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PHARMACEUTICAL INDUSTRY IN
MEXICO
OCTOBER
2018INDUSTRY REPORT
The pharmaceutical sector focuses on the research, development, production and
commercialization of chemical products or biopharmaceuticals for the prevention or treatment of
diseases
▪ The classification of the drugs is by (1) origin, whether they have synthetic origin or biological origin
and/or by (2) their prescription: controlled medicines that need a prescription for sale and free
prescription (over the counter OTC) for the treatment or prevention of minor conditions that do not
require a prescription
▪ Of up to 10,000 substances that are investigated, only one reaches the market as medicine, which
implies investments close to US$2,500 million
▪ Pharmaceutical companies in Mexico generate 79,000 direct jobs and just over 310,000 indirect jobs
▪ The pharmaceutical industry represents 0.5% of the national GDP and 2.9% of the manufacturing GDP
▪ The pharmaceutical industry is under strict regulation in all its stages: research, development,
approval, promotion and commercialization
Sources: BMI Research, Secretaría de Economía, INEGI, KPMGSeale & Associates
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PHARMACEUTICAL INDUSTRY IN MEXICO
Pharmaceutical Mexico 2018
$0
$500
$1,000
$1,500
$2,000
$2,500
Sources: BMI Research, INEGI, Secretaría de Economía
Prescription Medicines Sales
US$ Million
OTC Medicines
US$ Million
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In 2017, the value of the industry in Mexico reached US$10,026 million in sales, an increase of
3.08% over 2016
▪ Sales were divided as follows: 83.44% were prescription medicines, of which 65.60% were
patented medicines (with intellectual property by the creator laboratory) and 34.40% generic
medicines (which no longer have patent), while the remaining 16.56% of total sales were OTC
prescription medicines
▪ A compound annual growth rate (CAGR) of 5.96% (2017-2022) is expected in the total sales of
the industry, in the sales of controlled medicines a CAGR of 5.86% is expected and in sales of
medicines of free prescription a CAGR of 6.44%
PHARMACEUTICAL INDUSTRY IN MEXICO
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
Total Sales of thePharmaceutical Industry
US$ Million
Mexico
-15%
-10%
-5%
0%
5%
10%
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
Historical Forecast
Growth % y-o-y
Patented Generic Historical Forecast
Pharmaceutical Mexico 2018
Sources: INEGI, Secretaría de Economía
PHARMACEUTICAL INDUSTRY IN MEXICO
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The main pharmaceutical product sold both by value and volume were antibiotics with 16.1%
and 22.9% respectively, out of the total sales of medicines during 2015
▪ The second main medicines sold were drugs for the digestive system and metabolism with 13.1%
in value and 12.3% in volume, out of total sales
Sales by Pharmaceutical Product2015
Value Volume
% out of the Total
Pharmaceutical Mexico 2018
0.0% 5.0% 10.0% 15.0% 20.0% 25.0%
Antibiotics
Digestive System and Metabolism
Cardiovascular System
Nervous System
Vitamins and Vitamin Compounds
Respiratory System
Veterinary Use
Analgesics
Food Supplements
Locomotor System
Dermatologists
Hematopoietic System
Antiparasitic
Vaccinations
Oncology
Antivirals
Others
Sources: INEGI, Secretaría de Economía
PHARMACEUTICAL INDUSTRY IN MEXICO
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Accumulated FDI 2010-2016 Total US$5,298 MillionUS$ Million
The main producing entities in the pharmaceutical industry during 2014 were Mexico City
with 38.6% of the national production, followed by the State of Mexico with 28.1% and
Jalisco with 19.3%
▪ By number of economic units, Mexico City leads with 232 units, Jalisco with 166 and the State of
Mexico with 82
During the period 2010-2016, the pharmaceutical sector in Mexico has received a Foreign
Direct Investment (FDI) of US$5,298 million
▪ The largest investor country has been Israel with an accumulated US$2,012 million and the United
States follows with an accumulated investment of US$1,200 million
▪ Mexico presents a 17.1% saving in operating costs in pharmaceutical manufacturing compared to
the United States
US$2,012
US$531
US$268
US$402
US$1,200
Other Countries: US$885 Million
Israel
USA
France
Germany
Luxembourg
Pharmaceutical Mexico 2018
28.9%
18.3%
9.1%
5.7%
4.4%
4.0%
4.0%
2.9%
2.5%
2.3%
17.9%
United States
Germany
France
Switzerland
Italy
Spain
Canada
Ireland
Brazil
China
Rest of the World
36.8%
10.3%
6.7%
4.9%
4.5%
4.4%
3.3%
3.0%
2.5%
2.4%
21.2%
United States
Panama
Colombia
Ecuador
Brazil
France
Guatemala
Costa Rica
Peru
Australia
Rest of the World
During 2017, Mexico was the main exporter in Latin America and number 27 worldwide.
Mexico exported US$1,357 million and imported US$4,242 million
▪ 35.7% of the exports of the pharmaceutical industry in Mexico went to the United States, 10.2% to
Panama and in third destination, to Colombia with 6.7%
▪ 28.9% of imports came from the United States, 18.3% from Germany and 9.1% from France
▪ The main exporting country worldwide during 2017 was Germany with a participation of 16.1%,
followed by Switzerland with 13.4%
Source:Trade Map
PHARMACEUTICAL INDUSTRY IN MEXICO: EXPORTS AND IMPORTS
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Destination of Exports
Origin of Imports
% of Total Exports
Total Exports US$1,357 m
% of Total Imports
Total Imports US$4,242 m
Pharmaceutical Mexico 2018
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
$-
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
2014 2015 2016 2017 2018 2019 2020 2021 2022
Health Expenditure Drug Sales % of Health Expenditure
Sources: INEGI, BMI Research, KPMG
HEALTH SECTOR IN MEXICO
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Total Expenditure in the Health Sector in Mexico
US$ Billion
The economic value of the health sector represents approximately 6% of GDP in Mexico.
About 40% of the expenditure made in health is paid out of pocket (direct payment made by
households for health services at the time of receiving them), the OECD average is 20%
▪ A great challenge is to stop chronic diseases that represent between 20% and 25% of the causes
of death in Mexico
▪ Health expenditures for chronic diseases are growing at a faster rate than the health budget. The
budget of the Mexican Institute of Social Security (IMSS) increases to 5% year-on-year (y-o-y)
while health expenditures for chronic diseases increase to 7% y-o-y
▪ In Mexico there are 4,437 hospitals by 2017, of which 31.07% are public and 68.93% are private,
giving a total of 125,173 beds, 0.97 per 1,000 inhabitants
Historical Forecast
Pharmaceutical Mexico 2018
Sources: Secretaría de Economía, INEGI
HEALTH SECTOR IN MEXICO
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Morbidity Cases per Year Mortality Deaths per Year
Acute Respiratory Infections 23,445,722 Heart Diseases 128,731
Intestinal Infections 4,476,041 Diabetes 98,521
Urinary Tract Infections 4,106,966 Malignant Tumors 79,514
Ulcer, Gastritis and Duodenitis 1,337,562 Accidents 51,697
Gingivitis and Periodontal Diseases 1,106,123 Liver Diseases 47,628
Conjunctivitis 909,106 Cerebrovascular Disease 34,106
Acute Otitis Media 574,022 Pneumonia and Influenza 18,889
Obesity 552,512 Violence 20,762
Vulvovaginitis 490,296 COPD 21,057
% of Population by Coverage Scheme
The percentages exceed 100% for the multiple coverages that there are
Main Causes of Morbidity and Mortality in Mexico
% of Growth in 2017
Pharmaceutical Mexico 2018
63%59%
1.80%
Social Health: IMSS,
ISSSTE, Pemex,
Sedena and Semar
Seguro Popular Private
Source: Bloomberg
PHARMACEUTICAL INDUSTRY
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Biggest Pharmaceutical Companies WorldwideBy Sales 2017US$ Billion
$76.5
$54.2
$52.6
$50.1
$40.9
$40.1
$39.6
$38.9
$31.2
$29.2
Pharmaceutical Mexico 2018
Source: BMI Research
SWOT ANALYSIS OF THE INDUSTRY
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STRENGHTS:
• The second largest market for medicines in Latin America
• Regulatory standards greater than the other Latin American
countries
• Strong relations with the United States and Canada
• Developed industry and strong national and multinational
presence
OPPORTUNITIES:
• New legislations offer potential for growth in the market for
generic medicines
• The expansion of public programs such as Seguro Popular can
increase spending in the industry
• Less restrictions on advertising
• The increase in chronic diseases, i.e. diabetes
WEAKNESSES:
• The application of the national patent law remains problematic
• With 10% of the population without health insurance, the market
is sensitive to economic impacts
• Inefficient coordination of regulatory and health policies, as well
as slow entry into the generic market, has contributed to high
pharmaceutical prices
THREATS:
• Continued non-compliance with the national patent law may
continue to limit investment and product launches
• The bureaucracy of the IMSS and the ISSSTE causes long waiting
times for the approvals of clinical trials
• The uncertainty of the policies to be taken by AMLO
Pharmaceutical Mexico 2018
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CURRENT MARKET SITUATIONCOMPARABLE PUBLIC COMPANIES - GLOBAL
Source: Capital IQPharmaceutical Mexico 2018
Price
10/1/18 2015 2016 2017EV /
EBITDA
EV /
Revenue
Johnson & Johnson USA $139.69 $81,382 34.4% $374,754 $388,698 10.9x 13.0x 14.0x 14.5x 4.8x
Pfizer Inc. USA $44.27 $53,373 40.1% $259,516 $287,423 10.6x 11.3x 11.6x 13.4x 5.4x
Roche Holding AG SUI $243.10 $58,101 38.4% $207,814 $222,596 12.8x 11.7x 10.9x 9.9x 3.8x
Novartis AG SUI $86.40 $52,588 30.8% $200,604 $220,279 13.8x 13.1x 13.7x 9.7x 4.2x
Merck & Co., Inc. USA $71.53 $41,729 33.5% $190,236 $206,349 11.5x 11.3x 12.3x 17.3x 5.0x
AbbVie Inc. USA $95.00 $32,187 41.9% $143,856 $177,866 15.3x 12.5x 13.2x 13.7x 5.7x
Sanofi FRA $89.75 $41,032 27.5% $111,097 $136,111 11.6x 9.6x 10.4x 12.3x 3.4x
Bayer Aktiengesellschaft GER $87.37 $43,128 24.0% $81,480 $134,333 14.0x 9.5x 9.4x 12.9x 3.3x
GlaxoSmithKline plc GBR $19.98 $39,480 25.5% $98,198 $128,563 12.4x 13.1x 11.8x 12.5x 3.3x
Novo Nordisk A/S DEN $46.53 $17,153 44.9% $112,064 $109,247 21.8x 16.2x 12.8x 14.2x 6.5x
AstraZeneca PLC GBR $78.13 $21,450 17.6% $98,977 $116,319 13.7x 15.1x 15.9x 26.7x 5.3x
Eli Lilly and Company USA $107.60 $24,278 32.1% $107,331 $112,756 17.6x 16.6x 16.2x 15.3x 4.7x
Bristol-Myers Squibb Company USA $62.10 $22,037 28.8% $101,340 $102,753 23.6x 23.3x 16.3x 17.0x 4.8x
Allergan plc IRL $192.33 $16,034 46.4% $65,285 $88,960 27.0x 20.3x 16.2x 12.0x 5.5x
Teva Pharmaceutical Industries
LimitedISR $21.46 $19,693 26.4% $21,852 $55,418 10.1x 9.7x 9.3x 10.2x 2.7x
MERCK Kommanditgesellschaft
auf AktienGER $104.14 $17,901 20.9% $45,279 $57,704 12.6x 12.5x 12.4x 13.3x 3.3x
Zoetis Inc. USA $91.66 $5,721 39.0% $44,164 $47,573 19.0x 18.0x 19.7x 21.9x 8.5x
Takeda Pharmaceutical
Company LimitedJPN $41.46 $15,594 23.1% $32,512 $39,248 12.6x 11.5x 15.3x 12.5x 2.5x
Mylan N.V. USA $36.48 $11,594 32.6% $18,808 $33,105 16.7x 10.4x 9.6x 9.6x 2.8x
Bausch Health Companies Inc. CAN $27.34 $8,422 39.7% $9,558 $33,899 20.5x 8.9x 8.4x 10.1x 4.0x
Astellas Pharma Inc. JPN $17.30 $11,523 28.1% $33,283 $30,595 12.3x 8.6x 8.4x 9.8x 2.7x
Chugai Pharmaceutical Co., Ltd. JPN $64.86 $5,049 24.0% $35,486 $33,084 21.1x 17.1x 22.2x 27.9x 6.7x
Jiangsu Hengrui Medicine Co.,
Ltd.JPN $0.00 $2,363 27.4% $34,045 $32,721 38.0x 34.0x 42.8x 52.8x 14.7x
Eisai Co., Ltd. JPN $97.82 $5,508 19.8% $28,010 $27,453 29.9x 23.3x 24.8x 28.9x 5.1x
Genomma Lab Internacional,
S.A.B. de C.V.MEX $0.85 $644 21.7% $812 $1,012 8.5x 159.8x 9.1x 6.9x 1.6x
NR: Not Relevant Mean 16.2x 4.8x
Median 13.3x 4.7x
Annual Average EV /
EBITDA10/1/18
Company Country SalesEBITDA
Margin
Mkt. Cap.
US$M
Enterprise
Value
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CURRENT MARKET SITUATIONCOMPARABLE TRANSACTIONS - GLOBAL
Source: Capital IQPharmaceutical Mexico 2018
Jun-18 Zentiva Group, a.s. CZE Manfactures and distributes generic medecines Advent International Corporation $2,202 - -
Jun-18 Foundation Medicine, Inc. USA Molecular information products Roche Holdings, Inc. $2,395 - NR
May-18 MedReleaf Corp. CAN Cannabis-based pharmaceutical products Aurora Cannabis Inc. $2,556 - NR
Apr-18 Bayer Assets GER Additional Seed and assets businesses BASF SE $2,058 - 2.3x
Apr-18 Consumer Health Business of Merck GER Consumer health business Procter & Gamble Overseas India B.V. $4,169 - -
Apr-18 Shire plc IRL A biotechnology companyTakeda Pharmaceutical Company
Limited$80,853 12.5x 5.2x
Apr-18 Oncology Business of Shire IRL Oncology business LES LABORATOIRES SERVIER SAS $2,400 - 9.2x
Apr-18 AveXis, Inc. USA A clinical-stage gene therapy company Novartis AG $8,696 - -
Mar-18GlaxoSmithKline Consumer Healthcare
Holdings LtdGBR Healthcare company GlaxoSmithKline plc $13,018 - 3.6x
Mar-18 LifeScan, Inc. USA Blood glucose monitoring Platinum Equity, LLC $2,100 - 1.4x
Jan-18 Ablynx NV BEL Late-stage clinical biopharmaceutical company Sanofi $4,769 - NR
Jan-18 Bioverativ Inc. USA A biotechnology company Sanofi $11,474 23.2x 9.4x
Oct-17 Advanced Accelerator Applications S.A. FRA Radiolabeled pharmaceuticals and nuclear medicines Novartis Groupe France S.A. $3,917 - NR
Oct-17Bayer Aktiengesellschaft, Selected Crop
Science businessesGER Businesses of bayer BASF SE $6,986 15.3x 4.5x
Aug-17 IFM Therapeutics, Inc. USA A biopharmaceutical company Bristol-Myers Squibb Company $2,320 - -
Jul-17 STADA Arzneimittel Aktiengesellschaft GER Pharmaceutical company Bain Capital Equity $4,993 12.6x 2.3x
Feb-17 ZELTIQ Aesthetics, Inc. USA Products for reduction of fat Allergan plc $2,471 NR 6.8x
Jan-17 Actelion Ltd SUI Low molecular weight drugs Johnson & Johnson $29,853 NR 12.2x
Jan-17 ARIAD Pharmaceuticals, Inc. USA An oncology company Takeda Pharmaceuticals U.S.A., Inc. $5,452 - NR
Dec-16 LifeCell Corporation USA A pharmaceutical company Allergan plc $2,900 - -
Dec-16 Capsugel, Inc. USA Dosage forms and solutions Lonza Group Ltd $5,500 16.0x 5.5x
Aug-16 Medivation, Inc. USA Medical therapies to treat serious diseases Pfizer Inc. $14,331 NR 13.6x
Jun-16 Vogue International LLC USA Hair care products Johnson & Johnson Consumer Inc. $3,300 - -
May-16 Anacor Pharmaceuticals, Inc. USA Small-moleculre therapeutics Pfizer Inc. $4,633 - NR
Apr-16 Stemcentrx, Inc. USA Therapies for cancer patients AbbVie Inc. $9,325 - -
Feb-16 Meda AB SWE A specialty pharma company Mylan N.V. $10,071 13.0x 4.3x
Dec-15 Bristol-Myers Squibb, VIH Clinic USA A HIV clinic ViiV Healthcare Company $2,905 - -
Dec-15 Acerta Pharma B.V. NED Oncology and autoimmune diseases AstraZeneca PLC $4,000 - -
NR: Not Relevant Mean 15.5x 6.2x
Median 14.2x 5.2x
BuyerSize
US$M
EV /
EBITDA
EV /
RevenueDate Target Country Description
Summary Target Buyer
On April 19, 2018, Takeda Pharmaceutical
Company Ltd., Japanese pharmaceutical,
announced the acquisition of Shire Plc., Irish
pharmaceutical company specializing in rare
diseases, for US$61.5 billion, representing implied
multiples of 12.6x EBITDA and 5.3x revenue
On January 26, 2017, Johnson & Johnson, US
pharmaceutical company, announced the
acquisition of Actelion Ltd, for US$29,853 million,
representing implied multiples of 32.2x EBITDA and
12.2x revenue
On August 22, 2016, Pfizer Inc., a US
pharmaceutical company, announced the
acquisition of Medivation, Inc., a US
biopharmaceutical company, for US$14,331
million, representing implied multiples of 30.7x
EBITDA and 13.6x sales.
On March 27, 2018, GlaxoSmithKline plc,
developer of vaccines and medicines in the United
Kingdom, announced the acquisition of the
remaining 36.5% stake of GlaxoSmithKline
Consumer Healthcare Holdings Ltd. to Novartis
AG, for US$13,018 million, representing an implied
multiple of 3.6x revenue
On January 22, 2018, Sanofi, a French
pharmaceutical company, announced the
acquisition of Bioverativ Inc., a US biotech
company for hemophilia treatments, for US$11,474
million, representing implied multiples of 23.2x
EBITDA and 9.4x revenue
Sources: Capital IQ, MergerMarket Seale & AssociatesCreative Solutions. Trusted Advice.
CURRENT MARKET SITUATIONREPRESENTATIVE TRANSACTIONS - GLOBAL
Pharmaceutical Mexico 2018
GLOBAL REPRESENTATIVE TRANSACTION
BUYER
The final agreement is about 46
percent in cash and 54 percent
of the shares, which leaves the
Shire shareholders with half the
combined group.
The transaction represents implied multiples of
12.6x EBITDA and 5.3x revenue
On April 19, 2018, Takeda Pharmaceutical Company
Ltd., Japanese pharmaceutical company, announced the
acquisition of Shire Plc., an Irish pharmaceutical
company, for US$61.5 billion
TARGETTAKEDA PHARMACEUTICAL COMPANY LTD.,
ANNOUNCED THE ACQUISITION OFSHIRE PLC.
On May 8 an acquisition
agreement was reached after
5 offers by Takeda
INCOME OF US$15.6
BILLION
+30,000 EMPLOYEES
FOUNDED IN 1986FOUNDED IN 1781
+23,000 EMPLOYEES
INCOME OF US$15.6
BILLION
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Sources: Capital IQ, Takeda
The combined value of Takeda
and Shire is US$31 billion in
sales, making it the 9th largest
pharmaceutical
Pharmaceutical Mexico 2018
MEXICAN REPRESENTATIVE TRANSACTION
Rimsa presented an annual growth
rate in its revenues of 10.6% from
2011 to the date of acquisition
The transaction represents an implied
multiple of 10.1x revenues
On October 1, 2015, Teva Pharmaceutical Industries Ltd.,
announced the acquisition of Representaciones y Investigaciones
Médicas, S.A. of C.V. (Grupo Rimsa), for US$2,300 million
TEVA PHARMACEUTICAL INDUSTRIES LTD., ANNOUNCED
THE ACQUISITION OF GRUPO RIMSA
Mexico is the second largest
market in Latin America for the
pharmaceutical industry and
one of the 5 most important
among emerging countries
INCOME 2014 OF
US$227 MILLION
+2,600 EMPLOYEES
FOUNDED IN 1970+40,000 EMPLOYEES
PRESENCE IN +60
COUNTRIES
INCOME 2016 OF $9.4
BILLIONS
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Sources: Capital IQ, Teva, The Wall Street Journal
Teva is the world's largest
generic pharmaceutical for its
sales
BUYER TARGET
Pharmaceutical Mexico 2018
REPRESENTATIVE MEXICO ENGAGEMENTS
Washington, D.C. | Mexico City | Monterrey
to
Holding company of
merged its
beverage division
with
has merged with
a business of
has partnered with
a subsidiary of
has sold
to
its sanitaryware business
and
a business unit of
has sold
Cosmocel Química
to
intelectiva®
has acquired
KFC Costa Rica
from
sold
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sold
to
Grupo Galaz, S.A de C.V.
dealers of
has partnered with
workshop and store in
Mexico City from
Acquisition
Advisory
Services
Corporate
Finance
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Services
has formed a partnership in
the casting tools business
between
and
has acquired
has acquired
has been acquired by
has been acquired by
has acquired
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has been acquired by
has been acquired by
merged its
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Acquisition
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Services
has carved out and sold
its concrete pumping
assets in Mexico
has formed a
partnership to market
and develop oil storage
and distribution in
Mexico with
Corporate
Finance
Advisory
Services
Corporate
Finance
Advisory
Services
acquired a 61% stake on
Acquisition
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Finance
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Services
Since 1999, Seale & Associates has been the trusted advisor
to highly respected public and private companies from around
the world, with a track record of success in a diverse range of
industries. Seale is an elite boutique global investment banking
firm with extensive experience in mergers and acquisitions
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ADVISOR TO LEADING COMPANIES WORLDWIDE
CONTACT INFORMATION
950 N. Glebe RoadSuite 950Arlington, Virginia 22203Phone: +1 (703) 294 6770
37, Moliere GranadaMexico City, 11520Phone: +52 (55) 8000 7463
Please contact us if you would like further information about M&A trends and/or specific transaction multiples for your industry.
Washington, D.C. | Mexico City | Monterrey
Mexico ContactInformation
Established presence in
Monterrey , Mexico
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2016 2017 2018
James A. Seale
President
Brett M. Carmel
Senior Managing Director & Co-founder
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Senior Director
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Managing Director
Adan Sierra
Vice President
Carlos Hernandez
Vice President
Alejandro Montemayor
Associate
Sofia Felix
Business Development
Andres Cardenas
Analyst
Armando RiosAnalyst
Miguel LealJunior Analyst
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