Deal by Deal: A Private Equity Podcast
26 episodes - English - Latest episode: 23 days ago -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.
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Episodes
The Challenges of Independent Sponsorship with Jonny Miller and Mario Burstein of Platt Park Capital Partners
June 24, 2024 07:00 - 23 minutes - 19.1 MBOn this episode of Deal by Deal, co-hosts Jason Griffith and Trey Andrews welcome Jonny Miller and Mario Burstein of Platt Park Capital Partners to discuss their emergence into independent sponsorship. Tune in as Jonny and Mario discuss how Platt Park came to be, how they secured their first deal, and how they can apply what they learned in their first deal to future deals. Jonny and Mario talk about managing seller expectations, focusing on the process instead of aiming for perfection, and...
Developments in M&A Insurance Market with Matt Heinz of Lockton
May 30, 2024 07:00 - 20 minutes - 18.4 MBRecently, the M&A market has cooled since it burned red-hot in the aftermath of Covid. What impact has the slowdown in M&A activity had on insurance products related to mergers and acquisitions? On this episode of Deal-by-Deal, host Greg Hawver is joined by Matt Heinz of Lockton to discuss developments in M&A insurance products. Specifically, Matt talks about why it’s actually a good time to be a buyer of rep and warranty insurance in M&A deals, how rep and warranty insurance premiums are n...
LIVE FROM EMC: Emerging Manager John Huhn of Compass Group Reflects on Journey from Independent Sponsor to Raising Multiple Funds
April 25, 2024 20:00 - 23 minutes - 21.5 MBOn this episode of Deal-by-Deal, host Greg Hawver is joined by John Huhn, Managing Partner at the Compass Group. Tune in as Greg and John discuss lessons learned during the Compass Group’s successful independent sponsor investing phase. John also provides key insights for those PE investors seeking to raise a committed fund in the current environment. Meet Your Guest Name: John Huhn Company: Compass Group Connect: LinkedIn Contact Connect with us on Facebook, Twitter, Instagram, YouT...
Secondary Transactions: Overview, Drivers, and Market Predictions with Darren O’Brien of Campbell Lutyens
February 27, 2024 07:00 - 22 minutes - 17.7 MBOn 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 ...
2024 Outlook for Founder-Owned Business/Middle Market M&A, with Investment Banker Derek Zacarias of DAK
January 25, 2024 12:00 - 29 minutes - 23.3 MBOn 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 ...
How Heightened FTC Scrutiny Affects Roll-Up Strategy, with McGuireWoods’ Holden Brooks
November 07, 2023 07:00 - 27 minutes - 22.3 MBIn 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 investigati...
Navigating the Path to Raising a Committed Fund with McGuireWoods’ Rick Starling
October 23, 2023 07:00 - 26 minutes - 21.3 MBOn 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 discusse...
New Factors to Consider in Due Diligence, With Kroll’s Cathleen Hughes
October 16, 2023 07:00 - 30 minutes - 24.3 MBOn 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 ...
Banker’s View of the Current M&A Market, With Hector Torres of DC Advisory
July 25, 2023 07:00 - 33 minutes - 26.7 MBOn 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 d...
Behind the Deal: Finding Success in the Independent Sponsor-Capital Provider Model
May 25, 2023 07:00 - 33 minutes - 26.8 MBIt takes nerves of steel to start a deal during COVID and exit it during the Silicon Valley Bank collapse, and today’s guests pulled it off. On this episode of Deal-By-Deal, host Greg Hawver is joined by Evan Gallinson of Merit Capital Partners and Jonathan Schilowitz of MFG Partners to present a case study of a successful relationship between an independent sponsor and a capital provider. Evan and Jonathan, who recently partnered on a successful transaction, take listeners on a deep dive...
Big Developments in Noncompete Agreements and Investing in the Energy Sector
January 30, 2023 07:00 - 47 minutes - 37.7 MBA proposed FTC rule will change how companies do business — and how law firms give advice for the foreseeable future. On this episode of the Deal-by-Deal podcast, host Greg Hawver invites guest Holden Brooks, a partner at McGuirewoods, to share insights on recent developments for noncompetes and restrictive covenants based on the recently proposed rules. The current review period will invite comments; challenges in federal courts are likely. If approved, companies will need to be in comp...
Key Issues of an Equity Term Sheet, With Greg Hawver and Jeff Brooker (Pt. 2)
December 08, 2022 07:00 - 33 minutes - 26.8 MBJoin hosts Greg Hawver and Jeff Brooker for the second episode of a two-part series discussing critical issues and best practices for term sheets. This episode focuses on the equity term sheet between the independent sponsor and the equity capital provider. Learn about common pitfalls, what to keep in mind when negotiating terms and how to ensure alignment of investor interests. Meet Your Hosts Name: Gregory Hawver Title: Partner at McGuireWoods Specialty: Greg represents private equity ...
How to Craft an M&A Letter of Intent with Greg Hawver and Jeff Brooker (Pt. 1)
October 05, 2022 07:00 - 35 minutes - 28.6 MBIn this first episode of a two-part series, Deal-by-Deal podcast hosts Greg Hawver and Jeff Brooker discuss best practices for M&A deal letters of intent. Both hosts have seen deals tripped up by poorly crafted letters of intent. When buyers and sellers are unclear on what to include in an LOI, what is binding and what is not, and how to leverage exclusivity, deals can go sideways before they even get a chance. “It's a critical document, especially for independent sponsors,” explains Gr...
Lenders as Partners, with Source Capital’s Joe Rodgers and McGuireWoods’ Brian Coughlan
August 30, 2022 07:00 - 46 minutes - 37.1 MBThere’s a secret on how to secure more — and better — deals as an independent sponsor: build relationships and trust with your lenders. This may seem fairly obvious, but the reality is as the market has become more concentrated with traditional private equity funds, we’re losing this important part of dealmaking. And as the market remains uncertain, those relationships are going to be crucial for survival as an independent sponsor. Approaching lenders as partners ensures a better outcome ...
Investor Introductions with McGuireWoods' Christian Berger
June 09, 2022 07:00 - 29 minutes - 23.9 MBFacilitating introductions between independent sponsors and capital partners who can fund their deals is the first step in a successful M&A scenario. Knowing how to efficiently leverage relationships and get in front of the right people is key to getting deals done. Christian Berger joins this episode of Deal-by-Deal to share how introductions play into business development and his approach to the process. “We [make introductions] to help our clients, prospective clients, and others in o...
The Evolution of Independent Sponsors with McGuireWoods’ Jon Finger
May 05, 2022 07:00 - 32 minutes - 26 MBIndependent sponsors have evolved to become a separate asset class offering value to the ecosystem within the realm of private equity. On this episode of Deal-by-Deal, hear McGuireWoods’ Jon Finger share his insights on the evolution of independent sponsorship and recent noteworthy developments. There have been larger deals, more hybrid structures, and an increased interest in first-time funds from within the independent sponsor space. With his experience in the independent sponsor space, ...
Control and Navigating Deals with McGuireWoods’ Anne Croteau and Alex Horn
March 07, 2022 07:00 - 34 minutes - 27.8 MBThere’s a lot that companies need to consider when deciding to pursue independent financial backing. The decisions companies make when striking deals almost always come back to control — a factor that has a significant impact on the future of the company. Depending on how much control the backer negotiates, different scenarios could lead to backers gaining significant veto rights, board control, or a total loss of management fees. The process is complex and involves many moving pieces. Th...
How to Approach RWI With Lockton’s Matt Heinz and Highlights From McGuireWoods’ 2021 Deal Survey
December 10, 2021 23:15 - 36 minutes - 29.3 MBIn this final episode of Deal by Deal for 2021, Matt Heinz, Partner & Co-Practice Leader, Transaction Liability at Lockton Companies, joins the podcast to share the outlook on representations and warranties insurance. As the fourth quarter of the year comes to a close, Matt has insights into how the robust M&A activity we’ve seen will impact the insurance market moving forward, as well as the challenges those in the industry are facing. “We've arrived at a scenario where we have more deman...
Independent Sponsors in Healthcare with Archimedes Health Investors’ Harry Eichelberger
October 15, 2021 07:00 - 39 minutes - 31.4 MBYou could do very well in large-cap, private equity by consistently generating solid returns at scale and volume. It’s great for large institutions and PEs that have the time and resources to compete at slews of auctions and zoom through portfolio after portfolio to close deals, quarter after quarter. After years in this kind of environment, Harry Eichelberger of Archimedes Health Investors found independent sponsorship in physician provider services to be more exciting, more personalized, ...
Deals Outlook with McGuireWoods and Healthcare Insights from Independent Sponsors DuneGlass
September 15, 2021 12:30 - 47 minutes - 38 MBThe end of the COVID-19 pandemic seemed to be on the horizon until the Delta variant showed up, bringing with it the potential to shake up the deals market once again. As the end of the year approaches, dealmakers have to navigate the ongoing unknowns of the pandemic along with the other factors that are tightening the pressure valve on M&A this year. “I suspect this year is going to be just as tight [as last year], if not tighter,” Rebecca Brophy says on this episode of Deal by Deal, talk...
Independent Sponsor Tips From Pleasant Bay’s Scott Fisher; Preview Results of Our IS Deal Points Survey
June 30, 2021 07:00 - 41 minutes - 33.1 MBScott Fisher has been in the independent sponsor field for quite some time, and has learned a lot along the way. As the Managing Director at Pleasant Bay Capital Partners, a private equity firm focused on investing in lower-middle market companies in the healthcare, technology, business services, and industrial products & services sectors, he has helped bring value to both sellers and capital providers. “We think sellers value [our vertical focus]. We understand the sector they’re in, we ...
Compass Group’s John Huhn on How To Land Deals as an Independent Sponsor
April 26, 2021 07:00 - 44 minutes - 35.5 MBThe independent sponsor model of investing is becoming more popular with investors and businesses looking for a more flexible partnership than what the private equity model allows. But for those interested in getting started as an independent sponsor, getting to the point where you have the capital to invest and businesses that are willing to partner with you can seem daunting. “The fact is, this is a tough world to go out and get your first few deals done, and it takes time,” says John Hu...
I.S. Interview: Columbia River Partners; Insights into Credit Markets with Capstone Headwaters
March 30, 2021 07:00 - 52 minutes - 41.8 MBNews McGuireWoods is pleased to announce that the pre-eminent gathering for independent sponsors and capital providers returns to Dallas this October. Don’t miss the opportunity to gain knowledge and insights during our panel discussions, including results from our largest proprietary deal points study to date, and our much-anticipated networking events. Connect one-on-one in our efficient speed-dating segment, which produced more than thousands of meetings during our 2019 conference. For ...
Kick-Off and War Stories From the Middle-Market M&A Trenches
February 16, 2021 14:25 - 42 minutes - 33.7 MBWhat happens when a letter of intent (LOI) doesn’t accurately capture the economics of a deal? How can you, as an independent sponsor, understand “what’s market” for the three fundamental building blocks of the independent sponsor economic package – management fees, closing fees and carried interest? These questions and others pertinent to independent sponsors and professionals who employ the independent sponsor model are the kind of topics to be explored on Carried Interest, a new podcas...
Welcome to Carried Interest: A McGuireWoods Independent Sponsor Podcast
October 07, 2020 08:00 - 43 seconds - 1.32 MBWelcome to Carried Interest, A McGuireWoods Independent Sponsor Podcast. Carried Interest invites you to the conversations with experienced independent sponsors and professionals who employ the independent sponsor model. Join Greg, Jeff, and Rebecca as they explore middle-market Private Equity M&A to provide you with timely insights and relevant takeaways. Through a mix of educational episodes and interviews with seasoned independent sponsors, our hosts will provide substantive guidance on de...
Welcome to Deal-by-Deal: An Independent Sponsor Podcast by McGuireWoods
October 07, 2020 07:00 - 44 seconds - 603 KBWelcome to Deal-by-Deal, an Independent Sponsor Podcast by McGuireWoods. Deal-by-Deal invites you to the conversations with experienced independent sponsors and professionals who employ the independent sponsor model. Join Greg, Jeff, and Rebecca as they explore middle-market Private Equity M&A to provide you with timely insights and relevant takeaways. Through a mix of educational episodes and interviews with seasoned independent sponsors, our hosts will provide substantive guidance on deal...