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.

Career Highlights

Education Highlights

Bachelor's Degree
Western University - Richard Ivey Business School

Certification Highlights

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

Finance

Financial Modeling, Three-statement Modeling, Mergers & Acquisitions (M&A), Due Diligence, Valuation, Comparable Company Analysis, Discounted Cash Flow (DCF), P&L Forecasting, Accounting, Leveraged Buyout Modeling, Capital Budgeting

Output Software

Microsoft PowerPoint, Microsoft Excel

Industry Expertise

Retail & Wholesale

Data & Analysis Software

Capital IQ

Other

Client Presentations, Business Planning, Finance, Financial Analysis, Board Presentations, Investor Presentations, Precedent Transaction Analysis, Transaction Comparables, Discounted Cash Flow Analysis, Operating Models, Industry Analysis, Financial Forecasting, Revenue Projections, Investment Banking, Capital Allocation, Financing, Accretion/Dilution Analysis, Synergy Assessment, Post-merger Integration, Corporate Sales & Divestitures

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