Mergermarket M&A Forum - Switzerland 2022
Exclusive insights on the Swiss M&A market!
The Dolder Grand, Zürich
Agenda
Registration and coffee
Panel: M&A Leaders - Will the M&A boom last?
We gather investor experts to help tame the turbulence and return us to even growth. Practical views on portfolio management and improvements amidst the war in Europe and lockdowns in Asia which threaten to break the powerfully supply chains of globalisation.
- Swiss/European perspective, what makes Switzerland an attractive target for foreign investors?
- Where are we in the cycle? Is now the right time to sell – what can we expect from the current inflation environment?
- Which key value drivers are dealmakers paying particular attention to? How do deal teams evaluate value successfully?
- How do German corporates go about identifying possible M&A targets and what tools do they use? How does this differ from financial sponsor strategies in target screening?
Fireside chat: Why are M&A deals failing?
A successful M&A or carve-out relies on several factors: solid communication between all parties, finance available, extensive due diligence process including ESG considerations, a positive regulatory environment, agreement from all shareholders, and more. The tiniest misstep can break a deal and potential be a huge cost hit. The speakers will discuss and share their experiences to why M&A deals didn’t materialise and the likely reasons behind why:
- When has ESG played a factor in deals failing?
- Has pricing / overpaying become a common issue in the current environment?
- Do regulatory issues come into play and does the geopolitical environment cause concern?
- Is the time right in the industry cycle to acquire or carve-out?
Break
Panel: Overview of Swiss IPO activity and SPACs - Interconnection with Capital Markets
IPO activity has slowed globally. Special purpose acquisition companies (SPACs) saw an increase in global popularity over the last couple years. While IPO and secondary offering activity is recovering, SPACs could be advantageous to companies considering the public markets. This session will talk through the start of the year so far and dynamics in the IPO market.
- The importance of staying local when it comes to listing on capital market
- Which IPOs have been successful, and which have been disappointing?
- Are carveouts the right solution to the challenging market conditions and what are the current challenges?
- Are SPACs here to stay and what is on the horizon?
Panel: Activist investing in Switzerland
Activist investors continue to target European corporates, the panel will discuss updates and trends from current cases of activists in Swiss companies.
- What are activist investors looking for in these targets?
- What are the typical characteristics of shareholder activists in Switzerland?
- Are some Swiss industries more or less prone to shareholder activism?
Lunch
Case study: Healthcare investment surge ending?
It is more important than ever for healthcare dealmakers to focus their attention on opportunities, potential pitfalls and to stay up to date with the latest developments in the M&A market.
- What are the drivers behind healthcare M&A and strategic partnership transactions?
- What has the market shift done to valuations, and what type of deal structures are we seeing?
- How much are corporates relying on advisers or local networks as part of their M&A activities? Has this changed in recent years, particularly as a result of the pandemic?
Panel: The future of private equity
This session will examine the challenges private equity investors are facing. How are dealmakers sourcing and allocating funds looking at expected returns, risk profiles, sector merits and how Swiss sits in a broader European global context. This panel will discuss:
- How should we assess financial sponsor/PE activity this year – i.e. will sponsors be more active on the buyside or are they prioritising exits in 2022?
- Is it possible we’ll see more public-to-private (P2P) action in the DACH region this year? Why/why not?
- How can GPs create a strategy in an overcrowded market targeting a limited pool of LPs?
- How is LP regulation towards ESG affecting GPs and fundraising commitments?
Networking break
Fireside Chat: The role of ESG in deal making
2022 – The world has dramatically changed, ESG is on everyone’s agenda and now is becoming a money-making strategy instead of another checkbox. How do we rebalance the global energy market and finance the new green economy
- Will the ambitions of the Net zero drive in M&A bring dealmaking to new heights?
- Which parties are pushing ESG up the agenda - LPs? GPs? Board members?
- What is best practice for sustainability considerations versus growth strategies are two becoming one?
- Details of how to measure ESG and whether this is at odds with financial returns
Fireside Chat: M&A deals in the Airport Services sector
Globally, the situation is looking mixed for M&A in the Airport Services sector (ground handling, cargo handling). The speed of market recovery after the pandemic has caught many by surprise and Airlines as well as Ground/Cargo Handlers globally are struggling to find enough staff. This summer’s peak season has drawn attention to the pitfalls and opportunities of investing in the sector. With premiums (mostly) returned to previous levels, the market clearly views the impact of coronavirus as a short-term blip.
- How has the process been while transitioning from the worst crisis to turnaround and growth?
- Given recent issues across Europe surrounding flight cancellations, staffing shortages, luggage handling logistics – has the risk profile of Airport (Services) fundamentally changed?
- What have been the main complexities in deal execution and integration in this challenging environment?
- Airlines increasingly seem to carve-out their ground and cargo handling units. How does the dynamic change in such acquisitions in which the seller is your main customer?
- What are the main differences in doing M&A as industries go through different economic cycles?
Conference end and networking drinks
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Catherine Ford is a consultant editor for the events division at Mergermarket. She is a consultant editor to event programmes, and engaged in the development of timely editorial content for global corporate finance, M&A and capital markets related conferences and events. She routinely moderates discussion panels at conferences across the region. She has worked for Mergermarket since early 2002, holding a number of senior editorial roles in the company’s European, US and Asia-Pacific head offices.
Christian Barrot brings more than 10 years of investment banking experience across Europe and Switzerland, having advised on numerous M&A transactions as well as equity and debt financings. Prior to joining Alantra, Christian worked for the Investment Banking Departments of Credit Suisse and UBS in London, where he spent most of his time working in the healthcare and consumer goods sector teams, most recently as an Executive Director in the EMEA consumer products and retail group at UBS.
Michael Maag is Managing Partner of Alantra Switzerland. Prior to Alantra, he was Managing Director and Head of Investment Banking at Morgan Stanley Switzerland. Before that, he worked in investment banking at Morgan Stanley and Goldman Sachs in Frankfurt and London.
Over 20 years in investment banking, Michael Maag has advised on transactions worth over $50bn, including numerous M&A, IPO and capital raising transactions in a variety of sectors and geographies.
Kristin joined Swiss IT Security Group in 2019 and has since then executed various successful add-on acquisitions, as well as the secondary buyout of Swiss IT Security Group. She has an extensive track record in M&A, working in M&A advisory as well as Corporate M&A in Frankfurt, Munich and Zurich.
Kristin holds Degrees in Economics and Management from University of Reutlingen and Zeppelin University.”
Ana is the head of Aon's M&A and Transaction Solutions Switzerland, with considerable experience in M&A advisory having supported large and complex cross-border transactions along with disposals, mergers and joint ventures when it comes to risk transfer & advisory within a M&A situation. In her role she supported a number of large carve-out transactions to secure investments and enhance returns. Ana has worked in the international insurance & risk advisory sector for over 15 years, before joining the M&A world 8 years ago, Ana worked in several positions within the claims and legal consultancy business at Aon.
Mark Hammarskjöld is a Managing Director of Credit Suisse in the Investment Banking division responsible for the Swiss equity and equity-linked capital market business.
Mark joined Credit Suisse's London based Structured Equity Solutions Group in 2005 with the responsibility for the origination and execution of equity-linked capital markets transactions for the Bank's clients in the EMEA region. In 2012, he moved to Zurich.
Mr. Hammarskjöld joined Credit Suisse First Boston from Citigroup, where he spent nine years specializing in equity-linked origination and structuring.
Mr. Hammarskjöld holds degrees in Economics and Government from Dartmouth College.
Markus Wetter is heading the Equity Capital Markets team for Switzerland. In this role, Markus originates, structures and executes bespoke equity, equity-linked and equity derivative transactions for corporate, sponsor and wealth management clients.
While based in Zurich, Markus also spent time in UBS’ London, Singapore and Hong Kong offices.
Prior to joining UBS in 2008, Markus worked in the private equity department of Deutsche Bank and interned with Credit Suisse First Boston in their M&A / corporate advisory division in London.
Markus received a Master's degree with distinction from Sir John Cass Business School in London, a Bachelor's degree from the University of St. Gallen in Switzerland and he holds the Chartered Financial Analyst (CFA) designation.
Markus is married and father of three daughters.
Patrick Förg is the Head Origination in the Primary Markets team at SIX Swiss Exchange. He and his team are responsible for the origination of new listings (equity and debt) and for enhancing the visibility and awareness of SIX Swiss Exchange as a listing location for Swiss and international companies. Before joining SIX Swiss Exchange, Patrick worked 12 years in the Corporate Finance & Treasury department of the Holcim Group. He holds a BSc in Business Administration (Banking and Finance), a MAS in Corporate Finance and a CAS in Sustainable Finance.
Markus Guggenbühl regularly advises Swiss and foreign clients in complex debt financing, capital market transactions (related to debt, equity, hybrid and derivative financial instruments) and financial services regulations. He ranks among the leading experts in Switzerland in these fields and brings to the table many years of experience in corporate law, mergers & acquisitions, restructuring and insolvency as well as in advising private clients and family offices. In addition, he is a recognized issuer representative at the SIX Swiss Exchange. Markus Guggenbühl is the chair of VISCHER AG.
Eric Sibbern, 1979, has over fifteen years of experience as a specialist for corporate and capital market law.
Prior to joining VERAISON Capital he worked at Homburger AG in Zurich and at Kirkland & Ellis LLP in New York. In this role, he was responsible for a broad range of strategic transactions of private and listed companies. He advised boards of directors and senior management on corporate policy and strategy in both growth and restructuring situations with emphasis on corporate finance, regulatory, corporate governance as well as M&A matters. Most recently he worked as a director in the Corporate Development team at Credit Suisse and helped to implement the bank’s new strategy around the world.
Eric holds a master degree in law from the University of Zurich and Geneva. Further he attended the University of St. Gallen (HSG) and Michigan, Ann Arbor (USA) and holds a master degree in Banking and Finance. Eric is admitted to the bar as attorney at law. He is father of three children.
Matthias joined Georgeson in January 2007 and works as Account Manager with our clients in the German speaking market. Previously he trained with Dresdner Bank in Germany where he worked as Senior Financial Advisor for private clients and smaller companies for five years. In addition, he has worked for PBV Versicherung as sales coach and Account Manager in Germany and gathered overseas experience at the Ministry of Economic Development in New Zealand and working in Australia.Originally from Stuttgart, Germany, Matthias is a qualified banker and has the Assistance in Finance qualification approved by the German Chamber of Industry and Commerce (IHK). Matthias is fluent in English and German.
- Founder, managing partner and vice-chairman of the board of 3i Switzerland
- Board member of several mid-sized companies
- Member of the executive board of Helbling Translink
- Degrees in business administration from the Universities of Hamburg and St.Gallen (HSG)
Since February 2019 part of Verium's direct investment team
Previously Head of Business Development at Colosseum Dental Group and Investment Manager at Jacobs Holding AG; Build-up of a European dentistry chain
Four years of work experience as Senior Consultant in M&A / Corporate Finance at PwC, working on various buy-side and sell-side mandates
Master’s degree in Quantitative Economics & Finance and Bachelor’s degree in Economics of the University of St. Gallen (HSG), CFA Charterholder
Exemplary Private Equity transactions: Colosseum Smile, Southern Dental, Swiss Smile, Oral, MedGroup, DSwiss, Zünd, dbi services, Home Instead
Giovanna is a Partner at Altor Equity Partners in Zurich. She focuses on mid-market investments in the DACH region. Her recent investments are family-owned industrial services company Kaefer and life science process engineering company VTU. Giovanna has c15 years of investment and portfolio management experience in the DACH Mittelstand. Prior to joining Altor in 2018, she worked at 3i in Germany. She started her career in M&A at Morgan Stanley and strategy consulting at McKinsey & Company in London and Frankfurt. Giovanna is a member of Invest Europe Mid-Market Platform Council.
As Senior Partner, Matthias has been involved in most of Rivean’s German investments such as Init, Pro Gamers Group and Comcave. Matthias is the Head of the German Office.
Prior to joining Rivean Capital, Matthias worked for Intermediate Capital Group and Goldman Sachs, covering mezzanine, minority equity and leveraged finance capacities. Matthias has been instrumental in setting up the Frankfurt Office for Rivean Capital.
Matthias holds a master’s degree in finance and Information Technology from the European Business School in Oestrich-Winkel (Germany).
Legal disclaimer: As a member of Rivean Capital’s German team, Matthias works in an advisory capacity without decision-making authority on behalf of the funds and fund manager.
Responsibilities
My role as co-founder is to drive all the different activities along the entire investment cycle. This covers finding and identifying companies, we as investors can support in realizing their growth potential, building relationships to entrepreneurs and management teams, and as a board member partnering with them to drive sustainable value of our portfolio companies. While I engage in all sectors we are active in, I mostly focus on healthcare and smart industrials.
Background
My career started at Arthur Andersen as Senior Consultant for audit and transaction services. Prior to co-founding eevolve, I was a Deal Partner, member of the Management and Head of the investment team at Capvis. My main responsibilities were on sourcing, investment execution and leadership of the investment team. In addition, I served on the boards of Amann Girrbach, ARAG, Bartec, Faster, Hennecke, myonic, Ondal, SF-Chem and Thermamax.
Education
Master’s degree in Economics from the University of Basel, complemented by the Executive Program AMP at Harvard University.
In MCP since 2016, Inna Gehrt is a Managing Partner and member of the Advisory Committee.
Inna is part of the investment team serving the DACH region (Germany, Austria and Switzerland), dealing with origination, structuring, negotiation, execution and monitoring of investments.
Inna has over fifteen years of experience in private equity and corporate finance. Before joining MCP, Inna worked for over 8 years at Quadriga, a German private equity fund, and as an independent advisor to the Swiss family office, Jacobs Holding AG. Inna holds an MBA from the University of Mannheim and the University of North Carolina.
Pablo is Global Head of M&A with Swissport International, the world's leading provider of airport ground handling and cargo handling services with more than 45,000 employees and operations at approx. 300 airports in 45 countries. Swissport International is pursuing a growth plan that includes an ambitious acquisition agenda in the Americas, Europe and Asia. Prior to joining Swissport earlier this year, Pablo was Global Head of M&A with global logistics company Kuehne+Nagel where he managed M&A transactions with a combined deal value of around $2.5 billion. Prior to Kuehne+Nagel, Pablo was an M&A advisor with PricewaterhouseCoopers in Switzerland and Australia. Pablo holds a Master of Arts in Business Administration and a Bachelor of Arts in Banking & Finance from the University of Zurich and has passed all CFA exams.
Catherine Ford is a consultant editor for the events division at Mergermarket. She is a consultant editor to event programmes, and engaged in the development of timely editorial content for global corporate finance, M&A and capital markets related conferences and events. She routinely moderates discussion panels at conferences across the region. She has worked for Mergermarket since early 2002, holding a number of senior editorial roles in the company’s European, US and Asia-Pacific head offices.