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Creating Value through International Build-Ups. Lessons to be shared. Milan, 9 November 2001. John Singer , Managing Director, Advent International and former Chairman, EVCA. Lessons regarding International acquisitions. Motivation A Industrial Critical mass Market share Diversification
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Creating Value through International Build-Ups Lessons to be shared Milan, 9 November 2001 John Singer, Managing Director, Advent International and former Chairman, EVCA
Lessons regardingInternational acquisitions Motivation A Industrial • Critical mass • Market share • Diversification • Product range / manufacturing • Roll-up play B Financial • Multiple improvement • Sustain growth C Other • “Empire” ego satisfaction Domestic International Core Non-core
Lessons regardingInternational acquisitions Motivation A Industrial • Critical mass • Market share • Diversification • Product range / manufacturing • Roll-up play B Financial • Multiple improvement • Sustain growth C Other • “Empire” ego satisfaction • Organic growth • Acquisitions • Joint ventures Domestic International Core Non-core
Lessons regardingInternational acquisitions Process/structure Post investment Value • EPS • Growth • Synergies • Size • Multiple improvement • Proactive vs • Reactive • Solo vs • Intermediary • Due diligence • Structures / tax / legals Integration Value creation
Lessons regardingInternational acquisitions Process/structure Post investment Value • EPS • Growth • Synergies • Size • Multiple improvement • Proactive vs • Reactive • Solo vs • Intermediary • Due diligence • Structures / tax / legals Integration Value creation • Desire to grow • Access to capital • Strategy • Financial skills • Crossborder experience • Integration skills