Deal activity in the middle market continues to be strong, as private equity remains flush with capital, and strategics are dipping lower into the market looking for deals. Valuations are high and the competition is strong…posing challenges for dealmakers.
What types of structural changes are we seeing, and how can dealmakers structure transactions to achieve greater success while reducing the risk?
The Deal Economy conference explores the most effective strategies for deals and transactions, focusing on the opportunities and challenges facing the middle market.
Bruce Linton is the former CEO, Canopy Growth, Canopy Rivers and Canopy Health Innovations.
The middle market is as busy as ever, as private equity remains flush with capital and strategics — eager for growth and new business — dip lower into the market for invigorating deals. But with such competition valuations are high in the private markets which can pose challenges for advisers and fund managers alike. What challenges lie ahead for dealmakers and PE professionals in the current environment? Which areas are attracting the most investment and the most competition? Are there tactics that private equity is employing to reduce risk? Is there a top in sight?
Moderator: Patrick Shea, Partner, Co-Head, Private Equity, McCarthy Tétrault
Panelist: Stephen Jeschke, Principal, GTCR
Panelist: Theodore L. Koenig, President & CEO, Monroe Capital LLC
Panelist: Dara Mitchell, Senior Vice President, Corporate Development, Kadant Inc.
Industries such as manufacturing, healthcare and real estate remain hotbeds for private equity dealmaking in the middle market but other industries such as cannabis, insurance, technology, services and logistics are also garnering attention. What industries are most popular for private equity looking to provide capital to grow companies? How has competition in certain industries pushed PE firms to expand their industry expertise, or get more specialized. On the flip side, sellers are being more selective in their sale processes to better target specific groups of buyers. This panel explores the industries garnering the most attention, currently, and what industries are the next frontier of growth?
Moderator: Steve Gelsi, Senior Reporter, The Deal
Panelist: Daniel Barry, Senior Managing Director, Antares Capital
Panelist: Mark Habner, CEO and Co-Founder, BeckWay Group
Panelist: Sumit Mehta, Chief Executive Officer, MAZAKALI
Panelist: Kevin Miller, Partner, McDermott Will & Emery
Technology isn’t just for Silicon Valley. As industries such as manufacturing, retail, financial services and more shift to digital platforms, nontraditional buyers have surfaced as lead bidders in a number of technology auctions. Is this a fleeting trend or is the age of non-traditional tech investor here to stay? What legacy industries are making the biggest push into technology and how has that shaped dealmaking? This panel seeks to explore the plethora of buyers seeking technology investments and the challenges that face companies making their first tech acquisition.
Moderator: Chris Nolter, Senior Writer, The Deal
Panelist: Jacob Babcock, CEO, NuCurrent, Inc.
Panelist: Sach Chitnis, Co-Founder & Managing Partner, Jump Capital
Panelist: Matthew McCall, Partner, Pritzker Group
Panelist: Tad Nedeau, Director, Lincolnshire Management
Bruce Linton, founder and former CEO of Canopy Growth, led the company as it received a $4 billion investment from beverage giant Constellation Brands. Linton led the company until early July, when he was fired after the investor expressed dissatisfaction with Canopy’s streak of quarterly losses. This spotlight conversation will feature Linton as he discusses capital raising and expansion; how to obtain value from M&A; how to be creative in working through deals; and he’ll give his thoughts on navigating the capital markets in today’s environment.
Interviewer: Steve Gelsi, Senior Reporter, The Deal
Club deals, direct limited partner investments, co-investing and more are all buzz words in the world of PE that, depending on where you stand, either instill fear or positivity within dealmakers. What structural changes have dealmaking experienced over the years that have affected M&A transactions? What types of structural changes may be around the corner and what can dealmakers do to prepare?
Moderator: Dan Galante, Managing Director, BRG
Panelist: Mel Bartoul, Director, Monomoy Capital Partners
Panelist: Brian Krob, Partner, Nixon Peabody
Panelist: Hemant Kumar, Chief Financial Officer, Senior Vice President Finance, SOL – Millennium Medical Group
Panelist: J. Christopher Lewis, Co-Founder, Managing Director. Riordan, Lewis & Haden Equity Partners
Panelist: Suzanne Yoon, Founder and Managing Partner, Kinzie Capital Partners
What trends do corporate dealmakers see in the transactions they’re undertaking? What are the most promising opportunities and the biggest challenges they are seeing, and how do they expect to overcome them? Panelists also discuss the competition in the market between private equity firms and strategic corporate buyers, and how to navigate a competitive landscape for quality targets.
Moderator: Siddesh Bale, Partner, Reed Smith
Panelist: Jelena Guzenko, Director, Mergers & Acquisitions, Siemens
Panelist: Patrick McHugh, Co-Founder and Senior Managing Director, Okapi Partners
Panelist: Vipul Patel, Senior Vice President, Aon
Panelist: Julie Robinson, Senior Vice President, Investments, Ventas, Inc.
Debt and credit investments continue to grow as private equity gets creative, seeking new ways to hit their return numbers. As regulated banks have shied away from many types of business loans to keep their balance sheets pristine, PE firms are expanding and launching credit funds. The middle market, especially, remains a hotbed for debt investing and issuances. The panel seeks to identify the latest trends in credit investing and explore why investors, advisers and LPs are still interested in credit funds? What’s the latest flavor of investing in this arena?
Moderator: Steve Gelsi, Senior Reporter, The Deal
Panelist: Doug Cruikshank, Head of Fund Financing and Hark Capital, Aberdeen Standard Investments
Panelist: Andrea Hedrick, CEO, Stonegate Capital
Panelist: Brian O’Reilly, Managing Director, Graycliff Partners
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In September 2022, the deals and dealmakers shaping the Deal Economy will be celebrated in the latest installment of The Deal Awards. In line with its mission of providing forward-looking intelligence across mergers and acquisitions, private equity, activism and restructuring, the Awards seek to recognize and celebrate the advisers, firms and banks driving the market forward.