Capabilities · Mergers and acquisitions
Buy-side Advisory
We advise corporates, family offices and investors on acquisitions in Western markets, and Western businesses on acquisitions funded with Gulf capital, from defining the strategy and finding targets to negotiating terms and arranging the financing.
The market
Many Gulf family offices and investors want direct exposure to Western businesses and assets, and many Western acquirers need capital to complete a deal. We work on both sides of that flow, always acting for one client at a time.
What we do
Acquisition strategy
Defining what to buy, why, and what a successful acquisition looks like for the buyer.
Target identification and approach
Screening, prioritising and making discreet first approaches to owners, including businesses not formally for sale.
Valuation and deal structuring
Independent valuation and a structure that fits the buyer's objectives, tax position and appetite for risk.
Due diligence co-ordination
Organising financial, commercial and legal advisers and keeping diligence focused on what matters.
Negotiation and execution
Leading negotiation of price and terms and managing the process through to signing and completion.
Acquisition financing
Arranging the equity and debt needed to fund a transaction, including co-investment from Gulf investors.
Co-investment and club deals
Bringing like-minded investors together to acquire larger assets than any one could alone.
For Gulf investors buying in the West
We help family offices and private investors find and assess Western businesses and assets that fit their mandate, and run the transaction with the discipline a cross-border deal requires.
For Western acquirers
We help Western businesses plan acquisitions and raise the capital to complete them, including from Gulf investors who may also become long-term shareholders.
Discipline on price
The hardest part of buying is knowing when to walk away. We keep valuation grounded in evidence and make sure the buyer understands what they are paying for.
Considerations
What a good acquisition plan answers
- The strategic reason for the acquisition
- The price the buyer can justify, and the walk-away point
- How the deal will be funded
- Integration, management and governance after completion
- Regulatory, tax and currency considerations
Who leads the work
Every mandate is led by a Founding Partner and run by a senior team, supported by our analysts in London, with our Head of GCC Coverage leading investor relationships across the Gulf.
Meet the teamFurther reading
Investor Perspectives
Who allocates Gulf capital: a map of the investor base
A map of the Gulf's investor base, from sovereign funds and state-backed vehicles to family offices, banks and private investors, and how each decides.
Gulf Capital
How the Gulf's state investors deploy capital
What PIF, ADIA, Mubadala, ADQ, QIA, KIA and ICD broadly do, how they deploy capital, and how a Western business should think about approaching them.
Capital Markets
Debt from the Gulf: how Western businesses access GCC credit
How Western businesses borrow from Gulf capital, from Gulf-backed credit funds to murabaha and ijara, and what Gulf lenders examine before committing.
Questions
Frequently asked.
Do you act for Gulf investors as well as Western businesses?
Yes, on buy-side mandates. On any given transaction we act for one client, and we manage conflicts carefully.
Can you find businesses that are not for sale?
Yes. Many good acquisitions start with a discreet approach to an owner who has not run a process. We handle those approaches carefully and confidentially.
Can you arrange the financing for an acquisition?
Yes. We can arrange equity and debt to fund a transaction, including co-investment from Gulf investors where that fits.