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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,...

16 October 2014

The Exit Factor – Confidentiality

By Neil Sutton If I get an urgent call at five thirty on a Friday night from a client trying to sell their business, I know there’s a good chance that confidentiality has been breached. Issues of confidentiality are part of every deal and, if you want to exit, then...

15 October 2014

Is the Italian non-performing loan (NPL) market about to take off?

By Richard Thompson You might recall that, in my last update, I looked at what impact the asset quality reviews (AQR) might have on the European portfolio market. I predicted that there would be an increase in transactional activity following the AQR process. I anticipate that a fair proportion of...

09 October 2014

Choppy outlook for European IPO market for the last quarter of 2014

By Vivienne Maclachlan and Will Creedy After a bumper start to the year, the traditionally quieter third quarter was indeed quiet! So what does this mean for the rest of the year? Our latest IPO Watch report shows that YTD 2014 European markets raised €40.3bn from 289 companies, a threefold...

08 October 2014

What role does diversity play in success?

By John Dwyer It’s true that a key part of any success is driven by the strength of the team around you. That’s not just a technically capable team but one which can empathise with you and truly understand what is needed. I lead PwC’s global deals business and in...

07 October 2014

Six reasons why private equity ‘out-guns’ on working capital

By Daniel Windaus I have been lucky enough to work with companies under both public and private ownership. It has become clear to me that those backed by private equity have an advantage when seeking to improve their working capital performance. There are six reasons why this is the case:...

At the coalface: Dealing with overseas acquirers

By Victoria Marcer The world is a shrinking place and the deals market is no different. While the UK remains an attractive economy for stable investment, it may not be long before you are faced with an overseas buyer or investor. Having just completed a transaction advising an overseas buyer...

IT systems - Just how integral to integration success are they?

By Erika Schraner In a recent survey by my US counterparts almost two thirds (65%) of senior executive respondents at Fortune 1000 companies characterised their mergers and acquisitions (M&A) as being significantly successful from a strategic standpoint. However, less than half (49%) reported significant success in achieving financial goals and...

30 September 2014

“Pass-the-parcel” deals – spotting the good and the bad

By Duncan Skailes Secondary buyouts, the sales of businesses by one private equity firm to another, have been much written about of late. That’s not surprising; they have accounted for more than half of European private equity deals this year, according to data provider Preqin. A good deal of the...

29 September 2014

Supermarket sweep? Video: North West retailers discuss if it's a good time to do deals

By Neil McTiffin There is no doubt the deals market in the North West has picked up over 2014. The retail sector seems to have been particularly active in recent months, as evidenced by the initial public offerings (IPOs) of Boohoo.com and AO.com, and PZ Cussons' acquisition of Australian yogurt...