M & A Successes & Failures: Tales from the Trenches
For many years, academics and business leaders have recognized that the odds are against M&A transactions really adding shareholder value in the long run. According to collated research and a recent Harvard Business Review report, the failure rate for mergers and acquisitions (M&A) sits between 70 percent and 90 percent. That has been the case for as long as researchers have examined the question. Given these long odds of success, what will it take for your businesses’ deals to work? Is there a ‘secret sauce’ to beating the odds? Join us for a lively and candid discussion with an all-star panel of experts who have been in the M&A trenches for many years. Topics will include M&A as a strategy, including the board’s role; plus all the major elements of a successful M&A program, including advisor selection; target identification; valuation considerations including non-comparable, private and/or founder-dependent businesses; realizing the all-important synergies; and special considerations in cross-border and small company acquisitions. Panelists will talk about their own successes and failures and share tips to help you and your companies beat the odds.
Our moderator - Paul Choi, partner and head of the M&A practice at Sidley & Austin LLP.
Our CEO dealmakers - Tom Quinlan, Chairman and CEO of LSC Communications and CEO of RR Donnelly, and Frank Jaehnert, recently retired CEO of Brady Corporation. Both Tom and Frank have used M&A as a major strategy to successfully build shareholder value in their companies, domestically and abroad.
Our corporate development expert - Bob Mack, SVP Corporate Development and Strategy, Polaris Industries and former head of corporate development for Ingersoll-Rand.
Our leading advisor - Noah Gottdiener, Chairman & CEO of Duff & Phelps. Noah has more than 20 years of investment banking origination, execution, and management experience, especially focused on the middle market. During his time as CEO of Duff & Phelps, Noah has grown the company dramatically by acquisition as well organically, so he is both an advisor and a CEO dealmaker in his own right.
Come join us for this stimulating program and ask your questions of the experts! Whether you’re an M&A novice or a veteran, you are sure to take away some important tips.
Location and Time
The Standard Club of Chicago
320 S. Plymouth Court
Chicago, IL 60604
7:30 - 7:45 a.m. Networking
7:45 - 9:30 a.m. Program
9:30 - 10:00 a.m. Networking
Paul L. Choi is a partner in Sidley’s Corporate group, which advises clients on mergers and acquisitions, corporate finance transactions and securities and corporate governance matters. He is the global co-leader of the firm’s mergers and acquisitions practice. In the mergers and acquisitions area, he focuses on public and private mergers, acquisitions, dispositions, spin-offs and joint ventures. His practice also includes counseling clients on takeover defense and proxy contests. Mr. Choi has advised on a broad range of mergers and acquisitions transactions, from small private transactions to public multi-billion dollar mergers. He has also advised on numerous spin-off transactions as well as represented clients in hostile takeovers, proxy contests and stockholder activism situations. In the corporate finance area, he has represented issuers and underwriters on dozens of private and public equity and debt offerings. These capital markets transactions have included a variety of initial public offerings, including subsidiary or “carve-out” offerings in the energy, technology, financial services and real estate sectors, and other acquisition financing transactions. His practice also includes private equity and debt offerings, Rule 144A transactions, and high yield debt, equity derivative and hybrid securities offerings. In addition to his transactional work, Mr. Choi advises public company clients on a broad range of corporate governance and general securities law matters, including Sarbanes-Oxley, board of director, fiduciary duty, audit committee, PCAOB, disclosure policy and related issues. He is a regular speaker at numerous seminars and conferences on topics relating to directors’ duties and M&A developments.
Noah Gottdiener has served as chief executive officer and chairman of the board of directors for Duff & Phelps since 2004. Revenue has increased from $30 million in 2004 to approximately $700 million today. Duff & Phelps has more than 2500 employees in 50 offices spanning The Americas, Europe and Asia. In 2013, Noah led the company through a go-private transaction, backed by a consortium of investors and management. Previously, Noah was the founding partner of Stone Ridge Partners LLC, a mergers and acquisitions advisory firm; Noah used this platform to acquire Duff & Phelps. Prior to that, Noah was a partner with Thomas Weisel Partners and Furman Selz LLC, and a managing director at Lehman Brothers, where he began his career. Noah is a member of the Council on Foreign Relations and the Advisory Board of the Woodrow Wilson School of Public and International Affairs at Princeton University. He is also a Vice Chair on the Corporate Fund Board at The John F. Kennedy Center for the Performing Arts and sits on the Advisory Board of the National Outdoor Leadership School (NOLS) and the Board of Trustees for The Brearley School. Noah received his B.A. from Princeton University and M.B.A. from Harvard Business School.
Frank Jaehnert was the President & CEO of Brady Corporation (NYSE: BRC), an international manufacturer and marketer of complete identification solutions from 2003 until his retirement in 2013. Before that he served as its Chief Financial Officer and as a divisional President. Prior to joining Brady Corporation in 1995 he held various financial positions in Germany and the US at Robert Bosch GmbH, a multinational engineering and electronics company, and the world's largest supplier of automotive components. Mr. Jaehnert received the equivalent of a Master of Business Administration degree form the University of Stuttgart, Germany. He serves on the Board of Directors of Nordson Corporation (Nasdaq: NDSN), Briggs & Stratton Corporation (NYSE: BGG), Itron, Inc. (Nasdaq: ITRI), as well as on the Board of Regents of the Milwaukee School of Engineering. He is a NACD Board Leadership Fellow. He was a regional winner of the EY Entrepreneur of the Year program in 2008, and has been a national and regional judge of the program for many years.
Bob Mack is currently Senior Vice President, Corporate Development and Strategy, and President, Global Adjacent Markets, for Polaris Industries, Inc. Based in Medina, Minnesota, he has been in this role since April 2016. Immediately prior to joining Polaris, Bob was Vice President, Corporate Development for Ingersoll Rand plc, based in Davidson, NC. In this role since July 2010, he had global responsibility for the Company’s acquisition and divestiture activities. Major transactions Bob lead included the sale of majority ownership in the Hussmann Corporation to CD&R, the spin-off of Ingersoll Rand’s security related businesses as a new public company, Allegion plc and the acquisition of the Centrifugal Compressor business of Cameron. With Ingersoll Rand for a total of 20 years, Bob held a variety of positions with the Company across a range of functions and businesses. His prior roles included VP, Business Development for Ingersoll-Rand's Industrial Technologies Sector and various roles in Marketing, International Sales, Finance and Audit. He has also held audit related positions with KPMG, LLP. Bob holds an MBA degree from Duke University, a BBA degree from Siena College and is a Certified Public Accountant. He currently serves as Chairman of the Board for the Lake Norman YMCA, is a Director at Hospice and Palliative Care of Iredell County and was previously a director of Hussmann Parent, Inc.
Thomas Quinlan is the Chairman and Chief Executive Officer of LSC Communications, a global leader in traditional and digital print, print-related services and office products that serves the needs of publishers, merchandisers and retailers, with over 20,000 employees, annual revenues of over $3.5 billion with operations in Europe, Canada and Mexico. Mr. Quinlan, 53, was the President and Chief Executive Officer of R.R. Donnelley & Sons Company, the largest provider of printing and communication business services in the world, with over 65,000 employees, annual revenues of over $10 billion, and more than 600 locations around the globe from March 2007 to September 2016. Mr. Quinlan joined RR Donnelley in February, 2004, and in 2006 became Group President, Global Services and Chief Financial Officer. From 2004 to 2006, he served RR Donnelley as Executive Vice President, Operations, with primary responsibility for the integration of RR Donnelley and Moore Wallace. Previously, at Moore Wallace from 2000 to 2004, Mr. Quinlan served variously as Executive Vice President, Operations; Executive Vice President, Business Integration; Executive Vice President, Office of the Chief Executive and Treasurer. From 1994 until 1999, at World Color Press, Inc., Mr. Quinlan served in various finance capacities, including as Senior Vice President and Treasurer. He has previous finance experience at Walter Industries, Marsh & McLennan and Kidder Peabody. Mr. Quinlan holds an MBA in finance from St. John’s University, which recognized him with its Outstanding Alumni Achievement Medal in 2010, and a Bachelor of Science in Business Administration from Pace University, which conferred upon him an honorary doctorate in Commercial Science and presented him with its 46th Leaders in Management Award in 2009. The Advisory Board of New York University’s Graphic Communications Management and Technology Program chose Mr. Quinlan to receive its 2011 Prism Award, which recognizes distinguished leadership in the graphic communications media industry. Mr. Quinlan is active in supporting organizations that focus on literacy, health and development and serves on the Board of Trustees for Pace University, YMCA of Greater New York, Curry College, and The American Ireland Fund. In 2011 Mr. Quinlan received AJC’s National Human Relations Award, which honors professional and philanthropic leadership.