22 episodes

Welcome to Deal-by-Deal, a Podcast by McGuireWoods. Deal-by-Deal invites you to conversations with experienced independent sponsors and other private equity professionals. Join McGuireWoods partners Greg Hawver and Jeff Brooker as they explore middle-market Private Equity M&A to provide you with timely insights and relevant takeaways.

McGuireWoods is a full-service firm providing legal and public affairs solutions to corporate, individual, and nonprofit clients worldwide for more than 200 years collectively. Our commitment to excellence in everything we do gives our clients a competitive edge in everything they do. Our law firm, over its 186-year history, has earned the loyalty of our many long-standing clients with a deep understanding of their businesses, and broad skills in corporate transactions, high-stakes disputes, and complex regulatory and compliance matters.

To learn more about McGuireWoods or to contact us, please visit our website at mcguirewoods.com.

This podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you acknowledge that McGuireWoods makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of McGuireWoods. This podcast should not be used as a substitute for competent legal advice from a licensed professional attorney in your state and should not be construed as an offer to make or consider any investment or course of action.

Deal by Deal: A Private Equity Podcast McGuireWoods

    • Business
    • 5.0 • 4 Ratings

Welcome to Deal-by-Deal, a Podcast by McGuireWoods. Deal-by-Deal invites you to conversations with experienced independent sponsors and other private equity professionals. Join McGuireWoods partners Greg Hawver and Jeff Brooker as they explore middle-market Private Equity M&A to provide you with timely insights and relevant takeaways.

McGuireWoods is a full-service firm providing legal and public affairs solutions to corporate, individual, and nonprofit clients worldwide for more than 200 years collectively. Our commitment to excellence in everything we do gives our clients a competitive edge in everything they do. Our law firm, over its 186-year history, has earned the loyalty of our many long-standing clients with a deep understanding of their businesses, and broad skills in corporate transactions, high-stakes disputes, and complex regulatory and compliance matters.

To learn more about McGuireWoods or to contact us, please visit our website at mcguirewoods.com.

This podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you acknowledge that McGuireWoods makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of McGuireWoods. This podcast should not be used as a substitute for competent legal advice from a licensed professional attorney in your state and should not be construed as an offer to make or consider any investment or course of action.

    Secondary Transactions: Overview, Drivers, and Market Predictions with Darren O’Brien of Campbell Lutyens

    Secondary Transactions: Overview, Drivers, and Market Predictions with Darren O’Brien of Campbell Lutyens

    On this episode of Deal-by-Deal, host Greg Hawver is joined by Darren O'Brien, Managing Director of Campbell Lutyens, the largest independent private capital advisory firm. 
    Tune in as Greg and Darren discuss the hot topic of secondary transactions, a growing niche area. Starting with a high-level introduction to secondary transactions and the secondary market, Darren covers the distinction between LP-led and GP-led secondaries, continuation funds and why a sponsor might choose to pursue a continuation vehicle, how valuations are calculated, market drivers, what to expect going forward, and next steps for interested investors.
    Meet Your Guest Name: Darren O'Brien
    Company: Campbell Lutyens
    Connect: LinkedIn
    ContactConnect with us on Facebook, Twitter, Instagram, YouTube.
    This podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you acknowledge that McGuireWoods makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of McGuireWoods. This podcast should not be used as a substitute for competent legal advice from a licensed professional attorney in your state and should not be construed as an offer to make or consider any investment or course of action.

    • 22 min
    2024 Outlook for Founder-Owned Business/Middle Market M&A, with Investment Banker Derek Zacarias of DAK

    2024 Outlook for Founder-Owned Business/Middle Market M&A, with Investment Banker Derek Zacarias of DAK

    On this episode of Deal-by-Deal, host Greg Hawver is joined by investment banker Derek Zacarias from DAK. Together, they explore what the next 12 months may hold for M&A relating to founder-owned businesses, private equity-backed transactions and the broader middle market. This engaging discussion explores the macroeconomic trends as well as more intricate strategies and emerging themes anticipated to play a pivotal role in the coming year.
    Greg and Derek also reflect on 2023, a year that saw relatively subdued M&A activity in the middle market. Finally, Derek offers valuable insights on approaches that can lead independent sponsors and other private equity professionals to success in navigating auctions and seizing M&A opportunities throughout 2024.

    • 29 min
    How Heightened FTC Scrutiny Affects Roll-Up Strategy, with McGuireWoods’ Holden Brooks

    How Heightened FTC Scrutiny Affects Roll-Up Strategy, with McGuireWoods’ Holden Brooks

    In this episode of Deal-by-Deal, host Greg Hawver talks to fellow McGuireWoods partner Holden Brooks about antitrust considerations for private equity investors in the middle market (and, interestingly, the lower middle market).
    They begin by discussing the Hart-Scott-Rodino Act, which requires pre-close filings for deals valued above $111.4 million that also meet certain other criteria — and note that some add-on strategies and other deals below this threshold may be subject to investigation by the Federal Trade Commission or Department of Justice if there are antitrust concerns.
    Hawver and Brooks also discuss FTC v. U.S. Anesthesia Partners and Welsh Carson a lawsuit that highlights the importance of assessing one's own acquisition conduct, being precise and accurate in communications and documents, and involving antitrust counsel in the pipeline stage of deals.
    Meet Your Guest Name: Holden Brooks
    Title: Partner, McGuireWoods
    Speciality:  Holden is a partner in the firm’s Antitrust, Trade and Commercial Litigation Department, where her practice focuses on mergers, complex litigation, civil and criminal enforcement, and counseling across several industries with significant experience in the area of healthcare.
    Connect: LinkedIn
    ContactConnect with us on Facebook, Twitter, Instagram, YouTube.
    This podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you acknowledge that McGuireWoods makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of McGuireWoods. This podcast should not be used as a substitute for competent legal advice from a licensed professional attorney in your state and should not be construed as an offer to make or consider any investment or course of action.

    • 27 min
    Navigating the Path to Raising a Committed Fund with McGuireWoods’ Rick Starling

    Navigating the Path to Raising a Committed Fund with McGuireWoods’ Rick Starling

    On this episode of Deal-by-Deal, host Greg Hawver and fellow McGuireWoods partner, fund formation lawyer Rick Starling, discuss considerations and alternatives to raising a committed fund, analyze what’s going on in today’s market, and share insights on the phases of raising a fund.
    The episode also explores fund structures such as the "proof of concept fund" for emerging managers, highlights key differences between traditional fund economics and deal-by-deal economics, and briefly discusses operational shifts such as building out the back office and investment adviser registration.
    Meet Your Guest Name: Rick Starling
    Title: Partner, McGuireWoods
    Speciality: Rick is a fund formation lawyer with over 20 years of experience representing investment managers in the establishment of private funds and related products and representing institutional investors with respect to alternative investments.
    Connect: LinkedIn
    ContactConnect with us on Facebook, Twitter, Instagram, YouTube.
    This podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you acknowledge that McGuireWoods makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of McGuireWoods. This podcast should not be used as a substitute for competent legal advice from a licensed professional attorney in your state and should not be construed as an offer to make or consider any investment or course of action.

    • 26 min
    New Factors to Consider in Due Diligence, With Kroll’s Cathleen Hughes

    New Factors to Consider in Due Diligence, With Kroll’s Cathleen Hughes

    On this episode of Deal-By-Deal, host Greg Hawver is joined by Cathleen Hughes, Kroll’s Director of Corporate Finance and Restructuring, for a deep dive into due diligence, including M&A transactions and post-closing.
    Risks associated with M&A deals have evolved. “And these risks include those that can be discovered pre-transaction as well as risks that may not exist at the outset, but can require some continual monitoring post-close in order to mitigate the emergence of such risks.”
    Greg and Cathleen discuss how the due diligence process guides the successful completion of a deal. It can be divided into various phases including initial structuring diligence and confirmatory diligence. They also emphasize the importance of addressing the post-closing aspects of due diligence, which can be overlooked as investors move on to new deals. 
    Cathleen also provides insights on due diligence categories that are often overlooked but very impactful. These include background checks, corporate culture, cyber risk, and digital chatter. 
    Meet Your Guest Name: Cathleen Hughes
    Title: Director, Corporate Finance and Restructuring at Kroll
    Speciality: Cathleen is a director in Kroll’s Corporate Finance group, based in Chicago. She brings more than 20 years of experience to her work in M&A with a focus on financial sponsor coverage.
    Connect: LinkedIn
    Acquired KnowledgeTop takeaways from this episode 
    Make the most of financial and accounting due diligence in M&A deals. Conduct a quality of earnings assessment prior to the transaction with a thorough corporate structure analysis. There are new due diligence options to consider. Consider background checks and investigations in diligence, especially for deals involving new markets or new-to-you categories. Consider digital chatter an early warning indicator. Monitoring online discussions and activities across various web platforms can provide insights into emerging risks before they materialize.
    ContactConnect with us on Facebook, Twitter, Instagram, YouTube.
    This podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you acknowledge that McGuireWoods makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of McGuireWoods. This podcast should not be used as a substitute for competent legal advice from a licensed professional attorney in your state and should not be construed as an offer to make or consider any investment or course of action.

    • 30 min
    Banker’s View of the Current M&A Market, With Hector Torres of DC Advisory

    Banker’s View of the Current M&A Market, With Hector Torres of DC Advisory

    On this episode of Deal-By-Deal, host Greg Hawver is joined by investment banker Hector Torres, Managing Director of DC Advisory’s global healthcare team, for a discussion on the new normal in the M&A market, especially involving the healthcare industry. 
    Hector explains that, while market activity is starting to level out from the torrent of transactions in the second half of 2021, the lower middle market and middle market are still thriving. Flexibility is now the hallmark of successful deals, with parties increasingly creating bespoke processes to better meet their goals.
    Hector also provides guidance to independent sponsors and other private equity buyers seeking to win actionable deals in the current environment.
    Meet Your Guest Name:  Hector Torres
    Title:  Managing Director at DC Advisory
    Speciality: Based in the Chicago office, Hector is a Managing Director in DC Advisory’s global Healthcare team. Hector has over 16 years’ investment banking experience, specializing in M&A and strategic advisory transactions. Before joining DC Advisory, Hector was the Co-Head of Healthcare Investment Banking at FocalPoint Partners, where he led a national team of M&A and Capital Markets professionals focused on hospitals and health systems, physician practice management, post-acute care and other related healthcare sectors.
    Connect: LinkedIn
    Acquired KnowledgeTop takeaways from this episode 
    State of play in the healthcare industry. After the last year-and-a-half’s “perfect storm” of low-cost capital, high demand for healthcare services and assets, and record levels of private equity fundraising, the market is starting to cool off again. Back to basics. Buyers and their underwriters tend to have great confidence in the viability of the investment, but Hector is seeing that lenders are scrutinizing everything in unprecedented ways. Therefore, having a credible base case and performance attribution for the growth case is vital. Maintaining flexibility. Recently, we’ve seen assets wanting to retain flexibility to only make the deals that meet all their goals, so they are “tiptoeing” into the market and being patient. This requires heavy preparation on the sell side, including putting together market studies, a full financing package, and the quality of earnings and revenue.
    ContactConnect with us on Facebook, Twitter, Instagram, YouTube.
    This podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you acknowledge that McGuireWoods makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of McGuireWoods. This podcast should not be used as a substitute for competent legal advice from a licensed professional attorney in your state and should not be construed as an offer to...

    • 33 min

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