Ben Liang, Finance Expert in Toronto, ON, Canada
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Ben Liang

Verified Expert  in Finance

Finance Expert

Location
Toronto, ON, Canada
Toptal Member Since
December 7, 2020

Ben is an M&A professional with experience in both investment banking (Morgan Stanley & Lazard) and corporate buy-side (CTC) capacities. He has enjoyed analyzing companies and advising executives across a diverse set of industries. He worked on the company's largest and most complex consumer and retail acquisitions at CTC, totaling nearly $1 billion alone. Ben joined Toptal to work within a more direct and entrepreneurial setting with an even wider range of companies.

Financial ModelingFinancial ForecastingInvestment BankingMergers & Acquisitions (M&A)ValuationComparable Company AnalysisDue DiligenceAccountingPost-merger IntegrationClient Presentations

Career Highlights

Associate Vice President, Value Creation
Canadian Tire Corporation
Investment Banking Associate, Analyst, M&A
Lazard
Investment Banking Analyst, Energy
Morgan Stanley

Education Highlights

Bachelor's Degree
Western University - Richard Ivey Business School

Certification Highlights

Chartered Financial Analyst (CFA)
CFA Institute

Case Studies

Work Experience

Associate Vice President, Value Creation

2021 - PRESENT
Canadian Tire Corporation
  • Oversaw and managed multiple strategically important and value-enhancing initiatives for the organization.
  • Led the preparation of numerous presentations for Senior Management for briefing or decision-making purposes.
  • Prepared financial models and related presentations for capital budgeting related to a new channel of growth.
Focus areas: Business Planning, Post-merger Integration, Corporate Sales & Divestitures, Financial Modeling, Capital Budgeting

Corporate Development (M&A) Manager

2018 - 2019
Canadian Tire Corporation
  • Evaluated and executed acquisition opportunities with internal and external business leaders, including the largest (Helly Hansen, approx. C$1 billion) and most complex (Party City Canada, C$175 million) in the retail conglomerate's history.
  • Led development of operating and valuation models for both the Helly Hansen and Party City Canada acquisitions, in addition to other opportunities being evaluated.
  • Created investor relations presentation for the Helly Hansen acquisition to highlight key strategic rationale and select financial information to the public investment community.
  • Developed detailed store-level operating and financial models to determine the optimal structure and implied economics for growth plans.
  • Conducted research and prepared executive briefings on competitive landscape and industry trends for various consumer and retail sub-sectors.
  • Analyzed a wide range of data room diligence information to prepare executive-level presentations and reports to summarize findings.
  • Prepared detailed board presentations that supported successful transaction approvals for the Helly Hansen and Party City Canada acquisitions.
  • Directly advised senior leadership on valuation (based on DCF, comparable companies, and percent transactions analyses) for multiple transactions.
  • Coordinated with internal stakeholders to prepare a detailed analysis of revenue and margin-enhancement "synergies" opportunities to guide valuation.
Focus areas: Three-statement Modeling, Operating Models, Precedent Transaction Analysis, Discounted Cash Flow (DCF), Discounted Cash Flow Analysis, Comparable Company Analysis, Valuation, Financial Modeling, Investor Presentations, Board Presentations, Due Diligence, Mergers & Acquisitions (M&A)

Investment Banking Associate, Analyst, M&A

2014 - 2018
Lazard
  • Prepared benchmarking analysis, financial model updates, and board materials to assess and support the extent of a material dividend reduction for a C$5+ billion public company.
  • Audited sell-side model of an approximately C$1 billion retail business to identify and flag assumptions and formulas for further discussion and evaluation.
  • Coordinated information requests, prepared DCF model, and drafted board presentation for an acquisition of a private packaging company as part of an approximate C$2 billion company’s transformation.
  • Conducted research to advise a financial sponsor (private equity firm) on industry pricing, dynamics, and competitive landscape for a C$1 billion healthcare business.
  • Developed a detailed operating model with functionality for individual store closures and restructuring scenarios for the acquisition of a C$250 million retail business.
  • Conducted analysis to support advice to seller on buyer’s tactics, valuation expectations, terms, financial impact, and industry and regulatory trends for a potential sale of a $5+ billion company to a conglomerate.
  • Researched to identify numerous private businesses as potential acquisition opportunities to discuss with the management of a C$250 million industrial company, and subsequently prepared a board presentation for approval of an acquisition.
  • Developed teasers and confidential information presentations for a private consumer services business with a tailored assessment of each buyer's synergies.
  • Prepared dozens of pitch presentations on proposed acquisitions, highlighting potential acquisition targets, valuation, and analyzing illustrative accretion and dilution.
Focus areas: Transaction Comparables, Comparable Company Analysis, Leveraged Buyout Modeling, Accretion/Dilution Analysis, Client Presentations, Capital Allocation, Mergers & Acquisitions (M&A), Investment Banking

Investment Banking Analyst, Energy

2012 - 2014
Morgan Stanley
  • Prepared dozens of presentations used in meetings with C-level executives of Canada's largest upstream oil and gas companies ($10+ billion) to discuss strategic opportunities, company performance, and trends in the capital markets.
  • Performed corporate and asset-level valuations using discounted cash flow (DCF), sum-of-the-parts (SOTP), comparable companies, and precedent transactions methodologies for various upstream oil and gas companies.
  • Analyzed accretion/dilution, ability-to-pay, and pro forma credit metrics for select potential targets and acquirers.
  • Illustrated the potential value realizable through an IPO versus a sale for an asset and outlined implications of market environment, financial capacity, and strategic rationale for each option's actionability.
  • Prepared three statement corporate model with various financing scenarios to reflect terms proposed in an approximately $300+ million debt offering.
  • Prepared a pitch presentation in response to an RFP, which resulted in a broader strategic alternatives review mandate (evaluating financing, a joint venture (JV), sale of non-core assets, and corporate sale).
Focus areas: Financing, Precedent Transaction Analysis, Discounted Cash Flow (DCF), Client Presentations, Comparable Company Analysis, Financial Modeling, Investment Banking
2008 - 2012

Bachelor's Degree in Honors Business Administration

Western University - Richard Ivey Business School - London, ON

SEPTEMBER 2019 - PRESENT

Chartered Financial Analyst (CFA)

CFA Institute

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