Deal by Deal: A Private Equity Podcast

What happens when a consulting firm decides to start leading M&A transactions and, separately, writing checks into the very deals it consults on? Clint Simkins of DPO&Co joins host Greg Hawver to answer that question, tracing the firm's evolution from a strategy consulting shop into a fully integrated platform spanning consulting, QoE and transaction advisory services, principal investing,...

The deal closes, the M&A lawyers step away, and the real work begins. That’s when recently acquired companies turn to e2E to professionalize their finance and HR functions. In this conversation with host Greg Hawver , e2E founder and CEO Nancy McCullough pulls back the curtain on the first 100 days after acquisition. From “opportunities” that e2E often finds when it walks in the door to recomm...

When’s the best time to engage a debt advisor? “Earlier is better,” says Parm Atwal , managing director at Configure Partners , a credit-oriented investment bank. In this conversation with host Greg Hawver , Parm breaks down the life cycle of debt financing based on a hypothetical independent sponsor or private equity fund under LOI with a manufacturing company. Tune in as he shares how Configure...

The scenario is this: an independent sponsor is acquiring a manufacturing company for $50 million. Andrew Skowronski , an executive compensation partner at McGuireWoods , outlines the lifecycle of this hypothetical transaction with host Greg Hawver . Guided by assumptions such as a meaningful rollover and a CEO that the buyer likes, Andrew covers practical negotiation strategies, structural consid...

If compound interest is the Eighth Wonder of the World (according to Warren Buffet), then multiple re-rating is the Ninth, according to the folks at Altaline Capital Management . Rafael Telahun , managing director of the private equity firm’s technology sector, breaks down how Altaline helps service companies transform themselves into technology-enabled assets, capturing multiple re-rating along t...

Eight years after  Ariez Dustoor  and his partner launched the investment firm  NB Group , Ariez has observed a growing sophistication among independent sponsors. With host  Greg Hawver , Ariez discusses why the independent sponsor model offers superior flexibility and opportunity in the ever-changing M&A landscape, including some observations on future use cases for AI app...

"When you're doing a sale leaseback transaction, you're not really selling the bricks and the sticks. You're selling a cashflow stream that's backed by a good company," explains Luke Timmis of Signature Associates in this discussion with host Greg Hawver and his McGuireWoods’ colleague Phil Coover . Luke shares how sale leasebacks typically generate a 25-50% premium above appraised property value—...

“In terms of the big three numbers – employment, inflation, and GDP growth – our baseline forecast is optimistic,” says Matt Wolf of RSM in this economic outlook discussion with host Greg Hawver . Matt points to a 4.2% unemployment rate, two-and-a-half point inflation, and 2.5% GDP growth. But he also observes that the uncertainty of tariffs is creating “paralysis” among operators and some investo...

Host Greg Hawver interviews Chris Larson of Monroe Capital and Jeff Magny of Lincoln Road Global Management about their buy-and-build strategy in the commercial landscaping industry. Chris and Jeff describe how they work together to finance and execute these acquisitions, the key attributes they look for in a successful buy-and-build strategy, and their outlook for the independent sponsor market i...

Grant Kornman , a partner at Align Collaborate , joins hosts Jeff Brooker and Jason Griffith for a primer on tiered carry structures and catch-ups in the private equity market. Grant shares insights about negotiating economics and governance terms, emphasizing the importance of aligning incentives and being a good steward of capital. He highlights the significance of valuations in determining hurd...

Host Greg Hawver welcomes his McGuireWoods colleague Mark Freedlander , head of the firm’s Restructuring & Insolvency Practice Group, and Robert Orr , principal at Sandton Capital Partners , to discuss their recent restructuring of a distressed healthcare business. The team took out the existing senior secured lender and allowed an out-of-court restructuring of the business and its capital str...

Hosts Greg Hawver , Jeff Brooker , and Jason Griffith present the 2024 Independent Sponsor Deal Survey, a treasure trove of data compiled from more than 300 transactions by independent sponsors and capital partners. “One of the things that’s really changing in independent sponsor transactions is that the professionalism, the backgrounds of the folks, and the credentials just become better and bett...

Recording live from the Independent Sponsor Conference in Dallas, host Jason Griffith invites Oliver Patten and Parker Shields of Sherburne Partners to discuss their experience buying a packaging company. Oliver and Parker cover a range of topics, from stepping in as independent sponsors to building relationships to asking the management team “stupid” – but also thought-provoking - questions that...

Mike Palm of Charter Capital Partners discusses governance and seller rollover in independent sponsor deals with hosts Greg Hawver and Jason Griffith . Their conversation covers the importance of building trust and relationships with sponsors, aligning interests through rollover equity, and navigating board dynamics. Mike emphasizes the need for founder alignment, proactive communication, and trus...

On this cross-over episode of Deal by Deal and The Corner Series, McGuireWoods’ partners Greg Hawver and Geoff Cockrell welcome labor and employment partner Meghaan Madriz to discuss recent headlines regarding the FTC’s proposed ban and the broader legal landscape for non-competes. Tune in as Meghaan breaks down the evolving enforceability of restrictive covenants, including non-competes tied to e...

On this episode of Deal by Deal , co-hosts Jason Griffith and Trey Andrews welcome Jonny Miller and Mario Burstein of Platt Park Capital Partners to discuss their emergence into independent sponsorship. Tune in as Jonny and Mario discuss how Platt Park came to be, how they secured their first deal, and how they can apply what they learned in their first deal to future deals. Jonny and Mario talk a...

Recently, the M&A market has cooled since it burned red-hot in the aftermath of Covid. What impact has the slowdown in M&A activity had on insurance products related to mergers and acquisitions? On this episode of Deal-by-Deal, host Greg Hawver is joined by Matt Heinz of Lockton to discuss developments in M&A insurance products. Specifically, Matt talks about why it’s actually a good t...

On this episode of Deal-by-Deal, host Greg Hawver is joined by John Huhn , Managing Partner at the Compass Group . Tune in as Greg and John discuss lessons learned during the Compass Group’s successful independent sponsor investing phase.  John also provides key insights for those PE investors seeking to raise a committed fund in the current environment. Meet Your Guest  Name: John Huhn...

On this episode of Deal-by-Deal, host Greg Hawver is joined by Darren O'Brien , Managing Director of Campbell Lutyens , the largest independent private capital advisory firm.  Tune in as Greg and Darren discuss the hot topic of secondary transactions, a growing niche area. Starting with a high-level introduction to secondary transactions and the secondary market, Darren covers the distinction...

On this episode of Deal-by-Deal , host Greg Hawver is joined by investment banker Derek Zacarias from DAK . Together, they explore what the next 12 months may hold for M&A relating to founder-owned businesses, private equity-backed transactions and the broader middle market. This engaging discussion explores the macroeconomic trends as well as more intricate strategies and emerging themes anti...

In this episode of Deal-by-Deal , host Greg Hawver talks to fellow McGuireWoods partner Holden Brooks about antitrust considerations for private equity investors in the middle market (and, interestingly, the lower middle market). They begin by discussing the Hart-Scott-Rodino Act, which requires pre-close filings for deals valued above $111.4 million that also meet certain other criteria — and not...

On this episode of Deal-by-Deal , host Greg Hawver and fellow McGuireWoods partner, fund formation lawyer Rick Starling , discuss considerations and alternatives to raising a committed fund, analyze what’s going on in today’s market, and share insights on the phases of raising a fund. The episode also explores fund structures such as the "proof of concept fund" for emerging managers, highlights ke...

On this episode of Deal-By-Deal, host Greg Hawver is joined by Cathleen Hughes, Kroll’s Director of Corporate Finance and Restructuring, for a deep dive into due diligence, including M&A transactions and post-closing. Risks associated with M&A deals have evolved. “And these risks include those that can be discovered pre-transaction as well as risks that may not exist at the outset, but can...

On this episode of Deal-By-Deal, host Greg Hawver is joined by investment banker Hector Torres, Managing Director of DC Advisory’s global healthcare team, for a discussion on the new normal in the M&A market, especially involving the healthcare industry.  Hector explains that, while market activity is starting to level out from the torrent of transactions in the second half of 2021, the l...

It takes nerves of steel to start a deal during COVID and exit it during the Silicon Valley Bank collapse, and today’s guests pulled it off.  On this episode of Deal-By-Deal, host Greg Hawver is joined by Evan Gallinson of Merit Capital Partners and Jonathan Schilowitz of MFG Partners to present a case study of a successful relationship between an independent sponsor and a capital provider. E...