Avviso sulle transazioni lato vendita
per le società a media capitalizzazione
Negoziare con gli acquirenti
La nostra competenza
Adveez assiste le società private e i loro azionisti (Venditori) nella vendita di capitale azionario a investitori in Private Equity (PE) (Acquirenti).
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Ci concentriamo sul lato medio del mercato
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Consigliamo i venditori di società europee a media capitalizzazione con veicoli elettrici fino a € 300 milioni
Abbiamo accesso al livello C-suite in oltre 100 fondi di private equity.
Conosciamo esattamente la loro strategia di investimento e attenzione al settore.
Un accordo tra gli investitori PE e i venditori
Gli investitori in private equity hanno un vantaggio :
Acquistano e vendono abitualmente aziende in base ai loro obiettivi di investimento
Gli imprenditori hanno una propria strategia :
Gestiscono e fanno crescere le aziende per vivere e costruire asset desiderati dagli investitori in private equity.
In questo dare-e-prendere, Adveez aiuta il Venditore a prendere il sopravvento sulla Transazione
Adveez Transazioni di private equity Consulenza sul lato vendita
Il nostro team è impegnato nel settore del Private Equity da oltre 30 anni:
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Siamo addetti ai lavori da entrambe le parti dell'equazione di acquisto / vendita di Private Equity e conosciamo tutti i problemi affrontati da coloro che sono coinvolti o stanno prendendo in considerazione un processo di acquisizione del mercato medio di Private Equity.
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Grazie alla sua profonda conoscenza del Private Equity Environment, Adveez aiuterà i venditori dell'azienda a navigare attraverso le acque a volte oscure delle transazioni sul mercato medio.
La nostra pratica di consulenza è specializzata nell'ottimizzazione degli affari e nell'agire come partner fidato per l'azionista della società e il suo gruppo dirigente.
Illustrazione del processo di vendita
I nostri esperti di private equity e corporate finance possono creare un valore significativo per l'accordo nel modo seguente:
Passi
Descrizione
Preparation
Adveez works closely with the Company’s Seller and senior management team to obtain an in-depth understanding of the Company’s current business and future growth opportunities in order to facilitate its role as the primary contact for Investors.
Understanding the Company's business model, competitive position and corporate functions
Identifying and dealing with potential obstacles to the sale transaction
Analyzing strategic rationale for various Buyers/Investors groups.
Assisting the management to draft the historical and projected financial documentation
Compiling and reviewing Data Room information
Providing valuation analysis to assist Investors evaluations
Preparing marketing materials, including: the preliminary non naming short introduction of the Company (Teaser), the Executive Summary (ES), and the Confidential Information Memorandum (CIM) of the Transaction.
Selecting and finalizing a short-list of potential Buyers/Investors/Prospects with the Seller
Marketing
Approaching potential Buyers/Prospects at C-suite level and sending the Teaser
Ascertaining Prospects interest in a potential Transaction
Following up with Prospects and sending the ES and NDA
After execution of the NDA, sending Prospects the CIM, and planning/organizing the due diligence process
Initial Investor Due Diligence
Adveez assists the Prospects and the Seller to perform the Initial Due diligence
Sending the interested Prospect a “Bid Process Letter” (BPL) outlining suggested timing and procedures
Company Presentation
Adveez organises meetings of the interested Prospects at the Company's offices
Company CEO and CFO give Prospects a detailed management presentation covering strategy, operations, product development and financials
Secondary Investor Due Diligence
Adveez helps the Seller communicate information to Investors for their Secondary Due Diligence
Giving Investors access to an online data room and facilitating the performance of their Secondary Due Diligence
Evaluation of the Investors' Offer
Adveez assists the Seller to solicit Letters of Interests (LOI) from Investors
Assisting the Seller to solicit Offers, Bid for purchase price, and suggested term-sheet of the Transaction from Investors
Assisting the Seller to evaluate Investors' Offers
Assisting the Seller to select a prevailing Buyer and to enter into an Exclusivity Period of negotiation
Negotiation & Closing of the Transaction
Adveez assits the Seller in the Final Due Diligence process of the Selected Buyer
Assisting the Seller to structure and close the Transaction
Assisting the Seller and its legal counsels to draft, negotiate and execute with the Buyer the Stock Purchase Agreement (SPA) and the ancillary documents
Ensuring timely follow-through and settlement of post-closing obligations
Gli investitori
Tipo di investitore
Benefici
Considerazione
Strategic Investor
Is most likely to pay the Seller the greatest amount of upfront proceeds
Stock or earn-out components can provide opportunities for future upside
Most strategic Buyers seek to buy 100% of targets
If the strategic Buyer is a competitor, due diligence process would require the Company to share sensitive information
Private Equity Investor
Private Equity investments can be structured as minority or majority control transactions
Allows the partial Seller/Entrepreneur to participate in the future upside of the Business
Even if structured as a minority investment, strategic Buyers will most likely demand some amount of control provisions
Less upfront proceeds to the Seller/Entrepreneur
Tipi di transazione
Di seguito sono riportati due tipi di processo di esempio:
Vendita negoziata
Sollecitazione mirata
Mechanism
Identifying 2-5 most sensible Prospects
Contacting these Prospects, sending Company information, and negotiating until an offer is accepted
Identifying group of 20-30 most likely Prospects
Contacting these Prospects, sending Company information, and requesting indications of interest
Competition
Negotiated
Competitive
Pressure on Investors
Least
Moderate
Confitentiality
Most confidential
Confidential
Timing
Rapid if optimal candidate is identified; however, Investor dictates process and can introduce delays
Moderate
Advantages
Opportunity to capture preemptive value
Opportunity to accelerate closing
Greatest confidentiality
Reduced risk compared to auction
Signals credible alternatives to ultimate Investor
Maximum flexibility in timing and Investor selection
Disadvantages
Serious loss of negotiating leverage with subsequent Investors if first Investor walks out
Less ability to dictate terms and timing
Not effective when logical Investor is not known
More difficult to close in a timely manner
Difficult to sustain competitive Investor interest
Adveez assiste il Venditore (azionisti) nell'elaborare un processo, che soddisfi le condizioni per l'ottimizzazione dei termini, la velocità di esecuzione e la riservatezza
Assistenza alla società prima del processo di transazione
È fondamentale che sia il Venditore che il suo Business siano ben preparati prima del processo di Transazione. Adveez assiste il Venditore a presentare la sua attività nella migliore luce possibile:
Problema
Fondamento logico
Ensure Financials are ready & in order
Most potential Investors will require either reviewed or audited financial statements
Having Company's financials either audited or reviewed prior to the process will reduce the length of the diligence process
Review Corporate Documents
Make sure all corporate documents (partnership agreements, by laws, etc...) are up to date and reflect the current understanding among Shareholders
Properly document any informal or verbal agreements that are important to your business
Make Operating Metrics Readily Available
Potential Investors will want to understand the key operating metrics of the business
Being able to quickly access this data and valuation parameters will give to potential Investors increased confidence in the business and give the Seller more flexibility in negotiating terms
Develop a Clear Rationale about Why the Seller is Pursuing the Transaction
Potential Investors will want to understand why the Seller is choosing to pursue the desired Transaction now
The Seller being open and upfront with the Transaction rationale early in the process will help weed out potential Investors who may not agree with this rationale, and saving both sides significant time and effort