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GlobalM&AReport2024
Gaininganedgeinamarketreset
Acknowledgments
ThisreportwaspreparedbytheleadershipteamofBain&Company’sGlobalM&AandDivestiturespractice,withspecialdirectionfromLesBaird,partner;DavidHarding,advisorypartner;
DaleStafford,partner;KaiGrass,partner;SuzanneKumar,practicevicepresident;LindseyWhite,seniormanager;andaneditorialteamledbyDavidDiamond.
TheauthorswishtothankthemanymembersoftheBainleadershipteamwhocontributedarticlestothisyear’sreport.Additionally,wewishtothankthefollowingcolleaguesfortheirhelpwiththisreport:BainPartnersHarshveerSingh,PeterHorsley,andColleenvonEckartsberg;PracticeManagersDwightStallsandAnnaNowak-Dzialak;PracticeSeniorAnalystAmolMathur;ConsultantsShanePorterandAyshaRashid;SeniorAssociateConsultantJaysonChung;andAssociateConsultantKatieJones.ThisworkadditionallybenefitedfromthesupportofBainCapabilityNetwork’sAbhishekJain,RoopamKalra,ChhaviKhandelwal,SanyaKataria,YashovardhanDey,andSuprakashGosh.
Thisworkisbasedonsecondarymarketresearch,analysisoffinancialinformationavailableorprovidedtoBain&Companyandarangeofinterviewswithindustryparticipants.Bain&CompanyhasnotindependentlyverifiedanysuchinformationprovidedoravailabletoBainandmakesnorepresentationorwarranty,expressorimplied,thatsuchinformationisaccurateorcomplete.Projectedmarketandfinancialinformation,analysesandconclusionscontainedhereinarebasedontheinformationdescribedaboveandonBain&Company’sjudgment,andshouldnotbeconstruedasdefinitiveforecastsorguaranteesoffutureperformanceorresults.Theinformationandanalysishereindoesnotconstituteadviceofanykind,isnotintendedtobeusedforinvestmentpurposes,andneitherBain&Companynoranyofitssubsidiariesortheirrespectiveofficers,directors,shareholders,employeesoragentsacceptanyresponsibilityorliabilitywithrespecttotheuseof
orrelianceonanyinformationoranalysiscontainedinthisdocument.ThisworkiscopyrightBain&Companyandmaynotbepublished,transmitted,broadcast,copied,reproducedorreprintedinwholeorinpartwithouttheexplicitwrittenpermissionofBain&Company.
Copyright©2024Bain&Company,Inc.Allrightsreserved.
GlobalM&AReport2024
Contents
LetterfromtheLeaderofBain’sM&APractice................
....
.
.
.3........
StateoftheMarket.............................................
.....
.
..
.5
LookingBackatM&Ain2023:WhoWinsinaDownYear?.............
.....
.
..
.6
LookingAhead:HowtheBigBacklogWillShapethe2024M&AAgenda
......13..
HotTopics....................................
...
.
.
.18.........
GenerativeAIinM&A:WhereHopeMeetsHype.....................
.....
.
..
19
RegulationandM&A:HowScrutinyRaisestheBarforAcquirers......
.......24..
Industries............................................................30
M&AinAerospaceandDefense:FourThemes
ShapingSpaceIndustryDealsin2024.....................................32
M&AinAutomotiveandMobility:Dealsto
SecureaPlaceintheIndustry’sFuture .........................37........
M&AinBuildingProducts:VenturingbeyondtheCore....................43...CanConsumerProductsCompaniesMastertheSmallDeal?..................47M&AinRetail:WhyScaleStillIsParamountinGrocery.......................53M&AinBanking:ThreeSmallWavesofDeals...............................57M&AinInsurance:DealsAdvanceCapabilitiesandRiskPrevention.............61M&AinPayments:MakingStrategicMoves,withFewHeadlineDeals...........65M&AinWealthandAssetManagement:Finding
PocketsofOpportunityinaSlowYear.....................................69
M&AinEnergyandNaturalResources:
TheCircularEconomyIsNotLinear..............................................................................73
1
GlobalM&AReport2024
M&AinHealthcareandLifeSciences:AShrinkingMarginforErrorinDeals..
.
.
..78
M&AinMedia:BigChangesAreForcingBoldMoves.....................
.
.
..82
M&AinTechnology:GettingSeriousaboutProductSynergies.............
.
.
..85
M&AinTelecommunications:MakingtheRight
SelectiveBetsinaToughEnvironment........................
.
.
.90........
Regions..................................................
.
.
.96.........
M&AinBrazil:InternationalBuyersAct
WhileDomesticAcquirersShowCaution....................
...97.........
M&AinIndia:ContinuedOptimismFuelsMomentum......................101.
M&AinJapan:ResilientActivity—butNowIt’sTimeforMore.............105....
M&AintheMiddleEast:FromGreenEnergytoAsianExpansiontoFootball..
.
.
.109
Methodology......................................................
.
.
.113
Keycontacts......................................................
.
.
.116
2
GlobalM&AReport2024
LetterfromtheLeaderofBain’sM&APractice
Dearfriends,
WepublishourannualM&Areporttohelpbusinessleadersgetbetterattheartandscienceofdoingdeals.
Inthis,oursixthreport,weanalyzewhy2023wastheyearthatbuyersandsellerscouldn’tagreeonvaluations,notinghowstrategicdealmultiplessanktotheirlowestlevelin15yearswhilepublicmarketvaluationsended2023nearall-timehighs.Ourreportincludesalookatthestateofthemarketandourviewoftheyearahead(optimistic).Italsodivesintospecificindustriesandregionsandexplorestheimpactofgenerativeartificialintelligenceandregulatoryscrutinyondealmaking.
Acommonthemerunningthroughthesechapters:Turbulenttimesproducestrategicwinnersandlosers,and2023wasnoexception.
LesBaird
LeaderofBain’sM&APractice
3
StateoftheMarket
LookingBackatM&Ain2023:WhoWinsinaDownYear?......................6
LookingAhead:HowtheBigBacklogWillShapethe2024M&AAgenda......13..
StateoftheMarket
LookingBackatM&Ain2023:
WhoWinsinaDownYear?
Dealsslowedasbuyersandsellerswaitedfortheothertomakethefirstmove..ByDavidHarding,DaleStafford,KaiGrass,SuzanneKumar,andLindseyWhite
AtaGlance
In2023,thetotalM&Amarketdropped15%,to$3..2trillion,thelowestlevelinadecade..
StrategicM&Adeclined6%asbuyersandsellersstruggledtoclosethegaponvaluations,andstrategicdealmultipleswerethelowestthey’vebeeninadecade..
Dealsweredelayedforotherreasons,includinghighinterestrates,mixedmacroeconomicsignals,regulatoryscrutiny,andgeopoliticalrisks..
Manylongtimefrequentacquirersused2023asanopportunitytoexpandtheircompetitiveadvantagethroughM&A..
It’snosecretthattheM&Amarketdeclinedin2023asthevaluationgapbetweenwhatbuyerswantedtospendandwhatsellerswantedtochargefortheircompanieskeptmanywould-bedealsfromhappening.M&Apractitionerstoldusthatthevaluationgapwasthebiggestobstacletodealmaking,andtherewereotherheadwindsin2023aswell,includinghighinterestrates,macroeconomicuncertainty,risingregulatoryscrutiny,andnewpoliticalpressures.
Butwhiledownoverallby6%invalue,thestrategicM&Amarketreflectedunevenperformance.Forexample,techdealscrateredwhileactivityinhealthcareandlifesciencesaswellasenergyand
6
GlobalM&AReport2024
naturalresourcesrebounded.TheAmericasmarketheldsteadyasEuropeandAsiafaltered.Scratchbeneaththeplacidsurface,andyouseehow,acrossindustriesandaroundtheworld,winningcompaniesturnedtodealstoreinventtheirfuture,whetheritwasautomakersacquiringtosecuresuppliesforthetransitiontoelectricvehicles,insurersbuyingtoexpandtheirtraditionalroleofriskprotectiontoriskprevention,ormediacompanieslearningthatpartneringwithformerfiercecompetitorsistheonlywaytowinastheirindustryentersanewera.
Thecompaniesthatmadesuchmoveswillbethosethatemergeasleaders.PerhapsthemostimportantM&Anewsfrom2023,however,wasthewideningoftheperformancegapbetweenfrequentacquirersandtheirinactivepeers.Accordingtoourlong-termresearch,frequentacquirersalwaysoutperformintotalshareholderreturn.In2023,thatmargincontinuedtogrow.
Whatthenumberssay
TheworldofstrategicM&Astillsawmorethan27,000dealsannounced,totalingabout$2.4trillion,a6%declineinvaluefromtheyearbefore(seeFigure1).Ifthosenumbersseembetterthanwhatyoumayhavereadinthenewspapers,keepinmindthatthebroaderworldofleveragedprivateequityandventurecapitaldealshadamuchworsetime(down37%invalue).Thosebusinessesweremoreexposedtotheriseofinterestratesandissuesofdebtavailability.Incontrast,corporatebuyersgenerallyhadstrongerbalancesheetswithcashonhandtododeals.
Figure1:GlobalM&Adealvaluewas$3..2trillionin2023,down15%yearoveryear
M&Adealmarketvalue(intrillionsofUSdollars)
$6T
6.0
3.9
4.6
4.6
3.8
4.2
4.0
4
3.6
3.6
3.6
3.7
$3.3T
2.1
3.0
3.2
2.3
2.7
2.8
2.7
2.8
3.2
2
1.7
1.3
1.5
0
2000
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
21
22
23
CompoundannualgrowthrateforallM&A(2022–2023),€15%
StrategicM&A,€6%
Financialinvestors,€34%
Venturecapital/corporateventurecapital,€42%
Specialpurposeacquisitioncompanies,4%
Note:StrategicM&AincludescorporateM&Adeals(whichincludesprivateequityexits)andadd-ons
Source:DealogicasofJanuary16,2024
7
GlobalM&AReport2024
Still,nodealmakercouldavoidtheimpactofrisinginterestrates.Nearlyeveryexecutivewespokewithandafull95%ofthosewesurveyedagreedthathigherinterestratesrequiredthemtoadapttheirapproachtoM&Ain2023.TheNo.1adjustment?Beingmoreselectiveinwhichdealsarebeingpursued,whichwascitedbytwo-thirdsofrespondents.
Butthebiggestobstaclewasthegapbetweenvaluations,whichcontributedtothelowestyearforstrategicM&Ainadecadeandcausedpricestoplunge.Thevaluationgapwastheonlythingthatsurveyedbuyersandsellersseemedtoagreeon.Morethantwo-thirdsofbuyerstoldusthatitnegativelyimpactedM&Aactivity.Ontheothersideofthetable,atnearlythesamerate,potentialsellerscitedmorefavorabledealvaluationsasatopfactorindecidingwhentobringtheirassetstomarket.Insomeways,2023willberememberedastheyearinwhichbuyersandsellerswaitedforeachothertoblink.
Anecdotally,weheardfromourinvestmentbankingfriendsthatanotablenumberofdealprocesseswereabandonedbeforebidswereacceptedthispastyear.Whywasitparticularlyhardtoclosethevaluationgapin2023?Ourresearchpointedoutfourcauses.
Again,risinginterestratesplayedamajorrole.Thebigargumentthroughout2023wastheshapeoftheinterestratecurveinyearstocome.Buyersneededdealstodeliveramarginofsafetyfromhigher-for-longerinterestrateswhereassellersheldbackinhopesthatrateswouldcomebackdown.
Asecondstraightyearofdecliningstrategicdealvaluationsmadedealmakerswary
(seeFigure2).At10.1times,overalldealmultipleswerethelowestin15years,withroomtofallfurther;mostdownturnsfindatroughbetween9timesand10times.Amiddecliningvaluations,buyerstookaskepticalviewofassetspricedwithpridewhilesellerssawlittlereasontogiveawayvalue.
Moreover,ahealthystockmarketin2023exacerbatedtheyawninggapbetweenprivateandpublicmarketvaluations.Withstockstradingwell,sellersandtheirshareholderspreferredtoholdontoassetsratherthanfacedilutionfromsellingatadepressedmultiple.
Finally,privateequityexitsweredown44%invalueand22%involume.Besidescuttingoffasourceofpotentiallyattractivetargets,deferredprivateequityexitsmeantthattherewerefewermarksforfairmarketvalue,furthercloudingpricetransparency.
Anotherfactorbehindfewerdealsisincreasedscrutinybyregulatorsaroundtheglobe.TheEuropeanCommission,theUKCompetitionandMarketsAuthority,andtheUSDepartmentofJusticeandFederalTradeCommissionhaveeyedmajormergerswithskepticism,particularlytechandhealthcaretie-ups.Atotalof$361billionindealshavebeenchallengedsince2022;mosthaveclosed,oftenwithremedies.Thedusthasnotyetsettledontheevolvingantitrustregulatorylandscapeascourtsweighinandnewguidelinesareproposed.Nationalsecurityconcernsalsoremainafactorforsensitivesectorssuchassemiconductorsornuclearenergy.Inthisenvironment,
8
GlobalM&AReport2024
Figure2:Strategicdealmultipleshaveplummetedforthesecondyearinarow,evenaspublicmarketvaluationsrebounded
Enterprisevalue–to-EBITDAvaluations,indexedto2014
Yearoveryear
2022–2023
4%
S&P500
StrategicM&A
€16%
2014 15 16 17 18 19 20 21 22 23
Notes:S&P500enterprisevalue–to-EBITDAvaluationsrepresenttheannualaveragemultiple;strategicM&Avaluationsrepresentthemedianmultipleforeachcalendaryear
Sources:DealogicasofJanuary16,2024;S&PCapitalIQ
somedealsmaynevergetofftheground;othersaremorelikelytobeabandonedinthefaceofachallenge.Weexploretheimpactoflongerandmoreuncertaintimelinesin“RegulationandM&A:HowScrutinyRaisestheBarforAcquirers.”
Lookingbeneaththesurface
Acrossindustries,thecollapseoftechM&AwasthebiggestdragonstrategicM&Ain2023(seeFigure3).Techdealvaluesdeclinedbyroughly45%asmedianvaluations,definedbyenterprisevalue–to-EBITDAmultiples,tumbledfrom2021’shighof25timesto13timeslastyear.Emerson’sacquisitionofNationalInstrumentstoexpandautomationcapabilitiesandCisco’sbidforSplunkforitscybersecuritycapabilitiespointtotheongoingdemandforhigh-quality
(andprofitable)techassets.Yet,aswe’veexploredelsewhere,ahigher-for-longerinterestrateenvironmentchangesthedealmathformosttechdealspredicatedongrowthoverprofitability(seeGlobalM&AReportMidyear2022orM&AMidyearReport2023:ItTakesTwotoMakeaMarket).
Atthesametime,ahealthydoseofbig-ticketdealssupportedastrongM&Ayearforenergyandhealthcare,promptedbydifferingsectordynamics.Onthebackofrisingcommodityprices,scaledealsinenergyandnaturalresourcesledthepack,withtwomegadealsinoilandgasandthreeadditionalmajortie-upscomprisingatotalofabout$175billionindealvalue,accordingtoDealogic.
9
GlobalM&AReport2024
Figure3:HealthcareandlifesciencesaswellasenergyandnaturalresourcesM&Areboundedin2023butnotenoughtooffsetdeclinesintechandmanufacturing
Changeinstrategicdealvalue(inbillionsofUSdollars)
Retail
79
87
69
Telecommunications
37
Advanced
Financial
services
Media
Energyand
manufacturing
53
andservices
59
natural
3
Technology
resources
Consumer
Healthcare
113
products
andlife
sciences
213
Year-over-year
percentage43%
19%
23%
50%3%32%126%
29%
17%
change
Source:DealogicasofJanuary16,2024
CompaniesinhealthcareandlifesciencescontinuedtheirpursuitofgrowthviascopedealsasrepresentedbyAbbVie’sback-to-backdealsforImmunoGenandCerevelTherapeuticsinDecemberandMerck’searlieracquisitionofPrometheus.
Theyearsawacommonthreadofverticaldealmaking.Companiesnavigatingashocktotheprofitpool,whetherashiftfrominternalcombustionenginestoelectricvehiclesortheriseoftheInternetasadistributionchannel,haveturnedtoM&Atotransform.Automotivecompaniesaredoingdeals,suchasStellantis’sinvestmentinLytenandFord’sacquisitionofAutoMotivePower,tosecureaccesstocriticalchargingtechnologyandtoinvestintheirownrecharginggrids.Inmedia,thevaluechainhasbeenredesignedthroughmergingofcontentanddistribution,leadingtonewstrategiesforpartnershipsandalliances.
VerticalM&Acanalsoreflectadaptivestrategiesinthefaceofindustryconsolidation.IntheUS,healthcarepayersareusingM&Atobuildhealthdeliverynetworks,asexemplifiedbyCVS’spurchaseofOakStreetHealththisyear.
Spin-offsremainedanessentialtoolinportfoliotransformationaswell.Forexample,Danahercontinueditsreorientationtowardlifesciencesviaa$23billionspin-offofitswaterbusiness(Veralto)whileacquiringAbcamanditsproteinconsumablesbusinessfor$5.7billion.Sanofijoined
10
GlobalM&AReport2024
otherhealthcarecompaniesinannouncingtheseparationofitsconsumerhealthbusiness.Spin-offsareexceedinglyhardtogetright,buttop-quartileperformersshowhowvaluabletheycanbe(see“WhenaSpin-OffWinsBig”).
Notably,cross-borderdealmakingwassustainedasinvestorssoughttoenhanceportfoliosinmorefavorablemarkets.USbuyerspursuedmorecross-borderdeals,up34%invalue,whiledomesticvaluerose2%.Similarly,Brazilremainedattractivetoforeigninvestment,evenasdomesticdealmakingdeclined(see“M&AinBrazil:InternationalBuyersActWhileDomesticAcquirersShowCaution”).Asiasawa60%increaseindealsfromtheMiddleEastassovereignwealthfundssoughttobuildsupplychainsandfacilitateenergytransitions.
Andmegadealsmadeamarkinthesecondhalfof2023,apossiblesignalthatdealmakerswerereadytolookforward.ForM&Aobservers,thetimingwasn’ttoosurprising.Manycompanieshadsustainedhighlevelsofproactivedealscreeningandoutside-induediligenceevenasdealcountsfell.Somedeals,suchasChevron-Hess,wereyearslonginthemakingifopportunisticintiming.Others,suchasCarrier’sacquisitionofViessmannClimateSolutions,reflectedabetonlong-termtrends.
Figure4:Frequentacquirersstayedinthegamethroughoutrecenttimesofturbulence
MostfrequentacquirerscompletedanacquisitionduringCovid-19period…
andcontinuedtoconductM&Athroughaperiodofhigherinterestrates
PercentagethatcompletedadealduringCovid-19period
Percentagethatcompletedadealduringpost–ratehikeperiod
67%
71%
38%
14%
12%
0%
Frequent
Infrequent
Inactives
Frequent
Infrequent
Inactives
acquirers
acquirers
acquirers
acquirers
Notes:Bain’svaluecreationstudytracksperformance(measuredbytotalshareholderreturn)andacquisitionfrequencyfor2,533companiesovertheperiodbetween2012and2022;Covid-19periodincludesdealsbetweensecondquarter2020andfourthquarter2021;post–ratehikeperiodincludesdealsfromthirdquarter2022tothirdquarter2023
Source:BainM&AValueCreationStudy,2023
11
GlobalM&AReport2024
Finally,theyear2023showedusawideningofthegapbetweenhowfrequentacquirersandtheirinactivepeersbehaveinM&Adowncycles.Youhaveheardussaymorethanoncethatfrequentacquirersoutperformthroughoutalleconomiccyclesandtendtostayinthemarketthroughgoodtimesandbad(see“M&AinTimesofTurbulence:LessonsfromtheLastRecession”).WhenwelookbacktotheCovid-19period,forexample,weseethatmostfrequentacquirersneverstoppeddoingdealsevenasthemarketoverallcontracted.ThesameheldtruewiththecurrentmarketdropthatbeganwiththeintroductionofhigherinterestratesinJune2022(seeFigure4).Mostfrequentacquirerskeptacquiring.
Mostfrequentacquirersneverstopdoingdealsevenasthemarketoverallcontracts.
Perhapscounterintuitively,today’sdownmarketsignalsalonger-termfundamentalshift:Thosefrequentacquirersthatstayactivearepullingawayfromlessacquisitiveorinactivecompaniesasmeasuredbylong-termtotalshareholderreturns.Bainresearchshowsthatthebenefitsoffrequencyareonlyincreasingovertime.Whileothersstayonthesidelines,itiscompaniesthatinvesttoacquirethroughcycles,deployingtestedandtailoredtoolkitstotransformtheirbusinesses,thatultimatelyemergeasthewinners.
Kudostofrequentacquirersthatstayinthegamethroughthickandthin.
Inthefollowingchapter,wediscusshowthe2023M&Amarketdynamichascreatedagrowingbacklogofdealsthatawaitanysignthatbuyersandsellerscancometoterms.
12
StateoftheMarket
LookingAhead:HowtheBigBacklogWillShapethe2024M&AAgenda
Theprocesses,skills,andtoolsusedinthepastwillbeinsufficienttostayaheadofthenewgame..ByDavidHarding,DaleStafford,KaiGrass,andSuzanneKumar
AtaGlance
Manyoftheassetsthatdidn’tcometomarketinthedownyearof2023willfuelactivedealmakingin2024..
Corporateswillsellassetsthatdonotfitwiththeirstrategy,andprivateequitywillsellagingportfoliocompanies..
Weexpectmorescaledealsforconsolidationbeforeseeingareturntoscope-orientedcapabilityinvestingtodrivegrowth..
Ascompetitionintensifies,convictionandspeedwillbenecessarytowindealsandmakethemsucceed..
Historyshowsthatdownturns,marketlulls,andtimesofdisruptionalwaysproducenewer,strongercompetitorsthatusedthemayhemtomakemarketgains.TheM&Adownturnof2023willlikelybenoexception,butitisnottoolatetoact.
Weexpecttoseemoredealsgetdonein2024—iffornootherreasonthantherearealotofassetsthatshouldtrade.Wecallitthe“bigbacklog.”Forexample,whileweoftentalkalotaboutprivateequity(PE)drypowder,wealsonowhaveabacklogofPEportfoliocompaniesthatneedtocometo
13
GlobalM&AReport2024
market.Manyofthesewillbeboughtbystrategics;otherswillberolledintootherfinancialsponsorportfolios.Likewise,ourexecutiveinterviewssuggestthatcorporatesheldontoassetsthatnowshouldbedivestedandorspunout.These,too,weexpecttocometomarket.
Forthemostpart,corporatebalancesheetsremainstrong,withlotsofcashonhand,andthecycleofinterestratehikesseems,asofthiswriting,tohaverunitscourse.Anycertaintyaroundcostofcapitalwillbeaboontodealmaking,andevenmoresowillbeareductionininterestrates.
TheM&Amarkethasalwayshadabitofboom/bustnaturetoit.Experiencedpractitionerstellusthatwhenthereboundindealscomes,itwillmostlikelybefast—probablymorescaledealsfirst,asindustryconsolidationplayscontinue(see“M&AinEnergyandNaturalResources:TheCircularEconomyIsNotLinear”),andthenareturntoscope-orientedcapabilityinvestingtodrivegrowth.
Ofcourse,therearestillsomethingsthatwillholddealvolumesandvaluesback.Regulatoryscrutiny’sgreatestimpactmaybeinstoppingdealsbeforetheyevergetstarted.Atthesametime,geopoliticaltensionsmaywellkeepthelidoncertaincross-regionaldeals.And,ofcourse,havingbeenhitbyseveralrecent“blackswan”events(pandemicsandwar,tonametwo),weremainhumbleinourpredictionsregardingfutureevents.
Thatsaid,weexpect2024tobeabusyyear.Let’slookattheM&Aagendathatwillgivedealmakerstheedgeintheyearahead.
TheM&Amarkethasalwayshadabitofboom/bustnaturetoit.Experiencedpractitionerstellusthatwhenthereboundindealscomes,itwillmostlikelybefast.
Proactiveandprepared
Whywasdealactivityin2023soanemic?Thesimpleansweristhatwithvaluationssolow,sellersdidnotwanttosell.
Indeed,abigcomplaintbyprospectivebuyersthatdidfewerdealsin2023wasthattherewerefewattractiveassets,accordingtoourexecutivesurvey.Yet,successfulbuyershadnocomplaint.That’sbecausetheycreatedtheirowndealflowthroughproactivesourcingandscreening.Andthesearethesamecompaniesthatwillbereadytocapitalizewhenthebigbacklogofdealsbreaksinthemonthsahead.
14
GlobalM&AReport2024
Ourconversationswithexecutivespointtotwobacklogs—corporateentitiesthathaveassetsthatdonotfitwiththeirlong-termstrategicprioritiesandPEportfoliocompaniesthatareagingintheirfundsandneedtobesold.Neithergrouphasbeenoverlyinclinedtosellassetsoverthispastyear,butforverydifferentreasons.
Corporatesdon’tsellforabunchofreasons,thetopthreebeingbandwidth,cashflow,andinertia.Sellingbusinessesisatimesinklikenoother.Stressed-outmanagementteamsoverthepastfewyearshavenothadtheluxuryofcleaninguptheirportfolio.Whentheydowanttosellanasset,thereoftenaretwocomplications:Thenonstrategicassetsstillcontributecashflow,andtheirdivestmentwillleavestrandedcostsbehind.Andintheabsenceofactivistinvestors,itisjusteasiertoleavethingsinplace,especiallywhendealvaluationsaredownandstockpricesareup.
Butourexperienceshowsthathangingontoassetstoolongleadstovaluedestructionandmisallocationofcapitalandmanagementattention.Disappointingprospectivevaluationscandissuadecompaniesfrommakingthecalltosell.Then,aweakerver
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