Mergers and acquisitions
We run sale mandates for owners selling a business or a controlling stake, and we advise buyers on the target, the price, the terms and the financing.
Most owners sell a company once. We prepare the business before buyers see it, set out what it is worth and why, and run the process so the owner can keep running the company.
For buyers, we test the target, the price and the financing before terms are agreed.
Selling a business
A sale runs in five stages, from the first review of the accounts to completion.
Preparation
A review of the accounts, normalised earnings and the questions a buyer will ask first.
Valuation
A value range and a view of price, so the owner sets expectations on evidence.
Materials
The information memorandum, the financial model and a list of suitable buyers.
Offers and negotiation
Confidential approaches, offers compared like for like, and negotiation of price and terms.
Completion
Support through due diligence and the sale agreement, alongside the owner's lawyers.
Buying a business
We help buyers answer three questions before terms are agreed.
The target
The business, its accounts and its management, checked against the reasons for buying it.
Price and terms
A valuation of the target and a negotiating position on price, structure and conditions.
The financing case
How the acquisition will be paid for, and the forecast that lenders or investors will want to see.
Scope of our sale mandates
Our sale mandates cover the sale of a business, or of a controlling stake, to a single buyer. We do not place minority stakes with investors. Buyers looking for a business or a controlling stake can register their criteria.
