{"id":650313,"date":"2017-03-21T03:59:30","date_gmt":"2017-03-21T03:59:30","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/21\/three-questions-for-efg-hermes-mostafa-gad-on-ma-flow-in-2017\/"},"modified":"2017-03-21T03:59:30","modified_gmt":"2017-03-21T03:59:30","slug":"three-questions-for-efg-hermes-mostafa-gad-on-ma-flow-in-2017","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/21\/three-questions-for-efg-hermes-mostafa-gad-on-ma-flow-in-2017\/","title":{"rendered":"Three Questions for EFG Hermes\u2019 Mostafa Gad on M&A flow in 2017"},"content":{"rendered":"

<\/a> EFG Hermes sees manufacturing plays as the dark horse of Egypt M&A activity in 2017, is<\/strong> growing pipeline with UAE and Kuwait transactions: <\/strong>EFG Hermes is coming off a year that saw it become thetop-ranked MENA-based house<\/a> on the Reuters\u2019 Middle East M&A league table for 2016. The firm has been best known in the past three years or so as an equity capital markets house (think: IPOs and secondaries) rather than as an M&A advisor, but Co-Head of Investment Banking Mostafa Gad says that\u2019s changing after last year\u2019s performance, which essentially amounted to a trial run of how the firm could use what he calls a \u201cstrong, liquid balance sheet\u201d to kickstart amerchant banking franchise<\/a>. \u201cIf you look at the league tables, two of our transactions stand out from last year. First, the Solb Misr advisory, which at c. USD 1.4 bn is the largest-ever Egyptian-to-Egyptian M&A to take place domestically. Then there\u2019s the acquisition by DIFC-based Advanced Energy Systems, a top regional oil and gas services player, of rigs operating under contract to Saudi Aramco in KSA; the selling party was Hercules, a leading US-based rig operator. On that last one, we used our balance sheet to arrange the debt that backed the acquisition in a very complex multi-jurisdictional transaction<\/strong>.\u201d<\/p>\n

For the year ahead, Gad says EFG Hermes has three M&A transactions lined up for Egypt<\/strong> (one of which could close in the first half) and a further four split between the UAE and Kuwait. He\u2019s bullish on IPO flow out of Egypt, the UAE, and Kuwait, but less so about Saudi Arabia. Between Egypt and the Emirates, he expects 4-5 offerings on listing venues including the EGX, London Stock Exchange and Nasdaq Dubai. We spoke with Gad yesterday for the latest in our occasional \u201cThree Questions For\u2026\u201d series. Edited excerpts:<\/p>\n

Enterprise: <\/strong>Are there any sectors set to dominate M&A flow in Egypt this year?<\/p>\n

Mostafa Gad (MG): <\/strong>Education and healthcare will continue to be very exciting sectors, and I think we\u2019ll see consumer cool off a little bit. There will still be interest in consumer flow given how large the market is, but it won\u2019t be as frenetic as it has been the past couple of years. Companies that manage to provide the market with products that have inherent value propositions \u2014 backed by good R&D and prudent SKU management \u2014 will win the race. I think what will surprise most people will be the industrial sector<\/strong> \u2014 particularly companies with products that are import substitutes or have an export business contributing to their revenue lines<\/p>\n

There\u2019s been historically very little interest in manufacturing, particularly from foreign investors, because we had no pronounced or generalized competitive advantage. To be attractive, you either needed to have a strong technology base to go further up the value chain, or a China-type proposition: Low-cost production for a mass market. With the exchange rate where it is today, we can compete with most any Chinese or Southeast Asian producer<\/strong> \u2014 we\u2019re simply very, very competitive in USD terms, even with whatever inefficiencies we may have because manufacturing has been challenged until now. The most interesting acquisition prospects will be those that have a maximum of 30-35% imported raw materials or production inputs in their cost structure<\/p>\n

The ticket sizes for transactions won\u2019t necessarily be huge.<\/strong> There are big players, but few giants \u2014 and even fewer of them will be for sale. But it\u2019s going to be a very interesting sector to watch.<\/p>\n

E: <\/strong>Will activity be led by domestic acquirers or by foreigners?<\/p>\n

MG: <\/strong>It will be largely inbound. Coming out of our One on One conference in Dubai a couple of weeks ago, there was one theme that really surprised a lot of people: Foreign sentiment on Egypt is in many ways better than is sentiment among local players.<\/strong> Domestic firms are cutting back on capex \u2014 don\u2019t expect them to go on an acquisition spree. Foreign investors are usually the skeptical ones, but they\u2019re really excited. They can see the macro picture and how domestic players can springboard off it. Look, we as an economy took the pain for a long time \u2014 it\u2019s time to start seeing why there\u2019s room for optimism. The time to invest is ahead of a wave of growth, not after it starts to crest. Anyone who makes it through this year on solid ground will benefit in a very big way.<\/p>\n

E: <\/strong>Will it be difficult for buyers to accept that their sale prices will, in USD terms, be half what they were a year ago?<\/p>\n

MG: <\/strong>It might be an issue, but you have to remember that one of the reasons there was little activity in the second half of last year was because there was no clear benchmark for the exchange rate. At least today you have a clear rate and you can make an informed decision. There will be price gaps, but it\u2019s about being creative in bridging them<\/strong> with, for example, the structure. But companies \u2014 if they\u2019re not exiting 100% \u2014 need to take into consideration that yes, valuations have taken a tough hit in USD terms. But you\u2019re going to be selling at higher prices going forward, your EBITDA will pick up as you grow \u2014 the numbers will shift for the better.<\/p>\n","protected":false},"excerpt":{"rendered":"

EFG Hermes sees manufacturing plays as the dark horse of Egypt M&A activity in 2017, is growing pipeline with UAE and Kuwait transactions: EFG Hermes is coming off a year that saw it become thetop-ranked MENA-based house on the Reuters\u2019 Middle East M&A league table for 2016. The firm has been best known in the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12047],"tags":[72,12046],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-650313","post","type-post","status-publish","format-standard","hentry","category-three-questions-for","tag-enterpriseam","tag-three-questions-for","wpautop","entry"],"acf":{"mongo_id":"900c9eac-4604-45e2-a062-51b22e34d296","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[650296],"teaser":"","voice_url":""},"yoast_head":"\nThree Questions for EFG Hermes\u2019 Mostafa Gad on M&A flow in 2017 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2017\/03\/21\/three-questions-for-efg-hermes-mostafa-gad-on-ma-flow-in-2017\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Three Questions for EFG Hermes\u2019 Mostafa Gad on M&A flow in 2017\" \/>\n<meta property=\"og:description\" content=\"EFG Hermes sees manufacturing plays as the dark horse of Egypt M&A activity in 2017, is growing pipeline with UAE and Kuwait transactions: EFG Hermes is coming off a year that saw it become thetop-ranked MENA-based house on the Reuters\u2019 Middle East M&A league table for 2016. 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Gad suggested that one of the M&A transactions is in the Saudi healthcare sector.EFG is working\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":648751,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/04\/11\/efg-hermes-advising-on-5-6-transactions-worth-usd-500-700-mn-in-2017\/","url_meta":{"origin":650313,"position":1},"title":"EFG Hermes advising on 5-6 transactions worth USD 500-700 mn in 2017","author":"enterpriseam admin","date":"11 April 2017","format":false,"excerpt":"EFG Hermes has a pipeline of five to six IPOs and acquisitions worth a total of USD 500-700 mn for execution this year, the firm\u2019s co-head of investment banking, Mostafa Gad, tells Reuters. 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The agreements will include debt restructuring, Gad said, without providing further details. He also noted that EFG is quarterbacking the sale of two private\u2026","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":549589,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/22\/there-are-two-ways-forward-for-egypts-ipo-market-says-efg-hermes-investment-banking-boss\/","url_meta":{"origin":650313,"position":3},"title":"There are two ways forward for Egypt\u2019s IPO market, says EFG Hermes investment banking boss","author":"enterpriseam admin","date":"22 September 2022","format":false,"excerpt":"We have a handful of traditions at the EFG Hermes One on One \u2014 one is eating a lot of red meat. Another is checking in with Mostafa Gad for a glimpse into what his crystal ball says about the IPO and M&A outlooks for Egypt in the year ahead.\u2026","rel":"","context":"In "ENTERPRISE ON THE ROAD"","block_context":{"text":"ENTERPRISE ON THE ROAD","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-on-the-road\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":597193,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/18\/efg-to-invest-usd-60-mn-in-education-pharma-acquisitions\/","url_meta":{"origin":650313,"position":4},"title":"EFG to invest USD 60 mn in education, pharma acquisitions","author":"enterpriseam admin","date":"18 July 2019","format":false,"excerpt":"INVESTMENT WATCH- EFG Hermes to invest USD 60 mn in education, pharma acquisitions: EFG Hermes is set to acquire schools in Cairo and Alexandria in a USD 30 mn transaction, and will invest another USD 30 mn in a transaction in the pharma sector, Private Equity Head Karim Moussa said\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/7\/efg-hermes-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":634295,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/01\/11\/efg-hermes-closes-2017-atop-thomson-reuters-middle-east-ecm-league-table\/","url_meta":{"origin":650313,"position":5},"title":"EFG Hermes closes 2017 atop Thomson Reuters\u2019 Middle East ECM league table","author":"enterpriseam admin","date":"11 January 2018","format":false,"excerpt":"Our friends at EFG Hermes closed 2017 atop Thomson Reuters\u2019 Middle Eastern investment banking league table with a number-one place in terms of both fees generated from Middle Eastern equity capital market (ECM) transactions and as the region\u2019s top ECM bookrunner. 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