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 26: Successful Relationship Building in Deal Making
Building relationships has always been an integral part of deal making. The pandemic has made relationship-building much harder and yet, the outlook for deal activity in 2021—driven in part by founder-sellers and the expectation for a capital gains tax increase—is strong.
How do firms plan to capture new deals?
In the newest episode of BDO’s Private Equity PErspectives Podcast, Todd Kinney spoke with Ken Grider, managing director and head of business development at Raymond James, and Luis Zaldivar, managing partner at Avance Investment Management, about building meaningful connections in today’s deal-making environment.
During the episode’s Coffee Break, Patrick Bisceglia, managing director with BDO Capital Advisors, discusses why businesses that are strategically leveraging technology— even if they are not thought of as “tech companies”— make attractive acquisitions.
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Episode 25: Portfolio Re-strategizing and Restructuring
Private equity is hustling to get deals done before year-end, and in some cases, that means condensing the timeline. In the newest episode of BDO’s Private Equity PErspectives Podcast, Todd Kinney spoke with Daniel Schwartz, principal at CIP Capital, and Adam Gross, managing director at JEGI, about varying deal structures to help companies close deals by December 31.
During the episode’s Coffee Break, Mike Stevenson, Partner and National Leader of BDO’s Accounting and Reporting Advisory Services practice, explains how the latest SPAC activity returns compare to traditional IPOs year over year.
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Episode 24: Deal Sourcing & Private Capital Pulse Analysis
Private equity professionals are seeing shifts in their approaches to sourcing deals as more activity is picking up. In the newest episode of BDO’s Private Equity PErspectives Podcast, Todd Kinney spoke with Dan Ryan, Managing Director and Head of Business Development at MidOcean Partners, and John Lenahan, Partner at Wincove Private Holdings, about the latest trends in capital deployment, as well as the PE industry’s cautiously optimistic outlook for 2021.
During the Coffee Break segment, Michael Lee, Principal at BDO Digital, explains why data-driven predictive analytics are key to private equity portfolio visibility, especially in today’s market.
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Episode 23: Private Equity’s Playbook for Success
Private equity professionals continue to adjust their management and investment approaches to be more long-term focused amid a rapidly changing market. In the latest episode of BDO’s Private Equity PErspectives Podcast, Todd Kinney spoke with Jeff Volling, Principal and Investment Officer with Bessemer Investors, and Sam Levy, a Director at Equiteq, about the latest trends in private equity and how their market observations are informing their playbooks for success.
During the Coffee Break segment, Doug Hart, BDO’s Managing Partner and co-leader of the firm’s Technology practice, shares his insights on how the tech sector is still getting deals done and where to look for investment opportunities within the space.
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Episode 22: Exploring Add-on Acquisitions & Co-investments
As the effects of the global pandemic continue to generate uncertainty, PE firms with the wherewithal are looking to close deals. In the latest episode of BDO’s Private Equity PErspectives Podcast, Todd Kinney spoke with Alice Birnbaum, Head of Business Development at BBH Capital Partners, and Andy Cook, a Partner with Southfield Capital, about how the deal landscape is changing and embracing add-on acquisitions and more flexible approaches to investing.
During the Coffee Break segment, Verenda Graham, BDO’s National Private Equity Tax leader and Partner in the firm’s Tax practice, shares her insights on tax strategies PE is using today to generate cash flow.
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Episode 21: Distressed M&A and Mezzanine Financing: PE’s Latest Strategies
Industry disruptions resulting from the pandemic crisis have investors and managers shifting their strategies in myriad new directions. In the latest episode of BDO’s Private Equity PErspectives Podcast, Todd Kinney spoke with Engin Okaya, Managing Director at Prudential Private Capital, and David Felts, Managing Director at TM Capital Corp, about nuanced M&A approaches in the new normal, including distressed investing, add-ons and cross-border deals.
During the Coffee Break segment, Beth Garner, National Practice Leader of BDO's Employee Benefit Plan audit practice, shares her insights on the regulatory change of private equity being allowed into 401(k) plan allocations.
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Episode 20: Harnessing Middle Market Growth Opportunities
Investors are increasingly interested in directing their capital toward companies within the middle market. In the latest episode of the Private Equity PErspectives Podcast, Todd Kinney spoke with Colleen Gurda, Managing Director at Comvest Partners, and Jill Raker, Managing Partner at Greenbriar Equity, about the middle market private equity landscape and direct lending strategies.
During the Coffee Break segment, Kristi Gibson, co-leader of BDO’s National Real Estate practice, shares her insights on the flow of capital from both micro- and macro standpoints.
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Episode 19: Energy & Infrastructure Powering Private Equity
The energy and natural resources sector—including oil and gas companies, renewables and water infrastructure companies are seeing an increase in deal activity. In fact, almost a third (32 percent) of PE professionals surveyed in BDO’s US Private Capital Outlook said it ranks in the top three most appealing sectors for fund managers. In the latest episode of the Private Equity PErspectives Podcast, Todd Kinney spoke with Evan Turner, Founder and Managing Partner at Drillcore Energy Partners, and Michael Albrecht, Partner at Ridgewood Infrastructure, about the strategies for private equity in the energy and infrastructure sectors.
During the Coffee Break segment, Laurent Williot, Managing Director in BDO’s Transaction Advisory Services Practice, share this insights on investment opportunities in the energy and infrastructure space.
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Episode 18: Future of Fintech: PE’s Dealmaking Outlook for 2020
The financial services sector was cited as one of the top industries likely to experience increase in deal activity in 2020, according to BDO’s US Private Capital Outlook. We wanted to dig deeper, so in the latest episode of the Private Equity PErspectives Podcast, Todd Kinney spoke with Peter Nesvold, Chief Operating Officer, Financial Services Investment Banking at Raymond James, and Sachin Sarnobat, Managing Director at Atalaya Capital, about some of the factors driving PE and VC deal activity in financial services, and how to maximize value creation with fintech strategies.
During the Coffee Break segment, Keith McGowan, BDO’s Asset Management Industry Leader, explores the role of fintech as it relates to value creation in traditional asset management.
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Episode 17: Capitalizing on Tech’s Expansive Growth in 2020
We’ve watched technology become ubiquitous in our lives over the past decade, but how can private equity partners create value for themselves out of this phenomenon?
In the latest episode of the Private Equity PErspectives Podcast, Todd Kinney sits down with Drew Meyers, Partner, Seaport Capital, and Ryan Ziegler, General Partner, Edison Partners,to discuss investment opportunities and how to capitalize on tech’s expansive growth as 2020 quickly approaches. During the Coffee Break segment, Aftab Jamil, Partner and National Leader of BDO's Technology practice, gives insight on how to make the most of a relationship between a technology company and a private equity firm.
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Episode 16: Private Equity’s Rx for Healthcare
What has driven the pace of private equity deal flow in the healthcare space for the last five years? Is healthcare truly a defensive industry during down cycles? How is the consumerization of healthcare influencing private equity’s approach to investments?
These are just some of the questions addressed during BDO’s latest episode of the Private Equity PErspectives Podcast. Mike Grady, Principal at CIP Capital, and Dom Nicolia, Vice President with Regal Healthcare Capital Partners, join Todd Kinney to discuss private equity’s approach to investing in the healthcare industry. During the Coffee Break segment, Patti Seymour and Lisa Cozza, Managing Directors in BDO’s Industry Specialty Services practice, discuss the gene therapy industry, including gene therapy manufacturing opportunities and challenges and regulatory hurdles that gene therapy developers are facing today.
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Episode 15: Refining Strategy As Opportunities Evolve
Given the highly competitive deal landscape, PE professionals are taking innovative approaches to sourcing and closing deals. What are some of these new strategies?
In this episode, Justine Mannering, managing director for Stifel's consumer investment banking team, and Ann Brophy, Vice President of Business Development for LLR Partners, join BDO's Todd Kinney to discuss how creativity comes into play when sourcing new deals.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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
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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.