Lessons regarding International acquisitions

1
John Singer, Managing Director, Advent
International and former Chairman, EVCA
2
Lessons regardingInternational acquisitions

• Motivation
• A Industrial
• Critical mass
• Market share
• Diversification
• Product range / manufacturing
• Roll-up play
• B Financial
• Multiple improvement
• Sustain growth
• C Other
• Empire ego satisfaction

Domestic
International
Core
Non-core
3
Lessons regardingInternational acquisitions

• Motivation
• A Industrial
• Critical mass
• Market share
• Diversification
• Product range / manufacturing
• Roll-up play
• B Financial
• Multiple improvement
• Sustain growth
• C Other
• Empire ego satisfaction

Domestic
International

• Organic growth
• Acquisitions
• Joint ventures

Core
Non-core
4
Lessons regardingInternational acquisitions
Process/structure
Post investment
Value

• Proactive
• vs
• Reactive
• Solo
• vs
• Intermediary
• Due diligence
• Structures / tax / legals

• EPS
• Growth
• Synergies
• Size
• Multiple improvement

Integration
Value creation
5
Lessons regardingInternational acquisitions
Process/structure
Post investment
Value

• Proactive
• vs
• Reactive
• Solo
• vs
• Intermediary
• Due diligence
• Structures / tax / legals

• EPS
• Growth
• Synergies
• Size
• Multiple improvement

Integration
Value creation

• Desire to grow
• Access to capital
• Strategy

• Financial skills
• Crossborder experience
• Integration skills