The Mid-Market Deals 2014 Conference – Data And Case Studies On Recent Deals

Date 10th Nov 2014
Times 08:50 - 17:30
1 participant £495.00 + VAT (£594.00)
2 participants £450.00 + VAT (£540.00) each
5+ participants £400.00 + VAT (£480.00) each
SRA CPD Hours 6

Confirmed speakers from: cavendish     ING-Corporate-RGB_WithWhiteSpace Carlyle_blue_300dpi_jpg rbsFitch Ratings no Tagline Two Colour pwc      Bar_Bevel_2C_V RBC Capital Markets S&M Logo 525 spot CMYK             KPMG_blue plus strapline trans bkgrd  01-11 LDCPELO-Colour-logo   GTlogo-primary-strapline-CMYK2012DEL_PRI_RGB        simmons Sponsored by: Fitch Ratings no Tagline Two Colour          dlogo_screen_rgb_large BvD Logo JPG   SPONSORSHIP OPPORTUNITIES Redcliffe has sponsorship opportunities available for this conference. If your company is interested or if you would like more information, please email us on: enquiries@redcliffetraining.co.uk

Corporate finance conferenceWelcoming note from the conference chairman:   Redcliffe’s conferences have become increasingly popular over the last few years. The annual conferences on Debt and Private Equity, which featured a wide range of key decision makers, attracted large audiences. Following in the wake of these successful events, Redcliffe have pleasure in launching a new conference on deals taking place within the Mid-Market corporate arena. Mid-Market firms are the unsung heroes of the economic landscape, with firms in this segment occupying an increasingly important part of the European economy. In the UK alone, some 28,000 Mid-Market companies delivered over one third of the total economic contribution. This position is reflected in the larger countries across Europe (Germany, France and Italy) which also generate about one third of private sector revenue and employ about a third of each country’s workforce [source: GE Capital]. It is therefore hardly surprising that there is plenty of scope for corporate finance transactions – acquisitions, disposals, management buy-outs, refinancings and even stock market flotations – within this firmament. This conference addresses many of the types of deal that have been taking place in the mid-market over the past year and looks forward to 2015. It focusses in particular on acquisitions and disposals, examining the different methodologies deployed by corporates in their quest to bring about a successful transaction and enhance shareholder value. It also places considerable emphasis on the use and availability of debt finance, exploring the various ways in which debt can be introduced into a deal and the properties of the suitable debt instruments. The overseas dimension regarding disposals, which has of course become more relevant in recent years, is considered with interesting examples, and the conference also covers the latest developments in the world of management buy-outs. No conference on mid-market deals would be complete, however, without a review of the latest trends in valuation, and this issue is also given prominence. We look forward to welcoming you to this conference. Pierre Chabrelie Global Co-Head of Corporate Finance ING Bank   Mid Market Deals conference

The Mid-Market Deals 2014 Conference Programme:

08:15 – 08:45 Coffee & Registration

08:50 Chairman’s Opening Remarks
Pierre Chabrelie, Global Co-Head of Corporate Finance, ING Bank

09:00 Overview of Mid-Market Deal Activity: The shift in Funding Mix and Alternative Investors
Atif Malik, Head of Loan Syndicate, Debt Finance, Barclays

  • Drivers for debt capacity and demand
    • Overview of key themes driving current market capacity and demand
    • Explanation of why capacity is currently exceeding deman
    • To include areas such as alternative finance providers, capital markets and lack of meaningful M&A activity
  • Considerations when looking at funding structures
    • Overview of the factors our clients are currently considering and current structural trends
    • Areas will include strategy, risk appetite, level of core debt and willingness for a public rating
  • When to access alternative funding markets
    • Bank loans remain the staple financing source
    • Overview of instances where other funding sources are considered and may be appropriate
    • Bank Market, Mezzanine, Institutional Term Loan, Shuldschein, Private Placement, HYB, PIK
    • These include available liquidity from bank market, desire to diversify funding, requirement / appetite for higher leverage and available cashflows to service
  • Alternatives such as non-bank lending, private placements, bonds
    • Summary of key pros and cons of each alternative and some case studies

Questions & Answers

09:25 The Big Issue – The questions and opportunities facing buyers, sellers and investors in the Mid-Market (Panel Discussion) Moderator: Pierre Chabrelie, Global Co-Head of Corporate Finance, ING Bank

  • The lawyer;
    • Alistair Hill, Managing Associate, Simmons & Simmons LLP
  • The CF advisor; Trends in M&A, including which regions and industries are seeing growth
    • Sriram Prakash, Global Head of M&A and Growth Insight, Deloitte
  • The Private Equity Investor;
    • Vladimir Lasocki, Managing Director, The Carlyle Group

Questions & Answers

10:10 UK Mid-Market Deals
Dimitrios Georgiou, Head of Industrials Europe, RBC Capital Markets

  • Review of UK Mid-Market deal activity
  • Balancing the exit option: IPO vs M&A
  • Pre-marketing: When does an M&A exit begin?
  • The role of Private Equity

Questions & Answers

10:45 Morning Coffee & Networking Opportunity

11:05 Valuation in the Mid-Markets
Heather Gray, Partner – UK Head of Valuations, KPMG

  • Key issues surrounding the mid-market
  • Latest ideas and trends
  • Case study examples

Questions & Answers

11:40 Financing Deals in the Mid-Market
Dave Rome, Managing Director, Head of Loan Markets, UK, RBS 

  • The availability of bank finance
  • What is the universe of lenders
  • Debt diversification
  • Trends in the market
  • Market outlook

Questions & Answers

12:15 How to find overseas buyers
Lord Leigh of Hurley, Senior Partner, Cavendish Corporate Finance

  • Current level of interest in UK buyers from overseas buyers
  • Why seek an overseas buyer?
  • Why would an overseas buyer be interested in your business?
  • How to find a premium buyer
  • Problems in dealing with overseas buyers
  • Local knowledge vs London research
  • Financing for overseas purchasers

Questions & Answers

12:50 Lunch & Networking Opportunity

14:05 Achieving Success with Mergers & Acquisitions: Making Deals Happen
Alan Dale, Partner – Corporate Finance, Grant Thornton UK LLP Operational aspects of:

  • Due Diligence
  • Integration & Separation
  • Synergy
  • Benefits Realisation

Questions & Answers

14:40 Trends for Mid-Market LBO’s: A Ratings Agency Perspective
Cécile Durand Agbo, Senior Director – Leveraged Finance, Fitch Ratings

  • Credit Quality: Stabilisation
  • Leverage Levels 2011 – 2014
  • Defaults: Where are we now?
  • Recoveries: Recent developments and prospects

Questions & Answers

15:15 Afternoon Tea & Networking Opportunity 15:35 European Done Deals in the Mid-Market
Cara Haffey – Partner – Corporate Finance UK, PwC

  • Focus on Deals between £50m and £500m
  • Key deal themes
  • Hot sub-sectors

Questions & Answers

16:10 MBO’s & the Mid-Market team: Raising Finance and Structuring the deal
Tim Farazmand, Managing Director, LDC
Gordon Hague, Investment Director, LDC
Pete Opperman, Independent Chairman

  •    What does Private Equity look for?
  •    Structuring a deal – black art vs transparency
  •    Management  – how to survive the process
  •    The good, the bad and the ugly – war stories

Questions & Answers

16:45 Dual track M&A/IPO sale processes – lessons to be learned
Kathy Hughes, Partner, Slaughter and May
Susannah Macknay, Partner, Slaughter and May

  • Process considerations: keeping both options open
    • Running a dual-track process requires coordination between the two processes to maximise efficiency, in particular when drafting marketing documents and testing investor/buyer interest.
  • Aligning management and shareholder interests
    • An IPO often appeals more to management teams than the sale route: sellers need to ensure that incentivisation arrangements cater for this to keep management engaged in both processes.
  • Separate advisory teams?
    • There are pros and cons of having separate advisory teams for the two tracks; there is also the question of how advisors are incentivised.
  • Disclosure of forward-looking information to M&A bidders – the information memorandum v. the prospectus
    • Inevitable M&A bidders will want detailed forecast information which cannot be included in the prospectus, which raises practical and legal questions which are best dealt with at the start of the process.

Questions & Answers

17:20 Chairman’s Closing Remarks
Pierre Chabrelie, Global Co-Head of Corporate Finance, ING Bank 17:30

End of conference

Please note that this event is a conference and not a training course. Participants will listen to many expert speakers and will have the opportunity to ask questions, but there is no formal training, exercises or tuitional material being delivered. Should this be your objective, Redcliffe organises several training courses in this and related subjects. Please click here for full details.

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Conference Cost

£495.00 + VAT