Consumer

In the Consumer sector, strong brands can support resilient long-term revenues. We have particular experience in alcoholic beverages, a sector where we have conducted hundreds of projects over 20+ years:

 

  • Alcoholic beverages

    • Spirits & wines

  • Other consumer sectors

    • Sportswear​

    • Audio equipment

    • FMCG

Leading spirits producer

Please click on the logos to learn more about our work in this sector

Selected Clients & Companies

 

Background

Approach

Outcome

PMSI facilitated the purchase of independent EPOS data on the key market, and turned around a comprehensive initial analysis of that data within three days. The analysis included:

  • The impact of duty changes over time, and the available profit pool ex tax & duty

  • Competitive positioning and market share performance

  • Price positioning and promotional strategy vs competitors

  • Route-to-market and distribution

  • Performance decomposition of brand performance, e.g. impact of distribution changes vs promotional/pricing activity vs mix vs fundamental rate of sale improvements

 

The speed and depth of this analysis was only possible due to PMSI’s 20+ years’ experience in the spirits sector, and the proprietary analytical tools developed by our sister-company AlignAlytics.

Our client was a private equity investor, who was participating in an auction process for a leading scotch whisky producer. The client needed to rapidly gain an understanding of the target’s key market and its performance in that market, including how the performance the key brands had been generated.

PMSI’s speed of response allowed the client to quickly gain a deep understanding of the target business, and supported the development of a business plan to underpin the level of the client’s bid. We also provided data and analysis to other advisers in order to develop a complete due diligence package to support funding.

Leading spirits producer

Case Study

 

Background

Approach

Outcome

PMSI provided a full commercial due diligence (CDD) for Naxicap Partners and Aquasourça. Key focus areas for this project were to:

  • Collect and analyse feedback from primary research: over 80 interviews with market experts, international distributors, etc. including also in-shop mystery shopping

  • Build a detailed market model of the high-end audio equipment market (split by products, geographies, etc.), as well as a comprehensive mapping of the routes to market by country and product segment

  • Analyse price points by products vs. peers – particularly relevant for “new lifestyle” products e.g. helmets and sound bars

  • Assess the business plan’s achievability

In May 2014, French private equity group Naxicap Partners, co-investing with Aquasourça, Garibaldi and the company’s managers,purchased the Focal and Naim Group, a leading player in the high-end audio market.

 

In 2013, the Focal & Naim Group generated revenues of over €65 million, of which exports represented 72%. The company formed by the merger of the British audio company Naim and the French speaker manufacturer Focal, which happened in 2011, and is present in the home audio, professional audio and car audio markets. Like other luxury sectors, high-end audio is characterised by strong brand loyalty and increasing globalisation.

Focal founder Jacques Mahul stood down as chairman of the company he created in 1979, but continued to support the company as a brand ambassador. Both Focal and Naim’s management teams are welcoming the new partners as a route to furthering the expansion of both R&D and sales, especially on an international level. The PMSI work helped Focal and Naim and its new partners to better understand the group’s current competitive positioning in the different markets it addresses. It also provided insights on the quality of the relationships with Focal & Naim’s key distributors, and the potential of each sales partner to drive growth going forward. Finally, it backed management’s willingness to invest in research and development to launch “new lifestyle” products that suits the needs of the younger generation of audiophiles.

Case Study

 

Background

Approach

Outcome

To support the transaction, PMSI provided a full commercial due diligence (CDD) of the FIK group. Key focus areas included:

  • A global benchmark of motorcycle helmet and clothing providers

  • An in-depth market assessment in 10 key geographies globally

  • Mystery shopping exercise with instore shelf space assessments

  • Full online pricing assessment and shelf space assessment across each key geography

  • Analysis of key retail channels by product range and geography

FIK Group comprises of leading motorcycle helmet manufacturer Shark as well as motorbike apparel and accessories vendor Trophy, which owns high-profile brands such as Bering or Bagster. Today, it is one of the world’s top 5 motorcycle equipment companies with covering both helmet and clothing ranges. FIK Group operates internationally with a strong presence in its domestic French market but also enjoys a leading position in countries like Germany or Australia.

 

This was Naxicap's second investment in Shark, having first backed the business's plans to set up a second manufacturing plant in in Portugal in the early 2000s, before selling its stake to Atria.

Naxicap and Aquasourça were able to provide growth capital to support FIK’s expansion plans. In 2016, PMSI further supported FIK’s bolt-on of French ski helmet and equipment manufacturer Cairn, enabling FIK to diversify into winter sports apparel, rebranding the enlarged group 2R Holding.

Case Study

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