PricewaterhouseCoopers Corporate Finance LLC

Investment banking advisory services

Completing successful transactions requires proper design and structuring, effective execution and post-deal management. We help create deal opportunities around the globe.

Over the 10 year period ending December 2019, the PwC Global Network advised on 3,397 deals globally, with a total deal value of more than $469 billion, of which 43% were cross-border deals.

Source: Dealogic

PricewaterhouseCoopers Corporate Finance LLC (“PwC Corporate Finance”) and its professionals specialize in providing M&A-related investment banking advisory services. PwC Corporate Finance specializes in advising domestic and international clients on divestitures and acquisitions across the globe. PwC Corporate Finance offers the focus of an investment banking boutique with access to the resources, integrated advisory services and industry expertise of the PricewaterhouseCoopers network of member firms located throughout the world.

Required disclosures: Business Continuity Plan

Recent transactions

Gymshark Limited

PwC Corporate Finance advises Gymshark on its minority capital raise valuing the business at c.$1.45bn

The UK Corporate Finance (“PwC CF UK”) and PricewaterhouseCoopers Corporate Finance LLC (“PwC CF US”)* teams are pleased to announce they have advised Gymshark, a global fitness apparel brand, on its successful minority capital raise from General Atlantic (“GA”). GA has signed an agreement to acquire a stake in Gymshark and completion of the transaction is subject to competition approval.

The valuation sees Gymshark join an exclusive list of fewer than 25 British companies to have secured ‘Unicorn’ status (valued greater than $1bn) since 2001, achieving the feat in just eight years. It is only the second British company to have reached this milestone without previous support from external investors.

Gymshark is a D2C fitness apparel brand based in Solihull, United Kingdom. Founded in 2012 by teenager Ben Francis, Gymshark has grown from a screen- printing operation in a garage into one of the fastest growing and most recognisable brands in fitness.

Gymshark has established an immersive social ecosystem and offers a complete fitness wardrobe, targeting social natives in the UK, US and around the world. Gymshark’s immersive social community and authentic brand have resulted in Gymshark being the fastest growing clothing brand in the UK. Gymshark has won numerous awards, including The Sunday Times Fast Track 100 and The Sunday Times International Track 200. Having achieved exceptional growth since inception and a revenue CAGR of 56% since 2018, Gymshark is now at £250m revenue.

GA is a global growth equity investor, focused on minority investments in high-growth businesses and supporting visionary founders. GA has partnered with high growth consumer brands such as Sezane, Tory Burch, Zimmerman, Depop and Joe & the Juice supporting them with their international growth aspirations.

Following the investment Gymshark plans to continue scaling in international markets to continue to become a preeminent global fitness brand. The process commenced in June over lock down and reached signing within a 10 week period utilising technology to support global remote working. Founder Ben Francis has retained a majority stake of c.70% whilst passive co-founder shareholder Lewis Morgan will exit in full as part of this transaction.

The PwC CF UK team advising on the deal was Matt Waddell, Tom Copeland, Amit Aggarwal, Heena Gorrie, Rich Sanders, Charlotte Astleford, Kate Davies and Ibrahim Adat. The PwC CF US team was Trip Wolfe, Jimmy Yasuki, Fred Rochat, Jonathan Nemes, Curtis Wilder and William Thompson.

PwC also provided commercial due diligence, financial due diligence, data analytics, cyber security, and tax advice.

Ben Francis, Founder of Gymshark, said:

"We selected PwC Corporate Finance because they really got us as a business and were able to provide the global insight and reach we needed to find the right partner for Gymshark. PwC educated us on the process, and I have learned so much from them. Thanks again to all at PwC for their support on this deal which will no doubt help elevate Gymshark into a truly global brand."

Trip Wolfe, PwC Corporate Finance LLC President, said:

“Gymshark emerged as one of the rare DTC companies that successfully marries culture, community and commerce. Ben, Steve, Paul and the team built a business with energy and passion that permeates throughout the entire organization, enabling Gymshark to disrupt the fitness ecosystem with a data-driven platform, unlike any other we’ve seen.  With General Atlantic's support they will continue their mission of building one of the most recognized and iconic global brands. It's been a privilege to work with the Gymshark team and help them with this process.”

For more information about this transaction, please contact:

Trip Wolfe
President, TMT
PricewaterhouseCoopers Corporate Finance LLC

Jimmy Yasuki
Director, TMT
PricewaterhouseCoopers Corporate Finance LLC

Please note: 
Testimonials may not be representative of the experience of other customers. 
Testimonials are no guarantee of future performance or success.

Doggie Dailies

PricewaterhouseCoopers Corporate Finance LLC (“PwC Corporate Finance”) acted as exclusive financial advisor to Doggie Dailies.

PwC Corporate Finance was appointed in January 2020 as the exclusive financial advisor to Doggie Dailies. Doggie Dailies is a digitally native, direct-to-consumer brand producing premium nutritional supplements for dogs. Launched on Amazon US in 2015, Doggie Dailies' products have reached over 227,000 unique customers across United States and Canada. All Doggie Dailies products use high quality ingredients and are manufactured in the USA at an SQF Level 3 certified and FDA registered factory using DD's proprietary production process. Products are sold across Amazon, Chewy and the Doggie Dailies website.

Doggie Dailies was well positioned for a sale given the company’s strong unit economics, robust growth rates and steadily increasing levels of profitability. Bidders were particularly enthusiastic about Doggie Dailies’ unique marketing strategy and eCommerce expertise.

PwC Corporate Finance ran a competitive sale process and after considering multiple options identified Manna Pro, a recognized leader in the care and nurturing of pets, with roots going back to 1842 and long-established brands in companion pet, equine, backyard chicken and small animal categories, as the preferred acquirer.

Due to the COVID-19 pandemic, the process was run entirely virtually with no physical meetings between the buyer and seller. The competitive process along with extensive deal and due diligence assistance enabled PwC Corporate Finance to deliver a deal value well beyond the seller's expectations. PwC Corporate Finance also added significant value by helping the company to shore up its historical financial statements, building models tied to transaction level data.

For more information about this transaction, please contact:

Trip Wolfe
President, TMT
PricewaterhouseCoopers Corporate Finance LLC

Jimmy Yasuki
Director, TMT
PricewaterhouseCoopers Corporate Finance LLC

Marriott International, Inc

PricewaterhouseCoopers Corporate Finance LLC (“PwC Corporate Finance”) has advised Marriott International, Inc. (NASDAQ: MAR; “Marriott”) on its acquisition of Elegant Hotels Group plc (LON: EHG; “Elegant”).

Marriott, one of the largest hotel companies in the world, is based in Bethesda, Maryland, USA, and encompasses a portfolio of more than 7,000 properties in 30 leading brands spanning 132 countries and territories. Marriott operates and franchises hotels and licenses vacation ownership resorts all around the world. Marriott trades on the Nasdaq with a market capitalization of approximately $45 billion and in 2018 it generated approximately $21 billion in revenues.

Elegant, listed on the London Stock Exchange, owns and operates seven luxury freehold hotels and a beachfront restaurant, Daphne's, on the island of Barbados. Elegant's portfolio currently comprises 588 rooms, making it twice as large (by room number) as the closest competitor in the Barbados luxury hotel room market. Six of the seven properties are situated along the prestigious west coast of Barbados commonly known as the "Platinum Coast".

The PwC Corporate Finance Global Network originated the transaction idea for Marriott and acted as sole buy-side financial advisors on the transaction.

For more information about this transaction, please contact:

Rakesh Kotecha
Managing Director, Industrial Products
PricewaterhouseCoopers Corporate Finance LLC

The Players’ Tribune

PricewaterhouseCoopers Corporate Finance LLC (“PwC Corporate Finance”) acted as exclusive financial advisor to The Players’ Tribune (“TPT”).

TPT is a unique storytelling platform built by athletes, for athletes. The company was created in 2014 when New York Yankees legend Derek Jeter recognized an opportunity to give athletes the tools and support necessary to tell their stories in an authentic, powerful way.

TPT initially focused on delivering athlete stories through powerful long-form articles that immediately captured the attention of sports fans, traditional media outlets and other athletes. Building on this success, TPT quickly expanded its capabilities into various video and audio formats, publishing content on its own website, across all major social media channels and in conjunction with OTT and entertainment partners.

By successfully developing trusted and authentic relationships with its community of close to 2,000 athlete contributors, TPT established a unique foundation to create and deliver content unlike anything else in the market.

In an environment where tens of billions of dollars are spent to acquire content, TPT has been able to leverage its library of evergreen stories to repurpose articles and videos after initial publication for sale to other partners or distribution through new channels.

PwC Corporate Finance ran a competitive dual capital raise / M&A process comprising both strategic and financial suitors. After considering multiple options, Minute Media was selected as the preferred partner for the business given strong strategic alignment and continued support for the athlete community going forward.

For more information about this transaction, please contact:

Trip Wolfe
President, TMT
PricewaterhouseCoopers Corporate Finance LLC

Jimmy Yasuki
Director, TMT
PricewaterhouseCoopers Corporate Finance LLC

Check the background of this firm on FINRA Broker Check
PricewaterhouseCoopers Corporate Finance LLC (“PwC Corporate Finance”) is owned by PricewaterhouseCoopers LLP, a member firm of the PricewaterhouseCoopers Network, and is a member of FINRA and SIPC. PwC Corporate Finance is not engaged in the practice of public accountancy.

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Trip Wolfe

President, PricewaterhouseCoopers Corporate Finance LLC

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