Are M&As in the List Biz Good for Mailers? Panel Squares Off

The session’s moderator, Bruce Biegel, senior managing director of the investment banking firm Winterberry Group, pointed to the downside of list M&A activity, noting that only one in five acquisition deals adds shareholder value. But the panelists pointed to other key factors.

“There’s not enough cash flow created to invest in the business,” Mallin says. “As part of larger firms, they can get equity, secure staff and be more relevant. And they’re challenged in the industry to be relevant.” Mandel adds “the smaller, boutique companies are having a hard time being profitable.”