WHEN PRIVATE EQUITY INVESTORS TARGET EXIT VALUE FOR ALL STAKEHOLDERS

Overview

  • Endless LLP, a UK private equity fund, acquired marketing service provider Adare International in 2015. Following a period of growth and investment, Endless was seeking an M&A advisor to lead the disposal of the business
  • AlixPartners was appointed as lead M&A advisor to lead the sales process, provide exit readiness support, manage due diligence and lead negotiations to secure value for Endless

THE SITUATION: PRIVATE EQUITY INVESTOR SEEKING TO REALIZE VALUE ON EXIT

Adare International, a marketing services provider with a presence in more than 50 countries, was acquired by Endless in 2015. Endless had initially acquired the Adare Group which was separated in 2017 to form Adare SEC and Adare International. Endless was seeking to realize its investment in Adare International following a period of strong revenue growth.

Following an offer from HH Global, a global marketing execution company, the AlixPartners M&A team partnered with Endless and Adare International to deliver a transaction which secures value for all stakeholders.

THE APPROACH:  driving value through process rigor and highlighting key selling points

The AlixPartners’ deal team provided high-quality M&A advisory services covering all phases of the transaction and added value through:

  1. Preparation: AlixPartners invested significant time in understanding the business model, early identification of key selling points and potential deal issues and enhancing the business plan
  2. Positioning of Adare International: Presented the asset in the best possible light and established confidence in the deliverability of the business plan
  3. Due diligence: AlixPartners provided the Management team with hands-on support during the due diligence phase with a focus on highlighting key selling points, robustly defending contentious matters, managing the flow of information and driving the deal timetable
  4. Process management: Active engagement with the buyer team to identify contentious matters early and where concerns went to value, AlixPartners worked with Adare International and Endless to formulate robust, logical and credible responses
  5. Robust negotiations: Clear messaging of Endless’ position on value negotiations while also playing an intermediary role to progress the transaction

THE SOLUTION: VALUE realized FOR ALL STAKEHOLDERS

AlixPartners provided lead advisory services to support Endless and Management in delivering a transaction which secures value. Positive feedback received from the Adare International Management team and Endless—an outstanding result for all stakeholders.

“AlixPartners have worked alongside ourselves and Management for a significant period of time, developing a deep understanding of the Adare business. This enabled them to identify key selling points to drive value, give hands-on support and robustly negotiate complex commercial matters that arose during the sales process. Having a strong intermediary is crucial in transactions of this nature. I would like specifically thank Nick Wood and the wider AlixPartners team for helping us to deliver a successful exit for Endless Fund III.”

Aidan Robson, Endless LLP founder and partner

“AlixPartners did exactly what their name suggests: they truly partnered the Adare team by providing technical and sales process support and importantly took on the heavy workload required to prepare for management presentations and due diligence. There’s no question they helped us present Adare in the best way possible. Importantly, their support allowed us to simultaneously engage with the sale process whilst continuing to deliver for our clients. There’s no question the AlixPartners team acted as a key broker/intermediary with the buyer helping to facilitate relationships, robustly support commercial negotiations and ultimately secure items of value for our shareholders. The AlixPartners team were great people to work with showing an absolute commitment to getting the job done.”

Andrew Dutton, Adare International CEO

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