Looking back on 2020, we will probably remember first and foremost the impact of COVID-19. As usual, you will find the latest macroeconomic developments...Read More
Corporate acquisitions and sales, succession arrangements, mergers or joint ventures not only offer new opportunities but also entail risks. Thanks to our long-standing M&A experience and partnership with Globalscope, a global M&A network, we provide our customers with effective support in implementing national and international M&A transactions.
M&A processes require extensive know-how and resources. Our M&A team actively guides such processes to provide decision-makers with effective support in the following areas:
One of the most important and difficult decisions facing a business owner is how to arrange for the company’s succession. This one-time process in the life of an entrepreneur is emotionally charged and involves major business policy decisions and economic challenges. We help our customers to search for and choose the best solution for the succession, within owner’s family or company, or through disposal to a strategic partner or financial investor.
In the Financial due diligence, we bring about enhanced financial transparency regarding the target company. The focus of the analyses is on the relevant financial value drivers, derivation of standardised earnings and balance sheet figures (including, EBITDA, EBIT, NWC) and systematic evaluation of the financial risks and opportunities of the potential acquisition. The due diligence findings provide a solid foundation for successful price and contract negotiations.
The reasons for the failure of a takeover may often be found in the integration phase. To ensure fast and effective realisation of the expected synergies and successful continued management of the business model, the structures, processes and systems require optimal coordination and consistent strategic alignment. We support our customers in successfully implementing the transformation and integration process.
Our extensive experience in corporate transactions shows that the timely and professional preparation has a huge positive impact on the success of a corporate transaction. Therefore, we have developed the IFBC Transaction Check.
The IFBC Transaction Check enables decision-makers, company owners and investors to evaluate their readiness for a specific corporate transaction based on an individual gap analysis with the help of a team of experts and with little effort on their part.
As a result, you receive specific guidance from us in the form of an action list tailored to your transaction project allowing you to optimize your transaction readiness completing identified tasks. We discuss the corresponding results of our gap analysis with you in a closing meeting. In addition, we provide you with an individualized report detailing the results of our analysis.
The IFBC Transaction Check is designed for a wide range of corporate transactions (e.g. succession planning, acquisition and sale of a company, growth financing) from all industries. Through our cooperation with DG180, we can also offer further expert knowledge in the field of digital transformation complementing our profound sector expertise across various industries.
Learn more about our IFBC Transaction Check here.
We are specialists in appraising the value of companies in a wide variety of industries and in solving specific valuation problems. Our services include, in particular:
The unpredictability of a company’s future business trend and the generally limited stock of available information make the appraiser’s task especially challenging. Only an in-depth analysis of the business model and key value drivers of the appraised entity, combined with selected use of sensitivity, scenario and benchmarking analyses, can provide a meaningful basis to determine a company’s value.
IFBC, which has been specially accredited by the Swiss Takeover Board as an appraiser to issue fairness opinions, has assessed the financial advisability of a number of public tender offers in recent years.
Our company-specific evaluation tools increase efficiency in the assessment of investment projects and simultaneously improve the quality of decision-making. We attach great importance to tailoring the reports on our analyses to the intended target group.
The Weighted Average Cost Capital (WACC) has a significant impact on the appraisal of a company’s value, financial project valuation and assessment of any impairment. With IFBC’s support, prestigious listed corporations have developed a comprehensive cost of capital concept ensuring consistent treatment of the main cost of capital parameters (including currencies, Inflation and risk profile) in various areas of application.
Due to the specific characteristics of intangible assets, their valuation is quite a challenge in the Purchase Price Allocation (PPA) within corporate acquisitions and IFRS impairment testing. Thanks to the large number of PPAs and impairment tests we have performed and our long-standing collaboration with audit firms, we have a great wealth of experience to share with our customers to meet their specific needs.
Especially in public tender offers subject to requirements as to the tender price (minimum price rule and best-price rule), it is necessary to consider not only the purchase price paid but also any indirect benefits exchanged between the parties involved. All the relevant contracts between the parties must be examined for substantial indirect benefits and evaluated accordingly. IFBC has been commissioned as an appraiser of bidders for the purpose of this practice under corporate acquisition law in a number of precedent-setting takeover bids (including, Quadrant, Kuoni, Charles Vögele, Immomentum and Schmolz & Bickenbach).
IFBC has developed financing concepts for well-known companies and overseen their operationalisation and implementation with credit and capital market financing. Our clients appreciate our practical, well-targeted approach and our extensive network of relationships which we can rely on to find solutions. We assist our customers with the following, in particular:
Bond financing and private placements have several advantages over conventional bank financing: advantageous interest rates, improved creditor structure and reduced dependence on individual investors. The diversification of maturities can also have decisive advantages. As financial advisors, our main focus is on finding optimal and efficient solutions to raise capital for our customers.
For the financial management of the company’s future development, it is indispensable to periodically review the financial situation in terms of limits, terms and conditions, maturities, counterparties and debt capacity. We help customers optimise and hedge their credit financing or procure new financing.
A customised financing concept should promote the company’s planned strategic development and meet the needs of daily business operations. When designing financing concepts, we bear the key factors in mind, such as cost of capital, flexibility, stability and security. This ensures that the financing and capital structure, in particular, will be optimally aligned with the company’s needs. One of our central priorities is the operationalisation of financial concepts based on target values, providing a comprehensible and sustainable basis of implementation.
A company’s rating is of central importance in capital market financing. It affects the amount that can be issued and the pricing of a bond, among other things. We assess how financial developments may affect the company’s current rating (rating assessment) and help first-time issuers make a rough estimate of the expected rating.
For the sake of efficiency and risk management, company investment processes should be standardised and supported by appropriate management tools. We develop customised modeling solutions to ensure comprehensive and efficient investment project evaluation using the correct methods. We help our customers with the following aspects of financial modeling:
For financial assessment of investments, it is advisable to use standardised models and project proposals. These models have to be aligned with the major value and cost drivers of different types of project and be capable of recognising the project risks correctly based on the cost of capital and of modeling sensitivities and scenarios. Our solutions are easy to use so that they can be deployed company-wide by different user groups.
Standardised impairment models ensure the methodically correct implementation of the impairment tests as well as efficient execution.
The business plan is one of a company’s most important management tools. Alignment with the key value and cost drivers and implementation of a company-specific logic of planning are important requirements for a good planning model. Moreover, modeling scenarios and sensitivities increases the reliability of decision-making for strategic issues.
Standardised tools can provide goal-oriented support for budgeting processes, which are often inefficient. Our Excel-based solutions are being used successfully by a number of different companies. We help our customers design and implement a budgeting/forecasting tool tailored to the company and aligned with its value drivers.
Developing a financial business case provides a basis for decision-making and helps create the necessary conditions for successful project implementation for transactions and transformation processes. Appropriate Key Performance Indicators (KPIs) let decision-makers keep track continuously of project developments, enabling them to take timely corrective action if necessary.
IFBC is a leading financial expert. We specialise in resolving typical issues using scientific approaches and the current best practice and modeling them in an objective and understandable manner. Thanks to our multifaceted experience and resulting know-how, IFBC is one of the most widely recognised partners of courts, law firms and supervisory authorities.
We issue the following types of opinions, among others:
Our expert opinions meet the strictest standards of the courts, regulatory and supervisory authorities, lawyers and auditors. When preparing an expert opinion, we focus on applying the following five principles in a manner that is appropriate for the intended target group:
As an expert, IFBC quantified the financial damages in connection with a large, international M&A transaction in the context of arbitration proceedings. The IFBC team prepared two expert reports and, in addition, Dr. Thomas Vettiger testified as an expert witness before the arbitral tribunal in Zurich as part of these arbitration proceedings under the rules of International Arbitration of the SCAI. The process was settled with an amicable agreement between the parties.
IFBC valued for Siegfried Holding AG as issuer two privately placed hybrid convertible bonds in the total amount of CHF 80 million.
The Siegfried Group is a global life sciences company and currently employs about 3500 people at eleven sites on three continents. Siegfried is active in manufacturing pharmaceutical APIs (and their intermediates) as well as drug products for the pharmaceutical industry and provides development services.
On 29 January 2021, OFFIX Holding AG (which belongs to the Swiss PEG Papeteristen Einkaufsgenossenschaft) and the Swiss Office World Holding AG (which belongs to the international MTH Retail Group Holding GmbH), announced that they intend to bundle their Swiss business in the new Office World Group AG.
IFBC acted as Financial Advisor to OFFIX Holding AG for this important transaction. IFBC particularly supported its client with valuation and transaction price considerations and in price negotiations.
Today OFFIX Holding AG is one of the leading players in the area of paper and stationery products in Switzerland. It has an annual turnover of around CHF 240mn and a total headcount of 235 employees.
IFBC supported Energie Ausserschwyz AG as exclusive financial advisor and guided the company through the entire financing process. The company signed a loan agreement (amount CHFm 60) with a Swiss bank and raised additional equity from a strategic partner.
With the realisation of the district heating project, which involves the construction of a wood-fired combined heat and power plant, a biogas plant and a district heating network, Energie Ausserschwyz AG will in the future supply the population of the Canton of Schwyz with environmentally friendly heat and electricity. Energie Ausserschwyz AG is thus making a significant contribution to the switch to more ecologically energy sources.
On 29 January 2021, OFFIX Holding AG (which belongs to the Swiss PEG Papeteristen Einkaufs-genossenschaft) and the Swiss Office World Holding AG (which belongs to the int...Read More