Insights

COVID-19: Notes from the Deal Trenches

SRS Acquiom is closely monitoring the impact of the coronavirus pandemic on M&A and on the loan agency markets. In this series, we share our questions and observations as the world and markets evolve.

White Paper
An Examination of Evolving Employment Challenges and Solutions in M&A
Over the past four years, the legal landscape—particularly regarding employment matters—has shifted dramatically. From ever-changing standards for employment/contractor classification to the #MeToo movement, buyers and sellers have faced numerous and evolving challenges in structuring their M&A deals. The COVID-19 pandemic has also introduced additional unforeseen employment issues. Because these issues are also tied to the…
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White Paper
An Examination of Evolving Employment Challenges and Solutions in M&A
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Study
2020 Review: COVID-19 Impact on M&A Transactions
This report, 2020 Review: COVID-19 Impact on M&A Transactions, reflects the unique vantage point of SRS Acquiom over the last several months and offers perspective to those engaged in M&A transactions. It leverages MarketStandard®, our interactive database of deal terms from more than 3,500 deals from across the field of M&A transactions. Except where otherwise…
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Study
2020 Review: COVID-19 Impact on M&A Transactions
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Infographic
M&A Deal Terms & Trends Pre- & Post-COVID-19
Market Situation Steady increases until 2020 Shorter overall investment periods More capital-raise events 67% increase in number of deals per year over the last decade 73% aggregate deal-value increase Increase in pro-seller terms followed these curves Private-Target M&A Deal Counts and Volume COVID-19: Deal terms are changing, and some impacts may last Material Adverse Effects…
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Infographic
M&A Deal Terms & Trends Pre- & Post-COVID-19
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Study
SRS Acquiom Barometer™ on Collateral Priming
Collateral Priming: Is this the new norm in restructuring? Recent transactions have highlighted the use of collateral priming in the loan market. Collateral priming occurs when a borrower shifts previously pledged collateral and assets from one credit facility to a new senior facility, resulting in the original loan potentially being subordinated. SRS Acquiom launched this…
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Study
SRS Acquiom Barometer™ on Collateral Priming
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White Paper
COVID-19 M&A Post-Closing Scenarios
While most M&A participants pay attention to the pre-closing and closing phases of an acquisition, post-closing can be a great source for stories. Experiences range from seller management being arrested by the FBI to buyers imploding just before a milestone or holdback payment is due. But the last few months are something altogether different. M&A…
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White Paper
COVID-19 M&A Post-Closing Scenarios
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Study
July 2020 SRS Acquiom Barometer™ on Distressed Debt and Lending
SRS Acquiom has surveyed direct lenders and their advisors and attorneys for the third month in a row to offer a pulse on the distressed debt and lending activities occurring in the US. The most significant increase our respondents saw for fundings was to borrowers below investment grade. July results versus June and May demonstrate…
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Study
July 2020 SRS Acquiom Barometer™ on Distressed Debt and Lending
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Article
How COVID-19 is Impacting Life Sciences M&A Post-Close
The world of M&A, like the rest of the world, has been a bit upended by COVID-19. Deals are still happening – but they look very different from those that closed back in February. And the pre-COVID deals are seeing significant post-closing activity as well, particularly in the Biotech and Pharmaceutical (“Bio/Pharma”) and Diagnostics and…
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Article
How COVID-19 is Impacting Life Sciences M&A Post-Close
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Study
June 2020 SRS Acquiom Barometer™ on Distressed Debt and Lending
The second in a series of SRS Acquiom sponsored surveys with direct lenders, investment bankers, advisors and attorneys offers a pulse of distressed debt and lending in June 2020. Before we dive into the trends and data, keep in mind that our sample sizes are more qualitative than quantitative, and the result sets differ from survey…
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Study
June 2020 SRS Acquiom Barometer™ on Distressed Debt and Lending
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Article
Payroll Protection Program (PPP) Loans and Post-Closing Obligations
We’ve been closely monitoring the development of the Payroll Protection Program (“PPP”) as the U.S. Department of the Treasury issues new regulations and guidelines related to loan application and forgiveness, and as Congress debates further changes to the program. Plenty of ink has been spilled as attorneys, accountants, and business owners attempt to understand exactly…
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Article
Payroll Protection Program (PPP) Loans and Post-Closing Obligations
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Study
May 2020 SRS Acquiom Barometer™ on Distressed Debt and Lending
In a recent survey of direct lenders, investment bankers, advisors, and attorneys, SRS Acquiom found that 93% are either actively looking for lending opportunities or open to new lending opportunities. This while 77% believe the economy is 6 to 18 months away from recovery. Is default the new default? News of significant bankruptcy filings — from…
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Study
May 2020 SRS Acquiom Barometer™ on Distressed Debt and Lending
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Article
Managing M&A Earnouts in a Pandemic
Managing M&A Earnouts in a Pandemic Among the many challenges in closing a M&A deal right now is developing a valuation approach that keeps a buyer and the sellers at the table. With business uncertainty comes extraordinary challenges in using discounted cash flow models to arrive at a valuation. Multipliers (i.e., valuing a company at…
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Article
Managing M&A Earnouts in a Pandemic
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Article
A First Look at the Impacts of Coronavirus on M&A Transactions
SRS Acquiom is closely monitoring the impact of the COVID-19 pandemic on the M&A industry. This is only the opening chapter of what may be a long story of economic change, and as the world and markets evolve we will be sharing our questions and observations–gleaned from our unique position in M&A transactions–on an ongoing…
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Article
A First Look at the Impacts of Coronavirus on M&A Transactions
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Client Quotes and Stories

See why clients rely on us to elevate their gain.
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Most M&A lawyers move on to the next deal without much thought about how tedious the payments process can be for merger parties. SRS Acquiom Clearinghouse is a significant value-add-on to an M&A practitioner’s client toolkit.

- Nicholas Deitrich, Retired Partner, Gowlings
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What SRS Acquiom does is not part of our brain process. We just want things to be done…no pain, no problems. They make sure nothing gets in the way of my deal.

- Nils Holum, Vice President, Middle Market Private Equity Firm
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Unlike most paying agents, a sophisticated payments administrator handles the headache of employee compensation with ease. They provide peace of mind.

- Benton Bodamer, Counsel, Goodwin Procter
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SRS Acquiom takes a process that has often been problematic and makes it simple. In particular, their unique online portal provides an extremely useful way for shareholders to track and monitor their escrow balances and status.

- Scott Ring, General Counsel and Partner, Bessemer Venture Partners