BRAND VALUE IN MERGERS AND ACQUISITIONS
Jan Lindemann
Due to their substantial contribution to shareholder value brands have a significant role in most M&A transactions. In the attempt to maximize the proceeds from such transactions buyers and sellers will look at the value of brand assets to see whether it can benefit their position. Depending on the subject of the transaction this can include an asset specific valuation. There are four key areas in which a brand value assessment can benefit an M&A transaction. First, when a business is mainly driven by a brand then the brand value assessment will provide the core of the business valuation. Second, when only the brand is the subject of a transaction without an underlying business then brand valuation is the only way to assess the transaction value. Third, if the transaction is a merger in which two businesses are expected to be united under one brand then it needs to be assessed which brand would add more value to the combined business. Finally, the acquired brands will need to be valued for inclusion on the balance sheet.
If the brand and the underlying business are closely intertwined, brand and business valuation will often go hand in hand as the business will be sold or purchased as an integrated operating unit rather than a bundle of single assets. This is the case for the sale and purchase of branded businesses such as Gillette. In such cases, the main benefit from understanding the value of the brand is its function in generating the business cash flows rather than separating the brand’s cash flow from the rest of the operations. The brand valuation framework provides a solid basis for assessing a business value as it is built on integrating marketing and financial analyses. This is due to the fact that brand value looks at the consumer or customer of the brand as the key source of value. The brand valuation framework can be used to assess the additional value the brand can generate in new markets or applications. It can also help in assessing cost synergies and marketing support as well as manufacturing and distribution thresholds, e.g., identifying the level at which cost savings are hurting brand perceptions and affecting consumers’ purchase decisions. Prada, Gucci, LVMH, Swatch Group, L’Oréal, P&G, and Unilever have been prime buyers and sellers of branded businesses. Personal experience has shown that in numerous M&A transactions the brand value perspective could add substantial value by increasing the final sales price by up to 40 percent. For example, in the case of a prominent premium beer brand the brand valuation assessment generated a significantly better perspective on the value potential of the brand in export markets which were the key source of future value. The conventional business valuation performed by investment bankers and management consultants did not deliver such insights. In another situation a fashion label was acquiring several designer brands to benefit from marketing, manufacturing, and distribution synergies. While there were significant cost savings in media buying, raw material procurement and distribution, the brand value assessment could identify and quantify the synergy limits with respect to design and production in order to keep and enhance the value of the acquired brands. The brand value assessment is also very important in situations where the business that is bought or sold is a loss-making business. When Tata Motors acquired Jaguar and Land Rover from Ford it did not buy a profitable operation with a solid cash flow but it purchased two brands with significant customer attraction as well as technology and manufacturing expertise. Jaguar had been making a loss for more than a decade but the brand had the potential to deliver positive cash flows in the future. The brand potential of Jaguar was one of the most important assets in this transaction. Other good examples in this respect have been the acquisitions of the Bentley and Rolls-Royce marks by VW and BMW respectively. Although there was a bizarre twist when VW bought Rolls-Royce Motors without owning the Rolls-Royce brand both companies completely revamped the model line. Through infusing their design and operational expertise into the brands they were able to convert two loss-making marks into leading luxury car brands. However, without the brand this would have been impossible. The Bentley and Rolls-Royce examples demonstrate how important these brands have been for the current success of the businesses. Daimler’s revitalization of the Maibach brand has been much less successful, not least because it does not have the brand attraction of the other two marks.1
Pure brand transactions where only the trademark and related brand titles are sold are relatively rare occasions and tend to be relativaly small transactions. Famous trademarks are only sold if the underlying operations have failed or the business went into liquidation. One of the most famous cases was BMW’s acquisition of the rights to the Rolls- Royce brand for UK£40 million in 1998. The deal was the result of complex negotiation between BMW, VW, and Rolls-Royce plc the aircraft engine manufacturer after VW had acquired Rolls-Royce Motor Cars Ltd. the maker of Bentley and Rolls-Royce motor cars. VW had not realized that the right to the Rolls-Royce trademark did not belong to the car business but to the aircraft-engine maker.2 It became a textbook case on trademark due diligence in M&A transactions. The sale of theWoolworth’s brand in the UK is a more recent exaple of a pure brand sale. After the business went into receivership its assets were sold separately. The brand was purchased in March 2009 by the Close Brothers a private equity group that wants to use the brand purely for Internet retailing.3
The value of brands can also have significant impact on M&A involving the corporate brands. In many mergers and takeovers the question arises as to which corporate brand should be used for the merged company. Assessing the value of the brands involved helps to make the most economically beneficial decision. Even if one of the companies is the stronger party in the merger, or the merger is in fact a disguised takeover, the decision on the brand for the combined entity requires careful consideration. One of the most prominent examples has been the acquisition of AT&T by SBC Communications then one of the leading regional telecoms in the US. In its markets SBC was well regarded by consumers and corporate customers. The AT&T brand on the other hand, had, despite its 120 year history, been tarnished by poor customer service and many years of mismanagement. After careful brand analyses and evaluation, SBC’s CEO Edward E. Whitacre Jr. announced that the new company would adopt the AT&T brand due to its heritage and international reputation. This came as a surprise to many marketing experts.4 The AT&T brand was capitalized at US$4.9 billion accounting for 31 percent of the acquisition price of US$16 billion.5 Given that a significant portion of the purchase price was attributable to the AT&T brand, adopting the brand for the combined operation was a good use of investors’ funds. Otherwise, an asset with a value of several billion dollars would have to be written off.
According to different research studies, the majority of mergers fail in the integration and implementation process. In the case of corporate brands it is important to understand the wider implication for all key stakeholders. While customers are the most important stakeholders, as they buy the company’s products or services, employees can also be crucial particularly in the service sector where they directly deliver the brand in interactions with the customers. Companies can develop very strong corporate cultures of which the brand is the most visible expression. In choosing the brand for a merged operation, employee sentiment needs to be carefully considered. For example, a first-hand consultation with a leading global financial services institution on a potential re-branding of some large subsidiaries showed different responses to the re-branding. While it was possible from the customers’ perspective, who had no objections to dealing with the institution under another brand, employees were fiercely opposed. In addition, IT operations could not be integrated sufficiently quickly to deliver the same level of service under one brand to all customers. As a result the re-branding was put on hold to be reviewed at a later stage when operations and employees were prepared for such a move. It is, therefore, advisable to identify and assess the economic value implications of the branding decision in a merger or acquisition. This does not only refer to the question which brand to use but also how this move is implemented and communicated. AXA, a global financial services group from France, acquired a range of insurance and asset management firms around the world. The re-branding was carefully assessed and executed to ensure that the brand value of the group was maximized. In markets where the acquired brands were weak, the re-branding was executed relatively quickly. In markets where the acquired brands were strong, a slow transition from endorsement by the AXA brand to a full re-brand was executed over a period of several years. In the US the operations continued to use their original brand. Another financial services example is the ING Group which re-branded all its international operation under the ING brand but in its home market in the Netherlands it kept its strong brand portfolio which included Postbank for a considerable time until it was much later re-branded ING. Vodafone is another example of a company that carefully assessed the value creation of its acquired brands. Many operations such as in Germany and Italy were co-branded with the Vodafone brand for many years before their names disappeared and were fully Vodafone branded.
The key in assessing the re-branding of a merged or acquired business is to quantify the economic impact of the different branding options – this includes the brand impact on customers, employees relative to the marketing synergies, and cost savings they can produce. The results can be quite surprising and contrary to the intuitive judgment. The Japanese electronics and IT company Fujitsu acquired ICL in the UK in 1990. Management in the UK and Japan were convinced that the ICL brand was crucial for employees and customers in particular the government which represented one of the top 10 accounts. Only after a careful economic assessment of the value creation of both brands with respect to both stakeholder groups it emerged that the Fujitsu brand provided more economic value and the ICL brand had become obsolete. As a result of this review the business was re-branded as Fujitsu Services.6
As brands account for a significant portion of corporate wealth and in many cases constitute the most valuable assets in the business, an assessment of their economic wealth creation is crucial to ensure optimal proceeds and outcomes from M&A transactions. The brand valuation method established in this text is well suited to deliver such an assessment. It can assess the revenue and profit generation of brands as well as their sustainability and growth potential. Such valuation process is crucial to ensure the best deal in planning and execution. Although brand valuation is a derivative method from business valuation it will deliver specific value insights that are not captured by the traditional valuations performed by investment bankers, consultants, and accountants. There are many cases where sellers have undersold their businesses due to a lack of understanding and quantification of the value of the brand assets involved. On the other side, many buyers overpay for companies as they overestimate brand and cost synergies in a transaction. Even after a transaction has been agreed there are branding issues that are best decided on the basis of a valuation of the different branding options of the combined units, most notably which brand(s) should be kept and which retired. Only a robust analysis and valuation will ensure that brand assets are optimized and brand value destruction prevented. The valuation of the brand(s) will also help in the purchase price allocation which is now required by all relevant accounting standards.
NOTES
- Gail Edmondson and David Welch, 2004.
- Tom Buerkle, 1998.
- Simon Bowers, 2009.
- “Mother and Child Reunion: Will the AT&T/SBC Merger Build or Destroy Value?” 2005; Dr. Michael A. Noll, 2005.
- AT&T Inc. 2005.
- Liz Vaughan-Adams, 2001.
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