The Go4Venture Advisers’ European Venture & Growth Equity Market Monthly Bull...
ARIETTI for STARTUPS & ANGELS EXIT (ENG)
1. Arietti & Partners | M&A International
Services for Start-ups & Angel Investors
April 2015
2. Arietti & Partners the Italian Team of M&A International Inc. | 2
Founded in 1985, M&A International Inc. offers the unparalleled resources of
over 600 professionals in 48 offices in 42 countries wourldwide, specialized in
financial services including M&A, investment banking, European subsidized
finance and general corporate finance. Our members advise primarily middle-
market companies on acquisitions, divestitures, fundraising, grant advisory and
fairness opinions.
M&A International closed over 1,300 transactions totaling more than US$ 75
billion in transaction value in the past five years.
COPERTURA GLOBALE
M&A International Inc. is a unique alliance combining local
market knowledge with professional discipline and sector
expertise. Our members with 600+ professionals are eager to
work together for the benefit of each others' clients both
globally as well as locally. Middle-market companies and
global concerns find first-class service with the personal
attention only boutique types of investment banks can offer. At
M&A International Inc., firms are members because they
adhere to the highest standards of quality, integrity and desire
to succeed.
“
”
Attilio Arietti
President 2008-2010 of
M&A International Inc.
42 countries
48 offices
600 professionals
1,300+ transactions (+US$ 75
Billion) in the past five years
M&A International: a global partnership
3. Arietti & Partners the Italian Team of M&A International Inc. | 3
3
Copertura globale
International footprint
SOUTH AMERICA
Argentina
Brazil
Chile
Colombia
Costa Rica
AFRICA,
MIDDLE EAST AND
ASIA PACIFIC
Australia
China
India
Israel
Japan
Saudi Arabia
Singapore
South Africa
Thailand
EUROPE
Belgium
Croatia
Czech Republic
Denmark
Estonia
Finland
France
Germany
Hungary
Ireland
Italy
Lithuania
Netherlands
Norway
Poland
Romania
Russia
Serbia
Slovakia
Slovenia
Spain
Sweden
Switzerland
Turkey
United Kingdom
NORTH AMERICA
Canada
Mexico
USA
California
Florida
Georgia
Illinois
Massachusetts
New York
Ohio
Texas
Washington
4. Arietti & Partners the Italian Team of M&A International Inc. | 4
International leadership
M&A International Inc.
• The world’s longest established M&A alliance
• Dedicated to Mid-Market transactions
• Over 600 financial advisors worldwide
• Almost 30 years of international experience
• Global coverage
• Local insight
Global mid-market
2013, by volume (USD currency)
Deals closed from USD $5-250M
Source: mergermarket.com – M&A International Inc.
(7,3)
(5,9)
(6,9)
(6,2)
(7,4)
(4,3)
(5,5)
(6,0)
M&A International Inc.
PWC
KPMG
Deloitte
Ernst & Young
Rothschild
Stiefel/KBW
GoldmanSachs
M. Stanley
Lazard
(7,4)
(2,9 billion)145 deals
126
118
97
95
66
60
56
53
50
5. Arietti & Partners the Italian Team of M&A International Inc. | 5
Our presence on the territory
Milano
Torino
•
•
Arietti & Partners is a multi-talented team of professionals with
experience in corporate finance support including corporate
strategy, corporate governance, business management, corporate
taxes, corporate law, grants and concessional finance advisory
(with European Community and other national and regional
institutions).
Our team has specific knowledge of Italian entrepreneurs’
business culture. We have gained extensive professional
experience in other European countries, China, India and in the
USA, and we are currently advising local and international players
in cross-border deals. In this context we are able to supply the
most efficient connection between Italian entrepreneurial culture
and international groups.
Arietti & Partners has full service offices located in Milan, Turin,
Bologna and Brussels.
Independence, deep knowledge of markets and their rules, and long standing
relationships with global investors stand as the cornerstones of our advisory
services
Bologna
•
•
Bruxelles
6. Arietti & Partners the Italian Team of M&A International Inc. | 6
Our services
Strategic
finance
M&A
Advisory
Equity Capital
Markets
M&A Advisory
o Majority and minority acquisitions/ disposals
o Professional investors and Angel Investors Exit
o Management of generation transition
o Leverage / management buy in / out
Strategic finance
o European funds / HORIZON 2020
o Subsidized finance and development finance
o Debt Advisory
o EIB and international entities funding
o M/L term financing
Equity Capital Markets
o Fundraising
o Corporate valuation
o Business planning
7. Arietti & Partners the Italian Team of M&A International Inc. | 7
Services for Start-ups
Financial tools to support Start-ups (Growth)
&
Divestment process management (Exit)
8. Arietti & Partners the Italian Team of M&A International Inc. | 8
The life cycle of a Start-up develops in a sequence of stages including Pre-SEED, SEED, EARLY STAGE and DEVELOPMENT.
At different points of development, the company will have different requirements that will have to be responded to with a
specific solution.
TIME
CASHGENERATION
PRE SEED SEED EARLY STAGE DEVELOPMENT
Personal
resources
Family and
Friends
Angel
Investors
Venture Capital
& Corporate
Venture
Obtain risk capital from investors in
this asset class (both less structured
and institutional investors)
Refer to sector experts to obtain non
dilutive financing sources to support
growth (ex. HORIZON 2020 or other
forms of financing or Grants)
Funding and resources for growth
Financial needs of a Start-up
Start Up development stages Possible solutions
9. Arietti & Partners the Italian Team of M&A International Inc. | 9
Financial tools to support growth
Assistance in accessing concessional finance and
grants in particular European (i.e. HORIZON 2020),
national and regional instruments backing the
creation and growth of Start-ups.
Financial tools to support growth
Assistance in accessing concessional finance and
grants in particular European (i.e. HORIZON 2020),
national and regional instruments backing the
creation and growth of Start-ups.
Divestment and Exit
Assistance to Angel Investors and Venture Capital
funds in the disposal of majority and minority shares
Being exclusive member for Italy of M&A
International, Arietti & Partners through its network
can facilitate the process of selecting the best
acquirer and maximise the value.
Divestment and Exit
Assistance to Angel Investors and Venture Capital
funds in the disposal of majority and minority shares
Being exclusive member for Italy of M&A
International, Arietti & Partners through its network
can facilitate the process of selecting the best
acquirer and maximise the value.
Arietti & Partners advises shareholders of
start ups both to obtain dedicated financial
instruments as well as to maximise the
valuation of their shares during a sale
process (Exit)
Arietti & Partners advises shareholders of
start ups both to obtain dedicated financial
instruments as well as to maximise the
valuation of their shares during a sale
process (Exit)
Arietti & Partners for Start-ups
10. Arietti & Partners the Italian Team of M&A International Inc. | 10
There are many European, National and Regional instruments to reduce entrepreneurial risk, equity capital as well as cost of
financing versus other forms available on the market.
Arietti & Partners, thanks to its offices in Italy and Brussels is able to support Start-ups in accessing such instruments.
TIME
CASHGENERATION
In all theese stages Start-ups have the possibility to access dedicated
funding instruments
Grants (ex. HORIZON 2020 with the
SME Instrument with about €3 Mln
funding, etc.)
Subsidized financing or 0% interest
rate
Loan guarantees
Fiscal bonuses / tax credit
Fiscal bonuses/ tax credit
Tax concessions
Access to the above instruments is subject
to the presentation of a business plan with
specific information to demonstrate the
validity of the initiative to the dedicated
entities
PRE SEED SEED EARLY STAGE DEVELOPMENT
Possible solutions
Arietti & Partners for Start-ups (Growth)
Start Up development stages
11. Arietti & Partners the Italian Team of M&A International Inc. | 11
Start ups can benefit of Arietti & Partners’s consolidated experience in the sector of European Funding
Feasibility analysis
Identification of the
EU funding
opportunity
Writing of the
proposal
Assistance until the
end of the project
Analysis of the project proposed by the Start-up in order to verify if it meets the criteria to access
European Funding
We jointly elaborate the proposal with the Start-up by adapting the project to the selected funding
scheme, revising the technical /scientific draft text, defining the work plan and writing the non-
technical parts of the proposal
Through our offices in Brussels , we can identify the best suitable EU Funding schemes , their
peculiarities and plan the activities to access them
We assist Start-up in all the stages of the project admitted to the funding scheme until full completion of
the activities, related reporting of costs and full obtainment of the funds
Arietti & Partners for Start-ups (Growth)
12. Arietti & Partners the Italian Team of M&A International Inc. | 12
The following are some examples of EU funding to support Start-ups
SME INSTRUMENT
COSME
FIWARE
EUROSTARS,
CREATIVE EUROPE,
CENTRAL EUROPE
Funding up to 70% of costs up to €3 mln to support innovative projects presented by SME’s and Start-
ups. It may be divided into two phases: Phase 1 to realize a feasibility study of the project and Phase 2 to
realize to project and the prototype
EU Commission program that funds projects in a wide range of sector that use FIWARE the European
cloud platform
Managed by the EIB and EIF, COSME will facilitate access to credit and to other financial instruments for
SMEs and Start-ups including loan guaranties and Business Angels co-investment funding (Angel
Investment Fund)
The EU Commision or other EU Entities offer variuos funding opportunities to support Start-ups in their
innovative projects
Arietti & Partners for Start-ups (Growth)
13. Arietti & Partners the Italian Team of M&A International Inc. | 13
Through M&A International, Arietti & Partners has access to a high number of International Venture Capital as well as Italian
and foreign Corporate Venture that may represent potential Exits for the investment both for Angel Investors and Venture
Capital.
TIME
CASHGENERATION
Financial resources and counterparts
Family and
Friends
Angel
Investors
Venture Capital &
Corporate
Venture
To structure a sale process that
maximises the value of the initiative
To increase EXIT opportunities
To approach international players
beyond the Italian or European
border
PRE SEED SEED EARLY STAGE DEVELOPMENT
Opportunity for VC and AI
Arietti & Partners for Start-ups (Exit)
Start Up development stages
Personal
resources and
calls
14. Arietti & Partners the Italian Team of M&A International Inc. | 14
Thanks to its strong track record in International M&A, Arietti & Partners is able to provide Start-ups and
investors in the sector with specialised advising services
Disinvestment
strategic planning
Identification of
potential acquirers
Management of a
competitive auction
Assistance until the
closing
Sector analysis, planning of the divestment process, identification of the best strategy and modality
for the maximisation of the value
Potential investors will be coordinated within a process that will allow a reasonable certainty of EXIT
as well as the maximization of the value
Through the Italian and international network, a selection of potential investors will be selected with
specific expertise and interest
Arietti &Partners will assist the client in all the operating , valuation and strategic stages until the closing
of the deal
Arietti & Partners for Start-ups (Exit process)
15. Arietti & Partners the Italian Team of M&A International Inc. | 15
February 2015
The HK team of M&A
International (Quam Capital
Ltd) has been mandated by
the shareholders of Axion Ltd,
active in the development of
online games with high
technology to sell a minority
share to Radiant Venture
Capital a fund specialized in
technological top-tier start –
ups located worldwide but
with specific focus on Israel
and China.
January 2015
The Dutch team of M&A
International (Holland
Corporate Finance) has been
mandated to sell IENS an
online platform dedicated to
restaurant reviews and
booking services. The deal has
been finalized by TripAdvisor.
The digital media team with
headquarters in New York,
USA (DeSilva+Phillips LLC)
played a major role in
approaching potential
acquirers..
July 2014
The Danish team of M&A
International (Audon
Corporate finance) has
assisted the shareholders of
Biokube A/S, active in the
design and production of
small plants for the biologic
treatment of waste water in
the disposal of their shares to
Almana Energy PTE LTD.
June 2014
The French Team of M&A
International (Aelios
Corporate Finance) has been
mandate to sell Alenty a
supplier of technologies for
the optimization and measure
of visibility.
The deal has been finalized by
Appnexus, leading US player
that provides online marketing
services in 53 countries.
December 2013
The Dutch team of M&A
International (Holland
Corporate Finance) has
assisted Cryo-Save N.V.,
European leading stem cell
bank in the acquisition of the
cord blood cell division of
Salveo Biotechnology SA,
Swiss private laboratory
founded in 2011.
M&A International – Selected deals
16. Arietti & Partners the Italian Team of M&A International Inc. | 16
Team internazionale
Marc Van de Put
Head of E-commerce group
Partner
Holland Corporate Finance
(Amsterdam - NL)
Kenny Lau
Engineering expertise
Director
Quam Capital Ltd
(Hong Kong)
Adel Koubaa
Head of Life Sciences
Partner
Avantus
(Stockholm - SWE)
Jean Paul Ortelli
Healthcare specialist
Partner
Aelios
(Paris - FRA)
Bradford Adams
Head of Technology
TM Capital Corporation
(USA - Boston )
Shusaku Sumida
Semiconductors, MEMS
Specialists
Woodside Capital Partners
(USA - Palo Alto)
International specialists in strategic sectors
Jonas P. Knudsen
Business support
services (Testing,
Inspection &
Certification
Audon Partners
(Copenhagen - Denmark)
