Virtual - Zoom
Topic: Deals in the Time of the Pandemic – Valuation Challenges and Opportunities
COVID-19 has swept across the globe, accelerating or causing substantial economic dislocation for some businesses, while others are not just surviving but thriving. As with business in general, the uncertainty regarding the pandemic has impacted the deal environment in ways that we are stilling grappling with. However, rapid change gives rise to opportunity for those investors that can be nimble and innovative, and with record “dry powder,” there will be significant pressure to deploy capital. Join us as we discuss ways in which to find bridges to close deals while mitigating uncertainty risk in today’s middle market.
During this webinar, panelists will explore the current challenges and opportunities parties will endure as they approach new deals, negotiations and valuation, including:
- Working Capital Adjustments – Risk Mitigation
- Multiples after COVID
- Current Credit Availability and Turns
- Earn Outs and Increased Equity Roll to bridge valuation challenges
- Market Dislocation / Distressed Deals
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Ryan Udell is a partner at White and Williams and the Chair of the firm’s Corporate and Securities group, as well as Co-Chair of the Private Equity and Venture Capital group. He concentrates his practice on equity and debt financings, mergers and acquisitions, intellectual property counseling and transactions and general corporate issues, with special emphasis on technology focused industries, such as software, healthcare IT, pharmaceuticals, biotechnology, medical technology and those that support such industries.
Ryan is a member of the Philadelphia Chapter of the Association for Corporate Growth and serves on the new member committee. He is also a leading member of the Life Sciences Collaborative – a select group of industry veterans and executives from the pharmaceutical, biotechnology and medical device sectors, and industry service providers who share a common vision of increasing the success of emerging life sciences businesses in the Mid-Atlantic Region.
Founded in 1899, White and Williams LLP is a global-reaching, multi-practice law firm with over 200 lawyers in ten offices. The firm’s business lawyers represent foreign and domestic companies at all stages of development from start-ups to large multi-national public and private companies as well as private equity, venture capital and angel investors. Our lawyers are well versed in aspects of transactional work as well as the ongoing day to day legal needs of our clients, often serving as general outside counsel on regulatory and compliance issues, labor and employment and employee compensation issues, entity formation, licensing and other intellectual property matters, cybersecurity and data privacy, commercial contracts, corporate governance, real estate and real estate finance matters.
Jessica is a Director at LFM Capital and responsible for LFM’s business development activities, including overseeing the firm's direct sourcing and outreach to intermediaries. She brings to the Fund over 11 years of private equity, banking and investment management experience, having served in a variety of roles that include business development, transaction diligence, credit analysis and investor communications.
Prior to LFM, Jessica was a Portfolio Management Officer at Bank of America’s Middle Market General Industrials group in Nashville. She has served as a Vice President at Essex Investment Management where she focused on small market-cap technology stocks and was an Associate at Pamlico Capital (f/k/a Wachovia Capital Partners) and Willis Stein & Partners, where she focused on middle market private equity investments.
Jessica received her BS magna cum laude in Finance and Accounting from Georgetown University.
As Principal with Valesco, Patrick's responsibilities include business development strategy & investment origination, due diligence, transaction structure, and portfolio company monitoring & management. He also has direct involvement with portfolio companies through Board and Advisory Board positions related to corporate governance initiatives such as strategic planning, acquisitions, divestitures, corporate budget & finance, capital management & investment, executive recruitment & development, and corporate growth. Prior to Valesco, Patrick spent more than five years with Amegy Bank N.A. focusing on private equity sponsored transactions and middle market companies across a number of industries. His business development, financial analysis and credit management background working with privately held businesses from the commercial banking and leveraged finance perspective brings a valuable dimension to Valesco's team.
Patrick currently serves on the Executive Board for The Birthday Party Project, a non-profit organization that hosts birthday parties to bring joy to children living in homeless and transitional living facilities. Patrick received his Master of Business Administration from the Southern Methodist University Cox School of Business, with a concentration in Finance. He holds a Bachelor of Science in Business Administration from Trinity University in San Antonio, Texas and was a member of the Trinity University Men's Soccer Team, earning All-America honors.
Robert is a Managing Director and one of our Founding Partners. Prior to starting GreenFront, Robert was Head of BB&T’s Energy Investment Banking group, with oversight for 100+ corporate clients that spanned the entire Energy industry value chain. Under his leadership, BB&T participated in over 300 capital markets and advisory transactions within the Energy space. His experience ranges from Power & Utilities, Oil & Gas (upstream/midstream), and Metals & Mining, all of which complement his increased focus within the Alternative Energy arena. Before BB&T, Robert was a Vice President in J.P. Morgan’s Energy Investment Banking group in New York City. Early in his career, Robert worked for an environmental law firm in San Jose, Costa Rica.
Robert earned his MBA from the Darden School of Business at the University of Virginia, and he holds a B.A. degree from Sewanee: The University of the South.
Mr. Klein has more than twenty years of diverse business and legal transactional experience. Prior to Carriage Hill, Mr. Klein was Managing Director and Group Head of the Business Credit Group at CapitalSource Finance (NYSE:CSE) and a member of the company’s Executive Management Committee. While at CapitalSource, Mr. Klein built the company’s opportunistic and asset-based lending business, creating a national team of originators, investment professionals and underwriters that closed 64 loans with over $1.0 billion in financing commitments.
Prior to starting the Business Credit Group, Mr. Klein originated, structured, closed and managed a myriad of healthcare loans as Director of the Healthcare Finance Group at CapitalSource. Before joining CapitalSource, Mr. Klein was Senior Vice President with GE Capital and its predecessor company, Heller Financial, where he was responsible for managing a team of investment and loan management professionals as he structured, underwrote and closed senior cash flow and asset-based credit facilities to a diverse portfolio of healthcare companies. Prior to GE and Heller, Mr. Klein was a mergers and acquisitions attorney with Skadden, Arps, Slate, Meagher & Flom LLP. Before that, Mr. Klein attended law school at night and held various sales and sales management positions with Baxter Healthcare Corporation and Caremark, Inc.
Mr. Klein has contributed articles to the Asset Based Finance Journal and served as Vice President of the Baltimore-Washington Chapter of the Commercial Finance Association. He holds a J.D. from American University, Washington College of Law (summa cum laude), an M.B.A. from The Pennsylvania State University and a B.A. in economics from Dickinson College.