Expert Analysis & Industry Trends

THE DEAL DIARIES – KNOW YOUR VALUE! Be bold when you hold the cards. Humble when you don't. Some of the best deal outcomes I have seen didn't come from a clever process, but from an owner who truly understood the strategic value of the business they owned.

THE CONTRADICTORY DEAL-MARKET! The AFR recently ran an interesting article (link in comments) on the contradictory state of the current deal market. Dealogic data shows that whilst announced M&A involving Australian companies is up 30% in 2026, the number of deals has fallen to its lowest level in over 20 years. A handful of mega-deals (which may fall over) are driving the uplift in value, whilst the rest of the market is down.

The Deal Diaries - The Most Important Skill in Deal-Doing Years into my career as a Managing Director at Macquarie Capital, I sat in a training session listening to an Executive Director peer pose a question to the junior and mid-ranking members of the team. What is the most important skill that a successful investment banker actually needs to have?

The Deal Diaries – Less of the Right Investors Beats More of the Wrong Ones We met with a multi-office accounting firm pursuing a roll-up acquisition strategy, backed by senior debt from a major bank. They wanted $10–15 million in growth equity to fund further acquisitions and provide a non-management shareholder a partial exit.

The Deal Diaries · Don’t Discount The Little Guy How a small confectionery company saw opportunity where others saw only risk to pull off a great opportunistic acquisition

THINKING OF SELLING YOUR BUSINESS BEFORE THE CGT RULES CHANGE? There has been a lot of commentary around the incoming CGT rules from 1 July 2027. A blanket "sell before the deadline" may be the right call in a few specific cases, but for many it is the wrong conclusion.

THE IMPACT OF CGT CHANGES ON DEAL STRUCTURING & TIMING A business owner came to me last week and asked: "Should I sell before 30 June 2027?" The business is growing strongly. FY27 earnings look solid, FY28 earnings set to grow again. Their original thinking? Wait until FY28, sell off a higher earnings base and maximise value.

NEW CGT CHANGES ARE SET TO ACCELERATE DEAL FLOW From 1 July 2027, proposed CGT changes will see business owners taxed at up to 47% on incremental capital gains. That is set to change behaviour. Two things I'm watching closely:

PAYDAY SUPER ARRIVES IN LESS THAN 2 MONTHS AND INSOLVENCY RATES ARE ALREADY AT HISTORICAL HIGHS Over the last six months, Conquest Capital has seen a noticeable increase in distressed situations and insolvencies across the SME market.

CONQUEST CAPITAL ADVISES ON SALE OF EUROFIELD INFORMATION SOLUTIONS TO CONSTELLATION SOFTWARE Delighted to have recently advised the shareholders of Eurofield Information Solutions (“EIS”) on their sale to Constellation Software, a US$38bn market cap international software group.

The Deal Diaries · Sometimes you just need to be patient! In my early years at Macquarie, I worked on the sale of the Pepsi-Cola Bottlers Australia business.

The Deal Diaries - The Indicative Offer is Only the First Negotiation When you have negotiated at length, achieved the earnings multiple you wanted and signed an exclusivity agreement, it can feel like the hard work is nearly done. However, experienced sellers know the real negotiation is only just beginning.

SELECTING THE MOST SUITABLE GROWTH CAPITAL INVESTOR When raising growth capital, the real challenge is not just finding an investor, but choosing the most suitable partner.

ASSESSING THE MOST SUITABLE GROWTH CAPITAL INVESTOR As set out in my last post, selecting a growth investment partner solely on the basis of initial valuation is not necessarily the right choice.

ASSESSING THE MOST SUITABLE GROWTH CAPITAL PARTNER When raising growth capital, most owners ask the wrong question. "Who is offering the highest valuation?" is the natural instinct. In the case of a sale, this is usually correct, but in the case of raising growth capital, it is rarely the right question.

SELLING OR RAISING GROWTH CAPITAL BEFORE JUNE 2026 If your goal is to sell your business or raise growth capital by 30 June 2026, now is the time to start preparing.

MEASURING REVENUE FOR PRIVATE TECHNOLOGY BUSINESSES One of the most common issues we see in private, mid-market SaaS businesses is the use of cash accounting instead of accrual accounting.

KEY FINANCIAL METRICS UNDERLYING PRIVATE EQUITY INVESTMENT Previously we explored how PE firms assess potential investments. Today, we focus on the financial factors that shape their decision-making.

GROWTH CAPITAL Thanks to Greg Riebe for asking us to contribute to his recent article in Business News on scale-ups and growth capital.

FACTORS PRIVATE EQUITY FIRMS USE IN SELECTING INVESTMENTS In our previous post, we explored, at a high-level, how Private Equity firms differ in investment mandate, sector focus, structure and investment style.

PRIVATE EQUITY FIRMS ARE NOT ALL THE SAME If you and your business are considering partnering with a private equity (PE) investor, it is important to understand that PE firms vary considerably and only a handful may be suitable partners based on your business size, nature and objectives.

BUSINESS OPTIONS - SALE vs ORGANIC GROWTH vs GROWTH CAPITAL In my last post, I discussed three options for a business owner in respect of their business – selling now, growing organically or accepting growth capital to scale faster and exit down the track.

BENEFITS OF GROWTH CAPITAL When considering how to grow your business, we are regularly asked by business owners whether they should consider taking on an external investor.

GROWTH CAPITAL Thanks to Greg Riebe for asking us to contribute to his article in Business News on scale-ups and growth capital. Growth capital (also called expansion capital) usually involves an investor taking a minority stake in growing, scale-up companies that are looking for capital to expand, enter new markets or finance a significant acquisition without a change of control of the business.

SELLING OR RAISING UNLISTED CAPITAL BEFORE JUNE 2025 If your goal is to sell your business or raise unlisted capital by 30 June 2025, now is the time to start preparing.

PRIVATE EQUITY vs. CORPORATE ACQUIRER: WHICH PATH SHOULD YOU TAKE WHEN SELLING YOUR BUSINESS? Understanding the nuances between selling to a private equity firm vs. a corporate acquirer is crucial in making an informed decision that aligns with your goals and values.

PRIVATE EQUITY vs. CORPORATE ACQUIRER: WHICH PATH SHOULD YOU TAKE WHEN SELLING YOUR BUSINESS? Choosing between selling your business to a private equity (PE) firm or a corporate acquirer can significantly impact the future of your company and the legacy of your hard work.

THE EMOTIONAL ROLLERCOASTER FACED BY A FOUNDER SELLING THEIR BABY Many years ago, I led the team advising New Zealand trail-blazer 42 Below on its ultimate sale to Bacardi. During many meetings and conversations, it was insightful to hear founder Geoff Ross explore the emotional rollercoaster he was going through in deciding whether to “sell his baby”.

MAXIMISING VALUE! STEPS TO PREPARE YOUR BUSINESS FOR SALE OR INVESTMENT Selling your business or raising capital and allowing investors to invest in your business (especially for the first time) is one of the most significant decisions an owner will make.

SELLING YOUR BUSINESS OR RAISING CAPITAL By preparing thoroughly for a business sale or capital raising, you can ensure you achieve the best possible outcome. In a video in the last post, I outlined the key considerations in determining Process Strategy, including assessing owner objectives, timing and identifying acquirers / investors.

SELLING YOUR BUSINESS OR RAISING CAPITAL By preparing thoroughly for a business sale or capital raising, you can ensure you achieve the best possible outcome. In the attached video, I cover the first segment of preparation, Process Strategy, which can be broken into defining Owner Objectives, considering Timing and Identifying Acquirers or Investors.

SELLING YOUR BUSINESS OR RAISING CAPITAL Selling your business or raising capital and allowing investors to invest in your business (especially for the first time) is one of the most significant decisions an owner will make.

Private equity buyers are increasingly structuring deals with earn-out provisions. Explore how earn-outs are being used, the risks they carry for sellers, and what you need to know before agreeing to one.

As featured in The Australian, earn-outs are becoming a defining feature of private equity transactions. Understand how these structures work and what sellers can do to protect their interests.

Timing is everything in a transaction. This newsletter outlines a practical action plan for business owners looking to complete a sale or capital raising before the end of the financial year.

Understanding the timeline is critical to a successful outcome. This insight maps out the key milestones and preparation steps required to execute a business sale or capital raising before June 2024.

Rising interest rates and economic headwinds are placing pressure on Australian businesses. This newsletter examines the current state of business distress and what it means for M&A activity and valuations.

Granting exclusivity is one of the most consequential decisions a seller makes. This insight provides a practical decision tree to help business owners navigate exclusivity negotiations with confidence.

Exclusivity arrangements can make or break a deal. This video introduction explains what exclusivity means in an M&A context, when it is appropriate to grant it, and how to manage the process effectively.

Search funds are an emerging buyer category in Australian M&A. Understand the benefits and limitations of dealing with search fund buyers, and how to assess whether they are the right fit for your business.

Search fund buyers have specific investment criteria. This insight outlines what they look for in a target business and how sellers can position their company to appeal to this growing buyer segment.

This video introduction provides an overview of the search fund model, how it operates in the Australian market, and what business owners should understand when engaging with search fund acquirers.

A well-managed due diligence process is essential to a successful transaction. Drawing on the sale of Tru Blu to Refresco, this video shares practical lessons for preparing and managing due diligence effectively.

Strategic positioning prior to a sale can significantly impact value. This video explores how Conquest Capital maximised strategic value in the cross-border sale of Tru Blu to international acquirer Refresco.