The continued globalization of business along with M&A as a core growth strategy for many companies drives an undeniable need for independent valuations delivered by a firm offering local experts and global reach. As the founding member of Valuation Research Group (VRG), VRC offers deep knowledge and experience in valuations and value-related services for international business combinations.

Whether in support of our valuation of the Panama Canal, tax-reporting needs in Europe, or fixed asset valuations of factories in China, our international reach allows us to provide our multinational clients with a single source for expert, independent valuation support.

VRG offices are located throughout continental Europe and the United Kingdom, Australia, Argentina, Brazil, Canada, China, Colombia, India, Japan, Mexico and the United States. This global network of over 1,300 professionals provides:

  • Local market knowledge
  • In-country tax expertise
  • Cost-effective real property and fixed asset valuations

 

Global Capabilities. Local Expertise.

Our experience includes foreign and multinational acquisitions of all sizes in nearly every industry. Larger acquisitions generally encompass multiple legal entities. Our experience with typical engagements in support of international business combinations include:

  • The $6.0 billion acquisition of Rothmans, the second largest tobacco company in Canada
  • The $2.0 billion acquisition of the largest juice company in Russia by a U.S. multinational
  • The $7.8 billion acquisition of the Groupe Danone biscuit business by Kraft Foods
  • The valuation and appraisal of fixed assets of the Panama Canal for the Panama Canal Authority in support of the $5.25 billion canal expansion

We provide valuations to support the financial requirements outlined in the International Financial Reporting Standards (IFRS). Since not every country that has adopted IFRS has adopted each new standard, there are intricacies to each country’s reporting requirements. Our professionals, based in respective countries and working with many of the world’s leading multinationals, have the knowledge and experience to assist with each country’s variation of IFRS. Most often, our work in this area is pursuant to IFRS 3R, Business Combinations. We are often also engaged in support of International Accounting Standard 36 (IAS 36), when testing for potential asset impairment and IFRS 2R, in support of share-based compensation.

VRC commonly supports multinational tax reporting needs. Frequently, this involves the valuation of non-U.S. legal entities including foreign holdco’s, IP holdco’s and operating entities in support of tax restructuring. We also value intellectual property for transfer from tax jurisdiction to another.

Representative International Client Engagements

VRG is widely respected for its depth of industry knowledge. We are proud to share a list of completed engagements and thank our clients for allowing us to serve their needs.

Financial Reporting Valuation

Valuation of custom transformers and coil facility located at Actown in Mexico for financial reporting purposes.

Financial Reporting Valuation

Valuation of a bank headquartered in Austria, operating through six subsidiary financial institutions with its core business in Croatia, Slovenia, Bosnia, Herzegovina, Serbia, and Montenegro for financial reporting.

Real and Personal Property Valuation

La Roche Industries (now Airgas) asset appraisal of chemical plants for financing purposes. (Germany, France)

Purchase Price Allocation

For the acquisition of Shanghai-based water treatment business of Tianlong Holding Co., Ltd.

Tangible Asset Valuation

Valuation of the Panama Canal as a supportable basis of value for future canal expansion by the Autoridad del Canal de Panama (ACP).

Valuation for Tax Reporting

Valuation of BP’s interest in one of the world’s largest liquefied natural gas projects based in Australia for Australian taxation purposes.

Real and Personal Property

Valuation of buildings, M&E, and land use rights for certain China operations for Bama Companies, Inc. for US GAAP purposes.

Acquisition

Work for this Chinese State investment enterprise included verification of Internal Rates of Return, Equity Returns, and analysis of business plans in respect of acquisitions in Europe.

Purchase Price Allocation

For the acquisition of Servico Pan Americano de Proteccion SA de CV, Mexico.

Valuation

Independent valuation advice to Brookfield Infrastructure in order to assist the board in assessing whether or not to participate in a capital raising for its investment in an Australian recycled water and energy business.

Acquisition

Acquisition of Cereol S.A. (Paris, France) with assets in 11 European countries including France, Spain, Germany, Hungary, Italy, Poland, the US, and Canada.

Acquisition

Acquisition of Cerestar (France, Germany, Italy). Acquisition of OCG Cacao S.A. facilities in France, Belgium, and the UK.

Valuation for Tax and Book Reporting

Valuation of edible oil refining facilities in India for tax and book reporting purposes.

Valuation for Tax and Book Reporting

Valuation of IMC Global potash mining equipment in Canada for tax and book reporting purposes.

Purchase Price Allocation

Purchase price allocation in relation to the acquisition of US operations of Travelex Insurance Services Inc. by Australian insurer, Cover More, for Australian financial reporting and US tax purposes.

Purchase Price Allocation

Purchase price allocation to Australian subsidiaries of Hong Kong-listed, CKI Infrastructure, in relation to its acquisitions of Australian-listed, DUET Group & Granger Energy Services, based in the US, for Australian financial reporting purposes.

Intellectual Property Valuation

Valuation of intellectual property for tax purposes. The Dutch company originated in Chile and is a leader in water treatment processes.

Complex Securities Valuation

Valuation of Visa Inc. Series B Convertible Participating Preferred Stock for Elavon Financial Services DAC, a division of a US bank, to establish market value to set the price at which to transfer shares to the parent company.

Experts Report | Fairness Opinion

Independent expert’s report (similar to a fairness opinion) in relation to a loan conversion and share placement for Elk Petroleum, an Australian-listed oil & gas company with assets predominantly in the US.

Acquisition

Acquisition of Beijaert Holdings bv, Retsch bv, and Emergo bv (Netherlands).

Financial Reporting Valuation

Valuation of Rietschle Thomas Industries in Germany for financial reporting purposes.

Financial Reporting Valuation

Valuation of steel mill assets in Whitby, Ontario (Canada) for financial reporting purposes.

Purchase Price Allocation

Purchase price allocation for the acquisition of Hayward Industries, Inc. (Europe, China, Australia, US)

Restructuring

Restructuring of 27 entities including Mexico, Canada, Brazil, Argentina, Peru, UK, Germany, Netherlands, France, Belgium, and Italy.

Valuation for Tax Reporting

Valuation of various European subsidiary companies based in Belgium, France, Italy, Spain, Netherlands, Poland, Romania, and Germany for tax purposes following a Group reorganization.

Expert Witness Valuation

Expert witness valuation and royalties damages assessment for the Hong Kong High Court concerning the trademark and brand of Itamae Sushi and image right of Mr. Cheng.

Acquisition

Kraft Foods, Inc. (now KraftHeinz) acquisition of Group Danone biscuit business. (Europe, Africa, Asia)

Real and Personal Property Valuation

Kraft Foods, Inc. (now KraftHeinz) acquisition of Group Danone biscuit business including all real property and personal property in 16 countries throughout Europe, Africa, and Asia.

Financial Reporting Valuation

Several valuations of pharmaceutical portfolios acquired in the US by Australian-listed pharmaceutical company, Mayne Pharma, for financial reporting purposes.

Valuation

Valuation of operations in France, Italy, Sweden, Denmark, Brussels, Germany, and Spain.

Valuation

Appraisal of NMHG Maurities (China), and appraisal of Australian subsidiaries.

Restructuring

Restructuring of 27 entities including Mexico, Canada, Brazil, Argentina, Peru, UK, Germany, Netherlands, France, Belgium, and Italy.

Real and Personal Property Valuation

Appraisal of M&E and real estate appraisal of the different quarries in the Argentine Patagonia and central processing plant. Also completed a reserves estimation and business valuation for possible sale.

Expert's Report | Fairness Opinion

Independent expert’s report (fairness opinion) in relation to a share restructure of Pacific Current Group, involving US fund manager, Northern Lights Capital.

Purchase Price Allocation

Purchase price allocation and transaction support valuation advice related to a number of US acquisitions.

Purchase Price Allocation

Purchase price allocation for a reverse acquisition considering identified intangible assets in this specialist printing technology group with operations in France, the US, and China.

Royalty Rate/License Fee

Support for royalty rate/license fee to be charged to certain non-US subsidiaries. (Germany, UK)

Valuations for Tax Restructuring

Business entity valuations for European and Mexican (Frito-Lay) tax restructuring.

Acquisition

Acquisitions of Papastratos Cigarette Manufacturing Company S.A. (Greece) and DIN (Serbia).

Valuation

Valuation of acquired assets in Australia.

Merger

Pre-close valuation support for the merger of Praxair, Inc. and Linde AG. (US, Germany)

Complex Securities Valuation

Valuation of various subordinated debt instruments issued by infrastructure companies in the UK and Europe for Australian financial reporting and unit pricing purposes.

Intellectual Property Valuation

Valuation and royalty rate appraisal of businesses, brands, and intellectual property worldwide for tax purposes in connection with internal reorganizations.

Valuation and Expert Witness Testimony

Valuation and expert witness testimony in High Court for this Canadian-based company in dispute with its UK-based distribution agency. Sanyou is 100% owned by a Chinese manufacturer.

Acquisition | Valuation for Tax Reporting

Several US acquisitions, FIRPTA, and German tax issues.

Valuation for Tax Reporting

Valuation of interests in pictures, related business, and merchandising for investment and tax purposes.

Valuation for Tax Reporting

Legal entity valuations in support of internal management tax planning. (Germany, Australia)

Valuation

Valuation work relating to SAP planning/installation. (Spain)

Valuation for Tax Reporting

Valuation of interests in pictures, related business, and merchandising for investment and tax purposes.

Partner With Us.

Since 1995, VRG has been offering deep valuation & value-related service expertise for international businesses.

Perspectives