Mergers & Acquisitions

M&A Talk Podcast

M&A Talk is the #1 podcast on mergers & acquisitions. At M&A Talk we bring you exclusive interviews with experts in business sales, valuations, mergers and acquisitions, and more. We talk to the most experienced professionals in the industry to uncover their secrets.

Manufacturing M&A – Tips for Growing and Selling Your Business

Manufacturing M&A – Tips for Growing and Selling Your Business

Jorge Maceyras

Manufacturing M&A

If the ins and outs of the manufacturing M&A world interest you, listen in on this discussion with Jorge Maceyras, investment banker and M&A manufacturing expert. Topics include top issues for manufacturing companies that don’t exist in other industries, details about negative working capital, how capital expenditures impact an M&A transaction, common supply chain issues, what the main external economic factors are, and what buyers usually look for when making an acquisition in the manufacturing industry.

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Guest Profile

Jorge Maceyras is an investment banker and Managing Director at FOCUS Investment Banking. He has more than 20 years of manufacturing industry experience as an investment professional, plant engineer, and consultant in the public and private sectors. Prior to FOCUS, Mr. Maceyras was an investment officer and portfolio manager at the United States Department of Energy Loan Programs Office. He was also a sell-side equity research analyst at a regional middle-market investment bank and broker/dealer. 

Jorge is an avid entrepreneur and early-stage investor and continues to work with startups in the automotive manufacturing and residential real estate industries. He holds an M.B.A. degree in Finance and a Bachelor of Science degree in Chemical Engineering with distinction, both from the University of Maryland, College Park. 

Topics Covered

  • What are some top issues in M&A for manufacturing companies? [1:11]
  • What is negative working capital? [3:01]
  • How would negative working capital be treated in a company’s purchase price? [9:25]
  • Why is working capital included in the purchase price? [11:05]
  • What are other transaction-related issues unique to manufacturing companies? [12:45]
  • How does capital expenditure affect M&A transactions? [14:10]
  • Considering that manufacturing companies are capital intensive, up to what extent is depreciation added back when calculating EBITDA? [17:45]
  • What are some of the common multiples in the lower-middle market industry? [20:15]
  • The major value drivers that buyers look for in a manufacturing company. [24:55]
  • The impact of China on American manufacturing companies. [29:05]
  • The impact of presidential administrations on the manufacturing industry. [31:25]
  • Common supply chain issues in the industry. [32:22]
  • The effect of inflation on the manufacturing industry. [36:13]
  • Tips for manufacturing company owners in preparation for selling their business. [37:23]

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