Association for Corporate Growth
Saturday, May 25th, 2013
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Annual PBJ Biggest Deals Supplement



On March 1, the Philadelphia Business Journal released its annual Biggest Deals Supplement sponsored by ACG Philadelphia and quoted several of our members! In addition to listing the Biggest M&A deals it also includes a list of regional Private Equity Firms ranked by capital under management.

Click Here to read the full supplement.




Welcome to Our New Members!
William Crozier
WHC & Associates, LLC

William Davis
Aqua America, Inc.

Donna Emhart

Wells Fargo Commercial Banking

Michael Ettinger
Bank of America Merrill Lynch

Chris Hampshire

Cohen-Seltzer, Inc.

Andrew Hoffman

CBC Capital LLC

Anne Madonia
Cozen O'Connor

Paul McLaughlin

AMETEK, Inc

John Murphy
BioAir Solutions LLC

Matthew O'Reilly
Allied Wire & Cable Inc.

Akber Pabani
Weiler Corp

David Poniatowski
Ernst & Young LLP

Sebastian Pugliese
SEI

Steven Schultz

Royal Bank America

Douglas Sharp
Sartomer USA, LLC

John Sickler Jr.
Teleflex Incorporated

Howard Snyder
Telerx

Andrew Tauber
Firstrust Bank

Joseph Toto
AMETEK Inc.

Mark Turgyan
Conair Corporation
  
 

5/16, ACGU Wrap-Up Session

Congratulations to the ACG University 2013 Class:
Wrap-up Session Photos

 




 

Key Take-Aways: Visit https://twitter.com/ACGPhilly

6/6, Spring Wine Tasting

Member Wine Tasting
Thursday, June 6, 2013 | The Merion Cricket Club

Our region's top Private Equity firms will pour the wines of their choosing!


Argosy Partners  |   Boathouse Capital
CMS Mezzanine  |  Element Partners
Eureka Growth Capital  |  Graham Partners
Guardian Capital   |   Inverness Graham
L2 Capital   |   Larsen MacColl
LBC Credit   |   LBCW
LLR Partners   |   Milestone Partners
NewSpring Capital   |   Penn Mezzanine
Spring Capital Partners   |   Versa Capital


Special Thanks to our Host Sponsor




 

Upcoming Events

Thursday, May 30, 2013
Women in DealMaking: La Cucina at the Market
Reading Terminal Market, Philadelphia (invite only)
To request information: email smcalaine@acg.org


Thursday, June 6, 2013
ACG Member Networking & Wine Tasting
The Merion Cricket Club, Haverford


Monday-Tuesday, June 10-11, 2013
ACG Maryland Deal Forum
Pier 5 Hotel, Baltimore

Monday, June 24, 2013

Annual Member Guest Golf Outing
St. Davids Golf Club, Wayne


Sunday - Tuesday, August 11-13, 2013
ACG Philadelphia, NY, NJ & CT Present:
Dealmaking on the Beach

Ocean Place Resort & Spa, Long Branch, NJ

DealWire: Q1 2013



The latest deal news from around the region
 
Q1 Mixed Start - M&A Slows, Capital Markets Surge

- commentary by James McNaughton, Janney Capital Markets & ACG Marketing Committee Member



 

First Quarter Transaction Volume & Value

Coming off a frenzied pace in the second half of 2012 with dealmakers pushing hard to close transactions before new tax law changes became effective, it is no surprise to see a slight decline in overall deal activity in the first quarter ended March 31, 2013 (Q1-2013).  Total transaction volume of 338 deals in Q1-2013 decreased 4% from 353 deals in Q4-2012, representing the third consecutive year where Q1 volume decreased on a quarter-over-quarter basis.  However, on a year-over-year basis, Q1-2013 transaction volume increased significantly by 32% from 256 transactions in Q1-2012.  While the pieces are in place for deal volume growth in 2013, the year–over-year comparisons will become more difficult to exceed as the year goes on.    

Q1 transaction value of $44.8 billion was the highest level seen in the last 18 quarters and only 19% off the Q2 2008 peak of $55.3 billion.  Q1 transaction value increased by 41% over $31.8 billion in Q4-2012 and by 129% on a year-over-year basis compared to $19.6 billion in Q1-2012. With the number of transactions decreasing slightly and the dollar value increasing significantly, average transaction size also increased in Q1 compared to Q4-2012.

The following graphic depicts quarterly aggregate dollar transaction volume and clearly shows Q1-2013 establishing a new quarter high as compared to any period shown (dollars in millions).
 


 
View Complete DealWire and Member Submissions
Should Have Been There

May Breakfast Briefing:
Annual Lender's Panel Discussion



Key Take-Aways: See What You Missed on Twitter
Or Visit https://twitter.com/ACGPhilly


  • Deal makers hope that growing availability of capital is a leading indicator of strength in the mergers and acquisitions markets
  • "Growing availability of capital is driving multiples up and creating a frothy market"
  • Investors are bullish on manufacturing & energy - looking closely at these two sectors.
  • Predicting a bigger loan demand for the second half of the year, but we won't return to pre-2008 levels
  • Leverage ratios for 2013 up over 2012 levels: 2012 avg 3.8x for senior debt and 4.7 total; 2013 avg 4.1 senior and 5x total

5/21, DealMakers' Workshop Recap

DealMakers' Workshop Recap:
Acquiring Distressed Companies (for non-distressed investors)

Sponsored by    

   


Insights You Missed From Twitter
  https://twitter.com/ACGPhilly

  • Healthy companies transact just 50-75% of the time vs distressed companies who have a gun to their head, 95% or more follow through with sale.
  • Distressed valuations based on a premium to liquidation value vs a healthy companies whose value is based on a multiple of earnings.
  • Distressed investors focus on 2 key areas in diligence: value
    • 1. Does anyone care if it's gone?
    • 2. Process - how is management?
  • The panel agrees: more main stream private equity firms are acquiring distressed companies as add-ons to portfolio companies.
  • 2011, not 2009, was a record year for ACG Philadelphia member Versa Capital in terms of closed deals in the distressed space.
  • Distressed opportunities down due to anemic economic growth - rapid growth causes otherwise healthy companies to fall into distress.
  • Speed and closing certainty trumps purchase price when acquiring distressed companies.
  • Buying a distressed company is like buying an old house, it will take twice as much money and twice as long as you think.
 
  
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DealWire - Call for Member Deals





Q2 Submission Deadline:
ACG Philadelphia Members can submit Q2 2013 closed deals anytime during the quarter OR no later than Friday, July 12th. 

Members
Click Here for the Q2 DealWire Survey.

Q1 2013 Deal of the Quarter

For a listing of all historical featured deals please go to the LIBRARY tab.

Showcasing ACG Member Deals

 

Featured Deal:

Eureka Growth Capital Acquires Thomson Reuters' West Academic Publishing


 

Interview with: Christopher Hanssens, Managing Partner of Eureka Growth Capital, about the firm’s acquisition of West Academic Publishing, the former Law School Publishing business unit of Thomson Reuters.

ACG: Please describe West Academic Publishing's business.

West Academic Publishing, headquartered in Eagan, MN, provides legal casebooks, textbooks, study guides and other course-related materials in both print and digital media formats for law school faculty and students in the United States. West Academic Publishing has been the leading legal education publisher since its launch of the American Casebook Series in 1908. Today, the Company provides its products under the West Academic, Foundation Press and Gilbert imprints.

ACG: Please give us a little background on the transaction and reasons for the divestiture from Thomson Reuters?

Click Here to Continue Reading the Interview

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