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MODERATOR
Jonathan Marino
Senior Editor
The Deal
Expert Panel
Carlos Ferreira
Transaction Advisory Services
Practice Leader – New York,
Grant Thornton LLP
Expert Panel
Mark Hootnick
Managing Director
Moelis & Company
Expert Panel
James A. Peko
National Managing Principal,
Corporate Advisory & Restructuring
Services
Grant Thornton LLP
Expert Panel
Richard Pedone
Partner - Financial
Restructuring and
Bankruptcy,
Nixon Peabody LLP
Select Deals: Price-to-EBITDA 10x – 50x
Target(s)
Buyer(s)
Target Industry
Announcement Date
Price-to-EBITDA
OfficeMax Inc.
NetSpend Corp.
Office Depot Inc.
Total System Services Inc.
Retail
Financial Services
2/20/2013
2/19/2013
33
29
Energy Solutions Inc.
Energy Capital Partners
Energy
1/7/2013
28
Loro Piana SpA
LVMH Moet-Hennessy Louis
Vuitton SA
Manufacturing
7/8/2013
27
Lufkin Industries Inc.
General Electric Co.
Services, Energy
4/8/2013
24
American Safety Insurance
Holdings Ltd.
Fairfax Financial Holdings Ltd.
Financial Services; Financial
Services – Insurance
6/3/2013
22
Websense Inc.
Vista Equity Partners LLC
Technology; Internet
5/20/2013
22
Life Technologies Corp.
Thermo Fisher Scientific Inc.
Healthcare;
Biotechnology/Pharmaceutical
s
4/15/2013
21
Hot Topic Inc.
Sycamore Partners LLC
Retail
3/7/2013
20
Agila Specialties Asia Pte.
Ltd.;Agila Specialties Pte. Ltd.
Mylan Inc.
Healthcare;Healthcare Pharmaceuticals
2/27/2013
19
Announcement Date:01/01/2013 to 10/14/2013
Price-to-EBITDA:10.0 to 50.0
5 Most Active Sectors in 363 Sales YTD
Number of Deals
Sector
18
Real Estate
14
Energy
13
Manufacturing
13
Retail
10
Automotive
Announcement Date:01/01/2013 to 10/15/2013
5 Most Active Sectors in Bankruptcy M&A Deals YTD
Number of Deals
Sector
61
Technology
54
Real Estate
53
Manufacturing
45
Financial Services
29
Automotive
Announcement Date:01/01/2013 to 10/14/2013
AUDIENCE Q&A
Thank you for joining Part 1
Driving Value Out of Distress: Target Identification and Due Diligence
Please Join Us For:
Part 2
Driving Value Out of Distress: Negotiation, Valuation and Execution
Thursday, December 12, 2013 - 1:00 p.m. ET
Part 3:
Driving Value Out of Distress: Post-Acquisition Integration
Thursday, February 20, 2014 - 1:00 p.m. ET
Carlos Ferreira
Transaction Advisory Services Practice Leader
New York
Grant Thornton LLP
T 212.542.9825
F 212.370.4478
Carlos.ferreira@us.gt.com
Executive summary
Carlos Ferreira is the leader of the Transaction Advisory Services practice for Grant Thornton’s Metro New York
Cluster, which includes the firm’s offices in Midtown and lower Manhattan, Long Island and Edison, N.J. Ferreira
provides services that support the transaction strategies of private equity firms, their portfolio companies, and
companies involved in mergers and acquisitions throughout the deal evaluation and negotiation processes.
During his almost 20 years in professional services, he has developed considerable expertise in buy- and sell-side
due diligence, helping business owners and investors around the globe to identify the risks and upsides in a deal. He
has served clients in cross-border transactions in Europe, South America, North Africa, North America and
Asia. Ferreira has been recognized by M&A Advisor as a 40 Under 40 Awards recipient, and has been featured in
various publications and media outlets such as Bloomberg radio, the Journal of Private Equity, Economics week and
PE Analyst.
Mark Hootnick
Managing Director
Moelis & Company
T: 212 883 3595
E: mark.hootnick@moelis.com
Mark Hootnick is a Managing Director at Moelis & Company. Mr. Hootnick has extensive experience
providing restructuring advice to companies, creditors, shareholders and other interested parties on
restructuring transactions both in Chapter 11 and in out-of-court situations. Previously, Mr. Hootnick was a
Managing Director at Broadpoint Securities, Imperial Capital and Greenhill & Co. He also served as a
founding member of Miller Buckfire after beginning his career as an attorney at Kramer, Levin, Naftalis &
Frankel.
Mr. Hootnick holds a B.S. in Finance from Lehigh University and a J.D. from New York University School of
Law.
James A. Peko
National Managing Principal, Corporate Advisory & Restructuring
Services
New York
Grant Thornton LLP
T 646.825.8400
F 212.370.4520
Jim.peko@us.gt.com
Executive summary
Jim Peko is a principal in Grant Thornton’s Corporate Advisory & Restructuring Services (CARS) group. He has
more than 20 years of experience and specializes in working with troubled, underperforming and bankrupt
entities. He assists clients with debt restructuring, strategic planning, business plan analysis, liquidity planning,
the Section 363 sales process and Chapter 11 bankruptcies. His experience includes all facets of the bankruptcy
process including pre-bankruptcy planning, developing reorganization plans and evaluating capital structure. He
has served various constituencies including companies in-court and out-of-court, creditor committees and lender
groups. In addition, he has advised chief executive officers and executive management teams on sustainability
and shareholder value optimization strategies by evaluating strategic alternatives including restructurings,
acquisitions, divestitures, joint ventures, capital sourcing and initial public offerings.
Richard C. Pedone
Partner
Nixon Peabody LLP
T: 617.345.1305
F: 866.947.890
E: rpedone@nixonpeabody.com
Mr. Pedone represents secured creditors, strategic buyers of financially troubled businesses, purchasers of distressed debt, creditors’
committees, asset purchasers, and others in the financial restructuring and bankruptcy processes. He also frequently represents
corporations in workout negotiations with their creditors and bankruptcy planning. Mr. Pedone is a Fellow of the International
Association of Insolvency and Restructuring Professionals. He regularly represents creditors, including indentures trustees and other
fiduciaries, in cross-border insolvency matters. Mr. Pedone represented Wilmington Trust Company as collateral agent, indenture trustee,
and agent in connection with $2.5 billion in debt secured by more than a dozen power plants in the Calpine bankruptcy cases pending in
New York. Mr. Pedone has developed deep experience in franchise restructuring matters. In 2005, he received a Transaction of the Year
Award from the Turnaround Management Association for his team’s work helping the franchisees of the Ground Round restaurant chain
use their claims to purchase the company’s franchise assets out of bankruptcy. Franchisors that he has represented in complicated multiunit franchisee bankruptcies include Dunkin’ Donuts and Bennigan’s. Mr. Pedone’s effectiveness as a restructuring attorney is greatly
enhanced by his litigation and trial experience. Trials and evidentiary hearings that he has conducted include a contest over creditors'
rights to hundreds of millions of dollars in prepayment premiums and default interest in Calpine; contested asset sales in bankruptcy; the
defense of a corporate veil piercing action for a French construction company under attack by its subsidiaries’ creditors and the
prosecution of a complex commercial lease dispute. Mr. Pedone has also successfully defended several of these trial successes at the
appellate level. In addition to his admissions, Mr. Pedone has also appeared pro hac vice in bankruptcy cases across the United States.