Aude B.

As part of a wealth and financial structuring project for a family SME, I analyzed the opportunity of implementing a parent-subsidiary regime to optimize profit repatriation to the holding company and reduce the group's tax burden.

The mission then focused on the complete overhaul of the business plan, incorporating this new capital structure: modeling of financial flows between entities, adjustment of cash flow and profitability projections, and presentation of a target structure consistent with shareholder development objectives.

Deliverable: comparative analysis of structuring scenarios and revised business plan, ready to be presented to financial partners or legal counsel.

Financing of infrastructure in the railway sector, aimed at assessing the feasibility of bank financing for the development of a rail project in the UK. The mission covered both the upstream phase of bankability analysis and financial structuring, as well as the financing execution phase for the bank's effective participation as a lender. It involved preparing internal validations (business units, risk, credit, commitment committees) and coordinating with other banks in the lending syndicate to align transaction terms, commitment allocation, and common documentation.

Construction and review of a detailed financial model integrating traffic, revenue, operating costs, CAPEX, tax, and working capital requirements assumptions.

Modeling of available cash flows over the project's lifespan to assess debt service capacity.

Scenario analysis and stress tests on key assumptions (traffic, inflation, construction costs, delays, operational performance).

Testing different financing structures: leverage level, amortization profile, maturity, grace period, liquidity reserve.

Calculation of key credit ratios (DSCR, LLCR, coverage ratios) and analysis of project resilience.

Determination of indicative financing pricing based on risk, chosen structure, and comparable market references.

Preparation of analytical materials for internal teams and credit committees.

Coordination of exchanges with internal functions (risk, legal, coverage, credit) within the approval process.

Interaction with other banks in the syndicate to align financing structure, commercial terms, and transactional documentation.

Consulting a Private Equity Fund on a potential acquisition of a veterinary group in the UK.

I participated in all execution phases of the competitive process, structured in several rounds, mainly involving analyzing the strategic relevance of the company for sale to the private equity fund I was advising, conducting due diligence, analyzing growth potential, valuing the company, negotiating the valuation with the fund and then the seller, and finally structuring the financing for this acquisition (debt financing).

Origination and preliminary analysis phase: screening of potential targets in line with the client's investment strategy, initial analysis of companies (positioning, financial performance, growth prospects), and preparation of preliminary valuation exercises. Review of available documentation (teaser, CIM), considerations on acquisition financing structure (debt capacity, potential leverage), and preparation of non-binding indications of interest (IOIs).

Advanced phase and due diligence: management meetings, conducting in-depth analyses, and coordinating Q&A sessions. Exploiting the data room for due diligence (financial, commercial, legal) and refining valuation models. Detailed analysis of the financing structure, debt modeling, and preparation of a debt financing proposal. Submission of indicative then binding offers (LOI) including financing assumptions.

Negotiation and finalization phase: negotiations with sellers on the terms of the transaction and financing, review and negotiation of legal documentation (SPA and debt documentation), monitoring of final due diligence, and coordination with advisors.