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.
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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
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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
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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
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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.
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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.