Monday, December 6, 2010

Valuation of European M&A Target for US Automotive Supplier

GoIndustry DoveBid has just completed the appraisal of machinery and equipment assets for a US industrial conglomerate.

This was specifically in connection with an M&A deal to acquire the business and assets of an expanding European automotive tool supplier with factories in France, Germany and Poland.

This is the second such appraisal in Q4, where this US company acquired another business in Germany and Canada. Both valuations were made on the basis of Fair Value within US GAAP rules for the business combinations.

For more information on the services provided by GoIndustry DoveBid please see our website http://www.go-dove.com/.

Monday, November 29, 2010

GoIndustry DoveBid appoints Finlo Corrin as Business Development Director

GoIndustry DoveBid is pleased to see the return of Finlo Corrin, who has joined the company as Business Development Director, responsible for all new business development in London and the South East of England, primarily in the Bank & Asset Based Lending and Corporate Recovery sectors. Prior to this, Finlo spent sixteen years at Henry Butcher, and has more recently been working as Senior Asset Manager, Europe at GE Capital Solutions and as a Partner at Sanderson Weatherall LLP.
Finlo comments: “I’m very excited to be back at GoIndustry DoveBid; this is definitely a case of ‘the right role at the right time’. The chance to work with the GoIndustry DoveBid team (David Hampson, Neil Smith, Matt Earl, and Elaine Shelley) again is a big draw, as is the opportunity to serve a larger, wider-ranging clientele. It’s great to know that we can service any asset valuation requirements anyone throws at us here, wherever it is in the world - and whatever it is.”

David Hampson, Head of European Valuation Services, adds: “I’m delighted to welcome Finlo back to the team. He joins us at a very exciting time in our development. The ability to draw on a dynamic combination of a wealth of relevant experience and an unrivalled depth of continually refreshed sales and valuation data keeps GoIndustry DoveBid’s clients better informed, at the forefront of their markets and able to assess risk with greater confidence.”

Tuesday, November 2, 2010

Asset Intelligence Alerts

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A new spark in the global electronics industry

The global electronics industry has been through a tumultuous two year
period. At the beginning of the recession, the industry hit rock bottom,
following the rapid decline in demand for consumer electronics. But
where is it today? Watch out for our special report that will be
published in our Asset Intelligence newsletter shortly.

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would like to receive a copy of the newsletter, sign up now at http://www.go-dove.com/accounts/reglite.asp

Monday, October 25, 2010

Tight Turnaround Secured Through Asset Intelligence

GoIndustry DoveBid has successfully completed another valuation of specialist paper manufacturing machinery and equipment, this time in the South West of England.

GoIndustry DoveBid was instructed by one of the top four UK accountancy firms.
The purpose of the valuation - Administrative Receivership - was completed within a tight five-day deadline as defined by the client. The turnaround was assured through the rapid deployment of valuers from our London headquarters.

The valuation included a combination of two specialist paper machines, associated machinery and equipment. Other additional factors also had to be considered within the report: The actual site of the mill and the property which had re-development potential, which also served to colour the valuation.

The report included detailed specifications of the machines, the current state of the used paper machinery market and some significant health and safety concerns.

Through GoIndustry DoveBid’s exceptional industrial auctioneering experience, the most profitable exit strategy was recommended within the report.

As a result, the clear and detailed report enabled the client to make pivotal decisions on the future of the mill. This judgement was based upon the Asset Intelligence provided by GoIndustry DoveBid.

For more information on our valuation services, visit our valuations page.

Thursday, October 21, 2010

Revaluation of Digital Book Printing Machinery

Recently, the GoIndustry DoveBid valuations team completed a valuation of book printing machinery. This was for a successful producer of short run, high quality, paperback books.


The company is the proud owner of a new digital book production system which transfers information from paper reel to finished book. In addition to this key production line, there are a number of high quality conventional presses, folding machines and book binding lines.


The previous valuation was completed in early 2009, at a time of uncertainty across all industries. Whilst the economic outlook for many has improved, the general printing industry remains in difficulty, with many high quality printing presses on the market worldwide.


The reported value took a further hit this year, as the exit period was reduced at the request of the client from 120 to 90 days. Inevitably, this impacts on the time available to market some of the large printing and binding machines and therefore the values achievable. The asset appraisal report’s Interpretation of Values Section highlighted the reasons for the reduction and the benefits of having an extended exit period - true Asset Intelligence.

To discover the additional services which are offered by the valuations team at GoIndustry DoveBid visit our website, www.go-dove.com  

Valuing Land Drilling Rigs in France

GoIndustry DoveBid were recently tasked with valuing land drilling rigs.  A small proportion of the worldwide land drilling rig population is located in Europe. The majority of these wells are located in France, where there are approximately 4000 land oil and gas wells. Most of these are in use, despite the slump in global oil prices. A favorable tax regime is a positive incentive to keeping these rigs going. However, many of the gas wells are becoming exhausted and need closing.

Productive wells require regular drilling or work-over to keep them operating efficiently, and exhausted wells have to be re-drilled prior to them being closed.

The exploration and development of new oil fields in France, provides new and exciting opportunities. In addition to this, the French Government is also supporting the geothermal energy incentive.

There are a surprisingly high number of small oil wells in the countryside East of Paris. These little 'nodding donkeys' can often be seen from the motorway. The majority of the gas wells are located in the South West of France, centered around Lacq and Pau. Some of these fields were developed over fifty years ago, bringing them close to retirement.

The European and, in particular, the French rig operation and drilling regulations are extremely strict. Although there are many used rigs on the market with Houston based dealers at this time, it can be very costly to adapt these for use in France as they are not directly comparable. The increased number of machines on the market reflects the low oil prices.

For further information please contact GoIndustry DoveBid

Friday, October 15, 2010

On the Valuation Circuit

GoIndustry DoveBid has completed yet another valuation of a printed circuit board manufacturer in the U.K.

The asset valuation was carried out for both insurance and internal financial purposes; the client required an accurate highly detailed schedule of all assets on site. Through the rapid deployment of three members of the valuations team from both the London and Bristol offices, the valuation site work was completed within three days and the report was sent to the client within the time frame stipulated.

The valuation included a combination of unique assets, including flying probe testers, laser drills, and developing lines. In some cases, the assets were completely bespoke to the process.

The delivery and accuracy of the asset valuation enabled the client to present the detailed valuation report to its Insurance broker for their annual premium review.

For more information on our services please visit our Valuations website.

Thursday, October 7, 2010

Using Inventory Valuation to Improve Lending Terms

GoIndustry DoveBid Valuation Services was recently engaged by an Asset-Based Lender (ABL) to re-appraise the inventory of a leading manufacturer and distributor of industrial fasteners. Following the teams valuation back in 2009, the lender had put an inventory facility together and was requiring a re-appraisal to update the terms currently offered.

Our valuation covered 9 UK and Ireland sites, of which two of the largest sites by value were visited.

The task of appraising this company continues to test the powers of the spreadsheet, analysing over 100,000 SKU’s (Stock Keeping Units) spread across all of the locations. Several pivot tables, spreadsheets and charts later, the analysis enabled the valuations team to build a full selling profile of the inventory on hand which was used to calculate the appraisal reducers required to sell the inventory within the defined exit period.

At the time of our first visit, the company together with many other businesses within the UK were being affected by the global recession. Since then, the industries in which the company feed into have started to recover, resulting in an improvement of the company’s performance. This showed through in many areas of our valuation, including inventory turn and selling profile, resulting in an overall improvement in our valuation.

www.go-dove.com/valuations

Wednesday, September 22, 2010

Digital Deal Delivered for ABL

GoIndustry DoveBid Valuation Services was recently engaged by a specialist manufacturer of digital technology products. The brief was to provide them with Accounts Receivable and Inventory appraisals to assist the client in obtaining Asset Based Lending facilities.

The AR survey noted the ledger to be well maintained with a good ageing profile, although the customer concentration varied by month. Two issues were identified, deposits were taken in advance and staged billing during the manufacturing process.

The inventory comprised of components and work-in-progress (WIP) with an absence of finished goods. We learned that all WIP was against confirmed customer orders.

Through analysing the deposits received and understanding the billing structure, our specialist valuers were able to recommend monitoring covenants of the receivables to the respective lender. By completing a detailed analysis of the WIP inventory and by basing our Net Orderly Liquidation Value and exit strategy on conversion of the WIP to finished goods, we were able to fully evaluate the inventory value. This evaluation resulted in the Company receiving and accepting an offer of an accounts receivable and stock facility from an Asset Based Lender.

After the initial appraisal was completed a further take-on survey/appraisal was concluded to provide the lender with updated numbers. The update was completed, signed off and reported back to the client within two days of site work ensuring that the deal could go through credit.

For more information on our services, visit http://www.go-dove.com/valuations/Services/Valuations.aspx.

Speed and Accuracy of Valuation

Goindustry DoveBid has successfully completed another combined valuation of printing machinery and equipment.  We were also asked to complete the inventory for this company, which covered two UK sites.

GoIndustry DoveBid was instructed by the printing company to complete the valuation for insolvency purposes, due to the urgency of the matter we were required to complete the work within 5 days.  This was made possible through the rapid deployment of valuers from our offices in Bristol and London.

The valuation included printing machinery and equipment in the form of printing presses, cutters, folders and gluers and inventory comprised of raw materials in the form of unprinted paper, work in progress and finished printed goods.

The speed and accuracy of the valuation enabled the client to make pivotal decisions surrounding the sale of the business and assets.

For more information on all of our services, please view http://www.go-dove.com/

Tuesday, September 21, 2010

A Mature Market

Over the last few years, GoIndustry DoveBid has developed a comprehensive working knowledge of inventory within the dairy industry. We have a particular expertise in the valuation and appraisal of maturing cheese stocks and its associated by-products for Asset Based Lending purposes.

The valuation teams specialist knowledge in this area is recognised by Commercial Banks and Asset Based Lenders which has developed GoIndustry DoveBid's portfolio of cheese producers (both private label volume based and branded) which we visit to complete periodic appraisals and valuations of their maturing stocks. Over the last 6 months alone, 6 appraisals of maturing cheese have been completed and a bespoke valuation template has been developed to provide a specialist report.

The valuations enable the respective lenders to monitor the performance and value of their collateral on a Net Orderly Liquidation Value basis. The valuations include: Indexing of the current milk prices, monitoring of the maturation profile stocks, indexing of the current cheese market values, the valuation of by-products from the manufacturing process and advising on the recommended exit strategy for the inventory in a worst case scenario.

For further information on the valuations team’s experience and capabilities and what the lender risk issues are please contact Elaine Shelley or Matt Earl.


Wednesday, September 15, 2010

GoIndustry DoveBid Presses On

GoIndustry DoveBid has completed an asset valuation of a multi-national printing company, in order to conform with a new basis of company accounting.

This required valuers to attend 5 different locations throughout both West and former Eastern Europe in the space of 5 days from receiving the instruction. The GoIndustry DoveBid valuations team subsequently carried out a desktop valuation at 7 additional locations. The client received final reports within 7 working days of receiving the instruction, reporting a value of some €100 million.

www.go-dove.com/valuations

Friday, September 3, 2010

The Valuation Generator

GoIndustry DoveBid has been invited by a leading financial institution to provide a detailed valuation of a 13Mw gas turbine CHP set. The plant is being installed for industrial power generation in a factory in mainland Europe.

The finance company was seeking a detailed report on issues including the economic lifecycle of the assets, lifetime maintenance costs, future value profiles, asset remarketing and pre-sale refurbishment costs.

The complex and costly maintenance of the assets means that the level of usage, quality of maintenance and time since overhaul can have a significant impact on the value of the assets.

The valuations team at GoIndustry DoveBid undertook detailed discussions with both the sales and servicing departments of the turbine manufacturer. They identified the fundamental issues with financing the assets, such as refurbishment timeline and costs, breakdown of saleable and non-saleable assets, and potential value over the asset lifetime in line with specified assumed usage and maintenance.

www.go-dove.com/valuations

Broadcast Business

GoIndustry DoveBid have recently held two sales for a broadcast production company, Barcud Derwen (In Administration). Two auctions were held on consecutive days. The first sale was for over 800 lots of post production equipment, including complete editing suites in Caernarfon. There were over 240 bidders, from 30 countries.

On the second day, there were over 500 lots in Cardiff, which attracted over 200 bidders from 21 countries.

GoIndustry DoveBid works for various market-leading companies in the AV Broadcast industry, including ITV Plc, the BBC, Ascent Media, Production Resource Group Ltd, CNN and HBO. Our experience, both from an auction and a valuations perspective, is unrivalled in this area.

For more information visit our website http://www.go-dove.com/

Friday, August 27, 2010

Keeping Asset Valuations On Track

GoIndustry DoveBid has completed a valuation of 800 car carrier rail wagons for a national operator in mainland Europe. As part of our thorough and detailed appraisal process, we needed to take the age and peculiarity of the fleet into account, which ranged from ten to fifty years of age.

In the absence of any solid contract details, we also had to consider and determine the likely future requirement of these units, along with anticipated refurbishment and maintenance costs, as well as anticipated future value.

Recent changes in demand for new cars have impacted on the utilization of this type of equipment significantly, with a corresponding impact upon demand for new vehicle sales support services.

www.go-dove.com/valuations

Tuesday, May 4, 2010

GoIndustry DoveBid voted Supplier of the Year by PepsiCo

GoIndustry DoveBid has been selected from hundreds of global suppliers by The PepsiCo Company (NYSE: PEP) for its prestigious “Supplier of the Year” award.

This was presented at the annual supplier global awards event, recognizing the company's top performing suppliers. GoIndustry DoveBid was one of just 12 companies chosen in recognition of the high standard of work carried out over several years.

The nomination came directly from the Frito Lay North American Fleet Team that coordinates the global event, now in its 4th year. The GoIndustry DoveBid team, dedicated to the PepsiCo account, worked in tandem with Frito Fleet to implement and execute a coordinated, sustainable remarketing process for 1200 route trucks in addition to regular business flow.

“Without the support, patience and guidance from the GoIndustry DoveBid team, Frito Lay would not have been able to orchestrate such a large event in such a small timeline. GoIndustry DoveBid is truly a valuable business partner,” said Marissa Beals, the National Fleet Compliance Coordinator at Frito Lay Head Quarters in Plano.

Wednesday, April 21, 2010

Asset Valuation - Standing Behind the Numbers

This month, David Hampson and Andrew Dunbar have been invited to write an article for Financier Worldwide Magazine. Entitled "Asset Valuation - Standing Behind the Numbers", GoIndustry DoveBid is effectively providing 'Asset Intelligence' for the leading source of 'Corporate Finance Intelligence'.

With a readership of more than 90,000 across 42 countries the audience for this piece includes senior corporate executives charged with financing and dealmaking strategies, senior members of in-house legal teams, corporate bankers and financiers, private equity and institutional investors and other legal and financial experts involved in M&A and corporate finance matters.

The magazine provides readers with valuable insight and analysis into the trends and developments affecting Mergers and Acquisitions, Private Equity and Venture Capital, Bankruptcy and Corporate Restructuring, Banking and Finance, and Capital Markets.

Watch this space for details of the published article.

Friday, April 9, 2010

GoIndustry DoveBid wins ACQ Asset Appraiser of the Year 2010

GoIndustry DoveBid has been awarded the prestigious Asset Appraiser award by the UK's M&A industry in ACQ Awards for the third consecutive year.

The ACQ Financial Magazine Awards is fully independent, representing excellence in the merger and acquisition industry, widely acknowledged by senior industry professionals. GoIndustry DoveBid was awarded Asset Appraiser of the Year, as asset valuation becomes an ever more critical issue for businesses and secured lenders. The award was voted by circa 7,000 industry peers who are readers of the ACQ financial magazine, making it the independent industry awards, voted by the industry.

We are naturally delighted to have been awarded the title of Asset Appraiser of the Year for the third time by ACQ Finance Magazine, a highly recognised and well respected publication in the financial arena.

GoIndustry DoveBid is a company focused on growth opportunities, building on its asset, industry and market expertise. We have a global valuation services business that provides asset intelligence and appraisal services to corporations, investors, lenders and their advisors. Our leading blue chip client list acts as further testament to our services and we believe the Company is ideally placed to build its position as the leading global asset appraisal company, helping our customers to become even more successful.

Procter and Gamble recognizes GoIndustry DoveBid with ‘Corporate Supplier Excellence Award’

The Procter & Gamble Company (NYSE: PG) has recognized GoIndustry DoveBid for the high standard of work carried out over several years. Only 55 out of 80,000 suppliers have received such an award.

Bob McDonald, P&G's president and chief executive officer comments: "P&G's growth strategy is to touch and improve more consumers' lives in more parts of the world more completely."

He continues: "This strategy is inspired by P&G's Purpose and it can only be executed in partnership with our suppliers. We are all focused on touching and improving lives, which requires us - together - to innovate, to streamline and improve the supply chain, to simplify the way we work, and to create sustainable solutions that improve lives today and for generations to come."

Rick Hughes, vice president of Global Purchases adds: “From market changing innovation to supply chain excellence, our supplier partners are foundational for building a stronger future. P&G is at our best when we have fostered relationships with our external business partners that enable collaboration in achieving our mutual goals, addressing challenges, and delivering ongoing innovation."

A unique opportunity to purchase A1 GP - the ‘World Cup of Motorsport’

Leading global asset sales and valuations company, GoIndustry DoveBid, is offering a unique opportunity to acquire the assets of A1 GP, better known as the ‘World Cup of Motorsport’.

GoIndustry DoveBid has been appointed to market the assets of A1 Holdings Ltd [UK parent company in liquidation] and A1 Grand Prix Operations Ltd [UK operating company in administration] on behalf of creditors in a Private Treaty Sale - in an effort to keep the popular race series alive.

A1 GP, founded in 2004, is a single manufacturer, open wheel formula racing series ratified by the Fédération Internationale de l'Automobile (FIA), in which identical cars compete against each other. The series is nation-based and included high profile drivers such as Nelson Piquet Jr., Vitantonio Liuzzi and Sébastien Buemi, who had previously raced in Formula One.

Explains David Hampson of GoIndustry DoveBid Valuation Services: “GoIndustry DoveBid is pleased to announce that its UK Insolvency team has been instructed by Griffins, the administrator and Bridge Business Recovery, the liquidators, to market the assets of A1 GP. The sale includes more than 20 of the latest Ferrari engined single seat race cars (2008), 14 of the earlier Lola race car rolling chassis (2005) and all of the support equipment, including the Maserati Quattroporte Sport GT and Ferrari 599GTB track safety cars. Offers are currently being invited for the whole asset package, including the intellectual property rights to the A1 GP series logos and brands.”

Adds Tim Bramston, a partner with Griffins, the administrator of A1 Grand Prix Operations Ltd: “We are delighted to be co-operating on this sale for the benefit of all of the creditors. We took the step of administration in order to re-unite the Ferrari powered cars with the intellectual property rights to use the brand. The vehicles have now been laid out for inspection in a single location and discussions are already underway with a number of interested parties. We are currently aiming to have a purchaser of A1 GP assets in place by the end of March.”

Says Tony Murphy, a partner at Bridge Business Recovery, the liquidators of A1 GP's parent company, A1 Holdings Ltd: "The intention is to market the series as a complete package. We are highly confident that a buyer can be found for the combined pool of assets and with it the prospect of the A1 GP series returning to our TV screens at some point in the near future. Not only that but the purchaser will command the commercial benefits and prestige associated with running the ‘World Cup of Motorsport’ series."

Any interested parties should visit http://www.go-dove.com/event-14131/A1GP-Opportunity-to-acquire-Grand-Prix-race-cars-powered-by-Ferrari?utm_campaign=14131&utm_source=go-dove.com&utm_medium=banner&utm_content=header and contact GoIndustry DoveBid by email at A1GP@go-dove.com.

www.go-dove.com/valuations

GoIndustry DoveBid Valuation Services launches new Asset Valuation Portal

GoIndustry DoveBid Valuation Services is delighted to launch its new Asset Valuation Portal: http://www.go-dove.com/valuations/. We would like to invite you to be amongst the first to visit the web site, which is designed to give you key information on specific assets, industries and markets, together with real-life case studies from our portfolio.

Also, look out for our first edition of ‘Asset Intelligence’, the first e-news bulletin from the GoIndustry DoveBid Valuation Services team, which will be sent to you in the next few days. This new resource highlights key information, news and views on specific asset classes, industries or markets that we hope will be of interest to you. In this special edition, we introduce the new asset valuations portal and cover a leading story on the latest assets for sale.

Our market leading asset valuations firm is part of GoIndustry DoveBid, the world’s largest online auction platform for buyers and sellers of used machinery & business assets. More auctions, combined with instant access to more detailed proprietary information and contacts, mean that GoIndustry DoveBid Valuation Services is the preferred choice of organizations seeking real-world accuracy and dependability.