Banta Corporation is a technology and market leader in printing and supply-chain management, providing a comprehensive combination of printing and digital imaging solutions to leading publishers and direct marketers, including advanced digital content management and e-business services. In order to serve its customers on a timely and cost-efficient basis, Banta requested that Nicholas analyze the revenue and cost consequences of expanding its core business by locating a new warehouse facility in various parts of the country. In particular, Banta sought input on ideal sites in the country for location of a new warehouse, where Banta would be able to serve both its customers and the consumer with the least cycle time (least time spent in transit), and least freight cost.

3M Corporation has recently begun a more comprehensive program of growth through acquisition, and was seeking Nicholas' input on the role that integration of the acquisition target plays in determining the success and/or failure of acquisitions from a shareholder value perspective. Nicholas was requested to provide analysis, prepare and deliver a presentation based upon a thorough and comprehensive assessment of best in class acquisition integration processes, procedures and techniques. In particular, 3M wanted input on the following questions:

1) What are the critical process steps and features of successful acquisition integration efforts?

2) What are the critical metrics and important milestones necessary to drive successful integration efforts?

3) What are the critical attributes (including team dynamics) of an effective integration team?

The Wisconsin Alumni Research Foundation, or WARF, serves the University of Wisconsin-Madison scientific community by patenting the discoveries of UW-Madison researchers and licensing these technologies to leading companies in Wisconsin, the United States and worldwide. In this way, WARF also facilitates the use of UW-Madison research for the maximum benefit of society.

The project envisioned by WARF was to examine the most cost effective way to fund a new initiative known as the Wisconsin Institute of Discovery, a new research institute to be based on the campus of the University of Wisconsin-Madison. Currently, WARF has 1.5 billion of value in its investment portfolio. Hence, WARF has sufficient funds to finance the initiative itself. Alternatively, it may be that the initiative could be funded more cheaply using external market instruments such as tax-free bonds, non-subsidized instruments, or some combination of these alternative sources.

Royalty Pharma is a rapidly growing privately held company within the biopharmaceutical industry that acquires revenue producing intellectual property in leading pharmaceutical and biotechnology products. Principally, the company acquires royalty interests in marketed and late stage development of biopharmaceutical products. Royalty Pharma requested that Nicholas provide recommendations on two topics of immediate importance for the continued growth and evolution of the company:

1) Provide Royalty Pharma with an outside perspective and viewpoints on how to calculate and use the cost of capital in its business decision making process. Specific attention should be given to providing a calculation under two different ownership scenarios: Royalty Pharma remains a privately held enterprise, and Royalty Pharma becomes a publicly traded company. In addition to identifying the cost of capital, this phase of the project should provide an exhaustive list of potential funding sources for growing their business in the future, again under the two different ownership scenarios described above.

2) Royalty Pharma also wanted to have a comprehensive valuation of the company provided. The valuation should be completed using any and all relevant valuation methodologies that can be applied to the company, including discounted cash flow models and comparable company and acquisition models. The valuation should be performed under the two different alternative ownership scenarios described above in the first objective.

Nicholas team traveled to New York City and presented their recommendations to Royalty Pharma

Past Consulting Engagements
Fall '08 Projects		1st Round Projects	2nd Round Projects	Spring '09 Projects	3rd Round Projects
Fall '07 Projects		1st Round Projects	2nd Round Projects	Spring '08 Projects	3rd Round Projects	4th Round Projects
Fall '06 Projects		1st Round Projects	2nd Round Projects	Spring '07   Projects	3rd Round Projects	4th Round Projects
Previous Nicholas Projects		Fall 2005 Projects	Past Projects	Spring '06 Projects	3rd Round Projects	4th Round Projects