We are people that believe in
Open And Honest Advice
While we are a business with its own commercial imperatives, we know that our success is achieved through giving independent advice that really makes a difference. The Garner Partnership understand that we don’t know everything and so we have strategic partnerships with like minded organisations who provide additional support to our clients. But, we really know how to manage these skills to deliver results for you.
Valuation under IFRS 13 of unquoted business in New Zealand
A New York fund owned by a UK asset management entity needed a value carried out on a electrical contracting business in New Zealand. The fund provided credit funds to growing SME’s and needed to value the business following a restructure that left them with majority control. The fund needed to exit their position we supported preparation of a valuation in accordance with IFRS13 that assessed the economics and market issues as well as the choice of valuation method, comparable multiples and sustainable earnings.
China based development company – Corporate advisory support and funding strategy
Worked with the CEO to prepare a revised business strategy for the development and promotion of an industrial park in Wuzhen-Tongxiang, China. This is an almost unique situation whereby a foreign owned entity has been contracted by the regional government to develop and promote the location. This required close liaison with government and party officials and with investment funds that would become partners to form an investment fund designed to facilitate and attract inbound investment.
A total of eight weeks was spent in China with the assignment culminating in the presentation of plans and funding requirements to the government and the establishment of three joint venture funds each with different investment objectives from start up through strategic investment to park development.
Sense-Co – Investment Business Case for Agribusiness Supply Chain Platform
Prepared the business case and submission material for the client to obtain a grant for the further development of the supply chain concept that linked ‘virtual’ farms through processing to the export market of pre-prepared meals. This required the development of the business and financial models as well as holding discussions with potential stakeholders and participants in the project. The grant request was a contribution to the estimated $1million start up seed capital for the project.
Subsequently prepared a draft Information package supported by a full business model and valuation analysis with the aim of taking the re-purposed technology developed by an academic institution to most viable product offering to OEM manufacturers of agricultural irrigation and pasture management technology.
Terminal operator – Port Botany Site C Spending Review
he budgeted spend on the refurbishment of a bulk chemical plant to operate as a bulk fuels terminal at Port Botany, was significantly over planned costs. The Board requested a quick review of the causes of this and we conducted this work on site. Plans were reviewed and project team members interviewed to determine the underlying causes. The over-run was found to be within acceptable limits with other factors affecting the expected outcome also identified. A report was prepared on the findings which suggested procedural and governance changes to better achieve planned outcomes as well as improvement in communication methods to ensure that the Board and executive team are fully appraised of proposed and actual project development costs.
Solomon Islands Submarine Cable Company
Advised the CEO on the business case and projected financial performance of the proposal to build a submarine optic cable between Honiara and Sydney, with two domestic branches to Auki and Noro, which are capable of also linking with PNG and Vanuatu. Following meetings with the Minister of Finance, Governor of CBSI and commercial lenders, a funding strategy has been developed which included equity from government entities, state financing through loans and commercial bank loans. The project is valued at US$85million.
Surface Transport Master Plan, Funding Adviser
Financial Adviser to the project team preparing the Abu Dhabi Surface Transport Master Plan will enhance all transport modes in Abu Dhabi in light of future demographic demand and the opening of the new airport terminal. Our role was to prepare the funding strategy that looks at the appropriate risk adjusted methods of financing the road, LRT, PT, ferry and pedestrian options. The funding options include a consideration of appropriate private participation, IFI and user pays methods as well as recommendations on how policy changes can be effected through the adoption of taxation principles that hypothecate funds as well as enable shadow pricing strategies to be adopted.
Middle East Airport, Funding
Provided advice on financing options and models for the $32 billion new airport development liaising with bankers and other advisers. HSBC agreed an initial facility of $3 billion for the commencement of terminal development works. We also liaised with government to gain acceptance of commercial ways of working within a government structured budget and procurement process and to consider factors that need to be considered in making the funding strategy attractive to third party equity and debt financiers.
Kuwait Airport PPP Advisory
This work required the Preparation of due diligence and feasibility study report on the strategies available to the government in obtaining private sector finance and participation in the development of five complimentary assets: Hotel, MRO, Catering, Cargo and Petrol Stations. This work is due to finish Sept 2011.
Strategic Transport Master Plan, Funding Strategy
Prepared financial advice and analysis to Abu Dhabi Ministry of Transport on the Al Ain transport masterplan in support of the funding strategy covering road, parking, bus and cycle ways, a analytical model was also developed. This plan was based on the operation assumptions developed in the master plan and assessed the cash flows generated by proposals.
Risk based principles were applied to the cash flow series for each mode of transport and the impact of funding options and differing levels of private participation also assessed to determine the level of public support required to achieve planned outcomes.
Bahrain based Investment Bank
Prepared a regional market and economic assessment of the feasibility of entering the specialised structural steel fabrication industry. Also identified the most appropriate country in which to commence operations. Subsequently extended work to include valuation and modeling of the existing Saudi based business as input to the proposed joint venture company.
American University of Sharjah
Provided strategic and feasibility advice on the benefits of developing 177 hectares of land donated by the Emir of Sharjah as a science and technology park. Assessed the timing and benefit of a development roll out commencing with a University backed business technology incubation unit on an initial site of 15 hectares. This work required international investigation of similar developments in the UK, USA, Singapore and Australia in order to determine the viability of, and the required process to achieve, the development. The outcome was that our advice was accepted to build a smaller development focused on incubation and attached to the University rather than a large scale stand alone development.
Bahrain based Crane hire company
Led the M&A team involved with the marketing and sale of an equity interest in this company. Liaising closely with potential buyers in the Far East, India and Bahrain. Including preparation of business analysis, teaser material, valuation and information memorandum.
Bahrain Based Oil Services Company
his client sought strategic joint venture partners to acquire a direct working interest in two oil fields in India for which a related Indian based company had an extraction licence from the Indian Government and now need capital to complete the development of the fields. The mandate includes
- Preparation of financial projections and capital structuring advice
- Preparation of Confidential Information Memorandum
- Assistance with raising US$20 million equity
Bahrain Based Asset Management Company
This boutique asset management company created four investment funds: London Super Prime Property (GBP450 million); GCC Based Aluminium City ($300 million); Bahrain Health City ($150 million) and Downtown Mixed Use Property ($700 million). The advisory team‘s mandate included:
- Fund and capital structuring advice
- Preparation of investor presentation
- Presentation to investors and financiers
Aluminium Wheel Company
Preparation of a valuation on the minority interest in this GCC based manufacturer taking into account the effective management control of the minority. The shareholding was acquired by the majority shareholder who was seeking to rationalise the business and move into new areas of aluminium fabrication.
Acquisition of Prime Real Estate / hotels in London and Munich
On behalf of a regional Sovereign Investment Fund advised and assisted on the acquisition of a prime London hotel in Hyde Park (GBP75million) and hotel in Munich ($180 million). Included deal structuring, modelling and due diligence. Assisted further in debt raising for 70% of the acquisition price; liaison with legal advisers and other technical consultants.
Hong Kong Investment Entity
This Hong Kong based investment company intended to acquire a majority of two cement plants under construction in Hebei Province, PRC for $120 million and they wanted to identify a strategic technical partner who would provide technical and operational support as well as financial participation. We were engaged by this company to:
- Research the cement industry in China – including a visit to the Hebei construction site
- Prepare an information document, teaser, investor presentation, etc.
- Identify international cement companies to be short listed for approach
- Prepared financial projections and capital structuring advice
- Prepare presentations and make project presentations to interested prospective partners in London, Paris and Milan
This mandate was not completed as the Chinese authorities, despite previous agreements, would not confirm access to important limestone deposits which existed in close proximity.
Are you ready to take your company global?