Buy-side corporate development and M&A advisory
When your business is changing and you need to add value quickly through inorganic growth.
As corporate operators, we bring more than $5B in corporate buy-side deal experience.
How we help
What does buy-side corporate development support include?
We have a combined 60 years of buy-side experience. Unlike investment bankers, for us the work begins when the deal is signed: we create buy-side deals that last, and value is measured 12 to 24 months after close. We help leaders work through sequence, structure, incentives and communication when a transaction crosses markets, cultures, technologies or competing stakeholder priorities.
When value is measured
For us, the work begins when the deal is signed
-
Strategy and sourcing
Acquisition thesis, capability gaps and a target shortlist.
-
Diligence and valuation
Commercial, clinical, technical and operational review.
-
Signing
Negotiation and definitive documents.
Where a banker's work ends -
Close
Structure chosen as one of the first integration decisions.
-
Integration
Sequence, incentives, communication and the acquired team.
-
12 to 24 months
The operating and financial value the deal must create.
Where we measure value
Target selection
A balanced scorecard
| Factor | What we weigh |
|---|---|
| Market | Size and growth, customer access and competitive position. |
| Technology | Differentiation, evidence and intellectual property. |
| Policy | Regulatory pathway, reimbursement and coverage. |
In medtech, a deal should be immediately accretive; otherwise it adds risk rather than value. The scorecard produces a shortlist we can approach discreetly, with conversations advancing in parallel.
Integration
Three ways integrations fail
Failure point 1
Underestimating or underfunding it
Integration needs its own plan, owner and budget from day one.
Failure point 2
Losing the acquired team
The people who built the asset are often what the buyer paid for.
Failure point 3
Confusing customers
Customers need to hear what changes, and what does not, before competitors tell them.
Five key questions
Five key buy-side corporate development questions we solve
The questions we work through with every client facing this problem, answered the way we would answer them on a call.
How do we map and prioritize the target landscape?
In medtech, our buy-side philosophy is that a deal should be immediately accretive; otherwise, it adds risk rather than value. We build a balanced scorecard across market, technology and policy (regulatory and reimbursement) factors to create a target shortlist we can approach discreetly, advancing conversations in parallel.
What value should the deal create 12 to 24 months after close?
We define the operating and financial value the deal must create after close. As corporate operators responsible for more than $5 billion in deals, we measure success in the 12 to 24 months after closing, not at signing.
Which transaction structure best supports the value-creation plan?
We match the structure (equity, asset purchase or license) to the value-creation plan, risk profile and desired optionality. The right structure is one of the first integration decisions.
How should we approach our first major integration?
We use an integration blueprint built over decades of operating experience. It addresses common failure points: underestimating or underfunding the integration, failing to retain the acquired team and confusing customers. David and Onne have lived through more than 100 transactions and guide teams toward practices that work.
How do we build board confidence when the alternatives are to wait, build, buy elsewhere or do nothing?
We combine scenario planning with risk assessment: what could go wrong if we proceed, and what could happen if we do not. We combine team input, market evidence and our forecasts in financial models that make the tradeoffs explicit.
Services
Buy-side corporate development services
-
Acquisition and in-licensing strategy
Aligned to your portfolio or investment thesis
-
Capability gap analysis
Identify where acquiring technology or talent beats building it
-
Market mapping and target sourcing
Proprietary identification of targets, including healthcare services businesses for private equity and strategic buyers
-
Target evaluation
Screening, prioritization and strategic fit assessment
-
Due diligence
Commercial, clinical, technical and operational review of targets
-
Valuation and board materials
Models and materials to support investment decisions
-
Negotiation and execution
Run parallel discussions and interface with attorneys and target executives, from initial approach and LOI through close
-
Integration planning
Post-acquisition strategy to capture deal value
More from this work
Blackrock Neurotech
We built the target list, ran parallel conversations, negotiated terms and prepared the board materials for Blackrock Neurotech's acquisition of MindX.
BioStem Technologies
New Medicare regulations threatened BioStem's in-office business. We prioritized more than 100 targets, led diligence and negotiated its acquisition of BioTissue's surgical and wound care business. BioStem has since uplisted to Nasdaq (BSEM) and secured a committed equity facility of up to $40M. See BioStem news
What do your next 12 months look like?
The only thing you're risking is 25 minutes.
Tell us where you are. If we can help, we'll tell you how. If we can't, we'll tell you that too, and we'll usually know inside one call.
