Xavier Denize (Private Banking): a partner introduced me to JÃ©rÃ´me Quentin-Mauroy. He agreed to see me and explained his situation. I suggested that he meet our Corporate Finance team in Paris.
Christophe Marchand (Corporate Finance): We looked at Tagerim's business and determined that the high returns generated by the property management business at that time could not be sustained since new regulatory requirements would soon require a greater investment from market players. At the same time, we also identified an exciting M&A opportunity.
JÃ©rÃ´me Quentin-Mauroy: This analysis reinforced my decision to act, and I was won over by the team's technical expertise. We quickly built up a relationship of trust.
Christophe Marchand: We understood that two other competitors were also planning to sell. If they had acted more quickly than we did, Tagerim would certainly have sold for less, as there were a small number of buyers able to pay the desired price. So we had no time to lose.
Xavier Denize: The responsiveness of our teams was crucial. We organised several meetings at extremely short notice, allowing us to speed up decision-making.
JÃ©rÃ´me Quentin-Mauroy: Edmond de Rothschild's teams, with whom I worked on a daily basis, showed a keen business sense. I also appreciated the fact that I had a single point of contact throughout the transaction, as well as access to the Group's experts as and when necessary.
JÃ©rÃ´me Quentin-Mauroy: Today the Group is assisting me with a new investment fund project in the hotel industry.
Xavier Denize: We have forged a long-term relationship with JÃ©rÃ´me Quentin-Mauroy. Our aim is to provide him with our support in managing both business and wealth issues. We were also delighted to welcome his daughter to our annual "Next Generation" seminar.
JÃ©rÃ´me Quentin-Mauroy: My aim was to have increased financial resources to develop my group's other businesses. One of the ways to do this was to sell the property management division. However, because this division was very profitable at the time, the decision was not an easy one. That said, I knew that we had little chance of becoming No. 1 or No. 2 in what was already a highly concentrated market, even though market leadership is core to our strategy.
JÃ©rÃ´me Quentin-Mauroy told the Corporate Finance team he wanted two things: swift execution and a high value for his business.
Christophe Marchand: To meet these aims, we promptly created a dedicated team and enlisted the support of our network and resources within the Group. We also called on the most renowned experts outside the company. We valued the business taking into account comparable transactions and modelling synergies from the standpoint of the buyer. We defined the structure of the deal together with the wealth planning team from our Private Banking division and specialist lawyers, coordinated the various audits, organised the bidding process and assisted JÃ©rÃ´me Quentin-Mauroy in the crucial negotiation phase.
Xavier Denize: As a private banker, I was the personal contact for JÃ©rÃ´me Quentin-Mauroy throughout the deal. I introduced him to various experts, both within and outside the Group. The wealth planning team dealt with the tax and wealth issues arising on account of the sale.
JÃ©rÃ´me Quentin-Mauroy: The results were better than I could have hoped for. The transaction was completed very quickly and for a much higher price than I had imagined at the outset. I valued the team's responsiveness, availability, grasp of situations, and experience â€“ particularly during the crucial negotiation phase to increase the price. The Group also gave us access to its wealth planning specialists, who helped us in structuring the deal, and its private banking expertise, which made for a seamless closing process.
Christophe Marchand: Our trusting relationship helped produce very satisfactory results. Besides our technical skill, we were also able to demonstrate our keen business sense and long-term vision for wealth.