4 things everyone in M&A should be pondering

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by a searcher from Roosevelt University
in Boston, MA, USA

2yrs ago

4 things everyone in M&A should be pondering

The M&A world is changing rapidly. While I am bullish on search funds, things that worked a decade ago no longer work. I am curious how the community is factoring these shifts into their investment theses and/or search tactics. Would love to get your thoughts below.

4 things everyone in M&A (searcher, investor, intermediary) should be pondering right now:

1. Why are more and more PE firms looking to pivot away from traditional buyouts and into private credit?
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2. With leverage ratios contracting, loan-to-value in the leverage loan market plunging, and Debt to EBITDA ratios contracting, how are you factoring this into your deal structures?
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3. With a significant number of economists predicting a hard landing and recession next year, what would be the impact on search funds in regard to fundraising, acquisitions, and value creation? Any stories of what happened last time?
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4. Since interest rates are likely to stay elevated for a longer period of time, are any searchers having conversations with investors post-LOI about buying assets with higher equity financing and refinancing with debt later on?

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reply by a searcher 2yrs ago
in Atlanta, GA, USA

You have to subscribe. It's behind a paywall! but here is another article that articulates the lore or private credit: redacted

reply by a searcher 2yrs ago
from Roosevelt University in Boston, MA, USA

Yes long story short PE is having difficulty selling companies which makes it more difficult to raise new funds. Firms see an opportunity in a higher interest rate environment to work like banks, using funds from LPs to offer competitive loans.