{"id":674,"date":"2019-10-23T10:19:43","date_gmt":"2019-10-23T10:19:43","guid":{"rendered":"http:\/\/insight.thomsonreuters.co.nz\/?p=674"},"modified":"2023-04-27T06:32:33","modified_gmt":"2023-04-27T06:32:33","slug":"private-ma-outlook-for-2020-is-one-of-cautious-optimism","status":"publish","type":"post","link":"https:\/\/insight.thomsonreuters.co.nz\/legal\/posts\/private-ma-outlook-for-2020-is-one-of-cautious-optimism","title":{"rendered":"Private M&A Outlook for 2020 is One of \u201cCautious Optimism\u201d"},"content":{"rendered":"\n

Cath Shirley-Brown is a partner and co-leads Simpson Grierson’s Wellington corporate and commercial team. Cath provides advice on public and private M&A, joint venture<\/a> and shareholder arrangements and corporate and commercial law generally. She assisted in the authorship of Practical Law New Zealand’s suite of share acquisitions: private documents and is currently collaborating with Practical Law New Zealand on a new practice note on warranty and indemnity insurance.<\/h4>\n\n\n\n

Abigail Milburn, who is heading up the launch of the Practical Law New Zealand Resource Centre, spoke to Cath about the launch of Practical Law<\/a> New Zealand and asked her for her views on private M&A trends in New Zealand in 2019.<\/p>\n\n\n\n

Having recently returned from a lengthy\nperiod practising M&A law in London, Cath has used Practical Law UK as a\nresource frequently.  <\/p>\n\n\n\n

\u201cIt is great to see Practical Law being\nlaunched in the New Zealand market\u201d she said.<\/p>\n\n\n\n

“We continue to have a robust\nmarket for private M&A in New Zealand, in terms of both domestic and\noff-shore buyers. With high levels of \u201cdry powder\u201d in terms of private capital,\nand global trade buyers seeking to expand into new markets, our general outlook\nis one of cautious optimism\u201d. <\/p>\n\n\n\n

Warranty and indemnity insurance<\/h2>\n\n\n\n

“A key trend that we are seeing on\ndeals is the use of warranty and indemnity insurance (W&I). This product is already extremely popular in the UK and\nUS markets, and is becoming increasingly prevalent here. W&I allows vendors\nto make a clean exit without a tail of contingent liability or any retained\nfunds, while providing the buyer with meaningful recourse against a financially\nrated insurer. In circumstances where management are retaining an equity\ninterest post-sale, W&I avoids the awkward situation of having to claim\ndamages against a fellow shareholder” said Cath.<\/p>\n\n\n\n

“We are finding that using W&I\ncan ease the course of negotiations not just where the seller is a financial\nsponsor, but also where the business is owned by one or more founders or a\nfamily group (where the potential issue of personal recourse is particularly\nacute)”.  <\/p>\n\n\n\n

Drawing on her experience, Cath also\nmentioned that in the context of the New Zealand market, care needs to be taken\nto ensure that parties don\u2019t see W&I as an all-purpose solution: <\/p>\n\n\n\n

“A buyer looking to rely on\nW&I cannot use it as a substitute for conducting proper due diligence on\nthe target business. Underwriters will require robust legal, financial and tax\ndue diligence (and potentially other commercial or specialist due diligence) as\na pre-condition to cover. Further, they will expect to see evidence that the\nwarranty package in the sale and purchase agreement has been negotiated, and\nthat the vendor has undertaken a comprehensive disclosure exercise” she\nadded.<\/p>\n\n\n\n

“Practitioners also need to make\nit clear to their clients at the outset that W&I does not provide blanket\nrisk coverage. It\u2019s important that clients are made aware of policy exclusions\n\u2013 obviously, known issues are excluded from basic cover, and there are a number\nof industry standard exclusions (for example, cyber security risks,\nenvironmental pollution, transfer pricing, secondary tax liability and criminal\npenalties and fines). In addition, it is customary to have transaction-specific\ncarve-outs, depending on the nature of the target business, industry norm or\ngaps in due diligence” said Cath.<\/p>\n\n\n\n

Cath concluded: “In short, W&I\nis a great tool for bridging the gap in terms of seller and buyer concerns\naround risk allocation \u2013 however, from the perspective of a legal adviser, it\u2019s\nvital to ensure that the relevant parties are aware of its limitations and that\nthe broader transaction team is mindful from the outset about the implications\nof its use and the intricacies of the underwriting process”.<\/p>\n\n\n\n

Locked box versus completion accounts deals  <\/h2>\n\n\n\n

“Another key trend we are seeing is an increase in the\nnumber of \u201clocked\u201d box deals \u2013 that is, where the equity value of a transaction\nis agreed up-front and supported by contractual covenants precluding value\nleakage to selling shareholders” Cath noted.  <\/p>\n\n\n\n

“This structure requires extensive up-front tax and\naccounting due diligence by the purchaser and is generally only an attractive option\nbuy-side where the underlying balance sheet has been audited within a\nreasonably recent timeframe. However, there are distinct advantages for both\nseller and purchaser in terms of certainty of price and reducing the complexity\nof the sale and purchase agreement”.  \n<\/p>\n\n\n\n

Cath further commented that for these reasons, the locked\nbox structure has become very common in the UK and Europe. She expects to see\nan increase in these deals in New Zealand and (as clients and practitioners\nbecome more familiar with the structure) a willingness to embrace different\npermutations. <\/p>\n\n\n\n

“By way of example, I have seen deals being conducted\non both a pro-forma balance sheet (where the relevant assets are being carved\nout of an existing corporate structure) or (where there is high confidence in\nmanagerial culture and financial discipline) on a relatively \u201cold\u201d balance\nsheet. The latter is particularly relevant in the New Zealand context, where\n(due to Overseas Investment Office consent requirements) there is often a\nlengthy period between signing and closing for offshore buyers” said Cath.<\/p>\n\n\n\n

Private equity investment <\/h2>\n\n\n\n

Cath also commented that “New Zealand has a very healthy domestic market in terms of private capital, as is evidenced by our numerous high-performing private equity firms. With the costs of debt funding remaining relatively cheap, and both local and offshore private equity funds having high levels of \u201cdry powder\u201d in terms of committed and uncalled capital, we expect to continue to see private equity investment as a key mechanism for liquidity for local business owners (as well as an existing option for existing private equity owners)”.   <\/p>\n\n\n\n

Outlook for 2020<\/h2>\n\n\n\n

Cath expects the trends in M&A\nidentified in this article to continue into 2020. ” We continue to experience\ndomestic and off-shore appetite for New Zealand investment (from both trade and\nfinancial buyers).   While we are far from the heady days of the\nmid-noughties in terms of very vendor-friendly sale processes, we are seeing seller-led\nsale processes being well-subscribed. In this context, we expect to see\ntraditionally seller-friendly models such as W&I insurance and locked box\ndeals on the increase” she concluded.<\/p>\n\n\n\n

Online business owner based in New Zealand? Download your complimentary copy of<\/strong> Practical Law’s Practice Note to Help Keep Your Digital Business Legally Compliant<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Abigial Milburn interviews Cath Shirley-Brown, a partner and co-leader at Simpson Grierson’s Wellington corporate and commercial team. <\/p>\n","protected":false},"author":95,"featured_media":678,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[2,513,514,11,13,497],"tags":[107,272,286,332,337],"insight_job_role":[487,498],"insight_practice_area":[453,455],"class_list":["entry","author-abigailmilburn","has-excerpt","post-674","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business-development","category-legal-commentary-and-opinion","category-legal-research","category-legal-trends","category-opinion","category-research-and-know-how","tag-commerical-lawyer","tag-ma","tag-mergers-and-acquisitions","tag-practical-law-new-zealand","tag-private-ma","insight_job_role-partner","insight_job_role-senior-executive","insight_practice_area-commercial-law","insight_practice_area-company-law","hentry"],"acf":[],"yoast_head":"\nPrivate M&A Outlook for 2020 is 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