Deal by Deal: A Private Equity Podcast
Deal by Deal is a private equity podcast produced by the law firm McGuireWoods. Hosts Greg Hawver and Jeff Brooker talk with experienced independent sponsors and other private equity professionals about middle-market M&A transactions. The show provides timely insights and practical takeaways for investors and dealmakers. It also touches on the legal and public affairs services that McGuireWoods offers to corporate clients.
Episodes
Wearing Multiple Hats in the I.S. Ecosystem: The DPO&Co Story
What happens when a consulting firm decides to start leading M&A transactions and, separately, writing checks into the very deals it consults on? Clint Simkins of DPO&Co joins host Greg Hawver to answer that question, tracing the firm's evolution from a strategy consulting shop into a fully integrated platform spanning consulting, QoE and transaction advisory services, principal investing,
Practical Guidance for Private Equity Investors in the First 100 Days Post-Acquisition
The deal closes, the M&A lawyers step away, and the real work begins. That’s when recently acquired companies turn to e2E to professionalize their finance and HR functions. In this conversation with host Greg Hawver, e2E founder and CEO Nancy McCullough pulls back the curtain on the first 100 days after acquisition. From “opportunities” that e2E often finds when it walks in the door to recomme
Debt Financing from LOI to Close: An Expert's Guide
When’s the best time to engage a debt advisor? “Earlier is better,” says Parm Atwal, managing director at Configure Partners, a credit-oriented investment bank. In this conversation with host Greg Hawver, Parm breaks down the life cycle of debt financing based on a hypothetical independent sponsor or private equity fund under LOI with a manufacturing company. Tune in as he shares how Configure str
Trends in Executive Comp for Private Equity Portfolio Companies – with Andrew Skowronski
The scenario is this: an independent sponsor is acquiring a manufacturing company for $50 million. Andrew Skowronski, an executive compensation partner at McGuireWoods, outlines the lifecycle of this hypothetical transaction with host Greg Hawver. Guided by assumptions such as a meaningful rollover and a CEO that the buyer likes, Andrew covers practical negotiation strategies, structural considera
The Ninth Wonder: Multiple Re-Rating Through Tech Transformation
If compound interest is the Eighth Wonder of the World (according to Warren Buffet), then multiple re-rating is the Ninth, according to the folks at Altaline Capital Management. Rafael Telahun, managing director of the private equity firm’s technology sector, breaks down how Altaline helps service companies transform themselves into technology-enabled assets, capturing multiple re-rating along the
Trends in the Deal-by-Deal Ecosystem
Eight years after Ariez Dustoor and his partner launched the investment firm NB Group, Ariez has observed a growing sophistication among independent sponsors. With host Greg Hawver, Ariez discusses why the independent sponsor model offers superior flexibility and opportunity in the ever-changing M&A landscape, including some observations on future use cases for AI applicati
Unlocking Value with Real Estate in M&A Transactions
"When you're doing a sale leaseback transaction, you're not really selling the bricks and the sticks. You're selling a cashflow stream that's backed by a good company," explains Luke Timmis of Signature Associates in this discussion with host Greg Hawver and his McGuireWoods’ colleague Phil Coover. Luke shares how sale leasebacks typically generate a 25-50% premium above appraised property value—u
Deal-Hunting During Mixed Economic Signals: Expert Insights
“In terms of the big three numbers – employment, inflation, and GDP growth – our baseline forecast is optimistic,” says Matt Wolf of RSM in this economic outlook discussion with host Greg Hawver. Matt points to a 4.2% unemployment rate, two-and-a-half point inflation, and 2.5% GDP growth. But he also observes that the uncertainty of tariffs is creating “paralysis” among operators and some investor
Scaling a Buy-and-Build Platform
Host Greg Hawver interviews Chris Larson of Monroe Capital and Jeff Magny of Lincoln Road Global Management about their buy-and-build strategy in the commercial landscaping industry. Chris and Jeff describe how they work together to finance and execute these acquisitions, the key attributes they look for in a successful buy-and-build strategy, and their outlook for the independent sponsor market i
Guiding Independent Sponsors on Carry Structures and Catch-Ups, with Grant Kornman
Grant Kornman, a partner at Align Collaborate, joins hosts Jeff Brooker and Jason Griffith for a primer on tiered carry structures and catch-ups in the private equity market. Grant shares insights about negotiating economics and governance terms, emphasizing the importance of aligning incentives and being a good steward of capital. He highlights the significance of valuations in determining hurdle
Solving a Distressed Business’s Balance Sheet Problems with Robert Orr and Mark Freedlander
Host Greg Hawver welcomes his McGuireWoods colleague Mark Freedlander, head of the firm’s Restructuring & Insolvency Practice Group, and Robert Orr, principal at Sandton Capital Partners, to discuss their recent restructuring of a distressed healthcare business. The team took out the existing senior secured lender and allowed an out-of-court restructuring of the business and its capital struct
2024 Independent Sponsor Deal Survey – More Deals, More Sophistication
Hosts Greg Hawver, Jeff Brooker, and Jason Griffith present the 2024 Independent Sponsor Deal Survey, a treasure trove of data compiled from more than 300 transactions by independent sponsors and capital partners. “One of the things that’s really changing in independent sponsor transactions is that the professionalism, the backgrounds of the folks, and the credentials just become better and better
LIVE FROM ISC2024: Anatomy of a Successful Independent Sponsor Deal with Oliver Patten and Parker Shields
Recording live from the Independent Sponsor Conference in Dallas, host Jason Griffith invites Oliver Patten and Parker Shields of Sherburne Partners to discuss their experience buying a packaging company. Oliver and Parker cover a range of topics, from stepping in as independent sponsors to building relationships to asking the management team “stupid” – but also thought-provoking - questions that
Navigating Governance and Rollover Equity in Independent Sponsor Deals with Mike Palm
Mike Palm of Charter Capital Partners discusses governance and seller rollover in independent sponsor deals with hosts Greg Hawver and Jason Griffith. Their conversation covers the importance of building trust and relationships with sponsors, aligning interests through rollover equity, and navigating board dynamics. Mike emphasizes the need for founder alignment, proactive communication, and trust
FTC’s Non-Compete Ban Overturned + Evolution of Non-Competes in M&A Deals
On this cross-over episode of Deal by Deal and The Corner Series, McGuireWoods’ partners Greg Hawver and Geoff Cockrell welcome labor and employment partner Meghaan Madriz to discuss recent headlines regarding the FTC’s proposed ban and the broader legal landscape for non-competes.Tune in as Meghaan breaks down the evolving enforceability of restrictive covenants, including non-competes tied to em
The Challenges of Independent Sponsorship with Jonny Miller and Mario Burstein of Platt Park Capital Partners
On this episode of Deal by Deal, co-hosts Jason Griffith and Trey Andrews welcome Jonny Miller and Mario Burstein of Platt Park Capital Partners to discuss their emergence into independent sponsorship.Tune in as Jonny and Mario discuss how Platt Park came to be, how they secured their first deal, and how they can apply what they learned in their first deal to future deals. Jonny and Mario talk abo
Developments in M&A Insurance Market with Matt Heinz of Lockton
Recently, the M&A market has cooled since it burned red-hot in the aftermath of Covid. What impact has the slowdown in M&A activity had on insurance products related to mergers and acquisitions?On this episode of Deal-by-Deal, host Greg Hawver is joined by Matt Heinz of Lockton to discuss developments in M&A insurance products. Specifically, Matt talks about why it’s actually a good ti
LIVE FROM EMC: Emerging Manager John Huhn of Compass Group Reflects on Journey from Independent Sponsor to Raising Multiple Funds
On this episode of Deal-by-Deal, host Greg Hawver is joined by John Huhn, Managing Partner at the Compass Group. Tune in as Greg and John discuss lessons learned during the Compass Group’s successful independent sponsor investing phase. John also provides key insights for those PE investors seeking to raise a committed fund in the current environment.Meet Your Guest Name: John HuhnCompa
Secondary Transactions: Overview, Drivers, and Market Predictions with Darren O’Brien of Campbell Lutyens
On this episode of Deal-by-Deal, host Greg Hawver is joined by Darren O'Brien, Managing Director of Campbell Lutyens, the largest independent private capital advisory firm. Tune in as Greg and Darren discuss the hot topic of secondary transactions, a growing niche area. Starting with a high-level introduction to secondary transactions and the secondary market, Darren covers the distinction be
2024 Outlook for Founder-Owned Business/Middle Market M&A, with Investment Banker Derek Zacarias of DAK
On this episode of Deal-by-Deal, host Greg Hawver is joined by investment banker Derek Zacarias from DAK. Together, they explore what the next 12 months may hold for M&A relating to founder-owned businesses, private equity-backed transactions and the broader middle market. This engaging discussion explores the macroeconomic trends as well as more intricate strategies and emerging themes antici
How Heightened FTC Scrutiny Affects Roll-Up Strategy, with McGuireWoods’ Holden Brooks
In this episode of Deal-by-Deal, host Greg Hawver talks to fellow McGuireWoods partner Holden Brooks about antitrust considerations for private equity investors in the middle market (and, interestingly, the lower middle market).They begin by discussing the Hart-Scott-Rodino Act, which requires pre-close filings for deals valued above $111.4 million that also meet certain other criteria — and note
Navigating the Path to Raising a Committed Fund with McGuireWoods’ Rick Starling
On this episode of Deal-by-Deal, host Greg Hawver and fellow McGuireWoods partner, fund formation lawyer Rick Starling, discuss considerations and alternatives to raising a committed fund, analyze what’s going on in today’s market, and share insights on the phases of raising a fund.The episode also explores fund structures such as the "proof of concept fund" for emerging managers, highlights key d
New Factors to Consider in Due Diligence, With Kroll’s Cathleen Hughes
On this episode of Deal-By-Deal, host Greg Hawver is joined by Cathleen Hughes, Kroll’s Director of Corporate Finance and Restructuring, for a deep dive into due diligence, including M&A transactions and post-closing.Risks associated with M&A deals have evolved. “And these risks include those that can be discovered pre-transaction as well as risks that may not exist at the outset, but can
Banker’s View of the Current M&A Market, With Hector Torres of DC Advisory
On this episode of Deal-By-Deal, host Greg Hawver is joined by investment banker Hector Torres, Managing Director of DC Advisory’s global healthcare team, for a discussion on the new normal in the M&A market, especially involving the healthcare industry. Hector explains that, while market activity is starting to level out from the torrent of transactions in the second half of 2021, the lo
Behind the Deal: Finding Success in the Independent Sponsor-Capital Provider Model
It takes nerves of steel to start a deal during COVID and exit it during the Silicon Valley Bank collapse, and today’s guests pulled it off. On this episode of Deal-By-Deal, host Greg Hawver is joined by Evan Gallinson of Merit Capital Partners and Jonathan Schilowitz of MFG Partners to present a case study of a successful relationship between an independent sponsor and a capital provider.Eva
Big Developments in Noncompete Agreements and Investing in the Energy Sector
A proposed FTC rule will change how companies do business — and how law firms give advice for the foreseeable future. On this episode of the Deal-by-Deal podcast, host Greg Hawver invites guest Holden Brooks, a partner at McGuirewoods, to share insights on recent developments for noncompetes and restrictive covenants based on the recently proposed rules. The current review period will in
Key Issues of an Equity Term Sheet, With Greg Hawver and Jeff Brooker (Pt. 2)
Join hosts Greg Hawver and Jeff Brooker for the second episode of a two-part series discussing critical issues and best practices for term sheets. This episode focuses on the equity term sheet between the independent sponsor and the equity capital provider. Learn about common pitfalls, what to keep in mind when negotiating terms and how to ensure alignment of investor inte
How to Craft an M&A Letter of Intent with Greg Hawver and Jeff Brooker (Pt. 1)
In this first episode of a two-part series, Deal-by-Deal podcast hosts Greg Hawver and Jeff Brooker discuss best practices for M&A deal letters of intent. Both hosts have seen deals tripped up by poorly crafted letters of intent. When buyers and sellers are unclear on what to include in an LOI, what is binding and what is not, and how to leverage exclusivity, deals can go sideways before
Lenders as Partners, with Source Capital’s Joe Rodgers and McGuireWoods’ Brian Coughlan
There’s a secret on how to secure more — and better — deals as an independent sponsor: build relationships and trust with your lenders. This may seem fairly obvious, but the reality is as the market has become more concentrated with traditional private equity funds, we’re losing this important part of dealmaking. And as the market remains uncertain, those relationships are going to be crucial
Investor Introductions with McGuireWoods' Christian Berger
Facilitating introductions between independent sponsors and capital partners who can fund their deals is the first step in a successful M&A scenario. Knowing how to efficiently leverage relationships and get in front of the right people is key to getting deals done. Christian Berger joins this episode of Deal-by-Deal to share how introductions play into business development and his approa
The Evolution of Independent Sponsors with McGuireWoods’ Jon Finger
Independent sponsors have evolved to become a separate asset class offering value to the ecosystem within the realm of private equity.On this episode of Deal-by-Deal, hear McGuireWoods’ Jon Finger share his insights on the evolution of independent sponsorship and recent noteworthy developments. There have been larger deals, more hybrid structures, and an increased interest in first-time funds from
Control and Navigating Deals with McGuireWoods’ Anne Croteau and Alex Horn
There’s a lot that companies need to consider when deciding to pursue independent financial backing. The decisions companies make when striking deals almost always come back to control — a factor that has a significant impact on the future of the company. Depending on how much control the backer negotiates, different scenarios could lead to backers gaining significant veto rights, board contr
How to Approach RWI With Lockton’s Matt Heinz and Highlights From McGuireWoods’ 2021 Deal Survey
In this final episode of Deal by Deal for 2021, Matt Heinz, Partner & Co-Practice Leader, Transaction Liability at Lockton Companies, joins the podcast to share the outlook on representations and warranties insurance.As the fourth quarter of the year comes to a close, Matt has insights into how the robust M&A activity we’ve seen will impact the insurance market moving forward, as well as t
Independent Sponsors in Healthcare with Archimedes Health Investors’ Harry Eichelberger
You could do very well in large-cap, private equity by consistently generating solid returns at scale and volume. It’s great for large institutions and PEs that have the time and resources to compete at slews of auctions and zoom through portfolio after portfolio to close deals, quarter after quarter.After years in this kind of environment, Harry Eichelberger of Archimedes Health Investors found i
Deals Outlook with McGuireWoods and Healthcare Insights from Independent Sponsors DuneGlass
The end of the COVID-19 pandemic seemed to be on the horizon until the Delta variant showed up, bringing with it the potential to shake up the deals market once again.As the end of the year approaches, dealmakers have to navigate the ongoing unknowns of the pandemic along with the other factors that are tightening the pressure valve on M&A this year.“I suspect this year is going to be just as
Independent Sponsor Tips From Pleasant Bay’s Scott Fisher; Preview Results of Our IS Deal Points Survey
Scott Fisher has been in the independent sponsor field for quite some time, and has learned a lot along the way. As the Managing Director at Pleasant Bay Capital Partners, a private equity firm focused on investing in lower-middle market companies in the healthcare, technology, business services, and industrial products & services sectors, he has helped bring value to both sellers and cap
Compass Group’s John Huhn on How To Land Deals as an Independent Sponsor
The independent sponsor model of investing is becoming more popular with investors and businesses looking for a more flexible partnership than what the private equity model allows.But for those interested in getting started as an independent sponsor, getting to the point where you have the capital to invest and businesses that are willing to partner with you can seem daunting.“The fact is, this is
I.S. Interview: Columbia River Partners; Insights into Credit Markets with Capstone Headwaters
NewsMcGuireWoods is pleased to announce that the pre-eminent gathering for independent sponsors and capital providers returns to Dallas this October.Don’t miss the opportunity to gain knowledge and insights during our panel discussions, including results from our largest proprietary deal points study to date, and our much-anticipated networking events. Connect one-on-one in our efficient speed-dat
Kick-Off and War Stories From the Middle-Market M&A Trenches
What happens when a letter of intent (LOI) doesn’t accurately capture the economics of a deal?How can you, as an independent sponsor, understand “what’s market” for the three fundamental building blocks of the independent sponsor economic package – management fees, closing fees and carried interest? These questions and others pertinent to independent sponsors and professionals
Welcome to Deal-by-Deal: An Independent Sponsor Podcast by McGuireWoods
Welcome to Deal-by-Deal, an Independent Sponsor Podcast by McGuireWoods. Deal-by-Deal invites you to the conversations with experienced independent sponsors and professionals who employ the independent sponsor model. Join Greg, Jeff, and Rebecca as they explore middle-market Private Equity M&A to provide you with timely insights and relevant takeaways.Through a mix of educational episodes and
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