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Maximising Value Creation 3-4 June 2014
BVCA Professional Development Programme
2 day course, at:
Reed Smith LLP The Broadgate Tower 20 Primrose Street London EC2A 2RS
CPD Accredited 13 learning hours
Course Details
Why you should attend
This course will include approaches to strategy and assessing scope to create value through the following
methods: repositioning, change in business models, organic revenue growth and management change.
During the course, participants will discuss and analyse the strategies of a variety of investments, covering:
Managing value through strategy
Managing change & risk
Frameworks for strategic context of investee companies
Key performance indicators
Assessing management, organisational culture and management change
Strategies and key value creation factors in venture capital
Target Audience
Many industry professionals will benefit from the themes of this course, including:
Portfolio managers
Investment professionals
Board members of investee companies
Consultants
Management
Dress Code
Dress is smart/casual for the duration of the course.
Equipment
Copies of the presentation slides are provided on the day, along with pens and note paper.
You will not need a computer for any course sessions; however you may wish to bring a calculator.
Programme
DAY ONE
8.30 Registration and coffee
9.00 Introduction/Objectives
Heather Lightbody - Course Director
9.20 Approaches to Strategy
Assessing scope to create value through one or more of:
o Rebranding
o Repositioning
o Change in business model
o Organic revenue growth
o Bolt-on acquisitions
o Management change
Case study: Key Performance Indicators
Case study: Contrasting value creation strategies
Heather Lightbody - Course Director
10.45 Approaches to Strategy continued
Philip Dunne, AT Kearney
11.30 Break – Coffee
11.50 Unlocking Value in Deals
o What is value and when is it created
o Who creates it and how
o How to get the best out of pre deal Due Diligence
o Four critical focus areas for success in post deal planning and integration
Alan Dale & Oliver Bridge, Grant Thornton UK LLP
13.00 Break - Lunch
14.00 Exit Positioning
o Timing of exit planning and preparation
o Identification of key drivers to maximise exit value across the value chain
o Deep-dives into example functional areas for identifying value drivers
o EBITDA and cash opportunities in standalone and combination states
o Project identification and prioritisation: Programme Management Office
o Case study and Exercise: Recent PE exit of a Business Services company
Sanjiv Padmanabhan, Deloitte
15.15 Break – Coffee
15.30 Delivering Operational Change
John D’Arcy, Newton Europe
16.30 Value Creation for a Buyout – The Chairman’s Perspective
Patrick Dunne, Chairman of D3O & Leap Confronting Conflict
17.30 Networking Drinks
Programme
DAY TWO
9.00 Case study – Selecting new management to deliver change
Three contrasting examples at three key stages will be discussed: prior to investment;
unplanned change during investment; change as part of an exit plan
Neil Goble & Carol House, Korn Ferry
10.15 Management and Change
Assessing quality of management, particularly its ability to:
o Work together as an effective management team
o Implement new strategies
o Manage change
o Assess and change organisational culture
Heather Lightbody
11.00 Break – Coffee
11.20 Experience Sharing
Each participant will bring with them a mini case study of success or failure at generating
value. These will be shared in teams with each team presenting their analysis of lessons
learned from the examples
Heather Lightbody
13.00 Break - Lunch
14.00 Working with banks and alternative lenders to encourage and allow value creation
o How banks/lenders could be used to fund bolt-on acquisitions/capex
o How to avoid having a bank tie a borrower in knots with restrictive covenants
o How to structure financial covenants to permit investment and ebitda-enhancing
activities
o How alternative lenders might be able to provide a more conducive environment
for companies to invest and grow
Ben Davis, Reed Smith
15.00 Break – Coffee
15.20 Case Study of Value Creation for a Buyout
This case study will bring together all the elements of the programme. Participants will
work in teams to prepare a presentation of their analysis of the key issues and what
action they would take. Groups will present their analyses and key learning points
Andy Hampshire, LDC
17.00 Course Closes
The course director
Heather Lightbody
Heather worked with Esso Petroleum for five years as Financial and Credit Analyst and Internal
Auditor and the Wallace Smith Trust Group for five years carrying out M&A advisory work. She
then worked for Yamaichi International (Europe) for seven years, managing M&A strategic and
valuation analysis, developing a business strategy and opportunities in Eastern Europe, and
working on equity new issues, where she was appointed Executive Director in 1994. Heather
joined DC Gardner Training in 1998 and was Managing Director from 1999 to 2004. In 2004
Heather returned to training, delivering courses on private equity, company valuation,
acquisitions and management. Heather has a BSc in Economics from Bristol University and an
MBA from London Business School.
The speakers
Alan Dale, Grant Thornton
Alan leads the Operational Deal Services team at Grant Thornton and exclusively focuses on
supporting clients around deals in operations due diligence, 100 day planning, integrations and
separations. He has been a deal specialist for 11 years and is based in London but operates
globally.
Alan also has deep operational and industry experience through working for Rolls-Royce plc for 12
years where he ran a business unit, led global change programmes and led a range of functions
including; manufacturing, procurement, sales and IT.
Patrick Dunne, D30
Patrick has extensive experience of working with boards in Europe, Asia and North America. His
executive experience includes 26 years in a variety of roles with 3i Group plc where, until 2012, he
was Communications Director, a member of its Operating committee and Chairman of its
Operational Risk forum. 3i has £7bn of Assets under management.
He is a member of the advisory board of The Entrepreneurs Fund, a €200m venture fund, and
Chairman of TEF portfolio company D3O, a smart materials business.
From 1990 to 1997 he built a resource of over 600 experienced directors who were appointed to
over 2,000 boards for 3i in 14 countries across Europe, Asia and North America. The programme
he established became widely recognised as a model of adding value and a leader in best practice.
Phil Dunne, A.T. Kearney
Phil has over 25 years of industry and consulting experience. He has been a Partner with A.T.
Kearney since 2003. He is the UK’s Managing Partner and heads up the EMEA M&A Practice. He
and his team provide a full range of transaction support including target identification,
commercial and operational due diligence, merger planning and integration, and post acquisition
synergy capture for both private equity and industrial clients. He has extensive international
experience working with clients in India, China, and North America as well as in Europe.
An engineer by training, Phil began his career in 1983 as a graduate engineer designing ground-to-
air missiles with British Aerospace. He then spent five years working in France for Michelin in
design and manufacturing roles. This was followed by a brief and unsuccessful career as a
professional rugby player, prior to returning to the UK to attend business school, and joining A.T.
Kearney in 1995.
Phil has a first degree in Mechanical Engineering from Birmingham University and an MBA from
Cranfield School of Management.
Outside work, three young children tend to monopolise any available spare time. What little is
left is generally spent playing or watching sport, although the balance between the two is shifting
alarmingly with age!
Neil Goble, Korn/Ferry
Neil Goble is a Senior Client Partner in Korn/Ferry Whitehead Mann’s London office and member
of the Firm’s Private Equity Practice.
Neil has extensive experience, having spent the majority of his career in search. He specializes in
senior appointments for private equity firms and board appointments for private equity owned
companies. He has broad experience of working with the mid-large PE investment firms, and has
conducted searches across Europe, the US, the Middle East and Asia.
Neil’s experience includes conducting key leadership appointments for major private equity funds,
Executive and Non-Executive appointments for FTSE100 companies, as well as Chairman and CEO
roles for PE-backed businesses and debt controlled companies. He also has extensive experience
of conducting executive assessments. Neil has a Master of Arts degree from University College,
Oxford.
Andy Hampshire, LDC
Andy Hampshire joined LDC from the Wholesale Division of Lloyds Banking Group where he spent
six years leading numerous change and technology programmes. Prior to joining Lloyds TSB Andy
worked in the music industry focusing on the technology side of the business as well as
independently developing mobile applications which were sold globally. He is a member of the
Value Enhancement Group and supports management teams of portfolio businesses driving
initiatives that generate growth through cash generation, revenue growth and cost saving. In
particular he looks for opportunities to support growth within businesses that can be driven
through technology.
Carol House, Korn/Ferry
Carol is a Senior Client Partner in Korn/Ferry Whitehead Mann’s London office, focusing on the
Firm’s Private Equity Sector.
Carol has a wealth of experience in delivering due diligence and assessment to clients, both in the
private equity and the corporate communities. She is qualified to administer and feedback on a
number of psychometric tools and is experienced at gathering and delivering 360º feedback as
part of leadership development initiatives.
Carol’s earlier career was spent in the property development industry before moving into the
recruitment world in 1989. Ms. House has a Master of Arts degree in history from the University
of St. Andrews.
Sanjiv Padmanabhan, Deloitte
Sanjiv is a Director at Deloitte in the Corporate Finance team and has over 14 years of advisory
experience, including at Arthur Andersen and Bain.
Sanjiv’s area of focus is on performance improvement and cost reduction review. During the last
six years at Deloitte, Sanjiv has worked on over 40 mergers, carve-outs and identifying operational
improvement opportunities.
Over the last few years Sanjiv has been focusing on helping his PE clients in developing value
creation plans for their portfolio companies in preparation for exit. He recently helped a 3i
portfolio company over a course of a one year engagement in identifying and implementing
various operational improvements. This culminated in a successful sale of the company.
Sanjiv is originally from India and moved to the UK in 2003. He has completed a full-time MBA
from London Business School specialising in strategy and Finance and has an undergraduate
degree in electronics engineering.