Sell-side M&A
The sale of all or part of a business to an industry buyer or a financial investor.
Buyers pay for value they can see and defend to their own boards. We make the company's markets, durability, growth potential, and synergy value clear and supportable, so that value shows up in the offers.
- A realistic valuation range before going to market
- Early diligence to resolve issues before buyers find them
- An investment case built around markets, durability, growth, and synergies
- Buyer selection and process design, from a broad auction to a small, discreet approach
- Management of the full process through diligence, structuring, negotiation, and closing
Buy-side M&A
Finding, valuing, and closing acquisitions that fit a client's strategy. We can handle the whole effort or only the parts a client needs.
- Screening markets, then studying the most attractive ones in detail
- Identifying candidates and estimating their size, earnings, value, and openness to a sale
- Making the initial approach, valuing the target, and structuring a non-binding proposal
- Due diligence on operations, reserves, and the sustainability of earnings
Capital raises
Capital to acquire a competitor, build a new plant, buy out a partner, or acquire reserves and real estate. We know which kind of capital fits which situation, and which providers are willing to invest in this industry.
- Assessing the existing capital structure and what it should become
- Running a process with banks, junior capital providers, equity sponsors, and other investors
- Comparing proposals on cost, flexibility, and control
- Negotiating terms through closing
Joint ventures
Partnerships between producers, or between producers and landowners or investors, that combine reserves, plants, capital, or market access.
A joint venture agreement is tested years after signing, when circumstances have changed. We focus on the business terms that decide those moments, including funding obligations, decision rights, deadlocks, and exits, and work alongside counsel as the documents take shape.
- Identifying and evaluating potential partners
- Valuing each party's contribution
- Negotiating ownership, governance, funding, and exit terms
- Restructuring or unwinding existing partnerships
Royalty leases
Mineral leases between landowners and producers. The royalty rate and minimum payments get most of the attention, but they are only part of the economics.
A sound lease also defines what the operator may do without consent, the standards it must meet while mining, and its obligations when mining ends. We review leases for what they say and for what they leave out.
- Rates and minimums measured against the market
- Consent rights and operating standards
- Obligations before, during, and after mining
- Provisions missing from the draft
- Reserve valuation, where needed
Reserves acquisitions
Securing the reserves that extend an existing quarry's life or allow a new one to open.
We define what the market needs from a site, coordinate technical evaluation and mine planning with licensed professionals, and negotiate the purchase or lease.
- Identifying and screening candidate properties against market need
- Market analysis for the site
- Coordination of geological evaluation and mine planning
- Structuring and negotiating the purchase or lease
