Corporate Finance support
Cross-border M&A
Paul’s team frequently advise on international disposals and acquisitions, most commonly when one party is UK-based. Most transactions have UK-style documentation but a growing number – especially for higher value transactions – follow market practice in other jurisdictions, including US-style share purchase negotiations. Paul and his team have significant experience of advising high-growth, high-technology businesses that serve a global marketplace. In such circumstances, overseas buyers are frequently the best acquirer and Paul has long-standing experience of negotiating these deals, usually securing vastly improved terms for his client, whether on the buy-side or sell-side. Paul and his team are experienced at advising at all stages of a transaction, from initial search (buy-side or sell-side) through Heads of Terms and to Completion. The team work closely with the client and its other advisers, interfacing especially closely with the legal advisers to deliver seamless value and advice. Most frequently, Paul’s team work hand-in-glove alongside Chiene + Tait’s excellent corporate tax team to provide integrated, full service M&A support to clients.
Financial modelling
Paul’s corporate finance team are experts at building, auditing and improving Microsoft Excel-based financial models. With a team trained in best practice modelling, using industry-accredited techniques from project finance, Paul and his team offer a fast, efficient and cost-effective service to clients requiring gold standard analytical tools. A critical part of the model build and model critique process is stress testing the commercial model and assumptions that underpin any forecasts. Detailed interrogation and challenge of revenue generation, staffing and future expansion and roll-out plans help Paul and his team build clients’ confidence in how future profitability will be delivered, not just how much. In addition to building three-way financial forecasts, the same skills are deployed to solve other client problems, including capital structure analysis for equity fundraising, sophisticated valuation modelling using Monte Carlo techniques and options appraisal.
Access to equity funders
Using a suite of databases and analytical tools, as well as a plethora of historical transactions where we have advised, Paul and his team help companies identify the right funders to approach as part of a coherent equity raising strategy. In addition to identifying funders – and in many cases, the individuals within funds who are most active in the relevant domain area – Paul’s team will critique an investment proposition from the perspective of that type of funder. A dry-run and opportunities to refine the proposition before it is shared with funders can be the difference between success and failure of a funding round. Paul and his team have direct, current in-market experience of financing structures, valuations and market conventions. This means their advice on how to negotiate equity (and debt) term sheets can leverage the best deal for companies seeking to raise capital, without adversely impacting the relationship being forged between investee company and the potential investors.
Financial due diligence services
In addition to full-service, lead advisory offerings, Paul and his team undertake carefully selected due diligence engagements for both trade acquirers and financial investors. Due diligence engagements can be progressed as rapidly as the target can provide the information, with cross-border transactions often having a very compressed timetable. Alongside our tax team, the full suite of financial and tax due diligence reporting can be provided and Paul and his team have considerable experience of working with transaction liability insurance providers to ensure our due diligence services facilitate a smooth underwriting process. In addition to the financial due diligence reporting, Paul and his team bring their advisory skills to bear when advising on EV to equity bridges and the potential impact of completion account or locked box balance sheets on value. In all cases, Paul’s team have delivered value equal to multiple times the cost of any due diligence work undertaken, as well as identified potential material risk factors to protect our clients’ interests.
Key Contact
Paul Mason
Paul Mason is a Partner and Head of Corporate Finance, with over 20 years’ experience advising companies, shareholders and investors on all aspects of corporate finance matters.
Paul and his team commonly provide advice on:
- Cross-border M&A, both on the buy-side and sell-side
- Financial modelling including building investable company forecasts
- Access to UK and European private equity and venture capital markets
- Financial due diligence on UK targets, ahead of an investment or acquisition
Over his career, which includes working for a top tier investment bank, Paul has advised some of the largest listed, global companies on M&A, hostile takeover defence and public and private capital raising.
Paul’s interests outside work revolve around his family and activities such as hill walking, kayaking and he is also a community rugby referee.