INVESTMENT BANKING
Sell-Side Advisory
Ankura Capital Advisors assists clients in every stage of their life cycles to successfully prepare, market, and sell businesses to acquirers.
We get to know the seller through every detail of the business and have a deep understanding of the types of buyers in the market.
The two primary types of acquirers are strategic and financial buyers, and each set of buyers typically evaluates an acquisition based on different criteria and goals:
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Strategic Buyers
- Typically, public or private corporations currently involved in a similar or complementary business line
- Places a greater emphasis on identifying and realizing potential revenue and cost synergies
- Rationale for acquisition more strategic in nature (i.e., reducing competition, recognizing revenue and cost synergies, entering new geographic markets, etc.)
- Typically concerned with generating long-term value from acquisition and effectively integrating the target into the buyer’s existing operations
- Higher valuation could be supported by the realization of synergies
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Financial Buyers (Private Equity Groups)
The team takes a proven approach to bring each deal to market:
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Pre-Preparation & Planning
Pre-preparation and planning will be effective and efficient:
- Critical part of the transaction and essential to a positive outcome
- We will work closely with management to articulate the value proposition:
- Product value proposition
- Product positioning and pricing potential
- Addressable population and market
- Revenue potential and value
- Development requirements and timeline
- We will work to prepare non-confidential and confidential documents to share with potential buyers.
- Critical to identify and disclose appropriate level of information to drive interest
- We understand the marketplace and the players, including their strategy, products, and pipeline. Based on a critical assessment of each potential buyer, we will prepare an optimal buyer list and profile.
- We have deep relationships with the leading companies and respective business development teams.
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Buyer Outreach & Evaluation
We drive a highly-competitive process to maximize value:
- We prioritize potential buyers and perform an efficient outreach to key decision makers
- Evaluate letters of intent:
- Interact with management and counsel
- Review and compare all valuations and key terms, financing arrangements, and timetables and contingencies
- Buyer due diligence
- Set up and run a robust data room
- Address buyer diligence questions and requests
- Minimize management time
- Management presentations
- Manage the number of management presentation to potential buyers
- Develop appropriate management presentations
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Negotiation & Execution
We will help secure value and diligently manage the transaction through closing:
- Negotiate deal value and terms:
- We will drive a competitive process to negotiate an optimal deal
- Anticipate and address key deal issues
- Select buyer:
- The company, in consultation with Ankura Capital Advisors, chooses the buyer that has offered the most attractive financial and non-financial terms, can close the transaction in a reasonable period of time, and has the highest probability of closing the transaction on the terms offered
- Negotiate definitive agreement:
- Maximize client’s position regarding representations and warranties
- Limit indemnification terms
- Limit unnecessary conditions to closing
- Submit necessary regulatory filings
- Close transaction:
- Complete documentation including definitive schedules
- Confirm regulatory approval
- Execute definitive agreement
- Negotiate deal value and terms:
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