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Private Equity PErspectives Podcast


The Private Equity PErspectives podcast serves as a forum for private equity dealmakers to discuss navigating today’s dynamic investment environment, while preparing for challenges and opportunities on the horizon. In each episode, BDO’s Private Equity practice connects with leaders in the industry to talk deal activity, fund strategies, and portfolio company optimization. 

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Episode 14: U.S. Private Equity's Growing Interest in Canadian Deal Making

As U.S. private equity's interest in conducting deals with Canadian firms intensifies, dealmakers are looking more closely at the trade, tariff and tax implications that can make or break cross-border transactions.
 
In this episode, Bruno Suppa, Ryan Farkas and Jamie Windle of BDO Canada join Todd Kinney to discuss the Canadian private equity landscape. During the Coffee Break segment, Kevin Kaden of BDO USA shares his insights on the unique due diligence considerations for cross-border deals. 

Listen to episode 14 here:

 
 

 

Episode 13: Digital Transformation Creating Value for Private Equity

As private equity firms make their operations, and those of the companies they invest in, more technologically savvy, they're finding that true digital transformation requires a shift in mindset. 
 
In this episode, Amir Akhavan, managing director at JEGI, and Grant Marcks, a principal and head of business development at Atlantic Street Capital, joins BDO's Todd Kinney to discuss digital transformation's impact on the private equity industry. Kirstie Tiernan, leader of BDO's Data Analytics and Automation Practice, also joins to shed light on the role digital transformation can play in private equity's value creation playbook.  

Listen to episode 13 here:

   


Episode 12: Manufacturing and Distributing Private Equity Value

Though trade and tariff tensions have made headlines and raised questions about their impact on deals, there will still be a healthy flow of M&A in the manufacturing and distribution sector in 2019.  

In this episode, Ken Heuer, principal at Kidd & Company, and Charlie Fox, head of business development at GHK Capital Partners, join BDO's Todd Kinney to share their take on the macroeconomic trends affecting M&D. 

Listen to episode 12 here:

   


Episode 11: Trends & Takeaways from BDO's 2019 Private Equity PErspective Survey

Eighty-nine percent of private equity executives expect a correction within 1-2 years, according to BDO's Tenth Annual Private Equity PErspective Survey. Yet private equity funds have a lot of dry powder to deploy. How are expectations for a correction affecting deal composition and timing? 

In this episode, Jon Tenan, director at Lazard Middle Market, and David Glazer, director at Gladstone Investment, join BDO's Todd Kinney to share their take on the changing dynamics of private equity deal making. 

Listen to episode 11 here:

 

 

 

Episode 10: Predictions for the Middle Market in 2019

With 2018 nearly in the rearview mirror, dealmakers have started considering how the shifting market landscape, ongoing trade tensions, and an increased emphasis on digital transformation will impact private equity in the year ahead. 

In this episode, Matt Bernstein from Raymond James and Adrian Whipple from TZP Group join BDO's Todd Kinney to share their middle-market private equity predictions for 2019. Alison Torres and Eric Fahr of BDO's Atlantic Region also stop by to discuss their outlooks as well as family offices' growing appetite for private equity investments.

Listen to episode ten here:


   

 

Episode 9: Anatomy of a Tech Deal

Software deals continue to be the “holy grail” of technology investments for a variety of reasons – recurring revenues, high growth potential, and versatility across industries. Yet beyond this coveted sector, what are private equity investors looking for in tech deals today?
 
In this episode, Jeff Becker from JEGI and Aron Grossman from Gemspring Capital join BDO’s Todd Kinney to share their take on the ever-evolving world of tech deal making. Aftab Jamil, global leader of BDO’s Technology Practice, also offers best practices for the pre-acquisition process.
 
Listen to episode nine here: 

 

 


Episode 8: Checking Healthcare's Pulse

With KKR's $10 billion purchase of Envision Healthcare this summer, the largest healthcare buyout deal since the financial crisis, private equity's appetite for healthcare deals might well be stronger than ever. Meanwhile, with Amazon's emerging healthcare arm and an imminent deal between CVS and Aetna, providers are turning to digital innovation to help navigate industry disruption.  

In this episode, Faruk Amin of Juna Equity Partners and Patrick Pilch, co-leader of BDO's Center for Health Care Excellence and Innovation, join BDO's Todd Kinney to discuss these topics and more. Additionally, BDO's Steven Shill offers an outlook for the eldercare industry. 
 
Tune into the full episode for a range of insights, including:
 
  • What's triggering deal flow and high valuations across the health-care space.
  • How healthcare companies are capitalizing on new data sources.
  • Why elder-care providers are increasingly focused on preserving independence.
Listen to the episode here:



Read BDO's "Candid Conversations on Elder Care" to learn more about the race to improve elder care quality amid a growing aging population.
   


Episode 7: Amazon, Wayfair and the Changing Retail Landscape 

In the seventh episode of BDO's Private Equity PErspectives Podcast, Richard Baum of Consumer Growth Partners and Natalie Kotlyar, leader of BDO's National Retail & Consumer Products Practice, join BDO's Todd Kinney to discuss the state of the retail industry. BDO's Katherine Gauntt also shares her take on the implications of the Supreme Court's recent Wayfair decision.
 
Tune into the full episode for a range of insights, including:
 
  • How PE-backed retailers can become "un-Amazonable."
  • How the recent Wayfair decision adds another layer of uncertainty, especially for smaller retailers that sell goods across state lines.
  • How the overall growth of e-commerce is changing how retailers operate.
Listen to the episode here:



 

 


Episode 6: Diversity, Add-Ons, and the Case for Cautious Optimism

Today, the state of the economy, add-on acquisitions, and industry diversity are just a few issues at the forefront of the private equity industry. In this episode, Gretchen Perkins of Huron Capital and Silver Leaf Partners' Kathleen Lauster join BDO's Todd Kinney to discuss these topics and more. Additionally, BDO's Karen Baum discusses the benefits of sell-side due diligence and the evolution of socially responsible investing. 
 
Tune into the full episode for a range of insights, including:
 
  • What women need to know about working in private equity 
  • Why investors should be cautiously optimistic about the economy
  • Why private equity is increasingly interested in socially responsible investing 
Listen to the episode here: 
 

   


Episode 5: Deerpath Capital & CIP Capital Talk Leverage at ACG InterGrowth 2018 

At the ACG InterGrowth 2018 conference in San Diego, BDO's Todd Kinney met with Deerpath Capital managing director Orin Port and CIP Capital managing director Bobby Kelly to discuss their firms' unique investment strategies, deal activity, and leverage usage. 
 
Tune in to the full episode for Orin and Bobby's range of insights, including:
 
  • How their firms find investment opportunities in such a crowded market
  • Preparing portfolio companies as rising interest rates make debt more expensive 
  • Whether tax reform's new limitation of interest rate deductibility will impact lower middle-market borrowers
Listen to the full episode: 



 

 


Episode 4: Orion Energy Director on Creative Credit Investing

Ethan Shoemaker, managing director and principal at Orion Energy Partners, chats with BDO’s Todd Kinney about his firm’s credit-oriented investing approach as well as niche opportunities in the energy market.

Tune into the full episode for Ethan’s complete insights, including:

  • Why the lower-middle energy market is ripe for opportunities
  • How tax reform will impact energy investments
  • The case for the energy industry’s cautious optimism

Listen to the full episode: 



Curious about the future of the global energy market? Read BDO’s Energy 2020 Report
 

 



Episode 3: Tax Reform Accelerates Private Equity's Transformation

Joe Pacello, tax partner in BDO's Asset Management practice, unpacks what tax reform means for private equity. Hosted by Todd Kinney, this episode delves into the new tax provisions with both positive and negative implications for the asset class, including:
 
  • Why PE firms should review their entity structures and prepare for state tax reform
  • How PE funds could divert capital saved from the corporate tax cut to portfolio companies
  • Why private equity dodged a bullet with the ongoing carried interest debate
Listen to the full episde:


 

Podcast Transcript

 




Episode 2: Ardian Director’s 2018 Outlook for Investors' Appetite for U.S. Exposure

Derek Lim, a director at Ardian, joins BDO’s Private Equity podcast about one year after the launch of the private equity firms’ first North American Buyouts Fund. Hosted by BDO’s Todd Kinney, this episode covers emerging trends in lower middle market investing, including:

  • Growing appetite from Asian and European banks to finance the U.S. middle market
  • NAFTA negotiations’ influence on PE-backed companies’ international expansion plans
  • Outlook for private equity deal making in early 2018 including high leverage rates. 

Listen to the full episode:

 



 

Episode 1: Hunting for Value in Manufacturing & Distribution—Featuring Branford Castle Partners

The inaugural episode of BDO’s Private Equity PErspectives podcast features John Castle, managing partner of Branford Castle Partners, a New York City-based, middle-market private equity firm. In discussion with BDO’s Todd Kinney, John zeroes in on the manufacturing & distribution sector and discusses dealmaking in the current environment of inflated valuations and political uncertainty.

Tune into the full episode for John’s complete insights, including:
  • Navigating political uncertainty while hunting for value: How the Trump administration’s policies on international trade, tax reform, and healthcare are impacting private equity investment opportunities.
  • Investing for the future: Preparing for and adapting to technological innovations disrupting the manufacturing & distribution space, including driverless cars.  
  • Standing out from the crowd: Three approaches private equity firms can take to differentiate themselves in an increasingly competitive environment.


   


For questions, comments or suggestions, please contact: 
 

BDO600_2017-Board-Comp_agibson.jpgTodd Kinney
Director, Private Equity
212-885-7485
tkinney@bdo.com
 
BDO600_2017-Board-Comp_tziemba.jpgScott Hendon
National Leader, Private Equity
214-665-0750
shendon@bdo.com
 

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Want to Learn More?

If you’re interested in reading more about the current private equity investment environment and how BDO supports private equity sponsors, funds, and their portfolio companies, please visit: BDO Private Equity