As I reflect the journey our Corporate Finance (CF) team has traversed, I wanted to take a moment and share my thoughts. There’s no question that FY24 was a transformational year for us, in terms of team dynamics and market approach. Despite the less-than-i“deal” climate, we’ve grown, evolved, and achieved some amazing things as a team.
Embracing market challenges
"It hasn’t been easy, but we tackled these challenges head-on."
The deal-making market has been cautious this year, due to prolonged macro-economic uncertainties, geopolitical tensions, rising interest rates, inflation – the list goes on. It hasn’t been easy, but we tackled these challenges head-on. Our clients have shown incredible trust in us, allowing us to secure new mandates and grow. And our team has expanded to about 40 talented professionals, making us one of the largest CF practices in Singapore. This growth is a testament to the confidence our clients have in us.
A world of expertise in one team
One of the highlights of the year is definitely the new and diverse expertise within our team. We’ve brought in new skills in deal strategy and value creation to deliver superior outcomes to our clients on a wider array of deals. Furthermore, with more international buyers showing interest in the Southeast Asian market, our team now includes members from across this region, Asia Pacific and Europe. Because of this diversity, we’re better positioned to help clients have access to global investors by breaking down geographical and cultural barriers and achieve their value creation strategies.
We continue to make a difference and deliver outcomes
In the past year, we’ve been busy with some exciting deals in these growth hotspots in the market:
- Consumer: Partnering with PwC Japan and Korea, we helped a leading fast-food chain find a global private equity partner for their Japanese operations.
- Consumer: Collaborating with PwC Indonesia, we assisted an Indonesian dairy farm and products manufacturer in securing investment from an Asia-focused private equity (PE) fund.
- Waste management: We advised a regional PE fund on the sale of Singapore's leading biohazardous and medical waste treatment service.
- Healthcare: We advised the sale of an advanced manufacturing business in medical and surgical components.
- Tech: We helped shareholders of a fast-growing property tech player in Singapore exit their equity stake within just six months.
No good work goes unnoticed
Despite the challenging market, hard work pays off. Our integrated deal approach has earned us significant recognition. PwC was ranked the #1 Global M&A Advisor by Volume for 2023 by Thomson Reuters, Bloomberg, Mergermarket, and Dealogic. On a regional level, PwC Singapore won the Marsh Financial Advisor of the Year – Transactional Risk (ASEAN) in early 2024, and PwC Vietnam was named the Best M&A Advisory Firm from 2009 – 2023 at the Vietnam M&A Forum 2023.
Eyes on the future
As we look forward to the next 12 months, there's a lot to be optimistic about. PE firms in Asia have record amounts of capital ready to deploy, and with expected drops in interest rates, we anticipate a surge in investment activity. Southeast Asia, with its growing affluence and middle-income segment, remains a vibrant region for PE opportunities. Many PE funds are also focusing on exits in the current environment. Our team is actively working on several PE sell-side mandates in various sectors.
Stay tuned for more updates and insights from our Corporate Finance team. We're fired up and ready to take on the challenges ahead.
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