Interview – Romain Munier, BYCap Advisory

DEALCOCKPIT: Could you introduce yourself and tell us about your career?

Romain Munier: I have been a Partner at BYCap Advisory since 2022. After specialising in corporate finance, I began my career in financial audit for around ten years with KPMG (in Paris) and Mazars (in Lyon) in audit and transaction services. In 2018, I moved to the M&A consulting sector when I joined InExtenso Finance in Lyon, where for five years I helped to structure and develop M&A activities in the AuRA region.

DC: What motivated you to join BYCap Advisory as Associate Director?

Romain M.: I was motivated by the opportunity to join an entrepreneurial project, and the desire to be involved in the development of an independent structure with a strong identity and a young, ambitious and fast-growing team. I also wanted to work on deals that were different from what I had previously experienced, with a focus on providing medium- or long-term support to our customers and creating real value.

DC: Can you tell us about the specific nature of BYCap Advisory, its history and its vision?

Romain M.: BYCap is celebrating its 10th anniversary this year! Based in Lyon (but with national coverage), we are a team of nine people who work alongside directors and shareholders to support them in their operations involving sales, transfers, fundraising, acquisitions and financing.

We carry out around ten transactions a year, ranging from €10 million to €150 million in value. We are generalists, but have developed a strong expertise in certain sectors such as waste collection and treatment, software development, healthcare, cosmetics and associated services – sectors in which we have carried out several transactions in recent years.

We offer tailor-made advice designed to create value. We ensure that we have an in-depth understanding of our clients' personal and professional objectives, enabling us to offer tailored solutions.

We are often involved in what are known as ‘primary’ operations, which requires a strong capacity to think outside the box: to be bold, to dare to come up with alternative arrangements, to go beyond the usual frameworks.

We are well aware of the responsibility that drives us; we do not have the right to fail. Every project we accept must succeed. This requires a high level of rigour, commitment and determination, as well as a certain amount of audacity in what we do.

DC: What are the particularities of primary operations?

Romain M.: The pedagogical dimension is very strong. Managers generally know what they want to do, but not always how to go about it. There are, for example, a multitude of ways of selling a company: selling 100% of the capital, selling a majority stake, opening up the capital to a financial investor, handing it over to the management team, etc. Our role is to open up the field of possibilities in order to structure the best deal. It is precisely in these operations that the word ‘advice’ takes on its full meaning and where we can provide added value. The success of these operations depends on meticulous prior preparation.

DC: Can this ‘field of possibilities’ involve advising a client to forego a deal? Have you ever done this?

Romain M.: Our duty as advisors requires absolute objectivity. Because we work with our clients over the medium and long term, we never encourage them to undertake a project if it's not the right strategy. We are not simply a service provider: we act as genuine partners, involved in and committed to their company's development.

Our model is based on successful deals. As we are paid by success, we launch a deal if, and only if, we are convinced that it can succeed. This requires a rigorous selection process.

DC: Is there an operation that has particularly impacted you?

Romain M.: It's always difficult to pick just one operation that stands out, because they're all so different. But if I had to pick one, it would undoubtedly be the very first! Because, over and above its impact on the transport software sector, this deal confirmed my deep-seated desire to devote myself fully to this demanding and exciting profession, because it's full of “real” encounters and calls on a wide range of skills.

DC: BYCAP emphasises a personalised approach and a strong result-oriented culture. How do these values play out in your day-to-day work and that of your team?

Romain M.: At BYCap Advisory, our approach is based on the total commitment of our staff, constant availability and high standards. In our field, there is no room for error. That's why commitment and going the extra mile are essential if we are to complete each deal under the best possible conditions.

While some projects get a lot of media coverage and are completed in just a few months, our greatest pride often comes from the more complex projects, those that require us to overcome the pitfalls and exceed the initial schedule right through to completion. It is these successes that best embody our service and achievements.

Our success rate is particularly high. We attach the same importance to every project we handle. It's this persistence, well beyond the technical work, that makes the difference.

DC: Are there any industries today that you feel are particularly dynamic or promising?

Romain M.: In the current economic climate, it's hard to give a precise answer to that question! What I can say is that today there is clearly a “premium” for companies with business models that offer visibility, recurrence and low reactivity to economic ups and downs... and that operate in sectors that are growing and/or consolidating.

The transactions we have supported recently are a good illustration of this dynamic: (i) a majority LBO of a company distributing equipment for the outdoor hotel industry (a high turnover rate and a fast-growing sector), (ii) a majority MBO of an insurance brokerage company in a niche market (high turnover recurrence and significant potential for organic and external development), (iii) support for the acquisition and fund-raising of a group involved in general waste management (a fast-growing sector and favourable regulatory pressure).

DC: How do digital tools, and in particular the use of a data room, help to optimise your operations?

Romain M.: Confidentiality is a central issue in any operation, which is why the use of a data room is an obvious choice. It enables us not only to protect sensitive information, but also to secure, speed up and simplify the whole process.

There are many different parties involved in a deal: lawyers, accountants, financial auditors, buyers, investors, M&A advisors, etc. Coordinating all these players effectively requires a structured tool. The data room plays a key role here by improving the responsiveness, transparency and fluidity of exchanges. It also offers precise control over access rights, which is essential in this context.

Another particularly useful feature is the audit trail. It allows us to identify the behaviour of different stakeholders. When a large volume of documents is made available, knowing who consults what, how many times and when, enables us to refine our reading of the process and anticipate the real intentions of applicants.

DC: You use DealCockpit and we thank you for that. Why did you choose us?

Romain M.: What we particularly like about DealCockpit is its ease of use and ergonomics. The tool is intuitive, both for us and for the other parties involved, who aren't always familiar with this type of solution. It makes managing operations a lot smoother.

Security is also a key element. On this point, DealCockpit meets our requirements perfectly, which is essential in our business.

We especially value the quality of the technical support: responsive, competent and attentive. This is an invaluable asset, especially when it comes to adapting certain processes to our specific needs. The tool is very much in tune with the reality of our activity.

Finally, the price is remarkably competitive. This is an important criterion: a price adapted to the size and nature of the operation clearly makes it easier to justify to our clients.

DC: Thank you very much for this comment! Are there any areas where we can improve?

Romain M.: Today, the tool is more than sufficient for what we want to do.

DC: That's great, thanks for the feedback! To conclude, do you have any final advice for a young professional wanting to enter the field of M&A consulting?

Romain M.: To succeed in our profession, you need to cultivate a solid technical knowledge base. Mastery of financial techniques is a fundamental pillar.

Then I'd advise you to show a great deal of personal commitment: work hard, be curious and have a constant thirst for learning.

Finally, I would say that you need to be daring. Dare to dream, to think outside the box, to take initiative and to have big ambitions!