January 2010
IMAP 2009 Global M&A Symposium
and IMAP 2009 Fall Meeting
The second Global M&A Symposium organized by IMAP has been held on the 23rd October at Çiraĝon Palace Kempinski Hotel in
Istanbul, Turkey. The IMAP 2009 Fall Meeting followed the Symposium in the same location from 24 to 26 October.
The Global M&A Symposium has been attended by: over 100 CEOs, several corporate representatives of local and international
companies, M&A professionals, private equity investors, investment bankers, international law firms.
The international conference focused on the importance of cross-border relationships and on the intercontinental cooperation
in today’s global business environment as well as the opportunities offered by the emerging countries such as South Eastern
Europe and Middle East. This event, which received great emphasis by the local and international press, was an opportunity for
senior-level private equity-group investors, corporate officers and M&A attorneys to efficiently meet and review project
opportunities with IMAP advisors from around the globe and for IMAP partners to: expand their business network, showcase
IMAP’s international reach and promote the entire organization.
Emre Erginler, Managing Director of 3 Seas Capital Partners, IMAP Turkey, made the welcome speech and introduced the
keynote speaker José Marìa Aznar, former Spanish Prime Minister. Aznar’s speech has highlighted the importance of crossborder collaborations in today’s global economy, “where businesses must learn to operate in a new framework that transcends
borders and cultures”.
Important industry leaders took part to the first panel discussion regarding “The Global M&A Transaction Fall 2009.” The
presentation was focused on creative methods and techniques to promote the global M&A market and improve each attendee’s
capability to provide first-best client services and to expand cross-border opportunities for buyers and sellers:
-Dennis Malamatinas, CEO of Marfin Investment Group (MIG is one the major greek investment company, it is listed on the
Athens Stock Exchange and it has a market capitalization of €2,2 billion. Its investment portfolio includes companies operating
in more than 22 business sectors, furthermore MIG is present in 40 countries and currently employs 56.000 people; In 2009 MIG
acquired Olimpic Airways).
-Husnu Ozyegin, Chairman of Fiba Holding (Fiba Holding is an investment company specialized in financial investments, it
usually invests in banks, insurances and financials companies as well as in sectors like aviation, retail, real estate, energy,
shipping, port management).
-Willibald Plesser, Partner of Freshfields Bruckhaus Deringer (an international law firm employing 2500 lawyers in 27
countries, boasting clients in Europe, Middle East, Asia and US.
-Gati Al-Jebouri, CEO of Litasco (Litasco is the distribution company of the russian Lukoil Group. Litasco generated $ 60
billions in sales, it employs 300 people mainly in the Swiss headquarters; the Lukoil Group is a leading world producer of oil
and petrochemical products, it exports in Russia, Europe and in the US.
- Sevket Basev, CEO of 3Seas Capital Partner, the Turkish IMAP partner.
-David Kean (David Kean is a senior consultant, it is also the author of the international best seller “Pitching to win – The Art
of Winning Business Pitches”.
-A second panel discussion was focused on the 2009 global M&A market. IMAP members attendees: Eduardo Morcillo, from IMAP
China, Steven Dresner from IMAP US, Julius Landell-Mills from IMAP Costa Rica, Mark Gillespie from IMAP UK, Mark Esbeck
from IMAP US.
The results of the 2009 M&A activity have been analyzed and presented by Thomson Financials. The US market represents onethird of the global M&A activity, Australia and Japan are the only two countries where the activity increased in 2009, 80% of
the total activity is generated by the following sectors: Financial, Energy&Power, Materials, Healthcare, Industrials.
The IMAP 2009 Fall Meeting followed the Symposium, with two days of workshops, bilateral meetings, lead bytes and projects
sharing among partners, analysts and associates.
During the meeting Antonio Zecchino has been appointed IMAP Board Member by Karl Fesenmeyer (IMAP Chairman) and Mark
Esbeck (IMAP President). Zecchino’s appointment is due to his strong commitment to IMAP and his efforts towards developing
the IMAP network and partnership.
The network has been strongly developing during the last two-three years, and changed its structure from a simple association
of professionals to a corporate organization with internal rules, uniformity of process and models, branding rules, etc…
The number of members have been reduced from 62 to 50, preferring more structured and well organized firms, rather than
one man companies (or with max. 2-3 people).
The members entered in 2009 are all prestigious firms with experienced professionals and a track record of closed deals, like
GB Corporate Finance in Spain, Key Capital in Ireland, or important investment banks like Morgan Joseph and Dresner Partners
in US.
CAVOUR CORPORATE FINANCE
January 2010
During the Istanbul Meeting it has been officialized the entering of two new members: Equirus in India and Pinnacle in
Japan.
Equirus Capital is specialized in M&A and Private Equity activities, Structured Finance and Capital Markets. It is a company
formed by a team of 23 professionals with offices in Mumbai, Bangalore and New York; established in 2007, Equirus closed
22 transactions. Equirus focuses on technology, media and telecommunications, engineering and manufacturing, financial
services, retail, consumer products and services, infrastructures, real estate, life sciences. Founder partner & Managing
Director is Ajay Garg, one of the top deal maker in India.
Pinnacle is based in Tokyo with offices in China, Taiwan and New York. It is an M&A & Corporate Finance company,
offering also strategic advisory to entrepreneurs that want to enter in the Japanese market, research of qualified partners
for strategic alliances and joint ventures, search of targets for acquisitions.
Ikuo Yasuda, 25 years M&A experience, is the Chairman and CEO.
There are also two new prospect members, one in Greece one in Egypt, both geographic areas are considered strongly
interesting for foreign investment.
IMAP results in 2009
IMAP ranked sixth in the world for completed transactions with values up to $100 million, according to the Thomson
Reuters Mid-Market League Table. This is the fourth consecutive year that IMAP has placed in the top 10 for this
global M&A ranking.
According to IMAP President Mark Esbeck, transaction sizes were in average smaller in 2009 than in 2008 and resulting in
greater competition in the mid-market especially from firms such as Goldman Sachs & Co., J.P. Morgan and Morgan
Stanley.
Mark declared to be very satisfied of IMAP results, Overall, transaction closings in 2009 were down 20 to 40 percent for
most advisory groups compared to 2008, 2010 is expected to be another tough year for the M&A market.
Thomson Reuters
Thomson Reuters
Worldwide Announced M&A Financial Advisors
Worldwide Announced M&A Financial Advisors
Undisclosed Value and Values up to $100m
Based on Number of Transactions
Undisclosed Value and Values up to $200m
Based on Number of Transactions
01/01/09 - 31/12/09
01/01/09 - 31/12/09
Rank
1
2
3
4
5
6
7
8
9
10
11
12
12*
14
15
16
17
18
19
20
21
22
23
24
25
Legal Advisor
KPMG
PricewaterhouseCoopers
Ernst & Young LLP
Deloitte & Touche
Rothschild
IMAP
Lazard
Credit Suisse
Morgan Stanley
UBS
Mizuho Financial Group
Nomura
Goldman Sachs & Co
JP Morgan
Deutsche Bank AG
Houlihan Lokey
Bank of America Merrill Lynch
M&A International
Citi
Daiwa Securities Group Inc
Global M&A
CIMB Group Sdn Bhd
RBC Capital Markets
Macquarie Group
Grant Thornton LLP
Subtotal with Financial Advisor
Industry Total
Number of
Deals
255
196
141
139
134
121
120
114
113
110
109
102
102
100
96
85
78
74
72
71
66
64
62
61
58
5.077
36.755
Mkt. Share
0,7
0,5
0,4
0,4
0,4
0,3
0,3
0,3
0,3
0,3
0,3
0,3
0,3
0,3
0,3
0,2
0,2
0,2
0,2
0,2
0,2
0,2
0,2
0,2
0,2
13,8
100,0
Rank Value
inc. Net Debt
($ Mil)
1.849,1
2.198,1
1.785,5
1.283,2
2.146,2
357,5
2.013,6
1.498,0
2.558,9
2.873,1
1.711,7
2.546,5
1.916,8
2.335,9
1.839,4
1.412,2
1.504,0
338,8
1.339,5
1.561,3
524,3
1.188,1
1.408,1
1.513,8
510,5
63.635,0
187.111,9
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
17*
19
20
21
22
23
23*
25
Legal Advisor
KPMG
PricewaterhouseCoopers
Ernst & Young LLP
Rothschild
Deloitte & Touche
Credit Suisse
JP Morgan
Morgan Stanley
Lazard
Goldman Sachs & Co
UBS
IMAP
Mizuho Financial Group
Nomura
Deutsche Bank AG
Bank of America Merrill Lynch
Houlihan Lokey
Citi
Daiwa Securities Group Inc
RBC Capital Markets
M&A International
Macquarie Group
Global M&A
CIMB Group Sdn Bhd
BNP Paribas SA
Subtotal with Financial Advisor
Industry Total
Source : Thomson Reuters Mid-Market League Table
CAVOUR CORPORATE FINANCE
Number of
Deals
268
212
148
146
145
144
142
137
133
132
130
125
120
116
115
98
93
93
81
79
76
72
69
69
63
5.522
37.572
Mkt. Share
0,7
0,6
0,4
0,4
0,4
0,4
0,4
0,4
0,4
0,4
0,3
0,3
0,3
0,3
0,3
0,3
0,2
0,2
0,2
0,2
0,2
0,2
0,2
0,2
0,2
14,7
100,0
Rank Value
inc. Net Debt
($ Mil)
3.565,7
4.358,6
2.694,2
3.791,9
2.113,0
6.054,2
8.566,9
6.210,4
3.946,3
6.349,0
5.992,7
1.027,1
3.262,1
4.557,4
4.916,1
4.387,0
2.525,6
4.346,3
2.921,4
3.843,0
613,3
3.070,2
934,2
1.883,7
2.272,6
128.322,3
303.950,2