"It was August 2023, and Matt Swain had five offers on the table for Triago, the company where he'd recently ascended to CEO. He'd built the mightily profitable franchise in an obscure corner of private equity called "directs"-essentially pairing solidly run businesses that wanted to sell, with family offices looking for outsized returns. Now, suitors comprising top banks from Spain and Korea, a leading U.S. private equity firm, a major Midwestern lender, and a giant Asian trading house were circling."
"But as Swain weighed the offers, one stood out-from Bob Hotz, chairman of corporate finance and acquisitions chief at mid-market investment banking powerhouse Houlihan Lokey. He felt sure that Houlihan would provide the best home for himself and his team. So he was crushed when an email arrived: "We regrettably will withdraw from considering the purchase of Triago," wrote Hotz, but noted that "you were the primary reason for our interest," and graciously suggested they meet for a quick coffee at 9:20 the next morning."
Matt Swain, CEO of Triago, received five acquisition offers in August 2023. He built a profitable franchise in the 'directs' niche of private equity, matching well-run businesses with family offices seeking outsized returns. Suitors included top banks from Spain and Korea, a leading U.S. private equity firm, a major Midwestern lender, and a giant Asian trading house. Bob Hotz of Houlihan Lokey initially withdrew but emphasized Swain as the primary reason for interest and requested a quick meeting. Hotz later reversed course, insisted on rapid due diligence over a Labor Day weekend in London, and secured agreement to proceed.
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