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Generational Capital Markets GENERATIONAL Published by Dow Jones & Co. in partnership with The Generational Group FALL 2017/WINTER 2018 CHINESE ACQUIRERS LOOM LARGER AS M&A BIDDERS INSIDE By Jaewon Kang As more Chinese acquirers search across the consumer Be It Oil, Gas or space globally for investment Water, Buyers See opportunities, private-equity Midstream Opportunity p.4 investors could soon start to feel the heat. Prepping for Investments Strategic and financial play- in the Meal-Kit Market p.4 ers from the world’s second largest economy are betting shoppers in China will An Entrepreneur’s Tale become more health-con- Can Be the Perfect scious and remain hungry Marketing Vehicle p.5 for premium consumer Naruedom Yaempongsa/Shutterstock.com products as they get richer. Senate Bill Aims to Clarify With Chinese acquirers Small Business Security p.6 quickly learning the ropes of the Western deal market, they are emerging as a force to compete with local private-equity investors for targets in the con- sumer sector. Ex-Shoe Shiner Seeks to Polish His Legacy p.6 “It’s rare for us to have a sell-side process where you’re not giving a real thought about Asian buyers—whether they’re from China or Japan or what continued on page 15, see M&A BIDDERS Ignoring Cyberrisk Can Be a Costly Mistake for SMEs p.7 CONSUMER HEALTH CARE ATTRacTS New in Boardrooms: The Buddy System p.8 WIDER RANGE OF COMPETITORS By Laura Cooper Corporate World Health-care investors used to having the sector largely to themselves are beginning Recruits Generals p.9 to feel the competitive heat from their deep-pocketed consumer-focused peers. Speaking at the Jefferies 2017 Global Healthcare Conference in June, Jay Wilkins, a Live Like an Aristocrat senior managing director at Harvest Partners, said consumer-focused private-eq- on a Tour of England’s uity firms have been “sniffing around a lot more” at consumer-facing health-care Stately Homes p.10 companies these days, particularly within the dental and veterinary spaces. As a result, health care-focused firms have faced stiffer competition for health- Japan for Beginners: care businesses focused on the consumer market, Mr. Wilkins said on the side- lines of the conference. The Country’s Most Effortless City p.12 continued on page 14, see CONSUMER HEALTH Sampling of recently closed transactions FINANCIAL OPINIONS PLANNING & ADVISORY SERVICES M&A SERVICES Dallas, TX | Atlanta, GA | Chicago, IL | Irvine, CA | Tampa, FL FALL 2017/WINTER 2018 Generational Legacy GENERATIONAL GENERATIONAL GROUP NEWS & NOTES LEGACY From the Desk of Ryan Binkley, President, The Generational Group published by Dow Jones & Co. in partnership with Generational Group Dear Friends, Generational Group Welcome to the Fall 2017-Winter 2018 issue of Generational Group Contacts Legacy, our newsletter developed in partnership with Dow Jones & Co. At the Generational Group of companies we understand that (877) 213-1792 selling a business is often the most important financial event that occurs in the life of a business owner. Our goal with each issue of the JAY HELLWIG Legacy is to provide you with key information about M&A trends. We Vice President of also look at current issues and emerging business developments that Client Experience are important to you. You will also find some general human interest [email protected] stories that we hope you find enjoyable to read. Dow Jones The M&A market continues to be very favorable for business owners Contacts right now. Barring a major geopolitical event, we expect the current NICHOlaS ELLIOTT level of buyer activity to continue for the foreseeable future given the Managing Editor significant amount of capital available with both strategic and [email protected] financial buyers. Simply put, there is more cash available than there are deals in the market, driving higher valuations. You will learn About more about current M&A market conditions in our conference today. Generational Group Most entrepreneurs that we work with have a significant portion of Generational Group is a global mergers and acquisitions firm focusing on the middle market their net worth tied up in their companies. And nearly all hope to assisting clients in mergers, acquisitions and create a financial legacy that they can leave to their children and strategic growth. With over two hundred grandchildren. Attending a Generational Group exit planning professionals, Generational Group brings a strategic domestic and international buying conference is an important first step in understanding the process community to the middle market. involved to eventually exit your company for maximum value. About The Generational Group is one of the leading M&A advisory firms in Dow Jones North America with the experience and knowledge to guide you Dow Jones Newswires provides real-time news for through one of the most challenging and important decisions you financial professionals in the equities, fixed- will ever make. While a successful transaction is the ultimate goal, income, foreign exchange and energy markets, and also offers news for financial firms’ Web sites. rest assured our team is dedicated to a rewarding and personalized Dow Jones also publishes The Wall Street Journal client experience in your journey. and its international and online editions, Barron’s, the Far Eastern Economic Review, MarketWatch, Dow Jones Indexes and the Ottaway group of This is the Generational Way. community newspapers. Dow Jones owns Factiva and co-owns SmartMoney with Hearst Corp. It also provides news content to CNBC television I’m sure you’ll enjoy our conference and find this edition of operations worldwide and to radio stations in the Generational Group Legacy to be informative and helpful as you run U.S. Dow Jones is a News Corporation Company. your business. I wish you continued success in all your endeavors. Sincerely, Copyright © Dow Jones & Company Generational Group Advisor is made available as a complimentary service by Generational Group, in partnership with Dow Jones. No further redistribution is permitted without written permission from Generational Group and Dow Jones. Generational Group Advisor is intended to provide factual information, but its accuracy cannot be guaranteed. Dow Jones is not a registered investment advisor, and under no circumstance shall any of the information provided be construed as a buy or sell Ryan Binkley recommendation or investment advice of any kind. The views expressed in any article are solely those of the President and CEO respective individuals cited. Generational Group © Dow Jones & Company, Inc. All rights reserved. www.generational.com | 3 Generational Legacy FALL 2017/WINTER 2018 BE IT OIL, GAS OR PREPPING FOR INVESTMENTS WATER, BUYERS IN THE MEAL-KIT MARkeT SEE MIDSTREAM By Jaewon Kang OPPORTUNITY By Luis Garcia Private-equity firms are raising their bets on the U.S. midstream energy sector as booming exploration in the Permian Basin increases the need for infrastructure to handle not only oil, but the gas and water flowing from the region’s wells. Intense drilling activity in the Permian Basin of West Texas and southern New Mexico is approach- ing the limit of the region’s existing oil-and-gas infrastructure. Crude-oil production is expected to surpass takeaway capacity in the Permian— which was at 2.6 million barrels a Daniel Acker/Bloomberg News day—by the end of this year, accord- ing to a January report from indus- try data provider Drillinginfo Inc. Will private equity find ways to cook up investments in the prepared-meal “We’re quickly running up against delivery services sector as a variety of players battle for the hundreds of mil- not just takeaway capacity con- lions of dollars at stake? straints, but gathering constraints,” said Sarp Ozkan, Drillinginfo’s man- Campbell Soup Co. recently injected $10 million into meal-kit startup Chef’d ager for energy analytics. LLC, sealing one of the latest transactions in a space that is gaining popularity The heightened demand has as consumers increasingly look for convenient and novel dining experiences. encouraged private-equity firms to step up their investments in Permian The success of early movers such as Blue Apron Inc. and Grocery Delivery midstream ventures. Rangeland E-Services USA Inc., which operates as HelloFresh, also has contributed to Energy, Medallion Midstream LLC and Oryx Midstream Services LLC— the sector’s growth. Blue Apron, which counts Bessemer Venture Partners backed by EnCap Flatrock and First Round Capital among its largest investors, just filed last week to go Midstream, Energy & Minerals Group public. In recent months, SunBasket Inc. and Relish Labs LLC also have and Quantum Energy Partners, secured investments. respectively—are some of the mid- stream companies expanding their Investors of all stripes are likely eyeing hungrily the sector’s growth prospects. oil-gathering and transport systems The meal-kit delivery services sector is estimated to generate a compound in the region, including the laying of annual growth rate of 30.8% from 2016 to 2021, according to Morningstar Inc. hundreds of miles of pipeline. Despite the fact that meal-kit services represent less than 1% of total food and The midstream investments don’t beverage sales, the investment firm wrote in an April report, loyal subscribers stop at oil, though. The Permian spend as much as 13% of their food purchases on such meal-kits. drilling boom is also increasing the output of natural gas produced The Chef’d deal underscores strategic buyers’ growing interest in meal-kit ser- together with oil—and is attracting private-equity capital as well, The vices to expand their online-commerce presence. At the same time, it also Wall Street Journal reported. The raises the question of where private-equity investors fit in the sector and what article highlighted Blackstone role they may be able to play.
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