NOR Capital Joins Bryan Garnier
Florent Roulet
Antony Northrop
LONDON, 18 September 2023 – Bryan, Garnier & Co, the leading investment bank for European healthcare and technology-related companies has announced the acquisition of NOR Capital, a London-headquartered pan-European Corporate Finance advisory firm focused on the Technology, Media and Telecom (TMT) sectors.
NOR Capital’s entire team combines with Bryan Garnier’s London office, capitalising on a proven track record of advising companies throughout their life cycle. NOR Capital currently specialises in both M&A and Capital Raising advisory services for private and public companies. NOR Capital adds to Bryan Garnier a strong pan-European client base in the UK and Ireland, the Nordics, German-speaking countries, France and the Benelux, as well as access to relevant investors and corporates globally.
The NOR Capital team’s sector expertise reinforces Bryan, Garnier & Co’s Technology team, especially around the verticals of Fintech & Insurtech, Mobility, Space, Internet of Things, E-commerce, Marketplaces and Media & Entertainment.
Antony Northrop and Florent Roulet, who co-founded NOR Capital in late 2014, both bring to Bryan Garnier a wealth of experience, advising from both early-stage to large global firms, as part of sector-focused boutique advisory firms and large international investment banks. Florent, who started his career at Bryan, Garnier & Co in 2007, also worked in the TMT industry at Bank of America Merrill Lynch, UBS and GP Bullhound. He holds a Master of Science in Corporate Finance from EM Lyon. Antony, who started his career at J.P. Morgan, was previously a Partner at Lazard and an Executive Committee member at SBCI / UBS. Antony also founded M&A boutique Touchstone Securities, which subsequently became part of GP Bullhound. He holds a Master of Arts in Politics, Philosophy and Economics from the University of Oxford.
Florent Roulet, Co-Founder of NOR Capital, said: “Rejoining Bryan, Garnier & Co as a Partner is a true full-circle moment. We are excited to unite our proven expertise with the extensive resources and global reach of Bryan Garnier’s comprehensive platform. Together, we are primed to deliver outstanding results, not just for our current clients, but for the boundless opportunities on the horizon.”
Antony Northrop, Co-Founder of NOR Capital, said: “Our respective firms share an entrepreneurial zeal and relentless commitment to executing complex transactions to help clients achieve their growth ambitions. We look forward to leveraging our combined experience and Bryan Garnier’s full-service product offering and global footprint to best serve our existing and future advisory clients.”
Olivier Garnier, Founder and Managing Partner of Bryan Garnier, said: “This acquisition underscores our commitment to the London market. NOR Capital is a recognised sector-focused investment banking boutique with a demonstrable history of advising exciting growth companies at the forefront of technological innovation, complementing our expertise and relationships with companies and investors across various sectors and geographies. In addition, the NOR Capital team’s entrepreneurial spirit means that they are the perfect addition to Bryan Garnier and together we will continue to build on our strong track record in London and across Europe.”
Bryan Garnier has advised on multiple sector-defining deals in healthcare and technology-related sectors. Recent transactions include the EUR 250m sale of leading crypto custody firm Metaco to Ripple Labs in May 2023, green hydrogen producer Lhyfe’s EUR 110m IPO on Euronext Paris in May 2022 and Carbios’ EUR 141m Rights Issue in July 2023.
Bryan Garnier’s core sectors are Healthcare, Software & Fintech, Industrial Tech, Energy Transition & Sustainability, Business and Tech-Enabled Services and NextGen Consumer. Bryan Garnier’s mission of investment banking for a better future continues to drive the firm as it backs innovative companies and their investors that are providing solutions to some of the world’s most important challenges.
About Bryan, Garnier & Co
Bryan, Garnier & Co is a European growth investment bank helping companies in the healthcare and technology-related sectors become global champions. By combining deep sector expertise with an entrepreneurial mindset, Bryan Garnier provides companies and their investors with independent growth strategic advice, and leading access to buyers and capital in Europe, the US and Asia.
As a full-service investment bank, the firm offering includes private and public growth financing solutions, mergers and acquisitions (M&A) advisory, research insights, and institutional sales & execution. Founded in 1996, Bryan, Garnier & Co is an independent partnership with over 200 employees located in major financial centres in Europe and the US.
About NOR Capital
NOR Capital is a pan-European Corporate Finance advisory firm focused on the Technology, Media and Telecom (TMT) sectors. Over the years, NOR Capital has advised on a wide range of transactions, with core services centred around M&A, Capital Raising and Strategic Advisory.
NOR Capital operates with a team of TMT sector experts who have experience from both large bulge bracket investment banks and leading sector-focused advisory firms. With a strong track-record of successfully advising on a number of transactions, NOR Capital is recognised as both industry and deal execution experts, having many years of relevant deal experience and demonstrating multiple repeat client relationships.
Fermentation, Mycoprotein, Cellular Agriculture: Sustainable solutions for food production
PARIS September 12th, 2023 – BG IRIS, Bryan Garnier’s research platform, is pleased to release the “Fermentation, Mycoprotein, Cellular Agriculture: Sustainable solutions for food production”, a comprehensive analysis of the sector and underlying M&A market activities.
By 2050, global food production is set to skyrocket by 70%, with an astonishing 78% surge in protein demand. The world needs urgent and innovative solutions to meet this unprecedented challenge while ensuring food safety and nutrition.
Building on extensive research and conversation with key innovators in the field, this paper comprehensively examines a range of fermentation technologies: encompassing traditional and precision fermentation, mycelium, and cellular agriculture.
These techniques can sustainably produce innovative ingredients, replicate animal proteins, and create new food products, with additional consumer applications in beauty and fashion.
Despite the EUR3.7 billion raised by industry pioneers in 2021 and 2022, the journey ahead demands double that investment to unleash the full potential.
However, regulatory and infrastructural challenges, particularly in Europe, hinder progress, as safety authorities lag behind their global peers in Novel Foods adoption. To address this, less than 1% of bioreactor capacity needed for food fermentation is expected to be live by 2030 globally, necessitating collaborative efforts among governments, corporations, and investors to support start-up growth.
For investors seeking data-driven insights into these transformative industries, our white paper is an essential resource. Download it to explore investment opportunities in fermentation, mycoprotein, and cellular agriculture and shape the future of sustainable food production.
Philippine Adam
BG IRIS
Julien Polenne Joins Bryan, Garnier & Co to Lead Private Capital Markets Team
Julien Polenne
Private Capital Markets
PARIS, 5 September 2023 – Bryan, Garnier & Co, the leading investment bank for European healthcare and technology-related companies, has announced that Julien Polenne has joined the firm as a Managing Director to spearhead its Private Capital Markets advisory practice in Europe. Based in Paris, Julien will capitalise on his experience to reinforce the firm’s equity private placements offering.
With more than 20 years of experience in various roles of equity and debt advisory and strategic consulting Julien is a strong addition to Bryan Garnier & Co. He comes from BNP Paribas CIB, where he established and headed their Private Placements Advisory team that helped European fast growing innovative companies on non-control minority equity and equity-linked issuances. Before that, Julien has steered the strategic transformation of BNP Paribas Investment Banking business lines with a focus on organisational and structural value creation, digitalisation and cultural change. Julien was previously an Investment Banking Director based in Hong Kong and Singapore, with a specialisation in Structured Debt and Financial Advisory.
Greg Revenu, Co-Founder and Managing Partner at Bryan Garnier & Co, said: “Julien’s appointment as Managing Director will further strengthen our equity private placements offering. He brings a strategic vision and proven ability to build teams designed to centre and service the client of the future. His extensive expertise and network ensure our clients have the complete package of resources and access unique in this marketplace.”
Julien Polenne comments, Managing Director in Bryan Garnier’s Private Capital Markets team said: “The new technologies are creating amazing opportunities for the industry, the models, and our society. I am thrilled to be part of Bryan, Garnier & Co and its innovative DNA. I can’t wait to work with the Private Capital Markets team and leverage their agility, enthusiasm, and passion for innovation. By expanding the team together, I intend to apply my expertise in industrialization, structuring, and strategic leadership to support our clients in reaching their long-term goals and success.”
Bryan, Garnier & Co is a leading advisor to companies and investors in private placements and has accumulated one of the most significant track-records in Europe, having led some of the largest fundraisings for fast-growing clients using a variety of financial structures and at all stages of development, from venture to pre-IPO or PIPEs. Recent transactions in the space include MedinCell’s €25 million Follow-on Offering; recycled PVB innovator Shark Solutions’ €20 million private placement; insect-based ingredients company Protix on its €50 million equity funding round; alternative protein pioneer Agronutris’s €100m fundraising; and leading digital communication software provider Groupe Positive’s €110m fundraising.
Bryan, Garnier & Co offers a complete range of investment banking services, from private and public growth financing to mergers and acquisitions. Bryan Garnier’s core sectors include Energy Transition and Sustainability, Healthcare, Industrial Tech, Software and Fintech, NextGen Consumer and Business and Tech-Enabled Services. Bryan Garnier’s mission of investment banking for a better future continues to drive the firm as it supports disruptive companies and their investors who are providing solutions to some of the world’s most important challenges.
The Steady Growth and Resilience of the TIC Sector: Exploring Future Trends and Investment Opportunities
Ysée Long
Testing, Inspection, and Certification (TIC)In the ever-shifting landscape of industries, one sector stands firm as an unwavering anchor.
Unfazed by the tumultuous waves of change, this sector has not only showcased exceptional resilience during the Covid-19 pandemic but has also maintained an impressive trajectory of steady growth. Bolstered by three promising megatrends, the TIC sector is poised for an exciting expansion in the years to come.
The Indispensable Role of the TIC Sector Across Industries
Embedded within a myriad of industries – from construction and manufacturing to food, agriculture, energy, and chemicals – the TIC sector holds an irreplaceable position in ensuring the safety, quality, and dependability of products and services. Its role is pivotal in safeguarding public health and safety, environmental integrity, and consumer trust. This sector’s resilience is deeply rooted in its extensive range of services and its critical function, making it a reliable bedrock even in times of unprecedented crisis.
Navigating Uncertainty: Resilience of TIC Companies Amidst Challenges
Despite the havoc wreaked by the Covid-19 pandemic across various sectors, major listed TIC companies emerged as beacons of resilience in 2020. Remarkably, these companies maintained a relatively stable EBITDA margin despite experiencing a dip in revenue. This steadfastness serves as a testament to their adaptability in the face of unexpected hurdles and their prowess in responding to market shifts.
Fundamental Growth Drivers in the TIC Sector
Fueling the sector’s steadfast growth is an ongoing trend towards outsourcing. Fueled by a convergence of cost-saving incentives and regulatory demands for independence, independent TIC companies are steadily ascending. Notably, current statistics indicate that independent players in the TIC sector hold around 40% of the total conformity assessment market, with the remaining 60% shared between insourced entities and governmental bodies.
The TIC sector’s growth is further propelled by stringent regulatory mandates pertaining to quality, safety, and environmental impact. Moreover, as consumer awareness about quality, safety, and sustainability escalates – particularly within the realms of food and pharmaceuticals – this heightened consciousness becomes a pivotal driver of the sector’s ongoing expansion.
Looking to the Future: ESG solutions, industrial relocation and digitization
On the horizon, three transformative mega-trends are poised to propel the sector’s growth into overdrive. First and foremost, the soaring demand for Environmental, Social, and Governance (ESG) solutions, both from existing and potential clients, is set to reshape the landscape. Secondly, the rise of industrial relocation offers fresh avenues to fortify supply chains, opening doors for the TIC sector to play an instrumental role. Lastly, as a technological and digital metamorphosis engulfs industries far and wide, the TIC sector stands to reap significant benefits from this ongoing transformation.
Charting the Path Forward: The TIC Sector's Unwavering Momentum
Looking ahead to the upcoming years, the TIC sector demonstrates an unwavering momentum, even amid the global backdrop of geopolitical tensions, labor scarcities, and pandemic-induced lockdowns. Major TIC companies listed on the global stage continue to flourish, cultivating revenue growth and stable EBITDA margins. This remarkable performance underscores their resilience and capacity to navigate a volatile marketplace.
Partnering for Progress: Bryan Garnier's Role in the TIC Sector
At Bryan Garnier, our commitment to supporting companies in high-growth, dynamic sectors like TIC is unwavering. Armed with deep-seated industry expertise, a global perspective, and a comprehensive service platform, we stand poised to equip our clients with the insights and tools essential for their success. As we gaze into the future, we are excited to stand shoulder-to-shoulder with our clients as they navigate this ever-evolving landscape and emerge as true global frontrunners.
Investor Insight: Tapping into the TIC Sector's Potential
The key takeaway for potential investors is crystal clear: the Testing, Inspection, and Certification (TIC) sector presents robust prospects and commendable resilience. With the mounting demand for ESG solutions, the surge in industrial relocations promising supply chain security, and the pervasive digital transformation sweeping industries, the sector’s growth trajectory seems unstoppable. Additionally, the TIC sector is projected to attain a valuation exceeding EUR 250 billion by 2025, accompanied by a projected Compound Annual Growth Rate (CAGR) of 4.6%. This alluring potential positions the sector as an attractive investment opportunity with the possibility of mergers and acquisitions further fueling fragmentation.
Welcome to our Q2 2023 Quarterly Report
Welcome to our Q2 2023 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, industrial tech, energy transition & sustainability, and testing and inspection sectors. The topics we cover:
- Unleashing the Protein Revolution: Cultivated proteins are revolutionizing the food industry with advancements in technology enabling the production of meat without animal slaughter, and recent regulatory approvals in the US and Europe are driving rapid market growth and attracting significant investments from food manufacturers.
- The Chip War is Heating Up! The chip war intensifies as Europe announces an EUR8 billion support package targeting the SME semiconductor ecosystem, aiming to boost its ambitions of producing 20% of global chips by 2030. Meanwhile, China’s export restrictions on key semiconductor materials and its recent ban on US-made memory chips signify a growing focus on strategic sectors, escalating the global chip war sparked by the COVID-19 pandemic.
- M&A deals activity: Gain valuable insights into the M&A market landscape in our sectors of expertise and the impact of the current macro environment as our partners provide their perspectives.
We hope these insights provide valuable information for investors interested in staying on top of the latest market trends.
We invite you to download the report for more valuable insights. Please contact us at communication@bryangarnier.com for any inquiries.
Clean Mobility & Sustainability Conference
Bryan, Garnier & Co hosted a clean mobility and sustainability conference on Monday, June 19, 2023. The conference featured C-level executives from leading companies in the EV charging, hydrogen, green chemistry, and biomethane sectors.
The day was structured around a series of meetings that brought together companies and investors. Antoine Herteman, President of AVERE, the main French association responsible for promoting electric mobility, delivered a keynote speech that provided a detailed overview of upcoming trends in e-mobility.
Throughout the event, with the help of feedback from management, investors, and analysts, a few topics were identified as trends that will shape the future of e-mobility, hydrogen, green chemistry, and biomethane. BG IRIS analysts provided an overview of the key themes that were identified.
EV charging: the beginning of a huge wave
While the past five years have witnessed a gradual increase in electric vehicles (EVs), we now see EV charging as the most dynamic segment of mobility today. Whether it’s private or public, slow or fast, electric car owners rely on charging infrastructure deployment. To address this unmet need, European and domestic regulations have implemented various measures, including subsidies and ICE-restriction deadlines, to stimulate the charging ecosystem. In this context, original equipment manufacturers like Alfen, F2MeS (NHOA), and Kempower, as well as charging point operators such as Atlante (NHOA), will play a crucial role in the adoption, use, and maintenance of charging points. We have also identified what we believe could be the next technological disruptions in the EV charging market: smart charging, data aggregators, and next-gen batteries (li-ion, solid-state, li-sulphur). These innovations will enable new business models such as vehicle-to-grid (V2G) and vehicle-to-home (V2H).
Green Hydrogen: IRA, still the major driver of the industry
Allocating around $370 billion for clean energy, the US Inflation Reduction Act (IRA) has implications for climate, trade, security, and foreign policy for Europe and the world. The IRA aims to diversify supply chains from China and increase clean electricity production, on-shoring the manufacture of key energy transition components, accelerating the electrification of transport, and deploying leading-edge technologies such as carbon capture and clean hydrogen. The IRA can bring the US closer to meeting its pledge to cut US emissions by 50%-52% by 2030 from 2005 levels.
The IRA has prompted a renewed focus on European industrial policy, with leaders realising that the response to the IRA must be domestic. To address the challenges posed by the IRA, the EU is doubling down on its vision to become a green powerhouse, with the creation of an EU Green Deal Industrial Plan and the Net Zero Industry Act. This new approach to green industrialisation requires a new set of rules among partners, with a focus on openness and mutually beneficial economic policies, whether getting big or greener in the medium-term.
The Green Deal Industrial Plan is a strategy created by the EU to enhance the competitiveness of Europe’s net-zero industry and accelerate the transition to climate neutrality by 2050. The plan aims to create a more supportive environment for scaling up the EU’s manufacturing capacity for net-zero technologies and products required to meet Europe’s ambitious climate targets. The Green Deal will be financed through an investment plan – InvestEU, which forecasts at least €1 trillion in public and private investment. The EU clearly aims to create a more supportive environment for scaling up the EU’s manufacturing capacity for net-zero technologies and products required to meet Europe’s ambitious climate targets. Although incomplete, the Net Zero Industry Act acts as a complement to boost energy related production on the European soil by facilitating financing and establishment of new factories and plants, and setting up local production quotas.
Piling into regulations and scrutiny, Europe might temporarily have lost traction in the green hydrogen space. Nevertheless, (i) the two Delegated Acts should inspire a renewed dynamic, guiding an immature industry by setting global standards for green hydrogen exports and (ii) RED II should progressively reinforce the whole ecosystem structure, allowing for wider and faster deployment of green hydrogen equipments. This should pave the way for balanced growth on both side of the Atlantic in the medium-term, which alkaline and PEM equipment providers such as NEL, HydrogenPro, McPhy or ITM Power but also solid-oxide engineering like Ceres Power and hydrogen storage/distribution-oriented companies like Hexagon Purus should benefit in the forthcoming future.
Green chemistry: from plastic recycling to brand new plant-based alternatives to petrochemical products
Plastic pollution is a growing global issue. Over 35 countries around the world have already taken action by banning certain single-use plastics. For example, China has banned all non-compostable plastic bags in major cities since the end of 2020 and plans to extend this ban nationwide by 2022.
Regulations and societal expectations are intensifying globally to reduce plastic waste and promote better management of the plastics lifecycle. Industrial players are therefore eager to collaborate with innovative companies like Carbios and Avantium to initiate their transition towards greater circularity.
Carbios offers a unique solution for the recovery of PET by converting all types of PET waste back into their basic monomers (PTA, MEG). These monomers can then be used to manufacture new PET products (100% recycled and 100% recyclable) without any loss of quality, unlike other technologies such as thermal recycling or methanolysis, which require additional infrastructure investments.
Avantium is the most advanced company in the world when it comes to PEF (polyethylene furanoate), a 100% plant-based and recyclable plastic considered the next generation of polyester. In addition to being bio-based, PEF exhibits superior qualities in terms of barriers to CO2 and oxygen.
However, the bioeconomy is not limited to plastics. At a time when many of our everyday products still heavily rely on petroleum-based molecules, advanced and innovative companies can offer sustainable solutions. Afyren is a perfect example. Leveraging its strong expertise in green chemistry, the company provides a wide range of bio-sourced replacements for various industries, using an environmentally friendly technology that harnesses natural microorganisms.
Renewable methane: leveraging circularity to fuel tomorrow’s sovereignty
Energy sustainability and zero-emission targets are driven by multifaceted factors, for which pragmatism towards biomethane should play a key role in driving the journey towards lower energy mix carbonation, not only in Europe but worldwide. Indeed, biomethane is positioned as a crucial solution to meet the 2030/2050. This is even bolstered by biomethane benefits, (i) encompassing enhanced energy security, (ii) reduced dependency on Russian natural gas imports, and (iii) potential cost relief for households and businesses. Only in the EU, a target of 35bcm production has been set by 2030 as outlined in the REPowerEU plan, from the current 3bcm of biomethane and 15bcm of biogas, leaving ample room for growth in the medium-term, potentially a third of the region gas consumption at scale.
However, several questions need to be addressed to ensure the successful development of the biomethane sector. Firstly, regulatory improvements are necessary to meet stakeholders’ needs and drive investment in biogas conversion and the construction of new biomethane plants. Infrastructure development is another crucial aspect, as policymakers must address challenges related to the construction of new delivery points, enable efficient TSO/DSO reverse-flow operations, and streamline permit acquisition for biomethane projects. Collaboration among various stakeholders, including agricultural players, landfill operators, investors, DSOs, TSOs, and policymakers, is vital to accelerate the development of the renewable methane infrastructures worldwide.
As the biomethane industry continues to evolve, there is massive untapped potential in exploring additional feedstocks ranging from landfill wastes (for which Waga Energy leverages world-leading cryogenic-gas filtration technology and is able to address the entire biogas quality-span), biomass from marginal or contaminated land, to seaweed, or employing advanced technologies like hydrothermal gasification. Further projects are also being built around e-RNG, produced through power-to-methane processes combining captured carbon with green hydrogen and could additional growth opportunities.
Consequently, biomethane is poised to play a tremendous role going forward, aligning sustainability goals, energy security needs, and economic growth potential, but implementing appropriate measures, including permitting, financing, certification, and other supporting mechanisms, would be crucial in scaling up domestic biomethane industries.
Companies
Afyren produces biobased organic (carboxylic) acids that are used as drop-in ingredients in food and feed, flavors and fragrances, lubricants and technical fluids, and life sciences and material sciences markets.
Alfen N.V. provides energy equipment and solutions. The Company offers transformer substations, energy storage systems, and charging stations for electric vehicles, as well as specializes in grid automation, management and maintenance, and energy solutions.
Avantium N.V. operates as a holding company. The Company, through its subsidiaries, develops bio based plastics and chemicals, as well as offers VGO hydrodesulfurization, fischer tropsch catalysis, and parallel testing of hydroprocessing catalysts.
Carbios operates as a chemical company. The Company develops biological and enzyme- based processes for biodegradation and bioproduction of plastics, with a long-term aim of displacing current recycling and production practices.
Ceres Power Holdings plc operates as a fuel cell technology and engineering company. The Company generates and distributes energy to businesses, homes, and vehicles.
Hexagon Purus ASA manufactures energy storage solutions. The Company offers high-pressure cylinders, complete vehicle systems, and battery packs, as well as hybrid mobility applications on light, medium, and heavy-duty vehicles, transit buses, ground storage, distribution, maritime, rail, and aerospace.
HydrogenPro ASA operates as a renewable energy company. The Company designs, constructs, supplies, and installs hydrogen production plants.
ITM Power Plc develops materials and technology to reduce the cost of Hydrogen production. The Company is developing equipment to convert renewable energy to a clean fuel.
Kempower Oyj designs, manufactures, and commercializes charging solutions and services for electric vehicles. The Company offers movable DC, charging system and cabinet, and EV fast-charging station.
McPhy Energy manufactures components for hydrogen energy storages. The Company offers electrolyzers, hydrogen storage systems, and customized solutions for industrial manufacturers and energy markets.
NEL ASA is a global supplier of hydrogen technology for industrial / energy purposes. The Company’s main products are hydrogen production plants based on water electrolysis, complete hydrogen stations for transport and renewable energy storage solutions.
NHOA provides energy storage systems and electric mobility solutions. The Company offers grid support solutions, generators, and other related products.
Waga Energy SA provides gas engineering services. The Company designs, builds, and operates landfill gas recovery, upgrades, and grid-injection projects.
Cybersecurity: Investor Playbook
PARIS | LONDON | 31ST May, 2023 – BG IRIS, Bryan Garnier’s research platform, is pleased to release the “CYBERSECURITY – Investor Playbook ”, a comprehensive analysis of the cybersecurity industry trends and M&A market activities.
The cybersecurity market will continue to thrive but is often difficult for investors to navigate. Our white paper provides an analytical framework to identify winning businesses, and features exclusive interviews with some of the most sophisticated investors in cybersecurity.
Cyberattacks are becoming increasingly sophisticated and can spread globally within minutes, if not seconds. The stakes are high for the victims. In a digital economy, the quantity and value of data being generated are rapidly increasing and are crucial for any business. But organizations still fall short in their efforts to prevent cyberattacks. According to some estimates, the financial losses incurred from cyberattacks far exceed the costs spent on prevention, ranging from three to five times higher.
To request the White Paper, please contact your Bryan Garnier representative.
Paul Charpentier
BG IRIS