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Renatus’ Weekly M&A Newsletter – 22/01/2023
February 1, 2023
M&A H1 2022 Statistics
M&A Newsletter Database H1 2022 Summary – Private Equity Ireland
August 1, 2022
April 8, 2022

Renatus|Return to Office Survey 2022 Results|

Key Takeaways:

    • We were delighted to see c. 1,400 responses to our recent survey, which we believe has given both a broad and complete perspective on how a return to the office may look moving forward. One thing we can be certain of is that hybrid working is here to stay, with this being a recurring theme across the responses.
    • In terms of occupancy, there was >50% occupancy in 44% of respondents’ offices at the moment with this expected to rise to 57% post-Easter which augurs well for city centre activity.
    • Responses to Q3 also suggest that occupancy rates of offices should increase post-Easter. There was no consensus on how many days people would like to spend in the office with 1-2, 2-3 and 3-4 all receiving similar preferences. This further highlights the desire for flexible hybrid working.

Some key takeaways:

– Over 53% of respondents are already back at the office in some capacity.

– Time spent commuting & decreased flexibility are the biggest concerns for returning to the office.

– Business sentiment for the year ahead is that performance will be ‘a little better’.

– Another concern highlighted by many was that they feared losing staff if they forced them to return to the office full-time.

Q1. How would you describe your role?

  • Of our 1,383 responses, 57% were employees, 40% were employers with the remaining 3% classifying themselves as a mix of Chairmans, Partners, Non-Execs, Consultants, etc.
  • We believe this gives a balanced perspective between employers and employees.

Q2. What size business do you work in?

  • Over 36% of our respondents indicated that they were part of a large organisation (250+ employees).
  • The proportion of Small (10 – 49 employees) and Medium (50 – 249 employees) was 24% & 23% respectively, again giving us a balanced perspective given that an organisation’s size is likely to influence the ease of executing any potential return to the office.

Q3 (A). What is the current occupancy rate of your office?
&
Q3 (B). Post Easter, what do expect your office occupancy rate to be?

  • In terms of occupancy, there was >50% occupancy in 44% of respondents’ offices at the moment with this expected to rise to 57% post-Easter which augurs well for city centre activity.
  • At present, there is no consistent level of occupancy across companies covered by our survey, which may reflect a lack of a defined plan for returning to work in general, or a varying desire to work from the office across different companies and sectors.
  • At present, most offices from our survey are operating at under 50% capacity, with almost a third of offices operating at a minimal capacity (<25%).
  • Our survey suggests that there will be a marked change after Easter, with the majority of respondents expecting occupancy levels of over 50%. Interestingly, almost a third of respondents expect near full occupancy levels after Easter (28%).

Q4 (A). What are your working preferences going forward?

&

Q4 (B). Ideally, how many days a week would you like to spend in the office?

  • It appears that a hybrid working model is here to stay, with 77% of respondents expressing their desire to maintain the current flexible working arrangements.
  • Only 7% of responses indicated they would like to work fully remote, which suggests that almost all employers and employees recognise the value in some level of in-person interaction amongst their teams.
  • In line with the favoured hybrid working model, only 17% of respondents see themselves working in the office every day, with 1-2 days in the office appearing to be the prefered option with 27% of the vote, and 3-4 days not far behind with 26% of the vote.
  • When we isolate employers and employees, we find that employees are slightly more in favour of a hybrid model but that the overall trend remains. 26% of employers would prefer “full time in the office” going forward with only 10% of employees wanting this. 70% of employers would like a hybrid of both with 82% of employees also preferring a hybrid approach.

Q5. When do you think you will commence a full return to office working?

  • A phased return to the office is well underway according to our survey, with 53% of respondents stating that they are already back at the office in some capacity.
  • A staggering 14% indicate they have no intention to return back to the office, with the same number uncertain about their company’s plans.
  • In relation to the ‘Other’ category, with 7%, a strong theme emerging is the preference for the hybrid model, increased flexibility and never returning to the office full-time again

Q6. Primary Concerns About a Return to the Office

  • In relation to people’s concerns regarding a return to the office, time spent commuting and decreased productivity were the main focus, accounting for 24% and 21% respectively.
  • 10% cited no concerns, while exposure to Covid also represented a minimal challenge, with only 8% of responses pointing to it as a worry.
  • Unsurprisingly, inflationary costs featured prominently in responses and are likely to be a recurring theme as the world navigates the current crises.

Q7. Post Easter, How much more likely are you to use video conferencing?

  • The adoption of online communication has been in play for a long time now, so it is no surprise to see 68% of respondents expecting to use video conferencing tools such as Google Hangouts, Microsoft Teams, or Zoom the same amount going forward.
  • With the general trend of people occupying their offices more frequently, 14% do state that they expect to use video conferencing tools marginally less.

Q8. Compared to your 2021 performance, do you expect your business’ 2022 performance to be better or worse?

  • Business sentiment for the year ahead is positive with 43% stating their respective business’ performance will be ‘a little better’ & 25% stating performance will be ‘significantly better’.
  • This is great to see after what has been a challenging couple of years for both employers and employees alike.

Q9. What changes do you expect to see to you work practices or business model in the future?

  • As is to be expected with any event which brings the world to a near halt for two years, the pandemic has greatly influenced the way we work and the way we will work moving forward, as evidenced by our survey results.
  • Flexibility looks to be the all-encompassing word to describe the expectations of employers and employees alike moving forward. The recurring themes put forward by our respondents centred on a more hybrid working model, with a bigger emphasis on measuring productivity rather than simply time spent working.
  • Respondents expect defined WFH policies to be put in place, with both employers and employees highlighting the threat of losing staff if workers were forced back into the office without any consultation or flexibility.
  • Given the expectation that work schedules and locations will continue to remain flexible, it is also unsurprising to see respondents predicting a greater digital focus across their organisation.

Methodology & Disclaimer:

  • The charts presented on the slides above are all based on data collected from a survey sent out to those on the Renatus mailing list that ran from 3/4/22 – 8/4/22.
  • Best efforts have been made to ensure the accuracy of the data set.

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    Adrian Stackpoole, Digital Marketing Associate

    • Adrian joined Renatus in 2018, initially as a Marketing Executive before moving into the role of Digital Marketing Associate. As part of his role, Adrian manages all the digital marketing aspects of Renatus as well as conducting digital research for portfolio companies.
    • Adrian holds with a BBS degree in Marketing and Entrepreneurship from the University of Limerick, as well as a Postgraduate degree from The Digital Marketing Institute.
    • Prior to joining Renatus, Adrian worked in New York with a start-up hospitality group, specalising in marketing and operations.
    TIERNAN O’HAGAN

    Tiernan O’Hagan, Associate

    • Tiernan recently joined Renatus Capital Partners as a Private Equity Associate. As part of his role, he researches and analyses the potential of new investments and acquisitions
    • Tiernan graduated with a B.Sc in business and law from DIT Aungier street & an MSc. in Entrepreneurship from Trinity College Dublin.
    • Previously worked with Capnua Corporate Finance for three months during a summer internship.
    • Tiernan is also in the process of sitting ACCA exams.
    Bronagh Kearns Renatus

    Bronagh Kearns, Associate

      • Bronagh recently joined Renatus as a Private Equity Associate. As part of her role, she will be researching and executing investment opportunities.
      • Bronagh holds a MSc in Quantitative Finance from UCD Michael Smurfit Business School and a BSc in Finance from University College Cork. Currently, Bronagh is in the process of obtaining the ACCA qualification.
      • Prior to joining Renatus, Bronagh worked as an Investment Banking Analyst in Rubicon Capital Advisors where she worked on M&A transactions on the execution side and financial modelling in the infrastructure sector. She also worked as an Investment Associate in River and Mercantile Solutions in London quantitatively screening different investment opportunities across all asset classes.
    Alan Manning Renatus

    Alan Manning, Associate

    • Alan joined Renatus Capital Partners in September 2021 as a Private Equity Associate. As part of his role, Alan researches and analyses potential investments and acquisitions.
    • Alan holds a B.Sc Finance from University College Cork.
    • Previously working in KPMG’s Consulting division, with the Financial Management Consulting team. During his time there he was engaged on a Finance Function Review for a European Travel Technology firm, and a review of the cash management strategy of an Irish Commercial Bank.
    • In the process of sitting ACCA exams.

    Conor Hall, Associate

    • Conor joined Renatus Capital Partners in June 2018 as a Private Equity Associate. As part of his role, Conor researches and analyses potential investments and acquisitions.
    • Conor holds an M.Sc. in Quantitative Finance from UCD Michael Smurfit Graduate Business School and a B.Sc. in Economics & Finance from UCD. He is currently working towards attaining the ACCA and CFA qualifications.
    • Prior to joining Renatus, Conor worked as an Analytics Analyst with Accenture, specialising in predictive modelling for fraud.

    Kyle Barry, Associate

    • Kyle joined Renatus Capital Partners in June 2016 as a Private Equity Associate. As part of Kyle’s role, he researches and analyses the potential of new investments and acquisitions.
    • Since joining, Kyle has worked on numerous transactions, including Simtech and Rennicks, and has worked with Renatus’ investee companies on a number of strategic projects.
    • Kyle holds an MSc. in Quantitative Finance (University College Dublin) and a BA Finance (Maynooth University). Currently, Kyle is in the process of completing the ACCA qualification.
    • Prior to joining Renatus, Kyle spent 15 months in Intel’s Finance department where he worked across the financial reporting, tax and capital financing teams.

    Philip Gardiner, Associate Director

    • Philip is an Associate Director with Renatus Capital Partners, having first joined the firm as its first employee in 2014.
    • Philip has responsibility for screening, assessment and structuring of new acquisitions.
    • He has worked on a number of transactions at Renatus including Boojum Mexican Restaurants and Simtech Aviation. Philip works actively with the boards of Boojum and Simtech Aviation.
    • Prior to joining Renatus, Philip spent four years in AIB’s corporate banking team where he worked on a mix of real estate and cash flow lending deals.
    • Philip is a member of the ACCA and holds an MSc. in Financial Services and a Bachelor in Business Studies, both from the University of Limerick.

    Jane Martin, Marketing and Administration Manager

    • Jane joined Renatus Capital Partners in June 2019 as a Marketing and Administration Manager. As part of Jane’s role, she writes the weekly newsletter, works on the CRM and looks after the admin and ad hoc tasks
    • Prior to joining Renatus, Jane worked as a Senior Account Manager in Mace Promotions where she worked closely with many SMEs as well as large corporations on their marketing projects

    Mark Flood, Director

    • Mark co-founded Renatus with Brendan Traynor in 2014. Prior to establishing Renatus, Mark spent seven years on the senior management team of the Racing Post in various operational and commercial roles. Before founding Renatus, Mark was Managing Director of the Racing Post’s Irish operation.
    • Prior to his career in the Racing Post, Mark was the first employee of FL Partners, an Irish based international private equity firm, where he was actively involved in over €300m worth of transactions.
    • Mark combines his financial, operational and commercial experience to bring value and energy to all partner companies.
    • Mark is a Chartered Accountant and holds a Bachelor of Commerce and Masters in Accounting from NUI Galway.

    Brendan Traynor, Director

    • Brendan is a co-founder of Renatus. Prior to establishing Renatus, he was a Director in BDO Corporate Finance specialising in M&A, MBO’s/MBI’s, debt and private equity fundraising across a diverse range of sectors and clients.
    • His career focus and passion is the Irish SME sector and his deal expertise covers sectors such as retail, manufacturing, FMCG, healthcare, avaiation, media, medical devices, food and agriculture, construction, and hotels and leisure.
    • Brendan is a Chartered Accountant and holds a Bachelor of Commerce from University College Dublin

    Conor Mehigan, Associate Director

    • Conor joined Renatus Capital Partners in 2021 as an Associate Director. Conor has responsibility for screening, assessment and structuring of new investments and acquisitions.
    • Prior to joining Renatus, Conor spent five years in IBI Corporate Finance specialising in M&A, debt and private equity fundraising for private and public companies across a range of sectors. Prior to his career in IBI Corporate Finance, Conor spent four years in Deloitte’s Corporate Finance Division, specialising in Transaction Services
    • Conor is a Chartered Accountant and holds a BSc in Finance from University College Cork

    Greg Dilger, Strategic Advisor

    • Greg Dilger is a former Executive Director of NCB Stockbrokers and Investec Wealth & Investment.
    • He is an investor and advisor to Renatus and brings years of relevant experience to our team.
    • Greg is also currently a Non-Executive Director of Brewin Dolphin Ireland.
    Patrick Dooley Renatus

    Patrick Dooley, Associate Director

    • Patrick joined Renatus in November 2022 as an Associate Director. Patrick has responsibility for screening, assessment and structuring of new investments and acquisitions.
    • Patrick previously held leading positions in Focus Capital Partners, PKF O’​Connor, Leddy & Holmes & EY.
    • Patrick is a charted accountant and holds a Bachelor of Accounting and Finance degree from DCU, along with a Masters degree in Accounting from TUD.

    John Dwyer, Chairman

    • John joined Renatus in 2018 as a Chairman. Prior to Renatus, John spent 30 years at PwC in the UK, 20 years as a Partner, John led the UK and Global Deals business at PwC and was an executive board member of the UK firm.
    • Prior to that, John led the UK and Global Private Equity business at PwC and worked with firms including 3i Group, Apax Partners, CVC Capital Partners and Cinven.
    • John is married to Natasha and they have three children. John works between Dublin and London and his charity work includes chairmanship of Irish Youth Foundation UK.
    • He is an advisor and Board member of Irish digital marketing firm Pigsback and media firm Racing Post.
    • John is a Chartered Accountant and holds a Bachelor of Commerce from UCD.