Podcasts about lbo

Quasi-liquidation, interdit bancaire, audience au tribunal demain matin… et, la veille, un contrat in extremis avec la Banque de France qui sauve ProWebCE.De ce bord de falaise à un exit à 300 M€ avec Edenred, Patrice Thiry déroule l'itinéraire complet : comment tenir, choisir, négocier, puis transmettre sans « casser le jouet ».Au départ, un faux départ : un projet de “vente privée” qui s'enlise. Pivot rapide et thèse claire : bâtir un logiciel “sticky”, récurrent, où l'usage finance la R&D. Les débuts sont compliqués, mais l'équipe exécute, l'ARR grimpe, le e-commerce devient un vrai métier. ProWebCE grandit parce que le produit rend service, pas parce qu'il fait du bruit.Côté repreneurs, tout commence dès 2012 avec Edenred : on travaille ensemble, on se jauge, on installe la confiance. En 2015, carrefour stratégique : un 2e LBO offensif proposé par un fonds… ou un “LBO industriel” avec Edenred (entrée au board, indépendance des équipes, synergies concrètes, calls de rachat étalés). Patrice hésite, pose la question à ses enfants. Leur réponse l'ancre : on vend, mais bien.La négo ensuite est un marathon jusqu'au bout : 9 mois de discussions, 900 pages de contrat, et un signing qui s'est étalé sur 3 jours . Le chiffre est beau, mais la méthode compte plus : tenir l'indépendance opérationnelle, préparer la succession (transmission managériale), et s'impliquer 1 an et demi au COMEX Monde pour sécuriser l'intégration.La fête ? Pas le soir même, mais plus tard lors d'un séminaire à Ibiza avec toute les équipes !À l'animation :Thomas Benzazon, cofondateur de FeuilleBlancheSacha Doliner, fondateur de NeumannUn podcast conçu par FeuilleBlanche, producteur de médias, podcasts et récits stratégiques pour les marques.À vos écouteurs

Guillaume Bazan et Vladimir Komnenovic, cofondateurs de Numeris, sont les invités d'Alexis Slama dans ce nouvel épisode de l'Accounting Business Club

Katie and Matt discuss JPMorgan’s new headquarters, in-office pubs, in-office gyms, the JPMorgan District, specialist fine-tuning of AI models, pls fix memes, crushing investment banking analysts’ hopes and dreams, the craft of building LBO models, credit cockroaches and indirect lending.See omnystudio.com/listener for privacy information.

Take 20% off an annual Storm subscription through 10/22/2025 to receive 100% of the newsletter's content. Thank you for your support of independent ski journalism.WhoPhill Gross, owner, and Mike Solimano, CEO of Killington and Pico, VermontRecorded onJuly 10, 2025About KillingtonClick here for a mountain stats overviewOwned by: Phill Gross and teamLocated in: Killington, VermontYear founded: 1958Pass affiliations: Ikon Pass: 5 or 7 combined days with PicoReciprocal partners: Pico access is included on all Killington passesClosest neighboring ski areas: Pico (:12), Saskadena Six (:39), Okemo (:40), Quechee (:44), Ascutney (:55), Storrs (:59), Harrington Hill (:59), Magic (1:00), Whaleback (1:02), Sugarbush (1:04), Bromley (1:04), Middlebury Snowbowl (1:08), Arrowhead (1:10), Mad River Glen (1:11)Base elevation: 1,165 feet at Skyeship BaseSummit elevation: 4,142 feet at top of K-1 gondola (hike-to summit of Killington Peak at 4,241 feet)Vertical drop: 2,977 feet lift-served, 3,076 hike-toSkiable Acres: 1,509Average annual snowfall: 250 inchesTrail count: 155 (43% advanced/expert, 40% intermediate, 17% beginner)Lift count: 20 (2 gondolas, 2 six-packs, 4 high-speed quads, 5 fixed-grip quads, 2 triples, 1 double, 1 platter, 3 carpets - view Lift Blog's inventory of Killington's lift fleet; Killington plans to replace the Snowdon triple with a fixed-grip quad for the 2026-27 ski season)History: from New England Ski HistoryAbout PicoClick here for a mountain stats overviewOwned by: Phill Gross and teamLocated in: Mendon, VermontYear founded: 1934Pass affiliations: Ikon Pass: 5 or 7 combined days with KillingtonReciprocal partners: Pico access is included on all Killington passes; four days Killington access included on Pico K.A. PassClosest neighboring ski areas: Killington (:12), Saskadena Six (:38), Okemo (:38), Quechee (:42), Ascutney (:53), Storrs (:57), Harrington Hill (:55), Magic (:58), Whaleback (1:00), Sugarbush (1:01), Bromley (1:00), Middlebury Snowbowl (1:01), Mad River Glen (1:07), Arrowhead (1:09)Base elevation: 2,000 feetSummit elevation: 3,967 feetVertical drop: 1,967 feetSkiable Acres: 468Average annual snowfall: 250 inchesTrail count: 58 (36% advanced/expert, 46% intermediate, 18% beginner)Lift count: 7 (2 high-speed quads, 2 triples, 1 doubles, 2 carpets - view Lift Blog's inventory of Pico's lift fleet)History: from New England Ski HistoryWhy I interviewed themThe longest-tenured non-government ski area operator in America, as far as I know, is the Seeholzer family, owner-operators of Beaver Mountain, Utah since 1939. Third-generation owner Travis Seeholzer came on the pod a few years back to trace the eight-decade arc from this dude flexing 10-foot-long kamikaze boards to the present:Just about every ski area in America was hacked out of the wilderness by Some Guy Who Looked Like That. Dave McCoy at Mammoth or Ernie Blake at Taos or Everett Kircher at Boyne Mountain, swarthy, willful fellows who flew airplanes and erected rudimentary chairlifts in impossible places and hammered together their own baselodges. Over decades they chiseled these mountains into their personal Rushmores, a life's work, a human soul knotted to nature in a built place that would endure for generations.It's possible that they all imagined their family name governing those generations. In the remarkable case of Boyne, they still do. But the Kirchers and the Seeholzers are ski-world exceptions. Successive generations are often uninterested in the chore of legacy building. Or they try and say wow this is expensive. Or bad weather leads to bad financial choices by our cigar-smoking, backhoe-driving, machete-wielding founder and his sons and daughters never get their chance. The ski area's deed shuffles into the portfolio of a Colorado Skico and McCoy fades a little each year and at some point Mammoth is just another ski area owned by Alterra Mountain Company.It's tempting to sentimentalize the past, to lament skiing's macro-transition from gritty network of founder-kingpin fifes to set of corporate brands, to conclude that “this generation” just doesn't have the tenacity of a Blake or a McCoy. But the America where a fellow could turn up with a dump truck and a chainsaw and flatten raw forest into a for-profit business with minimal protest is gone. Every part of the ski ecosystem is more regulated, complicated, and expensive than it's ever been. The appeal of running such a machine - and the skillset necessary to do so - is entirely different from that of sculpting your own personal snow Narnia from scratch. We will always have family-owned ski areas (we still have hundreds), and an occasional modern founder-disruptor like Mount Bohemia's Lonie Glieberman will materialize like a new X-man. But ski conglomerates have probably always been inevitable, and are probably largely the industry's future. They are best suited, in most cases, to manage, finance, and maintain the vast machinery of our largest ski centers (and also to create a ski landscape in which not all ski area operators are Some Guy Who Looked Like That).Killington demonstrates this arc from rambunctious founder to corporate vassal as well as any mountain in the country. Founded in 1958 by the wily and wild Pres Smith, the ski area's parent company, Sherburne Corp., bought Sunday River, Maine in 1973 and Mount Snow, Vermont in 1977. The two Vermont mountains became S-K-I in 1984, bought five more ski areas, and merged with four-resort LBO in 1996 to become the titanic American Skiing Company. Unfortunately ASC turned out to be skiing's Titanic, and one of the company's last acts before dissolution was to sell Killington and Pico to Utah-based Powdr in 2007.The Beast had been tamed, at least on paper. Corporate ownership of some sort felt as stapled to the mountain as Killington's 3,000 snowguns. And mostly, well, it didn't matter. Other than Powdr's disastrous attempts to shorten the resort's famously long seasons, Killington never lost its feisty edge. Over the decades the ski area modernized, masterplanned, and shed skier volume while increasing its viability as a business. Modern Killington wasn't the kingdom of a charismatic and ever-present founder, but it was a pretty good ski area.And then, suddenly, shockingly, Powdr sold both Killington and Pico last August. And they didn't sell the ski areas to Vail or Alterra or Boyne or to anyone who owned any ski areas at all. Instead, a group of local investors - led by Phill Gross and Michael Ferri, longtime Killington homeowners who ran a variety of non-ski-related businesses - bought the mountains. After 51 years as part of a multi-mountain ownership group, Killington (its relationship to neighboring Pico notwithstanding), was once again independent.It was all so improbable. Out-of-state operators had purchased five of Vermont's large ski areas in recent years: Colorado-based Vail Resorts bought Stowe in 2017, Okemo in 2018, and Mount Snow in 2019; Denver-based Alterra claimed Sugarbush in 2019; and Utah-based Pacific Group Resorts added Jay Peak to their small portfolio in 2022. Very few ski areas have ever entered the corporate matrix and re-emerged as independents. Grand Targhee, Wyoming; Waterville Valley, New Hampshire; and Mountain Creek, New Jersey (technically owned by multimountain operator Snow Partners) are exceptions spun off from larger companies. But mostly, once a larger entity absorbed a ski area, it stays locked in the multimountain universe forever.So what would this mean? For the largest and busiest mountain in the eastern United States to be independent? Did this, along with Powdr's intentions to sell Mount Bachelor (since rescinded), Eldora (sale in process), and Silver Star (no update), mark a reversal in the consolidation trend that had gathered 30 percent of America's ski areas under the umbrella of a multi-mountain operator? Did Killington's group of wealthy-but-not-Bezos-wealthy investors set an alternate blueprint for large-mountain ownership, especially when considered alongside the sale of Jackson Hole to a similar group the year before? Had the Ikon Pass – that harbinger of mass-market pass domination that had forced the we-better-join-them sales of Crystal Mountain, Washington and Sugarbush – inadvertently become a reliable revenue pipeline that made independence more viable? And would Killington, well-managed and constantly improving, backslide under cowboy owners who want to Q-Burke the place in their image?We're a year in now, and we have some clarity on these questions, along with two new chairlifts (Superstar this year, Snowdon next), 1,000 new snowguns, a revitalized Skyeship Gondola, and progressing plans on the East's first true ski village. Locals seem happy, management seems happy, the owners seem happy. Easy enough, Gross points out in our interview, when winter hits deep like the last one did. But can we keep the party going indefinitely? It was time for a check-in.What we talked aboutA strong first winter under independent ownership; what spring skiing off Canyon lift told us about the importance of Superstar; “it's an incredibly complex operation”; letting the smart people do their jobs; Killington's surprise spin-off from a multi-mountain operator; “our job is to keep the honeymoon going”; Superstar's six-pack upgrade; why six-packs are probably Killington's lift-upgrade future; why Pico is demolishing the Bonanza lift for a covered carpet; why Superstar won't have bubbles; where bubbles might make sense in a future lift; why ski areas can no longer run snowmaking under newly constructed chairlifts; why Superstar is a Doppelmayr machine after Killington installed a brand-new Leitner-Poma six at Snowdon in 2018; long- and short-term Superstar impacts to Killington's long season; long-term thoughts around early-season walkway access to North Ridge; Skyeship Gondola upgrades, including $5 million in new cabins; what 1,000 new snowguns means in practice; why Killington sold the Wobbly Barn; considering Killington as a business and investment; how Killington is a different financial beast from other Vermont ski areas; how close Killington was to going unlimited on Ikon Pass; Phill's journey to buying Killington; Devil's Fiddle and why sometimes things that don't make sense financially make sense anyway; “we want to own this for generations to come”; a village layout and timeline update – “we want to make sure that this is something that's additive to the ski experience” even if you don't own within it; “Great Gulf wants this [village] to be competitive for the western resorts”; “we don't want to change what Pico is”; how piping water over from Killington has reinvigorated and stabilized Pico; why Killington and Pico remained on Ikon Pass post-sale and probably will for the foreseeable future; is Ikon helping big ski areas stay independent?; Killington's steady rise in lift ticket prices; future lift upgrades and why the Snowdon Triple is next up for a replacement.What I got wrong* File “opinionation” under LOL I'm Dumb Talking Is Hard* I said that former Killington owner Powdr had “just sold” Eldora, but that's not accurate: in July, the town of Nederland, Colorado, announced their intent to purchase the ski area. The sales process is ongoing.Podcast NotesOn previous Killington podsOn Gross' purchase of Killington and PicoOn ANSI chairlift standardsWe get a bit in the weeds with a reference to “ANSI standards” for chairlifts. ANSI is the American National Standards Institute, a nonprofit organization that sets voluntary but widely adopted standards for everything from office furniture to electrical systems to safety signage in the United States. The ANSI standard for lifts, according to a blog post describing the code's 2022 update, is “developed by the National Ski Areas Association (NSAA), [and] establishes standard requirements for the design, manufacture, construction, operation, and maintenance of passenger ropeways.” On Killington's long seasonsKillington often opens in October (though it has not done so since 2018), and closes in June (three straight years before a deliberately truncated 2024-25 season to begin demolition of the Superstar chair). List of Killington open and close dates since 1987-88.On Win Smith and Killington and SugarbushOn Killington's villageThe East needs more of this:On Killington's peak lift ticket pricesPer New England Ski History:The Storm explores the world of lift-served skiing year round. Join us. Get full access to The Storm Skiing Journal and Podcast at www.stormskiing.com/subscribe

Transmission, gouvernance familiale, croissance externe, marchés publics, export, trésorerie et rôle clé de la DAF. Dans cet épisode, Marcel Ragni raconte 50 ans d'industrie au concret. De l'atelier de ferronnerie aux 140 M€ de CA et 450 salariés, il détaille comment la fratrie a structuré l'entreprise, financée la reprise (LBO, pacte Dutreil), tenu en 2008 sans licencier malgré la crise, puis accéléré via rachats ciblés et sur la qualité du produit. On parle aussi d'implantations à l'international, d'erreurs assumées (USA), d'indicateurs qui comptent vraiment, de culture “outil d'abord”, et d'un sujet trop souvent oublié : l'humain comme levier de performance. On passe aussi par le véritable du rôle de DAF dans l'accompagnement de l'organisation tout au long de sa vie. Un épisode utile pour tout dirigeant, DAF ou repreneur qui veut faire croître sans se renier. Profil Linkedin de Marcel : https://www.linkedin.com/in/marcel-ragni-073b5330/--------Bienvenue sur le podcast n°1 de la filière comptable et financière ! + 650 000 écoutes.Je suis Nicolas Piatkowski, cofondateur de l'école en ligne Les Geeks des Chiffres, qui a formé plus de 14 000 étudiants au DCG & DSCG : https://www.lesgeeksdeschiffres.comChaque semaine, des pros du chiffre me partagent leur parcours, leurs réussites (et galères !), leurs conseils, et t'aident à décrypter un secteur en pleine mutation.Que tu sois en DCG, DSCG, alternance, BTS ou un professionnel aguerri… Tu trouveras ici des interviews inspirantes, des retours d'expérience concrets, des insights métier et des clés pour te démarquer dès tes premières expériences.Au programme :Réalité du métier d'expert-comptable ou de financier aujourd'hui.Les compétences techniques et digitales de demain.Outils tech, indicateurs clés, culture business.RH, management, soft skills… tout ce qui compte vraiment !Et bien sûr, des conseils pour réussir tes études, tes stages, ton alternance ou ton premier CDI.Si tu veux prendre une longueur d'avance dans tes études et ta carrière, ce podcast est ton nouveau compagnon de route.Bonne écoute… et c'est partiiiiii !  »Hébergé par Ausha. Visitez ausha.co/politique-de-confidentialite pour plus d'informations.

With Morgan Stanley's European Leveraged Finance Conference underway, our Head of Corporate Credit Research Andrew Sheets joins Chief Fixed Income Strategist Vishy Tirupattur to discuss private credit, M&A activity and AI infrastructure.Read more insights from Morgan Stanley.----- Transcript ----- Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Head of Corporate Credit Research at Morgan StanleyVishy Tirupattur: And I'm Vishy Tirupattur, Morgan Stanley's Chief Fixed Income Strategist.Andrew Sheets: Today, as we're hosting the Morgan Stanley European Leveraged Finance Conference, a discussion of three of the biggest topics on the minds of credit investors worldwide.It's Thursday, October 16th at 4pm in London.Vishy, it's so great to catch up with you here in London. I know you've been running around the world, quite literally, talking to investors about some of the biggest debates in credit – and that's exactly what we wanted to talk. We're here at Morgan Stanley's European Leveraged Finance Conference. We're talking with investors about the biggest debates, the biggest developments in credit markets, and there are really kind of three topics that stand out.There's what's going on with private credit? What's going on with the merger and acquisition, the M&A cycle? And how are we going to fund all of this AI infrastructure?And so maybe I'll throw the first question to you. We hear a lot about private credit, and so maybe just for the listener who's looking at a lot of different things. First, how do you define it? What are we really talking about when we're talking about private credit?Vishy Tirupattur: So, Andrew, when we talk about private credit, the most common understanding of private credit is lending by non-banks to small and medium sized companies. And we probably will discuss a bit later that this definition is actually expanding much beyond this narrow definition. So, when you think about private credit and spend time understanding what is the credit in private credit, what it boils down to is on average, on a leveraged basis, the credit in private credit is comparable to, say CCC to B - on a coverage basis to the public markets.So, the credits in the private credit market are weaker. But on the other hand, the quality of covenants in these deals is significantly better compared to the public credit markets. So, that's the credit in private credit.Andrew Sheets: So, Vishy, with that in mind then, what is the concern in this market? Or conversely, where do people see the opportunity?Vishy Tirupattur: So, the concern in this market comes from the opaqueness in these deals. Many of these private credit borrowers are not public filers. So not much is well known about what the underlying details are. But in a sense, a good part of the public markets, whether it's in high yield bonds or in the public, broadly syndicated leveraged loans are also not public filers. So, there is information asymmetry in those markets as well.So, the issue is not the opaqueness of private markets, but opaqueness in credit in general. But that said, when you look at the metrics of leverage, coverage, cash on balance sheet…Andrew Sheets: Because we can get some kind of high-level sense of what is in these portfolios...Vishy Tirupattur: Yeah. And we look at all those metrics, and we look at a wide range of metrics. We don't get to the conclusion that we are at a precipice of some systemic risk exposure in credit. On the other hand, there are idiosyncratic issues. And these idiosyncratic issues have always been there and will remain there. And we would expect that the default rates are sticky around these levels, which are slightly above the long-term average levels, and we expect that to remain.Andrew Sheets: So, you may see more dispersion within these portfolios. These are weaker, more cyclical, more levered companies. But overall, this is not something that we think at the moment is going to interrupt the credit cycle or the broader markets dynamic.Vishy Tirupattur: Absolutely. That is exactly where we come down to.So, Andrew, let me throw another question back at you. There's a lot of talk of growing M&A, growing LBO activity. And that could potentially lead to some challenges on the credit front. How do you look at it?Andrew Sheets: So, I'd like to actually build upon your answer from private credit, right? Because I think a lot of the questions that we're getting from investors are around this question of how far along in this always, kind of, cyclical process; ebb and flow of lending aggressiveness are we? And, you know, this is a cycle that goes back a hundred years – of lenders becoming more conservative and tighter with lending. And then as times get good, they become somewhat looser. And initially that's fine. And then eventually something, something happens.And so, I think we've seen the development of new markets like private credit that have opened up new lending opportunities and then also new questions. And I think we've also seen this question come up around M&A and corporate activity.And as we start to see headlines of very large leveraged buyouts or LBOs, as we start to see more merger and acquisition – M&A – activity coming back; something we've at Morgan Stanley been believers in. Are we really starting to see the things that we saw in the year 2000, or in the year 2007, when you saw very active capital markets actually coinciding with kind of near the peak of equity markets near the top of major market cycles.And in short, we do not think we're there yet. If we look at the actual volumes that we're seeing, we're actually a little bit below average in terms of corporate activity. There's really been a dearth of corporate activity after COVID. We're still catching up. Secondly, the big transactions that we're seeing are still more conservatively structured, which isn't usually what you see right at the end. And so, I think between these two things with still a lot of supportive factors for more corporate activity, we think we have further to go.Vishy Tirupattur: On that point, Andrew, I think if you look at the LBOs that are happening today versus the LBOs that happened in the 2007 era, the equity contribution is dramatically different. You know, equity to debt, these LBOs that are happening today [are] of a substantially higher amount of equity contribution compared to the LBOs we saw pre-Financial Crisis…Andrew Sheets: That's such a great point. And the listener may not know this, but Vishy and I were working together at Morgan Stanley prior to the Financial Crisis, and we were working in credit research when a lot of these LBOs were happening, and…Vishy Tirupattur: And I used to be tall and good looking.Andrew Sheets: (laughs) And they were just very different. We're still not there. If you go back and pull the numbers, you're looking at transactions still that are far more conservative than what we saw then. So, you know, this activity is cyclical, and I think we do have to watch deregulation, right? You saw a lot of regulations come in after the Financial Crisis that led to more conservative lending. If those regulations get rolled back, we could really move back towards more aggressive lending. But we haven't quite seen that yet.Vishy Tirupattur: Absolutely not.Andrew Sheets: And Vishy, maybe the third question that comes up a lot. We've covered private credit, which is very topical. We've covered kind of corporate aggressiveness. But maybe the icing on the cake. The biggest question is AI – and is AI spending?And it just feels like every day you come into the office and there's another headline on CNBC or Bloomberg about another mega AI funding deal. And the question is, okay, where's all that money going to come from?And maybe some of it comes from these companies themselves. They're very profitable, but credit might have to fill in some of the gaps. And you and some of our colleagues have done a lot of work on this. Where do you think kind of the lending story and the borrowing story fits into this broader AI theme?Vishy Tirupattur: Our estimate of simply data center related CapEx requirements are close to $3 trillion. You add the power required for the data centers and add another $300-400 billion. So, a lot of this CapEx will come from – roughly about half might come from the operating cash flows of the hyperscalers. But the rest, so [$]1.5 trillion plus, has to come through various channels of credit.So, unsecured corporate credit, we think will play a fairly small role in this. Of that [$]1.5 trillion plus, maybe [$]200 billion to come from unsecured credit issuance by these hyperscalers, and perhaps some of the securitized markets, such as ABS and CMBS that rely on stabilized cash flows may be another 1[$]50 billion. But a different version of private credit, what we will call ABF or asset based finance, will play a very big role. So north of [$]800 billion we think will come from that kind of a private credit version of investment grade, or a private credit markets developing. So, this market is very much in the developmental mode.So, one way or the other, for AI to go from where it is today to substantially improving productivity and the earnings of companies that has to go through CapEx; and that CapEx needs to go through credit markets.Andrew Sheets: And I think that is so fascinating because, right Vishy, so much of the spending is still ahead of us. It hasn't even really started, if you look at the numbers.Vishy Tirupattur: Absolutely. We are in the early stages of this CapEx cycle. We should expect to see a lot more CapEx and that CapEx train has to run through credit markets.Andrew Sheets: So, Vishy, there's obviously a lot of history in financial markets of larger CapEx booms, and some of them work out well, and some of them don't. I mean, if you are trying to think about some of the dynamics of this funding for AI and data centers more broadly versus some of these other CapEx cycles that investors might be familiar with. Are there some similar dynamics and some key differences that you try to keep in mind?Vishy Tirupattur: So, in terms of similarities, you know, they're big numbers, whichever way you cut it, these numbers are going to be big dollar numbers.But there are substantial differences between the most recent CapEx boom that we saw towards the end of the late 90s, early 2000s; we saw a massive telecom boom, telecom related CapEx. The big difference is that spending was done by – predominantly by companies that had put debt on their balance sheet. They were already very leveraged. They were just barely investment grade or some below investment grade companies with not much cash on their balance sheet.And you contrast that with today's world, much of this is being done by highly rated companies; the hyperscalers or between, you know, A+ to AAA rated companies, with a lot of cash on their balance sheets and with very little outstanding debt on their part.On top of that, the kind of channels that exist today, you know, data center, ABS and CMBS, asset-based finance, joint venture kind of financing. All of these channels were simply not available back then. And the fact that they all are available today means that this risk of CapEx is actually much more widely distributed.So that makes me feel a lot better about the evolution of this CapEx cycle compared to the most recent one we saw.Andrew Sheets: Private credit, a rise in M&A and a very active funding market for AI. Three big topics that are defining the credit debate today. Vishy, thanks for taking the time to talk.Vishy Tirupattur: Andrew, always fun to hang with youAndrew Sheets: And thank you for listening. If you enjoy Thoughts on the Market, please leave us review wherever you listen and tell a friend or colleague about us today.

Frédéric Doazan, consultant et formateur spécialisé en communication et développement commercial, ancien directeur de laboratoire et consultant chez Capgemini, est l'invité d'Alexis Slama dans ce nouvel épisode de l'Accounting Business Club.Les thématiques abordées :L'intelligence collective : Comment embarquer vos équipes dans une réflexion collaborative pour définir votre valeur ajoutée et votre positionnement différenciant sur le marché comptableLa communication au service du développement des cabinets : Pourquoi et comment passer d'une posture technique à une posture d'accompagnement conseilLes fondamentaux de la vente pour experts-comptables : Découvrez que vendre n'est pas un gros mot, mais simplement savoir inspirer confiance et apporter du sens à vos clientsLe pouvoir du "pourquoi" : La question essentielle qui transforme votre discours commercial et votre stratégie RHLes techniques concrètes de communication : Respiration, posture, gestion des silences, et l'art de commencer par la conclusionLes 3 erreurs majeures à éviter : Ne pas répondre, utiliser un jargon trop technique, adopter un non-verbal fermé⚙️ Ressources mentionnées dans l'épisode :Simon Sinek - TED Talk "Start With Why" : Conférence inspirante sur l'importance du "pourquoi" dans la communication et le leadership (environ 18 minutes)Simon Sinek - Livre "Commencer par Pourquoi" : Approfondissement des concepts présentés dans le TED TalkASE Capgemini (Accelerated Solution Environment) : Méthodologie d'intelligence collective et de réflexion collaborative développée par CapgeminiFilm "12 Hommes en Colère" (1957) : Chef-d'œuvre sur la persuasion, l'influence et la dynamique de groupeLivre "Le Pouvoir du Non" : Ouvrage sur l'art de refuser pour se libérer et mieux communiquerNotre guide "Marque irrésistible"-> https://bit.ly/guide-marqueAbonnez-vous pour ne manquer aucun épisode de transformation de la profession comptable ! ✅Hébergé par Ausha. Visitez ausha.co/politique-de-confidentialite pour plus d'informations.

Linktree: ⁠https://linktr.ee/Analytic⁠Join The Normandy For Additional Bonus Audio And Visual Content For All Things Nme+! Join Here: ⁠https://ow.ly/msoH50WCu0K⁠Join Analytic Dreamz on Notorious Mass Effect for a deep dive into EA's historic $55 billion buyout by Saudi PIF, Silver Lake, and Affinity Partners. Analytic Dreamz unpacks the largest private equity LBO ever, with $20B debt and $210/share premium. Explore EA's $7.5B revenue, franchises like EA Sports FC, and risks of layoffs, microtransaction focus, and creative stagnation. Analytic Dreamz breaks down analyst views, gamer backlash, ethical concerns, and AI-driven shifts, offering a data-rich look at gaming's biggest deal and its impact on the $500B industry. Support this podcast at — https://redcircle.com/analytic-dreamz-notorious-mass-effect/donationsAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

structure and context of a potential $55 billion leveraged buyout (LBO) of the major gaming company Electronic Arts (EA), which could become one of the largest LBOs in history. It explains the mechanics of the deal, including fundamental concepts like private equity and going private, often using the analogy of a house mortgage to clarify the role of equity versus debt financing. Key players in the purchasing consortium are identified, notably Saudi Arabia's Public Investment Fund (PIF) and private equity firm Silver Lake, with the text also detailing the deal size, the per-share premium offered to shareholders, and the anticipated closing timeline. Finally, the text explores the rationale for the acquisition, focusing on EA's stable franchises and the potential for greater flexibility away from public market scrutiny, while also discussing the significant risks and criticisms, such as the heavy debt burden and regulatory concerns related to foreign investment.

Episode 112: Topics discussed: The LBO of Electronics Arts.  Games discussed: Battlefield 6 Beta, Battlefield 1 (2016) and Metal Garden Metal Garden: https://store.steampowered.com/app/3539440/Metal_Garden/ EA's 10-K: https://ir.ea.com/financials/sec-filings/sec-filings-details/default.aspx?FilingId=18460069 Songs: Battlefield One, Mud And Blood (from Battlefield 1 Original Soundtrack), Metal Garden OST 04 - Lesser Titanomachy and Metal Garden OST 05 - Descend to Ceiling (from Metal Garden OST).   Join the Discord: https://discord.gg/vG2PgRpY55 Sticky Buttons Blog: https://stickybuttonsblog.pika.page/ Youtube: https://www.youtube.com/channel/UCSJvGgcb44cEp6nQrMxCz1g TikTok: https://www.tiktok.com/@thestickybuttonspod?_t=ZT-8yMoXlJRAsQ&_r=1 Blake can be found on Instagram, Bluesky and Twitch @ handheldblake   Please consider subscribing to the Patreon, any support goes a long way to helping the show grow! https://www.patreon.com/thestickybuttonspod This show was founded in 2019 by Blake McKean and Brandon Prenz

【政治、利益與權力的遊戲】特朗普女婿引入沙地主權基金槓桿收購美國第三大遊戲開發商 EA ，也是近來動作頻頻的銀湖資本（Silver Lake）被點名入股美國 TikTok 後又一大交易。Q1：本次收購案的標的和作價為何？A1： 此次合併收購的標的是遊戲公司 EA Sports，作價為 550 億美金 。Q2：收購方的主要參與者是哪些？ A2： 這次收購由多方撮合與參與，包括：* 傑瑞德·庫什納 (Jared Kushner) (特朗普的女婿)，透過其設立的 Affinity Partners 基金 。* 銀湖資本 (Silver Lake) 。* 沙地阿拉伯國家主權投資基金 。Q3：這宗交易有何特別之處？A3： 除了涉及美國前總統的女婿外，它是一宗 槓桿收購 (Leveraged Buyout, LBO) 。其中，200 億美金的資金是透過融資借貸而來由摩根大通 (JP Morgan) 貸款，並以被收購公司 EA 作為抵押品 。這將使 EA 增加 200 億的負債 。Q4：收購方對 EA 的投資策略為何？A4： 參與的基金，特別是銀湖資本，通常不會「坐貨」太久，其目的主要是想賺取差價，而非長期投資。他們會考慮「善價而沽」並設有退出策略 (exit strategy) 。Q5：槓桿收購（LBO）對 EA 的盈利能力有何影響？A5： 雖然 EA 去年盈利超過 11 億美金 ，但加上 200 億美金的債務後，每年需支付的利息將大幅壓縮其盈利能力 。Q6：遊戲行業在媒體領域的重要性如何？A6： 遊戲行業在當今的整個媒體行業中是一個非常重要的元素，例如迪士尼 (Disney) 也需要與遊戲開發商合作 。遊戲市場也已高度整合 (consolidate)，例如主要的平台集中在索尼 (Sony) 的 PlayStation 和任天堂 (Nintendo) 的 Switch 。Q7：這次收購案在監管上可能面臨哪些問題？A7： 這次收購涉及多方對不同領域（如 TikTok、EA Sports、多個遊戲開發商）的控制，屬於橫向收購 。從法規上來說，這類收購比起垂直併購更可能構成市場支配地位，很容易觸發反壟斷調查 。同時，由於涉及外資（沙地），也需通過美國外資投資委員會 (CFIUS) 的國家安全審核 。Q8：沙地阿拉伯積極收購遊戲資產的戰略意圖是什麼？A8： 沙地主權基金近年非常積極收購電競專案，並在多家電玩公司如卡普空 (Capcom)、任天堂 (Nintendo) 等持有股份 。雖然沙地可能透過軟實力來推動產業並提升國家形象，但暫時未見到玩電競的人會因此對阿拉伯國家改觀 。最終，這場政治博弈很可能仍需從商業角度來理解 。 This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit leesimon.substack.com/subscribe

(0:00) Bestie intros! (1:53) EA acquired for $55B in biggest LBO ever, why PE is in trouble (17:42) IPO market, SPAC 2.0 (27:41) The AI rollup opportunity (36:01) Sacks joins the show! (38:27) OpenAI and Meta launch short-form video apps: "AI Slop" or the future of content? (45:04) Open source AI: DeepSeek's new model, pressure on US AI industry (1:05:11) State AI regulation frenzy: States' rights vs Federal control, overregulation Follow the besties: https://x.com/chamath https://x.com/Jason https://x.com/DavidSacks https://x.com/friedberg Follow on X: https://x.com/theallinpod Follow on Instagram: https://www.instagram.com/theallinpod Follow on TikTok: https://www.tiktok.com/@theallinpod Follow on LinkedIn: https://www.linkedin.com/company/allinpod Intro Music Credit: https://rb.gy/tppkzl https://x.com/yung_spielburg Intro Video Credit: https://x.com/TheZachEffect Referenced in the show: https://apnews.com/article/ea-electronic-arts-video-game-silver-lake-pif-d17dc7dd3412a990d2c0a6758aaa6900 https://www.ign.com/articles/xbox-game-pass-ultimate-price-rises-to-30-a-month-microsoft-adds-more-day-one-games-and-throws-in-fortnite-crew-and-ubisoft-classics-to-help-justify-the-cost https://x.com/Jason/status/1973461806585966655 https://www.npr.org/2025/09/05/nx-s1-5529404/anthropic-settlement-authors-copyright-ai https://x.com/scaling01/status/1972650237266465214 https://www.insidetechlaw.com/blog/2025/09/californias-transparency-in-frontier-artificial-intelligence-act https://www.datacenterdynamics.com/en/news/google-withdraws-rezoning-proposal-for-468-acre-data-center-project-in-franklin-township-indianapolis

Send us a textTwo days into a government shutdown, we break down what it actually means for markets when key data go dark—like today's missing non-farm payrolls—and how that uncertainty can ricochet through trading desks, air travel, the SEC/IPO pipeline, and year-end seasonals. We walk through the historical playbook (rates, dollar, risk) and how we're thinking about positioning when the Fed is flying with fewer instruments.Then we unpack the freshly announced largest-ever LBO and stack it up against 2007's TXU: equity checks vs. leverage, private credit's outsized role, and why a single-bank underwrite changes the risk map. We also separate real CLO mechanics from internet myth and ask the only question that matters: are we replaying '07—or writing a new script?Finally, Jen dives deeper into the growing conversation about moving the Fed's focus away from fed funds toward repo/GC-SOFR—what that shift would change and why it's gaining traction now. Housekeeping: our Fixed Income Sales & Trading self-paced course presale is live (Part 1: Bond Math now; Derivatives next; Macro/Relative Value after), live Financial Modeling Bootcamps run at the end of October, and Kristen's 3-Statement Modeling course targets late November. Bonus: we preview our interview with a $60B quant equities head on integrating systematic strategies into real portfolios. For a 14 day FREE Trial of Macabacus, click HERE Access the free replay of the Masterclass here!Presale access for our newly launched Fixed Income self-paced course here: https://thewallstreetskinny.com/fixed-income-sales-trading-investing/#fixed-income-sales For 20% off Deleteme, use the code TWSS or click the link HERE! Sign up for our LIVE Virtual Bootcamps! 2-Day Financial Modeling Bootcamp Master the technical Excel and accounting skills essential for investment banking, private equity, and fundamental investing. (Learn more HERE) Global Markets & Investing PlaybookA one-day crash course on the financial ecosystem, perfect for anyone seeking a big-picture understanding of how global markets and Wall Street fit together. Our content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. (Learn more HERE)

Electronic Arts (EA) is going private in a $55 billion deal that values the company at a 35% premium to its pre-announcement price. Martin Yang breaks down the massive LBO, which he considers a fair and compelling offer for shareholders. Martin believes the deal is a one-off opportunity driven by EA's strong and stable free cash flow generation, growth trajectory, and solid domination in sports games. Martin thinks going private could benefit EA by allowing it to stay on a longer-term investment cycle for new content and reducing pressure to deliver short-term growth.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

Facture électronique : Comment ECMA préserve l'indépendance des cabinets face à la bataille des PDP ? Benjamin Royoux, responsable développement chez ECMA, fait son retour dans le podcast d'Alexis Slama pour décrypter les enjeux majeurs de la réforme 2026-2027. Un an après son premier passage, il révèle comment les cabinets d'expertise comptable peuvent préserver leur indépendance face à la bataille commerciale des banques et éditeurs pour capter les entreprises.Découvrez :La stratégie du "dernier mandat" : pourquoi faire signer vos clients maintenant est crucialL'évolution des modèles économiques : du bronze au platine, comment créer des offres de services à 3 niveauxLes services d'OD révolutionnaires : relance automatisée, carte pro, rapprochement bancaire temps réelLa transformation digitale des cabinets : passer de la production au pilotage d'entreprise quotidienL'intégration IA dans les solutions ECMA : de l'examen de conformité fiscale à l'évaluation d'entreprisesLa bataille des PDP : comment rester maître du jeu face aux 99 plateformes agréées

Geoffroy de Becdelièvre n'a jamais cessé de se réinventer. D'un début de carrière dans l'audit à Shanghai, il fonde en 2007 Planetveo qui deviendra Marco Vasco, pionnier du voyage sur-mesure en ligne, revendu au groupe Figaro… juste avant la pandémie de 2020. Depuis, il investit, lance de nouveaux projets dans le digital et l'intelligence artificielle, et partage une vision lucide de l'entrepreneuriat et de l'investissement. Dans cet épisode, il revient sur son parcours hors normes et les apprentissages tirés de ses succès comme de ses échecs : Monter une entreprise à Shanghai, les défis d'un expatrié entrepreneur et la naissance de Marco Vasco. Les pivots stratégiques et la croissance fulgurante grâce au SEO et plus largement au marketing digital. Les clés pour concilier hypercroissance, satisfaction client et rentabilité. L'histoire de la vente de Marco Vasco au groupe Figaro juste avant le choc de la Covid. Ses convictions d'investisseur : investir comme business angel dans des start-ups vs fonds de private equity (LBO/growth), apport cession et hôtellerie, gestion passive et indices américains (S&P 500, Nasdaq). Bonne écoute ! Pour aller plus loin sur les sujets abordés :  Business Angel : guide complet pour investir dans une start-up https://sapians.com/blog/business-angel  Le cash-out : définition, fonctionnement et investissement https://sapians.com/blog/cash-out-definition-fonctionnement-avantages Les étapes de la cession d'entreprise : bonnes pratiques et pièges à éviter https://sapians.com/blog/cession-entreprise  Qu'est ce que l'apport-cession en immobilier ? (150-0 B ter CGI) https://sapians.com/blog/apport-cession-reinvestissement-immobilier Gestion Passive vs Gestion Active : comment mettre en place sa stratégie d'investissement ? https://sapians.com/blog/gestion-passive-vs-gestion-active  

Öffentliche Übernahmeangebote, IPOs, Kapitalerhöhungen und Anleiheemissionen brauchen alle eine sorgfältige technische Execution – ansonsten drohen nicht nur Fehler, sondern Verstöße gegen rechtliche Vorgaben mit fatalen finanziellen Folgen. Wir beleuchten in dieser Episode, was gute technische Execution ausmacht.

On parle souvent de chiffres, de dettes, de multiples, de structuration juridique… mais on oublie parfois le point qui peut faire échouer un deal : l'humain. J'ai reçu récemment dans Une cession Presque parfaite, Déborah Benant, ancienne investisseuse chez Garibaldi, aujourd'hui chasseuse de tête chez Célescope. Ensemble, on a parlé d'un sujet qu'on aborde trop rarement : comment sécuriser une opération de LBO ou de cession en intégrant vraiment la dimension humaine. Déborah l'a vécu des deux côtés : en tant qu'investisseuse puis comme experte en recrutement et en évaluation d'équipes dirigeantes. Et son constat est simple : le facteur humain pèse souvent plus que la technique. Toutes les études le disent : plus de deux tiers de la réussite d'un deal dépend du management. Et pourtant, les audits RH restent encore minoritaires par rapport aux due diligences financières, juridiques ou fiscales. Pourquoi ? Parce que l'humain est complexe. On se fie à son intuition, à un “feeling” en réunion. Mais l'expérience montre que ce n'est pas suffisant. Un dirigeant brillant dans un secteur peut échouer dans un autre, simplement parce que son style de management ne colle pas à la culture de l'entreprise. Ou qu'une équipe soudée en apparence cache des tensions internes qui explosent après la signature. Célescope a mis en place une méthodologie inspirée de la psychologie scientifique pour objectiver ce qui semblait flou : tests de personnalité, analyse des aptitudes cognitives, compréhension des dynamiques d'équipe. L'idée, c'est de dépasser le masque qu'un dirigeant peut présenter et d'aller chercher la personnalité de fond. Parce qu'au final, ce qui compte, ce n'est pas seulement ce qu'une personne a fait, mais ce qu'elle est capable de faire demain dans un contexte donné. Et c'est là que ça change tout. Déborah racontait un cas concret : un fonds voulait mettre au capital un manager clé. Après audit, il s'est avéré que cette personne minait complètement l'équipe. Résultat : l'organisation a été revue, le deal ajusté, et l'investisseur a évité un mur. Un autre exemple : un MBI. Un dirigeant externe, brillant sur le papier, mais pas adapté à la culture d'entreprise historique. Si personne ne s'en rend compte, c'est la greffe qui échoue. Avec les bons outils, on peut anticiper, préparer, adapter l'intégration. Parce qu'un LBO, ce n'est pas juste une opération financière, c'est un projet humain qui dure 5 à 7 ans. Alors oui, il faut parler dettes, multiples et cash-flows. Mais il faut aussi accepter que la clé de voûte, c'est l'équipe. Sans le bon management, le meilleur montage financier ne tiendra pas. 

David Lebée a réinventé l'hôtellerie il y a une quinzaine d'années en permettant aux établissements de maximiser l'usage de leurs chambres. Booster la rentabilité par clé, voici un beau challenge opéré avec brio par Dayuse. David nous partage dans cet épisode sa levée de fonds de 15M€ avec Partech et Idinvest, puis le chemin parcouru jusqu'à son LBO orchestré l'année dernière. Expansion internationale, démultiplication des cas d'usage, renégociation régulière des contrats cadres avec les grands groupes...un épisode qui vous révèlera de nombreuses faces cachées dans ce secteur qui se renouvelle sans cesse.

CET Ingénierie, acteur français historique du conseil en ingénierie du bâtiment, s'engage dans une nouvelle phase de structuration et de croissance ambitieuse. Fort de 60 ans d'existence, l'entreprise familiale devenue ETI modernise sa gouvernance et renforce sa culture financière sous l'impulsion de David Faerber, son premier directeur financier. Avec 130 collaborateurs, 22 M€ de chiffre d'affaires et une stratégie orientée développement durable et croissance externe, CET prépare activement son avenir.Hébergé par Ausha. Visitez ausha.co/politique-de-confidentialite pour plus d'informations.

Das zweite LBO-Quartal war eher zurückhaltend – und dominiert von Refinanzierungen. Gerade mal fünf neue Deals sind mehr als mager – trotzdem ist der Finanzierungsmarkt spannend und ziemlich in Bewegung. Darüber diskutieren wir genauso wie über die Fragen, ob die Übermacht der Debt Funds dauerhaft ist und warum Finanzierer deutsch sprechen müssen.

Dans ce nouvel épisode de Une Cession Presque Parfaite, j'ai eu le plaisir de recevoir Agathe Zilber, fondatrice de CFNEWS MEDIA GROUP, média indépendant devenu la référence sur l'actualité M&A, LBO, immobilier et infrastructure.On est entrés ensemble dans les coulisses de l'information autour des deals : comment se collecte, se vérifie et se diffuse l'information stratégique sur les opérations de haut de bilan.Agathe a créé CFNEWS en 2007, un média 100% digital à une époque où ce pari semblait audacieux. Son objectif : fournir une information spécialisée, fiable et ciblée pour accompagner investisseurs et professionnels.Aujourd'hui, CFNEWS, c'est une équipe d'une 40ène de personnes, dont 15 journalistes dédiés, qui suivent plus de 30 deals par semaine, avec des exclusivités, des données précises sur valorisations, multiples et stratégies d'entreprise.Ce qui distingue CFNEWS, c'est sa double expertise journalistique et data. Agathe insiste sur la rigueur : pas de publication sans chiffres clés ni recoupements. Une exclusivité, c'est bien plus qu'une annonce, c'est un décryptage complet des enjeux.CFNEWS Média s'est aussi renforcé avec l'acquisition récente de Satellifacts, 1er quotidien de l'audiovisuel et du cinéma, média B2B historique de l'audiovisuel, confirmant la volonté d'Agathe de bâtir un groupe solide et indépendant.Dans cet échange, on a abordé plusieurs questions clés :

La holding est sans doute l'un des outils les plus puissants de la gestion de patrimoine.  Création d'entreprise, transmission, investissement, fiscalité : la holding peut tout changer, à condition de bien l'utiliser pour structurer votre patrimoine. Dans cet épisode, nous recevons Étienne de Saint Germain, family officer chez Sapians. À travers un échange clair et accessible, il répond aux grandes questions que se posent les investisseurs autour de ce sujet crucial qu'est la holding patrimoniale. Au programme : Les différences entre holding active et passive, et les cas d'usage concrets Les formes juridiques à privilégier selon vos objectifs patrimoniaux Les avantages fiscaux et les leviers pour transmettre efficacement son patrimoine Comment utiliser une holding pour préparer une cession d'entreprise Le rôle des professionnels à solliciter (family officer, expert-comptable, avocat) pour bien structurer votre stratégie Bonne écoute !   Des ressources pour approfondir :  Créer une holding pour investir : https://sapians.com/blog/creer-holding-investissement Transmission d'entreprise : 5 stratégies fiscales à connaître https://sapians.com/blog/transmission-entreprise Rachat avec effet de levier - tout savoir sur le LBO https://sapians.com/blog/definition-lbo 

Comment obtenir un prêt pour racheter une entreprise ?Quel niveau de levier est acceptable ?Quels sont les critères que regarde une banque avant de financer un LBO ?Et surtout… à quel moment faut-il vraiment l'appeler ?Dans le dernier épisode de Une Cession Presque Parfaite, j'ai reçu Nicolas LOPES, Directeur du Centre d'Affaires Entreprises de la BRED, et Paulo NAVE, Directeur des Financements Structurés.On a parlé concrètement de la place des banques dans les opérations de transmission et de LBO, et ils n'ont éludé aucun sujet.Vous pensez qu'une banque ne regarde que le chiffre d'affaires et la valorisation ?Faux.✅ Elle regarde la solidité de l'acheteur/ du repreneur✅ La qualité du BP et le réalisme des hypothèses✅ La rentabilité historique et future de la cible✅ La récurrence des cash-flows✅ Le secteur d'activité de l'entreprise✅ Les besoins en capex et en BFR✅ Alignement des intérêts entre actionnaires et prêteurs✅ La capacité de remboursement sur plusieurs annéesEt surtout, elle vérifie si le montage financier est cohérent avec le projet industriel.Côté levier, ils sont clairs et ça dépend de la taille du deal➡️ Small cap ( 200 M€) : jusqu'à 4,5x et plus, présence d'unitranches, CLO/CDO, et fonds de detteMais tout dépend du secteur, de la stabilité de l'activité, et… de l'histoire qu'on raconte au banquier.Car oui, le storytelling compte.Les “management presentations” ne sont pas un détail : c'est souvent là que tout se joue.Et comme le dit Paulo : “la première impression est souvent la bonne”.On a aussi parlé :

Et si vous pouviez tripler la valeur de votre cabinet en quelques mois ? Alexis Slama reçoit Patrice Klug, expert en fusion-acquisition, révèle comment transformer radicalement la valorisation d'une entreprise avant sa transmission.Patrice Klug, ancien associé Deloitte Inextenso et fondateur d'Entreprises & décisions partage son approche révolutionnaire : doubler systématiquement la valorisation des entreprises via un coaching dirigeant et une transformation complète.⬇️ Découvrez :Comment restructurer les contrats pour améliorer la récurrence, optimiser les équipes dirigeantes, et utiliser les LBO/OBO pour maximiser le cash-out. Patrice dévoile sa méthode pour passer de 6 mois à 2 ans de préparation intensive et son système de rémunération exponentielle atteignant 20% sur les tranches marginales.Un épisode essentiel pour comprendre les mécanismes de création de valeur dans les cabinets d'expertise comptable et réussir sa transmission d'entreprise.

L'épisode que vous allez écouter est une rediffusion d'un épisode initialement sorti le 4 octobre 2024.“On fournit des prestations de communication hyper fortes aux marques. On est capable de mettre leur hero product dans la main d'une cliente qui aura toute son attention dessus”.Laurent Kretz rencontre Quentin Reygrobellet, cofondateur et président de Blissim (anciennement JolieBox et BirchBox). Il nous partage les coulisses de cette aventure entrepreneuriale qui s'étale sur 13 années (rachats, LBO, rebranding). Quentin nous explique aussi comment il s'est imposé comme la première offre de beauty discovery par abonnement en France et en Europe. Avec lui, on décrypte aussi la force de sa plateforme dans le retail media pour aider les marques à gagner en notoriété, lancer de nouveaux produits et collecter des avis qualifiés.Dans ce nouvel épisode du Panier, vous trouverez des clés pour :00:00:00 - Intro00:07:00 - Collecter des avis qualifiés de ses abonnés et aider les marques à capitaliser dessus ; 00:12:15 - Nouer un partenariat avec le leader américain pour toucher plus facilement les US ;00:20:15 - Racheter et rebrander sa propre marque ; 00:34:55 - Se transformer en retail media pour aider les marques partenaires à gagner en notoriété ; 00:46:40 - Expériencialiser la découverte de chaque box pour générer du contenu sur les réseaux sociaux ; 00:57:00 - Offrir le meilleur ROI de tous les médias confondus pour les marques beauté ; 01:01:20 - Travailler sa base de clients pour réactiver ceux qui se sont désabonnés ; 01:10:00 - Ouvrir sa propre boutique pour pouvoir travailler avec de grandes marques en s'adaptant à leurs exigences de distribution. Et quelques dernières infos à vous partager : Suivez Le Panier sur Instagram lepanier.podcast !Inscrivez- vous à la newsletter sur lepanier.io pour cartonner en e-comm ! Écoutez les épisodes sur Apple Podcasts, Spotify ou encore Podcast AddictLe Panier est un podcast produit par Cosa, du label Orso Media.Distribué par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.

Earlier in June, Ares priced its first direct lending CLO, the second of its kind of Europe, but with a twist — it is priced in sterling.The last 12 months have been a busy time for the private credit giant, as they also completed a €30bn fundraise in Europe and opened a new office in Milan.In this episode of Cloud 9fin, senior private credit reporter Synne Johnsson chats with Andrea Fernandez, partner in Ares's investor relations and product management team for European direct lending, and Mike Dennis, Ares's co-head of European credit. They discuss the firm's newest CLO, how to deploy €30bn in a dried up LBO market and what opportunities Italy has to offer.Have any feedback for us? Send a note to podcast@9fin.com.

« On m'a proposé 30 millions. J'ai dit non. »Dans cet épisode de Cash Out, Andrea Bensaid, fondateur d'Eskimoz, partage sa vision et son ambition pour lui et son entreprise : refuser de vendre pour rester aux manettes de l'entreprise. À 29 ans, il aurait pu vendre et tout arrêter.Refuser de céder ce n'est pas mettre de côté la possibilité de se dérisquer. Aujourd'hui on vous propose un focus sur une solution plébiscitée par de nombreux entrepreneurs, dont Andréa, le LBO.Vous cherchez à comprendre ce qu'est un LBO (Leverage Buy Out) ? Andrea partage en détails ses motivations et montre comment il a utilisé cet outil deux fois. Une solution pour faire un cash out tout en conservant encore aujourd'hui 80 % du capital de sa boîte.Dans cet épisode :Comment Andrea est passé du rêve de gagner 2000€ par mois à l'ambition de devenir le leader européen du SEO,Pourquoi il a refusé une offre de rachat à 30 millions d'euros,Comment il a structuré deux LBO (2019 et 2024)Pourquoi il a donné 100 % du management package à ses équipes,Et comment il construit aujourd'hui un groupe technologique international, un média, et un fonds d'investissement à impact.Andrea parle sans filtre : les erreurs de certains fonds d'investissement, la guerre des valorisations, ses hacks mentaux pour rester focus, sa conviction que l'argent n'a de valeur que s'il permet d'avoir un impact.

Batteriespeicher sollen uns den Strom aus Erneuerbaren Energien dann zur Verfügung stellen, wenn wir ihn brauchen – es gibt nur kaum welche. Die Herausforderungen des Ausbaus sind gewaltig, die Finanzierungsvolumina auch. Allerdings passen die Wünsche der Entwickler und Betreiber nicht immer mit den Bedürfnissen der Finanzierer zusammen. Wie kann man trotzdem Finanzierungen ermöglichen? Darüber diskutieren wir in dieser Episode.

Need to explain an LBO in a private equity or investment banking interview? In this episode, we break it down in the simplest way possible. We'll show you how to explain an LBO step by step, draw parallels to real estate to help make the concept stick, and walk through the key math behind the model. Whether you're prepping for PE or IB interviews, this is the practical breakdown you need to stand out. Want help securing an offer from a top tier firm on Wall Street? Apply here: wallstmastermind.com/applyutm_source=podcastep360

Are the tradeoffs that highly successful executives make — prioritizing wealth and recognition over family and a more grounded life — truly worth it? That's the central question that prompted Butch Meily to write From Manila to Wall Street, a memoir reflecting on his time nearly 40 years ago as a close aide to the brilliant but often brash Reginald F. Lewis, the first African-American to build a billion-dollar company. Lewis was a trailblazing businessman and investor who, in the 1980s, bulldozed through racial barriers. Financier and philanthropist Michael Milken described him as “the Jackie Robinson of American business.” Although Lewis died of a brain tumor at age 50 in 1993, the actionable insights gleaned from Lewis's business life remain relevant to this day, chief among them his motto: “Keep going no matter what.” Lewis reached extraordinary heights, bringing Meily along with him. Nevertheless, the lives of both men serve as a cautionary tale of the price each paid for their achievements. Their enduring legacy: build boldly, lead wisely — but never forget to live. [A native of the Philippines, Meily currently serves as president of the Philippine Disaster Resilience Foundation, a private-sector disaster management organization. Earlier in his career, he worked in public relations for both Burson-Marsteller and Howard J. Rubenstein Associates.] Monday Morning Radio is hosted by the father-son duo of Dean and Maxwell Rotbart. Photo: Rene S. “Butch” Meily, From Manila to Wall StreetPosted: June 2, 2025 Monday Morning Run Time: 47:30 Episode: 13.48 Pick up a copy of All You Can Eat Business Wisdom for yourself Fun, well organized, and brimming with useful information, this is a book that some will want to read cover-to-cover and others will treat as a reference book to look up subjects as needed; either way, it's a delight.  — Kirkus Reviews

What do you get when a classically trained percussionist trades the concert hall for the corporate boardroom? In this episode, we uncover the extraordinary journey of Evan Bertrand from performing orchestral music to leading treasury and investor relations at major corporations during times of crisis, growth, and transformation.This is an inspiring story of reinvention, resilience, and the real-world impact of finance at the highest level.Evan Bertrand is the Director of Investor Relations at Forward Air Corporation, a leading international logistics and trucking company. With a career spanning ExxonMobil, Solera, and Six Flags, Evan has carved out a unique path from classical music to high-stakes corporate finance, specializing in treasury operations, cash management, and capital markets.His cross-industry experience and dual expertise in treasury and investor relations offer valuable insights for finance professionals navigating change and complexity.Main topics discussed:How Evan transitioned from a professional music career to finance and ultimately to treasury and investor relations.His early roles at ExxonMobil and the importance of rotational programs and mentorship.Managing a $20B commercial paper program during an oil price collapse.Challenges and strategies while constructing a global treasury function from scratch post-LBO at Solera.Navigating Six Flags through the pandemic and implementing ERP-banking integration.What it takes to manage investor expectations and build relationships on Wall Street.The benefits of combining treasury and investor relations into one strategic role.Trends shaping treasury today, including the rise of automation and fraud prevention.Key decisions and mindset shifts that shaped Evan's career trajectory.You can connect with Evan Bertrand on LinkedIn. ---

Welcome to another episode of the Private Equity Podcast, today I'm joined by Nayef Perry, Head of Direct Credit at Hamilton Lane. We dive into the state of the private credit market—where the opportunities are, how interest rates are shaping returns, and what investors need to watch out for. If you want a sharp, no-fluff breakdown of where private credit is heading and why it still has room to run, this one's for you.Breakdown:[00:00] Nayef Perry, Head of Direct Credit at Hamilton Lane, joins to discuss the private credit market, interest rates, and market outlook. [00:30] Background: Born in Miami, ex-consultant, GE Capital, joined Hamilton Lane in 2013. [01:13] Private credit's golden era isn't over—higher-for-longer rates mean higher yields for investors. [02:11] Despite growth since 2008, private credit isn't overcrowded—$1.4T credit gap vs equity. [03:36] Add $600B+ in upcoming maturities, and there's a $2T+ opportunity over next 3–5 years. [05:30] Hamilton Lane's deal drivers: add-ons, recapitalizations, and recovering LBO activity. [06:52] Credit lags LBO recovery but Hamilton Lane sees strong deal flow via LP relationships. [08:42] Democratization: retail access growing through evergreen funds—low minimums, high liquidity. [11:01] Biggest concern is defaults, but default rates and distress ratios remain below averages. [14:55] Credit shines across market cycles—positive performance every year since 1999. [16:51] Tight performance band and low volatility make credit an all-weather asset. [17:44] Investment discipline is key: big deal funnel + strict filters = consistent returns. [19:03] Four core criteria: top-tier sponsors, #1/#2 market leaders, recession-resistant sectors, strong capital structures. [21:01] Influences: WSJ daily, Poor Charlie's Almanack, Red Notice, industry reports.  [23:54] Thanks for tuning in—subscribe and keep smashing it.Connect with Nayef Here.Thanks for tuning in!Subscribe for more episodes on  iTunes & SpotifyGot feedback or questions? Email Alex at alex.rawlings@raw-selection.com. Until next time—keep smashing it!

In this episode, we break down how Free Cash Flow is calculated in an LBO and why it matters for debt repayment. We discuss the key components of FCF, the difference between levered and unlevered FCF, and how companies prioritize different types of debt repayments. Tune in for a practical framework to understand cash flows in LBO transactions. Want help securing an offer from a top tier firm on Wall Street? Apply here: wallstmastermind.com/applyutm_source=podcastep330

In this episode, we break down what IRR is and why it's a critical metric in an LBO model. We explore how it measures the profitability of an investment, why it's a key benchmark for private equity firms, and what factors influence it. Tune in to get a deeper understanding of its importance in an LBO and follow along as we walk through the steps to calculate it. Want help securing an offer from a top tier firm on Wall Street? Apply here: wallstmastermind.com/applyutm_source=podcastep325

Our Head of Corporate Credit Research and Head of Retail Consumer Credit discuss what choppy demand and tariff risk could mean for sectors that depend on consumer spending.----- Transcript -----Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Head of Corporate Credit Research at Morgan Stanley.Jenna Gianelli: I'm Jenna Gianelli, Head of Retail Consumer Credit, here at Morgan Stanley.Andrew Sheets: And today on this episode, we're going to discuss the outlook for the retail and consumer sectors.It's Wednesday, Jan 29th at 9 am in New York.So, Jenna, it's great to talk with you, and it's really great to talk about the retail and consumer sectors heading into 2025, because it's such an important part of the investor debate. On the one hand, a lot of economic data in the U.S. seems strong, including a very low unemployment rate. And yet, we're also hearing a lot about cost-of-living pressures on consumers, lower consumer confidence, and investor concern that the consumer is just not going to be able to hold up in this higher rate environment. And then you can layer on uncertainty from the new administration. Will we see tariffs? How large will they be? And how will retailers, which often import a lot of their goods, handle those changes?So, maybe just kind of starting off at a 40, 000-foot view, how are you thinking about consumer dynamics going into 2025?Jenna Gianelli: Of course. So, I think that that choppy consumer demand environment is actually one of the strongest pillars of our more cautious view, going into next year. How the sector, performed last year was not in tandem with kind of what the macro headlines suggested. The macro headlines were quite positive, and the consumer was, you know, seemingly strong. But there was a lot going on under the hood when you looked at different dichotomies, right? So, if you looked at the high-end versus the low-end, if you looked at goods versus services. And then within, you know, certain categories, there were categories that were, you know, really quite strong based on what the consumer was prioritizing – goods, essentials, personal care, beauty, right? And then there were others that they really shied away from.So, I think what we're going to see in 2025 is quite a bit more of that. When we think that the high-end will continue to be resilient, that pressure on the low-income consumer will continue. But actually moderate potentially as into [20]25, as we think about lower interest rates, potentially, you know, lesser immigration and so less competition for jobs at the lower income level. So maybe even some tailwinds, but it's really an alleviation of pressure and easier compares. But we do expect overall some deceleration, right? Because we had a lot of pent-up demand, especially on the high-end.So, we are expecting services, demand to slow, in 2025 and goods actually to hold up relatively well. So, we really are focused on what's going on at the individual category level and the different types of consumers that we're looking at.Andrew Sheets: And as you think about some of those, you know, subcategories that you, you cover, maybe just a minute on a couple that you think will perform the best over this year and some that you think might face the biggest challenges.Jenna Gianelli: There are some that have been under relative pressure, in [20]23 and [20]24 where we might actually see some, you know, relief. Now, depending on the direction of rates in the housing market, we could see and expect to see an uptick in bigger ticket spending, durables, home related, that have been under, you know, some pressure.And also, you know, categories where, you know, the consumer, they're arguably discretionary. But maybe they pulled back because there was a big surge in demand just post-COVID. Pet in our universe is actually one example of those, where it's been a bit depressed and we actually expect to see, you know, some recovery into next year; also tied to housing right as new house formation starts.So, but again, a lot of that is predicated on the, you know, housing direction of rates and some of these other macro factors. I'd say, irrespective of the more macro influences, we do still expect that essentials – grocery, and certain categories like a beauty, pockets of apparel and brands, right? It really comes down to the brands, the brand heat, the brand relevance. If it's relevant to the consumer, they're going to spend on it. And so, that's where we really focus on the micro level; our picks of which brands are resonating, which categories are resonating. Which is, those are some of the, you know, the few that we're expecting, either a recovery in or still, you know, relative, outperformance.I'd say on the laggard side, which is probably the next piece of that question. I mean, look, there's still a lot of secular headwinds at play. And so, you know, from a department store perspective outside of event risk or idiosyncratic risk, we're still generally expecting department stores and kind of traditional specialty apparel, mall-based, with not a lot of channel diversification to still generally underperform and see similar trends they've seen the last few years.Andrew Sheets: So, Jenna, your sector is sitting at the center of this kind of very interesting economic debate over how healthy the consumer really is. And, you know, it's also sitting at the center of the policy debate because tariffs are a dynamic that could dramatically affect retailers depending on how large they are and how they're implemented.So how do you think about tariff risk? And can you give some sense of how you think about exposure of your sector to those dynamics?Jenna Gianelli: So, tariffs and policy risk and the uncertainty, is one of the big reasons. And when we think about, you know, retail – and particularly discretionary retail – why we're more cautious on the space into [20]25. Tariffs is the biggest piece of that. The degrees of exposure across our universe, varying degrees to a very wide range, right? So, we have some that are minimal, you know, let's say 5 per cent out of, you know, China sourcing some up to 70 per cent out of China sourcing. And then you layer in, well, what about goods from Canada and Mexico and what if there's a universal tariff?And so, the range of outcomes, is, you know, so significant. And so, what we are advocating to investors is that we go in with the expectation that tariffs are a – an uncertain, but certain threat, right? And not completely minimizing them within a portfolio but reducing the ones that do tend to have those higher, you know, exposures.I'd say the range from when we stress tested the earnings headwinds potential. I mean, it was anything from call it down 10 per cent EBITDA to down 60-70 per cent EBITDA in the most draconian scenarios. And so, I think taking a very prudent approach, assuming that there will be some level of tariffs phased in, you know; if we look back to the 2018 timeframe – different sets of goods, different times, different rates and go from there.Andrew Sheets: So, Jenna, we've talked about the economy. We've talked about some of the policy and tariff risk potentially impacting consumer and retail. You know, a third really key strategic theme for us is more corporate activity, more M&A. And again, I think this is where your sector is so interesting because you were already kind of in the center of some of these debates, last year with corporate activity.So, can you talk a little bit about how you see that? And again, you also have this interesting dynamic that some of the targets of M&A activity in your sector were some of the businesses that were kind of struggling, that were kind of seen as some of these laggards. And so how does that just represent different investor views of their prospects? How do you think people should think about that going forward?Jenna Gianelli: So, look, I think M&A could have positive risk for 2025 and also negative risk for some of our companies. And it really depends, at least from a credit perspective, how we think about some of their indentures and bond language and likelihood of pro forma capital structures.But I think without getting, you know, too deep into that, our expectation is that M&A will increase. We know that there is private equity capital on the sidelines to the extent that rates, even if we're in a little bit of a higher for longer, if the expectation is that we do on the year [20]25 in a slightly lower regime, at least we have some stability or visibility on the rate front. Which should, you know, spur more corporate activity.And then also, I think, look, just equity valuations, right? I mean, our universe, particularly when you think about – the size of the equity check that you need to come in at and the valuations are a bit cheaper because across our universe, we did see some underperformance last year.So, I think those are the kind of main drivers of why we'll see the activity pick up on the underperforming pieces of the space. There are still pockets of value that I think private equity sponsors are seeing. The ones that have come up most notably are real estate, right? And, you know, we saw…Andrew Sheets: Because these retailers often own a large…Jenna Gianelli: Many of the department stores own a significant amount of their real estate. 20, 20, 40, 50 per cent depending on your, you know, assumptions and how you value this real estate. But even with conservative LTV assumptions, there is lending capability here. And I think so that's, you know, one piece of it, those that have multi-banner assets that appeal to different consumer cohorts, that have maybe a solid private label portfolio.When you think about intellectual property, there are real assets, for certain retailers. And so, I think that's what, you know, private equity historically has seen as the play. Now, how that manifests throughout the space? You know, from an LBO perspective; I do still think that getting a really large LBO for a traditional, you know, mature type of retailer could be challenging, but there are creative ways to get these deals done.And again, I think because of what we have is some legacy indentures, traditional, more investment grade style capital structures, there might be flexibility to approach, you know, LBOs in a more creative way – without having to access the capital markets in such a big way as maybe you would traditionally think.Andrew Sheets: And so, this would be examples of private equity firms coming in, doing an LBO or a leveraged buyout where you can actually almost take advantage of the borrowing that company has already done in the market…Jenna Gianelli: Yes. Keep the debt outstanding.Andrew Sheets: ... at attractive levels.Jenna Gianelli: Exactly. Exactly.Andrew Sheets: So, Jenna, it's so great to talk to you. Well, it's always great to talk to you, but it's so great to talk to you now because I do think, you know, as we, we look into 2025, I think there's always a lot of focus on, you know, the direction of markets, you know. Will rates go up or down? Will equities go up or down? But I think what's so clear talking to you about your sector is that there are all these themes that are really about dispersion. That we see, you know, really different trends by the type of consumer segment and sub segment; that we see very different trends by how exposed companies are to tariffs, right? You mentioned anything from, your earnings could be down 10 per cent to 60 per cent. And, you know, very different dynamics, you know, winners and losers from M&A.And so, I do think it just highlights that this is a year where, from the strategy side, we think spreads are kind of more range bound. But there does seem to be a lot of dispersion within the sector. And there seems like, well, there's going to be plenty that's going to keep you busy.Jenna Gianelli: I hope so.Andrew Sheets: Great. Jenna, thanks for taking the time to talk.Jena Gianelli: Thank you, Andrew.Andrew Sheets: Great. And thanks for listening. If you enjoyed the show, leave us a review wherever you listen, and share Thoughts on the Market with a friend or colleague today.

In this episode, we break down the different types of debt used to finance an LBO deal. We touch on the key differences between bank debt and high-yield debt, including interest rates, repayment terms and covenants. Tune in to understand how these debt options and considerations help structure successful LBOs. Want help securing an offer from a top tier firm on Wall Street? Apply here: wallstmastermind.com/applyutm_source=podcastep319

In this episode, we break down the critical concept of sources and uses in a Leveraged Buyout (LBO). We discuss key considerations like determining how much debt the deal can sustain, assessing valuation methodologies, and ensuring that sources and uses balance. Tune in to understand how this fundamental framework underpins every successful LBO transaction. Want help securing an offer from a top tier firm on Wall Street? Apply here: wallstmastermind.com/applyutm_source=podcastep316

Our Chief Fixed Income Strategist Vishy Tirupattur and Leveraged Finance Strategist Joyce Jiang discuss how the dynamic between private and public credit markets will evolve in 2025, and how each can find their own niches for success.----- Transcript -----Vishy Tirupattur: Welcome to Thoughts on the Market. I am Vishy Tirupattur, Morgan Stanley's Chief Fixed Income Strategist. Today we'll be talking about how private credit has evolved over 2024 and the outlook for 2025. I'm joined by my colleague, Joyce Jiang, from our Leveraged Finance Strategy team.It's Tuesday, December 3rd at 10am in New York.A lot has happened over 2024 in private credit. We are credit people. Let's talk about defaults and returns. How has 2024 been thus far for private credit in terms of defaults and returns?Joyce Jiang: It's always tricky to talk about defaults in private credit because the reported measures tend to vary a lot depending on how defaults are defined and calculated. Using S&P's credit estimate defaults as a proxy for the overall private credit defaults, we see that defaults appear to have peaked, and the peak level was significantly lower than during the COVID cycle.Since then, defaults have declined and converged to levels seen in public loans. In this cycle, the elevated policy rates have clearly weighed on the credit fundamentals, but direct lenders and sponsors have worked proactively to help companies extending maturities and converting debt into PIK loans. Also, the high level of dry powder enabled both private credit and PE funds to provide liquidity support, keeping default rates relatively contained.From a returns perspective for credit investors, the appeal of private credit comes from the potential for higher and more stable returns, and also its role as a portfolio diversifier. Data from Lincoln International shows that over the past seven years, direct lending loans have outperformed single B public loans in total return terms by approximately 2.3 percentage point annually, largely driven by the better carry profile. And this year, although the spread premium has narrowed, private credit continues to generate higher returns.So, Vishy, credit spreads are close to historical tights. And the market conditions have clearly improved compared to last year. With that, the competition between the public and private credit has intensified. How do you see this dynamic playing out between these two markets?Vishy Tirupattur: The competition between public and private credit has indeed intensified, especially as the broadly syndicated market reopened with some vigor this year.While the public market has regained some share it lost to private credit, I think it is important to note that the activity has been, especially the financing activity, has been really more two-way. Improved market conditions have lured some of the borrowers back to the public markets from private credit markets due to cheaper funding costs.At the same time, borrowers with lower rating or complex capital structure seem to continue to favor private credit markets. So, there is really a lot of give and take between the two markets. Also, traditionally, private credit markets have played a major role in financing LBOs or leveraged buyouts. Its importance has really grown during the last Fed's hiking cycle when elevated policy rates and bouts of market turmoil weaken banks' risk appetite and tighten the public-funding access to many leveraged borrowers.Then, as the Fed's policy tightening ended, and uncertainty about the future direction of policy rates began to fade, deal activity rebounded in both markets, and more materially in public markets. This really led to a decline in the share of LBOs financed by private credit. Of course, the two markets tend to cater for deals of different sizes. Private credit is playing a bigger role in smaller size deals and a broadly syndicated loan market is relatively much more active in larger sized LBOs. So, overall, public credit is both a complement and competitor to private credit markets.Joyce Jiang: The decline in spread basis is evident in larger companies, but more recently, the spread basis have even compressed within smaller-sized deals, although they don't have the access to public credit. This is likely due to some private credit funds shifting their focuses to deals down in the site spectrum. So, the growing competition got spilled over to the lower middle-market segment as well. In addition to pricing conversions, we've also seen a gradual erosion in covenant quality in private credit deals. Some data sources noted that covenant packages have increasingly favored borrowers, a reflection of the heightened competition between these two markets.So Vishy, looking ahead, how do you see this competition between public and private credit evolving in 2025, and what implications might this have for returns?Vishy Tirupattur:, The competition, I think, will persist in [the ]next year. We have seen strong demand from hold to maturity investors, such as insurance companies and pension funds; and this demand, we think, will continue to sustain, so the appetite for private credit from these investors would be there.On the supply side, the deal volume has been light over the last couple of years. Next year, acquisition LBO activity, likely to pick up more materially given the solid macro backdrop, lower rates that we expect, and sponsor pressure to return capital to investors. So, in 2025, we could see greater specialization in terms of deal financing. Instead of competing directly for deals, public and private credit markets can find their own niches. For example, public credit might dominate larger deals, while private credit could further strengthen its competitive advantage within smaller size deals or with companies that value its unique advantages, such as the flexible terms and speed of execution.Regarding returns, while spread premium in private credit has indeed come down, a pickup in deal activity could to some extent be a release valve. But sustained competition may keep the spreads tight. Overall, private credit should continue to offer attractive returns, although with tighter margins compared to historical levels.Joyce, it was great speaking with you on today's podcast.Joyce Jiang: Thank you, Vishy, for having me.Vishy Tirupattur: Thank you all for listening. If you enjoy today's podcast, leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.

S6 E04 - Dursin and Clay are back with a new podcast: The Vampire Council, What We Do in the Shadows FX podcast!The RailroadLaszlo and Colin help neighbor Sean find a new job at the railroad at which they claim to work.The Vampire Council podcast returns with season six, episode four of 'What We Do in the Shadows,' titled 'The Railroad.' Dursin and Clay N. Ferno dive into the classic episode where Laszlo and Colin Robinson set up Sean for a job interview at a fake railroad! Cravensworth Monster asks the hard interview questions for Sean Rinaldi and proves himself worthy of real leadership! Nandor grapples with being fired by Gizmo at Cannon Capital! Nadja tries to save The Railroad with help from the LBO team. Don't get Punk'd, Get Vamp'd with The League!00:00 Introduction and Initial Banter
01:08 Podcast Introduction and Episode Overview
03:11 Discussion on TV Shows and Their Longevity
07:49 Corporate Culture and Character Dynamics
12:24 Sean's Job Hunt and Railroad Cover Story
15:02 Nandor's Job Struggles and Guillermo's Dilemma
24:45 Sean's Absurd Railroad Office Plan
27:07 The Hilarious Job Interview
30:30 Guillermo's Rise and Celebration
35:18 Nandor's Firing and Aftermath
40:21 Sean's Short-lived Railroad Career
41:51 TaskRabbit and Final ThoughtsMORE - WE BOUGHT A WEBSITE!
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Rob Parker is a Managing Director and Head of Sell-Side M&A at TD Cowen. Mr. Parker was one of the founders of Quarton Partners. He has advised public and private clients on numerous mergers, acquisitions, LBO, cross border, and capital raising transactions across a variety of industries. Eric Van Dam is a Managing Director and head of Residential & Commercial Services at TD Cowen. Bringing over 15 years of experience on over 100 transactions, Eric has experience with middle market mergers and acquisitions engagements. In this episode, we talked about mergers and acquisitions strategy, private equity, financial metrics...  

In the latest Performing Credit Quarterly, Armen Panossian (Co-CEO and Head of Performing Credit) and Danielle Poli (Assistant Portfolio Manager, Global Credit) explore the next frontier of private credit: asset-backed finance. They discuss how major regulatory changes are causing traditional lenders to retrench from the space, leaving a significant financing void. They also look at several other trends affecting credit markets, including the first Fed cut of the cycle, the return of M&A and LBO activity, and the rise of PIK within private credit.You can read the 3Q2024 PCQ here (https://www.oaktreecapital.com/docs/default-source/default-document-library/pcq-3q2024.pdf?sfvrsn=89935466_5).

Send us a text“Make the most of your time, all day every day.” - Chris ReillyIn this episode, Chris Reilly shares his extensive journey from navigating the 2008 financial crisis to founding Financial Modeling Education in 2020. With deep expertise in private equity and LBO financial models, Chris simplifies complex financial topics and stresses the significance of accurate financial modeling for business success. The discussion delves into strategic finance, highlighting its importance for business growth and investment readiness, and offers practical tips for managing financial operations. 04:00 Chris Reilly's Career Path and Entrepreneurial Journey06:59 The Importance of Financial Modeling10:16 Challenges and Strategies in Financial Management15:21 Courses and Resources for Financial Modeling18:05 Key Takeaways and Best Practices22:56 Understanding Key Performance Indicators (KPIs)24:13 The Role of Fractional CFOs26:58 Artificial Intelligence in Finance31:22 The Importance of Financial Models39:11 Life Lessons and Financial WisdomClick here to subscribe to The Deep Wealth Podcast to save time and effort.SELECTED LINKS FOR THIS EPISODEFinancial Modeling EducationChris Reilly • Instagram @chrisreillymissioncapital | YoutubeChris Reilly  | LinkedInLearn More About Deep Wealth MasteryFREE Deep Wealth eBook on Why You Suck At Selling Your Business And What You Can Do AbResources To Have You Thrive And ProsperLooking to unlock your path to wealth and success? The Deep Wealth Podcast is your go-to source to extract your deepest wealth in business and life. Picture yourself mastering the foundational strategies that led our founders to a 9-figure exit. Ready to grow your profits, boost the value of your business, and optimize your life post-exit? Shoot us a quick email at insights[at]deepwealth.com with "Deep Wealth" in the subject line for more info. Click the links below to explore the resources, gear, and books that have paved the way for our guests and the high-achieving Deep Wealth team to reach remarkable success. Here's to helping you unlock the riches and success you deserve! https://www.deepwealth.com/thriveContact Deep Wealth: Client testimonials The Deep Wealth Strategy Map LinkedIn Instagram Subscribe to The Deep Wealth Podcast Help us pay it forward by leaving a review.May you continue to thrive and prosper while remaining healthy and safe!

“On fournit des prestations de communication hyper fortes aux marques. On est capable de mettre leur hero product dans la main d'une cliente qui aura toute son attention dessus”.Laurent Kretz rencontre Quentin Reygrobellet, cofondateur et président de Blissim (anciennement JolieBox et BirchBox). Il nous partage les coulisses de cette aventure entrepreneuriale qui s'étale sur 13 années (rachats, LBO, rebranding). Quentin nous explique aussi comment il s'est imposé comme la première offre de beauty discovery par abonnement en France et en Europe. Avec lui, on décrypte aussi la force de sa plateforme dans le retail media pour aider les marques à gagner en notoriété, lancer de nouveaux produits et collecter des avis qualifiés.Dans ce nouvel épisode du Panier, vous trouverez des clés pour :00:00:00 - Intro00:07:00 - Collecter des avis qualifiés de ses abonnés et aider les marques à capitaliser dessus ; 00:12:15 - Nouer un partenariat avec le leader américain pour toucher plus facilement les US ;00:20:15 - Racheter et rebrander sa propre marque ; 00:34:55 - Se transformer en retail media pour aider les marques partenaires à gagner en notoriété ; 00:46:40 - Expériencialiser la découverte de chaque box pour générer du contenu sur les réseaux sociaux ; 00:57:00 - Offrir le meilleur ROI de tous les médias confondus pour les marques beauté ; 01:01:20 - Travailler sa base de clients pour réactiver ceux qui se sont désabonnés ; 01:10:00 - Ouvrir sa propre boutique pour pouvoir travailler avec de grandes marques en s'adaptant à leurs exigences de distribution. Pour en savoir plus sur les références abordées dans l'épisode :La page produit du mascara Clarins sur SephoraEkimetrixJeremy UzanParlons Beauté, la communauté de BlissimEt quelques dernières infos à vous partager : Suivez Le Panier sur Instagram lepanier.podcast !Inscrivez- vous à la newsletter sur leanier.io pour cartonner en e-comm ! Écoutez les épisodes sur Apple Podcasts, Spotify ou encore Podcast AddictLe Panier est un podcast produit par CosaVostra, du label Orso Media.

Peter Gleysteen, Founder, CEO & CIO at AGL Credit Management joinsyour host Brian Bejile, CEO of Octaura on The Ramp Up. Peter is a legend in thestructured credit industry, successfully navigating every economic cycle andmarket crisis since his career began in 1975. Pulling from his uniqueupbringing, Peter has honed the ability to shed a different perspective throughouthis career – leading him to launch innovations that laid the foundations of howtoday's loan market operates. With experience starting not one, but two buysideshops, Peter is an incredible wealth of knowledge. About PeterPeter Gleysteen is the Founder, CEO, and CIO of AGL Credit Managementwhich he established with the support of Abu Dhabi Investment Authority. AGLcreates and manages corporate credit investments including CLOs and privatecredit with managed assets of $16 billion.Gleysteen has over four decades of credit and management experienceand successfully navigated every economic cycle and market crisis since hiscareer began in 1975. Gleysteen's prior two employers were JPMorgan Chase &Co. and CIFC Asset Management.At JPMorgan Chase, and antecedent entities Chemical Bank and ChaseManhattan, Gleysteen was the lead banker on many of the largest LBO, M&A,and Restructuring financings in the 1980s and 1990s. He ran global loansyndications as Group Head of Global Syndicated Finance, was responsible forthe global corporate loan portfolio as Group Head of Global Capital Management,and then served as the Chief Credit Officer.Gleysteen was integral to the evolution of the bank loan asset classfrom inception, including making the first “B-Loan” in 1989 and conceiving andinstituting the “Market Flex” pricing convention in 1997.Gleysteen founded CIFC Asset Management in 2005 and managed it as CEOfrom inception to 2014 when it was sold. He served as Vice-Chairman and specialadvisor until 2016.Gleysteen formed AGL Credit Management in 2018 and launched it in2019. In 2024, AGL announced an exclusive private credit collaboration withBarclays Bank PLC.Gleysteen has a BA in History from Trinity College, a MBA, ExecutiveProgram, from the University of Chicago, and attended St. PetersburgUniversity, when Russia was the USSR. He is a member of the Council on ForeignRelations and a board member of Mystic Seaport Museum.

US leveraged buyout volumes are slowly starting to improve, with the likes of Apollo, Thoma Bravo, CD&R and TowerBrook making moves. This comes after a long period where buyers and sellers struggled to find common ground in valuations and could bring a welcome shot of new debt issuance for investors that are eager to lend. So what changed? And is this improvement in deal activity significant enough to satisfy investor demand for paper?In this week's episode of Cloud 9fin — recorded before the recent spike in market volatility — US LevFin editor David Bell sits down with senior reporter Sasha Padbidri and credit analyst Alec Keblish to unpack the hottest themes of recent LBO activity.