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Archive for Category: Uncategorized

Mar 16, 2016

Can you integrate it?

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In a conversation with a client earlier this week, we talked about the successes that many of our clients have found after deals are completed – and the failures we occasionally see. We noted that, in many cases, the credit or the fault stems not from the price people paid but rather from the success (or failure) of the integration – which, in our view, in turn stems from the amount of work they put into integration investigation, planning and execution before the transaction is complete. Everyone seems to know that integration is important. And nearly everyone we work with pays some attention to planning for it. But some firms are just better at the process than others.

Nov 13, 2015

Yet Another FinTech Incubator Emerges

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This morning Rakuten announced they established a $100 million fintech fund: http://ow.ly/UD8wl. We’re genuinely excited for the Japanese e-commerce giant, but we’ve heard this story before. We’ve now lost track of how many FinTech incubators are out there. Lots of governments and cities seem to have one (Dublin, London, NYC and Hong Kong being the biggest). Large and small banks — JPM, Santander and Citi to name a few — around the world have made announcements in recent years that they have created their own, with the intent to get closer to the innovators, invest in the future of their own core…

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Sep 11, 2015

What Summer Slowdown? M&A September Market Update

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It is September. The common wisdom is that after a long, lazy, slow summer at the beach, people are now back at work. The problem with the common wisdom is that often it is only partly true. Yes, the streets are more crowded and it is easier to get meetings. But, it certainly was not a slow summer. In August alone, we saw more than a dozen deals of scale announced in the sectors that we care about, including those below and a raft of others. In spite of concerns about Greece, China, the Middle East and the volatile stock…

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Aug 12, 2015

Can Unique Properties Command Unique Value? Marlin & Associates August Market Update

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We are not big on valuing companies based on “multiples” – be it a multiple of this year’s or last year’s revenue, EBITDA, net income, book value, or any other lone financial metric. The drivers of value are much more complicated than can be reflected by financial multiples. Sector growth rates, competitive positioning, management strength, scarcity value, strategic fit, expected future unit growth rates, profit expansion potential, and a host other factors have significant impact on enterprise value. Nevertheless, we were somewhat nonplussed to see the multiples paid for several recent transactions including McGraw-Hill’s purchase of SNL and Nikkei’s purchase…

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Jul 30, 2015

McGraw Hill Financial To Acquire SNL Financial For $2.2 Billion: M&A Analysis

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Earlier this week, McGraw Hill Financial (“MHFI”) announced its intention to acquire Charlottesville, Virginia-based SNL Financial (“SNL”) for $2.225 billion. The sellers included New Mountain Capital, which acquired 60% of SNL Financial in July 2011, Reid Nagle (founder) and other members of SNL management. We see this as a very strategic transaction for MHFI. SNL Financial has a number of very deep industry specific data sets with accompanying analytics that are unique in the market data sector. SNL began by providing in-depth data related to the U.S. savings and loan industry (hence the name ‘SNL’). The company’s products enabled specific…

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