Regardless of the opportunity, investing in, buying or selling a business is a high stakes endeavour with many inherent risks which requires an understanding of all the aspects of the transaction. Our dedicated Transaction teams provide a multidisciplinary perspective and allow you to minimize risks.

We guide you throughout the entire process: prior to execution (pre-diagnostic), during the execution (audit phase), after the execution (integration of businesses after an acquisition).

Recognizing that the challenges of these operations require informed decision-making, we provide expertise that combines an understanding of the specificities of each industry, of the economic issues and models at stake, as well as an appreciation of their financial impact.

We help our clients, be it an investment fund or a business, make informed decisions:

• acquisition audit (buy-side) through financial due diligence on the historical and regular performance of the investment target as well as cash flow analysis and forecasting: working capital, cash flow, net debt, normative financial structure, etc.,
• vendor due diligence (sell-side), preparing reports outlining the company’s operational profitability and cash flow, as well as assistance with the development of the data room/data pack, and with the answers to give to investors’ questions,
• assistance with negotiation using measurements of risks and stakes identified during audits and using impact simulations based on the price structure (components of debt, earn-out clause, etc),
• preparation of carve-out transactions with determination of the potential impact on the company’s strategy, definition of the needs of the carve-out activity, and calculations of required initial and pre-divestiture financings,

post-transaction monitoring and help with integrating the target in the group with the application of consistent accounting principles and assessment of impacts and identification of functional risks, for IT or HR for example. This is followed up by a recommendation plan and its implementation in consultation with internal teams.

Contexts for transaction are varied and complex. Techniques and best practices are vital, but so is experience and pertinence, the ability to listen and to understand issues that go beyond the transaction itself.

Our multidisciplinary teams and experienced partners are fully engaged in their clients’ assignments. We take your issues on board:

• M&A: acquisition and divestiture for smidcaps and international transactions for big French and European groups,
• capital redevelopment, capital raising,
• BP modelling, IRR analysis and risk/return sensitivity,
• establishing financing needs, organizing financial arrangements and resources,
• valuation,
• financial engineering,
• assistance with bank relations including (re)negotiation, financial arrangements, and critical review of BPs.

Au-delà de la mise en œuvre de « techniques », une évaluation pertinente doit se réaliser en parfaite cohérence avec le contexte dans lequel elle s’inscrit.

L’expérience acquise nous permet de vous accompagner dans les situations les plus variées :

• détermination de valeurs de transaction (à l’achat ou à la vente) ;
• évaluation des patrimoines acquis (« Purchase Price Allocation ») ;
• mise en œuvre de tests de dépréciation (normes françaises et IFRS) ;
• valorisation d’instruments financiers : FCPE, émissions d’instruments de capital (Actions de préférence, BSA, management packages, etc.) et de dettes (obligations remboursables en actions, etc.) ;
• engagements sociaux ; 
• évaluation d’actif isolé, de branches d’activité, de marque, de fonds de commerce, etc. ;
• simulations stratégiques / modélisation ;
• contentieux, litiges.

Les missions d’évaluation portent sur des opérations françaises ou internationales.

Advolis Orfis a mis en place un département dédié à l’évaluation dont les équipes ont suivi des formations spécialisées (master d’évaluation et transmission, master d’ingénierie financière, écoles de commerce, CFA, …). La pratique d’Advolis Orfis s’enrichit de son implication dans les associations professionnelles et groupes de travail (Commission évaluation de la CNCC, A3E, SFEV, Association Professionnelle des Experts Indépendants (APEI)).

Nous disposons enfin d’outils de modélisation et des bases de données financières qui garantissent l’autonomie et l’indépendance de nos travaux.

Increasing regulatory constraints, changing market regulations, the rise of commercial disputes, fraud, internal or external malicious behaviour can lead to potentially costly situations for businesses.

We help you enhance the protection of your organization against the risks of regulatory conformity, fraud and corruption and we assist you in case of a crisis or a litigation in order to protect your assets, your image, and your reputation:

• prevention and detection of fraud and corruption risks: from risk mapping to the implementation of prevention mechanisms and monitoring indicators,
• investigation into potential or proven cases of fraud: reconstitution and analysis of fraudulent schemes, collection of evidence, evaluation of financial impact and preparation of factual and detailed reports,
• data analysis and discovery services: secure data collection and analysis on our data analytics platform to detect fraudulent or risky transactions in large volumes of data,
• evaluation of financial disputes: assessment or contradictory analysis of financial damages for negotiation or arbitration.

Combining skilled auditing practices and new technologies, our forensic team works with you, your advisers and your lawyers to give you a personalized service guaranteeing complete confidentiality.