DOCSLIB.ORG

2019 ACG Richmond Investor Profile Report Print Ready

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
2019 ACG Richmond Investor Profile Report Print Ready PRESENTED BY ® 2019 ACG RICHMOND VIGINIA CAPITAL CONNECTION Investor Profile Report PRESENTED BY THE JEFFERSON HOTEL OCTOBER 2-3, 2019 Glossary Business Description: All investments by industry: A description of the firm’s primary type, Graph of transactions by industry, represented in preferences and location. PitchBook is an the PitchBook Platform. This breakdown is based impartial information provider on primary industries of the portfolio/serviced and will remove promotional language. companies. Assets under management (AUM): Specific to Lender Profiles The amount of money that the investor manages Total debt financings: for clients based on number of currently-managed The number of entities identified by PitchBook that funds. received debt financing from the firm in the last five years. Active private equity investments: The number of active companies in the investor’s Target debt financing amount: current portfolio identified by PitchBook in the Preferred amount of debt typically provided by last five years. This includes add-on transactions. the firm in a transaction. Total private equity investments: Specific to Service Provider Profiles The total number of companies in the investor’s Total transactions: portfolio, identified by PitchBook in the last five The number of transactions identified by years. This includes add-on transactions. PitchBook that the firm has provided service on in the last five years. Target EBITDA: Preferred EDITDA range targeted for investment. Total companies serviced: The number of unique companies the firm has Target revenue: provided service to in the last five years, identified Preferred revenue range targeted for investment. by PitchBook. Preferred investment amount: Total investors serviced: Preferred investment amount range that the firm The number of unique investors identified by typically invests in PitchBook that the firm has provided service to in a transaction. the last five years. Recently closed investments: Target EBITDA: The top five recent investments or transactions The EBITDA range for buy-side and sell-side target serviced identified by PitchBook. companies. Most recent closed fund (Type, Size, Vintage): Target transaction amount: The most recently closed fund (The fund is no The transaction amount range for buy-side and longer in a fundraising state and is not accepting sell-side companies. additional commitments) identified by PitchBook. Evergreen funds are not included. Disclaimer: This information is currently published in the PitchBook Platform or was provided by the firm for this conference. Profiles Included In Report BBH Capital Partners MCM Capital Partners Boxwood Partners Platte River Equity CIVC Partners Riordan Lewis & Haden Equity Partners Deerpath Capital Management, LP Route 2 Capital Partners Dickinson Williams & Company Silver Oak Services Partners Dominion Partners, LC SSG Capital Advisors, LLC Dorilton Capital Stonehenge Partners Edgewater Capital Partners Tecum Capital Falcon Affiliates Transact Capital Partners Farragut Capital Partners Fox Three Partners, LLC Gauge Capital Gen Cap America Harris Williams Huron Capital IMB Development Corporation Mad River Associates Main Street Capital Corporation Mann, Armistead & Epperson, Ltd. Marriott & Co., LLC Matrix Capital McCarthy Capital BBH Capital Partners Investor type: PE/Buyout | Year founded: 1989 BBH Capital Partners (“BBHCP”) is a private equity fund Contact Primary contact sponsored by Brown Brothers Harriman & Co. that 140 Broadway Alice Birnbaum provides highly customized capital solutions to lower 16th Floor [email protected] middle market companies in the following sectors: New York, NY 10005 (i)healthcare; (ii) technology, media, and United States telecommunications; and (iii) business products and +1 (212) 483-1818 service. General statistics Assets under Active private equity Total private equity Target Preferred Enterprise Value management investments investments EBITDA Investment amount Up to $1.95B 14 62 $5M-$30M $15M-$125M $500M Recently closed investments Most recent closed fund Name Deal type Deal date BBHCP Opportunities Fund, 700 Valve Supply Buyout/LBO May-2019 L.P. Type: Buyout Bradford Airport Logistics PE Growth/Expansion Jan-2019 Size: $250M Ethos Veterinary Health PE Growth/Expansion Dec-2018 Vintage: 2018 All investments by industry Business Products and Services (B2B) 40.3% Healthcare 32.0% Technology, Media, Telecom 27.7% Boxwood Partners Investor type: Investment Bank | Year founded: 2007 Boxwood Partners is a financial advisory, growth equity Contact Primary contact and investment banking firm which provides a wide 2413 Ownby Lane Brian Alas range of services such as mergers and acquisitions Richmond, VA 23220 Director [email protected] advisory, buy-side advisory and pre-sale consultancy to United States +1 (804) 286-0911 the food, consumer products, media, e-commerce, +1 (804) 343-3300 warehousing, technology, manufacturing and real estate sectors. The firm was founded in 2007 and is based in Richmond, Virginia. General statistics Active private equity investments Total private equity investments 1 10 Recently closed investments Name Deal type Deal date Hoopla Frozen Yogurt (5 locations) Buyout/LBO Apr-2018 SweetFrog Enterprises Buyout/LBO Feb-2015 SweetFrog Enterprises PE Growth/Expansion Apr-2012 Red Rock Products Buyout/LBO (Add-on) Feb-2012 Dorsey, Wright & Associates Buyout/LBO Nov-2011 All investments by industry Business Products and Services (B2B) 33.3% Consumer Products and Services (B2C) 66.7% CIVC Partners Investor type: PE/Buyout | Year founded: 1970 CIVC Partners is a Chicago, Illinois based private equity Contact Primary contact firm that specializes in buyout, recapitalization and 191 North Wacker Drive Nicholas Canderan growth equity capital investments in middle market Suite 1100 Director of Business Development [email protected] companies. The firm prefers to invest in the business Chicago, IL 60606 +1 (312) 873-7319 service, financial service, information service, business United States process outsourcing, analytic, logistic, insurance, +1 (312) 873-7300 healthcare, and information technology sectors. General statistics Assets under Active private equity Total private equity Target Target Preferred management investments investments revenue EBITDA Investment amount $2.7B 9 133 $40M-$300M $4-20M $15M-$85M Recently closed investments Most recent closed fund Name Deal type Deal date CIVC Partners Fund V Master Locators Buyout/LBO (Add-on) Aug-2019 Type: Buyout Specialized Elevator Services Buyout/LBO May-2019 Size: $400M Computer Aided Technology Buyout/LBO Apr-2019 Compli Buyout/LBO (Add-on) Jan-2019 Vintage: 2017 Magna Legal Services Buyout/LBO Dec-2018 All investments by industry Business Products and Services (B2B) 78.0% Financial Services 11.0% Information Technology 11.0% Deerpath Capital Management Investor type: Lender/Debt Provider | Year founded: 2007 Contact Primary contact Deerpath Capital Management is a New York based 405 Lexington Avenue Orin Port provider of customized, cash flow-based senior debt 53rd Floor Managing Director, Origination financing to lower-middle market companies across New York, NY 10174 [email protected] +1 (954) 703-6041 diverse industries. United States Since its inception in 2007, the firm has completed over 300 investments, deploying over $2.5 billion of invested capital across a broad range of industries, investment products and transaction types. Deerpath Capital Management has regional offices located in Boston, Chicago, Ft. Lauderdale and Los Angeles. Deerpath is currently raising its fifth series of funds, targeting $1B in equity. General statistics Assets under Target Preferred management EBITDA Investment amount $1.5B $3M-$20M $10M-$50M DELETE Business Products and Services (B2B) 40.0% Consumer Products and Services (B2C) 60.0% Dickinson Williams & Company Service provider type: Investment Bank | Year founded: 2011 Dickinson Williams & Company is an independent Contact Primary contact investment banking firm led by three industry veterans 1210 East Cary Street Harold J. Williams III with over 75 years of advisory, financing, and operating Fourth Floor Founding Partner & Managing Director [email protected] experience. The firm provides objective, experience- Richmond, VA 23219 (804) 588-3413 based advisory services to lower middle market United States companies with enterprise values typically in the range (804) 588-3410 of $10-100 million. The firm provides sell-side, buy-side, private placement, recapitalization, and strategic advisory services to family and closely held businesses, corporations, and private equity groups, and has a broad cross-section of transaction and industry experience in the industrials, business services, distribution, healthcare, and consumer sectors. Dominion Partners Service provider type: Investment Bank | Year founded: 1996 Founded in 1996, Dominion Partners is an investment Contact Primary contact banking firm headquartered in Glen Allen, Virginia. The Liberty Plaza, Suite 104 Frederick T. Naschold firm is focused on the middle-market, dedicated to 4801 Cox Road Co-Founder & Partner [email protected] working with senior management and business owners Glen Allen, VA 23060 +1 (804) 418-6271 in achieving their strategic and financial goals. The firm United States offers assistance on mergers, and acquisitions, management buy-outs, capital raising, senior debt, and mezzanine transactions. Dominion Partners is active with
Load more

Recommended publications
  • Q2 2013 Preqin Private Equity Benchmarks: All Private Equity Benchmark Report
    Preqin Private Equity Benchmarks: All Private Equity Benchmark Report As of 30th June 2013 alternative assets. intelligent data. Preqin Private Equity Benchmarks: All Private Equity Benchmark Report As of 30th June 2013 Report Produced on 12th March 2014 This publication is not included in the CLA Licence so you must not copy any portion of it without the permission of the publisher. All rights reserved. The entire contents of the report are the Copyright of Preqin Ltd. No part of this publication or any information contained in it may be copied, transmitted by any electronic means, or stored in any electronic or other data storage medium, or printed or published in any document, report or publication, without the express prior written approval of Preqin Ltd. The information presented in the report is for information purposes only and does not constitute and should not be construed as a solicitation or other offer, or recommendation to acquire or dispose of any investment or to engage in any other transaction, or as advice of any nature whatsoever. If the reader seeks advice rather than information then he should seek an independent fi nancial advisor and hereby agrees that he will not hold Preqin Ltd. responsible in law or equity for any decisions of whatever nature the reader makes or refrains from making following its use of the report. While reasonable efforts have been used to obtain information from sources that are believed to be accurate, and to confi rm the accuracy of such information wherever possible, Preqin Ltd. Does not make any representation or warranty that the information or opinions contained in the report are accurate, reliable, up-to-date or complete.
    [Show full text]
  • Understanding Private Equity in the Healthcare Market June 2019 Table of Contents
    UNDERSTANDING PRIVATE EQUITY IN THE HEALTHCARE MARKET JUNE 2019 TABLE OF CONTENTS SECTION PAGE I. BCA Introduction 1 II. Healthcare Market Dynamics 8 III. What is Private Equity? 13 IV. What is a Recapitalization? 17 V. Appendix 20 I. BCA INTRODUCTION BCA IS ONE OF THE LARGEST HEALTHCARE BOUTIQUE INVESTMENT BANKS KEY FACTS 19 $6.4 billion 1 PARTNER-OWNED Total Investment Bankers Total Transaction Value 90% 10.9x 2 RELATIONSHIP-DRIVEN Closure Rate Avg. EBITDA Mult. For Healthcare Services Deals Closed in 2018 3 HEALTHCARE-FOCUSED 100 $85 million Total Transactions Closed Average Transaction Size 4 RESULTS-ORIENTED RELEVANT HEALTHCARE SERVICES TRANSACTIONS Recapitalization Sell-Side Recapitalization Recapitalization Recapitalization RecapitalizationSell-Side Recapitalization Recapitalization Recapitalization Recapitalization Recapitalization Recapitalization Recapitalization Recapitalization Led By Led By Led By Sell-Side Advisory Recapitalization Recapitalization Sell-Side Advisory Led by Led by Led by Led By to Led by Led By to UnitrancheRecapitalization Debt RecapitalizationGrowth Equity RecapitalizationSell-Side Buy Side Recapitalization Sell-Side Recapitalization Recapitalization Recapitalization Recapitalization Acquired Recapitalization Debt-Private placement Equity Investment Sell-Side Advisory Recapitalization Led By Led By Led By Sell-Side Advisory Led by Led by Led By to Led by to $113,000,000 1 OUR HEALTHCARE INVESTMENT BANKING TEAM EXTENSIVE INDUSTRY KNOWLEDGE & EXPERIENCED INVESTMENT BANKERS 2 3 DEEP BENCH 1 TRANSACTION EXPERIENCE
    [Show full text]
  • Deal Flow Report 2018 Idaho
    2018 IDAHO DEAL FLOW REPORT Deal Flow Report Presented by Deal Flow Opening Notes The Idaho Technology Council is pleased to present the 2018 Idaho Deal Flow Report! This is our fifth annual report, showcasing many of the companies that are starting, growing, and thriving in Idaho. The report confirms that Idaho continues to experience rapid growth and to be one of the best places in the country to do business! The data collected demonstrates the strong Idaho economy which is driving a demand for more talent and supports increased capital investment. Presenting Sponsor Hosting Sponsor In 2018, Idaho was recognized as the fastest growing state in the country. Idaho’s businesses are receiving increased attention and investment dollars from capital providers within the state and from around the country. More venture capital, private equity and angel funds are coming to Idaho to find new investment opportunities in Idaho companies. We want to recognize the many capital providers, service providers, and supporters of the Idaho entrepreneurial ecosystem, and especially the entrepreneurs and innovators who make Idaho such a great place! The most rewarding trend that we’ve seen over the last five years is the Sponsors reinvestment into the local economy by the entrepreneurs who have successful built and sold their business and used a portion of the funds to reinvest into the next generation of entrepreneurs and businesses. This trend is propelling Idaho’s growth even further and we believe it is key to Idaho’s future success. Community Venture Sponsors We would like to thank the members of this year’s Deal Flow Committee, and the various sponsors who supported our efforts, and congratulate the companies whose transactions are featured in this year’s report.
    [Show full text]
  • FT PARTNERS RESEARCH 2 Fintech Meets Alternative Investments
    FT PARTNERS FINTECH INDUSTRY RESEARCH Alternative Investments FinTech Meets Alternative Investments Innovation in a Burgeoning Asset Class March 2020 DRAFT ©2020 FinTech Meets Alternative Investments Alternative Investments FT Partners | Focused Exclusively on FinTech FT Partners’ Advisory Capabilities FT Partners’ FinTech Industry Research Private Capital Debt & Raising Equity Sell-Side / In-Depth Industry Capital Buy-Side Markets M&A Research Reports Advisory Capital Strategic Structuring / Consortium Efficiency Proprietary FinTech Building Advisory FT Services FINTECH Infographics Partners RESEARCH & Board of INSIGHTS Anti-Raid Advisory Directors / Advisory / Monthly FinTech Special Shareholder Committee Rights Plans Market Analysis Advisory Sell-Side Valuations / LBO Fairness FinTech M&A / Financing Advisory Opinion for M&A Restructuring Transaction Profiles and Divestitures Named Silicon Valley’s #1 FinTech Banker Ranked #1 Most Influential Person in all of Numerous Awards for Transaction (2016) and ranked #2 Overall by The FinTech in Institutional Investors “FinTech Excellence including Information Finance 40” “Deal of the Decade” • Financial Technology Partners ("FT Partners") was founded in 2001 and is the only investment banking firm focused exclusively on FinTech • FT Partners regularly publishes research highlighting the most important transactions, trends and insights impacting the global Financial Technology landscape. Our unique insight into FinTech is a direct result of executing hundreds of transactions in the sector combined with over 18 years of exclusive focus on Financial Technology FT PARTNERS RESEARCH 2 FinTech Meets Alternative Investments I. Executive Summary 5 II. Industry Overview and The Rise of Alternative Investments 8 i. An Introduction to Alternative Investments 9 ii. Trends Within the Alternative Investment Industry 23 III. Executive Interviews 53 IV.
    [Show full text]
  • A Big Bet on Game-Changing ADHD Treatment
    20131202-NEWS--0001-NAT-CCI-CN_-- 11/27/2013 4:21 PM Page 1 CRAIN’S® NEW YORK BUSINESS VOL. XXIX, NO. 48 WWW.CRAINSNEWYORK.COM DECEMBER 2-8, 2013 PRICE: $3.00 Ice,Ice, ice,ice, maybemaybe Now-or-never vote on Bronx GOAL: Ice center CEO and hockey legend armory rink plan Mark Messier says the $275 million complex tests new norms will reap economic for development benefits for the Bronx. BY THORNTON MCENERY If there is one word in real estate circles that conveys the new poli- tics of commercial development in New York, it is Kingsbridge. The name of a long-shuttered Bronx armory, it connotes a semi- nal moment in the annals of city projects. Just as the failed Westway highway proposal of the 1970s and ’80s showed the power of environ- mentalism to kill a project, Kings- bridge did so for the cause of so- called living-wage jobs. In two weeks, almost four years to the day after a mall planned for the cavernous armory was defeat- ed by Bronx politicians, the final chapter in the Kingsbridge politi- cal saga is expected to be written. Having rejected the mall plan for See KINGSBRIDGE on Page 45 buck ennis A big bet on game-changing ADHD treatment deluxe version that will be released heart and lungs. the game,with a control group,is set Brain-to-computer interface tracks kids’ commercially for 8- to That,at least,is the idea.The chil- to begin on the Upper West Side focus; clinical study in city set to launch 12-year-olds next sum- dren, who play for 20 minutes with children at the Hallowell Cen- mer by Waltham,Mass.- three times a week,are part of ter, which specializes in treating at- based startup Atentiv.
    [Show full text]
  • Kellogg PEVC Alumni Tracker: 2002 - 2012 NOTE: Please Submit Updates to Debbie at [email protected]
    Kellogg PEVC Alumni Tracker: 2002 - 2012 NOTE: Please submit updates to Debbie at [email protected] Year First Name Last Name Fund Metro Area 2006 Christopher Mitchell Roark Capital Group Atlanta 2007 Andrea Malik Roe CRH Holdings, LLC Atlanta 2007 Peter Pettit MSouth Equity Partners Atlanta 2010 Kenny Shum Stone Arch Capital Atlanta 2004 Jesse Sandstad EquityBrands LLC Austin 2004 Harold Marshall Long Branch Capital Austin 2005 Jeff Turk Council Oak Investors Austin 2009 Dave Wride 44Doors Austin 2011 Dave Alter Austin Ventures Austin 2002 Benjamin Kahn H.I.G. Growth Partners Boston 2003 Patrick Davenport Twinstrata Boston 2004 Brian Sykora Lineage Capital Boston 2004 Justin Crotty OC&C Strategy Consultants Boston 2005 Jeff Steeves CSN Stores LLC Boston 2005 Erik Zimmer Thomas H. Lee Partners, L.P. Boston 2009 Adam Garcia Evelof Castanea Partners Boston 2010 Geoff Bowes CareGroup Investment Office Boston 2010 Rajesh Senapati HarbourVest Partners, LLC Boston 2010 Patrick Boyaggi Leader Bank Boston 2010 Mark Anderegg Little Sprouts, LLC Boston 2011 Kearney Shanahan Solamere Capital LLC Boston 2012 Jon Wakelin Altman Vilandrie & Company Boston 2012 Kelly Newton GenSyn Technologies Boston 2003 William McMahan Falfurrias Capital Partners Charlotte 2003 Will Stevens SilverCap Partners Charlotte 2002 Evan Norton Abbott Ventures Chicago 2002 John Fitzgerald Argo Management Partners Chicago 2002 Jason Mehring BlackRock Kelso Capital Chicago 2002 Phillip Gerber Fulton Capital Partners Chicago 2002 Evan Gallinson Merit Capital Partners
    [Show full text]
  • Deal Advisory / Global
    Protect what is valuable Deal Advisory / Global We can help you achieve successful Sell Side transactions. Supporting growth through active portfolio management and successful divestments. Throughout this document, “KPMG” [“we,” “our,” and “us”] refers to KPMG International, a Swiss entity that serves as a coordinating entity for a network of independent member firms operating under the KPMG name, and/or to any one or more of such firms, and/or to KPMG Deal Advisory professionals working in KPMG member firms around the globe. KPMG International provides no client services. / 1 Your vision. Our proven Learn more about the six critical stages of capabilities. a divestiture and how we can help deliver portfolio value throughout the lifecycle. When it comes to selling a business, every decision counts. Our integrated team of specialists helps you make the right decisions throughout the sales process, combining Integrated services across deep sector knowledge and the foresight that the transaction lifecycle comes from experience. 1Portfolio Strategy 2Exit Options 3Prepare for Exit We take a practical 4 Deal Execution 5Pre-Close approach to 6Post-Close enhancing value. This document reflects a wide range of services and does not differentiate between those services that are permissible or not permissible for KPMG audit clients and their affiliates. Real results achieved by In addition, certain software and technology services, joining integrated specialists. with third parties in service delivery, are also subject to potential independence restrictions based upon the facts and Securing the best value for a divestiture is a circumstances presented in each situation. complex process that involves gaining a more objective view of your company and a more nuanced understanding of current market conditions, as well as divining the agendas of the buyers seated across from you.
    [Show full text]
  • The Stock Selection and Performance of Buy-Side Analysts
    THE STOCK SELECTION AND PERFORMANCE OF BUY-SIDE ANALYSTS Boris Groysberg, Paul M. Healy, George Serafeim Harvard Business School and Devin Shanthikumar University of California, Irvine Forthcoming: Management Science May 2012 Abstract: Prior research on equity analysts focuses almost exclusively on those employed by sell- side investment banks and brokerage houses. Yet investment firms undertake their own buy-side research and their analysts face different stock selection and recommendation incentives than their sell-side peers. We examine the selection and performance of stocks recommended by analysts at a large investment firm relative to those of sell-side analysts from mid-1997 to 2004. We find that the buy-side firm’s analysts issue less optimistic recommendations for stocks with larger market capitalizations and lower return volatility than their sell-side peers, consistent with their facing fewer conflicts of interest and having a preference for liquid stocks. Tests with no controls for these effects indicate that annualized buy-side Strong Buy/Buy recommendations underperform those for sell-side peers by 5.9% using market-adjusted returns and by 3.8% using four-factor model abnormal returns. However, these findings are driven by differences in the stocks recommended and their market capitalization. After controlling for these selection effects, we find no difference in the performance of the buy- and sell-side analysts’ Strong Buy/Buy recommendations. JEL classification: M41, G14, G29 Keywords: buy-side analysts, sell-side analysts,
    [Show full text]
  • A Glimpse Behind a Closed Door: the Investment Value of Buy-Side Research and Its Effect on Fund Trades and Performance
    A glimpse behind a closed door: The investment value of buy-side research and its effect on fund trades and performance by Michael Rebello and Kelsey Wei May 2011 (VERY PRELIMINARY: PLEASE DO NOT QUOTE) ABSTRACT We examine proprietary research produced by buy-side analysts working for a large fund management company. Their primary research output is an estimate of the expected excess return for each stock they cover (buy-side alpha). We find that, for up to one quarter, buy-side alphas and changes in buy-side alphas consistently signal investment value. Moreover, buy-side alpha changes have greater investment value than changes in consensus sell-side recommendations. Portfolio managers working for the company make trades that are consistent with changes in buy- side alphas. Moreover, when the managers trade a stock that is not covered by a buy-side analyst, their trades are consistent with changes in buy-side alpha estimates for other stocks in the same industry. Trades are more sensitive to buy-side alphas and less sensitive to changes in consensus sell-side recommendations as the fraction of the fund’s holdings covered by buy-side analysts rises. Finally, fund performance improves with reliance on buy-side research. School of Management, University of Texas at Dallas, Richardson TX 75080. We alone are responsible for all errors. 1 A glimpse behind a closed door: The investment value of buy-side research and its effect on fund trades and performance ABSTRACT We examine proprietary research produced by buy-side analysts working for a large fund management company. Their primary research output is an estimate of the expected excess return for each stock they cover (buy-side alpha).
    [Show full text]
  • Sell-Side M&A – Divestitures, Trade-Sales and Mergers
    White Paper #6: Sell-Side M&A – Divestitures, Trade-sales and Mergers © Copyright 2017 Remis AS / Ketil Wig Versjon 2.1 – Oct. 2017 While buy-side M&A processes (acquisitions) are focused on alignment of strategy, integration and risk management; the sell- side M&A (divestitures and trade-sales) skill set is concentrated around negotiations and tactics. Sell-side M&A is different! Sell-side and buy-side M&A are obviously different, but this difference goes deeper than most managers realize. For acquisition processes (see White Paper #5 on Buy-side M&A), strategy alignment, post- merger integrations, approach tactics and risk management are keys to success: For divestitures and trade sales the strategic themes are secondary (although by no means irrelevant), and negotiations and tactical skills are primary success factors. While the negotiation strength of the buyers in an acquisition process is influenced by such factors as alternative acquisition targets and their Illustration #1: A model for preconditions, strategic drivers, criteria and decision levels of an M&A divestiture process options for delivering growth (including e.g. organic growth, strategic alliances etc.), it is the seller in a sell-side transaction who to a large extent defines the landscape of negotiation - and the primary tool is the The role of strategy in divestitures and trade number of qualified buyers. sales For divestitures and When the decision to divest a business has been made, the obvious trade sales the The strategic drivers when executing a sell-side transaction (excluding objective of the seller is to maximize price and terms.
    [Show full text]
  • A Comparison of Buy-Side and Sell-Side Analysts
    View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by The University of North Carolina at Greensboro Archived version from NCDOCKS Institutional Repository http://libres.uncg.edu/ir/asu/ A Comparison Of Buy-Side And Sell-Side Analysts By: Jeffrey Hobbs and Vivek Singh Abstract There is very little research on the topic of buy-side analyst performance, and that which does exist yields mixed results. We use a large sample from both the buy-side and the sell-side and report several new results. First, while the contemporaneous returns to portfolios based on sell-side recommendations are positive, the returns for buy- side analysts, proxied by changes in institutional holdings, are negative. Second, the buy-side analysts' underperformance is accentuated when they trade against sell-side analysts' recommendations. Third, abnormal returns positively relate to both the portfolio size and the portfolio turnover of buy-side analysts' institutions, suggesting that large institutions employ superior analysts and that superior analysts frequently change their recommendations. Abnormal returns are also positively related to buy-side portfolios with stocks that have higher analyst coverage, greater institutional holding, and lower earnings forecast dispersion. Fourth, there is substantial persistence in buy-side performance, but even the top decile performs poorly. These findings suggest that sell-side analysts still outperform buy-side analysts despite the severe conflicts of interest documented in the literature. Hobbs, J. and V. Singh (2015). "A comparison of buy-side and sell-side analysts." Review of Financial Economics 24: 42-51. https://doi.org/10.1016/j.rfe.2014.12.004.
    [Show full text]
  • Guide to Going Public Strategic Considerations Before, During and Post-IPO Contents
    Guide to going public Strategic considerations before, during and post-IPO Contents 1 | Guide to going public Foreword For private companies seeking to raise capital and capital-held companies considering their strategic options for funding for provide exits for their shareholders, an initial public growth, including a public listing. We have professionals with extensive, offering (IPO) can be a superior route and strategic proven experience with domestic and international capital markets. Our professionals have deep knowledge of your industry, which allows us to option to funding growth and to access deep pools of create interdisciplinary teams that will steer you onward, through and liquidity. While challenging markets will come and go, beyond your IPO and support your plans for growth. it’s the companies that are fully prepared that will We are confident this Guide to going public will give you an initial overview best be able to create value and fully leverage the and checklists of the key phases in going public from a global perspective. IPO windows of opportunity whenever they are open. It is based on EY insights from many IPO transactions, to help you begin Companies that have completed a your IPO value journey, so that you are well prepared to transform your successful IPO know the process private company into a successful public company that continually delivers The companies that involves the complete transformation value to its shareholders. With more than 30 years’ experience helping of the people, processes and culture companies prepare, grow and adapt to life as a public entity, we are well- are fully prepared will be of the organization from a private suited to take you on your IPO journey providing tailored support and enterprise to a public one.
    [Show full text]