M&A Science

In this insightful conversation, Stew Campbell, a Partner at The Chernin Group, specializes in guiding consumer brands to scale. He shares practical advice on managing a competitive investor process and the importance of aligning capital strategy with long-term wealth goals. The discussion also delves into growth equity versus private equity, and how to evaluate term sheets and potential investors. Stew emphasizes creating value beyond just capital and navigating the complexities of founder-investor relationships, making it a crucial listen for current and aspiring entrepreneurs.

Stew Campbell, Partner at The Chernin Group, specializes in scaling consumer-facing companies. He dives into how growth equity goes beyond just capital, helping founders maintain their culture while scaling. The discussion covers building effective boards, the importance of collaboration, and aligning investor dynamics. Stew provides insights on when to consider a minority recap and differentiates growth equity from private equity and venture capital. Founders will learn to navigate investor relationships and develop a strategic 'North Star' for growth.

Rob Brown, CEO of Lincoln International, leads a global investment banking firm specializing in M&A advisory. He shares insights on scaling through acquisitions, emphasizing the critical role of culture in successful growth. Rob discusses integration tactics starting from Day 1 and how to navigate cultural differences in U.S. vs. European deals. He also highlights the shift towards buyer-led strategies and reveals how AI is reshaping the M&A landscape, driving efficiency and insights across operations.

Jon Dhanawade, a Private Equity M&A Partner at Mayer Brown and adjunct professor at Northwestern Law, shares his wealth of knowledge on structuring M&A deals. He discusses how private equity firms effectively use practices like rollover equity and seller notes to align incentives. Jon also highlights key legal red flags to watch for during diligence and offers strategies for negotiating Letters of Intent. Listeners gain insights into common pitfalls, the necessity of building strong relationships, and the importance of thorough due diligence in navigating complex transactions.

Paul Miller, CEO of Questex, shares insights from leading over 90 acquisitions. He highlights the critical importance of cultural fit and proactive relationship-building with potential targets. Miller discusses the need for a detailed integration playbook and the challenges of post-close audits. He also emphasizes when to walk away from a deal, emphasizing the dangers of 'deal fever.' With candid advice on navigating international deals and the personal dynamics of founder-led acquisitions, his experiences offer valuable lessons for M&A practitioners.

Larry Hartmann, CEO of ZRG Partners, has successfully led 17 acquisitions in four years, transforming the firm into a leader in talent advisory. He shares insights on competing with strategic buyers through culture and vision. Hartmann discusses the importance of incentivizing founders post-acquisition with equity and maintaining momentum in deals. He reveals why building proprietary deal flows is vital and explains how private equity can fast-track M&A strategies for sustainable growth.

Clare Roberts OBE, Founder and CEO at Kids Planet In this episode of M&A Science, Clare Roberts shares her journey of founding Kids Planet and growing it into one of the UK’s largest childcare providers with 225 nurseries. She reveals how she balanced organic growth with strategic acquisitions while staying true to her company’s values. Clare discusses the importance of culture in M&A, managing seller relationships, and how to maintain operational quality during rapid expansion. If you’re scaling a business and want to do it without losing sight of what matters most, this is an episode for you. Things you will learn: How to maintain company culture during rapid M&A growth The benefits of blending organic growth with acquisitions How to build trust with sellers and integrate their teams smoothly Why proactive leadership and transparency are key to successful integrations Episode Chapters [00:01:00] Clare’s background and founding story of Kids Planet [00:09:30] Transitioning from private investment to private equity support [00:12:00] Lessons on choosing the right PE partner beyond capital [00:15:00] Sourcing deals and balancing culture fit in acquisitions [00:23:00] Typical deal structures: flexibility with freehold vs. leasehold [00:26:00] Buyer-led M&A: simplifying the process for sellers and prepping for integration [00:29:00] Integration strategy and the role of personalized support [00:32:00] Embedding and maintaining culture in newly acquired businesses [00:37:30] Common challenges post-acquisition and how to solve them [00:43:00] Exploring international expansion and lessons from growing in new markets [00:46:30] Clare’s advice for new roll-up strategies and maintaining operational quality [00:49:30] Craziest things seen in M&A and why lifestyle businesses pose risks  

Tina Kassangana, a corporate and M&A lawyer at Moritt Hock & Hamroff LLP, shares her expert insights on managing legal risks in mergers and acquisitions. She breaks down the critical phases of M&A, emphasizing the importance of reps and warranties clauses. Tina discusses strategies for aligning buyer-seller expectations, highlights the complexities of multi-agreement deals, and offers practical advice on preventing post-close disputes. Her real-world experience brings clarity to the often daunting legal landscape of dealmaking.

Michael Belloumini, Senior VP of Mergers and Acquisitions at Carson Group, leads the firm's external M&A strategy. He reveals how the company shifted to a buyer-led approach, focusing on proprietary deal pipelines. The conversation covers managing multiple concurrent deals, the importance of culture fit, and building trust in transactions. Michael also discusses leveraging technology for deal execution efficiency and the essence of timing and relationships in M&A success.

Bob Chapman, Chairman and CEO of Barry-Wehmiller, and his son Kyle Chapman, President of Barry-Wehmiller Group, share insights on building a $3.6 billion business through human-centric leadership. They emphasize the paramount importance of cultural alignment over revenue in M&A strategies. The duo discusses how their company transformed by prioritizing people and relationships, offering tactical guidance on structuring successful acquisitions. Their innovative approach combines transparency and stewardship, making M&A a force for good.