02/02/2023 - News

Clearwater International grows partnership as demand peaks

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Global mid-market corporate finance house Clearwater International completed 129 M&A and 51 debt advisory transactions worth over €13.1bn during 2022. This strong performance will result in another successful financial year for the business.

In response to continued strong demand for its services, Clearwater invested significantly in senior talent during 2022, growing partner numbers by 15% both through external appointments and internal promotions. These appointments bolstered key service lines and sectors as well as strengthening regional coverage across Europe.

Clearwater’s Debt Advisory team is now one of the largest in Europe, with a headcount approaching 40

Clearwater’s Debt Advisory team is now one of the largest in Europe, with a headcount approaching 40, including 10 partners. In 2022, Laurence de Rosamel was promoted to Managing Partner in France and appointed as International Head of Debt Advisory to drive further growth of the service line. In the UK, Tom Barnwell was promoted to Partner and two external hires - Simon Chambers and Richard Clark – also joined to strengthen the team’s position in the London market. With a strong presence in key European territories, Clearwater plans to further expand the reach of its Debt Advisory team in 2023.

Further senior hires were made in the energy & utilities, consumer, TMT, and financial services sectors. Beginning with Bertolt Mueller, who joined Clearwater International in Germany as Managing Director and Co-Head of Energy & Utilities. Later in the year, Christopher Jones joined the UK partnership as Managing Partner, and Head of Consumer and the London region, to lead the 40-strong team in the UK capital. Also at this time, Marco Morfino joined the Italian team as Partner to drive growth in the TMT sector in Italy, working alongside the thriving TMT sector team across Europe. Finally, the latest appointment was Greg Cant, who joined the UK team as Partner and Head of Financial Services, as the UK eyes expansion in this high-growth sector.

Further strengthening the team across Europe in 2022, Bruno Pinho joined the partnership in Portugal and Sam Nolan joined the partnership in Ireland, each bringing years of experience and specialist expertise to the business.

Industrials & chemicals transactions made up almost 30% of transactions in 2022 worth €5.4bn in deal value

Industrials & chemicals, business services, and TMT remained buoyant sectors for Clearwater in 2022, with the consumer sector performing well against a more difficult market backdrop. Industrials & chemicals transactions made up almost 30% of transactions in 2022 worth €5.4bn in deal value and €2.2bn of debt raised in the sector. Business services continued to be a hot sector for Clearwater making up 21% of completed transactions, closely followed by TMT where overall deal value reached €1.8bn. Debt advisory worked closely with the consumer sector team raising over €1bn in debt during 2022 with the sector team completing a total of 19 M&A and debt advisory transactions.

Clearwater worked with over 80 PE funds during 2022, securing 60 PE buyouts and 30 PE exits

Cross-border transactions made up 33% of all transactions in 2022 as Clearwater’s European teams continue to successfully source overseas investors for its clients.

Clearwater’s work with private equity (PE) has remained abundant throughout 2022, placing Clearwater in eighth place in the Mergermarket European M&A league table, by number of PE exits advised on. Clearwater worked with over 80 PE funds during 2022, securing 60 PE buyouts and 30 PE exits during the year.

Julian Brown

Julian Brown, CEO of Clearwater International commented:

“The geopolitical and economic landscape changed substantially throughout 2022 as the post-COVID economic bounce gave way to energy, inflation and cost of living crises. The only constant were the two greatest nemeses of M&A activity, rising interest rates and economic uncertainty. At Clearwater, we held our nerve, steadied our clients, and seized the opportunities presented by market conditions to continue to grow our business. It’s a testament to the strength of our culture, expertise, and brand across Europe that we will perform ahead of market in our current fiscal year and enter the next with our strongest ever pipeline and a team motivated by the knowledge that we will stand by them as well as our clients.”

2022 transaction highlights

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