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Who are you?
Patrick Hurley, the founder of
MidMarket Capital Advisors, LLC and
one of a handful of middle market
corporate finance professionals that
operate a small investment banking
boutique based in Philadelphia. Our
firm is a member of M&A
International. I was a lead partner in
Howard, Lawson & Co (joined in 1979)
when it was sold to a strategic buyer
and became Fleet M&A Advisors.
What's going on right at the moment?
We are advising a local public
company on their second exchange
offer this year. The first one, which
closed in February was successful in
moving $116m on unsecured
investment notes into $62m of
preferred stock and $54m of secured
subordinated debt. The current one is a
little larger and will be completed
before most folks are back from
summer holiday. We expect a closing
within weeks on the sale of a private
company in which we hold an equity
stake, and it is a home run. We are also
scouting for US targets for some of our
contacts in Asia who would like to buy
Anything not going quite to plan?
Everything is a challenge all the time!
This is a tough business and we get our
share of disappointments whenever we
miss an opportunity that we really
wanted. We have launched a number of
initiatives that are expensive and time
consuming, so we sometimes wonder
about decisions like making our website
a source of current valuation and
transaction date for CFOs free of charge,
laying the groundwork of our China
strategy, promoting special projects that
will only pay off over a longer period.
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What has been the highlight of the
year?
It's a tie between the success of the first
exchange offer above and the strategic
sale of a lifesciences database company
featured in your publication as crossborder
deal of the month this past spring.
Have you got a favourite sporting
moment?
By far, the instant of victory by my son
Reid in a district finals wrestling match
almost five years ago. I never felt
anything like it before or since.
Is there a gadget that's making life
easier?
What's your tip for executive destress?
Just decide guilt-free that making your
youngest's baseball game is the most
important event of the day.
What types of business and people
are you interested in?
We love working with owner/managers
who are genuinely interested in being
fully informed and who can appreciate
what we bring to the party. They are
usually strong-willed entrepreneurs
who are not easily impressed and who
always zoom-in on exactly what
matters to them. Our strength is in
negotiated (non-auction) transactions
in which our client wants to do a deal
with a particular party, wants to avoid
surprises and wants to have a seasoned
adviser with good judgement. We want
people who our clients will respect.
Dot.com or bricks and mortar?
Business services leads the way. Our
clients all rely on technology for
making things and providing services,
but we are not a tech shop.
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PATRICK HURLEY,
THE FOUNDER OF
MIDMARKET CAPITAL
ADVISORS, ON GETTING
TO GRIPS WITH BALANCE
SHEET LIABILITIES,
WORKING WITH STRONGWILLED
ENTREPRENEURS
AND THE IMPORTANCE OF
MAKING YOUR YOUNGEST
SON'S BASEBALL GAME
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What's the most frustrating thing
you come across in a transaction?
Stubbornness in people, unquantifiable
liabilities in balance sheets.
How hard do you work?
Relentlessly in every way that we
think will make us more valuable to
our clients. In terms of straight
business development, we devote our
efforts to cause incoming calls and to
taking ideas to people at the
companies we identify as priorities.
We make ourselves visible and
available to help with important
transactions, then respond to what is
wanted and we initiate prospective
transactions less likely to result in
Come on then, why should we be
approaching you for help with our
deal?
We may be the only people you meet
in this business who will prove in the
first meeting that our focus is entirely
on your best interests. We've been
doing this for 25 years and our
reputation is excellent. ACQ
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