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Bob Cronin of The Open Approach on how to leverage the six factors which accelerate buyer interest.

鲍勃·克罗宁(Bob Cronin)在《开放方法》中就如何利用加速买家兴趣的六个因素进行了评论。

贸易展季节总是一个令人兴奋的时刻。我们不仅可以查看所有新技术,还可以与同事和支持者建立联系。虽然加入标签和包装领域的新公司越来越少,但玩家比以往任何时候都多。风险资本家、私人股本公司和印刷战略公司(仅举几例)已经进入我们的范畴,渴望收购。这意味着有充足的机会来发展我们的业务或从中获利。事实上,大大小小的投资者激增,正为我们的格局增添令人振奋的新层面。

虽然2019年第一季度全球并购交易有所下降,但标签和包装交易仍保持稳定,市盈率极具吸引力。业绩良好的公司正在达到调整后的EBITDA的5至12倍,这取决于它们的细分市场和并购顾问。重大交易还在继续。

那么,为什么我们的行业需求如此巨大呢?以下是我们认为最具影响力的前六名。

1. 行业碎片化。The label and packaging industry remains highly fragmented. There are numerous small and medium-sized players spread out geographically, addressing different parts of the market. It’s a universe where major players affect, but don’t dominate, territories and regions. While relationships (and great local service) are still the key decision factors, customers will sway to competitors for a notable improvement in purchasing power or sourcing.

由于汇总潜力,分散使投资者感兴趣。随着投资者资金增加,以及对强劲回报的需求,私人股本公司面临着寻找可操作目标的挑战。汇集几个好,小玩家可以产生一个显着伟大的操作。事实证明,这种模式对投资者和被收购公司都是成功的。

2. 高增长率。 While you might not be impressed with label and packaging’s average 2-7 percent annual growth rate (because you’re used to it), it shines like a diamond when compared to other venues. The industry also boasts very attractive profitability.

更耐人寻味的是,我们不断创新。这种创新,以及随之而来的增长,正受到多种力量的推动。

在客户的推动下,我们从更多的"监管链"和合规性需求(如防篡改标签和跟踪)中不断发展壮大。这些实体还带来了新的业务,从品牌扩展和个性化包装(想想芽光的'团队'罐和Frito-Lay的脸土豆片袋)。然后,制造业的进步,如在 Labelexpo 显示的数字和喷墨标签中看到的进步,正在创造新的生产效率和游戏计划。所有这些因素都巩固了投资者的兴趣。

3. 抵御市场低迷的能力。 Another benefit of the label and packaging industry is that it has performed well during difficult times. When the economy has been under pressure, our space has demonstrated better statistical performance than overall markets. People still need to eat, drink and ship, regardless of economic scenario. This provides greater confidence in leveraging the financing of the new entities. Those attributes are not available in most other investment segments. 

4. 证明成功。The last two decades have been extremely favorable for investors in our industry. Numerous lucrative plays have been made, and many more continue to prove out. Nothing is better than a proven thesis to generate additional interest. Call it ‘bandwagon thinking’ but we have more investors in our business than ever.

由于许多大型戏剧最终被一个公共实体包定,因此有很多广为人知的故事。这有助于交易永久化。通过观察过去成功模式的能力,新投资者可以复制可行的策略,并更快地将模型从现场推广。

5. 与平台公司和其他投资的协同效应。 There are significant synergies based on scale, geography and buying power that can be gained through acquisition. During a recent due diligence project, we developed a list of synergies across multiple target platforms and forecast what could be accomplished by leveraging multiple smaller operations into the larger parent. The opportunities today are still valid within the correct market structure.

我们业务中的投资者还可以获得协同效应,他们可以在使用标签和包装的其他投资组合公司的供应链中发挥作用。如果他们有葡萄酒、饮料、消费品或制药投资,这些协同效应可能非常巨大。

6. 客户需求。 Every business grows alongside the demands of the consumer. The explosion of private label brands, allergy-sensitive and organic product surges, and more ‘on-the-go’ and single-serving-style offerings (part of the boom behind flexible packaging) are extending the possibilities for label and packaging players. Customer demands for information also are expanding our terrain. Innovations such as smart labels and new sustainable packaging materials are just a few of the growth paths. 

客户总是在寻求新的想法和更好的方法来解决挑战。依靠更多的产品,将需要包装,装饰,标签和装运。并依靠更巧妙的视觉和触觉解决方案(变色箔,热转印带)成形。

当你检查这六个驱动程序,很明显,他们都不会很快减少。我们预计并购活动将继续,并可能加速。

那对你来说意味着什么?每家公司最终都将是买方或卖方。现在规划该选项将确保您未来的成功。咨询您的领导者和顾问,让您获得最佳的轨迹,然后规划步骤,以最好地引导您去那里。

我们确实是一个卓越的行业。但是你只卖一次你的生意。拥抱这六个司机,因为他们布局新的景观。然后制定计划,让你获得最大的回报。

关于作者

Bob Cronin 是标签和标签的专栏作家,撰写有关行业并购活动的文章。

查看作者的个人资料 ›