Fortman Cline Declared Best M&A Advisory Team in Southeast Asia
Winning Team. (Left to right) Fortman Cline Management team members Francis S. Del Val, Clarisse T. Tan, Michael C. Tiutan, Daniel D. Ibasco, and Gary P. Cheng.
MANILA, Philippines – Fortman Cline Capital Markets (FCCM) was recently named the Best Mergers and Acquisitions (M&A) Advisory Team in Southeast Asia for 2023 by Capital Finance International (CFI), a premier London-based print journal and online resource for business, economics, and finance.
In recognition of FCCM’s work as a corporate finance advisory and consulting firm, CFI wrote that the firm has “demonstrated a track record on assisting entrepreneurs and family businesses achieve transformational growth via joint ventures, external fund-raising placements, and inorganic acquisitions.”
“In addition, it has assisted a number of entrepreneurs monetize their businesses via strategic transactions with responsible partners that could transform businesses towards a larger scale.
The team has also developed specialized practices in healthcare, consumer businesses, infrastructure, and logistics. It has complemented its workforce with industry professionals,” CFI further said.
The CFI award programme aims to demonstrate “the many ways in which the economies of the world are converging” and the awards are given to individuals and organizations “that truly add value.”
This is the second time that CFI has bestowed the recognition to FCCM. The first time was in 2019. That same year, FCCM was also given the Most Innovative Solutions Provider Award from International Finance, Inc.
FCCM has been ranked as one of the top M&A firms in the Philippines by Bloomberg and in Southeast Asia by Thomson Reuters.
“Having meaningful dialogues with our clients over a company’s lifecycle is very important. This develops customer loyalty, and annuity like revenue streams vis-à-vis a transaction-oriented approach to business,” said FCCM president and co-founder Daniel D. Ibasco.
A History of Successful Transactions
FCCM acted as one of the two financial advisers of Professional Services Inc. (PSI), the company that owns The Medical City (TMC), as it recently sealed the deal with Luxembourg-based CVC Capital Partners. The deal will involve a control entry by CVC over the hospital’s Philippine assets and operations through a combination of convertible notes and secondary share purchases via an ongoing tender offer.
FCCM has also assisted PSI in refinancing US$146 million worth of guaranteed obligations of its subsidiary in Guam with non-recourse long-term debt from a syndicate of South Korean lenders. FCCM has assisted TMC grow into one of the largest healthcare networks in the Philippines through a series of multiple transactions performed for TMC over the last 10 years.
In November 2022, FCCM advised TMC on the issuance of up to Php12.7 billion of convertible notes to Universal Healthcare Services, Pte., Ltd., which is managed by CVC. The move is part of the hospital’s recapitalization program.
“The current industry environment is ripe with opportunity driven by a demand for quality healthcare services, an increase in healthcare spending, and a growing middle class population,” Ibasco said.
Prior to the CVC-TMC deal, FCCM advised Mang Inasal Philippines Inc. on its sale of a 70% stake to Jollibee Foods Corporation, and All First Equity Holdings on its acquisition of a 60% equity
stake in Philippine Geothermal Production Company, Inc. from Chevron Geothermal Philippines Holdings, LLC (USA).
The firm was also the financial advisor of San Miguel Corporation’s acquisition of Citra Tollways’ interest in the Southern Luzon Expressway, the sale of Air 21 Group to AC Logistics Holdings Corporation, the sale of 51% of The Generics Pharmacy to Robinson Retail Holdings, Inc., Bounty Fresh Food Inc.’s US$300 million acquisition of Tegel Foods Ltd. in New Zealand, Fernwood Holdings, Inc.’s acquisition of a 100% stake in Liquigaz Philippine Corporation, and more.
An Experienced Team of Financial and Business Experts
Before founding FCCM along with Gary P. Cheng in 2007, Ibasco headed Asian Capital Markets and Southeast Asian Investment Banking for Bear Stearns and Co. in Singapore and Hong Kong. He has over 30 years of experience in investment banking, debt and equity capital markets, private and venture equity and special situations, specializing in emerging markets and Southeast Asia.
Cheng, on the other hand, is currently the Managing Director of FCCM. He was the president and CEO of Amalgamated Investment Bancorporation and has worked with J.P. Morgan in New York, Hong Kong, and London.
Ibasco and Cheng are joined in the top executive positions by Clarisse T. Tan and Michael C. Tiutan, Executive Directors for the Investment Banking Group. Earlier in the year, FCCM established a management consulting arm under the leadership of Francis S. Del Val, who has more than three decades of global executive experience.