Global scale and services
As we have worked on an increasingly global scale with our clients, the value of our transactions has increased. Over the last year we recorded an average deal size of €58m*.
But this added scale isn’t just about doing bigger deals. It is also about more and more clients using our full range of services such as our bespoke debt advisory service, deal origination capability, management advisory service, recapitalisation and strategic growth services, or corporate acquisition and disposal services.
“Clearwater is able to successfully approach a lot of companies and, in turn, introduce us to those companies. Although we have our own deal origination team, we are still happy to work with Clearwater on deal origination too. As two firms we are effectively coming at origination from both sides and that really works.”
Strong expertise in management advisory
Our experience in representing the interests of management teams was demonstrated when we advised B&B Hotels management on the sale from Carlyle to PAI.
Global alternative asset manager The Carlyle Group and Montefiore Investment concluded this transaction with private equity firm PAI Partners for the acquisition of Groupe B&B Hotels alongside B&B’s management team.
The equity for the transaction was provided by PAI Europe VI, PAI’s latest €3.3bn fund. We helped the management team play a central role in the sale process but also focused on the future of the company, taking into account the diversity of the bidders (investment funds, international trade buyer) leading to different approaches in terms of development plans, governance, investment horizon and liquidity.
“Clearwater’s debt advisory services are really valuable for private equity, particularly as the lending market has become more complex, and we have called on those services many times. It is a great product for us. Changes in the market have also called for these types of services. For instance, today we are seeing processes akin to auctions not just for larger assets but sometimes for slightly smaller businesses too. In these situations there is often a need to move fast and understand the debt appetite quickly.
“Clearwater also lead the field with its research and deal origination, and as a firm we have developed our own nuance of the same model. Just like Clearwater, for us it is about getting to businesses early off-market and building strong relationships over a long period of time. We have a similar culture, and it is no surprise that we will sometimes go into a business and find that Clearwater has already been to visit a management team too.”
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