Christopher J. Bellini, Cozen O’Connor

Shareholder, Cozen O’Connor

What are the biggest challenges you currently see in the M&A world?

The biggest challenge that I currently see is the disconnect between buyers and sellers on valuation. This is particularly true for private equity sponsors, as many of their portfolio companies were acquired at the peak of the M&A market, when valuations were very high. Many of these sponsors are in the process of raising new funds and are being pressured by their LPs about the limited realization of returns. This is increasing the pressure to sell, but current valuations do not necessarily support healthy returns.

Without revealing the names of a client, what is the most interesting transaction you’ve worked on lately?

I recently closed the sale of a German owned U.S. business that was being co-marketed with a German business that had overlapping ownership and a close strategic relationship with our client. This required close coordination among the U.S. and German deal teams throughout the marketing, negotiation, due diligence and closing phases of both transactions. This transaction drew upon my many years of experience in doing carveout transactions involving businesses spread across the globe.

How do you manage work/life balance?

I try to strive for a realistic work/life balance and not the perfect one. Some days, I might focus more on work, while other days I might have more time and energy to pursue my hobbies or spend time with my family. Additionally, I make a point of taking advantage of the slow periods, because balance is achieved over time, not each day.

What is one thing you would change about Minnesota if you could?

That’s easy: the long, dark and arctic winters.

What’s something most people don’t know about you?

I am an aspiring sfoglino.