Message from the Managing Partners
"We thank our clients, and everyone at Bryan Garnier for making 2021 another stellar year, as we enter 2022 with great enthusiasm"
— Olivier Garnier, Managing Partner
In 2021, we celebrated Bryan Garnier’s 25th year as a leading investment bank focused on European growth companies and their investors.
From raising venture capital to taking companies public across Europe and the US, supporting acquisition strategies and advising management buy-outs, to finding the right strategic partner for our clients, we have advised hundreds of European growth companies and their investors focused on healthcare and technology-led sectors, taking a holistic approach to every transaction at each stage of the company’s development.
We believe that our ability to deliver successful outcomes for clients over the long term stems from our partnership culture and a business model that sets Bryan Garnier apart:
An independent investment banking partnership of senior professionals combining entrepreneurial drive with bulge- bracket experience, driven by talent and passion.
Experts in the growth sectors of the economy including healthcare, technology, energy transition and sustainability, nextgen consumer and business and tech-enabled services, providing thoughtful advice based on a deep fundamental understanding of these sectors.
A robust full-service platform that leverages the complementarity of the firm’s three core activities – investment banking, equity research and institutional sales – to provide long-term support to our clients, whether they are entrepreneurs, private equity firms, institutional investors, or corporates, throughout their lifecycle.
In addition to celebrating our 25th year of service for our clients, 2021 was an important year in the history of Bryan Garnier. We have continued to cement our reputation as the market leading investment bank for European growth companies and their investors having led more sector defining transactions and larger deals inside and outside Europe.
With more than 70 transactions closed across Europe and revenues exceeding €100m for the first time in our history, 2021 was another year of great performance and we have continued to excel for clients and investors focused on healthcare and technology-related sectors:
We led more than 30 fundraisings, representing more than €2bn for European private and public growth companies across geographies, from venture capital raisings to direct listings, IPOs, and PIPEs.
We led 26 ECM deals as bookrunner on 6 different European exchanges and Nasdaq in the US.
Bryan Garnier is one of the most active underwriters across European exchanges in our core sectors and we are focused on ramping up our activity in the Nordics and DACH. From a base of zero, we completed 11 ECM transactions in Germany and the Nordics and plan to build on this momentum in 2022.
Ranked as the leading ECM platform for healthcare companies in Europe, Bryan Garnier has capitalised on the continued rise of institutional investment interest in healthcare and helped emerging healthcare companies to raise capital.
Beyond Tier 1 global institutions, leading strategic investors such as Rubis, Palantir, Vitol, Terega and many more participated as cornerstone investors in IPOs and follow-ons led by the firm.
We closed 6 later-stage private placements for some of the most high-profile European technology companies, with participation from US, European and Asian investors.
Our M&A teams led 35 transactions across Europe with global counterparts, including strategic buyers and financial sponsors such as TA Associates, Eurazeo, Nordic Capital, Goldman Sachs, HG Capital, Blackrock, Apax, Montagu and Equistone.
We cemented our leadership of mid-market M&A transactions, particularly within the technology and software sectors.
We are uniquely positioned to capitalise on the opportunities arising in the Nextgen Consumer sector, which has undergone fundamental change over the last six years and our clients have continued to benefit from our unparalleled insights into what is driving this transformation.
"The firm has continued to showcase how we approach investment banking with meaning and purpose and continue to fulfill our mission of investment banking for a better future."
— Greg Revenu, Managing Partner
Since 1996, we have been focusing on providing a favourable ecosystem for the most innovative European growth companies to thrive and positively impact our future.
Since the firm’s foundation, we have backed some of the most innovative and disruptive European growth companies shaping the future of our economy. From mRNA to insect-based alternative proteins, from plastic recycling to green hydrogen, from exoskeleton to nanosatellites, from blockchain to smart grid management, from AI-based and SaaS software to cybersecurity, we have relentlessly been at the forefront of innovation. In 2021, the cumulative capitalisation of the ten largest companies that we supported on their journey from start up to global champion represents close to €200bn of market capitalisation.
As well as delivering record results, the firm has continued to showcase how we approach investment banking with meaning and purpose and continue to fulfil our mission of investment banking for a better future.
Over the last 25 years, we have invested in our know-how and supported clients focused on accelerating the energy transition and sustainability; during 2021, our energy transition and sustainability team raised more than €1bn of capital on the private and public markets to finance the growth of some of the most disruptive companies in the sector.
In 2021 Bryan Garnier led the €100m fundraising for Agronutris, a leading European insect based alternative protein.
Over the last six years, Bryan Garnier has pioneered investment banking for the green hydrogen market, and continues to lead the European ecosystem around hydrogen: following the McPhy Energy IPO and €180m follow-on on Euronext in 2020, Bryan Garnier led the HDF Energy €110m IPO on Euronext Paris, the Enapter €30m follow-on on the Frankfurt stock exchange, and Cell Impact’s SEK349m underwritten rights offering on Nasdaq First North in 2021.
We led growth financing rounds for the earth and environment monitoring satellite companies Kayrros and Astrocast.
Since the bank’s foundation, Bryan Garnier has raised millions of euros to support the development of life saving treatments and ground-breaking solutions that help to transform people’s lives for the better.
Bryan Garnier has pioneered investment banking for the mRNA sector, backing companies such as Moderna and BioNTech and more recently Valneva in its US listing on Nasdaq.
We led a $45m fundraise for Wandercraft, a company developing a revolutionary exoskeleton enabling paraplegics to walk independently.
Throughout 2021, the firm attracted high quality bankers to its platforms across products and geographies, underscoring Bryan Garnier’s status as an employer of choice for talented individuals and teams who want to play an exciting role in the development and success of companies and investors that are committed to driving positive change.
We enter 2022 with huge excitement, passion, and ambition, as we embrace the favourable tailwinds that will continue to create growth opportunities for our clients and for the firm, including:
The continued digitalisation of the economy, rising demand for healthcare solutions, the urgency to decarbonise our economy and decelerate climate change.
The tremendous public and private capital flows into our core sectors.
The increased capabilities of the firm as we continue to deepen and broaden our sector expertise and geographic reach.
We feel proud to say that Bryan Garnier is unique in Europe. We serve some of the most innovative European companies that are driving fundamental change in their sectors, and we are by their side at every stage of their development, with the support of our robust full-service platform and our holistic approach to every transaction. Our purpose is clear and there has never been a more exciting time for our clients and for our firm.
We will continue to review targeted acquisition opportunities and strategic combinations and we remain committed to expanding our partnership and welcoming new partners across all our sectors.
Bryan, Garnier & Co announces record revenues as investment in sustainability continues to gather pace
London, 23 February 2022 – Bryan, Garnier & Co, the leading independent investment bank for European healthcare and technology-led companies has announced record revenues in the firm’s 2021 Activity Report, Investment Banking for a Better Future. (https://bryangarnier.com/activity-report-2021-investment-banking-for-a-better-future/)
The report also highlights that 85% of the €2.75bn of capital raised for clients in 2021 was for companies that are actively working to improve human health and to help the fight against climate change. The firm completed over 70 transactions for companies and investors, many of which are focused on solving some of the most important challenges facing the world today across healthcare, sustainability and the energy transition. The firm completed 35 M&A transactions with leading private equity investors and global corporations and acted as bookrunner for more than 35 growth financings, from later stage private placements to IPOs and follow-ons, on six different European stock markets and on the US Nasdaq.
Olivier Garnier, Managing Partner of Bryan Garnier said:
“We are thrilled to share this report marking what has been a fantastic year for the firm. Since founding the firm 25 years ago, our purpose has been to provide capital and strategic solutions to companies and investors that are disrupting the status quo and have a positive impact on our health, how we live, how we consume and the world around us. Investment banking for a better future continues to be our mission and the sectors that we serve are experiencing unparalleled traction and making more of an impact than ever before.
In addition to celebrating 25 years of service to our clients, 2021 was an important year in the firm’s history having led more sector-defining transactions and larger deals inside and outside Europe.”
Greg Revenu, Managing Partner of Bryan Garnier said:
“The firm has continued to showcase how we approach investment banking with meaning and purpose and continue to fulfil our mission of investment banking for a better future. It is what motivates us as bankers and what makes Bryan Garnier a unique place to work.
Enabling the success of some of the most innovative companies in Europe and their investors is core to our purpose and we thank our clients who continue to choose us as their trusted long-term partner.”
In 2021, Bryan Garnier also welcomed Clifford Siegel to the firm as Chairman.
Cliff Siegel, Chairman of Bryan Garnier said:
“Despite the obstacles of the ever-shifting Covid landscape, financial markets and investment banks have delivered strong performances, and in the midst of such a buoyant year, Bryan Garnier has continued to distinguish itself as a world-class investment bank. This report is a celebration of the many extraordinary accomplishments across the firm over the last year, underscoring the power and opportunity of our platform for our clients and for our people.”
Media Contacts
Desiree Maghoo, Questor Consulting
dmaghoo@questorconsulting.com
07772255740
Sophie Mills, Questor Consulting
smills@questorconsulting.com
07971406258
Activity Report 2021: Investment Banking for a Better Future
In celebration of our 25th Anniversary and record-breaking performance, we are excited to announce the publication of our 2021 Report, Investment Banking for a Better Future.
In a landmark year for Bryan Garnier, our revenues reached €100m, and we completed over 70 transactions throughout Europe, including 35 M&A deals with leading private equity investors and global corporations. We acted as bookrunner for more than 35 growth financings, from later stage private placements to IPOs and follow-ons, on 6 different European stock markets and on the US Nasdaq.
We promoted 11 Managing Directors across the firm and elected two new Partners to the partnership in 2021, perfectly positioning the firm to continue its long-term growth trajectory.
In 2021, approximately 85% of the €2.75bn of capital we raised for our clients, was for companies that are actively working to improve human health and to help the fight against climate change. Enabling the success of some of the most innovative companies in Europe and their investors is core to our purpose and we thank our clients who continue to choose us as their trusted long-term partner.
Critical Protection : Exploring the growing market for Operational Technology (OT) Security
In the past two decades, the digitization of business and daily life has led to the emergence of several new players in the cybersecurity market. Industries have been going through a similar phase of digitization, which has blurred the lines between IT and operational technology (OT) as OT has been brought online. The resulting “cyber-physical” systems have created many vulnerabilities and risks that are difficult to identify in these highly complex environments. In response, a new generation of specialized security players that natively support converged IT/OT environments is now emerging to fend off the threats faced by industrial players.
All the planets in the OT cyber security market – regulatory, market awareness, availability of new solutions – appear to have now aligned for it to reach its potential. Stakeholders are faced with two key issues in the coming five years: first, adopting new OT security solutions that offer strong capabilities in asset identification, network visibility and continuous risk monitoring; and second, dealing with the talent shortage plaguing cybersecurity – and even more so OT security – due to the specific skillset it requires. This will drive up demand for managed OT security services and also for solutions that have strong automation capabilities
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Welcome to Strahinja Ninić has joined Bryan Garnier & Co as Director in Investment Banking
Strahinja Ninić
Investment Banking
Bryan, Garnier & Co, a leading pan-European investment bank focusing on growth companies, is delighted to announce that Strahinja Ninić has been appointed as Director in Investment Banking.
Strahinja joined Bryan, Garnier & Co in January as Director in the Energy Transition & Sustainability investment banking team, with the objective to further reinforce BG&Co expertise within the Alternative Proteins landscape, Food & AgTech and Sustainability by bringing industry perspective and a long transaction experience in the F&B space.
Prior to joining Bryan, Garnier & Co, Strahinja spent 9 years at Danone, a global food company and an industry leader in health and sustainability, as part of their corporate M&A and Waters strategy teams, based in Singapore and Paris. During his time at Danone, he gained extensive industry experience and a strong exposure to sustainability and innovation challenges in the food & beverage sector. Prior to Danone, Strahinja spent 5 years in the European M&A execution teams of BNP Paribas CIB.
Welcome to Kevin Rolland & Will Jungman who have joined Bryan Garnier & Co’s Equity Capital Markets team
Kevin Rolland
Equity Capital Markets
Kevin joins Bryan, Garnier & Co as Vice President – Equity Capital Markets.
Prior to joining the firm, Kevin spent 6 years in the Investment Banking division of TP ICAP where he had the opportunity to execute several ECM & DCM deals in various sectors including Software, Gaming, Real Estate, Retail and Technology. Prior to this, he spent 4 years as an M&A associate for an independent corporate finance boutique in Paris and London, DragonKnight Advisors. Kevin holds a Master’s degree in Banking & Corporate Finance from Toulouse Business School.
Will Jungman
Equity Capital Markets
Will joins Bryan, Garnier & Co as Vice President – Equity Linked Solutions.
Prior to joining the firm, Will served as consultant to Bryan Garnier during which he executed several ECM and DCM deals across the Technology and Healthcare sectors. Will has a structured finance background, having spent five years working with UK property developers and operators, including SquarestoneHUB in London, as well as in finance for Georgia-Pacific, a major American consumer product company. Prior to his career in structured finance, he also spent 2.5 years with Deloitte Consulting’s Finance practice. Will holds an MBA from the Wharton School and a Bachelor’s in Economics from the University of Virginia.
Welcome to Cyrille Serve who joins Bryan, Garnier & Co as Managing Director for Business & Tech-Enabled Services
Cyrille Serve
Investment Banking
We are delighted to announce the arrival of Cyrille Serve who joins Bryan, Garnier & Co as Managing Director for Business & Tech-Enabled Services.
London, December 2021 – Bryan, Garnier & Co, a leading pan-European investment bank focusing on growth companies, is delighted to announce that Cyrille Serve has been appointed Managing Director at the firm.
Based in London, Cyrille will help further drive Bryan, Garnier & Co’s Business Services franchise across Northern and Western Europe.
Cyrille, 43, has had a 20-year career in M&A gained at Commerzbank / Dresdner Kleinwort, spent mostly in London.
In his first decade, he worked in the Italian, Food Consumer Retail, Russian and General Industrial M&A teams. Most recently, he specialised in support services with a focus on mid-market cross-border transactions in Continental Europe.
Over the 2 decades, Cyrille has worked on projects for a wide range of European clients including Aliaxis and Tessenderlo (Belgium), Engie and Vinci (France), Commerzbank and DKV Mobility (Germany), AFK Sistema and Razgulay (Russia) and Forth Ports and Pamplona Capital (UK).
Cyrille holds an MSc in Management (Grande Ecole) from HEC Paris where he majored in Finance. In parallel to HEC, Cyrille read History at Panthéon Sorbonne where he gained a BA.
Welcome to Abhijit Kunte and Kanak Sharma who have joined Bryan Garnier’s Technology team
Abhijit Kunte
Investment Banking
Abhijit joined Bryan, Garnier & Co in 2021.
Previously, Abhijit worked as an AVP at Technology Holdings and as a Manager in corporate development at Tech Mahindra Limited.
Abhijit has completed various transactions including the sale of Nielsen+Partners to Larsen and Toubro Infotech and acquisition of Pininfarina S.p.A. by Tech Mahindra.
Abhijit holds an MBA from the Bond University in Australia and is a CPA (USA).
Kanak Sharma
Investment Banking
Kanak joined Bryan, Garnier & Co in October 2021 as Associate in the Technology team.
She has gained experience as an M&A Banker at IEG-Investment Banking Group and as a consumer tech investor at Nucom (Joint company of General Atlantic & ProSiebenSat.1). During her career, she has developed a knowledge of various sectors including Fintech, Clean Tech, B2B logistics, Proptech/ Real estate tech & E-commerce.
She holds a bachelor’s degree in economics & Statistics.
Behind the scene : the stake of private growth financing in the client lifecycle approach of Bryan, Garnier & Co
Behind the scene : the stake of private growth financing in the client lifecycle approach of Bryan, Garnier & Co
As most of you know, supporting European growth companies by raising private growth capital has been a pillar of Bryan, Garnier & Co strategy since 1996, when I left the venture capital industry to co-found the first European growth investment bank.
Deep roots in the private capital markets
Inspired by the critical role played in the US venture ecosystem in the 80s and 90s by the four Horsemen (the HARMs, namely Hambrecht & Quist, Alex Brown & Sons, Robertson, Stephens & Co, and Montgomery Securities), and a strong belief that European innovation and growth communities needed highly specialized investment banks to sponsor the most promising disruptive growth companies throughout their lifecyle, providing them with strategic insights, access to private capital, taking them public, advising them on acquisitions or selling them at the best time, we started our journey by pioneering the later stage growth financing market in Europe.
More than two decades of commitment to private growth companies
Since 1996, Bryan, Garnier & Co has led close to 200 later stage venture and growth capital rounds, raising close to € 5 billion of financing for European companies. Since 1996, we have kept the same mindset, a relentless commitment to back entrepreneurs and support their companies for the long run, in good and tough times, with, as only tie, the necessity to keep their trust and confidence. Whether they thrive or face adversity, we keep on investing our time and efforts, providing our insights and expertise to help grow the companies we sponsor, as their long term success is the fuel of our own expansion. Amongst the companies we have backed, a number have become unicorns, and some are today leading players of their markets with dozens of billions of market caps.
During this journey we have accumulated an unparalleled knowledge and experience, in terms of transaction scope – from series B, C and beyond, to pre-IPO, crossover rounds, direct listings, cornerstoned IPOs or PIPEs, across the range of equity and equity linked securities.
We have raised capital throughout geographies – EMEA, Americas and Asia- and asset classes – conventional investors such as VCs and growth capital investors, as well as non-conventional investors such as corporates, hedge funds, pension or sovereign funds and family offices.
Over the past few weeks, we announced the closing of a €100m series B for Agronutris, a leading insect-based alternative-protein player which benefited from the first private investment of European ESG asset manager Mirova, we closed a €65m PIPE for Claranova with Susquehanna’ Heights Capital, or conducted the $40m privately placed listing on Euronext Oslo of leading LEO satellite constellation Astrocast with Adit Ventures and Palantir amongst others.
Expansion of the asset class drives higher stakes and higher complexity
Over the recent years, as venture and growth capital was outperforming private equity buy-outs, massive amount of capital flowed to the market, providing the opportunity for private companies to secure more capital than ever, enabling them to pursue their development to a much higher level of ambition than before : during the past 12 months, average series C rounds have tripled in value reaching on average $75m , while series D and beyond are now above $155m.
With the increase in size of the rounds comes the increase of sophistication, in the number and the nature of investors syndicated in the rounds, in the structures of the financings, in the transaction processes and the scope of due diligences, in the terms of corporate governance.
The blurring of the frontier between private and public capital markets, from the amount of capital available, to the increased diversity in the profiles of investors (increasing number of public equity asset managers, corporates, hedge funds and crossover investors venturing in the private asset class), has also increased the scope of financing alternatives.
Private and public equity capital markets are solutions to the same issue : financing growth
The remarkable performance of the European and US equity capital markets for growth companies over the past 15 years nourished by the underlying secular transformation trends of the economy (digitalization, health and care, energy transition, sustainability), have increased the appetite for risk and performance of the public equity investors, demonstrated by the massive expansion in number and value of biotech, new energy, fintech, newspace, alternative proteins, cannabis… companies over the past 5 years, enabling highly disruptive issuers to access to significant sources of liquidity at a quite early stage of their development.
Standing at the crossroads of growth financing solutions
Entrepreneurs and companies are today living in an environment of high expectations with a lot at stake : The experience accumulated as one of the most active underwriter of public offerings (IPOs and follow-ons) for tech and healthcare European growth companies in all key European stock markets and on the US Nasdaq, combined with our longstanding involvement in the venture capital ecosystem gives us an unparalleled ability to support European growth companies at all stage of their development, providing them unbiased guidance to best navigate through these fast evolving private and public equity financing environments.
Industry in the Digital Age
Tuesday 30 November 2021 | 09h – 18h CET
Industry in the Digital Age
Industry 4.0 is set to take a giant leap in the next decade as Western leaders contemplate the relocation of manufacturing capacity on national soil requiring intelligent, hyperconnected, and flexible industrial sites, a new paradigm enabled by the rise of new technologies.
Our conference will gather executives from companies enabling this paradigm shift, revealing insights into the future of the industrial world.
Registration
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