Corporate Finance
PwC Corporate Finance / M&A
@ HSG Investment Club
March 2012
Who we are
Dr. Marco TremonteSenior Manager
With PwC since 2004
Education:lic. oec. publ & Ph.D. in FinanceUniversity of Zurich
Matthias BelerSenior Consultant
With PwC since 2008
Education:Masters degree in FinanceUniversity of Berne, Singapore Management UniversityCFA Level III candidate
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Michael HuberSenior Consultant
With PwC since 2008
Education:Masters degree in Finance, Controlling and BankingUniversity of BaselCFA Level III candidate
Mario HolzerSenior Consultant
With PwC since 2009
Education:Master of FinanceHEC Universit de Lausanne, UCLACFA charter pending
We are all former PwC Corporate Finance / M&A interns
Todays agenda
1. Welcome
2. Introduction to PwC Corporate Finance / M&A
3. Your Internship @ PwC Corporate Finance / M&A
4. Further information about a career @ PwC
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4. Further information about a career @ PwC
Introduction to PwC Corporate Finance
Corporate Finance / M&A in the context of PwCsorganization
Assurance Tax and Legal
PwC SwitzerlandAdvisory
(300 employees)
Deals(100 employees )
Consulting(200 employees)
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Assurance(1300 employees)
Tax and Legal(760 employees)
PwC has a strong international network with more than9000 professionals in the fields of corporate finance, duediligence services and other transaction advisory services.
This international network enables the Swiss PwC deal teamto access transaction specialists in more than 150 countriesaround the globe to ensure your transaction becomes asuccess.
Transaction Services /Due Diligence(50 employees)
Corporate Finance /M&A
(50 employees)
PwC Corporate Finance Leading in the middle-market
M&A mid-market advisors in Switzerland(Max. deal value: EUR 500 m)
M&A mid-market advisors in Europe(Max. deal value: EUR 500 m)
Rank Com pany Nam e Value(EUR m n)
# ofDeals
1 PwC 863 15
2 KPMG 524 14
3 BDO LLP 546 10
4 Goldman Sachs 1 '27 2 9
5 Credit Suisse 1 '566 8
Rank Com pany Value(EUR m n)
No. ofDeals
1 KPMG 5'902 188
2 PwC 5'566 174
3 Rothschild 17 '126 136
4 Ernst & Y oung 5'298 120
5 Deloitte (formerly Deloitte & Touche Corporate Finance)3'604 117
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Source: mergermarket
Period: 1.1.2011 31.12.2011Top 15 Ranked by number of deals
Period: 1.1.2011 31.12.2011Top 15 Ranked by number of deals
5 Credit Suisse 1 '566 8
6 Ernst & Y oung 445 8
7 M&A International Inc 19 8
8 UBS Inv estment Bank 907 7
9 Lazard 628 7
10 Global M&A - 7
11 Bank Sarasin & Cie AG 7 61 4
12 Bank of America Merrill Ly nch 498 4
13 BNP Paribas SA 37 4 4
14 Swiss Capital Group 17 8 4
15 Altium Capital 115 4
5 Deloitte (formerly Deloitte & Touche Corporate Finance)3'604 117
6 Lazard 11 '135 88
7 BDO LLP 1'967 66
8 M&A International Inc 607 65
9 UBS Inv estment Bank 10'453 59
10 DC Adv isory Partners 2'687 59
11 BNP Paribas SA 6'463 58
12 Goldman Sachs 10'307 57
13 Bank of America Merrill Ly nch 11 '7 84 56
14 Leonardo & Co. 3'7 99 54
15 Credit Suisse 9'97 6 49
Our Corporate Finance Team in Switzerland
Corporate Finance Team
Corporate Finance /M&A Valuation
Business Valuation Fairness Opinions
Disposal Advisory Acquisition Advisory
Industries
Consumer andIndustrial Products andBusiness Services
Real EstateConsulting
Portfolio transactions Investment analysis (Due
Diligence)
Some 50 professionals
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Extensive market coverage.Largest middle-market team in Switzerland.
Real Option Valuation Capital Structure Consulting Shareholder Value
Management Intellectual Asset
Management Privatisation Project Finance Purchase Price Allocation
Public to Private MBO / MBI Fund Raising JVs and Alliances
Business Services
Financial Services
Technology,InformationCommunication andEntertainment
Energy
Pharma, Biotech andChemicals
Diligence) Valuation Feasibility studies Portfolio & strategy analysis Market & production site
analysis
PwC Corporate Finance Switzerland SelectedTransactions
This announcement appears as a matter of record only.
A world market leaderfor mobile DRM technology
was sold to
prior shareholders and the management
acquired 100% in
A consortium consisting of
This announcement appears as a matter of record only.
has invested in
This announcement appears as a matter of record only. This announcement appears as a matter of record only.
acquired the Convenience Business from
a leading Swiss logistics companywas sold to
This announcement appears as a matter of record only.
was sold to
This announcement appears as a matter of record only.This announcement appears as a matter of record only.
Arrangement of an acquisitionand workingcapital credit facility for
A Leading Swiss Management Consulting
This announcement appears as a matter of record only.
to
have acquired
This announcement appears as a matter of record only.
acquired 100% of
SAAB SPACESAAB SPACE
has sold
a leading Swissanimal health company to
This announcement appears as a matter of record only.
PwC acted as sole financial advisor toHOCHDORF Holding AG
sold HOCHDORF Nutribake AG, a tradingcompany active in the bakery industry, to
a global player active in the development,production and marketing of bakery ingredients
April 2011Corporate Finance
This announcement appears as a matter of record only.
EM Test AG (CH-Reinach BL) and its independentsister company EM Test GmbH (DE-Kamen)
have been acquired by
RETE Holding AG,a NewCo formed by
Corporate Finance
This announcement appears as a matter of record only.
PwC acted as sole financial advisorto the sellers of the EM Test Group Companies
This announcement appears as a matter of record only.
PwC acted as sole financial advisor to theshareholders of Lavasoft AB
was sold to
Solaria a Canadian private equity firm
Corporate Finance
This announcement appears as a matter of record only.
PwC acted as Lead Advisor to Vontobel Group
set up partnership for a joint rangeof securities insourcing services
and
Corporate Finance
the international airport operator companydisposed a minority stake in
GVK Power & Infrastructure Ltd
Corporate Finance
This announcement appears as a matter of record only.
to
PwC provided financial advisoryservices to Unique (Flughafen Zrich AG)
NIBE Industrier AB, Sweden
through a public tender offerin the amount of CHF 638 million
PwC Switzerland acted as sole financial advisorto the Schulthess Group
This announcement appears as a matter of record only.
acquired
the publicly listed
Switzerland
Corporate Finance
sold its Heating Element Division inAarau, Switzerland to
The division will form part of theBacker Group within NIBE Element and
operate as Backer ELC AG
NIBE Industrier AB, Sweden
PwC Switzerland acted as sole financial andlegal advisor to AB Electrolux, Sweden
Corporate Finance
This announcement appears as a matter of record only.
PwC acted as sole financial advisor to theshareholders of Otto Weibel AG
a leading manufacturer of wood coatings andpaints
was sold to
an international industrial holding company
Mai 2011Corporate Finance
This announcement appears as a matter of record only. This announcement appears as a matter of record only.
Corporate Finance
PwC acted as Lead Advisor to OC Oerlikon AG
sold its
Optics business in Shanghai
to EIS Optics Limited,a UK based company owned by
and
A leading Swiss technology company
PwC fhrte und strukturierte im Auftrag derAktionre der Cipag AG den gesamten
Transaktionsprozess
Elcotherm AG, eine Tochtergesellschaftder in der Sanitr- und Heizungstechnik
international fhrenden Ariston ThermoGroup
bernimmt
die Cipag AG, ein Marktfhrer im BereichWassererwrmer in der Schweiz
Juli 2011
This announcement appears as a matter of record only.
Corporate Finance
8
to
sold
Corporate Finance
This announcement appears as a matter of record only.
PwC acted as sole financial advisorto Zehnder Group
sold its ConnectorBusiness to
a subsidiary of
Corporate Finance
This announcement appears as a matter of record only.
PwC acted as sole financial advisor to Rexel Group
This announcement appears as a matter of record only.
PwC acted as sole financialadvisorto Schweizerische Depeschenagentur
acquired the Swiss operations ofAP International from
by means of a cooperation-and license agreement
Corporate Finance
PwC acted as sole financial advisor to theshareholder of Grossauer Elektro-Handels AG
was sold to
Elektro-Material AG, Switzerland,a subsidiary of Rexel Group, France
December2010Corporate Finance
This announcement appears as a matter of record only.
a leading biopharmaceutical company
was sold to
This announcement appears as a matter of record only.
PwC acted as sole financial advisor to the sellingshareholders of OM Pharma
Corporate Finance
This announcement appears as a matter of record only.
PwC acted as Lead Advisor to Ascom
sold
its Powerline Communications activities
to
Corporate Finance
This announcement appears as a matter of record only.
sold
Georg Fischer Logimatik AG
to
PwC acted as Lead Advisor to Georg Fischer AG
Corporate Finance
This announcement appears as a matter of record only.
PwC acted as Lead Advisor to Fantastic AG
sold OmniCast Dispatcher Product Line
and
US-Business Unit to
Corporate Finance
This announcement appears as a matter of record only.
PwC acted as Lead Advisor to Systor AG
was sold to
Corporate Finance
This announcement appears as a matter of record only.
PwC acted as Lead Advisor to Georg Fischer AG
sold
Georg Fischer Speditionslogistik AG
to
Rhenus Alpina AG,Basel
Corporate Finance
PwC acted as Lead Advisor to SDC AG
Corporate Finance
Technologies International SA
Corporate Finance
PwC acted as sole financial advisorto Astorg Partners
LIBERO Commodities AG, Switzerland
PwC Switzerland acted as sole financial advisor toLIBERO Commodities
Corporate Finance
PwC Switzerland acted as sole financial advisor tothe shareholders of Hilcona AG
Corporate Finance
Bell AG, Switzerland
PricewaterhouseCoopers acted as sole legal andfinancial advisor to the selling shareholders
of General Transport AG.
Corporate Finance
PwC acted as sole financial advisor to theshareholder of Mrtens Transportbnder GmbH
an independent german trading company
Corporate Finance
A Leading Swiss Management ConsultingCompany
PwC acted as Lead Advisorto Lodestone Management AG
Corporate Finance
PwC acted as Lead Advisor to APA Austria PresseAgentur and Schweizerische Depeschenagentur
A leading Swiss imageagency
Corporate Finance
PwC acted as Financial Advisor to Ruag
Corporate FinanceCorporate Finance
PwC acted as sole financial advisor to Hochdorf AG
sold itsMedical Business Division
for CHF 105 million to
a portfolio company of
Corporate Finance
This announcement appears as a matter of record only.
PwC acted as sole financial advisorto COLTENE Holding AG
Acquisition of the Majority Stake bythe Minority Shareholder viaLeveraged Recapitalization
This announcement appears as a matter of record only.
Corporate Finance
PwC acted as sole financial advisorto the Minority Shareholders
This announcement appears as a matter of record only.
PwC acted as Financial, legaland tax Advisorsto Emmi Group
has acquired
Corporate Finance
This announcement appears as a matter of record only.
sold itsFilament Extrusion Business,
part of Rieter Machine Works Ltd., Winterthur,
to
Munich
Corporate Finance
PwC acted as sole financial advisor to Rieter
This announcement appears as a matter of record only.
a leading Swiss convenience food companywas sold to the management and
Corporate Finance
PwC acted as sole financial advisor toOrior Holding SA, a wholly owned subsidiary
of Pargesa Holding SA
This announcement appears as a matter of record only.
PwC acted as sole financialadvisor to the sellingshareholders of OM Pharma
was sold to
Corporate Finance
KIBAG Group
the Dbendorfer Groupcombines its business units with
Corporate Finance
This announcement appears as a matter of record only.
PwC acted as sole financial advisor to the sellingshareholders of Dbendorfer Group
Corporate Finance
sold
Rieter Textile Machinery France SAS, Valence
to
Saint Genis Laval
This announcement appears as a matter of record only.
PwC acted as sole financial advisor to Rieter
a leading Swiss food companywas sold to the management and
This announcement appears as a matter of record only.
Corporate Finance
PwC acted as sole financialadvisor to the selling shareholder of KADI AG.
a subsidiary of NewMarket Corporation
PwC acted as Financial Advisor to KORAS AG
Polartech Additives Holding AG andPolartech Additives China Holding AG
sold
to
This announcement appears as a matter of record only.
Corporate Finance
Your Internship @ PwC Corporate Finance / M&A
Introduction to the field of Mergers & Acquisitions
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An example of a disposal process
Negotiations& Closing
Evaluation &Due DiligenceMarketingPreparation
Phase I(6 8 weeks)
Phase II(4 6 weeks)
Phase III(4 8 weeks)
Phase IV(4 6 weeks)
Business analysis andpreparation of sales story
Normalization of financialstatements anddetermination of sustainable
Initiation of contact based onagreed long list
Confidentiality agreement Dispatch of information
Evaluation and clarificationof offers received
Redefinition of sales strategy Short-list bidders
Selection of preferredinvestor(s)
Negotiation of transactionagreement
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Disposal process is conducted in a controlled auction process
determination of sustainableearnings level
Preparation of salesdocumentation
- Short profile (teaser)- Information
memorandum- Process letters
Identification of potentialinvestors (long list)
Dispatch of informationmemorandum
Solicitation of nonbindingoffers
Preparation of electronicdata room
Preparation of transactionagreement
Short-list bidders
Management presentationand site visits
Organization of data roomdue diligence and Q&Asessions
Revised quotations incl.mark-up to transactionagreement
Signing and closing
Job content as a Corporate Finance / M&A intern
Company and market research
Desktop and data base research on various companiesand industries
Data gathering with numerous financial data bases(e.g. Bloomberg, mergermarket, dealogic)
Other tasks
Elaboration of pitch presentations
Supporting team in administrative tasks
.
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Tasks in M&A projects
Information Memorandum
Preparation of financials statements
Long List (potential buyers)
Preparation of electronic data room
Supporting project manager in various projectassignments
PwC Corporate Finance/M&A vs. InvestmentBanks
Pros
Assumption of significant responsibilty from day one
Very steep learning curve
Involvement along the entire transaction process due to smaller project teams
Possibility to work on a broader spectrum of mandates (succession cases, PE deals, capital market transactions,
start-ups, business plans, valuation mandates, etc.)
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Work-life balance (no face-time culture)
Possibility to compensate/getting renumerated for extra-hours worked
In-house experts for assurance, tax&legal -> 1 stop shop
More deals
Potential Cons
Less direct capital markets exposure
Smaller deals
Less prestigious
Lower bonus payments (salary per hour might be higher, though)
PwC Corporate Finance / M&A work experience ishighly respected and appreciated in the market
Investment Banking
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Corporate Finance
Not all interns turn out to be lucky or have the skills for staying permanently with the PwC Corporate Finance team.
However, work experience within our team is highly respected in the market and serves as a door opener for some of themost prestigious positions, apart from staying with us.
Strategy consulting
Private Equity / Family Offices
Further information about a career @ PwC
Talent need @ PwC Corporate Finance
6 months
Corporate Finance Zurich (fluency in German & English required)
6 months 6 months
February/March 2012
August/September 2012
February/March 2013
2 interns hired 1-2 interns needed 1-2 interns needed
PwC 16
Corporate Finance Geneva (fluency in French & English required)
2 interns hired 1-2 interns needed 1-2 interns needed
6 months 6 months 6 months
February/March 2012
August/September 2012
February/March 2013
1 intern hired 1 intern needed 1 intern needed
Corporate Finance/M&A recruiting process
1. Online application*
Register at www.pwc.ch/online-application and fill in the application form.
2. Online assessment (30 minutes)
At this stage we are most interested in knowing more about you as a person, your values and attitudes, as well as
finding out what your English skills are like.
3. Interview day: Meet PwC & Office test, MMI, interview, case study (about 4.5 hours overall)
Meet @ PwC & Office test: The first part is an opportunity for us to meet for the first time and get to know each other.
PwC 17
In the second part of this meeting, you will be invited to take part in a detailed online assessment at PwCs offices.
This test is designed to assess your behaviour and skills in terms of the competencies we at PwC deem to be
important.
MMI: General Q&A that is structured exactly the same for all candidates applying for the same job on the same basis.
In addition to the defined competencies, your interview will also address your strengths, interests and experiences,
and your behaviour.
Interview: Dedicated Q&A for the Corporate Finance/M&A position.
Case study: Analytical skills and knowledge about relevant technical topics in the field of Corporate Finance/M&A.
4. Hiring & Integration
* HSG Investment Club applications should be directly sent to Mr. Tobias Boersig ([email protected]) who is responsible forthe Corporate Finance/M&A recruiting process. No online application needed.
Career path
Attractive clients and teamwork
Partner
Senior Manager
Director
PwC
Individual training and continuing education
International working environment
Cooperation across service lines
Junior Consultant
Manager
Consultant
Senior Consultant
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Training opportunities
Swiss Certified Public Accountant / Swiss Tax Expert / Fiduciary / CFA /CISA
- On the job/coaching- Internal preparation courses- Expert training courses- Time and financial support
Special industry training
Language classes
PwC
PwC Switzerland invests every year more than 11% of total fee revenuesinto learning & development.
Personal development
Dissertations
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How about joining PwC?
This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should notact upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express orimplied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law,PricewaterhouseCoopers AG, its members, employees and agents do not accept or assume any liability, responsibility or duty of care for anyconsequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decisionbased on it.
2012 PricewaterhouseCoopers AG. All rights reserved. In this document, PwC refers to PricewaterhouseCoopers AG which is a memberfirm of PricewaterhouseCoopers International Limited, each member firm of which is a separate legal entity.
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