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.
- 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]