2023 Year in Review
As we look forward to a busy start to 2024, we also have a chance to reflect on the activity and success of 2023.
As we moved into the clear air of a post-pandemic year, 2023 managed to find its own unique turbulence, with global and local economic conditions providing challenges for businesses and households. We saw extreme weather events, elevated interest rates and inflation, and a change in government. As we look forward to a busy start to 2024, we also have a chance to reflect on the activity and success of 2023. The uncertain environment has seen Murray & Co align our focus to client needs through providing increased strategic advice and assistance alongside our more traditional transactional activity.
This time last year we had anticipated a shift in M&A sentiment some time during 2023. While late arriving, there are now encouraging early signs and we see the dynamics driving that change in sentiment strengthening from here. Improving economic conditions and certainty will give momentum to potential exits and capital raisings, and a relatively quiet period of investment by financial sponsors, family offices and corporates means that there remains significant capital on the sidelines looking for good quality investment opportunities.
2023 Featured Transactions & Advisory
Medenterprises
Murray & Co advised Medenterprises, an Australasian medical staffing business, on strategic capital options for the next phase of its growth. We conducted a review of Medenterprises’ strategy, activities and performance to determine which type of capital was most suitable to fund the continued development of its technology platform and growth in its staffing business. Medenterprises accessed its desired source of capital for the near term and has continued on a strong growth trajectory.
Tainui Group Holdings
Murray & Co advised Tainui Group Holdings (TGH), the wholly owned commercial entity of Waikato-Tainui with responsibility to protect and grow the commercial assets of the iwi. Our role included an independent review of options in relation to the management of TGH’s real estate, natural resources and infrastructure assets with a specific focus on funding and potential partnership opportunities as part of the development of the Ruakura Superhub. We worked closely with management and provided recommendations to the TGH Board.
Southern Eye Specialists
Murray & Co advised Southern Eye Specialists, the South Island’s leading eye specialist group in relation to the development of a corporate model for its business. Southern Eye Specialists provides expert diagnosis and treatment of all eye conditions. Our role included financial modelling, analysis of options and structuring advice that culminated in the combination of the underlying shareholder surgeons’ practices and establishment of a new operating model. This included a number of features focused on succession planning and ensures the business is well positioned for future growth.
News
In September Murray & Co featured in NBR's Dealmakers 2023. Justin Murray discussed the M&A market and significant transactions we have advised on in the previous two years including Ziwi and Go Bus. Justin commented on the ethos and experience of our firm noting in more challenging markets the experience, independence and judgement of our senior banking team is particularly valued by our clients. "Our firm is interested in long-term relationships with investors and clients, not just the last deal."
In November Justin was again interviewed by leading international financial newspaper the Financial Times and provided commentary in relation to financial and economic aspects of New Zealand’s new coalition government.
In addition to this we produced three thought leadership articles which were widely distributed and well received, covering the following topics: Private debt in New Zealand, Preparing for a Successful Sale and M&A Volumes & Elections. If you would like a copy of any of these articles please contact us. Our thought leadership series will continue in 2024.
Events
A highlight of our events calendar was welcoming Hon Nicola Willis to our Christchurch office in March alongside clients and friends of the firm. Guests enjoyed a wonderful evening with Nicola taking the stage to discuss the state of the economy, and the National Party’s plans for the country, ahead of the 2023 election.
Community
Alongside other community initiatives, Murray & Co has a 12 year history of supporting emerging artists from Ilam School of Fine Arts at University of Canterbury, including hosting an exhibition series in Christchurch. In 2023 we launched an additional series in Auckland featuring emerging artists from Elam School of Fine Arts at the University of Auckland. We look forward to continuing these initiatives in 2024.
Celebrating 20 Years
Murray & Co will celebrate its 20 year anniversary in September and is now proudly established as a leading New Zealand investment banking firm providing expert financial and strategic advice to a range of local and international clients. Founded in Christchurch and now with an office in Auckland, and an alliance with Gresham Partners in Australia, we are well placed to continue delivering successful outcomes for our clients into the future.