Mergermarket M&A Forum Chicago 2023
The must-attend event for US dealmakers returns!
The Ritz-Carlton, Chicago
11
Jul
Viable valuations: Finding the right price point
As buyers, sellers and lenders all wait for clarity on the macro-economic forces shaping the market outlook, uncertainty surrounding how deals should be priced will continue to act as a cap on activity. This is especially true for businesses whose revenues were impacted by COVID-19, either negatively or positively, as the buyer–seller expectation gap persists. The reluctance of regional banks to lend to large leveraged transactions could impact activity, however it may also open the door for private credit funds to fill the void and play a role in deal financing. Our panel of experts will discuss the current dynamics in play for dealmakers, as well as the valuation outlook for the next 12 months.
- Valuations and expectations – how have they changed over the last 12 months?
- What role are private credit providers playing in filling the financing gap left by regional banks?
- Is there a lack of standardization in valuation methodology?
- How is leverage availability effecting valuations in the large-cap deal space?
- Is the bid–ask spread starting to narrow to the point where transactions will progress?
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SpeakersRaquel Mozzer Head of M&A Data Strategy ION Analytics
Kimberly Trautmann Head DRW VENTURE CAPITAL
Kelly Scheltens Director, Mergers & Acquisitions CROWLEY
Steven M. Dresner Founder and President DRESNER PARTNERS
Erik Levy Group Head Corporate Development and M&A DMGT
Robert Rosenfeld Managing Director, Consumer ROBERT W. BAIRD & CO.
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Kimberly Trautmann joined DRW Venture Capital in 2016. DRW VC, an arm of principal trading firm DRW, is a private investor in financial and enterprise technology. The team focuses on revenue-generating and high-growth businesses that will derive value from DRW beyond capital: as a client, as a product advisor and through our deep trading industry expertise. The current portfolio holds more than 20 investments, including OpenFin, NinjaTrader, TradingView and Bitgo.
Prior to DRW, Kimberly was an investor at Goldman Sachs on the Principal Strategic Investments team for a decade. She is a CFA charter holder and holds a BS in Marketing from Wagner College and an MBA from Columbia Business School.
Based in Chicago, IL, Kelly Scheltens is a director of mergers and acquisitions for Crowley, guiding strategic investments that create sustainable growth and accelerate the company’s competitive advantages.
Kelly contributes to all aspects of strategic acquisitions, mergers, and divestitures, collaborating with Crowley’s business units to identify growth opportunities that best maximize the company’s diverse capabilities and offerings. Kelly spends the majority of her time focusing on deal valuation, diligence and integration planning. In addition, Kelly supports the company’s venture investing initiatives.
Throughout her career, she has helped companies throughout the transaction lifecycle from pre-deal advisory to post-transaction valuation support and portfolio monitoring. Kelly’s industry experience spans from private equity, pharmaceuticals, manufacturing, and financial services. Kelly also spent a few years of her career at a publicly traded company in their strategic finance team.
Prior to joining Crowley, Kelly served as a director in the transaction services practice of Grant Thornton, LLP. She holds a bachelor’s degree in finance from DePaul University and is a Chartered Financial Analyst.
Mr. Dresner founded Dresner Partners in 1991 to provide Wall Street investment banking services to middle market businesses. His distinguished corporate finance career spans nearly 30 years, including mergers, acquisitions, debt and equity financing, restructuring and turnarounds, recapitalizations and international transactions. In addition to his transactional experience, Mr. Dresner has led numerous valuation, fairness opinion and strategic financial consulting engagements. He has worked extensively in several industries including healthcare, business services, building products, textiles, industrial manufacturing, retail and media.Prior to founding Dresner Partners, Mr. Dresner held management positions with First Chicago Corporation (JP Morgan Chase), Arthur Andersen (corporate finance and mergers and acquisitions practices), Heller Financial and GE Capital Corporation.
A community leader, Mr. Dresner serves on the Board of Directors of the Chicago Association for Corporate Growth, the Michael Polsky Center for Entrepreneurship at the University of Chicago, North Shore Congregation Israel, RTC Corporate Board, and The Entrepreneurship Institute. He has also served on the Ravinia annual fund committee and is a member of The Economic Club of Chicago.
Education
M.B.A. Finance, University of Chicago Graduate School of Business
B.S. Economics, with Honors, Wharton School of the University of Pennsylvania
Erik Levy is the Group head, Corp Dev and M&A at DMGT plc. Erik is a highly experienced Corporate Development Executive with deep experience building and leading best in class, Fortune 1000 acquisition/investment and portfolio strategy. Erik has completed over 150 acquisitions, minority and venture investments and strategic partnerships.
Rob Rosenfeld is a Managing Director and Global Head of Baird’s Household Products practice – targeting products that are sold DTC/online, through big box and/or specialty retail.
Rob provides strategic and analytical support on sell-side and buyside M&A, strategic alternatives, and debt and equity offerings – with numerous CPG businesses including Bradshaw Home, PurposeBuilt Brands (fka Weiman), Instant Brands (fka Corelle Brands), Aden+Anais, Elmer’s, HG International, Freudenberg, Newell Brands, SC Johnson, FILA, Wilton Brands, Contigo, TOMY, Jazwares, Mayborn, Baby Jogger, and many more.
Prior to joining Baird, Rob worked in the Mergers & Acquisitions group for BMO Capital Markets in Chicago focusing principally on consumer and retail clients.
Rob received his M.B.A. with honors from the University of Chicago Booth School of Business and a dual degree in Business (Marketing and Finance) and Liberal Arts (French) from Washington University in St. Louis.