What we found

An institutional investor was considering a major strategic investment in a listed international telecommunications group.

What we did

• Within two weeks, we:
  • Assessed the investment from all public information, including analysts' reports
  • Polled key customers, suppliers and others to understand timely external stakeholder perspectives
  • Reviewed competitor strategies and performance in critical value-driving geographic and customer market segments
  • Summarised conclusions in simple digestible format

What we found

A medium-sized consumer goods company serving eight international markets was struggling following a series of legal disputes and a prolonged spell of under-management. People, processes and platforms were under-invested, customer and supplier relationships were challenged. Product returns were high and the economics were below shareholder expectations.

What we did

• From the MD position:
  • Quickly addressed outstanding disputes and brokered settlements
  • Overhauled product management and consolidated the range
  • Implemented new operational processes along with new finance and warehousing systems
  • Revisited and refocused customer relationships
  • Sorted quality problems in the supply chain and aligned supplier incentives
  • Overhauled the management team and operational staff in UK base and overseas

What we delivered

• Improved company governance, economics and productivity, and restored a sustainable growth track:
  • Clear governance mechanics
  • Reduced product range by 30+% while maintaining new product introductions
  • New systems in place and operational within 4 months
  • Product returns down 30%
  • Staff numbers reduced by 40%; productivity up by 100% overall

What we found

A highly decentralised group of companies that needed to rapidly evaluate and secure its participation in the UK Government's CRC (Carbon Reduction Commitment) Energy Efficiency Scheme. ("CRC")

What we did

• In a pragmatic advisory capacity:
  • Worked with the Group to collate and validate their energy usage
  • Clarified participation requirements and actively supported the registration process
  • Identified on-going requirements for compliance
  • Designed and implemented process and governance for on-going data capture and reporting
  • Designed and implemented the process for budgeting and purchasing of Allowances

What we delivered

• CRC Registration and a platform for ongoing management:
  • Verification of CRC Registration requirements and the need to act quickly
  • Roadmap for participation and emissions reduction initiatives
  • Successful completion of CRC registration and training
  • Completed process, manual and governance for compliance and budgeting

What we found

A large Gulf bank was struggling to meet capital adequacy and provisioning requirements after the global financial downturn in 2008. Following a capital restructuring and the injection of additional funds, the bank needed to update its operational structure for wholesale and retail banking.

What we did

• Acting as hands-on advisors to the Chairman:
  • Rapidly filled resource gaps and strengthened the legacy organisation
  • Reviewed and upgraded banking policy, processes and procedures
  • Established new governance mechanisms, including specific enhancements in oversight, risk management, treasury operations, financial reporting and technology
  • Reviewed ICT platforms in terms of risk, function and continuity and instituted a transformation programme for migration to modern banking platforms

What we delivered

• An operationally functional bank, equipped to navigate into the medium term
  • Now publicly listed with its reputation restored, credit rating improved and deposits being rebuilt
  • Operating on a world-class banking services platform
  • Following through with implementation of the initiatives and programmes we helped to put in place
  • Ready to revisit its strategy and positioning as the banking sector develops and matures in the Middle East

What we found

The upstream division of a major integrated energy producer and retailer was unhappy with its governance of IT programmes, following recent project and programme failures. It wanted to improve its return on investment in IT.

What we did

• In a pragmatic advisory capacity:
  • Quickly reviewed existing structures, processes and decision-making
  • Compared governance with best practice in comparable organisations
  • Judged structure and processes to be broadly fit-for-purpose
  • Recommended material improvements to information collection, collation and communication to raise the quality of decision-making

What we delivered

• A simple, straightforward and complete improvement toolbox:
  • Information specifications
  • Management dashboards
  • Minor structural and process tweaks
  • Clear recommendations regarding consistency between IT strategy and implementation plan

What we found

A major listed European newspaper publisher with significant international operations: over $400m in revenue, 1500 employees and a daily aggregate circulation of more than 8.5m copies. A protracted period of declining share price had given rise to market doubts regarding ongoing viability. An incoming CEO required an urgent action plan to restore growth and market confidence.

What we did

• As close advisors to the Board:
  • Developed CEO Agenda with the Board to (i) stabilise the business, (ii) transform it into a mature public company and (iii) achieve controlled growth
  • Developed a market strategy building on present and future market segments cut by maintained ownership, joint ventures and franchises
  • Developed market entry plans, including operational and organisational blueprints
  • Identified short-term operational efficiency improvements to lift margins

What we delivered

• A clear and tangible roadmap for the incoming CEO:
  • Business stabilised
  • EBIT margins improved by 7% in the short term
  • Step-by-step growth strategy to build a sustained growth record and restore market confidence

What we found

A major division of an international telecoms company operating in over a dozen jurisdictions with a complex legacy: under-managed, under-invested, sub-scale, over-staffed, and with a reputation for terrible customer service.

What we did

• From the CEO position:
  • Quickly reaffirmed the full-service strategy
  • Implemented a regional operating model, with local front offices and a regional back office
  • Re-engineered the customer experience in sales and service
  • Overhauled the leadership team and streamlined the organisation
  • Rebranded the business to reflect the new focus and values

What we delivered

• Improved customer experience, operating economics and people engagement
  • Operating licences renegotiated in several jurisdictions
  • Customer Service metrics dramatically improved in 12 months with retention rates improving in the following periods
  • Headcount reduced by 30% (>1,000 people) within 12 months
  • EBITDA improved from 30% to 35% in 18 months, delivering >£250m of market value

What we found

A private equity house was considering a significant investment in a software company and was unclear as to the robustness of the target company or its economic value.

What we did

• Configured a small team which quickly and efficiently:
  • Clarified the target's development and support processes
  • Assessed the reliability and performance of the market offering in light of the planned development path and that of competitors
  • Assessed the robustness of security and business continuity arrangements
  • Reviewed the operating economics and growth potential

What we delivered

• A short and straightforward opinion on the investment:
  • Performance and growth potential vis-á-vis competitors
  • Strength of the operating model
  • Realistic evolving operating and channel economics
  • Standalone economic value
  • Operating synergies in relation to another portfolio software company
• The investment went ahead

What we found

A rapidly developing Norwegian technology company was focused on the development of advanced titanium production techniques to deliver near net shape components through a 3D printing process. It wanted to raise development capital and secure its future growth path.

What we did

• In an advisory capacity:
  • Worked with the company to develop a detailed business plan and associated financial forecasts
  • Constructed a cash flow model to assess the potential value of the business in various scenarios
  • Secured a detailed mandate to raise the required equity development capital to secure the successful production of high grade titanium products

What we delivered

• Co-operation agreements, business plans and $30m equity capital funding to secure Norsk Titanium’s growth plans:
  • A number of co-operation agreements with major international industrial companies that utilise large volumes of titanium in their manufacturing processes
  • A detailed assessment of the financial potential of the business and the market opportunity
  • $30m of equity capital funding secured from a single private equity source, known to us and based in the Middle East

What we found

Raytheon is a global aerospace and defence company that previously manufactured corporate aircraft through its Hawker Beechcraft subsidiary. As part of a change in corporate strategy towards the defence sector, it wanted to sell Hawker and needed to release the capital invested in its vendor finance portfolio as a key preparatory step.

What we did

• In an advisory capacity:
  • Understood the loan portfolio by analysing the historical performance of every originated existing loan written by the captive finance company and assessing the certainty of the cash flows associated with the prevailing portfolio in various stress cases.
  • Developed a transaction structure and term sheet for a credit-enhanced securitisation, the first to ever incorporate loans secured by fractional shares
  • Obtained a strong investment grade rating from three ratings agencies and secured offers of finance from several major US banks

What we delivered

• Released almost $500m to underpin Raytheon’s plans:
  • Raised almost $500m of non-recourse debt across two transactions
  • Secured competitive pricing and certainty of execution
  • Left Raytheon with a cleaner balance sheet that helped facilitate the sale of both the manufacturing business and a fractional share operator

What we found

We were retained by a global aircraft leasing company with a significant order for Boeing 787 Dreamliner aircraft. They wanted to raise more capital to further their growth plans.

What we did

• Working as the company’s general financial advisor, we:
  • Constructed a detailed financial model of the company and the cash flows relating to each aircraft from delivery and through their economic life cycle
  • Structured and placed a $2bn pre-delivery payment (PDP) facility which wasn’t signed due to significant delays to the aircraft programme
  • Analysed the impact of the delays and refocused on providing specific financial advice to the company in relation to its compensation negotiations with Boeing

What we delivered

• The company’s objectives changed as external conditions changed, in this case unanticipated further delays in the aircraft programme. Our mandate shifted in parallel, delivering:
  • A syndicate of banks with commitments to underwrite the PDP facility
  • Hands-on advice in relation to fast-moving compensation negotiations with Boeing
  • A highly successful compensation agreement that met the company’s revised objectives

What we found

Export Development Canada, the Canadian Export Credit Agency, had significant risk and exposure to the US regional airline industry as a result of its support of Bombardier's successful export of 50-seat jets. This concentration of risk among 2 -3 individual borrowers skewed the profile of its portfolio and limited EDC's ability to support further Canadian export sales.

What we did

• In a pragmatic advisory capacity:
  • Analysed the existing $4bn loan portfolio and modelled future cash flow scenarios to assess the certainty of those cash flows in various stress cases
  • Developed transaction options and recommended a structure and term sheet that delivered EDC’s risk management objectives
  • Marketed the structure to global financial institutions with the appropriate risk appetite

What we delivered

• A platform for EDC to release capital, reduce its concentration of risk and to meet its objective to broaden its ability to support further Canadian exports:
  • A strong investment grade rating from S&P and Moody’s for the structure
  • Counter-parties for $2.8bn of deals across three transactions
  • Superior pricing to budgeted costs