Brooks Pierce partner and special counsel J. Lee Lloyd was quoted in the October 22, 2010 issue of the Triad Business Journal in the article, "Report indicates mergers, buy-outs are on the upswing."
Reporter Matt Evans highlighted the recently released MergerMarket survey, which showed that announced mergers and acquisitions in North Carolina for the first three quarters of 2010 were up five times the amount of the same period in 2009.
Mr. Lloyd, who focuses his law practice on mergers and acquisitions, indicated in the article that an important factor in the recent upswing in M&A activity is the availability of capital. “It is not a tidal wave by any means, just a rebound from a very low, low” that has allowed more deals to be completed at the valuation levels acceptable to business owners. Importantly, banks that previously were not interested in transaction lending “are now more willing to fund deals that involve larger, healthy companies," he said. In addition, Mr. Lloyd noted that a number of public companies are now exploring acquisition opportunities for deploying the large amounts of cash they have been hoarding through the long economic downturn.
Mr. Lloyd, who has also been involved with a number of North Carolina and Piedmont Triad entrepreneurship initiatives and was a founding member of the Piedmont Angel Network, noted that the increased M&A activity has implications for the overall regional economy. “Where there are exit strategies available to entrepreneurial companies, it helps to create proceeds that can be reinvested into other opportunities; successful entrepreneurs often like starting new companies again. That’s a virtuous cycle for economic growth.”
Mr. Lloyd has a unique background in business law, investment banking, accounting and finance, having previously served as Vice President - Investment Banking/Mergers & Acquisitions of Goldman, Sachs & Co. in New York, NY, and as founder and Managing Director of Lloyd & Company, a boutique investment banking firm in Greensboro and Charlotte, NC. He began his professional career as a certified public accountant in the tax group of Arthur Andersen & Co. He provides clients with multi-disciplinary strategic advice and legal services in connection with merger and acquisition transactions, private equity and venture capital investments, leveraged buyouts, management buyouts, senior, mezzanine and subordinated debt financings, shareholder disputes, licensing agreements, and complex projects including the development and financing of sports stadiums and research parks. Mr. Lloyd is regularly engaged as an expert consultant in business litigation matters, and he also publishes a microblog with commentary on current legal, M&A, finance and entrepreneurship topics on twitter @JLeeLloyd.