WINNING TEAM (Left to right) Fortman Cline Management team members Francis S. Del Val, Clarisse T. Tan, Michael C. Tiutan, Daniel D. Ibasco, and Gary P. Cheng.
MANILA – Fortman Cline Capital Markets (FCCM) was named the Best Mergers and Acquisitions (M&A) Advisory Team in Southeast Asia for 2023 by Capital Finance International (CFI), a premier London-based print journal and online resource for business, economics, and finance.
CFI, in recognition of FCCM’s work as a corporate finance advisory and consulting firm, wrote
that the firm has “demonstrated a track record on assisting entrepreneurs and family
businesses achieve transformational growth via joint ventures, external fund-raising
placements, and inorganic acquisitions.”
“In addition, it has assisted a number of entrepreneurs monetize their businesses via strategic
transactions with responsible partners that could transform businesses towards a larger scale.
The team has also developed specialized practices in healthcare, consumer businesses,
infrastructure, and logistics. It has complemented its workforce with industry professionals,”
CFI added.
The CFI award program aims to demonstrate “the many ways in which the economies of the
world are converging” and the awards are given to individuals and organizations “that truly add
value.”
This is the second time that CFI has bestowed the recognition to FCCM. The first time was in
2019. That same year, FCCM was also given the Most Innovative Solutions Provider Award from
International Finance, Inc.
FCCM has been ranked as one of the top M&A firms in the Philippines by Bloomberg and in
Southeast Asia by Thomson Reuters.
“Having meaningful dialogues with our clients over a company’s lifecycle is very important. This
develops customer loyalty, and annuity like revenue streams vis-à-vis a transaction-oriented
approach to business,” FCCM president and co-founder Daniel D. Ibasco said in a statement.
Successful deals
FCCM acted as one of the two financial advisers of Professional Services Inc. (PSI), the company
that owns The Medical City (TMC), for its recently-signed deal with Luxembourg-based CVC
Capital Partners. The deal will involve a control entry by CVC over the hospital’s Philippine
assets and operations through a combination of convertible notes and secondary share
purchases via an ongoing tender offer.
FCCM has also assisted PSI in refinancing $146 million worth of guaranteed obligations of its
subsidiary in Guam with non-recourse long-term debt from a syndicate of South Korean
lenders.
In November 2022, FCCM advised TMC on the issuance of up to P12.7 billion of convertible
notes to Universal Healthcare Services, Pte. Ltd., which is managed by CVC. The move is part of
the hospital’s recapitalization program.
Prior to the CVC-TMC deal, FCCM advised Mang Inasal Philippines Inc. on its sale of a 70-percent stake
to Jollibee Foods Corp and All First Equity Holdings on its acquisition of a 60-percent equity
stake in Philippine Geothermal Production Company Inc. from Chevron Geothermal Philippines
Holdings LLC (USA).
The firm was also the financial advisor of San Miguel Corp’s acquisition of Citra Tollways’
interest in Southern Luzon Expressway; the sale of Air 21 Group to AC Logistics Holdings
Corp; the sale of 51 percent of The Generics Pharmacy to Robinson Retail Holdings Inc.;
Bounty Fresh Food Inc.’s $300-million acquisition of Tegel Foods Ltd. in New Zealand, and
Fernwood Holdings Inc.’s acquisition of a 100-percent stake in Liquigaz Philippine Corp.
Before founding FCCM along with Gary P. Cheng in 2007, Ibasco headed Asian Capital Markets
and Southeast Asian Investment Banking for Bear Stearns and Co. in Singapore and Hong Kong.
Cheng, who is the managing director of FCCM, was the president and CEO of Amalgamated Investment Bancorporation and has worked with J.P. Morgan in New York, Hong Kong, and London.
Ibasco and Cheng are joined in the top executive positions by Clarisse T. Tan and Michael C.
Tiutan, executive directors for the Investment Banking Group. Earlier in the year, FCCM
established a management consulting arm under the leadership of Francis S. Del Val, who has
more than three decades of global executive experience.