July 21, 2010
Middle-Market M&A Activity Shows Signs of Improvement

Review of the First Half of 2010

Many observers are commenting that M&A activity is slowing and that the trends are indicating a weak second half. However, as it pertains to middle-market companies, the statistics are somewhat misleading. It is true that announced global M&A activity remained stable during H1 2010 at $976 billion (H1 2009 was at $977 billion), and that announced U.S. H1 2010 M&A activity, at $339 billion, was down 5% from H1 2009 (at $358 billion)—according to Thomson Reuters. However, M&A volumes for H1 2010 for deals of less than $500 million were up 39% over H1 2009. Another interesting change is that M&A activity backed by global private-equity funds for Q2 2010 totaled $40 billion, which is an increase of 33% over Q1 2010 and an increase of 125% from Q1 2009, with year-to-date activity up 102% from H1 2009. These are all clear signs that domestic middle-market activity is accelerating!

June 15, 2010
Barnard/Montague Capital Advisors Establishes Strategic Alliances Internationally

PRESS RELEASE
June 15, 2010
San Francisco, CA

Biff Barnard and Jeanne Montague, the principals of Barnard/Montague Capital Advisors, today announced the establishment of several important strategic alliances with merchant and investment banking firms that give the middle-market focused investment bank broad international reach. As both financial and strategic investors/buyers in today's markets may be foreign as well as domestic, it is increasingly important that investment banks have access to investors from around the world.

May 3, 2010
Middle-Market Company Performance and M&A Activity Improving
There are increasing indications that middle-market businesses are performing better. As a result, banks and other sources of debt seem to be more willing to lend, middle-market merger and acquisition activity is beginning to pick up, and valuations are improving.
 
April 5, 2010
Capital Gains Tax Rate Increase and Its Impact on the Sale of a Business

We are surprised that we are just now beginning to hear discussions of increased taxes and actions individuals should consider taking to address that possibility. The prospect of the capital gains tax rate increasing from 15% to at least 20% in 2011 is real. There is also talk of personal federal tax rates increasing, particularly for the more affluent.

January 18, 2010
WSJ Headline Economic Gauge - Sense of Optimism Balanced with the Realities of the Marketplace

As we enter 2010, there is an increased amount of optimism about our economy and middle-market M&A activity being expressed by many of the people I talk with – business owners, middle-market focused private equity and sub-debt professionals, other investment bankers, lenders as well as other advisors to middle-market companies.

December 7, 2009
Biff Barnard and Jeanne Montague Start Partnership
Join Together to Form New Middle-Market Focused Investment Bank

PRESS RELEASE
December 7, 2009
San Francisco, CA

Bailey S. “Biff” Barnard and Jeanne Montague today announced that they have joined together to form Barnard/Montague Capital Advisors, an investment banking and financial advisory firm focused on providing merger and acquisition, capital raising, and financial advisory services for private, middle-market companies primarily located in the Western U.S. 

December 7, 2009
Biff Barnard and Jeanne Montague Join Together to Form New Middle-Market Focused Investment Bank

PRESS RELEASE
December 7, 2009
San Francisco, CA

November 11, 2009
WSJ Headline Economic Gauge - October leans toward the positive!

For the first time since we started tracking it in March, our WSJ Headline Economic Gauge for the month of October recorded more positive headlines (49%) than negative (42%). Certainly a good sign BUT is it sustainable.

October 15, 2009
WSJ Headline Economic Gauge - An Update

We last updated our WSJ Headline Economic Gauge on May 26. A lot of people have been asking for another update as there seem to be mixed messages whether the economy is yet improving. Public equities are certainly improving – whether that improvement is sustainable is debatable.  Pronouncements from many of our political leaders would lead us to believe that the economy is improving but usually with the caveat that it will be a slow, bumpy recovery.

September 9, 2009
Time to Revisit the Recapitalization

As the summer doldrums end and we head into the 4th Quarter of 2009 with few signs of significant near-term improvement in the economy as it impacts private, middle-market companies, maybe it is time for company owners to reconsider a recapitalization.

May 26, 2009
Is the Economy Improving?

WSJ Headline Economic Activity Gauge Update

The objective of our blog is to summarize how what is going on in the economy impacts middle-market companies based upon information from the media and government, what I learn talking with owners of middle-market companies, with middle-market focused private equity firms, subordinated debt and other lenders as well as with other advisors to middle-market companies.

March 23, 2009
When will the economy turn around?

Everyone seems to be asking, “When will the economy turn around?”. I know how to tell with certainty when it is turning; I call it the <em>Wall Street Journal</em> Headline Economic Activity Gauge. But before I explain how it works, I want to talk a bit about what we hear from our government as well as from “Main Street” that banks are not lending and, until they do so, our economy won’t turn around.

March 11, 2009
The Subordinated Debt Solution

While banks provide traditional debt, particularly during these challenging times a growing company’s financing needs may be beyond what banks can provide. And while private equity funds are still flush with capital to invest in or acquire companies, private equity can be expensive, usually requiring shareholders to relinquish significant ownership and control. However, subordinated debt provided by specialized funds is an alternative that may well help companies and shareholders accomplish their financing objectives.

January 28, 2009
“Should I sell my company now or wait until the economy improves?”

Many middle-market company owners are asking us and themselves this question. In order to provide some guidance to business owners and their advisors, we are in constant communication with strategic and private equity investors and lenders to understand their investing appetite as this recession unfolds. Additionally, during the week of January 19, I had the opportunity to attend several “economic forecasts” presented by a number of well respected economists. What follows is a summary of what I am hearing as it pertains to valuations of middle-market companies.

January 21, 2009
MegaTrends: Areas to Watch

On January 15, I attended the ACG San Francisco Luncheon and heard Michael Moe, founder and former Chairman and CEO of ThinkEquity and one of the best analysts and future thinkers I know. He has talked at the January ACG SF Luncheon for the past 15 years and is always well received. More about what he is thinking can be found on his web site at www.nextupresearch.com.

January 9, 2009
Recapitalization: A Financing Alternative for Middle-Market Companies

The impact of the global recession is raising many issues for your middle-market business clients. The substantial reduction of availability of debt and the weak equity markets make it difficult for many companies to access capital, raising the very real concern as to whether they will have the financial resources to weather this recession.

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