Mirus took a very complex company operating in a new market and explained it to potential investors in a clear, concise, professional manner.
- Partner, Bessemer Venture Partners
- Partner, Bessemer Venture Partners
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August 2010 Monitor
With European debt concerns waning, market watchers were shifting their attention back to the United States, where media hype over the possibility of a double-dip recession has resulted in a seemingly endless parade of economists on cable television offering their opinions, further exasperating the less gloomy among us...
June 2010 Monitor
Despite turmoil in European markets and growing concerns about a Chinese real estate bubble, the U.S. economic recovery continues to gather steam. Although payrolls in May rose by a disappointing 41,000 new jobs, the Labor Department this week reported that job openings hit a 16-month high in April...
Presentation by Laura Kevghas and Jamie Grant in Randolph, MA
Maximizing Opportunities in Today’s M&A Market
On May 11th, Laura Kevghas and Jamie Grant of Mirus Capital Advisors presented to a group of executives from around New England on the current state of credit, mergers & acquisitions, and estate tax and the opportunities that now exist to sell or acquire a business… 
Due Diligence Self Assessment
Before giving any information to a potential buyer, do this…
You only get one chance to make a first impression, so don’t make the mistake of providing a potential buyer with information about your business until you have (at least) taken this self-assessment to determine whether or not you need professional help… May 2010 Monitor
The U.S. economic recovery is underway with a 3.2% increase to GDP in the first quarter, according to new data from the Commerce Department. The increase, which was in line with economists' forecasts, marked the third straight quarter of growth following the worst recession the U.S. has faced since the Great Depression. The Federal Reserve repeated its vow last week to keep interest rates low, despite the stronger economy...
Presentation by Mirus and Nutter, February 10th
Maximizing Opportunities in Today’s M&A Market
On February 10th Mirus Capital Advisors joined Nutter McClennen & Fish for a panel discussion on the current state of credit, mergers & acquisitions…Viewpoint 36
Mirus Middle Market M&A Survey And Outlook
We asked 130 lenders, attorneys, investors and investment bankers when they believe middle market M&A activity will pick up again. There is a growing consensus among professionals that deal activity levels are on the upswing. In this edition of Viewpoint, we summarize the survey’s key takeaways regarding how today’s changing economic conditions, investor confidence levels and deal financing environment will impact future M&A activity levels...Viewpoint 35
De-Leveraging Means Tight Credit Will Continue Through Year-End 2009
There is a logical explanation for why credit markets are tight and will remain so for the rest of 2009 and into 2010. Banks (and many non-bank lenders) remain overleveraged, and are being forced by regulators and market forces to de-leverage by raising capital and reducing the overall size of their balance sheets...Article from ABI Journal, March 2009
10 Things Every Officer and Director Should Know about Operating a Troubled Company
Business leaders are often too slow to recognize a trend, and therefore too slow to make the critical changes necessary to avoid operating losses...Viewpoint 34
Distressed M&A, Distressed Debt, And The Return Of The Hostile Takeover
Like virtually every other sector of the worldwide economy, the transaction sector has been impacted significantly by the current financial crisis. Frozen credit markets, declining corporate profits and overleveraged borrowers are converging to make 2009 one of the more challenging deal environments in memory. November 2008 saw the lowest number of transactions close since September 2001, and the trend has been downhill from there...March 2009 Monitor
Welcome back to 1997. Tiger Woods won his first green jacket at the Masters at age 21, Steve Jobs returned to the corner office at Apple, and the Dow Jones industrial average closed above 7,000 for the first time...
Credit Market Update
Credit Market Update - March, 2009
Presentation by Jamie Grant to a group of Boston attorneys. Covers current trends in bank lending, commercial paper, secondary market, interest rates and the impact of the recent credit crisis on leveraged buyouts and M&A.January 2009 Monitor
Recent corporate earnings announcements from companies such as General Electric (47% decline in Q4 earnings) and State Street ($800 million in earnings charges in Q4, and $9.1 billion in unrealized losses on its books) have roiled the markets and helped usher in a return of the market volatility that peaked in late November...
November 2008 Monitor
Economic uncertainty continues to rule the day, with the continuing market volatility and last weeks sell-off dropping major indices to five-year lows. The markets are expected to continue to fall, due to ongoing credit concerns and the anxiety surrounding the auto industry and broader economy...
Viewpoint Special Issue
Tips for Troubled Companies: Ten Things Every Officer And Director Should Know
In our 22 years of experience advising middle market companies, we have found that in times of financial distress and market dislocation, business leaders are often too slow to recognize a trend, and therefore too slow to make the critical changes that are necessary to avoid losses. Such hesitation is natural, especially for entrepreneurs. But there is also a false sense of security that many executives and board members share, that stems from a common misconception of fiduciary duty. Fiduciaries generally understand their duty as “generating value for shareholders”, which is only part of the equation...Viewpoint Issue 33
M&A Strategies In A Down Market
With the U.S. economy heading in the wrong direction and the equity markets in disarray, Mirus considers in this issue how middle-market companies should be approaching mergers and acquisitions. This month we will examine how sellers can expect to fare in the current market. We’ll also discuss why it is that healthy middle-market companies and their shareholders — many of whom may have been planning for an exit — may instead want to consider making an acquisition in the next 12 months...September/October 2008 Monitor
There is little doubt that we are in unprecedented times. The complicated web of mortgage backed securities and collateralized debt obligations has weaved its way throughout the global financial markets and the underlying economy...
August 2008 Monitor
Recently released consumer metrics show a positive uptick in consumers' view of the future US economic outlook...
July 2008 Monitor
Oil prices continue to see volatility, as a recent Energy Information Administration weekly inventory report showing U.S. gasoline supplies fell 3.5 million barrels last week...
Viewpoint Issue 32
Help! Someone Wants To Buy My Company
The phone rings unexpectedly one day, and on the other end is a CEO wondering if you would be willing to sit down and talk about selling your business. You may or may not discuss a purchase price. You may or may not commit to even a meeting, let alone an exchange of information. But nonetheless, that single unexpected phone call can touch off one of the most significant, emotional and time-consuming events in your life as a business owner: deciding whether to sell your company. The way you respond, both initially and in the weeks that follow, can have an impact on your company, your employees, and the value you can realize from the sale of your business...Viewpoint Issue 31
Anatomy of a P&S Agreement: Avoid Nasty Surprises By Knowing What's Important
Few legal documents you’ll sign in your lifetime are more complex or more daunting than the agreement that accompanies the sale of your business. While most sellers naturally focus their chief attention on purchase price and any hold-back amount, there are often other terms within a purchase and sale agreement that can have greater impact on the final, long-term outcome for the selling shareholder(s)...June 2008 Monitor
According to the Bureau of Labor Statistics, consumer prices advanced 0.6% in May on a seasonally adjusted basis, following a 0.2% increase in April...
Viewpoint Issue 30
Finding The Right Fit In A Tight Credit Market: An Overview Of The Lending Environment For Middle Market Companies
Most middle-market entrepreneurs are more concerned with the equity markets than the debt markets. They want to understand how the equity of their Company is being valued by the market and what they can do to maximize that value...May 2008 Monitor
Economic indicators indicating that higher energy and food prices might be seeping into other parts of the economy, coupled with continued concerns about the high price of oil, continue to hold back stock market performance...
Viewpoint Issue 29
Beyond The Usual Suspects: Why Buyers Outside Your Industry May Pay More For Your Company
As a CEO in a competitive industry, you know who’s likely to buy your business. You’ve been watching these companies since the day you opened...April 2008 Monitor
The housing market, and the corresponding mortgage crisis that has sent banks and mortgage companies into a tailspin...
Viewpoint Issue 28
Incentive Compensation - Planning for Success
Many times in the Viewpoint we have discussed the value of advance planning regarding aspects of your business that will come into play at the time of an exit. In this issue, we explore another important area that needs such advance consideration...March 2008 Monitor
Before the Fed's 75 bp rate cut on March 18th, concerns about inflation were at the forefront of American consumers' minds...
Viewpoint Issue 27
Sold! Verkauft! Venduto! Increased Global M&A Activity Creates New Opportunities for Growing Companies
Globalization is a key factor in nearly all business conversations these days, including those related to mergers and acquisitions. Although US firms continue to outpace all other countries...February 2008 Monitor
Despite President Bush’s denial in a Thursday press conference that the economy is headed into a recession...
Viewpoint Issue 26
Buyer Beware: 5 Blunders That Can Sink A Deal
Many of the past Viewpoints we’ve published have advised sellers on how to secure a great deal in the M&A market. In this issue, we take a seat on the other side of the conference table to highlight five common and sometimes critical buyer mistakes that can be fatal to a transaction...January 2008 Monitor
The volatility that has been the hallmark of recent trading sessions has not shown any signs of abating...
December 2007 Monitor
The widely anticipated rate cut announced during the Fed’s December meeting failed to impress Wall Street...
November 2007 Monitor
Expectations of a future rate cut drove the overall market higher in recent trading, ending a prolonged slump and cheering a battered Wall Street. Although pessimism remains about the state of the US economy...
Viewpoint Issue 25
Optimism/Pessimism: The Outlook for Mid-Market M&A in 2008
As 2007 winds down, it’s time to start thinking about the health of the 2008 M&A market. This question is of greater concern now than in recent years because, for the first time since 2001-2003, we are experiencing a period of unsettling economic developments, including a volatile equity market, the sub prime loan debacle and related stall out of the housing market, soaring oil and food prices threateninginflation, plus recent lags in M&A volumes and softening valuations. This month’s Viewpoint examines the pessimistic and optimistic outlook for 2008.
October 2007 Monitor
Since the Federal Reserve's September 18 rate cut, the economy has sent mixed signals and leaves Wall Street expecting further easing to come in the short term. On October 5, the Labor department released data that showed an increase of 110,000 new jobs...
September 2007 Monitor
Despite the initial market surge in reaction to the Fed’s larger than expected rate cut last week, underlying concerns about US economic performance continue to persist. The housing market and inflation are the primary concerns for Wall Street...
Viewpoint Issue 24
Tools & Techniques for Preparing Your Team to Impress Buyers
A critical driver of a premium valuation for a company is a competitive universe of qualified buyers. To keep multiple buyers interested and engaged, your management team needs to optimize every buyer interaction. In this Viewpoint, we discuss how to prepare your team to make a great impression from the outset.August 2007 Monitor
Sub-prime woes have crept into the overall global credit market, exposing the systematic under-pricing of risk contributed to the bull market of 2006 and 2007. After closing at a record high of 14,000 on July, 19th the Dow lost 8.3% in one month sliding...
Viewpoint Issue 23
Growth Opportunities In Litigation Support And Compliance
Litigation is a growth industry these days. US companies with sales over $1 billion now face an average of 556 lawsuits -- and about half of them are sued 50 times a year. Today, the average large corporation spends $10.8 million per year on litigation, up from $8 million in 2005.July 2007 Monitor
This past week the Dow briefly climbed above 14,000 for the first time, led largely by the large manufacturing companies in the index. Although the recent surge has been driven by large multi-national companies, the broader S&P 500 has also seen increases, recently surpassing...
Viewpoint Issue 22
LBO Debt Is On The Rise: Efficient Market or Market Bubble?
Speaking in Chicago on May 21st, Federal Reserve Chairman Ben Bernanke signaled that he is concerned with the current state of the debt markets with respect to LBO financing. While his comments may not quite correlate to Alan Greenspan’s “irrational exuberance” remark in 1996, industry insiders have begun to acknowledge that the current trend of higher debt multiples and weaker loan covenants is not sustainable. At the same time, many in the private equity community observe that corporate lending has simply matured to a point where there is now an efficient secondary market for all manner of credit risk, and that the incredible liquidity in the market comes from that efficiency.June 2007 Monitor
The markets have declined slightly in recent days as investors await the Fed’s meeting later this week, at which rates are widely expected to remain unchanged. Although inflation concerns have had an impact on the markets, with Treasury yields shooting to a five-year high in early June, there are indications...
May 2007 Monitor
The slowing growth of the US economy, which is still feeling the drag of the housing market, has yet to affect inflation or the financial markets. After the Fed kept interest rates unchanged at its most recent meeting, it stated that although economic growth slowed in the first quarter, core inflation remained...
Viewpoint Issue 21
What the Evolution of Due Diligence Technology Means for Your M&A Deal
Oh, what a difference a few years and some spiffy technology can make. Over the past five years, new technology, primarily in the form of online data rooms, has dramatically changed the world of M&A due diligence. In this Viewpoint, we discuss how this evolving technology has improved the due diligence process for both sellers and buyers.Viewpoint Issue 20
Choosing the Right Buyer: Private Equity vs. Strategic Acquirer
In the last few years, private equity firms have become increasingly important players in middle market mergers and acquisitions. Fueled by a flood of equity capital, a relatively unattractive public market and an accommodating lending environment, private equity firms are paying competitive prices for businesses and, in some cases, beating out strategic buyers.April 2007 Monitor
Through the first quarter of 2007 the deal environment has maintained the fast pace of 2006. According to Dealogic, although overall US deal volume slipped a bit in the first quarter (dropping 11% over deal totals from the fourth quarter of 2006) US merger activity grew 21% from the same period last year. Volume reached $428.7 billion on mega deals, compared with...
Viewpoint Issue 19
Sellers Beware: Five Problems That Can Sink Your Deal
Few experiences in business are more harrowing than having a deal to sell your company fall apart. While the ups and downs of a deal are inevitable, having your transaction get permanently derailed is not. If the deal crashes and burns, the repercussions on your business can be significant and long lasting. Company performance may suffer as management takes its eye off of dayto- day operations. Key employees get spooked and leave because of the anticipated change of control. The window of opportunity for selling your business may narrow, if not close all together. All of these outcomes can contribute to lowering the company’s eventual sale price.March 2007 Monitor
Activist shareholders have been making headlines in the deal world recently, with several deals being affected by valuation concerns at the board or shareholder level. The Topps Co. board is at odds over a $385 million buyout offer from Madison Dearborn Partners and Tornante Co., Michael Eisner’s private investment company. Directors associated with...
Viewpoint Issue 18
338 – H – What? (How deal structure can increase (or decrease) the sale price of your business)
As M&A activity in the middle market sector increases, business owners are more and more likely to be presented with an opportunity to sell their company. Many different factors go into how a given company is valued. However, one element that many entrepreneurs may not be familiar with is deal structure. Deal structure is critical to understanding the most important financial aspect of any deal – net proceeds to the seller.February 2007 Monitor
In January 2005, I wrote an M&A 2004 Recap and 2005 Preview, that described the M&A environment and my thoughts regarding how the coming year would unfold. I thought it would be an interesting time to try it again. Remarkably, two years later most of the critical trends that I identified are still in place, and in many cases, are even more positive than...
Viewpoint Issue 17
Reduce Your Tax Bill by Millions on the Sale of Your Business
There’s no avoiding death and taxes, so it’s prudent to have a plan for both. Not surprisingly, preparing for the sale of a business presents many of the same challenges as estate planning, and, in fact, the two processes are intertwined. If you plan to die with millions in the bank, you should plan for your estate to pay millions in taxes. But by planning ahead, you can transfer some of the value in your business to your heirs or to a beloved charity, and eliminate a significant portion of the taxes.January 2007 Monitor
Venture capital dealmaking in 2006 saw a 12 percent increase over 2005 levels according to PricewaterhouseCoopers, Thomson Financial and the National Venture Capital Association, with the $25.5 billion invested marking the highest dealmaking level since...
Viewpoint Issue 16
Choosing the Right Investment Banker When Selling Your Middle Market Business
This month’s Viewpoint focuses on one of the most important business decisions an entrepreneur ever makes: selecting an advisor for selling your middle market business. Choosing the right M&A advisor is important for any business, but middle market companies have unique characteristics that must be considered when selecting an M&A advisor. These differences make “fit” with your advisor critical.December 2006 Monitor
Private equity deal flow continues unabated, heading towards what could be a record year. According to Merrill Lynch, private equity firms are on track to raise $146 billion by the end of the year, the highest total since $182 billion was raised in 2000. Large private equity deals continue to dominate the headlines and buyout rumors circling companies such as....
Viewpoint Issue 15
Deal or No Deal: Surviving Due Diligence
As M&A activity in the middle market continues at a robust pace, due diligence is a pressing topic on the minds of company leaders who want to time their exit to take advantage of today’s positive market conditions. For CEOs and CFOs who have not been through this process before, anticipating what it will take to jump through all the due diligence hoops can cause many a sleepless night.Sample of a Standard Due Diligence List
Sample of a Standard Due Diligence List
Mirus has put together a sample of a sample of a standard due diligence list. It can be used in reference with the November 2006 Viewpoint titled "Deal or No Deal: Surviving Due Diligence" or on its' own.November 2006 Monitor
Market sentiment has also been boosted by the announcement of several high profile acquisitions. US Airways $8 billion bid for Delta Airlines has boosted the airline sector as investors see the possibility of additional consolidation in the industry. Healthcare has also....
Viewpoint Issue 14
Valuing Common Stock: Meeting IRC 409A Requirements
Our January 2006 Viewpoint discussed how the IRS’s new Section 409A regulations significantly changed the rules for a wide array of non-qualified deferred compensation arrangements, including stock options. In fact, the scope of 409A is so broad that it has been described as “the ERISA of employee and executive compensation.” Stock options are just one type of deferred compensation, albeit a very common one, that is affected by 409A.October 2006 Monitor
Private equity fundraising continues unabated, as Private Equity Intelligence has recorded 436 new funds, raising a record $300 billion worldwide as of early October 2006. Fundraising is being fueled in part by increasing deal size....
Viewpoint Issue 13
When Will the M&A Party End?
As the third quarter of another strong year for mergers and acquisitions draws to a close, executives at middle-market companies are wondering how long this hot market can persist. People also want to know what signs they should watch for that might presage a cooling of the market. For this month’s Viewpoint, we look at both of these important questions.September 2006 Monitor
The buyout deal environment in 2006 continues to be extremely competitive, with transaction multiples climbing to an average deal multiple of 8.6x earnings, according to Standard & Poor’s Leveraged Commentary and Data. If multiples continue at these levels they would eclipse 2005’s average 8.2x multiple for PE deals which is currently the highest year on record.
Viewpoint Issue 12
Positioning Your Company for Sale: The Art and the Science
Imagine you’re meeting with executives from a company that are interested in acquiring your business. What would you tell them about your company to convince them that they should buy it, and furthermore, that they should pay the price you have in mind, not the lower sum they were thinking of offering?August 2006 Monitor
M&A activity has continued unabatedly through the summer, keeping 2006 on track to be one of the best deal years in recent memory. However, as an indication that availability of capital and high levels of M&A activity might be impacting ...
Viewpoint Issue 11
Preparing a Business for Sale: Increase Your Value by Starting Now
You receive a call from the largest player in your industry. They want to “preemptively” acquire you and begin asking for detailed information about your finances, your operations and your people. As you look through their information requests, one thing becomes very apparent: As a small, entrepreneurial business, your processes, policies, controls and reporting are adequate but through the eyes of a large acquirer, there are a lot of unanswered questions and “holes” in the information.July 2006 Monitor
Recent profit warnings from tech companies, specifically Intel and Dell, have acted as a drag on the broader market, reversing an earlier market rally. The rally followed Fed Chairman Bernanke's comments to Congress on slowing economic growth helping to limit...
Technology-Enabled Services: Compliance and Litigation Support
Technology-Enabled Services: Compliance and Litigation Support
Over the last decade, the litigation support, compliance and information management markets have converged at an accelerating pace, creating a growing, $3 billion annual opportunity for companies in the “convergence zones” of these segments. Mirus believes these overlapping areas present a unique opportunity for companies to reap the benefits of synergies derived from combining....Viewpoint Issue 10
Distressed Companies: What Buyers & Sellers Need to Know
Despite an improving economy and broad-based growth, opportunities abound to acquire distressed companies in out-of-favor sectors such as automotive components and textiles, as well as industries that have suffered from the high cost of oil. As prices for well-performing companies spiral skyward due to stiff competition for the most attractive deals, hundreds of private equity firms and hedge funds are putting capital into distressed companies and distressed securities in search of better returns.June 2006 Monitor
The recently announced joint venture between Nokia Corp and Siemens AG, which will result in the combination of their telephone equipment units in a deal valued at roughly $31.6 billion, has increased M&A speculation in the telecom market. In an industry plagued by...
Viewpoint Issue 9
A Valuation Primer
The first question most business owners ask when we meet with them is: “So what’s my business worth?” This Viewpoint helps answer this question by explaining some of the core valuation tools and vocabulary, and by describing the approaches used to estimate a valuation range for a specific business. This valuation primer dovetails with our recent two-part Viewpoint series on “Creating Value”, which discussed the factors that ultimately determine the specific premium buyers are willing to pay for a company.May 2006 Monitor
Led by the NYSE Group's recent stock offering, activity in the securities exchange market continues to heat up. Recently, the NYSE Group, who after its stock offering has a war chest of between $1-2 billion, announced it was in talks with other exchange groups regarding....
Viewpoint Issue 8
Creating Value Part II Understanding Risk
When potential buyers look at your company, they view the value of your business through the dual lenses of perceived opportunity and perceived risk. As discussed in the March Viewpoint, understanding the value-creation factors that make up the buyer mindset assists you in building value into your company. In essence, knowing what factors drive the decision making of potential buyers gives you a blueprint of how to build the most valuable company possible.April 2006 Monitor
The improving labor market has had a beneficial effect on the staffing industry. Shares of staffing companies have been on the rise after employment services company Manpower Inc. released better than expected first-quarter net earnings and an analyst predicted Monster Worldwide Inc. would post strong first-quarter results. Coupled with public company performance...
Viewpoint Issue 7
Creating Value Part I: Understanding Opportunity
When two companies operate in the same market space, what makes one company more valuable than another? Why does one company sell for a multiple on revenues while another fetches a multiple on earnings? Most importantly, how can you be sure you are focusing your efforts and resources on the factors that will result in your business being courted by multiple buyers and receiving top dollar?March 2006 Monitor
Fresh off of a five day rally, the market has been treading water in anticipation of Ben Bernanke’s speaking engagement at the Economic Club of New York Monday night. Although Bernanke is not expected to reveal much ahead of next week’s Federal Reserve policy meeting, his comments regarding the yield curve and monetary policy will be eagerly....
Viewpoint Issue 6
Selling to Management: Easier Said than Done
In 2005, there were 466 announced transactions where management participated in the buyout of a private company or a corporate spin-off, in addition to 75 “going private” transactions in which the management team of a public company completed a recapitalization of the business that resulted in a buyout of the company’s stock. Nearly three thousand of these types of transactions have been announced in...February 2006 Monitor
Regulatory issues that have prevented the mergers and acquisitions of many utility companies have recently disappeared, thanks to the repeal of the Public Utility Holding Company Act of 1935. Without the regulatory hurdles that used to exist in the industry, activity in the space...
Viewpoint Issue 5
409A: The IRS Alters the Landscape for Deferred Compensation
If you lead a private company, what you don’t know about a new section of the Internal Revenue Code–Section 409A–may hurt you. Equally important, if you fail to meet the standards set up under these new regulations, you could cause major financial pain for the very employees you are trying hard to retain and reward.Janury 2006 Monitor
The end of 2005 marked the second consecutive year of solid M&A activity. The value of ’05 transactions totaled $2.14 trillion, the highest since the 2000 high water mark. We tracked 6,528 middle-market transactions, up from...
Viewpoint Issue 4
HR Issues Can Sink M&A Deals if Not Addressed in Advance
It's the people, stupid. That is rapidly becoming the mantra for both buyers and sellers in the M&A arena. Having mostly taken a backseat to financial considerations when companies changed hands in the past, human resource issues are increasingly recognized as critical to deal successDecember 2005 Monitor
As energy prices continue to dominate the headlines, several large players have made aggressive bets on energy continuing to provide attractive long term gains. ConocoPhillips recently agreed to buy Burlington Resources, a major independent producer of natural gas...
Viewpoint Issue 3
Sox Compliant: To Be or Not to Be, That is the Question
The Sarbanes-Oxley Act of 2002 (SOX) clearly is having a profound impact on the way corporate America is governed and managed. Developed with good intent "“ to elevate governance standards in the wake of flawed practices at public companies such as Enron, WorldCom, and Tyco "“ SOX has been assailed for going too far. That's been especially true for small public companies and those considering IPOs. The Act's section 404 has been particularly notorious, requiring independent audits, written sign-off on the validity of financial results by top officers, and much more.November 2005 Monitor
The dust has finally begun to settle following Refco Inc.’s stunning collapse in October. Man Financial, the brokerage arm of Man Group PLC, acquired Refco LLC’s assets in an auction, following the disclosure its CEO hid...
Viewpoint Issue 2
Making Strategic Investment Work as Part of Your Financing Strategy
There's good news on the corporate venture front. Strategic investment has stabilized after plummeting from the lofty peak it reached in 2000. Now, with earnings under control, many corporations are turning outward, eager to drive growth through strategic investments. So with corporate venture money back on the table and likely to increase over the next few years, the question for emerging technology companies naturally becomes this: Is it time to take a fresh look at adding strategic investment to your financing strategy?October 2005 Monitor
The buyout market has continued its red hot pace, with the $50.5 billion of sponsor backed LBOs completed in Q3 2005 blowing away the next highest quarter, the $46 billion completed in Q4 2004. The 191 deals completed represents a slight decline from...
September 2005 Monitor
Several large firms have made big plays for software firms recently. Oracle continued its recent buying spree by agreeing to acquire Siebel for $5.8 billion and HP announced its acquisition of Peregrine Systems. Oracle, with barely enough time to...
Viewpoint Issue 1
The Bugaboos of Working Capital Adjustments
Mirus launches the first edition of their new online newsletter Viewpoint.August 2005 Monitor
With companies in the S&P 500 sitting on a near record $621.7 billion in cash, high levels of merger & acquisition activity continue. In the wake of NYSE and Nasdaq’s recent acquisitions, regional securities exchanges continue to draw high levels of...
July 2005 Monitor
Dealmakers announced 40% more dollar volume in M&A transactions through the first six months of this year than in the same period last year, with announced M&A increasing from $418 to $587.2 billion. The amount spent on deals in the second quarter rose...
June 2005 Monitor
The availability of capital continues to drive an active M&A market. This year through April 225 public companies in the US have agreed to be bought out at a combined cost of $246 billion. An additional 339 companies started programs to...
May 2005 Monitor
The recent phenomenon of private equity firms cooperating on large acquisitions continues this month with Maytag’s recent announcement that it will be taken private by an investment group led by Ripplewood Holdings LLC in a deal valued at $1.13 billion. Ripplewood and fellow investors...
April 2005 Monitor
M&A activity has shown no sign of retreating from the strong deal market that began in 2004. In the first quarter of 2005 deal activity kept up the pace set at the end of last year with $264 billion worth of deals on 1,906 transactions, compared to...
March 2005 Monitor
Buy-outs are back. In addition to record LBO volumes in the second half of 2004, valuations are going up. Increasingly, valuations are high enough for sellers to enter the market, without being so high as to give buyers...
February 2005 Monitor
Following a flurry of big deals at the end of 2004, M&A activity is off to a strong start, with over $144 billion of deal volume in the first 40 days of 2005, which Thomson Financial indicates is the fastest start since 2000. So far the mega deals of 2005 have been largely about...
Janury 2005 Monitor
Coming off of the busiest December in M&A history ($283 billion in value!), 2005 certainly looks promising. All of the trends that chilled M&A activity in 2002 and 2003 turned positive during 2004. The past year marked...
December 2004 Monitor
Welcome to the Mirus Middle-Market Monitor! For middle-market professionals and executives, staying on top of what happens in the market place is critical....
Mergers, Acquisitions and Consolidation in the Instrumentation Market
Mergers, Acquisitions and Consolidation in the Instrumentation Market
The highly fragmented STE instrumentation industry continues to be consolidated by both large instrumentation conglomerates in the U.S. and Europe, as well as well-financed and aggressive mid-sized manufacturers seeking to buy and combine small niche players at attractive valuations.Knowledge Infrastructure Consolidates as Vendors Vie for the Title
Knowledge Infrastructure Consolidates as Vendors Vie for the Title
Despite the fact that mention of knowledge management to justify an infrastructure investment still draws the "B.S."ť flag, demonstrable results in areas such as sales effectiveness and training have helped rationalize in recent months, the value propositions of vendors whose technology offerings fall under the "Knowledge Infrastructure"ť (KI) umbrella. Management Buy-Outs Revisited
Management Buy-Outs Revisited
As slow economic growth has caused many large organizations to rethink their operational goals, many corporations have been selling off, "spinning out," or winding down underperforming or non-core businesses.The demise of the independent Managed Service Provider (MSP)
The demise of the independent Managed Service Provider (MSP)
It was roughly two years ago that the term 'Management Service Provider' (MSP) was first coined. Long gone are the days that VCs would back these providers of remote IT infrastructure services with tens of millions of dollars.Homeland Defense Venture Funding Analysis 2002
Homeland Defense Venture Funding Analysis 2002
There has never been a better time for companies serving the emerging U.S. homeland defense needs to seek venture capital funding. Companies providing products and services that protect and monitor physical and human assets, the backbone of our government's homeland defense initiatives, have seen a tremendous increase in funding levels this year, a trend that should continue in 2003.M&A Today: Targeting the Middle Market Continuum of Capital
M&A Today: Targeting the Middle Market Continuum of Capital
Mirus was featured in the September 2002 issue of M&A Today. To read this article, download the PDF.Growth and Consolidation in the Homeland Defense Industry
Growth and Consolidation in the Homeland Defense Industry
As lawmakers debate the final make-up of what is soon to be one of the largest government agencies ever created, a new market comprised of companies across many industries is preparing to meet the needs of the new U.S. Department of Homeland Security. The homeland defense industry would benefit from more than $38 billion in government funding earmarked for homeland security next year, an undetermined increase in military technology spending from the private sector for homeland security-related products and services.e-learning - Is this the bottom?
e-learning - Is this the bottom?
As e-learning investors continue to head for the doors, we thought it timely to explore the future of e-learning. What follows is a synopsis of the more comprehensive report that will be released this summer by Mirus' Software Group...Facilities-Based IT Service Providers Are Filing For Bankruptcy
Facilities-Based IT Service Providers Are Filing For Bankruptcy
In 2001 there were more than 50 ASPs, ISPs, Call Centers and Web Hosting companies that filed for bankruptcy in the United States. What do all of these companies have in common? Facilities.Health Industry White Paper
Health Industry White Paper
From drug discovery to care delivery to enabling technology, companies in the health industry are facing an ever more daunting list of market and financial forces. Which companies should partner, merge, license, or divest - and why?Healthcare Providers Expected to Rely on Outsourcing
Healthcare Providers Expected to Rely on Outsourcing
The healthcare sector is expected to be one of the greatest beneficiaries of productivity improvements generated through increasingly automated and integrated processes, creating a particularly strong market for companies offering business process outsourcing (BPO). IDC expects spending for IT outsourcing in the healthcare sector to grow at an annual rate of 25.7 percent.Security Outlook 2002
Security Outlook 2002
RCW Mirus has compiled a comprehensive research report based on sectors within the security industry that, we believe, have the greatest growth potential and overall market impact, including Automatic Identification (Auto-ID), CCTV & Surveillance and Security Services.CRM: Waiting for the Consolidation Ball to Begin
CRM: Waiting for the Consolidation Ball to Begin
Those focused on the enterprise software industry and the Customer Relationship Management (CRM) software space have been left waiting for what everyone has been expecting all along--consolidation. This inevitable dance has been postponed for the better part of three years with the exception of select deals here and there. Why do we view consolidation as inevitable and why has it been delayed so long? These are some of the questions that we will address in this CRM Spotlight. Spotlight on the Security Industry
Spotlight on the Security Industry
RCW Mirus expects consolidation in the security market to accelerate in 2002, as conglomerates look to bolster their security stance and large, pure security plays seek to extend their geographic reach and augment the depth of their products and services.Collaborative Software Beneficiary of Business Desktop Landgrab
Collaborative Software Beneficiary of Business Desktop Landgrab
Simply stated, optimizing the way businesses work, interact, and communicate with employees, customers, suppliers, and other business partners on the web is a priority for decision makers holding the IT purse strings. With research organizations, like The Yankee Group, projecting that corporations stand to save an estimated $11 billion in 2001 and $84 billion in 2005 by improving communication and interaction among employees, customers and extended enterprise partners, we begin to understand why. As a result, the collaborative software space is on track to hit revenues of $2.5 billion in 2001 and is expected to grow to $7.3 billion by 2003, representing a CAGR of 70%. Moreover, despite lower valuations there are an increasing number of M&A transactions and only a slight decrease in the number of private equity financings within the collaboration sector.Small Steel Service Companies and Fabricators Have Fallen on Tough Times in 2001
Small Steel Service Companies and Fabricators Have Fallen on Tough Times in 2001
Small steel service companies and metal fabricators have fallen on tough times in 2001 following several years of strong demand and growth opportunities. Industry consolidators, which were once fueled by strong economic conditions, have slowed their "growth through acquisition" strategy. However, many specialty fabricators and steel service companies are still actively seeking and completing strategic transactions to strengthen their market position.Spotlight on the Electronics Industry
Spotlight on the Electronics Industry
Has the electronics manufacturing industry finally lost its power? The industry enjoyed record growth during 1998, 1999 and into 2000; with many companies reaching over 100% increases in annual top line revenue growth. As the market slowed, companies scrambled to conserve cash and position to survive the shakeout. As a result, mergers and acquisitions have become a survival strategy for many companies while stronger players are using this market downturn to enhance their product offerings through strategic acquisitions.Spotlight On The Embedded Software Industry
Spotlight On The Embedded Software Industry
The embedded software space has seen significant merger and acquisition activity in recent years. While the industry is expected to grow 16% per year through 2004, the consolidation of small and mid-size embedded software firms continues to increase the margin pressure felt by many firms in the industry.Spotlight On The Satellite Industry
Spotlight On The Satellite Industry
The growth of the satellite communication industry has been fueled by booming demand for mobile communication, global positioning service, and broadcasting. According to the Satellite Industry Association (SIA), the commercial satellite industry generated $81 billion in global revenue in 2000, with revenue segmented into four sectors: 1) services 2) ground equipment 3) satellite manufacturing and 4) launching.Spotlight On CRM Industry
Spotlight On CRM Industry
Despite several market and technological challenges, the Customer Relationship Management (CRM) industry is alive and kicking with increased sales and market penetration, moderate investment levels, and increasing M&A activity. Spotlight On the Specialty Food Industry
Spotlight On the Specialty Food Industry
The specialty food segment underwent significant consolidation in 2000. Rapid growth rates in key demographics, including health-conscious consumers, should make the small- and mid-sized acquisitions of niche food companies more profitable in the long run than many of the recent mega-mergers in the industry. Spotlight On the Equipment Leasing Industry
Spotlight On the Equipment Leasing Industry
The U.S. equipment rental industry has seen significant merger and acquisition activity in the last four years. While segments of the industry grew by more than 15% last year, the consolidation of small and mid-size equipment rental companies continues to increase the margin pressures now felt by regional firms. Full Speed Reverse! The Reverse Merger: Backing Into Wall Street's Worst Idea
Full Speed Reverse! The Reverse Merger: Backing Into Wall Street's Worst Idea
One of the options available to small- to medium-sized privately heldcompanies that are looking to raise additional capital or to make acquisitions is
the reverse merger.
Middle Market Tools For Liquidity and Growth
Middle Market Tools For Liquidity and Growth
Mirus created this brief reference guide to help owners of small to medium size businesses understand the tools most commonly used for liquidity and growth. Feel free to download this PDF document.Spotlight on the U.S. Bottled Water Industry
Spotlight on the U.S. Bottled Water Industry
The bottled water industry has seen significant mergers and acquisition activity in the last four years. While industry revenues grew by more than 13% last year, consolidation of small and mid-size bottled water companies continues to increase the margin pressures now felt by regional firms.