Battle of the Dealmakers: Oakwood and Drehem Capital’s M&A Case Challenge 2023 – Forging Tomorrow’s Market Leaders

Top 3 teams receiving their prize money

Battle of the Dealmakers: Oakwood and Drehem Capital’s M&A Case Challenge 2023 – Forging Tomorrow’s Market Leaders

About the event

The M&A Case Challenge 2023 (“the Challenge”) was co-organised by Singapore’s Oakwood & Drehem Capital and Hong Kong’s Crusade Partners. More than 100 teams comprising of 400+ students from universities in Singapore and Hong Kong participated in the competition. The event timeline spanned a month from 15th September 2023 to 13th October 2023, with various stages held on different dates and at different venues.

The Challenge invited participants to step into the role of buy-side M&A advisors and help Heisen GmbH, a fictitious German conglomerate, identify a suitable acquisition target that will accelerate its entry into the Asian market by aligning with one of its existing business verticals, namely InfraTech, MedTech, and Green Energy.

The participants were tasked to select one out of nine potential public companies presented by the organisers as the target company for the acquisition. In the process, they had to conduct thorough due diligence, propose a reasonable acquisition price for the target company, and devise a comprehensive deal structure for the acquisition.

The Organisers' Objective

Singapore and Hong Kong rank among the top global financial hubs and M&A is a high-value segment of the financial services industry. By organising the M&A Case Challenge, the organisers aspire to equip participants with practical insights into real-world M&A scenarios and to inspire a new wave of creative thinkers who will shape the future of this dynamic industry.

Mr. Kenny Ng, the Managing Director of Oakwood & Drehem Capital, as the co-organiser of the M&A Cross-Border Case Competitions and participating judge for the event, emphasised the importance of empowering the next generation of merger and acquisition professionals, starting from university students.

He stated, "Singapore and Hong Kong are among the top global financial hubs, and M&A is a high-value segment of the financial services industry. By organising the M&A Case Challenge, the vision is to equip participants, especially university students, with practical insights into real-world M&A scenarios. This initiative aims to inspire a new wave of creative thinkers who will shape the future of this dynamic industry."

Photo: Kenny Ng, Co-Organiser of Event and Managing Director of Oakwood & Drehem Capital

Event Timeline:

• 15 September 2023: A taste of real-life networking. Students had an opportunity to meet industry professionals to establish useful contacts for their future career. Industry professionals shared their knowledge and experience of the M&A world.
• 22 September 2023: Students were briefed on Heisen GmbH, the fictitious acquiring company, and were provided a data pack of Heisen’s financial statements and company information, as well as a set of nine potential target companies.
• 4 October 2023: After conducting their research and analysis, the students submitted their cases.
• 6 October 2023: The organisers thoroughly evaluated the submissions from over 100 teams, ultimately choosing the six finalist teams to be announced.
• 13 October 2023: The Grand Finals took place in Mochtar Riady Auditorium, situated within Singapore Management University ’ s Administration Building. The event featured the top six teams across Singapore and Hong Kong, presenting their strategic insights before a distinguished panel of industry judges. Each finalist team had a n allocated 15 minutes for their presentation, followed by a brief Q&A session.

Photo: Judges L-R, Kevin Yap, Joseph Yap, Tay Wee Teck, Kenny Ng

Judges:

• Kenny Ng is the Managing Director at Oakwood Group and specialises in corporate finance and M&A. He has prior experience in senior roles at listed companies.
• Tay Wee Teck serves as the Principal Consultant at Singapore Consultancy, with a focus on deal origination and capital raising globally. He was formerly the Chief Investment Strategist at Atlas Asset Management.
• Joseph Yap, formerly a Partner at SAC Capital, has over 11 years of experience and expertise in Southeast Asian M&A transactions.
• Kevin Yap is the current VP of Capital Structuring & Advisory at ING and has held roles at RHB Singapore and Standard Chartered, where he engaged in capital market activities.
• Phoebe Kwan is a Partner at FRO Management in Hong Kong and specialises in global investments in the financial and healthcare sectors. She was previously VP at RRJ Capital.
• Desmond Lin is the CEO of DL Investments, offering advisory and corporate finance services. He is also a board member and investor in leading Asian health tech firms.

Results:

• Second Runner-Up – Team Merger Monsters: John Neo, Keane Chia, Andre Lim, and Jeremy Loke from National University of Singapore
• First Runner-Up – Team Kairos: Calvin Ang, Tibro Karmaker, Brandon Ng, and Tok Wei Yang from National University of Singapore
• Champions – Team Street Capital: Gian Yan Xiang, Jacob Cuison, Joshua Phua, and Natasha Ng from National University of Singapore
• The Best Speaker as voted by the judges and the audience – Chow Sin Ying from Team Strivers
• Team Strivers consisting of Chow Sin Ying, Chan Man Tik, Ng Cheuk Hei, and Ngan Ka Lok from Hong Kong University of Science and Technology were commended by the judges for their admirable performance and received an extra consolation prize, generously awarded by the judges from their pockets.

Photo: Winning teams feedback on their experience and lessons learn t during the competition.

Team Street Capital (First-placed team):

Photo: Team Street Capital: L-R, Joshua, Natasha, Jacob, Yan Xiang

Team Street Capital’s Representative said: “There was no prior M&A competition to reference, and we had to rely on secondary research and discern what should be included in the presentation. We learnt more about the importance of the deal structure and that it could be dealt with creatively.”

“The Cross-Border initiative made the challenge uniquely enriching to be in the shoes of a buy-side advisor and to experience the thinking behind the rationale for selecting the target company. It not only tested our skills in financial analysis and critical thinking but also required us to understand the nuances of M&A activities in different jurisdictions. It was a fantastic platform to display and broaden our skillsets.”

“Winning was a momentous validation of our teamwork and strategies. As we celebrated, we were grateful for the lessons we had learnt and the fierce competition we had faced. We were glad that our hard work had paid off!”

Team Kairos (second placed team):

Photo: Team Kairos: L-R, Tibro, Brandon, Wei Yang, Calvin

Team Kairos’ Representative said: “Participating in the M&A case challenge as first-year students presented our team with multiple challenges. Firstly, the complex nature of mergers and acquisitions posed a steep learning curve. Navigating through financial intricacies and evaluating a target company's strategic fit was not easy. It was an opportunity for us to research and learn the process of a M&A deal.

However, despite initial apprehensions, our thoughts about the M&A case challenge evolved positively. As we delved into the intricacies of the deal, we found ourselves learning at every step of the way.”

“Ultimately, when we emerged as the 1st runner up, the elation was unparalleled. Winning reaffirmed our belief that, as first-year students, we could not only compete but excel in a highly competitive arena. It was a testament to our dedication, teamwork, and the power of learning through experience.”

Team Merger Monsters (Third-placed team):

Photo: Team Merger Monsters: L-R, John, Jeremy, Keane, Andre

Team Merger Monsters’ Representative said: “(Our) biggest challenge was formatting the deal structure because most of the target companies and the acquiring company were not in the best state of financial health. We learnt to be creative in forming the deal structure so as to create the most value for the acquiring company while taking into consideration the perspectives of the target company.”

“It was an eye-opener into the industry and helped hone our valuation, analysis and deal structuring skills.”

Team Strivers (Consolation Prize team):

Team Strivers Representative said: “During the thrilling M&A Case Challenge, Strivers encountered exhilarating challenges, including the relentless ticking clock, scarce information, and the imperative need for seamless collaboration. This intense experience taught us invaluable lessons about harmonious teamwork, and the prowess to dissect intricate financial and strategic data. We emerged from the challenge armed with profound insights into the inner workings of M&A deals and the intricate decision-making processes involved.”

“The Challenge bridges the gap between theory and reality, transforming textbook knowledge into tangible skills applicable to real-world scenarios. It was an opportunity to immerse ourselves in the fast-paced realm of deal analysis and strategic thinking. And this allowed us to experience firsthand the exhilarating pressure and dynamic nature of M&A transactions. Securing the Consolation Prize brought an overwhelming sense of accomplishment and validation, bolstering our confidence, reaffirming our belief in our abilities and motivating us to pursue opportunities in mergers and acquisitions.”

For original article, please visit: Battle of the Dealmakers: Oakwood and Drehem Capital’s M&A Case Challenge 2023 – Forging Tomorrow’s Market Leaders- Investor-One