Feedback wanted on new additions to PE/VC guide
The AICPA has released for comments working drafts of two new case studies from its Valuation of Portfolio Company Investments of Venture Capital and Private Equity Funds and Other Investment Companies (PE/VC Guide).
BVU News and Trends January 2019
A monthly roundup of key developments of interest to business valuation experts.
RSM issues white paper on AICPA PE/VC draft guide
A white paper prepared by RSM on the AICPA’s working draft of its PE/VC guide provides summaries of key provisions affecting middle-market entities.
PE firms relying more on third-party valuers
Private equity firms will use more independent valuation experts specializing in portfolio valuation and alternative, illiquid assets for fund-level analyses and financial reporting requirements, according to a report from Valuation Research Corp.
Latest study of private equity valuations
Private equity firms paid a median valuation multiple of 11.9x EBITDA for new investments during the first nine months of 2018, according to the “2018 Q3 Private Equity Valuations Report” from Murray Devine Valuation Advisors.
‘Do Private Equity Firms Pay for Synergies?’
That’s the title of a recent paper that analyzed the pricing of 1,155 global PE buyouts and found “strong support” for a valuation effect from buy-and-build strategies.
Recap of the AM&AA 2018 Summer Conference
The Alliance of Merger & Acquisition Advisors 2018 Summer Conference had a single track focused on doing business in the intermediary market. Attendees included investors, intermediaries, consultants, and industry partners, from across North America, Europe, as well as Asia.
Global BVU News and Trends October 2018
Business valuation news from a global perspective.
BVU News and Trends September 2018
A monthly roundup of key developments of interest to business valuation experts.
Learn about complex M&A transactions
Transaction Advisors will bring M&A experts together in Chicago for its M&A Conference on September 26 and 27.
Global BV News: Fund valuations on the global enforcement radar
In France, enforcement action against alternative investment firms for improper valuation procedures and controls is a “sign of things to come—and not just in France,” according to an article in Valuation Insights, Third Quarter 2018 from Duff & Phelps.
BVU News and Trends August 2018
A monthly roundup of key developments of interest to business valuation experts.
In re Appraisal Solera Holdings, Inc.
In an appraisal proceeding, the Chancery finds the deal price minus synergies provides the best evidence of fair value; court says there was an efficient market and the sales process, though not perfect, was able to deliver the value generated in an arm’s-length transaction.
Delaware Chancery Says Reasonably Sound Sales Process Delivered Fair Value
In an appraisal proceeding, the Chancery finds the deal price minus synergies provides the best evidence of fair value; court says there was an efficient market and the sales process, though not perfect, was able to deliver the value generated in an arm’s-length transaction.
BVU News and Trends July 2018
A monthly roundup of key developments of interest to business valuation experts.
BVU News and Trends June 2018
A monthly roundup of key developments of interest to business valuation experts.
AICPA releases draft of PE/VC guide
After several years in the works, the AICPA has issued a draft “Accounting and Valuation Guide” that provides “nonauthoritative guidance” for valuing private equity and venture capital investments.
New guidance for AI fund valuations
The Alternative Investment Management Association (AIMA) and its private credit affiliate, the Alternative Credit Council (ACC), have published new guidance for fund managers in valuing their investments.
BVU News and Trends May 2018
A monthly roundup of key developments of interest to business valuation experts.
Sorting out M&A transactions
Get an inside look at M&A transactions at the San Francisco M&A Conference on May 16 sponsored by Transaction Advisors.
Valuations frustrate RIAs
A survey of the nation’s top registered investment advisors (RIAs) by PPB Capital Partners found that firms are encouraged to provide customized alternative investment solutions for high-net-worth clients, but such funds are unwieldy and expensive to operate.
Record multiples in PE deals
The “2018 Private Equity Valuations Report” examines trends in financial sponsor-led transactions and highlights how private equity investors are adjusting to record deal multiples.
QBI puzzles fund managers
A flash poll conducted by Baker Tilly Virchow Krause LLP (Baker Tilly) reveals that 36% of fund managers specify qualified business income (QBI) deductions as the greatest challenge faced from the passage of tax reform.
The Price to Value Disconnect: No End in Sight
We attended the EuroGrowth 2017 conference in London, and here are some interesting observations.
High Court Finds Chancery’s Weighting of Values Unexplained and Inexplicable
State Supreme Court declines to create presumption for appraisal actions that deal price is best indicator of value when merger was arm’s-length transaction, but court finds Chancery’s valuation approach lacked support in record and requires revaluation.
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