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Benelux M&A and Private Equity Forum 2010
Lead strategic partners: Strategic partner: Affiliate partners:
Post-event report
Benelux M&A And PrivAte equity ForuM 2010 2
The first panel of the day acted as a teaser session for the rest of the forum, touching on many of the key themes we would later discuss. Made up of corporate representatives as well as a legal and financial adviser, the panellists discussed the impact of the market’s recovery on corporate development strategies and key deal drivers of M&A activity in the Benelux region. Picking up on a theme that caused heated debate at the previous forum, the
panellists discussed the changed experiences of trade buyers when doing deals, making particular reference to the comeback of private equity players. Another theme that was revisited was the timing of deals, and where M&A practitioners are placing their focus. The panel was rounded off with a closer look at cross-border activity and the challenges that buyers are facing when undertaking transactions overseas.
The day began with a keynote welcome address from Cees Vermaas, Chairman of the NYSE Euronext Amsterdam. He gave an overview of the economic state of the region and the impact it has had on M&A activity. He commented on the state of private equity, making the point that the mid-market, particularly, is showing signs of recovery. Vermaas also mentioned the role of exchanges in bringing vitality back to dealmaking.
Cees verMAAs, CHAirMAN, NYSE EuroNExT AMSTErdAM
Keynote welCoMe Address
PAnel: GettinG A deAl done in 2010/11 – how hAs the lAndsCAPe ChAnGed?JAMes nolAn, ExECuTiVE ViCE PrESidENT, HEAd of M&A, PHiLiPSrutGer vAn nouhuiJs, CEo, LArgE CorPorATES & MErCHANT BANkiNg, ABN AMroAllArd MetzelAAr, PArTNEr, HEAd of MErgErS & ACquiSiTioNS, STiBBEdAMiAAn JACoBovits, ExECuTiVE ViCE PrESidENT, grouP BuSiNESS dEVELoPMENT, AEgoNCAtherine Ford, MANAgiNg EdiTor – rEMArk, THE MErgErMArkET grouP (ModErATor)
Benelux M&A And PrivAte equity ForuM 2010 3
After a short coffee break, Philip Whitchelo, Head of M&A Strategy at virtual data room provider, intraLinks, gave a presentation looking at the current trends in dealmaking in the region, putting them into a European context. Philip looked at the sector split of M&A activity for the year-to-date before giving an outlook on predicted action in the months to come.
This panel was made up by a number of experts from the private equity industry, both international and local. They discussed how the buyout model has evolved in the aftermath of the financial crisis, and the new approaches to origination that private equity houses are taking to secure deals. The group of experts took a closer look at growth and exit strategies and discussed how a co-investment approach can add value to a deal. The discussion was rounded off with a few comments on private equity firms acting as minority investors.
PhiliP whitChelo, HEAd of M&A STrATEgY, iNTrALiNkS
Peter MAenhout, ExECuTiVE ViCE PrESidENT, BuYouTS & groWTH, giMVJAn willeM BAud, CEo, NPM CAPiTALrutGer BruininG, iNVESTMENT MANAgEr, CANdoVErMArC stAAl, MANAgiNg PArTNEr, AAC CAPiTAL PArTNErSAntonio CABrAl, MANAgiNg PArTNEr, THE riVErSidE CoMPANYdirK leerMAKers, PArTNEr, STiBBEFAy sAnders, EuroPEAN PriVATE EquiTY CorrESPoNdENT, MErgErMArkET (ModErATor)
Benelux M&A trends – eye on the MArKet
PAnel: eMerGinG Buyout strAteGies
Benelux M&A And PrivAte equity ForuM 2010 4
insiGht PAnel: the Future oF the Asset ClAss – Are suPerior returns CondeMned to the PAst?
Before breaking for lunch, this panel picked up and developed a number of points that were made in the introductory session. The central theme that was addressed was why post-merger integration goes wrong so frequently. The panel talked about when, in an M&A process, integration needs to be discussed and how the issue of post-merger integration can be brought to the attention of
the actual dealmakers. The panel of experienced deal-integrators then discussed the standardised post-deal processes and evaluated the value of such practices. The panel was rounded off with a closer look at best practices and common mistakes made during the post-merger integration process.
After a lunch break, discussion returned to the private equity arena with a panel that examined the future of private equity as an asset class. The discussion initially focussed on the expectations that LPs have of gPs with regards to returns on their investment. The experts touched on how this relationship has evolved in the aftermath of the crisis and how funds will be allocated within the asset class in the future.
Peter vAn der vlis, viCe President, PMo BuSiNESS iNTEgrATioN, STAPLES EuroPEdAvid sneiJder, viCe President, HEAd of PMi, PHiLiPSFrAnK BArtels, PriNCiPAL CoNSuLTANT PoST-MErgEr iNTEgrATioN, CAPgEMiNiMArie CeCile deKKer, gLoBAL ProjECT dirECTor, Akzo NoBEL PoWdEr CoATiNgSAntonio nieto-rodriGuez, ProgrAM MANAgEr, STrATEgiC ProjECTS, BNP PAriBAS forTiSCAtherine Ford, MANAgiNg EdiTor – rEMArk, THE MErgErMArkET grouP (ModErATor)
Jelle Beenen, HEAd of iNVESTMENT CoNSuLTiNg BENELux, MErCErPeter roosenBooM, ProfESSor, PriVATE EquiTY, ErASMuS uNiVErSiTYFrederiK vAn BeuninGen, CEo, TESLiN CAPiTAL MANAgEMENTMArCo wulFF, dirECTor, CAPiTAL dYNAMiCSelvire Perrin, PArTNEr, HEAd of rESEArCH, ALTiuS ASSoCiATESFAy sAnders, EuroPEAN PriVATE EquiTY CorrESPoNdENT, MErgErMArkET (ModErATor)
PAnel: Post-MerGer inteGrAtion – exPeCtAtions And reAlity oF synerGies
Peter vAn driel, HEAd of M&A ANd CoMMErCiAL fiNANCE, uPSTrEAM iNTErNATioNAL, SHELLsteve younGMAn, dirECTor, grouP M&A, TNTBenAiAh Moses, fiNANCiAL jourNALiST, MErgErMArkETCAtherine Ford, MANAgiNg EdiTor – rEMArk, THE MErgErMArkET grouP (ModErATor)
Jeroen sPoor, PorTfoLio MANAgEr, iMC ASSET MANAgEMENThuGo vAn BerCKel, PArTNEr, CVC CAPiTAL PArTNErSeriK BosMAn, PArtner, HEAd of MEzzANiNE, ALPiNVESTrAFAel GoMez nunez, HEAd of ACquiSiTioN & LEVErAgEd fiNANCE, ABN AMroAyeshA JAved, fiNANCiAL jourNALiST, dEBTWirE (ModErATor)
PAnel: whAt does the Future oF FinAnCinG looK liKe?
insiGht PAnel: eMerGinG MArKets M&A And its role in Benelux
The penultimate session of the day took a closer look at emerging market M&A and its role in Benelux. The panel initially discussed what made the region attractive for overseas bidders, before taking a closer look at emerging market M&A strategies of some of the leading players in the Benelux region. The panellists compared and contrasted the acquisitive and organic growth strategies used to gain a foothold in emerging markets, such as russia and China. Taking a closer look at risks and opportunities, the discussion naturally touched on cultural challenges that need to be overcome and how good business conduct can be enforced.
With the lack of liquidity playing a key role in the decline of M&A activity in recent years, the event next turned its attention to the credit market. The experts on the panel began by looking at the liquidity factors which are playing a role in today’s market, and how corporates are currently financing their strategies. They then moved on to talk specifically about the leveraged finance market and the role of equity in LBo transactions. The conversation was wrapped up with comments on the lending criteria enforced by banks.
Benelux M&A And PrivAte equity ForuM 2010 6
Benelux M&A And PrivAte equity ForuM 2010 7
insiGht PAnel: GenerAtinG returns in the exit MArKetedo PFenninGs, PArTNEr, MENTHA CAPiTALlisette sPAAnBroeK, MANAgiNg dirECTor, NYSE EuroNExTFloris vAnsinA, MANAgiNg dirECTor, kBC PriVATE EquiTYzorAn vAn Gessel, MANAgiNg PArTNEr, BENCiS CAPiTAL PArTNErGerAld verweiJ, HEAd of ECM, ABN AMroFAy sAnders, EuroPEAN PriVATE EquiTY CorrESPoNdENT, MErgErMArkET (ModErATor)
The final panel discussion of the day took a look at the exit market, discussing the trends in the region and what options are available to vendors at present. A number of panellists commented on the state of the local iPo market and, whilst touching on the comeback of secondary buyouts, they also discussed the level of activitiy of trade buyers.
UPGRADE YOUR BUSINESS WITH OUR 290 YEARS OF EXPERIENCEOn 1 July 2010 Fortis Bank Nederland and ABN AMRO joined forces under the name of ABN AMRO.
We continue to put our clients’ interest first by delivering dedicated and tailor-made m&a advice,
capital markets and financing solutions for corporates, institutionals, and private equity firms.
Our clients also benefit from our dedicated sector approach paired with in depth product expertise.
Do you also want to benefit? Challenge us!
Contact us: Rutger van Nouhuijs, CEO Large Corporates & Merchant Banking
Tel. +31 20 343 32 81, e-mail: [email protected]
1024_adv. Benelux forum-1.indd 1 02-09-10 15:26
Mergers & AcquisitionsConscious that a chain is no stronger than its weakest link, we have recognised strengths in all the key M&A disciplines.
Contact
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Cee M&A And PrivAte equity ForuM 2010
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