VAA and Peloton Global
As the Tour de France powers its way across the French countryside, Value Adviser Associates (or ‘VAA’ to those in the know) is going further, faster, together in its own peloton: Peloton Global.
Peloton Global is the parent of VAA, China Value, SMART Valuations and Climate Capital.
Since inception in 2008, the VAA business has evolved and it’s time to share with you some of the exciting developments across our team.
Beyond infrastructure and tax
From origins in infrastructure valuation, tax disputes and large litigation matters VAA’s capabilities and experiences have grown into resources, agriculture & technology.
Over time, Peloton Global has built out three related businesses to service the renewables, small/medium sized businesses & Chinese inbound investment sectors.
Today, our business is part of a group that delivers valuations, M&A and renewables solutions and projects.
We recently brought the four teams together for a “one team” approach that ensures our clients get the maximum benefit from the complementary skill sets & experience across these teams.
Whilst we have expanded, we have not left behind our roots in infrastructure, tax or disputes.
Emergence of M&A capability
Our M&A team is led by Rob Rorrison, former Asia leader of Macquarie investment banking and newly appointed member of the Peloton Global board. Rob is joined by team members in Perth, Melbourne and Sydney with experience in agribusiness, resources, energy and infrastructure.
Rob has opened our Hong Kong office to enhance the China linkage that Peloton created through the 2014 joint venture with China United Assets Appraisal Group – the first and leading valuation firm in China with over 3,000 staff and 26 offices. Our M&A team is complemented by a close relationship with InterFinancial – a Brisbane-based boutique with over 30 years’ deal experience.
Our valuation/M&A resources team includes AusIMM member Dr Francois Grobler, a deeply-experienced resources expert and recently-appointed Peloton board member Shaun Treacy (former lead of the UBS global M&A team).
Infrastructure remains a key focus for VAA
VAA has provided valuation services in regard to global infrastructure investments for most major domestic and many international infrastructure investors. At times, the VAA team has valued over AUD100bn of unlisted infrastructure in the UK, Europe, USA and Australia.
During FY17, Peloton Group MD (and VAA CEO), Michael Churchill, spent 6 months as CEO of investment manager CP2 at a time when the CP2 team launched bids for M6 Toll Road in the UK, a portfolio of renewable assets in Europe and transport assets in Italy and USA.
This insight into the funds management origination, execution and asset management roles has presented invaluable learnings for our valuations team.
No funds management operations in Peloton strategic plan
Peloton Global explored the possibility of acquiring an interest in CP2 but ultimately decided not to proceed. One of the reasons for not proceeding was the perception of potential conflicts with some of VAA’s fund management and investor clients.
The Peloton board decided not to pursue any investment in funds management operations as part of its strategic plan.
This enables VAA to continue to deliver independent valuation service to our valued infrastructure clients across all sectors of the infrastructure landscape.
Climate Capital renewable energy projects
Climate Capital is rapidly developing a pipeline of utility-scale and embedded generation opportunities across a range of clients and partners in WA, SA, Tasmania and Queensland.
Over 500mW of generation capacity is being developed including the first wind farm developed in partnership with indigenous land-owners in Far North Queensland.
The Climate Capital team (led by Dom Churchill in our Melbourne office) has also delivered a range of advisory services including buy-side technical due diligence on the acquisition of a greenfield wind farm in Victoria, the development of a market entry strategy and business model for a battery storage developer and an acquisition search and screen for an international engineering firm.
VAA: Value insights at the core
VAA continues to build its valuation capabilities and works across all sectors with a particular strength in tax-related valuation matters (including TARP/Div 855, Div 6C/stapled structures, small business retirement & re-structure concessions and landholder duty matters).
Disputes lead, Adam Giliberti, has recently provided several expert witness testimonies as part of our valuation disputes practice and the VAA’s Tasmanian team has deep experience in economic analysis and recently prepared an influential economic impact study for a client that was facing significant regulatory challenges, as well as a range of other work involving renewables, infrastructure and manufacturing.
Members of the VAA team have recently been in the witness box in WA and NSW providing expert testimony on valuation matters, delivered key note presentations on tax and landholder issues and we proudly sponsored (for the third consecutive year) the Tax Institute’s annual Infrastructure Conference.
China Value – the bridge to Chinese inbound investment
The extension of our valuation practice into M&A came as a consequence of the China Value joint venture. The first major M&A assignment for the team was a lead advisory role (jointly with InterFinancial) supporting one of the bidders for cattle business S. Kidman & Co followed more recently with valuation advisory work in relation to the Yanzhao acquisition (via Yancoal) of the Coal and Allied assets sold by Rio Tinto.
The China Value team is led by Mofei Xiong in our Sydney office. Mofei and Stella Yang have developed a deep and strong friendship with China United partners and a very wide range of corporates and State-Owned Enterprises seeking to invest in Australian infrastructure, energy and agribusinesses.
SMART Valuations – reliable valuations for the SME owner
SMART emerged in response to requests from many of the VAA referrer community seeking reliable, cost-effective valuation solutions for SME owners confronting major decisions such as sale, partnership break-ups, capital raisings or shareholder disputes & restructuring to take advantage of small business concessions.
Since its establishment in 2012, SMART has developed a streamlined client engagement and production process that enables fast and efficient delivery of the less complex assignments – particularly for businesses in the SME space.
Staying in touch
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