Blog
Perspectives from the desk
Analyses, market notes and press updates published by CGPH Banque d’affaires.
Corporate StrategyEurope Does Not Lack Savings. It Lacks a Low-Friction Route From Savings to Scale-Up Capital
Europe’s funding debate often starts with the size of household savings and ends with the financing needs of innovative companies. The distance between those two figures is not a rounding error. It is a chain of mandates, vehicles, market infrastructure, cross-border rules, investor confidence and company-level financeability.
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Debt & Capital MarketsAmend-and-Extend Can Preserve Value—or Hide a Capital Structure That No Longer Works
A maturity extension can remove an immediate refinancing cliff. It does not, by itself, create cash generation, reduce leverage or prove that the next refinancing will be available. The decision is credible only when the extra time is tied to a measurable route toward a financeable capital structure.
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M&A AdvisoryAn Earn-Out Does Not Bridge Valuation Unless Operating Control Is Priced
An earn-out converts part of the price into a claim on future performance. But after closing, the buyer normally controls the decisions that shape that performance. The valuation bridge therefore works only when the metric, operating model, information rights and dispute route are designed together.
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M&A AdvisoryThe Transaction Readiness Playbook: Twelve Decisions Before the Process Begins
A transaction does not become ready when the data room is full. It becomes ready when the board knows what it is trying to achieve, which evidence can support the case, where the process can break—and who has authority to decide when it does.
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Growth CapitalA Strategic Investor Can Accelerate Growth—and Narrow the Next Round
The strongest strategic investor may bring distribution, credibility and operating leverage that financial capital cannot replicate. The same investor can also create information, governance and competitive constraints that only become visible when the next financing or exit begins.
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Real Estate AdvisoryIn Data Centres, Power Is the First Due Diligence
A site is not power-ready because a megawatt figure appears in a grid letter, a marketing deck or a development model. The investment case begins when capacity, timing, resilience and contractual responsibility can be tested together.
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Debt, Securitization & Structured Capital MarketsSynthetic Securitisation Can Release Capital. That Does Not Prove New Lending
A synthetic transaction can create regulatory-capital capacity by transferring credit risk. Whether that capacity becomes corporate lending, balance-sheet resilience or distributions is a separate decision.
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Corporate M&A & Strategic TransactionsH.I.G.–MISTRAS: A Go-Shop Is a Process, Not a Price Guarantee
The H.I.G.–MISTRAS agreement shows why a go-shop must be read with financing, voting support, termination economics and closing certainty.
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Investment Advisory & Private MarketsA Club Deal Has Two Due Diligences: The Asset and the Decision System
Investors often spend weeks underwriting the company and hours reading the system that will govern them after closing. In a club deal, both deserve diligence: the asset creates the return, but the decision system determines how risk, information and control travel between investors.
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Growth Capital & FundraisingPreferred Equity Is Not Debt Without Coupons: The Price Sits in Control, Conversion and the Waterfall
Preferred equity can preserve cash today while moving part of its price into tomorrow’s ownership, decision rights and exit proceeds. The instrument should be judged as a system, not by the absence of a scheduled coupon.
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Corporate M&A & Strategic TransactionsCerberus–Goodwin: A £1.1bn Headline, but the Real Deal Is the Perimeter
A carve-out does not transfer the business described in the presentation. It transfers the legal entities, assets, liabilities, people, contracts and dependencies that the documents can place on one side of the line at completion.
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Growth Capital & FundraisingA Minority Stake Can Carry Majority Influence: Price the Governance, Not Just the Dilution
The percentage sold is visible. The influence transferred is dispersed across board rights, reserved matters, information, future funding and exit provisions. A serious minority-capital decision prices both.
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