As deal volume increased over the past year, uncertainty weighed on deal dollar values. The middle market remained one of the most active segments for deal activity, and we continued to see larger firms tapping into the middle market, as well as large strategics continuing to add new technologies and systems to their legacy businesses. What was the outlook for the middle market, and could it sustain enough transactional activity through 2018?
The Deal Economy Chicago featured a roster of senior executives, influential dealmakers and investors for a full day of discussion and forecasting with a focus on deals and transactions in the middle market.
Brian Modoff is the Executive Vice President of Strategy and M&A at Qualcomm Incorporated.
The middle market remains one of the most active segments for deal activity, and we continue to see larger firms tapping into the middle market. Private equity firms have more capital than ever to deploy and macro-economic conditions continue to point to sustained growth in the industry. What can dealmakers expect as we head into 2019?
Moderator: Dan Galante, Managing Director, Berkeley Research Group
Panelist: Christopher Brothers, Managing Partner, Solace Capital Partners
Panelist: Brad Charchut, Managing Director, Credit, Bain Capital Credit, LP
Panelist: Carey Davidson, Managing Director – Head of Capital Markets, Monroe Capital LLC
Panelist: David Robbins, Managing Director, Head of Credit Strategies, Monomoy Capital Partners
Dealmaking in the technology sector continues to include more transactions for emerging technologies such as artificial intelligence, machine learning and the Internet of Things (IoT). FinTech and blockchain continue to attract significant interest from investors and large strategics. It’s becoming difficult to differentiate between tech and non-tech companies, many of which are continuing to add tech to their portfolio and are innovating through acquisition. Will Tech M&A continue to dominate the current dealmaking environment?
Moderator: Lawrence Chu, Partner, Goodwin Procter
Panelist: Patrick Burns, Senior Vice President, Strategy, Dover Corporation
Panelist: Michael Hollander, Principal, GTCR
Panelist: Chad Neale, Managing Director, ACA Aponix
Panelist: Natalia Sokolova, Managing Partner, Sokol Family Office
Panelist: Andrew Nunes, Partner, Fasken
Speaker: Nichole Jordan, National Managing Partner, Markets, Clients & Industry, Grant Thornton
We hear about it in the headlines when a shareholder activist targets a large-cap company, but small and mid-cap companies may actually be at greater risk for activist campaigns. Activist funds can acquire significant positions in the stock with a smaller investment, and mid-cap companies are often not prepared to properly defend an activist campaign. Their corporate strategy may not be sound, their corporate governance may be flawed and they may not engage effectively with their shareholders. What should all companies be doing proactively so that they are prepared when they get the call from an activist investor.
Moderator: Ronald Orol, Senior Editor, The Deal
Panelist: Stephen Gill, Partner, Mergers & Acquisitions and Capital Markets, Vinson & Elkins
Panelist: Laurie Hays, Executive Vice President, Edelman
Panelist: J. Daniel Plants, Founder and Chief Investment Officer, Voce Capital Management
Panelist: Ted White, Co-Founder and Managing Director, Legion Partners
Panelist: Scott S. Winter, Managing Director, Innisfree M&A Incorporated
Moderator: David Callaway, CEO, TheStreet, Inc.
Panelist: Anders Keitz, Financial Writer
Panelist: David Marcus, Senior Reporter
Panelist: Ronald Orol, Senior Editor
With high levels of capital to deploy, fund managers are under pressure to put this capital to work as LPs continue to look at alternative investments, private credit funds, direct investing and co-investing opportunities. Though the middle market has traditionally been mostly occupied by middle market firms, larger private equity firms continue to tap into the middle market with either mid-cap specific funds or some sort of allocation from a large cap fund. How private equity firms of all sizes approaching their strategy in the middle market?
Moderator: Mark Habner, Chief Executive Officer, Beckway Group
Panelist: Adam Blumenthal, Founder and Managing Partner, Blue Wolf Capital Partners
Panelist: Kevin Miller, Partner, McDermott Will & Emery
Panelist: Mark Nicholson, Vice President, Corporate Development, Hill-Rom Holdings, Inc.
Panelist: David Schnadig, Managing Partner, Cortec Group
Panelist: Suzanne Yoon, Founder and Managing Partner, Kinzie Capital Partners
David Callaway, CEO, TheStreet, Inc., interviews Brian Modoff, Executive Vice President of Strategy and M&A, Qualcomm Incorporated.
David Marcus, Senior Reporter, The Deal interviews Kurt Summers, Treasurer, City of Chicago.
What trends do corporate dealmakers see in the transactions they’re undertaking, in terms of financial and operating strategy? What are the most promising opportunities and the biggest challenges they anticipate in 2019 and how do they expect, respectively, to exploit and overcome them? Panelists also discuss the competition in the market between private equity firms and strategic corporate buyers.
Moderator: David Marcus, Senior Reporter, The Deal
Panelist: Matthew Heinz, Senior Managing Director, Co-Practice Leader, Aon Transaction Solutions
Panelist: John Mims, Vice President, Corporate Development, Echo Global Logistics, Inc.
Panelist: PJ Patel, Co-CEO and Senior Managing Director, VRC
Panelist: Elizabeth Williams, Senior Vice President Strategy and Corporate Development, Tenneco Inc.
Panelist: Dylan Wolin, Vice President, Strategy & Acquisitions, AAR Corp.
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The environment for M&A is constantly changing, and opportunistic dealmakers must be creative to stay competitive and scale their businesses.
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