2024 Deals Outlook and Valuation Trends
In the year ahead, expectations are for transformative deals by increased cross-border activity, a positive private equity outlook, ESG considerations, global tax changes, and more.
Solvency Opinions: Approving Leveraged Dividend Recapitalizations
Board members can demonstrate that they have fulfilled their fiduciary duties in dividend recapitalization transactions by obtaining opinions from third-party solvency opinion experts.
Rucker and Expert Panelists Dig In To Rapidly Growing $72 Billion GP-Led Secondaries Market
After a modest slowdown in late 2022/early 2023, GP-led secondaries market is picking back up.
Continuation Funds: Valuation and Fairness Opinion Considerations
A review of the continuation fund market and a growing consensus that fairness opinions are necessary best practice for the health of the market. Plus, the SEC may be requiring them soon.
Aaron Ping
Mr. Ping specializes in business enterprise valuations, equity interests and securities valuations for financial reporting and tax purposes. He also has experience working on solvency…
Dan Di Tomaso
Dan Di Tomaso specializes in business enterprise and securities valuations. He also has experience working on solvency and fairness opinions. Prior to VRC, Mr. Di…
Dan Hwang
Mr. Hwang specializes in business enterprise valuations, securities valuations, and intangible-asset valuations. He also has significant experience working on solvency and fairness opinions. Prior to…
Why VRC?
Why do public companies, private equity firms, and asset managers rely on VRC for their critical valuation and advisory service requirements?
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How Fairness Opinions Help Private Equity Sponsors Head Off Family Feuds
Related-party transactions between PE funds and their portfolio companies are fraught with the potential to create issues between limited partners. Fairness opinions can forestall such conflicts.
Why Get a Fairness Opinion?
Fairness opinions have a critical role in mergers, acquisitions, and other corporate transactions, yet sometimes public and private companies might overlook the importance.
Top 7 Questions About Fairness Opinions
VRC’s Opinion Practice Group experts answer the top questions asked about fairness opinions for financial transactions.
Three Reasons Your Organization Needs a Fairness Opinion
If your organization is considering a merger, acquisition, or disposition, the time is now to seek out the services of an independent, third-party opinion provider.
Bryan Browning
Bryan Browning is a Senior Advisor, specializing in financial studies and in the analysis of intellectual properties and other intangible assets. Qualified in both real…
SEC Requires Third-Party Fairness Opinion Certificate for BDCs
The SEC recently announced, as a response to COVID-19, they will provide temporary exemptions to BDCs to issue and sell senior securities.
ChinPang Kou
Mr. Kou has in-depth knowledge of capital and equity markets. He specializes in solvency and fairness opinions with experience in various industries including healthcare, technology,…
Fairness Opinions: How to Avoid Conflicts of Interest When Seeking a Provider
Fairness opinions provide substantial benefits – if the opinion process is performed correctly.
Ryan Ghose
Mr. Ghose specializes in solvency and fairness opinions. Mr. Ghose has helped provide opinions in multiple industries such as retail, technology, software, healthcare, mining, restaurants,…
Oil & Gas
VRC provided a required valuation of tangible and intangible assets for a Master Limited Partnership (MLP) client in support of a purchase price allocation. There were no detailed fixed asset records; VRC needed to overcome significant data limitations.
Financial Sponsor: Hedge Fund
A hedge fund client held convertible note in a company that restructured outstanding debt. As part of restructure, the note was exchanged for two separate Term Loans.
Receiving Dependable Fairness Opinions
Boards of directors can improve the likelihood of receiving a more defendable fairness opinion by making specific inquiries of their opinion provider.
Relying on Solvency Opinions: Considerations for Company Boards
Company boards often seek third-party solvency opinions in connection with leveraged transactions to assist them in fulfilling their board duties.
The Only Legal Requirement for Fairness Opinions
California Corporations Code Section 1203 requires an affirmative fairness opinion to provide target shareholders with greater protection in takeover transactions.
What Directors Consider During Takeover Talks
What issues must board members contemplate when facing a competitor’s takeover offer?
Fairness & Solvency Opinions
Transaction Opinion Analyses to Ensure Fairness & Financial Adequacy
Technology
A PE-sponsored cloud based provider granted equity compensation incentives to executives. To comply with financial reporting requirements of Accounting Standards Codification 718 (ASC 718), the provider engaged VRC to determine the fair value of the issued units.
Consumer Products
A brand valuation that estimated the fair value of intangible assets acquired in a business combination was needed by a personal care product company for the sale of its branded and private label products.
Financial Sponsor: Private Equity
A technology company was purchased by large private equity investor. With the purchase price set, the new entity was capitalized with debt and three different types of equity securities.
Larry Van Kirk
Mr. Van Kirk is a practice leader for closely-held company valuations (estate, FLP, Section 409A) and financial reporting related valuations (ASC 805, ASC 350/360, ASC…
Jason Storbeck
Jason Storbeck specializes in the valuation of business enterprises, intangible assets for purchase price allocations, goodwill impairment studies, and stock compensation expense for financial reporting…
Chad Rucker
Mr. Rucker specializes in solvency and fairness opinions. Much of his work has been concentrated in technology and high growth industries. Prior to joining VRC,…
Caroline Puiggali
Caroline Puiggali specializes in the valuation of equity interests, business enterprises, and portfolios of privately-held securities for financial reporting purposes, as well as financial opinions,…
Neal Piper
Mr. Piper specializes in business enterprise valuations, purchase price allocations, impairment analyses and intellectual property valuations for financial reporting and tax purposes. He also focuses…
Doug Peterson
Doug Peterson specializes in the valuation of business enterprises related to mergers and acquisitions, reorganizations, shareholder transactions, tax planning and compliance, and financial reporting. He…
Parag Patel
Mr. Patel supports the alternative investment community with quality valuations of illiquid and hard-to-value assets for BDCs, banks, credit funds, hedge funds and venture capital…
Jane Myung
Ms. Myung specializes in business enterprise valuations, purchase price allocations and impairment analyses for financial and reporting and tax purposes. She is also involved with…
Jason Mutarelli
Mr. Mutarelli specializes in business valuations, valuations of intellectual property, and solvency and fairness opinions. He has served clients in most major industries. Prior to…
Kevin Meyers
Mr. Meyers has nearly 30 years of financial and valuation advisory experience, which includes fairness and solvency opinions and valuation opinions for M&A, investment, litigation…
Chris Mellen
Mr. Mellen has over 30 years of experience across a wide range of industries providing valuation services in support of tax planning and compliance, strategic…
Anthony Law
Mr. Law specializes in the valuation of business enterprises, stock options, derivative securities, and intangible assets as well as fairness and solvency opinions for corporate…
Christopher Krapfl
Mr. Krapfl specializes in valuations of capital stock, business enterprises, and intangible-assets for financial reporting and tax purposes. In addition, he is involved in developing…
Neil Kelly
Vice Chairman of VRC, Neil Kelly, has over 35 years of financial and valuation advisory experience, which includes providing solvency, fairness, and capital surplus opinions…
Shakespeare James
Mr. James specializes in business enterprise valuations, solvency and fairness opinions, and valuations of intangible assets. Prior to joining VRC, Mr. James was an intern…
John Czapla
Mr. Czapla has more than 25 years of experience performing business valuations, valuations of complex securities, valuations of intellectual property, and solvency and fairness opinions.…
Scott Crockett
Mr. Crockett is focused on serving private equity clients using our comprehensive strategy designed to meet fund and portfolio company valuation needs throughout the investment…
Jim Budyak
Mr. Budyak has over 35 years of valuation experience and specializes in allocation of purchase price engagements, fairness and solvency opinions, bankruptcies and restructurings, and…
John Bintz
John Bintz started in the financial services industry in Chicago in 1987. He has specific financial service experience related to public finance, private equity, investment…
Solvency & Capital Adequacy Opinions
An expert opinion that concludes a company’s financial stability in a leveraged transaction
Fairness Opinions
An objective expert opinion & analysis that supports the financial fairness of a transaction
Manufacturing
An industrial property consisting of various manufacturing machinery & equipment was a candidate for an ad valorem tax reduction.
Pharmaceuticals
In order to comply with Accounting Standards Codification 815 (ASC 815), an early stage pharmaceutical company asked VRC to analyze the entire convertible callable note and determine the fair market value of each of the embedded derivatives.
Technology
A private equity sponsored cloud based provider of manager content, enterprise lending services granted certain management incentive units to participating executives, as compensation to incentivize management performance.
Agribusiness
A leading commercial agribusiness client in Argentina was interested in selling their company, which was focused on cultivating and producing olive oil, table olives and wines.
Why Private Companies Should Look Into Valuations
Why should a private company board consider a valuation of the company?
Financial Sponsor: Hedge Fund
A shareholder of a closely-held hedge fund was not receiving the appropriate level of compensation per agreement with the controlling interest shareholder.
Healthcare
Property taxes were levied on only real property portion of a hospital, key to analysis was separating the value of the business ops from that of real property.
Brands: Food & Beverage
A leading manufacturer of branded food products engaged VRC to estimate the fair value of certain intangible assets acquired in a business combination.
Automotive
A client who designs, engineers, and manufactures value-added products and systems for automotive and light-vehicle manufacturers acquired an automotive components manufacturer.
Consumer Products
A large multinational consumer products company acquired a South American company operating in the same space. VRC was engaged to estimate the value of the PP&E and intangible assets for financial reporting purposes.
Chemical
A leading international producer of nitrogen products acquires a nitrogen manufacturing company requiring a valuation for allocation of purchase price according to ASC 805.
Independence Critical When Selecting Opinion Provider
The independence of a fairness or solvency opinion provider is a critical issue that will not be overlooked by regulators or minority shareholders.
Telecommunication
We were retained by a leading provider of wireless messaging and information services to provide various valuation services for reorganization under Chapter 11 of the U.S. Bankruptcy Code.
Professional Services
VRC was asked by the attorneys representing the seller to provide multiple common stock valuations on a retrospective basis that would withstand a Big 4 audit review under tight deal closing deadlines.