M&A Intelligence

Forward Global’s teams help our clients navigate the financial world, particularly investors and shareholders (investment funds, banks, asset managers, sovereign wealth funds, public or private companies wishing to acquire stakes, angel investors, collectors, etc.) by providing analysis, compliance, and investigative services. Our teams leverage a full spectrum of expertise to help clients understand and evaluate the risks surrounding a potential acquisition target, as well as verify and assess a target’s sustainable development and long-term strategic approach (ESG and CSR criteria).

650

M&A Intelligence investigations conducted every year

+110

Number of investment fund clients

+60

External ESG audits carried out in 2022

Services

Evaluating acquisition targets

Reputational and integrity due diligence on acquisition targets, including verifying beneficial owners and shareholdings, situational analysis of liabilities and ongoing disputes, verifying and assessing commercial references, connections, integrity, and reputation. Comprehensive public records due diligence and discreet human source intelligence to assess target companies, management teams, and operators.
Background checks: verifying reputation, integrity, connections (particularly political), financial encumbrances, criminal records, and major civil disputes prior to senior executive or board appointments, as well as understanding risks connected to conflicts of interest and undisclosed related party transactions
Analysis of markets and developments (regulatory, political, societal, or country risks, etc.) likely to impact the value and sustainability of a target’s operations and economic sector. In competitive bid situations, identifying potential leverage to aid investors in submitting a superior bid.
Competitive analysis to determine acquisition targets’ position within their business environment.

ESG Due Diligence

Evaluating acquisition targets’ compliance with ESG/CSR criteria, the extent to which sustainable development and long-term issues are incorporated in their corporate strategy, and the effectiveness of the measures put in place
Mapping of acquisition targets’ internal governance
Identifying and evaluating supply chains from an ESG/CSR perspective
Situational analysis of internal and external alert procedures

Cyber Due Diligence & Risk Assessment

Cyber auditing to assess a company’s exposure to threats and the robustness of technologies under development, including code audits, security audits, searches for data leaks, etc.
Analysis of available cyber security documentation, including for cyber governance

Investor Due Diligence

Reputational and compliance-focused due diligence, particularly in regards to money laundering and international sanctions (evaluating LPs, analyzing offshore companies, identifying and verifying sources of wealth, etc.)
Investigations to assess the resources and solvency of financial actors in any transaction
Dual Focus on Risk and Opportunity: Prioritize meaningful insights that balance threat mitigation with growth potential, ensuring informed investment decisions.
Deep-Dive Due Diligence: Investigate target companies and leadership using open-source research, public records, and human intelligence to uncover hidden risks and opportunities.
Human Capital Evaluation: Assess management teams’ experience, adaptability, and leadership styles to determine their ability to drive growth and align with investor goals.
Operational & Cultural Insights: Examine internal controls, corporate culture, and business strategies through meticulous research and interviews with former employees and industry contacts.
Regulatory & Industry Intelligence: Provide context on compliance risks and market dynamics to enhance investment decision-making.
Executive Vetting: Build nuanced profiles of prospective hires, evaluating character, performance history, and readiness to collaborate with investors.
Deal-Structuring Support: Identify conflicts of interest, undisclosed relationships, and red flags to strengthen negotiation strategies and improve deal terms.
Beyond Checklist Approach: Analyze findings through a private equity lens, emphasizing data points critical to transaction success.
Actionable Human Intelligence: Leverage expert source networks to discreetly uncover insights unattainable through public records alone.
Comprehensive Research: Blend OSINT, financial records, and HUMINT to create holistic assessments of targets and executives.
Interdisciplinary Analysis: Combine regulatory, cultural, and operational due diligence to assess both immediate risks and long-term viability.
Stakeholder Interviews: Engage former employees, industry experts, and local sources to validate findings and uncover unrecorded challenges.
Integrated Communications Strategies: We prevail in competitive bid situations, engaging our in-house communications teams to deploy intelligence gathered in sophisticated campaigns.

Investor Relations & Transaction Communications

Proactively assisting shareholders and/or management in engaging with stakeholders (such as investors, creditors, proxy solicitors, institutions, employees, clients…), facilitating efficient preparation for board meetings, and strategically managing negotiations with activist investors.
Defense of shareholders or management in the event of an offensive financial operation.
Providing long-term strategic communication and public relations management for financial entities, including support during special situations
Crafting a socially responsible communication strategy for financial actors that emphasizes non-financial considerations and the long-term vision of management.
Clarifying and increasing transparency around investor strategy and the motivations behind financial or restructuring operations for all stakeholders.

Board and Executive Vetting

In line with the investors’ strategy and risk tolerance: vetting track records, success, failures, business acumen, judgment, and characters of senior executive and board candidates from public records reviews and discreet reference checks
Detection of potential conflicts of interest, undisclosed related party transactions, and any other potential business risks

Corporate Contests

Assisting in defensive vetting of board incumbents, with a focus on strategic objectives and shareholder engagement
Reviewing investor or company materials to identify misstatements, misrepresentations, or omissions
Vetting potential nominees to boards and investigating track records, backgrounds, and fitness of character and temperament to perform the duties of a corporate director
Independence testing to identify potential undisclosed related party transactions, interlocks, or other relationships of relevance
Integrated solution that combines investigative research with unparalleled transactional communications sophistication to provide in-house and outside legal counsel and advisory teams with information and messaging needed to prevail

Pension Funds

Optimize Pension Fund Performance: Deliver specialized due diligence and manager selection support tailored for pension funds, ensuring long-term value and risk mitigation
Operational & Reputational Risk Assessment: Detect operational weaknesses and reputational concerns that could impact a manager’s effectiveness and the fund’s public standing
OCIO and Pension Fund Expertise: Leverage investigators with deep experience working with pension funds and outsourced CIOs, providing insights specific to institutional investment needs
Open-Source & Industry Intelligence: Use public records, media, and industry databases to create comprehensive profiles of manager candidates for pension fund oversight
Seamless Team Integration: Function as an extension of pension fund due diligence teams, adapting to internal processes and delivering efficient, collaborative results
Focus on Long-Term Success: Prioritize the selection of managers whose credentials and track records support the sustained growth and security of pension fund assets
Proven Institutional Experience: Trusted by leading pension funds and institutional investors to help staff organizations with high-performing management talent.

Family Offices

Manager & Partner Vetting: Conduct thorough background checks and performance reviews on fund managers, investment partners, and key stakeholders to ensure alignment with family values and long-term objectives
Comprehensive Risk Assessment: Identify operational, reputational, and compliance risks across prospective investments, including conflicts of interest and undisclosed relationships, to safeguard family wealth and legacy
Tailored Due Diligence & Reporting: Provide detailed, context-driven analysis and clear reporting that addresses the unique needs, sensitivities, and multi-generational goals of family offices

Venture Capital and Private Equity

Leadership & Team Assessment:
Evaluate the experience, track record, and cohesion of the management team and key personnel, as their ability to execute growth plans is critical for both early-stage (VC) and established (PE) investments
Market & Industry Analysis:
Analyze the target’s market position, industry trends, competitive landscape, and growth prospects to validate the opportunity and identify external risks or barriers to success
Financial & Operational Review:
Conduct a deep dive into financial statements, revenue streams, cash flow, and operational efficiency-focusing on quality of earnings for PE and scalability for VC-to ensure economic viability and identify value creation opportunities
Legal, Regulatory & Compliance Check:
Examine all corporate documents, contracts, intellectual property, and regulatory compliance issues to uncover legal risks, potential liabilities, and barriers to post-acquisition integration or growth
Risk & Reputation Analysis:
Identify and assess operational, reputational, and governance risks-such as conflicts of interest, undisclosed relationships, or negative public perception-through comprehensive due diligence, including human intelligence and external references