It provides concise explanations of each term, as well as examples and context where relevant. The terms were compiled based on the experience of MJ Hudson and Founders Intelligence in working with VC clients to demystify frequently used jargon in the industry.
DealMarket DIGEST Issue 140 // 09 May 2014CAR FOR YOU
This document provides a summary of recent news and deals in the private equity industry:
- M&A activity in the Middle East increased in Q1 2014, with the top deal being a $700 million acquisition in Qatar. Foreign investment in the region also significantly increased.
- German fire safety company Minimax is being sold to private equity firms in a potential $1.8 billion deal.
- Large tech companies like Yahoo and Google led the US in M&A deals in 2013, paying high multiples for acquisitions in their pursuit of technology dominance.
- Sovereign wealth funds and family offices have increasingly been investing directly in the European venture capital market in large deals.
- Fundraising
Mercer Capital's Asset Management Industry Newsletter | Q3 2012 | Focus: Alte...Mercer Capital
Mercer Capital’s Asset Management Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to asset managers, trust companies, and investment consultants.
Mercer Capital's Value Focus: FinTech Industry | Third Quarter 2021 Mercer Capital
Mercer Capital’s quarterly newsletter, FinTech Watch, provides an overview of the FinTech industry, including public market performance, valuation multiples for public FinTech companies, and articles of interest from around the web. This newsletter focuses on FinTech segments, including payment processors, technology, and solutions companies, examining general economic and industry trends as well as a summary of M&A and venture capital activity.
This white paper summarizes current trends in mergers and acquisitions (M&As) within the residential real estate brokerage industry. It notes that M&A activity declined significantly from 2006-2010 due to the housing market downturn. The paper predicts a slow recovery in both housing and M&As from 2010-2012. Key factors that will impact M&As include available capital for deals, management talent needed to integrate acquisitions, and personal/emotional issues for sellers considering a sale. Buyer valuations of firms are affected by competition, sales professional retention, and deal structure/terms will be less favorable if the price is higher.
Mercer Capital | Valuation Insight | Corporate Finance in 30 Minutes Mercer Capital
This document provides a primer on corporate finance for directors and shareholders. It summarizes key concepts in three areas: capital structure, capital budgeting, and dividend policy. For capital structure, it discusses the tradeoff between debt and equity and how the optimal structure minimizes overall cost of capital. For capital budgeting, it outlines how management should select projects with expected returns exceeding the cost of capital. For dividend policy, it addresses shareholders' preferences for income versus growth and how these fit a company's strategic position. The goal is to give directors and shareholders a framework to meaningfully contribute to major financial decisions.
Mercer Capital's Value Focus: Venture Capital | Mid-Year 2016Mercer Capital
Mercer Capital's Venture Capital newsletter provides perspective on some of the most relevant market trends affecting venture capital firms and other financial sponsors.
Mercer Capital's Investment Management Industry Newsletter | Q1 2021 | Focus:...Mercer Capital
Mercer Capital’s Investment Management Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to asset managers, trust companies, and investment consultants.
Mercer Capital's Portfolio Valuation: Private Equity and Credit | Q1 2020Mercer Capital
Mercer Capital's Portfolio Valuation: Private Equity and Venture Capital Marks and Trends Newsletter provides a brief digest and commentary of some of the most relevant market trends influencing the fair value regarding private equity portfolio investments.
This document discusses ways that hedge fund managers align their interests with investors through various fee structures and incentives. It finds that high water marks and hurdle rates above 3% are commonly used. Managers also provide transparency, have personal investments in funds, and offer tiered fee structures where fees reduce as assets grow. The goal is a collaborative relationship where both managers and investors benefit from knowledge sharing, customized solutions, and long-term investing. There is no one-size-fits-all approach, and different methods should be tailored to individual situations to incentivize mutually beneficial behavior.
Mercer Capital's Portfolio Valuation: Private Equity and Venture Capital Mark...Mercer Capital
The document discusses fraudulent conveyance and solvency opinions. It provides:
1) An overview of fraudulent conveyance laws and how solvency opinions are used to evaluate transactions that could potentially leave a company with inadequate capital or unable to pay its debts.
2) A summary of the four tests used in solvency opinions - whether a transaction leaves a company balance sheet solvent, cash flow sufficient to pay debts, with adequate capital, and with surplus assets over liabilities and capital.
3) An example of how Mercer Capital provides solvency opinions to evaluate potential fraudulent conveyance issues for transactions like leveraged buyouts and dividend recapitalizations.
What Family Business Advisors Need to Know About ValuationMercer Capital
Family business advisors help companies and leaders navigate a wide range of business and family challenges, ranging from corporate governance to succession planning to family relationship dynamics and all points in between. This whitepaper helps fill in that gap.
This document provides an overview and guidance for implementing ASC 820, which establishes standards for fair value measurements and disclosures in financial statements. It summarizes key aspects of ASC 820 including the definition of fair value, requirements for level 3 fair value measurements and disclosures, and the effective dates. The document is intended to help alternative investment funds comply with ASC 820 which aims to increase consistency, comparability, and transparency around fair value reporting.
Legacy Education Alliance, Inc. is a leading international provider of educational training on topics including personal finance, entrepreneurship, real estate, and financial markets. It operates globally through various brands such as Rich Dad Education and has served over 2 million students. The document provides an overview of the company's operations, financial performance, and growth opportunities in both domestic and international markets through its portfolio of brands. It also compares Legacy Education Alliance's valuation metrics favorably to other companies in the education industry.
Mercer Capital's Portfolio Valuation: Private Equity and Venture Capital Mark...Mercer Capital
Mercer Capital's Portfolio Valuation: Private Equity and Venture Capital Marks and Trends Newsletter provides a brief digest and commentary of some of the most relevant market trends influencing the fair value regarding private equity portfolio investments.
The document summarizes predictions from the National Venture Capital Association (NVCA) about the venture capital industry in 2005. Key points include:
- Venture capitalists will have fresh funds to invest in early stage companies, focusing on seed, startup, and early stage deals seeking breakthrough innovations. Competition for funding will remain fierce.
- Fundraising will continue strongly as demand persists for participation in the venture capital asset class. Limited partners will compete for spots in top performing funds.
- Technology, especially software and life sciences, will remain cornerstones of venture investing. Emerging areas like energy and clean tech may see more investment. Exits markets are expected to continue improving.
Mercer Capital's Value Focus: Auto Dealer Industry | Mid-Year 2021Mercer Capital
The document discusses options for auto dealerships to allocate excess capital, including reinvesting in the business through M&A or organic growth, or returning capital to shareholders through dividends or share repurchases. It notes that some public auto dealers have focused on share repurchases recently. For private dealers, reinvesting options like adding new locations may be limited, so returning capital to owners could be preferable if attractive growth prospects are absent. The document analyzes growth strategies and capital allocation considerations for both public and private auto dealerships amid high current profitability and liquidity levels.
Mercer Capital's Investment Management Industry Newsletter | Q2 2021 | Focus:...Mercer Capital
The document discusses investment manager performance in the second quarter of 2021. Alternative asset managers significantly outperformed other sectors, rising 26% compared to 15% for traditional asset/wealth managers and 6% for aggregators. The segment focus looks more closely at alternative asset managers, which have benefited from rising allocations to alternative investments and the attractiveness of illiquid assets. The document also addresses ongoing strong M&A activity in the investment management space, driven by favorable market conditions and potential tax code changes.
The document provides an overview of compensation and hiring trends across different professional fields in Hong Kong for 2012. In financial services, accounting and finance salaries are expected to remain stable but bonuses will be 25% lower than 2010-2011 levels. Demand remains for specialists in risk management, compliance, and actuarial fields. Commerce and industry salaries increased 7% in 2011, with higher increases in sales, accounting, and IT security. Hiring slowed in late 2011 due to global financial uncertainty impacting various industries.
- The accounting and finance market in Singapore was mixed in 2011, with strong hiring early in the year but slowing significantly in the second half as the European sovereign debt crisis impacted financial institutions.
- Salaries for permanent roles ranged from $40k-$330k depending on level, with bonuses likely to be reduced or eliminated for 2012. Demand remained for commodities, product control and management reporting professionals but employers became highly selective
This document provides salary information for various roles in Ireland in 2012. It discusses trends in different industries such as accounting and finance, banking and financial services. Overall salaries have remained steady with some increases seen for in-demand skills. Hiring has improved in 2011 and is expected to grow further in 2012 as the economy recovers. Specialist roles in banking command higher salaries due to regulatory requirements.
Ireland Salary Survey 2012 Slideshare For Linked InAineODonoghue
This document provides salary information for various roles in Ireland in 2012. It discusses trends in different industries such as accounting and finance, banking and financial services. Overall salaries have remained steady with some increases seen for specialized roles in high demand. The job market is improving with more permanent roles being filled as confidence increases. Specialized skills in areas like risk management, compliance and IT continue to be in high demand.
The document provides salary information for various roles in accounting & finance, banking & financial services, and other industries in Ireland. Salaries for accountants have increased slightly over the past year and are expected to continue rising gradually in 2012. Demand remains high for risk, credit, and compliance professionals due to increased regulation, resulting in more competitive salaries. Overall, the banking and financial services market showed improvement in 2011 and further growth in vacancies is anticipated as the economy continues recovering.
The accounting and finance recruitment market in Ireland remained positive in 2011, with continued growth in demand for fixed-term contract employees. Improved client confidence in the latter half of the year led to an increase in permanent roles. Salaries for accountants saw a slight increase over 2011 and are predicted to continue rising gradually in 2012 as the sector improves. Employers need to offer competitive remuneration packages to attract high-caliber applicants. Sector experience and technical skills remain highly sought after by clients.
The accounting and finance recruitment market in Ireland remained positive in 2011, with continued growth in demand for fixed-term contract employees. Improved client confidence in the latter half of the year led to an increase in permanent roles. Salaries for accountants saw a slight increase over 2011 and are predicted to continue rising gradually in 2012 as the sector improves. Employers need to offer competitive remuneration packages to attract high-caliber applicants. Sector experience and technical skills remain highly sought after by clients.
The 2012 Accountancy Salary Survey summarizes salaries in the accountancy sector in Ireland. It saw a slight increase in roles in financial services in 2011 and expects consolidation in 2012 due to uncertainty. Industry and commerce roles increased 12% in 2011 with demand for internal audit and recently qualified candidates. Sectors like FMCG and pharma grew. It expects cautious optimism in 2012 with export-focused companies and demand for young accountants continuing.
The 2012 Accountancy Salary Survey summarizes salaries in the accountancy sector in Ireland in 2011 and expected salaries in 2012. Salaries and packages in the sector remained steady in 2011 with only marginal increases for hard to fill positions. Demand increased slightly in 2011 compared to previous years, with a 6% rise in roles received by the recruitment company. In demand candidates included financial reporting accountants for funds with US/UK GAAP skills and experience with Solvency II. Overall the outlook for 2012 is that salaries will remain steady with potential increases for niche skills.
The 2012 Accountancy Salary Survey summarizes salaries in the accountancy sector in Ireland. It saw a slight increase in roles in financial services in 2011 and expects consolidation in 2012 due to uncertainty. Industry and commerce roles increased 12% in 2011 with demand for internal audit and recently qualified candidates. It expects cautious optimism in 2012 with strong exporters continuing to hire finance professionals and competition for young accountants remaining high.
The 2012 Accountancy Salary Survey summarizes salaries in the accountancy sector in Ireland. It saw a slight increase in roles in financial services in 2011 and expects consolidation in 2012 due to uncertainty. Industry and commerce roles increased 12% in 2011 with demand for internal audit and recently qualified candidates. Sectors like FMCG and pharma grew. It expects cautious optimism in 2012 with export-focused companies and demand for young accountants continuing.
The 2012 Accountancy Salary Survey summarizes salaries in the accountancy sector in Ireland. It saw a slight increase in roles in financial services in 2011 and expects consolidation in 2012 due to uncertainty. Industry and commerce roles increased 12% in 2011 with demand for internal audit and recently qualified candidates. Sectors like FMCG and pharma grew. It expects cautious optimism in 2012 with demand for accountants remaining high due to strong export sectors, though domestic and Eurozone uncertainty remains a challenge.
The 2012 Accountancy Salary Survey summarizes salaries in the accountancy sector in Ireland in 2011 and expected salaries in 2012. Salaries and packages in the sector remained steady in 2011 with only marginal increases for hard to fill positions. Demand increased slightly in 2011 compared to previous years, with a 6% rise in roles received by the recruitment company. In demand candidates included financial reporting accountants for funds with US/UK GAAP skills and experience with Solvency II. Overall the outlook for 2012 is that salaries will remain steady with the possibility of small increases for positions that are difficult to recruit for.
The 2012 Accountancy Salary Survey summarizes salaries in the accountancy sector in Ireland. It saw a slight increase in roles in financial services in 2011 and expects consolidation in 2012 due to uncertainty. Industry and commerce roles increased 12% in 2011 with demand for internal audit and recently qualified candidates. Sectors like FMCG and pharma grew. It expects cautious optimism in 2012 with export-focused companies and demand for young accountants continuing.
The 2012 Accountancy Salary Survey summarizes salaries in the accountancy sector in Ireland. It saw a slight increase in roles in financial services in 2011 and expects consolidation in 2012 due to uncertainty. Industry and commerce roles increased 12% in 2011 with demand for internal audit and recently qualified candidates. Sectors like FMCG and pharma grew. It expects cautious optimism in 2012 with export-focused companies and demand for young accountants continuing.
DealMarket digest issue 80_25 january 2013CAR FOR YOU
1. Global private equity investment grew for the third consecutive year in 2012, reaching its highest level since 2008. However, the total number of deals declined for the second year in a row.
2. European tech companies like Shazam, Rovio, Wonga, and Just-Eat are seen as potentially delivering the next billion-dollar exits from venture capital investments in Europe.
3. A survey found that M&A professionals expect deal activity in 2013 to remain stable or possibly improve slightly compared to 2012, with cash reserves and favorable credit seen as driving factors.
The 2013 preqin_global_real_estate_report_sample_pagesjwschraft
This document provides an overview and sample pages from the 2013 Preqin Global Real Estate Report. It includes sections on the private real estate industry outlook, fundraising market, fund managers, performance, investors, investment consultants, fund terms and conditions, real estate debt funds, funds of funds, secondaries, and placement agents. The sample pages provide information on 2012 fundraising trends, investor sentiment and activity levels, the top locations for private real estate fund managers, and a breakdown of investors by region that were active in private real estate commitments in 2012.
PSD provides executive recruitment services across various industries and functions. It conducted a salary survey of over 2,500 regulatory professionals responding online or from PSD's database. Key findings include:
- Demand was highest for anti-money laundering, financial crime, and data protection specialists.
- Salaries remained flat in 2012 but incentives are becoming more important to attract candidates.
- 2013 may see more movement and demand for senior compliance and risk roles as regulation intensifies.
- Skill shortages exist for specialists with niche combinations of qualifications and experience.
As you progress through your professional accounting
qualification there are many potential career
opportunities that are available to you. We know
how daunting this can be and have developed this
handbook to help you decide what the right move
might be for you.
This Part Qualified Career Guide will help guide
you through the wide range of career opportunities
available to you across different industries. It will
provide case studies for the routes that other
accountants have taken, as well as interview tips and
advice on how to get your ideal job.
This document discusses how to develop an effective revenue model to convince venture capitalists (VC) to invest. It outlines common revenue growth schemes like stable growth and hockey stick growth. It warns that failing to understand revenue drivers, underestimating time and costs to generate revenue, and lacking comparable industry standards can lead to cash flow issues and failure to attract VC funding. The document emphasizes the importance of demonstrating a clear path to projected revenue numbers and distinguishing revenue from profits.
The document summarizes trends in the venture capital market in Q1 2013. It finds that while IPO activity can vary significantly from quarter to quarter, the longer term trend since 2010 has been a steady recovery. Similarly, while M&A deals declined in recent quarters, the 10-quarter average continues trending up. Additionally, the number of new venture capital funds being financed has leveled off in recent years after declining dramatically from its dot-com peak, and the balance of capital invested versus returns has tipped back in favor of investors after 2011.
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2. 2012 Review & 2013 Outlook M&A Activity Report
Introduction
AxialMarket is the network for qualified deal professionals. Professionals join AxialMarket
to source opportunities, manage active deal processes, and build smarter relationships.
Click here to learn more about AxialMarket
Data & Methodology
To give insight into the coming year, this report reviews major trends, industries, and events
from 2012 and the expected activity for 2013. All real-time snapshots of market activity in
the report are as of December 31st, 2012.
This report analyzes 3 primary data sets:
• In-depth 1:1 interviews with a carefully screened subset of Members from across a
variety of industry verticals
• AxialMarket Network activity data
• A survey sent to 14,000 deal professionals
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3. 2012 Review & 2013 Outlook M&A Activity Report
Thanks to Participating Members
Edwin Burke, Managing Partner at Pillsman Partners
Pillsman Partners, LLC is a private investment firm that specializes in direct
investments in established, small to lower-middle market businesses. We focus on
companies with $1 to $10 million in EBITDA, stable cash flows, and strong organic
growth potential.
Stephen Connor, Director of Business Development at Hamilton
Robinson Capital Partners
Hamilton Robinson is a lower middle market PE firm that was founded in 1984.
We focus on the Commercial and Industrial sector-specialty/niche manufacturing,
industrial services and distribution. We have years of successful investing experience
and a strong knowledge base in this sector.
Marek Olszewski, Managing Partner at Catalus Capital
Catalus is an investment firm that partners with US, Canadian, and European middle
market companies and private equity funds by providing capital and operational
expertise. We facilitate expansion opportunities and strategic initiatives, and also
consider asset-backed deals.
Chris Eichmann, Managing Partner at Pillsman Partners
Pillsman Partners, LLC is a private investment firm that specializes in direct
investments in established, small to lower-middle market businesses. We focus on
companies with $1 to $10 million in EBITDA, stable cash flows, and strong organic
growth potential.
Spencer South, Partner and Principal at Lazarus Capital
Lazarus Capital Partners is a private equity firm based in Birmingham, Alabama,
focused on acquiring controlling equity interests in lower-middle-market operating
businesses. LCP’s target investment profile is concentrated in manufacturing, value-
add distribution, and business service companies.
3
4. 2012 Review & 2013 Outlook M&A Activity Report
2012: A ‘Moderate’ Year
For much of the M&A world, 2012 was a year defined by perennial uncertainty. After a
lackluster start, activity never seemed to hit a rhythm. Whether it was the JOBS Act, the
presidential election, or the fiscal cliff, deal activity was stalled with uncertainty, waiting for the
next major trend.
Because of this overarching uncertainty
2012 M&A Environment: -- and still-recovering economy --
Strong 2012 was a slow-to-moderate year for
10% M&A. When asked about the year,
47% of survey respondents described
the environment as “moderate,” with
another 43% describing the year as
“slow.” Despite these views, 84% of
Moderate survey respondents reported closing at
47% least one deal in 2012.
Slow Steve Connor of Hamilton Robinson
43% Capital Partners agreed with the
‘moderate’ sentiment. He explained,
“While [activity] started off slow, it
definitely picked up during mid-year
and the summer months. By the end of October, however, the time for closing deals was
narrowing and activity began to taper off. Instead of focusing on new deals, many PE firms
and investment banks were working to close the ones in process.”
The focus on closing deals in the late fall left some quality deals on the table for firms -- like
2012 Deal Activity:
Deals Closed No Deals 1-3 Deals 3-5 Deals 5+ Deals
% of Respondents 16% 50% 21% 13%
Pillsman Partners -- who remained actively focused on cultivating deal flow. Chris Eichmann,
Managing Partner of Pillsman, explained, “Instead of maintaining a warm pipeline, groups
pushed to get their deals across the finish line before year-end. Not only did fewer close than
4
5. 2012 Review & 2013 Outlook M&A Activity Report
expected, but many capital providers seemed distracted by the rush. This allocation of time
led to several quality assets coming to market that did not get much attention.”
Sent Deals & Pursuits of Deals by Quarter
250 Deals Sent Pursuits 1000
200 800
150 600
100 400
50 200
0 0
12-Q1 12-Q2 12-Q3 12-Q4
As the year came to a close, many firms found themselves with meager pipelines for
2013. This realization could have spurred the relative spike in pursuits seen in Q4.
Data: AxialMarket
The inconsistent deal activity -- both in quality and quantity -- hit many firms asymmetrically.
Marek Olszewski of Catalus Capital remarked, “2012 was both a great year and a difficult
one.” He explained, “From a returns perspective, we are making solid risk adjusted returns
for our investors. However, from the new capital invested perspective, 2012 was more difficult.
While we did make a few investments, it was fewer in number and smaller in size than
desired.”
Business Owners Not Coming to Market
For the past several months, there has been a general hypothesis that business owners would
come to market to sell before new taxes went into effect in 2013. While there was a minor
surge towards the end of the year, “at the end of the day, tax uncertainty failed to act as a
strong impetus to convince sellers that now was the best time to sell,” explained Edwin Burke
of Pillsman Partners. “Seller valuation expectations [exceeded] that which the market was
willing to ascribe to their businesses. This proved somewhat frustrating -- to compete with
sellers choosing not to sell.”
One of the major motivations for business owners to endure the potential tax hikes is the
5
6. 2012 Review & 2013 Outlook M&A Activity Report
overall lackluster economic and investment environment. Connor explained, “One contributing
factor to the decreased lower middle market deal flow is the current interest rate environment. If
an owner were to sell his business today, he would have limited options to invest his proceeds on
decent yielding investments. Rather than parking their money in low-yielding CDs, many owners
are deciding to hold on to their businesses.”
“In terms of purchase price, we try and stay disciplined in the 4x - 6.5x
valuation range. - Spencer South, Lazarus Capital
”
“We really focus on deals where the acquisition multiple falls somewhere
between 3x and 6x. - Chris Eichmann, Pillsman Partners
”
“We see a fair amount of deals in the 5x - 7x EBITDA range in the lower-
middle market. - Marek Olszewski, Catalus Capital
”
Spencer South of Lazarus Capital confirmed Connor’s read on business owner temperature. “In
speaking with business owners, I have found that many who were contemplating going to market
have reassessed due to the lack of investment options for the proceeds of a sale.” As a possible
solution, South suggested pursuing partial sales. “One way we aim to combat the issue is a partial
sale of the business where the owner takes chips off the table, but stays in for 20-30%.”
The low-yield interest environment has affected business owners and deal professionals alike. As a
lender, the compressed rates have created unique challenges in 2012. Olszewski explained, “Interest
rates have continued to come down throughout the year. While this is good for borrowers, it is bad
for lenders.” He added, “Debt has been performing well -- it is a very competitive environment.”
Dry Powder, Valuations, and LBOs
The challenges of thin deal flow were supplemented by the enormous amount of dry powder sitting
in private equity funds. With the clock ticking on the more than $1 trillion in capital overhang,
many private equity firms began expanding the parameters of their investment theses.
6
7. 2012 Review & 2013 Outlook M&A Activity Report
As Connor explained, “We saw some larger private equity firms coming down market and
pursuing smaller companies. Their presence continues to create an imbalance between the
supply and demand for quality companies, which has created highly competitive auctions.”
The movement of larger firms into the middle market has not only driven valuations up, it has
2012 Industries with Highest Average Pursuits
Average Active Interested
Industry Total Deals
Pursuits/Deal Investors
Industrials 1,571 6.65 529
Manufacturing 1,458 7.39 622
Technology 936 6.79 586
Energy & Utilities 701 8.18 310
Healthcare 659 6.36 471
also impacted deal financing strategies. The combination of the capital overhang and interest
rates has created a buyout-friendly environment. As Olszewski explained, “The amount of
equity going into LBOs is definitely on the rise. PE firms are using less debt and relying on
senior debt or unitranche facilities, and less on mezz or subordinated debt.” He added, “In
order to get that type of capital structure, firms are relying on high-yield and loan markets.”
2012 Deal Breakdown by Geography
South 1931
West 1274
Midwest 843
Northeast 759
In 2012, the largest number of deals originated in the Southern United States.
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8. 2012 Review & 2013 Outlook M&A Activity Report
2013 Outlook
Although the fiscal cliff is resolved -- for now -- the uncertainty that stifled activity in 2012 has
set a weak stage for 2013. According to Connor, “Because of slow pitching activity and weak
deal flow the past few months, it is unlikely we will see a torrent of deals early in 2013.”
However, a slow start does not 2013 Expected Activity:
necessarily mean a slow year. Connor
speculated that a few variables could Volume will
jumpstart activity. “One variable Plateau
that may spur M&A activity is if 21%
private equity firms start selling their
portfolio companies. Since many
funds are reaching the end of their More
investment horizons, they will need to Deals
sell their portfolio companies to show 53%
realizations in order to raise the next
fund.” Fewer
Deals
Eichmann identified a different 26%
backlog of deals that could come
to market in the second half of
2013. “In the past couple of months, many business owners have been deferring their sale
until 2013. They have told us they wanted to wait until Q1 or Q2 of 2013 -- or even 2014
-- because they are either hoping for better visibility or validating their current growth plans.”
If these business owners do decide to sell, it could mean stronger activity in 2H 2013. Not
everyone agrees, however.
Greatest Concerns for 2013:
Dry Powder 28%
Cap Gains/
25%
Carried Interest
Fiscal Cliff 22%
Other* 25%
*Other: JOBS Act, European Affairs
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9. 2012 Review & 2013 Outlook M&A Activity Report
Some -- like Olszewski -- believe that activity will spike early in the year, only to then wane
thereafter. “I don’t see 2013 as a big turning point for activity. However, I do think January
will be very busy. After a significant holiday -- like the one this year -- there tends to be a spike
in new activity. I think people will return in January to find many new deals and will be quick
to jump on them.”
Major Players: Strategics and Healthcare on the Rise
Even if activity remains modest throughout the year, the majority of survey respondents
believe that strategics -- not financials -- will be
in a better position to drive the growth. Connor
believes, “Corporates will be driving the overall
activity in 2013. While there will be some 57% of survey
sellers who prefer financials -- due to desire to respondents believe
stay involved with the business -- I expect most that Strategics will be
activity to remain in the realm of corporate
acquirers.”
better positioned for
acquisitions in 2013.
In terms of the most active industries, 35%
- AxialMarket Private Capital Survey
of survey respondents believe Healthcare
will be the most active industry in 2013. This
anticipated activity is likely tied to the present implementation of the Affordable Care Act.
Healthcare Pursuits Unaffected by ACA in 2012
1,750
1,250
Technology
Energy
Healthcare
750 Average
Q2-2012
Q1-2012
Q4-2012
Q3-2012
While Technology was visibly impacted by the Facebook IPO in the spring and Energy
cooled off in the second half of the year, interest in Healthcare Opportunities mimicked the
network average despite supposed impact of Affordable Care Act.
Data: AxialMarket
9
10. 2012 Review & 2013 Outlook M&A Activity Report
Energy & Utilities is also expected to be a major player in 2013, thanks to the recent focus on
fracking and shale. The interest in Technology is not surprising to Olszewski, who described
the industry as “perennially a bright spot.” He added, “There are so many innovative
companies just beneath the surface that will likely become immensely successful.
2013 Valuations
With activity levels still uncertain in 2013, exact valuation estimates are hard to ballpark.
Because of this uncertainty, 50%
of survey respondents believe that
Anticipated Valuations in 2013: valuations will generally stay the
same this year. The remaining 50%
Valuations
will Rise are effectively split between believing
22% valuations will rise or will fall.
Valuations One subscriber to the rising valuations
will Stay camp is South. He explained, “The
the Same combination of low deal supply with the
50% high demand that is being driven by the
fund overhang and private equity being
an attractive relative asset class, coupled
Valuations with cheap, available credit, suggests that
will Fall multiples will likely rise.”
28%
Olszewski, however, believes that the
uncertainty will help drive multiples down. “The most recent data suggests that valuations
will actually come down in 2013. That could be a result of the uncertainty in economy and
regulatory environment -- if you buy a business, you have to price in that risk.”
Key Takeaways:
• Low interest rates discouraged many owners from selling their businesses, as there
were few options for post-sale investment.
• Dry powder helped drive larger PE firms down market, driving subsequent
valuations up.
• Despite the excess dry powder, 57% of survey respondents believe that strategics
will be more active in 2013.
• Strategics are expected to be the most active investors in 2013, with most activity
predicted to occur in the Healthcare, Energy & Utilities, and Technology spaces.
10
11. 2012 Review & 2013 Outlook M&A Activity Report
AxialMarket is the largest network of qualified deal professionals in the world with more than
9,000 Members. Our primary tools enable deal professionals to source opportunities, manage
deal processes and manage relationships all in one place.
To request an invitation visit www.axialmarket.com
For more information contact:
Jaime Raczka
Director of Marketing
AxialMarket
917-639-5323
11