1. INVESTING IN DISTRESSED BUSINESSES

2. Ben Shapiro  Oxford University: PPE  Strategy Consultancy, PE Commercial Due Diligence  NTL Inc: Strategic projects, portfolio management & post Chpt 11 restructuring  Hilco UK – Investment Director - Distressed acquisition and restructuring:  Founding partner of b7 Ventures PERSONAL INTRODUCTION

3.  b7 Ventures targets investments within the FMCG supply chain, from manufacturing and wholesale to retail and ecommerce.  Specialist corporate, financial and operational experience of its founding partners.  Combined with resources, infrastructure and expertise offered through our partnership with 151 Products Limited. b7 VENTURES

4.  Distressed and turnaround transactions  Buy-out opportunities  Venture deals where existing investors are seeking a partner for the commercialisation of innovative consumer products. DEAL TYPES

5. THE INVESTMENT DECISION  Not for love  Act fast  Approach with caution  Secure a back-up plan

6. VALUING THE ASSETS/OPPORTUNITY  Added value – strategic or asset based?  B7’s strategic value for FMCG deals Channels to market Marketing and design Compliance and regulation Logistics Sourcing with confidence  Other perspectives

7. SECURING THIS VALUE  Timing  Fixed vs Floating  Priority Security Control

8. HYPOTHESIS BASED DECISIONS  Set your hypothesis  Set the rules of engagement  Test the hypothesis  Be scientific, detached and cautious…until you fall in love !

9. DOFF CASE STUDY  4 weeks DD  Hypothesis re: CVA & Brand value  Secure Brand  Test hypothesis post acquisition: Brand value Management Creditor appetite Bank support  Falling in love – expensive but worth it!

10. THAMES CASE STUDY  5 days DD  Hypothesis re: Vertical integration  Secure Assets  Test hypothesis: Management Market  Falling out of love, but a happy ending!