Acquiring Distressed Businesses in Ireland Jon Moulton.

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Presentation transcript:

Acquiring Distressed Businesses in Ireland Jon Moulton

Ireland has lots of distressed companies. Fact. Irish Bank IPOs similar in frequency to distressed company acquisitions in Ireland. Also fact.

Total Insolvencies: Comparison from 2009 to 2011 Source: Insolvency Journal.(

Total Insolvencies by Industry: Comparison from 2009 to 2011 Source: Insolvency Journal. (

Potential Targets Good businesses, bad balance sheets – debt for equity deals by banks Silly legacy cost base – rents -insolvency or law change Poor operating result, lots of debt (usually) - debt for equity - fresh equity - new management (mostly) (Our sort of deal) Poor businesses, bad balance sheets - liquidate and liberate people and assets

Owners NAMA – National hotel, golf and property conglomerate Irish Government backs NIB, Ulster, KBCR, other foreign owned International banks (Eircom) Private and public “owners”

Why Sort it Out Cons – Losses and job losses Pros – Get economy going again, restore reality to business Redeploy economic resources to economic activity Issues – What’s a fair price??? Won’t solve bloated and happy public sector I’m afraid

QUESTIONS

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