Mergers & Acquisitions




     PIBC's staff is experienced in raising equity and debt capital for clients of various sizes and credit levels, ranging from large debt placements for investment grade companies to financing for leveraged buyouts to raising venture capital for start-up, early-stage and rapid growth companies.

     Our first step is to assist the client in determining the appropriate form and structure for the financing, including alternatives. Factors which are considered include:

          1. Cost of the capital

          2. Likelihood of success for different structures

          3. Risk of undertaking the financing

          4. Time to complete the transaction

          5. Expenses to be incurred

          6. Effect of the form of financing on the client and its current owners

Since we are in frequent contact with each segment of the market, our reccomendations are based on current market conditions. This market sensitivity gives us a perspective on the effects of time and changing economic conditions as they relate to each possible capital source and how they affect the client.

     After the form of financing is determined, we help the client:

          1. Prepare a financing memorandum directed to the appropriate market segment

          2. Identify prospects and approach them

          3. negotiate and assist in the closing process

     Although much business financing is arranged through banks and other financial institutions, many mid-sized company mamagers do not have the experience with and knowledge of banking to approach and most advantageously negotiate (or renegotiate) a loan or credit facility. PIBS's Staff can assist clients in establishing and managing those relationships or in refinancing out of unsatisfactory relationships. In the area of larger, better credit transactions, including debt placements, PIBC's ability to custom-tailor transactions for clients and its placement techniques have produced successful results in both volatile and stable markets.

     Equity financing is an option for those growth companies for which leverage (or further leverage) is inappropriate or undesirable. Research and development financing, leasing, and joint ventures are often good alternatives as well. Where appropriate, we will also explore structures such as trade financing and marketing/distribution arrangements as capital sources. We are experienced at placing these types of financings with both individual and institutional sources, or locating commercial partners if appropriate.

     Leasing can be an attractive form of off-balance sheet financing to provide the use of capital equipment or facilities to a compan. However, it may not be appropriate in all situations. We are experienced at analysing lease versus purchase options and arranging the most appropriate form of transactions based on the benefits derived. Where leasing is appropriate, we will structure an investment product with attractive returns for direct placements to private investors or sale through other distributors.

     PIBC also has successfully assisted development-stage or buy-out candidates in obtaining venture capital financings with both local and national investors over a 30 year period.

     A key ingredient of any successful financing effort is a sound, coherent business plan. Therefore, a primary task in all financing assignments is to assist the client in evaluating its current business plan and make those revisions or refinements required for the financing effort. Our experience and objectivity make this analysis useful far beyond the goals of a successful financing.

     Initial public offerings of stock are sometimes opportunities for companies and their ownders. However, not all businesses and people are well suited to being public. We provide analysis and advice on whether this apparently attractive option is the right one for you, and if not, alternatives to accomplish your objectives.