Activity Report 2022
The year 2022 presented significant economic challenges, including geopolitical crises, inflation resurgence, the end of easy monetary policies, and soaring energy prices. These factors, combined with the war in Ukraine, resulted in the most severe equity and bond market declines witnessed in a generation. As a consequence of the market correction, the SPAC boom came to an end, leaving numerous growth companies struggling to survive due to their inability to raise capital, despite meeting their growth targets.
Despite these turbulent conditions, the bank successfully shifted its focus in equity fundraising towards the private markets, leveraging its capability to provide clients with access to US capital. This strategic move led to a doubling of revenues in this area of the business. The bank’s strong performance in these sectors compensated for a decline in ECM activity, enabling it to outperform its competitors in the bulge-bracket investment banking sector, where revenues were down by 30-50% across the board. The strengthened pan-European presence of Bryan Garnier empowered the company to concentrate on regions where it can generate value.
Bryan Garnier’s full-service platform allowed for a shift towards more profitable markets and continued expansion of its team. The addition of managing directors across various groups, including private placement, healthcare, energy transition, business and tech-enabled services, as well as debt and equity-linked capabilities, contributed to the company’s growth. In 2022, the company’s M&A teams executed 38 transactions, up from 33 the previous year, resulting in over a 40% increase in revenues in this unit. This accomplishment further solidified the company’s leadership in mid-market M&A, particularly in technology and software sectors. Additionally, Bryan Garnier reinforced its BG IRIS team with over 20 analysts who consistently discover disruptive and investable themes within healthcare and technology-related sectors, providing clients with valuable, evidence-based insights.
The company’s commitment to a holistic approach in every transaction and at each stage of a company’s development has yielded exceptional results for its clients in 2022.
Bryan Garnier expands its Investment Banking Team with the addition of Nicolas de Quincerot
Nicolas de Quincerot
Investment Banking
LONDON AND PARIS, 25th April 2023 – Bryan Garnier & Co, the leading investment bank for European healthcare and technology-related companies has announced that Nicolas de Quincerot has joined the firm as a Managing Director. Nicolas joins the Business and Tech-Enabled Services investment banking team in Paris, where he will play a key role in deal origination and execution.
Nicolas was previously Managing Director with Degroof Petercam Investment Banking, advising clients such as Private Equity Houses, Entrepreneurs, and Families. His role included both M&A and Debt Advisory services. Nicolas’s previous experience includes roles within Rothschild & Co, Credit Agricole CIB and Deloitte where he gained an extensive exposure to Mid and Upper-Mid Cap transactions involving private and listed companies. In terms of sector coverage, he focused on Business and tech-enable Services with long standing experience in subsectors such as, health services, logistics and engineering with clients such as Engie, Vivalto, Siparex, Capza, Equistone, 21 Invest, Ardian or NCI. Nicolas holds an MSc in Management from ESCP Business School and a Master of Arts in Finance from the University of Reading in the UK.
Guillaume Nathan, Partner and Head of Bryan Garnier’s Business and Tech-Enabled Services team said: “We are thrilled to welcome Nicolas to our team at Bryan Garnier & Co as a Managing Director in the Business and Tech-Enabled Services investment banking team. Nicolas’ expertise in the areas of health services, logistics, engineering, education, and training ensures that our clients realize optimal deal outcomes both in terms of valuation and fit. We look forward to working together to achieve our team’s ambitious strategic goals and continue helping European growth companies reach their own. We look forward to working together to achieve our team’s ambitious strategic goals and continue helping European growth companies reach their own.”
Nicolas de Quincerot, Managing Director at Bryan Garnier said: “I am delighted to be joining Bryan Garnier to advise growth companies in transforming sectors in Europe, leveraging on the bank’s deep sector expertise. I look forward to supporting the team in further developing origination and structuring transactions to the best interest of clients.”
Nicolas is one of several strategic hires made by the Bank over the last two years. Bryan Garnier has increased its total headcount by almost 16% in over the past couple of years.
Alongside Business and Tech-Enabled Services, Bryan Garnier’s core sectors include Healthcare, Energy Transition and Sustainability, Software, Industrial Tech and NextGen Consumer. Bryan Garnier’s mission of investment banking for a better future continues to drive the firm as it backs ambitious companies and their investors that are providing solutions to some of the world’s most important challenges.
Navigating the ever-evolving advertising landscape: Performance-based advertising needs are driving a sizzling M&A market
PARIS | LONDON | April 14th, 2023 – BG IRIS, Bryan Garnier’s research platform, is pleased to release the “Navigating the Ever-evolving Digital Advertising Landscape: Performance-based advertising needs are driving a sizzling M&A market” white paper, a comprehensive analysis of the digital advertising industry trends and M&A market activities.
As rapid technology advancements lead us into the digital age, digital advertising has become ever more important for businesses to reach and engage with customers. Performance-based advertising needs are fuelling the hottest trends in the advertising industry as advertisers increasingly demand that their marketing investments deliver measurable results. Paid search and social media remain popular advertising formats, while high-impact digital video continues to gain traction. Advertisers are also exploring immersive technologies like Augmented Reality (AR) and Virtual Reality (VR) to create more engaging experiences. 2022 witnessed a thriving M&A scene in the Digital Agency, Agency Services, MarTech and Content Creation sectors, and the market remains vibrant thanks to all types of consolidators, including agencies, consultancies and private equity funds.
Discover Bryan Garnier’s latest white paper to get a holistic view of the top trends driving the industry growth, as well as challenges brought by increased scrutiny on data privacy. Learn about the key factors that will shape the future of the digital advertising industry and gain valuable insights into the active consolidators in the M&A market. Contact your Bryan Garnier representative if you would like to speak to the author, Shuo Wang.
Shuo Wang
Equity Research
Falk Mueller-Veerse, Partner & Head of DACH at Bryan, Garnier & Co, presided the selection panel of the Tech Tour Growth50 for the 2023 edition
15 March 2023 | IN BG&CO BUSINESS NEWS
Bryan, Garnier & Co, the leading investment bank for European healthcare and technology companies, has partnered for the Tech Tour Growth Europe 2023 edition. Falk Mueller-Veerse, Partner & Head of DACH at Bryan, Garnier & Co presided over the selection panel of the Tech Tour Growth50, the prospective list of Europe’s future unicorns.
As a means of spotlighting the most promising European technology companies, Tech Tour announced the 2023 edition of the Tech Tour Growth50, the prospective list of Europe’s future unicorns covering the Digital, Healthcare and Sustainability sectors.
This year’s list, carefully selected by a panel of nearly 90 investors, was presided by Falk Mueller-Veerse, Partner & Head of DACH at Bryan, Garnier & Co. The list highlights 50 companies from a pool of over 300 shortlisted companies valued between €100m and €1bn.
The Growth50 list and statistics offer valuable insights into the positive trends and underlying structural problems for Europe’s digital entrepreneurship and investment environment. You may access the event link to know more about the Tech Tour Growth50 data: Tech Tour Growth50.
We are honored to be a partner to the Tech Tour Growth Europe for the 2023 edition and look forward to celebrating the success of Europe’s most promising tech companies.
Sourcing it up: Growth opportunities in the TIC sector
PARIS | LONDON | March 14th, 2023 –BG IRIS, Bryan Garnier’s research platform, is pleased to release “Sourcing it up: Growth opportunities in the TIC sector” – an in-depth analysis of the global TIC sector: a resilient market driven by ongoing outsourcing and favorable regulatory trends, as well as poised for accelerating M&A activity.
Bryan Garnier’s latest white paper takes a deep-dive into the Testing, Inspection, and Certification (TIC) sector, which has shown remarkable resilience, growth, and adaptability during the pandemic. We expect growth to accelerate, driven by tailwinds from three secular trends: increasing demand for ESG solutions, industrial relocation, and technological & digital transformation. Mergers and acquisitions are a key strategy for TIC companies to achieve higher growth, with competition from regional competitors and Private Equity firms accelerating M&A activity in the sector.
Discover our latest white paper to gain valuable insights into the TIC sector, make informed investment decisions and find out how mergers and acquisitions can drive growth in this fragmented market with vast opportunities. Contact your Bryan Garnier representative if you would like to speak to the author, Yizhi Long.
Ysée Long
Investment Banking
Lhyfe IPO wins Sustainable Equity Issue of the Year at IFR Awards 2022
The IPO of green hydrogen company Lhyfe has won Sustainable Equity Issue of the Year at the prestigious IFR Awards. Bryan Garnier acted as Joint Global Coordinator and Joint Bookrunner to Lhyfe on its landmark €118m IPO on Euronext Paris in May 2022.
The winners were announced on 10 February 2023, with an awards ceremony taking place in London on 27 March 2023.
IFR noted the challenging market conditions in which the IPO was executed, less than a month after the outbreak of war in Ukraine, although EU’s renewed focus on energy security had helped to “underscore the importance of its [Lhyfe’s] unique equity story”.
Despite volatile market conditions, the IPO was launched with three cornerstone investments from institutional and strategic investors, representing between €32m and €39m, the largest of which was from strategic investor Energias de Portugal Renovaveis (EDPR) who committed €25m.
Matthieu Guesné, Founder and CEO of Lhyfe said:
“We are extremely grateful to our deal team at Bryan Garnier. Their extensive relationships with strategic and institutional investors were invaluable to this process, which helped to ensure the success of Lhyfe’s IPO. In addition to a fantastic roster of long-only investors, having EDPR as a cornerstone investor will help us to accelerate the development of industrial projects and strengthen our position as a leading producer of green hydrogen in Europe and beyond.”
Fundraisings over €100m for energy transition companies are rare. This transaction demonstrates Bryan Garnier’s leadership in the Energy Transition and Sustainability sector, with six fundraisings above €100m in the last two years.
Software and SaaS valuations: When quality matters more than ever
PARIS | LONDON | February 15th, 2023
Bryan, Garnier & Co’s software research team is pleased to release Software and SaaS valuations: When quality matters more than ever – an in-depth analysis of the recent correction in SaaS valuations and its impact on software and SaaS M&A transactions, IPOs and private fundings.
SaaS valuations have corrected beyond the necessary. In the US, listed SaaS players now incur a discount on sales multiples versus the broader software sector. This comes despite continued healthy revenue growth rates and the general resilience of the subscription model in economic downturns. On the other hand, 2022 was a record year in terms of Software M&A. While bear stock markets have made strategic acquirers more cautious in their M&A ambitions, the number of deals initiated by private equity funds has surged, and M&A multiples paid have not seen the same correction as those of listed players. Finally, the rare recent SaaS IPOs have not obtained the valuation they deserved, making it more difficult for private equity and venture capital funds to IPO their SaaS holdings, and funds raised by unlisted SaaS vendors have plummeted in value. However, if fundings above USD200m have disappeared, the market for fundings below USD200m on SaaS companies is recovering.
Bryan Garnier’s latest white paper reviews the valuation opportunities in the software sector, as well as challenges for software vendors migrating to SaaS and subscriptions. Read this report to learn about the key trends that will shape the software market, and understand why we consider the currently low valuation multiples in the software industry provide further opportunities for M&A and fundings. Contact your Bryan Garnier representative if you would like to speak to the author, Gregory Ramirez.
Request the report
Please complete the form below to receive the report.
A vibrant market for M&A : Engineering and R&D Services
PARIS | LONDON | February 14th, 2023
Bryan, Garnier & Co technology equity research team is pleased to release A vibrant market for M&A: Engineering and R&D Services Update which takes a deep dive in market drivers, valuation issues and M&A in the Engineering and R&D Services industry.
Though the economic slowdown is here, the Engineering and R&D Services market has solid demand drivers in all industries thanks to structural changes pushing organisations to accelerate innovation: Industry 4.0, the will to reduce dependence on certain countries or certain suppliers, the implementation of sovereignty programmes, and the impact of environmental policies. Valuation multiples for listed Engineering and R&D Services firms look to have reached a trough, and players in this market have never been so cheap since 2019 and 2015-2016. In parallel, there is a vibrant market for M&A and private equity investment: the consolidation game is ongoing, and an increasing number of private and PE-backed Engineering and R&D Services firms are building up through acquisitions.
Bryan Garnier’s latest white paper reviews the business opportunities in the Engineering and R&D Services sector, as well as challenges for the industry. Read this report to learn about the key trends that will shape the Engineering and R&D services market, and understand why we consider the currently low valuation multiples in the Engineering and R&D Services industry provide further opportunities for M&A. Contact your Bryan Garnier representative if you would like to speak to the author, Gregory Ramirez.
Bryan Garnier Announces Pierre-Georges Roy as a Partner in Its Investment Banking Team
Pierre-Georges Roy
Investment Banking
NEW YORK, LONDON AND PARIS, 8 February 2023 –
Bryan, Garnier & Co, the leading investment bank for high growth Tech and Healthcare companies has announced that Pierre-Georges Roy has joined as a Partner in its US investment banking team.
Based out of New York since 1997, Pierre-Georges (“PG”) brings to the role more than two decades of experience advising on M&A and late-stage fundraising transactions for both US and European fast-growing Tech & Healthcare companies. He will contribute his extensive coverage of U.S. strategic and financial investors to the firm and will help enable a world-class, global investment banking team that has delivered over 300 transactions successfully for clients on both sides of the Atlantic since 2020.
Prior to Bryan Garnier, PG was a Partner for 17 years at M&A advisory firm Results International, sector specialist covering Tech & Healthcare companies. Prior to Results, PG led an investment team at New York hedge fund The Zanett Group, making buy-out investments in US tech firms. PG is a law graduate from McGill University in Canada.
Greg Revenu, co-founder and Managing Partner of Bryan Garnier, said: “With PG’s deal experience and extensive relationships with North American strategic buyers and Private Equity firms, we will add both to our U.S. execution capabilities and to our buyer and investor access for our clients both within the United States and in Europe, and will continue on our mission to offer first class credentials and capabilities on both sides of the Atlantic, enhancing our position as a premier, global full service investment banking firm”.
About Bryan, Garnier & Co
Partner-led and owned, Bryan Garnier is one of the world’s premier independent full-service investment banks for high growth healthcare and technology-led companies and their investors. Clients benefit from our relentless commitment to their long-term success, unparalleled insights into these strategically important sectors and strong relationships with investors – from private equity and venture capital to institutional and strategic investors across the US, Europe, and Asia.
As a sector driven investment bank, our advice is rooted in deep industry knowledge with a global perspective, and clients benefit from our full-service platform and product expertise that will accelerate their long-term success.
MEDIA CONTACTS
Desiree Maghoo, Questor Consulting
dmaghoo@questorconsulting.com
07772255740
Sophie Mills, Questor Consulting
smills@questorconsulting.com
07971406258
Bryan Garnier Expands Its Business and Tech-Enabled Services Investment Banking Team with the Addition of Eric Madar
Eric Madar
Investment Banking
LONDON AND PARIS, 31 January 2023 – Bryan Garnier & Co, the leading investment bank for European healthcare and technology-related companies has announced that Eric Madar has joined the firm as a Vice President. Eric joins the Business and Tech-Enabled Services investment banking team in Paris, where he will play a key role in deal origination with a particular focus on IT and engineering services, reinforcing the Bank’s leadership within this sector.
Eric’s previous roles include M&A Director at Segula Technologies, where he led the M&A Department and was very active on deal origination, and M&A analyst at Atos Worldline. Eric has over 10 years’ experience in corporate M&A within large companies, leading both domestic and cross-border M&A transactions from end-to-end. He has executed small to large cap deals across Europe, the US and Australia, involving companies that provide IT/Engineering services for a range of sectors including energy, healthcare and automotive sectors. Eric holds an MSc in Management with a major in M&A and strategic alliances from Audencia Business School in Nantes and studied Corporate Finance within University of Cincinnati in the US.
Guillaume Nathan, Partner and Head of Bryan Garnier’s Business and Tech-Enabled Services team said: “Having worked at a number of major corporates, Eric brings with him deep sector knowledge that will ensure our clients continue to benefit from expert sector-specific advice. His CEO relationships across the international IT/Engineering services ecosystem are unparalleled. Eric’s addition to the team supports our strategic ambitions, as we continue to lead in this important sector in Europe.”
Eric Madar, Vice President at Bryan Garnier said: “I am delighted to be joining Bryan Garnier to focus on deal origination and execution. I look forward to supporting clients across the European IT/Engineering services industry and leveraging Bryan Garnier’s full-service platform and access to US and European capital in order to deliver results for companies across this sector.”
In October 2022, Bryan Garnier’s Business and Tech-Enabled Services team advised full-service management consultancy Braincourt on its sale to Capgemini, global leader in consulting, technology services and digital transformation, demonstrating the Bank’s leadership in this space.
Alongside Business and Tech-Enabled Services, Bryan Garnier’s core sectors include Healthcare, Energy Transition and Sustainability, Software, Industrial Tech and NextGen Consumer. Bryan Garnier’s mission of investment banking for a better future continues to drive the firm as it backs disruptive companies and their investors that are providing solutions to some of the world’s most important challenges.