FGS Leads 2024 M&A Advisors, With Prosek Surging

(MENAFN- PRovoke) Key highlights:

• FGS tops the global M&A rankings, while Prosek surges into second place in deal count;
• In Europe, Italy's Excellera continues to see both its brands thriving in M&A;
• Joele Frank is tops in managing activism campaigns for corporate clients;
• Kekst CNC was number one in bankruptcy advisory during the final quarter of 2024.

NEW YORK-KKR-backed FGS continued to lead the global ranking of public relations advisors on mergers and acquisitions last year, ranking number one in the world in both the volume of deals worked (459) and the value of those deals ($701 billion) according to the mergermarket rankings published last week.

But independent New York-based financial specialist Prosek Partners continued its recent climb up the rankings, finishing second on volume of deals (299) ahead of traditional M&A powerhouses Brunswick Group (which finished second in the value of deals worked), Joele Frank Wilkinson Brimmer Katcher, and FTI Consulting.

FGS worked on a number of high-profile deals including Bosch's acquisition of the HVAC business of Johnson Controls; Covestro's acquisition by ADNOC; Mars' acquisition of Kellanova; and Novo Holdings take private of Catalent.

Alex Geiser, Global CEO said that in the current M&A environment it was important to“not only understand the mind of investors but of all the stakeholders impacted by a potential transaction... having a team who understands the market, the political or regulatory landscape and the mindset of your internal stakeholders is key.”

Prosek, meanwhile, supported HPS Investment Partners, a leading global credit investment manager, announcing its acquisition by BlackRock; represented PE firm Veritas Capital announcing the proposed recapitalization of its longtime portfolio company Cotiviti; and worked for Vista Equity Partners announcing the acquisition of PowerSchool by Bain Capital/

"We expect deal volume to increase in 2025 for public and private markets transactions, and public company deals to benefit from less regulation under a new administration,” says Jen Prosek.“Private markets transactions will be driven by sponsors needing to deploy capital while also monetizing longer-held investments. The convergence of these themes will be further supported by a more favorable rate environment.”

Regional M&A Leaders

Brunswick (187 deals) topped FGS in volume of deals worked in Europe, while FGS was number one in value of deals. But Excellera Group, the fast-growing Italian corporate and financial saw both of its brands-Barabino & Partners and Community-in the top six across the region, and when its two brands are combined, Excellera would have claimed the top spot.

Barabino worked on deals including Hitachi Rail/Thales Ground Transportation System); Almaviva/Iteris; and Blackrock/HPS Investment. Highlights of Community's year included KKR/Netco; EssilorLuxottica/Supreme; and Advent and Abu Dhabi Investment Authority)/Fisher Investments.

In the UK, Brunswick led in deal volume, ahead of FGS and FTI, while FGS led by value of deals. Drury Communications was number one in Ireland by volume of deals worked, while IWK led in Germany, Brunswick was tops in France, Kreab topped the Spanish league table, and Barabino was in first place in Italy.

FGS was number one in value and volume terms in the Americas and in the US, with Prosek and Joele Frank rounding out the top three in the volume rankings. FGS and Brunswick were one and two in Canada on both value and volume tables. Brunswick was number one in deal count across Latin America.

In the Asia-Pacific region, FGS was number one in deal volume, ahead of Australia's Sodali & Co and Brunswick, which finished number one in deal value. FGS led in volume and value in Japan, with Kekst CNC in second place. And in Australia, Sodali was number one in deal count, while GRACosway was tops in value of transactions.

Corporate Activism Declines Slightly

In terms of corporate activism, Bloomberg reported on 745 new activist campaigns in 2024, a 10% decrease from the 833 campaigns in 2023. In the United States, the number of campaigns decreased 17% from 408 to 339.

Among the firms advising companies, Joele Frank ranked number one globally, working on 67 deals, ahead of FGS Global (36 deals), Brunswick Group (26 deals), FTI Consulting, and Longacre Square Partners. Joele Frank worked on high-profile activist defenses including Texas Instruments and Honeywell, while FGS supported companies such as TI and Pfizer.

“On the heels of the busiest year since 2018, we expect 2025 to continue that trend with campaigns starting earlier and louder,” says Andrew Siegel, partner at Joele Frank.“In addition to pushes for change in the boardroom and c-suite, we expect activists to be forceful advocates for M&A in 2025. With a new administration in the White House and anticipated changes in regulatory oversight, we expect another busy and exciting year.”

Longacre Square also continued its leadership of advisors to activist groups, working on the activist side of 117 campaigns (including Elliott Investment against TI and Starboard Velue against Pfizer). Gasthalter & Co was second, working on 37 campaigns, ahead of Greenbrook Communications, Gagnier Communications, and Prosek Partners.

Joele Frank also worked on the most defenses in the US, while Brunswick led in Europe, and Sodali & Co was number on in Asia-Pacific.

Kekst CNC Leads in Bankruptcy

In 2024, The Deal tracked 200 bankruptcy filings with at least $25 million in liabilities, with Spirit Airlines perhaps the most high-profile. As a group, these filings represented roughly $126.7 billion in total liabilities.

In the fourth quarter, Kekst CNC led the way, working on deals with $33 billion in liabilities, leapfrogging over Joele Frank ($22 billion), FTI Consulting ($16 billion), C Street Advisory Group, and Reevemark.

“We saw a surge in new and repeat Chapter 11 filings in 2024 as well as heightened liability management activity, and we expect both to continue on pace in 2025 as companies across industries remain focused on addressing legacy debt and other liabilities and responding to inflationary pressures and additional macroeconomic headwinds,” says Sherri Toub, who leads the restructuring/bankruptcy communications practice at Kekst CNC.

“Whether liability management transactions serve as long-term holistic solutions or simply short-term partial fixes, followed by in-court processes, remains to be seen.”

With leaks and speculation rampant, Toub says, competitors“are looking to take advantage, and social media commentary is a near certainty.” As a result,“crafting and successfully executing a comprehensive communications strategy tailored to reach the stakeholders that matter most has never been more important.

“This is particularly true for consumer-facing companies experiencing stress or distress or otherwise undertaking restructurings to put themselves on stronger financial footing for the future.”

The firm worked as an advisor to debtor companies including True Value, Avon Products, Franchise Group (owner of The Vitamin Shoppe, Pet Supplies Plus, and Buddy's Home Furnishings), Cano Health, Enviva, and Party City, and represented financial sponsors, individual creditors and significant creditor groups, including Steward Health Care, Hornblower Group, EchoStar Corporation / DISH Network, Rite Aid, American Tire Distributors, Pluralsight, and Tupperware Brands.

MENAFN03022025000219011063ID1109159936