Interview with Thibault Kerdoncuf, AYA Partners

DEALCOCKPIT: You were recently promoted to Associate at AYA Partners, which you joined in 2020. Could you start by telling us a bit about your career path, Thibault?

Thibault Kerdoncuf: After some M&A experience at the end of my studies, I started my career with a cooperative distribution group, where I took part in a restructuring and asset disposal operation. This initial operational experience gave me an early insight into the complex issues involved in turnarounds. I then joined Interactis, an investment bank specialising in distressed M&A, where I spent six years. In 2020, I joined AYA Partners, founded by Virginie Lagrange, an independent investment bank that assists SMEs, mid-sized companies, family groups and management teams with all their M&A operations: raising capital, growth financing, buy-outs, restructuring and other complex transactions.

DC: You have held several positions within AYA Partners. Is this a reflection of your personal development or part of the firm's wider strategy?

Thibault K.: It's a shared dynamic. AYA Partners is committed to supporting its clients over the long term, and this philosophy also applies internally. The aim is for every member of the team to be able to develop within the company. I joined the company as Assistant Director, in an operational role. Gradually, I gained more autonomy over projects, thanks to Virginie's confidence. We've also been lucky enough to recruit two former interns, who are now analysts, which clearly demonstrates this logic of continuity and transmission.

We operate as a flexible project team, to ensure maximum responsiveness on projects and with our clients, and in-depth knowledge of each case.

DC: The team seems very close-knit around Virginie Lagrange. Is this a differentiating factor in a highly competitive environment?

Thibault K.: Yes, of course. When Virginie founded AYA Partners, she wanted to create a different kind of investment bank. Each organisation has its own specific characteristics, whether in terms of sector or the way it approaches deals. At AYA Partners, our DNA is based on a very close relationship with our clients, with close support throughout the deal and beyond, when necessary. We are a tightly-knit, highly responsive team, where information circulates quickly to provide tailor-made support with real added value. Our reactivity is a strong asset, particularly in our strategic verticals: beauty & cosmetics, energy transition, and training & education.

DC: Can you think of a particular case you could share with us that illustrates your positioning, your role and your expertise?

Thibault K.: An ideal example is Avenir Santé Formation, a group structured through external growth, specialising in initial and continuous education in the healthcare sector. The operation was carried out very quickly and the outcome was an increase in capital, backed by a fund specialising in education. This enabled the company to secure its future growth. What I remember most about this deal was the swiftness with which it was structured, thanks in particular to our pre-existing knowledge of the various parties involved. We designed a tailor-made solution, which allowed the group to get back on a clear course and consolidate its trajectory.

DC: You're mentioning the need to act quickly and efficiently. How do you interact with other parties – legal, operational, internal and external – in this type of context?

Thibault K.: A deal doesn't succeed on its own. Our project team works closely with external advisors, including auditors specialised in due diligence or IBR, tax specialists, and M&A or restructuring lawyers, to ensure that all aspects of a transaction are covered. We organise, structure and manage the process drawing on the specific expertise of each of the parties involved. This is essential in our business, where transactions are becoming increasingly complex. Lawyers, in particular, play a decisive role. We involve them as early as possible, give them a clear view of the progress of the deal and brief them on ongoing discussions and negotiations, in order to provide a solid framework for the deal structure and any further negotiations (and to avoid friction when it is time to close).

DC: You work with companies in critical situations. In your opinion, what makes the difference between a deal that goes through and one that doesn't?

Thibault K.: When a company is in a situation of distress, it often reveals an accumulation of dysfunctions: market positioning, business model, insufficient management, debt, financing difficulties, etc. What can make the difference in this context is the company's strategic value. A rare expertise, a solid customer base or a unique positioning remain highly attractive, even in difficult times.

There is also a factor of momentum, which is difficult to quantify: at times, a company director will have already thought of external growth opportunities, and the project we present fits in perfectly with this trajectory. Sometimes, it's the other way round, and an unfortunate experience of taking over a company in difficulty puts the brakes on buyers. That's why it is so important to have a thorough grasp of the various parties' industry-specific strategies, and to be able to detect the distinguishing features of an asset so as to highlight them and promote them to future partners. This is what we aim to achieve through our verticals.

DC: You are at the crossroads between the entrepreneurial director, often concerned with developing, saving or passing on his business, and the investor, who is looking for performance. How do you reconcile these sometimes divergent objectives?

Thibault K.: We mainly advise directors, family shareholders or management teams. I have never seen a company director who was not primarily concerned about the long-term future and development of his business and the future of his staff. This is where management and investors converge: the project and the people. A solid project for a merger or investment will be solid for all parties involved; it will reassure the investor and maximise valuation for the seller.

DC: Artificial Intelligence is transforming our professions. What consequences do you anticipate for M&A and restructuring operations?

Thibault K.: It's clearly a radical shift in society, and we don't yet fully appreciate the extent of its impact, but AI is also going to transform the way we work. We are already exploring these issues to optimise our internal processes. This is an area of development that we are actively integrating into our thinking.

DC: You've been putting your trust in us for a long time now, for which we would like to thank you. Can you give us your feedback on DealCockpit?

Thibault K.: Aside from the technology, the first point I'd like to emphasise is the proximity and the high quality of client relations. From the onset, communication has been smooth, responsive, and agile, and that's something we value enormously. In our line of work, we don't just need a document storage solution, we need a real data room. It's a critical transition point: we need a reliable and available partner. That's what we found in DealCockpit.
Secondly, the interface is ergonomic and easy to use for both our team and our clients. The offer is well positioned and adapted to our specific needs.

DC: Are there any improvements you would like to see in the future?

Thibault K.: Perhaps an even finer granularity in the management of document access rights, with simplified visualisation of security levels according to user profiles.

DC: Thank you for the feedback! Lastly, what advice would you give to a young professional wishing to specialise in distressed M&A?

Thibault K.: First and foremost: be curious. This job requires a wide range of skills – economic, financial and strategic vision, not to mention legal knowledge, which is crucial in special situations. Secondly, you need to be aware that these operations are fast-paced, involve a degree of risk and a high level of personal commitment. But that's also what makes this job so exciting.