A UK-headquartered global consultancy with a focus on infrastructure, cities and transportation wished to diversify from deep transport expertise into a more rounded policy & infrastructure consulting proposition. The ideal acquisition would also reposition the business for growth outside the UK. Our client recognised the need for a transatlantic M&A advisor with industry specialism to map UK and North American markets simultaneously, driving synergies in identification and engagement during a targeted, high impact origination sprint.

Our client was looking for ‘below-the-radar’ assets, where the potential for surprises in performance and blend of offering is higher (as the market proposition of these growing enterprises is often required to ‘punch higher’ than the realities of the platform). The service mix between engineering and strategic advisory capabilities was also an important consideration that was not apparent from immediate company data. Key challenges included:

• Complexity in identifying and vetting firms that are “off-market” and don’t provide much detail publicly.
• Barriers to connecting with owners and C-suite executives given many either consider their business ‘early’ for an M&A discussion or value it at aspirational level (based on multiples they have heard applied to larger, more mature businesses).
• Challenge in industrializing the process of M&A, while also developing the all important people-connection to drive the deal forward.

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• In a 10-week origination sprint, Artemis delivered a longlist of 78 targets, contacting 20 of these at the client’s request and bringing additional ‘live’ data to the client concerning 16 of those through direct discussions resulting from this engagement.
• By the end of the 10th week, the client had been introduced to 9 firms in the UK and US.

• 2 non-binding offers and 2 completed transactions