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M&A
We support our clients to identify, evaluate and execute acquisitions to assist them in realising their strategic goals.
Whatever your reason for M&A activity, our industry focussed team helps clients diversify their product range, enter new geographies and obtain scale.
How we work with clients
Ideation through to implementation, encompassing strategic support, due diligence, value creation and implementation for both buyers and vendors.
Pre-deal services:
Market Scanning
Due Diligence
- Commercial
- Operations
- Technology
- ESG
- People & HR
- Culture
- Risk and Regulation
Integration Planning
Target Operating Model Design
Synergy Case Development and Modelling
- Divestiture support, including creation of the transaction perimeter, standalone cost base identification of Transitional Service Agreements and separation planning
Post-deal services:
- Post-merger integration
- Separation execution
- Programme mobilisation
- Complex programme delivery
- Setup of effective governance structures
- Realisation of operating cost synergies
- Pre-completion Taking Control
Latest Transactions
Date
Client
Counterparty
Summary Services
January 2023
Standard Life
Phenonix Group
Change in Control
January 2023
Apex
LRI
Post-Deal Integration
January 2023
Standard Life
Aberdeen Asset Management
Post-Deal Integration
January 2023
Under-bidder
Alta ReturnBlack Mountain
Pre-Deal Due Diligence
January 2023
Apex
European Depositary Bank
Pre-Deal Due Diligence
Why Alpha?
Our M&A team specialises in Asset Management, Wealth Management, Insurance and Fintech. The team is supported by SMEs from across the Alpha Group, bringing deep insights on the target and the sector in which it operates. This gives clarity to the deal rationale, wider identification of red flags and greater confidence in post-deal execution.
Q&A with Rob Owen, Head of M&A
What are the key trends for M&A activity in 2023?
Overall, we are seeing inflation and interest rates have a material impact on deal activity. In the Private Equity (PE) space, the inflationary environment has created complexity in valuing businesses. Coupling this with the increased cost of debt has led to a slowdown in PE deal making. However, many PE players are holding material levels of dry powder which need to be deployed this year. Therefore, we expect larger transactions in H2, including take-privates of listed assets. Across Asset Managers, there has been a move away from large transactions, as firms look for specific product and distribution capabilities as opposed to full businesses – Alternatives is a frequently cited area of interest. For firms who focus on cultural fit, larger integrations will have a higher chance of successful delivery. Where we are seeing higher ticket M&A activity, distressed assets are often involved. In the UK Platform and IFA market, we expect to see continued consolidation driven by platforms seeking increased vertical integration and acquiring DFM capabilities as IFA networks expand.
What is the biggest challenge facing clients engaged in M&A?
Delivering integrations or separations on time and to budget is a significant challenge. Firms that identify integration risks and key activities during the DD phase are much better placed to maximise the transaction value.