Jamie Caulfield

"M&A dealmakers have been on a wild ride." First it was the pandemic. Then a record-breaking recovery in 2021. Then a steep YOY 16% decline in 2023, when the number and value of global deals fell to their lowest levels in 10 years. Yet many are approaching 2024 with optimism. McKinsey & Company highlights why: - The M&A market is durable: With all the change in the business landscape—AI, sustainability, more demanding consumers—CEO’s say that M&A is more important than ever as a lever for growth. - Experience predicts success: Companies making >2 small to midsized acquisitions a year between 2012-2022 delivered total shareholder return that outperformed all other M&A strategies and organic growth, partly because they were actively reshaping their portfolios, divesting as well as acquiring. Making more deals tended to outperform making fewer. - Private equity coming back? PE drove a lot of global M&A in the past, but cut its activity 37% to $560B and only accounted for 18% of deal activity in 2023, due to the high cost of capital, central bank uncertainty, and greater regulator scrutiny. The expectation is that activity will pick up as some funds need to exit and redeploy, and dealmakers will be attracted by the $2T in undeployed capital at the end of 2023.  - Strong economies: Despite uncertainty around geopolitical stability, dealmakers are generally feeling positive about their countries’ economies and where they're headed over the next six months. Inflation is now just over 3% in the US, Europe and Asia. US unemployment was <4% at the end of 2023. Consumer spending globally is robust. - Areas of opportunity: The Americas, which remains the most active M&A market (> 50% of global activity in 2023), saw deal value fall 7% to $1.6T but that was only slightly lower than the $1.7T of pandemic year 2020. Average deal size increased 38%, and 11 of the world’s 20 biggest deals in 2023 came from the region. In EAME, the value of M&A fell 30% to $721B in 2023, and APAC deal value dropped 19% to the lowest levels in 10 years.  India and Japan, with relatively low geopolitical risk, saw an uptick in deal inflow, and overall APAC continues to account for ~25% of global deal value, up from 15% in 2004, and is expected to continue growing. - Fourth quarter saw growth: The value of global M&A activity grew 41% vs. Q3, and 37% YOY; the number of deals increase 7% quarter-on-quarter, and average deal size was up 32%. - Active industries: Global Energy and Materials accounted for the largest share (26%) of activity in 2023 after a long run of Technology/Media/Telecom deals, which fell from 25% in 2020 to 17% in 2023. Deals in Healthcare (14%), Financial Services (11%), Advanced Industries (9%), Consumer/Retail (8%), Real Estate (8%), and Travel/Logistics/Infrastructure (4%) followed. Nearly five months in, how are you feeling about M&A in 2024? #mergersandacquisitions #deals #recovery #optimism #performance #growth #portfolio #acquisitions

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On the latest iCapital x Alt Goes Mainstream Monthly Alts Pulse, iCapital Chairman & CEO Lawrence Calcano and I welcome a special guest - Hightower Advisors Managing Director, Head of Alternative Investments Robert Picard - to discuss the operational challenges and solutions in private markets. In this episode, Lawrence, Robert, and I discuss: * How wealth platforms like Hightower and infrastructure operating systems like iCapital are creating straight-through-processing solutions across the lifecycle of a private markets investment for the wealth channel. * The importance of bringing alts directly to the advisor’s desktop. * Why improving the experience for advisors in private markets is critical to increasing adoption. * Why it’s important to build across the continuum of needs for different types of high-net-worth investors. * The importance of customization and differentiation with private markets solutions for advisors. * What is the biggest unlock to enabling greater flows of capital into private markets? * What are the implications of opening up the alts superhighway? Thanks Robert for joining us on the show for a fantastic discussion!

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Worth checking out for any companies at the right stage.

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What you eat and when you eat it are key factors in achieving workout success. Are you finding it challenging to see results despite your hard work? Check out this article by biohacker expert Dr. Axe for valuable insights. Uncover the optimal pre-workout foods that can boost your performance and outcomes. These tips aren't just beneficial for workouts; they can also elevate your daily activities. #biohacks #nutrition #fitness

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I love this! Thank you to Rachel Brown from Beauty Independent to kick-off this exchange with Andrew Ross' provocative thesis and have us all react to it. I truly enjoyed reading everyone's thoughts on the topic of the shortening lifecycle of beauty brands. Here is a snippet of mine: "Because beauty brand lifespans are shortening, it is important that we are able to differentiate brands with staying power from brands that will end up being a flash in the pan. There are much more of the latter than the former in the market right now, and if a brand is not well-positioned, it will be challenging for that brand to survive over the long-term. That’s why we focus on understanding each brand’s differentiators and long-term relevance." See more here: https://lnkd.in/esVbwnu2 and you will discover what Kevin Murphy, Odile Roujol, Rich Gersten, Tina Henry Bou-Saba, Oliver Nordlinger, Claire Chang, Manica Blain, Sonya Brown, George Birman had to say. #beautyindustry #beautyinvesting Stride Consumer Partners

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🔊 Join Partnership Leaders Upcoming Webinar: The Intersection of M&A and Partnerships! 🚀 Are you looking to enhance your understanding of how mergers & acquisitions (M&A) and strategic partnerships can work together to drive business growth and innovation? 🌟 In this 20-minute session, we will delve into: 🔹 The fundamentals of M&A and partnerships 🔹 Key strategic considerations 🔹 How these strategies can complement each other to create value 🔹 Real-world case studies and examples 🔹 Challenges, risks, and best practices for success Register now here: https://lnkd.in/dc9WRPVP Hexagon Manufacturing Intelligence, #leadership, #partnerships, #strategy

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Consumers are pulling back. After falling flat in April, U.S. #retail and food services sales advanced 0.1% in May. Retail sales were up 2.3% y/y, down from 2.7% y/y in April. In May, retail sales minus autos were 2.5% higher than a year ago, down from 3% in April. When compared to a year ago, retail sales - adjusted for #inflation - are lower for the second consecutive month. The yield on the 10-yr Treasury fell on weaker than expected retail sales ...

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Great discussion on CNBC with Brian Sullivan discussing the consumer behavior tailwinds we’re seeing at Torch Capital with Cava’s success as a key indicator. The street is noticing how consumer preferences for food are changing. Cava is up over 300% since IPO. I believe this shift will continue—medications like GLP-1s (Ozempic, Wegovy) are already pushing users towards healthier food options and lifestyle choices. Our investments from Ro to Tia are fueling this change — improving access to life changing medical services. Watch this trend. Maxwell Meyers

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