EXANTE

Amid global uncertainty and economic shifts in 2020, four visionary partners from Deloitte Uruguay’s financial advisory practice leveraged their over two decades of experience and hundreds of successful engagements across sectors to establish EXANTE. The boutique firm was designed to bridge the worlds of corporate finance and economic advisory into a seamless, dynamic service offering.

The founders believed that merging these disciplines would produce more insightful, strategic solutions that would not only respond to current market conditions but anticipate future risks and opportunities.

This belief propelled EXANTE to become a leader in the Uruguayan financial advisory market. Today, it excels at navigating the complexities of both buy-side and sell-side advisories with unmatched finesse.

Pablo Rosselli, managing partner at EXANTE, reflects on the firm’s rapid ascent: “In the last four years, we have engaged in over 30 transactions, including sell-side and buy-side advisories, valuations and transaction services across various industries like food, oil (wholesale distribution), electronic payments, consumer finance and other consumer businesses.”

What makes EXANTE so successful is its dedication to building deep trust with each client and helping them achieve long-term value. The founders’ direct involvement in every project is the cherry on the cake, ensuring clients receive experience-backed, insightful advice. Another hallmark of EXANTE’s practice is its rigorous focus on the due diligence process. Facilitating transparent communication along with a personalized touch from senior leaders has allowed EXANTE to build a client base of over 150 companies, both local and multinational.

The Buy Side

For buy-side clients aiming to enter the Uruguayan market, EXANTE equips them with a deep understanding of the local economic conditions, regulations, competitive landscape and potential financing options. With this foundational knowledge, it proceeds to develop a strategic plan that identifies potential acquisition targets, pinpointing key investment opportunities. The firm also engages in financial modeling and secures financing for leveraged transactions.

Negotiations are carefully managed in collaboration with legal advisors to finalize the Share Purchase Agreement (SPA) and other relevant contracts. Once all conditions precedent to the closing of the deal are satisfied, EXANTE oversees any necessary post-closing adjustments, facilitating a seamless transition and integration for their clients.

The task of valuation has become increasingly challenging due to the global rise in interest rates since 2022. In response, EXANTE’s rigorous analysis provides well-supported projections to effectively underpin valuations. It also leverages a robust database containing publicly available financial statements from over 2,000 Uruguayan companies, which enriches the understanding of sector-specific performance and supports strong industry benchmarks.

In a notable example, EXANTE served as the buy-side advisor for a consortium aiming to acquire the assets of a major oil and gas distributor in Uruguay during the pandemic. Despite the challenging decrease in fuel demand and the uncertain future of the industry, the firm meticulously valued the target company, conducted thorough due diligence, secured the necessary financing and formulated a compelling binding offer. Although the asset was ultimately acquired by another bidder, the experience and insights gained from this endeavor enabled EXANTE to successfully facilitate the acquisition of another similar company for the same clients.

The Sell Side

For companies on the sell side in the relatively small Uruguayan market, the limited pool of potential buyers emphasizes the importance of conducting a thorough analysis of each target. EXANTE assesses interest from local and international strategic investors, as well as private equity firms looking for opportunities within the country.

At the same time, the firm strategically manages communications during transactions. Given the constrained market size, challenges arise in maintaining confidentiality. EXANTE ensures only appropriate individuals within potential buyer organizations are engaged, preserving the necessary secrecy for successful deal-making.

Many family-owned businesses on the sell side also require additional support in preparing detailed and consistent information for buyers. EXANTE excels in this area by working closely with client teams to produce the necessary data, guaranteeing accuracy and comprehensiveness to meet and exceed buyer expectations. This collaborative effort highlights EXANTE’s dedication to doing whatever is necessary to successfully close each transaction.

EXANTE is currently managing a portfolio of more than 10 sell side transactions, with several anticipated to conclude within the year. This active portfolio showcases EXANTE’s capability to navigate the complexities of the Uruguayan market, addressing the challenges of limited buyer availability and the critical need for confidentiality and detailed preparation in the sell side process.

Seeds of Success

EXANTE’s approach to financial advisory services is firmly rooted in three core values: professional excellence, teamwork and a passion for challenging work. These principles guide the team’s daily operations and enhance their strategic interactions in complex financial transactions.

The team’s proactiveness in addressing any foreseeable issues that might jeopardize a transaction is equally commendable. “Having participated in numerous transactions on the buy side and the sell side, we are well-positioned to anticipate how the opposing party will perceive the deal. Our proactive stance addresses issues critical to maintaining the integrity and smooth progression of negotiations,” affirms Rosselli.

Today, while EXANTE operates from its headquarters in Uruguay, it is poised for expansion, with plans to extend its service offerings to other countries in the region. As it grows, the firm remains steadfast in delivering tailored solutions and driving value for its clients in an evolving economic landscape.