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M&A Projects

Included below is a selection of M&A projects across the industries in which we work. See McGrigor Group Industries page for the full portfolio of projects.

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    Finding and bidding for an Asian assistance company

    McGrigor Consulting and McGrigor M&A were asked by an Asian Assistance company to prepare a two-phased approach to evaluate the Asian TPA and health services market. The focus countries were China, Malaysia, Thailand, Japan, Indonesia, Hong Kong, Singapore and Philippines. McGrigor Group was contracted to prepare a list of potential targets – namely TPAs and health services companies, meeting certain criteria in terms of geography, size/revenue, profitability etc. McGrigor Group prepared a longlist of ~50 targets and shortlisted these down to 15 by ranking these on the aforementioned criteria and others e.g. clients mix, services mix etc. The 15 shortlisted companies were then extensively researched, profiled and interviewed for their keenness to form strategic partnerships or be purchased by our client. From the shortlist of 15, 5 key target companies were identified. MGG arranged for the client to visit these target companies for detailed discussions. In phase 2, once the prime target was agreed upon, MGG provided extensive support in terms of valuation, due diligence and facilitation in the M&A deal and this is currently in progress.
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    Sale of a mid-sized health insurance player

    McGrigor M&A was commissioned by the owners and management to conduct the sale process of a British Managing General Underwriter specialising in expatriate medical insurance. After reviewing and updating the business plan with the management, and creating a valuation model to set a target price, McGrigor conducted the full auction process. This included creating a detailed information memorandum and a sales brochure, the identification of the likely buyers 'long list' and subsequent request for interest solicitation (aided by McGrigor’s significant track record in the sector), the conduct of the data room, and the collection and review of offers. The process was concluded by the successful sale of the business to a leading French broker well within initial price objective .
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    Growing a UK health business

    The client is a leading primary healthcare property development and management company in the UK, looking to continue growing while realising value for its founders. McGrigor M&A identified and quantified several growth options, put together an information memorandum, conducted a selective “buy-in” auction, and succeeded in getting two multi-million pound bids, well above NBV.
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    Finding and bidding for a South East Asian assistance company

    McGrigor M&A was asked to look for an Asian assistance company to fill a gap for a global insurance and services client. It identified a target, collected the appropriate data from the target and managed to get agreed terms. The deal did not complete due to a change in strategy by the buyer.
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    Finding and wooing wellness provider targets in China

    McGrigor M&A looked at the relatively new but fast growing corporate wellness services market in China. It quickly identified the attractiveness and the competition. It then identified 2 targets for its client. Currently both targets are in discussions.
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    M&A, in employee benefit broking, Indonesia, 2010-12

    McGrigor M&A was commissioned by a global brokerage company, to investigate the attractiveness of Indonesia, Philippines and Hong Kong as health broking markets, and to identify acquisition targets. Having identified Indonesia as the lead market and a top-3 third party administrator as a prospective target, McGrigor Group then acted as the facilitator of the acquisition. This 18-month role included making the introduction, soliciting the necessary financial and operational data from management, and negotiating a win-win set of terms between the parties. Particular complications were understanding and adjusting for Indonesian equity structures, dealing with the strongly pro-labour employment law, clarifying and building valuations to adjust for off balance sheet items like hospital kick-backs, and valuing a separate systems company which was a vital part of the TPA's capability. The deal was concluded in 2013.
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    Designing the strategy roadmap

    The client is a large national insurance broker and financial advisor. In the context of a business review by key investors, the client was in the process of designing its long-term strategy and business plan. McGrigor M&A helped the client with the various aspects of the strategy review, participated in the elaboration and evaluation of the business plan, performed acquisition screening and evaluated potential options for large scale merger. Throughout the process, McGrigor Group also facilitated strategy seminars to help in the creation and the communication of the ongoing business planning creation. McGrigor Group worked closely with its partner Corbett Keeling on this, and the end result was a very successful sale.

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