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16 December 2014

Insurance broker deals – a new way to release value in M&A

By James Ferris Deals activity in the insurance industry is up: you might have seen our recent video where Albertha Charles, insurance valuations partner, discussed this spike in recent merger and acquisition (M&A) activity in the insurance market and the drivers behind this. Mirroring this trend, the UK insurance brokering...

15 December 2014

Private equity’s struggle with the digital native

By Carlo Gagliardi While private equity may be a relatively young part of the investment industry, its participants typically are not. In the digital age – which is now – this is problematic. Private equity firms are there to bring value-creating transformation to businesses, whether that means reviving and reshaping...

12 December 2014

What now for banks?

By Attul Karir and Katrina Hallpike The results of the European Central Bank’s (ECB) Comprehensive Assessment were published on 26 October 2014. A total of 25 banks failed this review and there has been much focus in the press on these institutions and their need to raise additional capital. This...

05 December 2014

European loan transactions set to rise 50% in 2014 – but this is a drop in the ocean?

By Richard Thompson In the nine months to the end of September 2014 loan portfolios with a face value of €67bn have been sold by Europe’s banks. I estimate that there are transactions currently in process for portfolios totalling a further €50bn. The majority of these transactions are scheduled to...

Understanding Alternative Finance

By Fergus Lemon The alternative finance industry is quickly becoming an important part of the UK economy. An innovative, technology led approach by many in the sector has improved access to finance for SMEs and it seems to be having a positive impact on social and charitable enterprises. We are...

01 December 2014

“We must take the current when it serves”

By James Anderson “There is a tide in the affairs of men. Which, taken at the flood, leads on to fortune; Omitted, all the voyage of their life Is bound in shallows and in miseries. On such a full sea are we now afloat, And we must take the current...

27 November 2014

What type of deal is likely to get you the most growth?

By Erika Schraner Towards the end of July I took part in a webcast with my US colleagues about “Successful M&A integration: looking beyond the here and now”. One of the topics we explored was how acquisition types have changed over the past three years. During that time we’ve seen...

26 November 2014

Obstacles for private equity owners in tackling working capital

By Daniel Windaus Previously I have discussed six ways in which private equity-owned companies are better positioned than their publicly-owned counterparts to improve working capital performance (view the article here). I stand by all six of the points I made, but in fact they only tell half of the story....

24 November 2014

Why Private Equity valuations are under the microscope

By Attul Karir and Katrina Hallpike The valuation of a private equity portfolio can have a material effect on its manager’s success and is a dynamic and subjective area. Investors and regulators are taking an interest in this area. The value of an existing, unrealised portfolio has become a more...

18 November 2014

“It’s not me – it’s you”

By James Anderson Every quarter my colleagues here at PwC produce our IPO Watch report. Now a staple publication in the industry, it’s a great read, and a look through previous editions gives a good sense of how the IPO cycle has moved. In the first half of this year...

03 November 2014

Management teams: pressure points in buyout negotiations

By Duncan Skailes One of the greatest strengths of the private equity ownership model is that it encourages key management to behave like owners rather than employees. Ensuring that management has a stake in the company they are tasked with growing will always be a central tenet of the asset...

CREaM: The Campaign for Real Early Look Meetings

By James Anderson Equity capital markets (ECM) teams across the banking industry are just getting over the annual distraction of preparing their submissions for the IFR Awards, the industry gongs, which include categories such as “ECM House of the Year” and “Deal of the Year”. Heads of department will have...

29 October 2014

Companies are not making the most of working capital - €1.4tn excess tied up on balance sheets

By Daniel Windaus European firms are catching up with their global competitors on working capital – but not all companies are making the most of the cash that is tied up in their balance sheets. €1.4 trillion war chest Our latest working capital study, which tracks success in optimising working...

28 October 2014

The AQR results are just the starting point

By Mike Magee The AQR announcement was published over the weekend, and it seems that a lot of commentators are viewing the results as an end in itself. After all, this was a comprehensive assessment, and a significant amount of resource was dedicated to the process. This is a dangerous...

27 October 2014

AQRs and stress tests – has it been worth the wait?

By Richard Thompson It seems like we have been talking about the Comprehensive Assessment – the asset quality reviews (AQR) and stress tests - forever. Has all the effort been worth it and what happens next? The results published yesterday show, as many have predicted, that a number of banks,...