- AdvisorySell-side M&AMost of the price is set before a buyer sees the book.Buy-side M&AAcquisitions built on discipline, not deal fever.Special situationsWhen the situation is the problem, process is the answer.Debt advisoryA financing is decided before the first lender call.Equity capitalEquity is the most expensive capital you will raise.DivestituresSelling a piece is harder than selling the whole.MethodThe nine phases and ten workstreams.
- Investments
- Growth Consulting
Equity is the most expensive capital you will raise.
It should be the last rung you reach for and it is usually the first. Before running a raise we test whether you need one — and if you do, we take it to the investors whose mandate actually fits rather than to everyone.
What the mandate covers.
The instrument follows the situation. Most of the value in a raise is created by choosing the right rung of the capital structure before anyone is approached.
Four things that govern the work.
Not house preference. These are the conclusions the evidence supports, and they decide what happens in the weeks that actually move the number.
The right rung first
Most raises are a debt question asked in equity language. Working capital, an acquisition, or an equipment purchase usually has a cheaper answer, and we test that before running anything.
The wrong door wastes the raise
Investors have mandates, and a mandate mismatch is not a persuasion problem. Six wrong conversations cost more credibility than they cost time.
Valuation is built, not argued
From peers, cost of capital, and scenarios — with the ranges on one page and what each price implies for the next round stated plainly.
Terms outlive valuation
Liquidation preference, participation, board composition, and consent rights decide the outcome far more often than headline valuation does.
How the mandate runs.
Every engagement runs the same nine phases. Below is how they compress for this mandate.
The right-rung test
Whether equity is the answer, settled before anything goes to market.
- Use of funds tested against cheaper structures
- Dilution modelled against the debt alternative
- Readiness assessed across reporting and governance
- An honest recommendation, including not raising
Packaging
Materials built for the investor who will rebuild your model.
- Equity story with evidence behind each claim
- Driver-level assumptions defensible in diligence
- Data room structured before the first request
- Valuation range with the implications stated
Process
Tiering, wall-crossing, and a real comparison.
- Investor universe tiered by mandate fit
- Outreach sequence protecting the process
- Term sheets normalized and compared
- Negotiation on terms, not only on price
Close
Diligence, documentation, and a cap table you can live with.
- Confirmatory diligence coordinated
- Shareholder agreement negotiated alongside counsel
- Governance and consent rights settled
- Post-close reporting obligations mapped
MORR Capital is a division of MORR Group. Nothing on this page is an offer to sell or a solicitation of an offer to buy any security, nor is it investment, legal, tax, or accounting advice. No communication through this page creates an advisory or fiduciary relationship.
MORR Group is not a registered broker-dealer, investment adviser, or municipal advisor, and is not a member of FINRA or SIPC. Engagements are accepted only where permitted by applicable law, including under the exemption for M&A brokers at Section 15(b)(13) of the Securities Exchange Act of 1934 and applicable state law. Where a mandate would require registration we do not accept it, or we engage a registered broker-dealer to conduct the regulated activity.
Any direct investments described are made with MORR’s own capital and are not offered to outside investors. Past performance of any business, transaction, or investment is not indicative of future results.
Descriptions of process, phases, and workstreams are general information about how engagements are typically run. They are not tailored to any recipient’s circumstances and should not be relied upon as the basis for any decision. No representation is made that any transaction, financing, or mandate will be completed, completed on any particular timeline, or completed on any particular terms. Any statements about future events or expected outcomes are forward-looking and subject to risks and uncertainties outside our control.
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