01.07.2020 // Coming out of lock-down and avoiding FOMO
As Spring turned to Summer and we complete 100 days since lockdown began, I reflected on the fact that across the world humanity had been hibernating for an entire season. This was most apparent from a socially distanced walk along a high street where mannequins proudly showed warm weather outfits that no one could try-on or buy.
18.06.2020 // Cross-Border Retreat
Financial markets experienced the longest bull run in history between the Global Financial Crisis in 2009 and Covid-19 lockdown in 2020. This decade-long phenomenon accelerated M&A activity, motivating many corporate dealmakers to implement ambitious growth plans. The M&A market seemed to defy gravity through a potent combination of strong share price performance driving high ratings, long-term incentive structures and unprecedented access to corporate debt.
05.05.2020 // Corporate Carve-Outs in the Brave New World
Aurelius has been privileged to occupy a ring-side seat on corporate divestment activity over the last 15 years as a long-standing investor and expert in carve-outs. We have transacted through bull markets and recessions, adapting our investment strategy along the way. But our latest annual Corporate Carve-Out Survey was thrown a surprise by the Covid-19 downturn. Following an appreciable slowdown in corporate carve-outs since March, we are now ready for this market to recover.
At Aurelius Equity Opportunities, our operations team has always directly supported portfolio company managers. We emphasise this unique structure to management, lenders and stakeholders, because our operational experts are a key differentiator when compared to other private equity investors.
16.03.2020 // Reflections on Budget 2020
As a private equity investor, at Aurelius we were eagerly awaiting details of Chancellor Rishi Sunak’s first budget. I want to use this commentary to highlight three parts of the budget that were particularly pertinent to our industry.
09.03.2020 // M&A market feels symptoms of Coronavirus
While the last three months will be remembered for the 2019 General Election and Britain’s exit from the EU, the coming months will forever be synonymous with the COVID-19 epidemic.