Next Generation Fuels
PARIS | September 5th, 2024 – Bryan Garnier is pleased to release “Next Generation Fuels”, a comprehensive analysis that explores the current challenges and opportunities in transforming global transport to a greener future through biofuels and alternative fuels.
Transport currently accounts for over 7 billion tons of CO2 emissions each year, equating to about 17% of global emissions. This highlights the critical need to transition towards electrification and reduce reliance on fossil fuels to address global energy demands by 2050. While significant strides are being made in transitioning to cleaner mobility options, there are significant hurdles in harder-to-abate areas.
Biofuels and alternative energy sources, which currently make up only about 4% of transport energy, are emerging as key solutions. The biggest challenge remains in scaling these fuels due to limited biomass supply and infrastructure issues.
In this white paper, we provide an in-depth look at how these developments are reshaping the transport sector and offer insights into future trends.
To explore these insights and learn more about the future of sustainable transport, download the white paper.
Thomas Mordelle
Equity Research | Energy Transition & Sustainability
2 minutes with Anne Glover: Making an impact in VC
We had the opportunity to interview Anne Glover, CEO and Co-Founder of Amadeus Capital Partners and a leading figure in the venture capital industry, about why she chose VC and what advice she would give to aspiring entrepreneurs. With 30 years of experience as a venture capitalist and 15 in investment in emerging markets, Anne has much to teach young entrepreneurs.
Anne Glover’s interview
For many, venture capital emerges as early-stage investors. Reflecting on her journey, Anne sees VC as being more of a partnership than a transaction, focusing on creating value and achieving success regardless of market conditions.
“Working with the most innovative entrepreneurs on the planet is just fundamentally so exciting, and then translating that into financial success is evidence of how we can change the world, disrupt the world, and deliver returns.”
Anne suggests that beyond achieving financial success, such partnerships can lead to transformative global impacts and disruptions. This viewpoint underscores how venture capital serves not only to generate returns but also to catalyse substantial changes in industries, reflecting a broader ambition to shape and influence the world through entrepreneurial ventures.
“It’s still true that you have to master your trade, whether it’s being a venture capitalist or an entrepreneur in a particular sector. It’s not something you can bluff.”
The venture capital industry is highly cyclical and influenced by external factors. External shocks can come from anywhere, making it impossible to predict market turns. True value creation comes from building great products and finding customers, irrespective of market conditions.
Anne notes that while Europe’s VC investment ecosystem has become more competitive and offers more choices to entrepreneurs, it still lags behind the US in terms of later-stage development. Developing a robust private sector ladder to support scaling companies is essential. This will allow companies to mature privately before entering public markets, ensuring they can withstand public scrutiny.
“The venture capital ecosystem has matured significantly over the past few decades. Technologists are now seeing entrepreneurship as a viable outlet for their innovations, which is a fantastic development.”
Anne finds immense satisfaction in seeing companies funded by her firm fundamentally changing industries. The realisation that their support was pivotal to a company’s success provides a profound sense of accomplishment.
Anne Glover’s journey and insights highlight the importance of vision, persistence, and genuine relationships in venture capital and entrepreneurship. Her experiences serve as an inspiration for aspiring entrepreneurs and investors, underscoring the transformative power of innovation and collaboration.
“I think too many people are impatient, constantly checking for immediate results. Instead, we need to nurture the ecosystem, understanding that superior returns will come with time.”
Satcoms' Muskonomics challenge
PARIS | June 26th, 2024 – BG IRIS, Bryan Garnier’s research platform, is pleased to release “Satcoms’ Muskonomics challenge”, an in-depth analysis exploring the dynamic landscape of satcoms and unveiling the intricate interplay between its main actors.
This industry brief is an assessment of the satcoms sector amidst the heightened risk of Starlink and Amazon duopolising the industry.
We also dive into three specific areas:
- The case for a Starlink-Kuiper duopoly: Learn about how these two satellite giants are poised to dominate satcoms
- The operators’ strategic stalemate: Explore how established operators are struggling to adapt to this new competition and are increasingly retreating to niche markets
- Space public & private and transaction activity: Get a glimpse into the current challenges faced by listed space companies
Within this industry brief, we also look at why gigaconstellations are likely to also target non-satellite markets, as well as providing a cost analysis of the different megaconstellations, and discussing the escalating debt costs and diminishing returns on capital of established operators. The report provides a full picture of what is happening in the satcoms sector today.
To dive deep into this topic and discover more about the changes affecting the satcoms market, download the industry brief.
Antoine Lebourgeois
Equity Research I Software and IT
BG Growth Series - Boiron
bethsabee gresse
Welcome to the “BG Growth Series”, where entrepreneurs tell us about their inspiring stories, share invaluable insights, and offer practical tips to navigate the growth journey.
Boiron is a century old pioneering company in homeopathy, dedicated to developing, manufacturing, and marketing homeopathic medicines. Since 1932, Boiron has been sharing its passion for homeopathy with a compassionate, ecological, and comprehensive approach to medicine. Boiron’s journey is a testament to resilience and a long history of unmatched quality and innovation.
We sat down with the President and Chairman of Boiron to understand his vision and commitment to innovation. His leadership highlights the company’s deep roots in homeopathy with his family founding Boiron over 90 years ago, continuing to drive forward with passion and dedication.
In their latest phase of growth, Boiron sought a partner to continue developing the group internationally and make it a global leader in natural health. Bryan Garnier was selected for their expertise in mergers & acquisitions, debt financing and equity capital markets to support the family shareholders, the management team and the BOIRON Group at every stage of this complex transaction. The team demonstrated an exceptional ability in understanding Boiron’s unique needs and helping to find the right partner to support U.S. expansion – EW Healthcare.
Boiron’s journey showcases a fundamental shift in how we perceive and deliver medicine, providing an alternative that many healthcare professionals and patients worldwide appreciate for its efficacy. With visionary leadership and unwavering dedication, Boiron is poised to continue transforming lives on a global scale with a holistic and ecological approach to medicine.
Watch this episode of BG Growth Series to learn more about Boiron leading the way in homeopathic medicine.
Educational Horizons
PARIS | May 27th, 2024 – Bryan Garnier is pleased to release “Educational Horizons”, an in-depth analysis exploring the dynamic landscape of modern education and unveils the trends that are reshaping how we learn and teach.
This paper takes a close look at the major factors affecting education today, how education services are growing and changing, and increasing attention from regulators.
We also dive into three specific areas:
- Learning Management Systems: Learn about the latest advancements in digital learning platforms
- Healthcare Education: Explore the unique challenges and opportunities in educating healthcare professionals
- Digital careers Programs: Get a glimpse into initiatives preparing individuals for digital careers
Within this white paper, we look at private equity investments as investors are favouring build-ups, and at how publicly traded education companies are faring on the stock market. The report provides a full picture of what is happening in education today.
To dive deep into this topic and discover more about education as a diverse and dynamic sector of the future, download the white paper.
Nicolas de Quincerot
Investment Banking
Ysée Long
Investment Banking
Bryan, Garnier & Co continues its growth and announces a series of promotions to strengthen its European presence
These strategic promotions come at a critical time as the financial sector faces various challenges, including heightened market volatility, inflationary pressures, and regulatory changes across the EU. Our team has successfully completed over 60 transactions in the past 12 months across our core sectors: Software & Fintech, Healthcare, Energy Transition & Sustainability, Industrial Tech, Business & Tech-Enabled Services, and NextGen Consumer. By bolstering our leadership team, Bryan, Garnier & Co aims to address these issues with enhanced expertise and stability and providing robust advisory services to clients, adapting to the evolving economic landscape.
Greg Revenu, Co-founder and Managing Partner of Bryan, Garnier & Co, comments “We are very pleased to be promoting our talent in line with the organic growth of our franchises, which attract many talented individuals and enable them to develop and progress rapidly in their careers in support of our clients. With these promotions, Bryan Garnier continues to grow steadily and now has more than 80 Directors, Vice Presidents & Associates, 20 Managing Directors and 16 Partners in Europe, including two new Partners – Jonathan Bohbot and Paul de Mestier – who were promoted this year.”
Olivier Garnier, Founder and Managing Partner of Bryan, Garnier & Co, adds “These promotions demonstrate our commitment to excellence and to the collective growth of Bryan Garnier, both in our sector specialisations and in our transactional expertise. This year we have been keen to promote our top performers in 4 key verticals – ECM, Healthcare, Cleantech, and Debt Capital Solutions. By investing in our teams, we are consolidating our positioning and strengthening our ability to support growth stocks over the long term in constantly changing markets.”
Grégoire Angleys
Equity Capital Markets
Grégoire Angleys is a Managing Director in the Equity Capital Markets team in the Paris office with pan-European coverage. He has over 10 years of Investment Banking experience in ECM with private placement capabilities and track-record. Before joining Bryan Garnier, he worked at Europe Offering advising US-based hedge funds investing in European healthcare and technology companies through structured products. Grégoire holds an Advanced Masters in Corporate Finance from emlyon business school and Master’s degree in Corporate and Market Finance from Grenoble IAE.
Grégoire Angleys states “I am proud to pursue my journey at Bryan, Garnier & Co, backing European companies at the forefront of innovation. Our DNA is as the trusted advisor across the lifecycle of our clients, bringing tailored solutions and thoughtful advice to founders, managers and shareholders in fast-evolving environments. Bryan, Garnier & Co’s expertise is deeply rooted in sustainability, as demonstrated with our deals with Waga Energy, Carbios and Avantium. I look forward to continuing to back the visionary teams that create technologies and solutions to address our world’s biggest challenges, notably the green transition.”
Raphael Bidaut
Investment Banking | Healthcare
Raphaël Bidaut is a Managing Director in the Healthcare practice and located in our London office with pan-European coverage. He joined Bryan Garnier in 2021 and has over 12 years of Investment Banking experience in the Healthcare sector and initially as an ECM specialist in IPOs, follow-ons and convertibles bonds for large and mid-cap companies. Raphaël graduated from Edhec Business School with a dual Master in Corporate Finance and Management.
Raphaël Bidaut states “I am honoured to be promoted after a record year from many different perspectives for the Bryan Garnier Healthcare franchise. I look forward to supporting more healthcare entrepreneurs and investors and continuing to develop our activities internationally in coordination with our 7 offices. Our Healthcare team has collectively a unique sector, M&A and equity/debt fundraising expertise. I am excited to continue leveraging them for CRO, CDMO, consumer healthcare companies and care providers.”
Paul de Froment
BG IRIS
Paul de Froment is Managing Director in Bryan Garnier’s research team IRIS and Head of the Cleantech research team. He is based in Paris and joined Bryan, Garnier & Co as an Equity Research Analyst in 2021. He previously worked at Kepler Cheuvreux for more than six years as an Equity Research Analyst focusing and small and mid caps, where he developed a solid knowledge in the fields of tech and biotech industrials. Paul holds a Master’s degree from La Sorbonne and Sciences Po Bordeaux (MSc Finance and Capital Markets).
Paul de Froment states “I strongly believe that Bryan, Garnier & Co’s unique combination of deep sector expertise and market vision will continue to position it as a key player in the Energy Transition & Sustainability landscape. Stepping into the role of Managing Director at IRIS, my focus will be on seeking innovative and valuable insights in cleantech and continuing to build a reference team in the sector. I’m committed to supporting companies as they embrace new technologies and sustainable practices to accelerate the shift to a cleaner world.”
Will Jungman
Equity Capital Markets
Will is a Director in the Debt Capital Solutions team and located in our London office with pan-European coverage. Prior to joining the firm, Will served as consultant to Bryan Garnier during which he executed several ECM and DCM deals across the Technology and Healthcare sectors. Will has a structured finance background, having spent five years working with UK property developers and operators. Prior to his career in structured finance, he worked within Deloitte Consulting’s Finance practice. Will holds an MBA from the Wharton School.
Will Jungman states “At Bryan, Garnier & Co. we pride ourselves on finding bespoke financing solutions which fit our clients’ needs. In an environment of higher interest rates and lower equity risk appetite, we have created and expanded our Debt Capital Solutions offering to provide a variety of non-dilutive or minimally-dilutive private debt products. These include landmark deals such as the structured debt financings of Abivax and Calliditas. My goal as a Director is to educate our clients on the types of private debt available to strengthen their balance sheet and fund their growth, while leading our experienced team in executing fundraisings in venture debt, growth lending, convertibles, and other private debt for European growth companies.”
BG Growth Series - Physidia
bethsabee gresse
Welcome to the “BG Growth Series”, where entrepreneurs tell us about their inspiring stories, share invaluable insights, and offer practical tips to navigate the growth journey.
Founded in 2010, Physidia is the leading French MedTech expert focused on developing, manufacturing, and marketing advanced home haemodialysis solutions. Physidia’s main mission is to enhance the comfort and freedom of dialysis patients, prioritising a higher quality of life by allowing patients to integrate dialysis seamlessly into their daily routines rather than structuring their lives around dialysis. Since receiving the CE mark approval in 2013, which means conformity with European health, safety, and environmental protection standards, close to 1 million dialysis cycles have been completed.
Their pioneering spirit is reflected in numerous patents and the development of the S3 monitor, the first 100% Made in France home haemodialysis system, which enables patients to maintain a high quality of life while managing their condition.
We sat down with the leaders and investors of Physidia to understand their commitment to improving patient outcomes, reflecting the company’s ethos. With an unwavering focus on innovation and patient-centric solutions, Physidia is reshaping the dialysis landscape with groundbreaking haemodialysis solutions for home use, challenging decades-old norms and revolutionising patient care.
Bryan Garnier played a crucial role in finding the right partner for Physidia’s growth, offering invaluable advisory services and growth strategy access. This major fundraising from Columna Capital, a prominent pan-European private equity investor, will accelerate the company’s development to become a global leader in the sector.
Join us on this captivating journey and learn how Bryan Garnier contributes to shaping a sustainable future, by partnering with innovative companies like Physidia. Bryan Garnier’s commitment to long-term success, deep industry knowledge, and global perspective enable companies to accelerate their growth and make a lasting impact.
Physidia’s journey showcases a fundamental shift in how we perceive and deliver healthcare. With visionary leadership and unwavering dedication, Physidia is poised to transform lives on a global scale.
Watch this episode of BG Growth Series to learn about Physidia at the forefront of dialysis treatment.
Welcome to our Q1 2024 Quarterly Report
Welcome to our Q1 2024 Quarterly Report, carefully curated with topics that we believe will be of interest to our clients and partners. We also share M&A market commentaries and the latest Bryan, Garnier & Co deals in the Healthcare, Software & Fintech, Industrial Tech, Energy Transition & Sustainability, and Business & Tech-Enabled Services and NextGen Consumer sectors. This report, we deep dive on:
- The Plastic Revival
Global plastic production and usage of plastic could quadruple by 2050. Delve into the ongoing plastic revolution with recycling investment opportunities and emerging trends. - Supply Chain Symphony
By 2030 the markets for Transportation Management Systems (TMS) and Warehouse Management Systems (WMS) are expected to reach $31.2 billion and $13.3 billion respectively. Explore supply chain investment opportunities and an in-depth analysis of the market. - M&A deals activity
Gain a deeper understanding of the M&A market in our sectors of expertise and the profound impact of the current macro environment, as our partners provide their invaluable perspectives.
These insights are designed to empower investors looking to navigate the ever-evolving market trends.
Download the report and stay ahead of the curve. Have questions or want to explore opportunities further? Contact us at communication@bryangarnier.com and let us advise you through your growth journey or help you spot the best investment opportunities.
Bryan, Garnier & Co celebrates growth with the appointment of two Partners in Technology and Healthcare Investment Banking
PARIS, 3rd April 2024: Despite challenging market conditions, our team has achieved success in completing over 60 transactions in the past 12 months across our core sectors: Software & Fintech, Healthcare, Energy Transition & Sustainability, Industrial Tech, Business & Tech-Enabled Services, and NextGen Consumer. With our recent growth, we’re poised at the forefront of the fastest-growing sectors, ready to maximise our global impact with team enhancements. To further strengthen our global presence and enhance service offerings, we are proud to announce the appointment of two Partners in Technology and Healthcare Investment Banking – Jonathan Bohbot and Paul de Mestier. In total, the bank employs over 200 people in Europe and the USA, with 16 partners and 20 Managing Directors.
Greg Revenu, Co-founder and Managing Partner of Bryan, Garnier & Co, comments “The appointments of Jonathan Bohbot and Paul de Mestier are a recognition of their transactional successes, their commitment to excellence for our clients, and their ability to embody the values of Bryan, Garnier & Co. We have confidence in their ability to make a significant contribution to the group’s future development.”
Olivier Garnier, Founder and Managing Partner of Bryan, Garnier & Co, adds “The development of our partnership structure has been a pillar of Bryan Garnier’s success since its establishment. The appointment of partners who have spent their careers at Bryan Garnier highlights exemplary career paths and strengthens the group’s culture. Jonathan Bohbot is an aspirational example for all our employees. The appointment of Paul de Mestier, who joined us in the last 3 years, further enriches the prospects of the partnership by recognising the contribution of new talent who have demonstrated a remarkable ability to make a positive impact on the group.”
Jonathan Bohbot
Investment Banking I Software and Tech-Enabled Services
Jonathan is a seasoned investment banker with over 15 years of expertise in the financial advisory sector, joining Bryan, Garnier & Co in 2015 where he has contributed to the rapid growth of the bank’s Software and Tech-Enabled Services practices. He became Managing Director in 2021 and then Partner in 2024.
Prior to this, he spent 5 years in PwC’s Audit and Transaction Services teams in Paris. Over the course of his career, Jonathan has advised on more than thirty M&A, LBO and fundraising transactions. He has specialised in the software, consulting and IT services sectors.
Jonathan holds a Master’s degree in Management from ESCP Europe, and a Master’s degree in Corporate Finance from the University of Wisconsin in 2012.
Jonathan states “At Bryan, Garnier & Co, one of our greatest strengths is our ability to build strong and long-term relationships with our clients, as demonstrated by the many deals we have done with SWORD and EasyVista over the past 18 and 10 years respectively. As a partner, my goal is to continue reinforcing Bryan Garnier’s leadership in the software and IT services sector. I also intend to support more entrepreneurs in the early stages of their development, with the aim of advising them in the long term, as we have already succeeded in doing for so many years. Overall, my goal is to work with our teams to strengthen the level of service and custom advice that we deliver to our clients every day.”
Paul de Mestier
Investment Banking | Healthcare
With over 10 years’ investment banking experience working with European healthcare companies, Paul joined Bryan, Garnier & Co as Managing Director in 2021, contributing to the development of the healthcare practice on the M&A front.
He was previously Associate Director in Mergers and Acquisitions for the healthcare department of financial group Philippe Hottinguer. He began his career as a Healthcare Analyst at ABN AMRO Bank in 2012, where he became Head of Relationships in 2014, covering French family healthcare companies.
Throughout his career, Paul has specialised in mergers and acquisitions, particularly in healthcare services for both pharmaceutical companies and patient care groups.
He obtained a Master’s degree in International Finance from ESCE Paris in 2012.
Paul states “Bryan, Garnier & Co is a benchmark in the sector and leads the way in European healthcare ECM transactions, with landmark deals such as Moderna, BioNTech and Abivax. Coming from a pure M&A background, my aim as a partner is to help strengthen the bank’s healthcare M&A activities. I firmly believe that specialisation by constantly developing expertise and knowing the ecosystem inside out pays off in the long term. I will continue to develop our teams internationally so that we can continue to support European growth companies.”
3min Insights - Wandercraft
bethsabee gresse
Welcome to “3-Minute Insights” a series showcasing innovative companies, products, and technologies shaping the future of key industries.
In this episode, we sat down with Matthieu Masselin, CEO and Co-Founder of Wandercraft, a pioneer in walking robotics. Wandercraft has developed the world’s first self-stabilizing exoskeleton designed to empower individuals with walking impairments, enabling them to stand and walk again.
Matthieu tells us about the transformative impact of AI on Wandercraft’s exoskeletons, taking their performance to a human-like level. The discussion spans market trends, current US regulations, and the anticipated timeline for exoskeletons entering broader settings.
Wandercraft’s mission is clear — allowing individuals who were previously in wheelchairs to regain their mobility and be able to move freely, both at home and in their communities, maintaining their balance, hands-free, and safely.
The company distinguishes itself through a unique blend of advanced technologies, including AI, algorithms, biomechanics, and clinical expertise.
Following FDA approval of Atalante for stroke rehabilitation in December 2022, Wandercraft is set to expand its presence in the US, establishing a new base in New York. Notably, Atalante received EU approval in 2019 and has treated over 650 patients across more than 5,000 sessions.
In December 2023, during a keynote presentation in New York, Wandercraft unveiled its latest prototype of exoskeletons designed for home settings, elevating usability and autonomy to an unparalleled level. In the same month came the introduction of the French Ministry of Health directive DGOS/R4/2023/196, which states that all French departments are eligible for a minimum of two exoskeletons each for the rehabilitation of patients with neurological disorders, a number which could be adjusted to take into account specific regional needs and the allocation of healthcare resources.
In 2021, Bryan Garnier & Co played a pivotal role as the Sole Financial Advisor in Wandercraft’s $45 million fundraising. The collaboration is hailed as a positive experience, with Bryan Garnier supporting Wandercraft’s long-term growth, mobilising our teams in Europe and the US.
Bryan Garnier remains committed to supporting pioneers striving for a better future. Join us in this episode as we explore the exciting world of robotics with Matthieu Masselin, CEO of Wandercraft.
