Message from the Managing Partners

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.

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.