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Author Archives ARS Corporate

Jan 252017

Informationstechnologie – Jan 2017

The last M&A WW Convention took place in New Delhi on 17-18th November, providing an opportunity for all network members to discuss M&A projects in the IT Sector. One of the world’s fastest growing economies and home to a thriving IT sector, India is profiled in brief on [page 2].

Two key factors currently driving development in the IT market are Connectivity and Mobility, with companies across the world becoming increasingly focused on how to understand, contribute to and ultimately gain advantage from the rapid expansion of the Internet of Things (“IoT”). These key trends are discussed in depth by M&A WW industry experts on page 5 and 8 of the report.

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Jan 252017

Energie, Umwelt & Cleantech – Nov 2016

General consensus in global and major energy markets forecast that energy commodity prices are going to remain depressed still for a while. In this context, M&A activity is expected to get momentum in the next 3 to 5 years as company restructure asset portfolios, seek scale economies, look to diversify the business and act opportunistically.

While the spike in M&A activity has been characterized and supported by large M&A transactions, deal-making is increasing across all company sizes. In particular we see a strong appetite for companies in the industrial services linked to the energy and environment sectors.

The signing of the final contracts for the construction of the Hinkley Point C nuclear power station in UK by the French-Chinese consortium EDF Energy- CGN relaunches the construction of new nuclear power plants in UK and Europe

We see strong tailwinds downstream most of the supply and value chains and in particular in the power supply customer-tailored services, conventional and renewable asset maintenance, energy efficiency in commercial and retail markets and in the WEEE recycling business.

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Jan 252017

Automobilindustrie – Nov 2016

In 2015, global production of cars was 68.5 million and commercial vehicles was 22.2 million, an overall increase of 1.1% over 2014. 1 OEM production is both concentrated and global. The top 15 countries produce 88% of the world’s cars, but regional differences in customer preferences, regulatory environments, and infrastructure ensure local and regional differences. 2 Top producing countries include China, the US, Germany, Japan, South Korea, and India.

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Jan 252017

Agri, Food & Beverages – Nov 2016

Agriculture- & food related industries are booming. Business activities and economic development in the Agri & Food markets contribute significantly to our country’s economies, GDP and employment. For many years, M&A Worldwide has been a dynamic player in the Agri & Food market. We have advised numerous clients during M&A transactions We are constantly keeping up with trends in the sector and advise entrepreneurs on M&A, strategic and business valuation issues.

We believe that by sharing our knowledge we can guide entrepreneurs to gain quality insights into the market and make better decisions to increase company value. This industry report summarizes and further builds on our knowledge and expertise of the Agri & Food sector, recent M&A deals and the appetite of investors in the sector.

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Jan 252017

Biotech, Pharma & Life Sciences – Sep 2016

Healthcare M&A reached $546 billion in announced deal value in 2015 – a 2.5 times increase over the previous decade’s average annual value. Several industry-specific trends further fueled the healthcare M&A boom. Firstly, demand for healthcare is surging given the rise of chronic and lifestyle diseases, aging populations in many developed markets and a growing middle class in many developing regions. As a result, there will be continued pressure globally to contain healthcare costs, which have consistently outrun GDP growth. Innovation is bringing new drugs, devices, technology and analytics to market, and new government regulations are aiming to improve quality and increase access to healthcare. Taken together, these trends are shifting the way that healthcare is delivered across the globe, triggering consolidation along the value chain as firms position themselves to emerge as winners.

For healthcare PE-investors, 2015 was a strong year for buyouts and exits, but headwinds emerged in the second half of the year. Asia-Pacific turned in another record-breaking year for deal value, with strong activity in the provider and biopharma.

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Jan 252017

Automobilindustrie – Jul 2016

M&A in the global automotive suppliers sector are occurring at an unprecedented level in 2015. However, in our view, the M&A explosion in the automotive supplier sector is just beginning to heat up. Perhaps the primary catalyst for more activity will be the efforts among many automakers to gain efficiency, improve margins, and increase scale by implementing more global architectures and platforms for their vehicle designs that can be used in any market around the world with minor modifications.

We strongly believe that the M&A boom in the automotive supplier industry still has room to grow, and there are plenty of opportunities for significant returns on investment.

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Sep 242013

Your Business Selling Price Depends on How You Sell It



By courtesy of Dave Kauppi (

How much is my business worth? That depends. Of course it depends on profits, sales, EBITDA, and other traditional valuation metrics. A surprisingly important factor, however, is how you choose to sell it. If I could share with you how you could realize at least 20% more for your business would you read the rest of this article?

The way to achieve the most value from the sale of your company is to get several strategic buyers all competing in a soft auction process. That is the holy grail of company valuation. There are several exit or value options. Let’s examine each one starting with the lowest which is liquidation value.

Liquidation Value – This is basically the sale of the hard assets of the business as it ceases to be a going concern. No value is given for good will, brand name, customer lists, or company earnings capability. This is a sad way to exit a business that you spent twenty years building.

Book Value – is simply an accounting treatment of the physical assets. Book value is generally not even close to the true value of a business. It only accounts for the depreciated value of physical assets and does not take into account such things as earnings power, proprietary technology, competitive advantage, growth rate, and many other important factors. In case you are working on a shareholder agreement and looking for a methodology for calculating a buy-out, Book value is a terrible metric to use. A better approach would be a multiple of sales or EBITDA.

Unsolicited Offer to Buy from a Competitor – This is the next step up in value. The best way I can describe the buyer mindset is that they are hoping to get lucky and buy this company for a bargain price. If the unsuspecting seller bites or makes a weak counter offer, the competitor gets a great deal. If the seller is diligent and understands the real value of his company, he sends this bottom-feeder packing.

Another tactic from this bargain seeker it to propose a reasonable offer in a qualified letter of intent and then embark on an exhaustive due diligence process. He uncovers every little flaw in the target company and begins the process of chipping away at value and lowering his original purchase offer. He is counting on the seller simply wearing down since he has invested so much in the process and accepting the significantly lower offer.

Buyer Introduced by Seller’s Professional Advisors – Unfortunately this is a commonly executed yet flawed approach to maximizing the seller’s transaction value. The seller confides in his banker, financial advisor, accountant, or attorney that he is considering selling. The well-meaning advisor will often „know a client in the same business“ and will provide an introduction. This introduction often results in a bidding process of only one buyer. That buyer has no motivation to offer anything but a discounted price.

Valuation From a Professional Valuation Firm – At about the midpoint in the value chain is this view of business value. These valuations are often in response to a need such as gift or estate taxes, setting up an ESOP, a divorce, insurance, or estate planning. These valuations are conservative and are generally done strictly by the numbers. These firms use several techniques, including comps, rules of thumb, and discounted cash flow. These methods are not great in accounting for strategic value factors such as key customers, intellectual capital, or a competitive bidding process from several buyers.

Private Equity or Financial Buyer – In this environment of fear, uncertainty, and doubt, the Private Equity Groups are stepping their multiples down for their purchase deals. They still have their roots as financial buyers and go strictly by the numbers, but they have decreased the multiples they are willing to pay. Where three years ago they would buy a bricks and mortar company for 5 ½ X EBITDA, then two years ago they moved that to 7 X EBITDA, and now they are now paying 5 X EBITDA.

Strategic Buyers in a Bidding Process – The Holy Grail of transaction value for business sellers is to have several buyers that are actively seeking to acquire the target company. One of the luckiest things that has happened in our client’s favor as they were engaged in selling their company was an announcement that a big company just acquired one of the seller’s competitors. All of a sudden our client became a strategic prized target for the competitors of the buying company. If for no other reason than to protect market share, these buyers come out of the woodwork with some very aggressive offers.

This principal holds as an M&A firm attempts to stimulate the same kind of market dynamic. By positioning the seller as a potential strategic target of a competitor, the other industry players often step up with attractive valuations in a defensive posture.

Another value driver that a good investment banker will employ is to establish a strategic fit between seller and buyer. The advisor will attempt to paint a picture of 1 + 1 = 3 ½. Factors such as eliminating duplication of function, cross selling each other’s products into the other’s install base, using the sellers product to enhance the competitive position of the buying company’s key products, and extending the life of the buyer’s technology are examples of this artful positioning.

Of course, the merger and acquisition teams of the buyers are conditioned to deflect these approaches. However, they realize that their competitors are getting the same presentation. They have to ask themselves, „Which of these strategic platforms will resonate with their competitors‘ decision makers?“

As you can see, the value of your business can be subjectively interpreted depending on the lenses through which it is viewed. The decision you make on how your business is sold will determine how value is interpreted and can result in 20%, 30%, or even 40% differences in your sale proceeds.

Okt 122012

Nota de Prensa – Incorporación de socios



ARS Corporate, la firma española de asesoramiento en fusiones y adquisiciones y partner español de la red global “M&A Europe”, ha decidido reforzar su estructura con la incorporación de cuatro nuevos socios, en su camino de consolidarse como firma especialista en el Mid-Market y en transacciones transfronterizas.

Los nuevos socios de ARS Corporate son:

  • Como Partners:
    • Fernando Martínez Stinus, especialista en consultoría estratégica y de negocio, procedente de Capgemini (donde ocupó, entre otros, el cargo de CEO de Gemini Consulting y CEO de Capgemini Brasil).
    • Marc Blasco, con amplia experiencia ejecutiva en capital riesgo, así como en consultoría y tecnología, ocio y entretenimiento (como Director General de CIRSA Interactiva) e industria (química, alimentaria e ingeniería).
  • Y como Associated Partners:
    • José María Niella, especialista en industria farmacéutica y healthcare, ha sido director general o de división, entre otras, de Farmhispania, Laboratorios LETI o Medichem.
    • Manel Roure, Director de filiales extranjeras del Grupo DOGA. Antes director de Yorka North America.

Los nuevos socios se unen así al equipo liderado por Martin Mayer y Jordi Blasco, que fundaron la firma en 2008, y Giorgio Maritan, incorporado como socio a la firma a principios de 2012.

A través de “M&A Europe” (alianza internacional presente en más de 30 países de 4 continentes), ARS Corporate asesora a sus clientes nacionales e internacionales en sus planes de desarrollo corporativo a nivel global.

ARS Corporate ha asesorado recientemente varias operaciones de tamaño mediano en España, entre las cuales se puede destacar el secondary buy-out de Guzmán Gastronomía (hoy participada por MIURA Private Equity y el equipo directivo), la fusión y posterior desinversión de Lavinia con Vértice 360º o la venta de Gestión del Conocimiento (GEC) a HEDIMA, posterior al management buy-out anterior que dio entrada a SUMA Capital y el equipo directivo, también asesorado por ARS Corporate.


ExpansiónNota de prensa

ExpansiónNoticia en Expansión

Nov 302011

ARS Corporate appointed Partner by M&A Europe



ARS Corporate, an independent mergers and acquisitions advisory boutique with offices in Madrid and Barcelona has been appointed Spanish partner of M&A Europe during the international convention held recently in Israel. ARS Corporate focus on mid-market and is managed by the founding partners Jordi Blasco and Martin Mayer.


M&A Europe, established in 2004, is a global network more than 30 leading mergers and acquisitions boutiques in 29 countries with proven track-record and expertise. The advisory firms of the network manage several services related to mergers and acquisitions, corporate finance and restructuring activities on behalf of clients. In 2010, M&A Europe concluded a variety of transactions within different industries and sectors with an aggregate deal value exceeding USD 1bn.


As a partner of the worldwide network M&A Europe, ARS Corporate offers an extended value proposition especially to those companies that are considering cross-border activities. To count with an advisor network that has the necessary local insight all over the globe is very much appreciated in any mid-market cross-border deal.