Actores principales:
• John Liedtke, Jefe de desarrollo de negocios para Active Gear.
• Active Gear, compañía fundada en 1965 dedicada a la producción y comercialización de calzado deportivo en las líneas de alta tecnología para el tenis y golf, que luego pasó a la línea casual.
• West Coast Fashion, compañía diseñadora de ropa.
• Mercury Athletic, división de calzado deportivo de West Coast Fashion
Puntos relevantes:
En marzo de 2007, Active Gear está contemplando una oportunidad de una adquisición.
Con la adquisición de Mercury Athletic, Liedtke espera:
• Aumentar los ingresos de Active Gear al doble.
• Incrementar el apalancamiento con las manufactureras.
• Expandir la presencia con distribuidores y comerciantes
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Los ingresos en ésta línea se incrementaron en más del 40% desde sus inicios, a una tasa promedio anual de 29% entre el 2004 y 2006.
El calzado casual masculino tuvo un pico en el 2004 y de ahí en adelante decae a una tasa de 6.25% por año. Mercury atribuye esta caída a problemas de atraso de inventario.
A pesar de haber sufrido problemas y demoras en la entrega de productos, que provocaron su pérdida de espacio de mercado por la finalización de temporada, y de ser un segmento más pequeño, éste ofrece el mayor margen de ganancia sobre el EBITDA (16% al 2006).
El calzado deportivo femenino poseía un margen de ganancia del 10%, por debajo del 11.9% del margen en la línea masculina. Sin embargo, con el crecimiento en la participación femenina en deportes extremos y mayor publicidad dedicada, los administradores de Mercury consideran que este margen crecerá.
La línea casual femenina es la de peor desempeño de las 4 líneas de Mercury.
CONCLUSIONES
En este caso se nos ha dado la oportunidad de conocer un aspecto de la Estrategia Corporativa del Managment, como son las Adquisiciones de Empresas.
La adquisición de Mercury, por parte de Active Gear Inc, será exitosa si el precio de compra es inferior al valor actual (VA) del flujo de efectivo (FC) incremental asociado a la operación. La decisión de invertir para adquirir Mercury, es una decisión que crea valor para los accionistas y se puede considerar exitosa.
Durante este caso, logramos ver
There are several reasons why AGI should consider Mercury Athletic as an appropriate target for acquisition. First, acquiring Mercury could improve both companies financially. Acquiring Mercury would double AGI’s revenue. Although Mercury’s financial performance has been disappointing, they experienced top line growth of 20% in 2006. Unfortunately, their profitability has been disappointing due to price concessions to big box retailers and an unsuccessful women’s line. Mercury’s (and ultimately AGI’s) profitability could be improved by the synergies of the two companies merging. Synergies within supply chain, operations, research and development, and advertising should all improve Mercury’s EBITDA.
Yes, we believe Mercury is an appropriate M&A target for AGI and should be pursued.
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Kennedy, Robert F., and Marc A. Yaggi. "Mercury Poisoning Is a Growing Global Menace We Have to Address." The Guardian. N.p., 10 Jan. 2013. Web. 24 Sept. 2013. .