the largest private equity & restructuring summit in europeoverview of the restructuring &...
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The largesT PrivaTe equiTy & resTrucTuring summiT in euroPeFor CEos, Funds, LPs: morE than 900 dELEgatEs in 2010
10th Edition hotEL le Méridien etoileParis - FranCE
Richard VeyracPrivate Equity Exchange
Manager
It’s a great pleasure to welcome you for the 10th anniversary of the Private Equity Exchange & Awards. In 10 years, the summit has become by far the largest and most important international private equity and restructuring event in Europe addressed to Institutional Partners, Fund Investors and CEOs…
Between spring breeze and hurricane, the industry still has to live according to the vagaries of the economic climate. Year 2011 ending, a wide inability to predict future is surrounding the market players. What are the opportunities for 2012/2013? Who will take advantage of today’s market? How to source debt in today’s market? How to structure deals under new conditions? How should underperformance be managed? What are the opportunities in terms of the distressed debt? How to raise the next funds? ...
All these questions among others will be debated by the best internatio-nal speakers through the three-track conferences of the Private Equity Exchange:
• International LBO & Fundraising
• LBO & Management
• Underperformance, Restructuring & Private Equity
The highly interactive one-day format will deliver focused and in-depth confe-rences program as well as opportunities to network through lunches and “One-to-One deal meetings”. Thanks to our One-to-One platform, you will be able to meet over 900 industry professionals including 100 Limited Partners, over 350 Private Equity Firms and 250 CEOs & Corporate Executives and the key Acquisition Finance players.
Furthermore, the second edition of the Private Equity Exchange Awards will recognize the best performers of the Private Equity industry. Taking place at the Hotel Westin, the Awards Ceremony is now recognized as the main event gathering the market leaders. This is another occasion to network with the major funds, LPs and Corporate Executives.
We would like to deeply thank our partners and sponsors for their renewed trust, allowing to celebrate this 10th anniversary altogether!
I hope you will find the summit highly informative and will take full advan-tages of your participation…
The Private Equity Exchange Team
Dear Delegates,
Paris Office: 103, rue la Boétie
75008 Paris Tel.: + 33 1 43 92 93 94 Fax: + 33 1 43 92 93 95
Website: www.leadersleague.com
Publishing manager and chief editor:
Pierre-Etienne Lorenceau [email protected]
Editors: Rosalie Sunderland, Richard Veyrac,
Aurélie Prouillac, Mona Biskri
Graphic designer: Claire Seichepine
Pictures: www.fotolia.fr, www.shutterstock.fr
Track 3
Track 2
Track 1
PROgRAM OVERVIEW18 conferences - 80 renowned speakers
COnFEREnCEs MAPMéridien étoile Hotel Paris
9:00 9:30
09:30 10:20
10:20 11:10
13:45 14:00
14:00 14:50
14:50 15:40
16:00 16:50
16:50 17:00
11:30 12:20
17:00 19:00
19:00 22:45
Networking Lunch12 :20 13:45
Networking Break15:40 16:00
One-tO-One deal meetingsMEET WHO MATTERS MOST TO YOU ...
PRiVate eQUitY aWaRds dinneR
Registration & welcome coffee8 :30 9:00
Track I international lbo & fundraising
Track II lbo & ManageMent (CoNfeReNCe iN fReNCh)
Track III underperforMance, restructuring & private equity
opening Keynote
Panel 1
Great insights from Private equity Leaders
Panel 1
overview of the Private equity Scene
Panel 1 overview of the Restructuring & Turnaround Scene
Panel 2 Shopping Time: What Sectors and Regions ?
Panel 2
Deal PreparationPanel 2
holistic Turnaround: Crisis Management, Debt Restructuring & Corporate Re-engineering
Panel 3
industry Structure Change: Liquidity & Pricing on the Secondary Market
Panel 3
Structuring the DealPanel 3
from Bankruptcy Prevention to Bankruptcy Management
Panel 6 The new LP – GP Relationship
Panel 6 LBo exits - When and how?
Panel 6
The european Turnaround industry: a Moving Scene
Networking Break11 :10 11:30
Panel 4 Leveraged finance
Panel 4 Management Package/Relationships between funds & Management
Panel 4 Debt to equity Swap: Lessons from the Recent Landmark Deals
Panel 5
Deal structures 2012Panel 5 Corporate Growth & Debt Management under LBo: facing Underperformance
Panel 5
Managing Underperforming LBos: the necessary sacred union
Keynote
Keynote
Keynote
Keynote
Keynote
Keynote
AM
PM
C CoNfeReNCeS
MoRNiNG keyNoTe NeTWoRkiNG LUNCh oNe To oNe DeaL MeeTiNGS
ToiLeTS
eMeRGeNCy exiT
CLoakRooM
BasemenT LeveL -1espace renoir / conference centre
free shuttle provided from the Méridien étoile to the Westin
dîner de gala & remise des trophées29 mars 2012 Paris
Les métiers de la profession mis à l’honneur• Directionfinancières
• Banquesd’affaires
• Conseilsfinanciersspécialisés
Les Trophées Leaders de la Finance à la loupe• Unemiseàl’honneur des meilleurs acteurs
de la finance française
• UnTrophéepour chaque métier de la financefrançaise
• Uneméthodologie rigoureuse
• Despanelsdejurys d’exception composésdeplusde 80 professionnels
• Une procédure confidentielle
• Uneillustrationactualiséedesperformances du secteur
www.tropheesleadersdelafinance.fr
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09 :30 10:20
PAnEL 1 - gREAT InsIgHTs FROM PRIVATE EqUITY LEADERs
Thierry BaudonFounding Partner & Chairman, Mid Europa
David WillemsTransaction services Partner, PricewaterhouseCoopers
10:20 11:10
PAnEL 2 - sHOPPIng TIME: WHAT sECTORs AnD REgIOns?
Vincent GombaultManaging Director Fund of funds, Axa Private Equity
Christiaan de LintPartner and co-founder, Headway Capital Partners LLP
11:30 12:20
PAnEL 3 - InDUsTRY sTRUCTURE CHAngE: LIqUIDITY & PRICIng On THE sECOnDARY MARkET
KEY POINTS• the buyout and
distressed industries in Western europe, Central & eastern europe and the Us: state of play and outlook
• mid, large and distressed deals: what are the current dynamics?
• Key issues for fundraising: LPs’ main concerns today, changes in regulations, impact of the macro environment
• emerging markets vs. developed markets: current specifics and prospects KEY POINTS
• Has pricing adjusted to the economy since the Euro crisis?
• Amounts raised versus funds available to purchase secondary assets
• Are secondary directs set to grow in the current environment?
• Who is on the buy side today and what drives their behavior?
KEY POINTS• Emerging markets
potential growth versus mature markets
• Best performing sectors to watch in 2012
• How various funds address the challenges of growth?
• Where to invest the important amount of money committed?
thierry has led the Mid europa team since its inception in 1999. previously, he headed the international Finance Division of the SUeZ group. He received a M.Sc. degree in engi-
neering from the paris institute of techno-logy, an A.M.p. from inSeAD and an M.A. in economics & Finance from the paris-Sor-bonne University.
Stanislaw KnaflewskiPartner, Enterprise InvestorsStanislaw, partner and Board Member of enterprise investors Corporation, specializes in the pharmaceuticals, telecom and construction materials sectors. Before joining ei, he worked
for the Boston Consulting group in paris and Warsaw. He graduated from the College of europe in Bruges and holds an MBA degree from inSeAD.
Vincent serves as a private equity portfolio manager. He joined the firm in 1998 and has developed and managed the primary, early secondary, and secondary funds of funds
business. He joined the industrial investment Department at the AXA group in 1991. He has worked with Société générale and was the Head or investment Manager of M&A.
Bruno BertrandPartner, Baker & McKenzieBruno joined Baker & McKenzie SCp in 2008 where he manages the private equity team. He is also a member of the Steering Committee of the european private equity practice group.He advises private equity funds, funds of funds
and sovereign wealth funds for their private equity transactions, including leverage buy-outs and secondaries. He also advises them on fund formation.
Christiaan is a partner and co-founder of Headway Capital.prior to co-founding Headway in early 2004, he was part of the investment team at Coller Capital, one
of the largest players in the private equity secondaries market where he worked since early 1999.
David is a partner within pwC’s transaction Ser-vices department in paris. He has spent 18 years with pwC, the last 14 years being focused exclu-sively on mergers and acquisitions. David leads our technology industry group within this depart-ment. David has been involved in a number of
deals (including cross-border) for both France and international domiciled companies, both industrial and private equity players (including Schneider electric, Spie, pAi partners, 3i, Apax, Activa Capital, Lafarge…).
Andrea C. BonomiChairman, InvestindustrialAndrea established investindustrial, the leading Southern european investment group with approximately €2.3 billion in AUM and 50 employees. previously, he
was responsible for the monitoring of Saffa group investments in europe and the USA. Before, he was employed at Kleinwort Ben-son in London.
Karsten LangerChairman, EVCA & Partner, The Riverside Company
Karsten is currently Chairman of the eVCA (european private equity and Venture Capi-tal Association). He has been a partner with the Riverside Company since 2006. He cur-
rently leads the firm’s investment and port-folio management activities in the Benelux and France.
Thomas Forschbach Partner, Latham & Watkins
thomas is a partner of the paris office of Latham & Watkins. He is the chair of the paris office Corporate department and
co-chair of Latham’s global M&A practice group. He specializes in public and private mergers and acquisitions and private equity.
Jean-Luc AllavenaPartner, Apollo Management
Jean-Luc joined Apollo as a partner for pri-vate equity. Beforehand, he was the Chief of staff of H.S.H prince Albert ii of Monaco. He was the Coo of Lagardere Media
group from 2000 to 2005 after serving at pechiney from 1992 to 2000 as CFo, Coo, Ceo of the cosmetics packaging division techpack.
Jean-Baptiste WautierManaging Partner, BC PartnersJean-Baptiste joined in 2005 from industri Kapital in London where he spent 5 years in the French team. previous positions include 3 years at Morgan Stanley in M&A in Lon-don and 3 years as an auditor with Arthur
Andersen in paris. He holds a degree in industrial organisation from Université de paris-Dauphine and a degree in politics from institut d’etudes politiques de paris.
Andrew BrownManaging Director and CIO, Emerging Capital PartnersAndrew joined eCp in May 2011 from Amundi private equity Funds where he was the Chief investment officer of the Kan-tara Fund a €150m buy out and expansion
capital fund investing in north Africa. prior to working in private equity, he worked as a management consultant for Coopers & Lybrand in London.
Joseph CohenFounding Partner, Trilanticprior to joining tCp, Joseph spent 20 years at Lehman Brothers, of which 13 years at Lehman Brothers Merchant Banking where he was the european Co-Head. He was also
a member of the Lehman Brothers’ invest-ment Management Division’s european operating Committee.
Nik MorandiPrincipal, Pantheonnik focuses on secondary and co-invest-ment transactions for pantheon. previously, nik was a member of the London-based european M&A team of UBS investment
Bank where he primarily worked on M&A and corporate finance mandates for mid to large cap clients. He began his career with Société générale.
OPEning kEynOTE09 :00 09:30Hugh LangmuirManaging Partner, Cinven
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PAnEL 4 - LEVERAgED FInAnCE
14 :50 15:40
PAnEL 5 - DEAL sTRUCTUREs 2012
Christopher BödtkerManaging Partner, Akina
Jean Michel SeverinoManaging Partner, Investisseurs et Partenaires Conseil
16:00 16:50
PAnEL 6 - THE nEW LP - gP RELATIOnsHIP
John GriptonManaging Director and Head of Investment Management Europe, Capital Dynamics
Louis HuetzManaging Director, Leonardo & Co
Lionel ZinsouChief Executive Officer, PAI Partners
Charles Soulignac Chief Executive Officer, Fondinvest Capital
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Lionel ZinsouChief Executive Officer, PAI Partners
13 :45 14:00
KEY POINTS• The unstoppable
need for European high yields and bonds financing
• The new critical role of mezzanine funds and unirate financing
• From CDO to debt fund: a fluid shift?
• deal structure and double luxCo: a balanced solution?
KEY POINTS• Addressing financial
issues
• P2P and listed acquisitions
• Earn out clause
• What are the sophisticated solutions to get the deal done?
Eric Cartier-MillonPartner, Gide Loyrette Nouel
eric is a partner in the Banking & Finance Department of gide Loyrette nouel. He
specializes in structured finance and pro-ject finance.
Louis joined the Banca Leonardo group in october 2009 as a Managing Director. Before joining Leonardo, he spent 6 years at Aforge Finance as a Managing Director in the M&A
division. Louis has advised on many transac-tions involving investment funds, family-owned companies and major international groups.
Adrian MellorPartner, Allen & OveryAdrian is a partner in the banking & finance department of Allen & overy. He has inter-national experience advising on a wide spectrum of financing transactions from
acquisition and structured finance through the corporate borrowings, in addition to other general banking matters.
From 1997 to 2008, Lionel was a general partner at Rothschild investment Bank. in the civil service he had been a lecturer in economics in paris University and a mem-ber of the prime Minister’s office. Beforehand,
he was a financial controller and a division Ceo of Danone. He is an alumni of the ecole normale Supérieure and Sciences po and graduated in economics.
John is a Managing Director and heads investment Management europe at Capital Dynamics. He has over 20 years of expe-
rience evaluating, selecting and monitoring private equity fund investments in europe, the US and emerging markets.
Charles, Founder and Managing partner of Fondinvest Capital, started in 1993 the fund-of-funds business (primary and secon-dary). He also has previous experience in
industry (potain), consultancy (Maynard) and finance (Bred). He has been a member of the eVCA board of directors and investor relations committee.
Christopher is the Managing partner, Chair-man of investment Committee, and Country partner for the nordic Region at Akina Ltd. in May 2010, Christopher and his partners
created the fully independent Akina through buying out Lombard odier’s stake in the business. He is responsible for overseeing the firm’s investments in the nordic Region.
Jean-Michel is the Managing partner of « investisseurs et partenaires Conseil », general inspector of Finances, at the French Ministry of Finances. He is the for-mer Director of France’s international deve-
lopment agency. He was appointed in 2001 for a three-year term, renewed in 2004 and 2007. He was previously Director in charge of international development at the French Ministry of Cooperation.
Imed Ben Romdhane global Head of Acquisition and strategic Finance, Natixisimed joined natixis in 2005 to set up the Financial engineering department within Structured Finance. He began his career at an international law firm, followed by 12
years at Crédit Lyonnais, later Calyon, from 1992 to 2004, where he was head of structu-ring then managing director of the Financial engineering department.
Jose Maria Munoz Founder and Managing Partner, MCH Private EquityJose Maria is founder and managing partner of MCH private equity (MCH iberian Capital Fund i, ii and iii, with total funds under management over 500 million euros). At the firm, he is res-
ponsible for investments in the Manufacturing and Retail sectors. He is a director of the board of several companies, among them, talgo, Azu-lev, iQAp and Qualytel.
Mark F. Richardson Partner, FranklinMark co-manages the Corporate transactional Department of the Franklin law firm. Franklin is an independent paris-based business law firm. He is a qualified US and French lawyer and he has spent the past 22 years practising
French law in paris. He acts for private equity houses as well as a variety of publicly quoted and private corporations, financial institutions and funds on domestic and cross-border tran-sactions.
Fabrice Croppi global Head of Acquisition and strategic Finance, NatixisFabrice joined natixis in 2005 to set up the Financial engineering department within Structured Finance. He started his career in the eCM department at Société générale,
and was then appointed economic advisor to the French Minister in charge of strategic planning. then, he was deputy editor of the european.
Franck DuhamelPartner, Park Square Capital
Franck is a partner at park Square Capital. prior joining park Square, Franck was a par-tner at Avesta, focused on the French mid-market segment. Beforehand, he was an
investment Director at UBS private equity in paris. Franck holds a Masters degree in finance from HeC paris and graduated from Sup’Aéro in France.
KEY POINTS• The future of private
equity and LP/gP relationship
• Opportunities in today’s market and opportunities perceived in the years ahead
• The progress in governance in fund terms and condition
• Opportunities in emerging countries such as Africa
international lbo & fundraising
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PAnEL 1 - OVERVIEW OF THE PRIVATE EqUITY sCEnE
10:20 11:10
PAnEL 2 - DEAL PREPARATIOn
Anne-Valérie Attias-AssoulinePartner, Head of Transaction services, Landwell & Associés
11:30 12:20
PAnEL 3 - sTRUCTURIng THE DEAL
KEY POINTS• the impact of the
2011: A vintage in muted colors ?
• How should Private Equity be involved in global economy ?
• Closing the deal: a sensitive operation
• Funds, management and banks : relationships under pressure
KEY POINTS• Flashback: the end
of the crazy years for Private Equity
• How do deal makers find money in 2011 ?
• What is the impact of the evolution of financial structures on the final value ?
• Which tools to take over from the investment banks ?
KEY POINTS• A sensitive timing
• Relationships between advisors, managers and funds
• The inflation of the Due diligences
• Valuation and crisis
Denis VidalincHead of Acquisitions Finance, CIC
in December 2009 Denis took responsibility of the CiC Acquisition Finance group after 5 years as a transactor in the large cap team.
He originated and arranged leveraged tran-sactions both with private equity firms and corporate.
Anne-Valérie is a tax lawyer with Landwell & Associés. She has over 10 years experience in mergers and acquisitions, group restruc-
turing, LBo and tax planning for cross-bor-der transactions.
Xavier MorenoChairman, Astorg PartnersXavier co-founded Astorg partners in 1998, after heading the Suez private equity teams for seven years. Before that, he spent 6 years at Sanofi, as Ceo of an operatio-nal division and member of the executive
Committee. Xavier started his professional life in 1976 at the French treasury, where he held several senior positions including the financing and monitoring of state-owned institutional companies.
Olivier Boyadjian Managing Director France, HIG Capital
olivier heads up H.i.g.’s team in France. prior to joining H.i.g., olivier was in charge of the investment team at CDC Capital investissement. prior to that, he was the
Managing Director of Halifax Bank of Scot-land (HBoS) in France, where he notably led a significant number of financings for private equity transactions.
Michel David Chief Executive Officer, Creative Value
Michel has 15 years experience in execu-tive search. He has developed expertise in search assignments for private equity funds
(LBo, LBi processes…) and in C-levels direct approach.
Arnaud Bouyer Managing Director, Morgan StanleyArnaud joined Morgan Stanley in early 2000 as an Associate in the Mergers and Acquisi-tions Department, with a focus on restruc-turing. He has worked in new york, London and paris on a wide range of assignments
across sectors, including corporate divesti-tures and carve-outs, outsourcing, or joint ventures. Since March 2004, he has been responsible for financial sponsors coverage in France and on a pan-european basis.
Axel RebaudièresPartner, Head of Private Equity, KPMG
Axel has specialized in the last 10 years in transactions, advising private equity houses and international companies. Recent pe deal experience includes San-
dro-Maje, penelope, Histoire d’or, MW Brands, Cerba european Lab, Cylande, proclif. He leads the private equity group at KpMg in France.
Nicolas Brumelot Deputy CEO & CFO, OdigeO
nicolas is the Deputy Ceo and CFo of odigeo (online travel group formed by a combination of go Voyages, eDreams, opodo and travellink) and the co-founder
and co-Ceo of go Voyages. prior to joining go Voyages, he assumed finance positions in companies such as Avanquest Software and Look Voyages.
Hervé CouffinCo-founder & Partner, Callisto graduated of ecole polytechnique and ecole des Mines, Hervé was Senior partner and Member of the executive Committee of pAi. in 2005, he co-founded Callisto, which is dedi-
cated to offer financial advice to management teams in LBo transactions. in addition, he is currently a non executive Director on the Board of several companies.
Martin Naquet-Radiguet Partner, Head of Transaction services, PricewaterhouseCoopers
Martin is a partner at pwC, head of the transaction Services department in France. Martin is focused on private equity. over the past 14 years he has advised investors on
more than 240 deals, either sell-side or buy-side. Martin joined pwC in 1991; he holds a degree in business administration from eSCp (paris).
Pascal Stefani Managing Partner, Advent
pascal joined Advent in 1998 and has been managing the paris office since october 2007. pascal has led or co-led Advent’s investments in Loxam S.A. , MC international S.A., BCS S.A., Sportfive S.A., Stokomani and Sophis.
prior to Advent, he spent 8 years with Finan-cière Saint Dominique, the private equity arm of natexis where he worked on management buyouts and expansion. pascal has a degree in business administration from HeC (paris).
OPEning kEynOTE09 :00 09:30Hugh LangmuirManaging Partner, Cinven
lbo & MangeMent (conferences in french)
13 :45 14:00
Brice de la MorandièreCEO, Hyva Group
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KEY POINTS• The manager’s role
• What about financing ?
• should managers get involved in the Private Equity process ?
• new Trends of the Management Package
KEY POINTS• Are companies under
LBO over exposed to the financial crisis ?
• How to anticipate underperformance ?
• What tools to spur on growth ?
• How to deal with investment banks ?
KEY POINTS• What options for
an exit ?
• Tax structure for the exit
• LBO exits and crisis
• Exit optimization
Olivier DuhaChief Executive Officer, Webhelp
olivier began his career in 1992 at LeK Consulting. He has always worked in interna-tional environment of leading groups in their respective sectors. in 1998, he decided to join the American consulting group Bain & Com-
pany. He integrated the «e-business practice» and was involved in internet development strategy missions for large industrial groups. He is also a board member of the managers’ association Croissance +.
Bertrand PiensPresident, Fontenay Managers
Bertrand joined Fontenay Managers in 2005 and serve as president since 2006. Before FM, he has been a managing director of Diri-geants & investisseurs. He previously held several Ceo positions in the financial sector
(CCCM-gRiFFin), it sector (CiS), and indus-try (AFiRoC). He is graduated from ecole polytechnique (paris), iep-paris, and holds an executive Master in Business Administra-tion from HeC.
Olivier Kress Partner, Flichy Grangé Avocats
olivier has significant experience in inter-national employment law and is completely fluent in english and italian. He holds a Master in private Law and a post-graduate degree in Corporate Legal Advice. He
advises French and international corpora-tions on all aspects of labour law particularly in case of acquisition operations, restruc-turing plans, collective redundancies and collective bargaining agreements.
Lionel ScottoManaging Partner, Scotto & Associés
Founding partner at French law firm Scotto & Associés, Lionel has more than 15 years of experience in private equity. expert in LBo and venture capital, he is specialized in advising management teams. For the
past 2 years, he has been involved in the most important LBo deals of the French market: picard/Lion Capital, Cegelec/Vinci, tDF, Alcan ep, Spie and more recently Converteam/ge.
Eric DelormeCo-Founder & Partner, Callisto
eric was one of the Founding partners of pAi. He co-founded Callisto, financial advisor to management teams. Callisto was involved in more than 40 transactions
since its inception early 2005. it offers inde-pendent financial advice to management teams in buy-out transactions.
14:00 14:50
PAnEL 4 - MAnAgEMEnT PACkAgE/ RELATIOnsHIPs BETWEEn FUnDs & MAnAgEMEnT
14 :50 15:40
PAnEL 5 - CORPORATE gROWTH & DEBT MAnAgEMEnT UnDER LBO: FACIng UnDERPERFORMAnCE
16:00 16:50
PAnEL 6 - LBO ExITs: WHEn & HOW?
Bertrand PivinPartner, Apax Partners
Thomas MulliezInvestment Director, Alpha Groupthomas joined Alpha group in 2006. He started his career in 2000 as an Analyst with Société générale in London and in San Fran-cisco, prior to joining L’oréal in 2002, where
he was responsible of the Logistic Depart-ment of an industrial site. He is a graduate from ecole polytechnique and from ecole nationale des ponts et Chaussées.
Charles GorinsPartner, AJ AssociésCharles holds a Law master from HeC. He also holds a higher certificate in Legal and tax accountant. He is a former barrister
in paris. He settled as receiver in paris in 1986.
Michel JockeyPartner, AltanaMichel is well known for his practical expertise in the prevention and settlement of crisis situations within troubled companies, leading mainly large-scale operations for first-rank
French and international groups. He also advises clients on their external growth and transfer operations and is involved in strate-gic litigation related to corporate law.
Bertrand joined Apax partners in 1993. He specializes in buy-outs, in particular in tech & telecom. He has dual experience in the telecom and private equity industry. He
started his career as an R&D engineer with Alcatel group in France and was promoted to project Director at Alcatel network Sys-tems in the USA.
Philippe NatafManaging Director, Duff & Phelps
philippe has more than 15 years of invest-ment banking experience. prior to joining Duff & phelps, he was head of the mergers and acquisitions division of the information,
Communication & entertainment (iCe) at KpMg Corporate Finance. earlier, he worked for Regent Associates, as managing director and member of the firm’s executive committee.
Sophie Blégent-Delapille Partner, Taj, Member of Deloitte Touche TohmatsuSophie is an M&A tax partner in charge of the French corporate tax practice of Deloitte. Her practice focuses on LBo transactions for pri-vate equity Houses, for which she advises on the due diligence phase, acquisition and exit
structures, refinancing and the implications of the Management’s investment on the overall structure. She also advises French multina-tional groups on their international strategies.
16 :50 17:00
Vincent Chriquigeneral Director, Centre d’Analyse Stratégique
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underperforMance, restructuring & private equity
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Sebastien Dessillons Manager, CIRI
Marc Santoni Managing Partner, Santoni & Associés
10:20 11:10
PAnEL 2 - HOLIsTIC TURnAROUnD: CRIsIs MAnAgEMEnT, DEBT REsTRUCTURIng & CORPORATE RE-EngInEERIng
11:30 12:20
PAnEL 3 - FROM BAnkRUPTCY PREVEnTIOn TO BAnkRUPTCY MAnAgEMEnT
KEY POINTS• What means
recovery? the job of a turnaround fund
• today’s situation: facing the debt
• Cases studies of turnaround success: siemens, mexx: dif-ferent periods, differ-ent markets, different answers.
• the new role of banks
Fernando GoniManaging Director, The Gores Group Fernando is responsible for leading the execution and negotiation of certain gores acquisitions and divestitures in europe. He was previously an Associate at Morgan Stan-
ley. He began his career as a consultant at the Business Consulting unit of Arthur Ander-sen. He held Board positions with Sagem Communications and inmac/WStore.
Jean-Louis Detry Chief Executive Officer, Vermeer CapitalJean-Louis is the founder and president of Vermeer Capital. Vermeer Capital is a private equity fund regulated by AMF (French Market Authority). previously, he bought-out and suc-
cessfully turned-around several companies, notably Vogue Records (first independent French record company) and more recently Léon de Bruxelles (public restaurant chain).
Pascal Bonnet Partner, Head of Restructuring, KPMGpascal is in charge of the Restructuring activities (restructuring and turnaround) of KpMg France. He has significant expe-rience in assisting distressed businesses,
acquisition of firms in financial trouble, in financial diagnostics and in refinancing through negotiation with creditors.
09 :30 10:20
PAnEL 1 - OVERVIEW OF THE REsTRUCTURIng & TURnAROUnD sCEnE
Géraud de RiberollesChief Financial Officer, Monier France
François FaureManaging Director, AlixPartners
Lise Nobre Partner, Butler Capital Partners
KEY POINTS• stakeholder’s
viewpoint:
- Cash versus time: evaluate the cost and benefits of each action while timing is short
- Financial and op-erational restructuring plan: company review, dealing with all stake-holders’ interactions, business plan…
- new shareholder, new management: new op-portunities
KEY POINTS• Identifying the
problem and designing solutions
• life and milestones of a turnaround: role of players
• The third French track, between in bonis and liquidation
• 2012: which future for trouble LBOs?
• Company’s viewpoint:
- The different steps of a turnaround
- Top line and bottom line review
- Rebuilding the trust to the team, create a new departure
• Branch restructuring: beyond one standalone company
• managing the crisis exit: when is a com-pany turned around?
géraud started his career in 1996 in the group Veolia. in 1997, he joined the London office of pricewaterhouseCoopers as auditor. He moved then to the paris office as tran-
saction advisor. in 2008, he joined Monier to participate to financial and operating restruc-turing operations. He has the function of CFo in charge of legal, real estate and purchase.
François is specialized in financial restructuring and M&A. He started his career at the Ministry of industry before moving in the financial sector in which he worked since 1987. After working at Credit national then Banque indosuez, he
managed the M&A activities of Wasserstein perella in paris, then the Deutsche Bank in London, before creating the parisian office of Hoolihan Lokey, that he ran from 2003 to 2010. He has joined Alixpartners in 2010.
Lise joined BCp in 2009 with a 23-year expe-rience in private equity, coming from pAi par-tners, of which she was a partner, Head of the Capital goods group and Member of the executive Committee until 2008. From 1986
to 1996, she has been in charge of mid-size investments, and then, after 4 years in the Financial team, became responsible of buy-outs on industrial companies in europe. She graduated from HeC in 1986.
Sébastien graduated from the ecole poly-technique and the ecole des Mines de paris in 2004. A former trainee at goldman Sachs, he joined pSA peugeot-Citroen and
then total. He was appointed manager at the French governmental committee on financial and industrial restructuring in September 2010.
Christophe Thevenot Judicial Administrator, Thevenot & Perdereau
After gaining professional experience in Aeronautics in Canada, Christophe moved on to a law firm specialized in insolvency and recovery. in 1997 he established himself as a
Judicial Administrator, named since in seve-ral major cases by different courts of com-merce in France. He has specialized himself on « out of Court » restructuring.
Jean-Louis GrevetFounder & Managing Partner, Perceva CapitalJean-Louis has more than 20 years of expe-rience in private equity and special situations in France (paribas, Bankers trust, Butler Capital). in 2007, he founded perceva Capi-
tal, a private equity firm investing in special situations in France. He graduated from ecole Centrale de paris and M.i.t. (M. Sc), and teaches turnaround at HeC.
Marc, with an MBA iSA HeC, is a partner in the law firm SCp Santoni & Associés, which he founded 18 years ago. the firm is specialized
in bankruptcy procedures and in legal advice to investment funds. He was a leading advisor in the eurotunnel case.
Laurent PetizonManaging Director, AlixPartnersLaurent is graduated from Supélec paris and has an MBA from HeC. He started his career in thales before joining A.t. Kearney in the USA and then in France as Vice president. At Alixpartners, Laurent works on restructuring
situations and strategic and operative impro-vement for healthy actors of the Automobile sector. He also works on energy and high-tech industries sectors.
kEynOTE13 :45 14:00Andrew WilkinsonHead of Restructuring Europe, Goldman Sachs
OPEning kEynOTE09 :00 09:30Hugh LangmuirManaging Partner, Cinven
16 17 program pex 2011 leaders league leaders league program pex 2011
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16:00 16:50
PAnEL 6 - THE EUROPEAn TURnAROUnD InDUsTRY: A MOVIng sCEnE
Olivier Marion Transaction services Partner, PricewaterhouseCoopers
KEY POINTS• the distressed debt
market: structural evolution from 2008 to 2011
• debt to equity swap: context and opportunities
• debt to equity swap ty-pology: opportunities for sponsors, investors and lenders
• the luxembourg route: benefits and pitfalls in distress situations
• Current trends: a booming market for how long?
KEY POINTS• investing in low
performance companies:
- How to make the right choice
- Dealing with the operating imperatives
• turning around an lBO entering into the stressed zone: BAxI, a roller coaster investment
- From pain to a successful exit: shareholder’s perspective
- Handling the pain: management’s perspective
KEY POINTS• Underperforming
lBOs: when and how to act ?
• The Debt issue
• Forecast of the Turnaround industry in 2012
• Facing a new crisis in 2015 ?
• lesson learnt: the key ingredients to turn around an underperforming LBO Mathieu Guillemin
Managing Director, Oaktree CapitalMathieu is responsible for oaktree’s French operations. prior to joining oaktree in 2007, he spent 8 years at Montagu private equity, most recently as a Director/partner responsible for
sourcing, leading and monitoring transactions. prior experience includes work at Apax par-tners & Cie in paris and Banque indosuez in London.
Roberto Pisasenior Partner, BC PartnersSince 2006, Roberto has been leading some key initiatives to improve operations in a num-ber of portfolio companies. He was previously Chief Restructuring officer and member of the group executive Committee of the FiAt group.
previous positions include board member of pirelli Cable & Systems, and several positions at general electric in the US including presi-dent and Ceo of ge Lighting systems.
Yahya Daraaoui Chief Executive Officer & Managing Director, AlixPartners
yahya has over 20 years of professional experience in protecting and increasing dras-tically shareholders value. He specialized in stabilizing stressed companies, performing corporate, BU turnaround and profit/cash improvement programs. prior to joining Alix-
partners, he was the Managing Director of A.t. Kearney’s paris office. Before that, he was a partner and Vice president in the Milan office of Bain & Co. He holds a degree from HeC in marketing and industrial economics. He speaks english, French and italian fluently.
Adriano BianchiManaging Director, Alvarez & MarsalAdriano leads A&M italian practice. He brings more than 30 years of senior business experience as top manager (Ceo, CFo and Managing Director) of multinatio-nal industrial and service corporations and
financial institutions. He received a bache-lor’s degree in business administration, from Bocconi University in Milan and a master’s degree in international finance, from nyU Stern School of Business.
Jean Rolliersenior Vice-president, Oaktree Capital
Jean joined oaktree in 2007 in the context of an effort to build senior oaktree’s capa-bilities for enhancing the management of its portfolio companies. prior to joining oaktree, he worked in the paris office of
the Boston Consulting group. Before that, he spent 8 years working for tier-one sup-pliers to the automotive industry in France, the UK and the US. He held various managerial roles in operations and product development.
Julian HarrisHead of Distressed Assets, CA-CiB
Julian began his banking career in 1981 with Banque Sudameris in paris speciali-zing in Latin American restructurings. He joined Crédit Agricole in 1985 and has since
1992 been largely specialized in distressed asset management including restructuring and workouts, distressed asset investing and legacy asset management.
olivier is the partner leading the pwC Business Recovery Services group in France. olivier and his team have been involved on most of the key French restruc-turing cases over the past years. their area
of expertise encompasses the performance of iBRs, the development of financial res-tructuring options and plans in out-of-court & in court cases, the assistance to investors interested in distress situations.
Fabrice I. Dumontheil group Chief Financial Officer, Sun European Partners LLPFabrice has over 20 years experience in senior financial management roles. prior to joining Sun european partners, he served since 2003 as CFo and Cio for Brake France SAS, a food
service distribution company, where he suc-cessfully executed a large turnaround leading to the company’s sale. He also served in senior finance positions.
Vincent DanjouxCo-Head of European Debt Advisory, Rothschild & CieVincent, a general partner, runs the Debt Advisory and Restructuring practice in paris
while coordinating the european Debt Advi-sory practice.
Denis Van den BulkeManaging Partner, Vandenbulke Denis is managing partner since 2005 of a leading Luxembourg law firm specialized in corporate finance and tax. He has more than 20 years of international finance prac-tice gained as Un financial expert, execu-
tive director at ing Luxembourg and partner of US law firm Dorsey & Whiney. He is a former Director of the Luxembourg invest-ment Fund Association (ALFi).
14:00 14:50
PAnEL 4 - DEBT TO EqUITY sWAP: LEssOns FROM THE RECEnT LAnDMARk DEALs
14 :50 15:40
PAnEL 5 - MAnAgIng UnDERPERFORMIng LBOs: THE nECEssARY sACRED UnIOn
With an engineer formation, François star-ted his career in 1978 in oil exploration at Schlumberger and Shell. Back in France, he became Coo in Rhône-poulenc and Sun Chemical. He joined Legrand as inter-
national Director, managing all the foreign subsidiaries, then Valeo as Vice president of the Cleaning Systems division. He is recruited in 2007 by BC partners to recover Baxi France.
François Hiriart CEO France, Baxi Group
kEynOTE
16 :50 17:00Roberto Pisasenior Partner, BC Partners
underperforMance, restructuring & private equity
Filippo TroisiPartner, LeganceFilippo focuses on M&A, equity offerings and JV transactions. in 2010, he has been awarded as Best Lawyer of the year by topLegal. He graduated with honours at the
University of naples and obtained an LL.M. degree at the new york University. He is admitted to both the new york Bar and the italian Bar.
EVEnIng PROgRAMME
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FROM 19H00 TO 23H30 AT THE WEsTIn HOTEL, PARIs
shuttles will drive you from the méridien hotel to the Westin Hotel Paris - Vendôme (1er arrondissement)
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