Violy & Company Research
Advisory Approach
Violy & Company is a distinguished international M&A advisory and strategic financial services boutique headquartered in New York, built on four decades of transaction execution expertise in Ibero-American markets. Founded by Violy McCausland (now McCausland-Seve) in 1996 as Violy, Byorum & Partners, the firm evolved from its predecessor advisory practice at major global institutions including JPMorgan. The firm's central thesis is captured in "The Violy Way" — a proprietary methodology combining in-depth analytics, industry research, and macroeconomic insights to uncover strategic opportunities and mitigate transaction risks. The firm specializes in solving complex, high-stakes transactions for founders and multinational enterprises facing strategic inflection points.
Firm Positioning and Philosophy
Violy & Company operates as a pure advisory boutique with no conflicts of interest. The firm does not trade securities, lend, underwrite, or maintain proprietary capital — all resources are dedicated entirely to client advisory. This structure ensures 100% alignment with client outcomes. The firm explicitly declines assignments it cannot execute to its quality standards, preferring to refer clients to better-suited advisors rather than compromise its reputation. This discipline has earned recognition from the highest levels of business leadership: Gustavo Cisneros (Chairman, The Cisneros Group) describes Violy as having "an extraordinary vision and clear tactics," while James D. Robinson III noted her "intensity" and "relentless approach" combined with "intellectual brain power and capacity to think outside the box." The firm is also notable for the longevity of its client relationships — many spanning 20+ years — indicating deep trust in advisory competency.
Sector Focus and Industry Expertise
Violy & Company maintains particular depth in capital-intensive industries requiring complex, cross-border transaction structures. Primary focus areas include:
Media, Entertainment & Communications: The firm has deep expertise restructuring large media conglomerates and executing strategic capital raises. The flagship engagement with Spain's Grupo PRISA (owner of El País, Santillana educational publishing, television networks) demonstrates mastery of multi-jurisdictional media holding companies. Over three years (2008-2011), Violy advised PRISA through a €1+ billion debt restructuring, capital raise of €900M+ from Liberty Acquisition Holdings and DLJ South American Partners, and strategic minority sales in Santillana (25%, €247M to DLJ), Digital+ (22%, strategic partners), and Media Capital (35%, to Portuguese holdings). Each transaction balanced founder control preservation with financial restructuring, a hallmark of the firm's approach with family-owned enterprises.
Financial Services & Gaming: The firm demonstrated exceptional skill in the Codere restructuring — a €1 billion publicly traded debt workout spanning three years. Codere, a pan-European gaming operator headquartered in Spain with operations across Europe and Latin America (including Argentina, Colombia, Spain, Italy, Mexico, Uruguay, Brazil, and Panama), faced financial distress after Argentina's YPF-Repsol nationalization (2012) eliminated the firm's most profitable market and forced accelerated gaming license renewals. The restructuring delivered: 50% reduction in public debt, €200M fresh capital injection, low-coupon restructured debt, balanced post-restructuring governance, and meaningful equity retention for founding families and senior management. This deal exemplifies the firm's value-creation approach: beyond numbers, the restructuring preserved management relationships and positioned Codere for post-crisis profitable growth.
Real Estate & Development: Managing Director Elizabeth Cohen leads extensive real estate advisory, having secured financing for 26+ projects totaling 7.5+ million square feet and exceeding $1 billion in aggregate value. Coverage includes residential, commercial, industrial, hospitality, and infrastructure projects across LATAM and New York markets. Her portfolio includes traditional lending, hedge fund capital, international capital markets, and ultra-high-net-worth family offices.
Business Services & Strategic Advisory: The firm serves multinational corporations and founders across sectors including CPG (consumer packaged goods), beverage, industrial services, and technology. Notable advisories include strategic restructuring for Cisneros Group companies, Cemex transformations, and founder-led growth advisory.
Transaction Track Record
Violy McCausland personally has led 120+ billion USD in successful transactions over 40 years. The firm's deal history reflects its positioning in high-complexity, high-value transactions:
- Codere (2013-2015): €1B+ debt restructuring, €200M capital raise, multi-jurisdiction governance redesign
- PRISA (2008-2011): €1B+ debt restructuring, €900M+ capital raises, strategic divestiture program
- V-me Media (2013): PRISA strategic investment (12% stake) in fourth-largest US Hispanic television network
- Talos Partners / IBN Partnership (2009): PRISA strategic technology partnership, 4.5% investor stake, retail media network launch across Spain and LATAM
- Multiple founder-led acquisitions: Cross-border M&A consolidations creating top-10 global players (announced in historical press coverage) in beverage, cement, and financial services sectors
The firm also led landmark privatizations, financial restructurings, and capital market returns for Latin American companies during periods when such access was restricted — pioneering debt and equity market entry for Colombian, Mexican, and Brazilian corporations.
Process & Advisory Approach
Violy engages clients through structured advisory stages:
- Business Strategy Review — Deep operational analysis identifying value drivers and restructuring opportunities
- Valuation Analysis — Fair value assessment independent of distress conditions
- Transaction Strategy Formulation — Custom roadmap balancing owner, family, and stakeholder objectives
- Preparation of Selling Documents — High-quality pitch materials and data room curation
- Buyer/Capital Source Discovery — Leveraging 40-year network of multinational corporations, PE firms, and family offices
- Negotiation Strategy & Support — Structuring favorable terms and managing process risk
- Due Diligence Management — Guiding quality-of-earnings, financial, and operational diligence
- Financial Restructuring & Workouts — Negotiating with banks, bondholders, and capital providers during distress
The firm explicitly handles multi-generational family business objectives, understanding both financial goals and family succession planning — a critical differentiator in the LATAM market where family control is paramount.
Geographic Coverage and Market Presence
Violy & Company operates across three core regions:
- North America: New York headquarters serving US market and continental entry point
- Europe: Madrid office covering Spain and European market access
- Latin America: Mexico partnership and active engagement across Central/South America (Colombia, Argentina, Brazil, Chile, Peru, Panama)
The firm maintains a network of 25+ senior advisors with 15-40 years of experience, supplemented by specialized legal and tax advisors across jurisdictions.
Competitive Differentiation
- Boutique Structure — No conflicts of interest, no proprietary capital, 100% client alignment
- Deep LATAM Expertise — 40-year network and market knowledge unmatched by global bulge brackets
- Founder & Family Firm Specialization — Unique experience navigating family control, multi-generation succession, and founder psychology
- Complex Restructuring Capability — Proven expertise in €1B+ multi-jurisdictional workouts (Codere, PRISA)
- Discretion & Confidentiality — Conservative, tight communication — critical for family offices and private transactions
- Long-term Client Relationships — Many clients spanning 20+ years; repeat advisories indicate trust
- Valuation Independence — Unlike bulge brackets, firm doesn't benefit from additional fee-generating products
Team Composition and Expertise
Founder & Leadership:
- Violy McCausland Dieppa (Founder & CEO): 40+ years M&A experience, $120B+ in led transactions; pioneered LATAM capital market access; Harvard Business School case study subject; recognized as Latin American "Superstar" by Global Finance (1995); former Managing Director at JPMorgan, Partner at Wolfensohn Inc.
Senior Advisory Team:
- Simon Araujo (Senior Advisor): 30+ years investment banking, $80B+ in transaction experience; Wall Street experience (Perella Weinberg Partners, Violy, Byorum & Partners 1994-2009); Latin American family office advisor; board member of prominent LATAM companies (Valorem, Propilco, Avianca); HEC Paris MBA
- Carlos E. Dieppa (Senior Advisor): 30 years consumer goods & strategy; former President of Mars Inc. Latin America, leading global dog portfolio; business transformation in Brazil (doubled business scale); fluent in Spanish, English, Portuguese
- Rodolfo Moseres-Dieppa (Senior Advisor): Master's in Law & Diplomacy (Fletcher School); trade negotiator at WTO; Trade Advisor to Colombian presidents (Santos, Uribe); pioneered Canadian Free Trade Agreement for Colombia; renewable energy project structuring
- Carlos Torrescano (Partner, Mexico): 44 years international business experience; founder of Torrescano Bohorquez & Associates; structured first joint venture risk capital transaction in Mexico (1993); mortgage and infrastructure expert
- Alvaro Miranda (Partner, Madrid): 20+ years M&A and international operations; infrastructure, finance, real estate, F&B expertise; MBA from IE Business School Madrid
- Elizabeth Cohen / Gloria Rendón (Managing Director): 26+ projects financed, 7.5M+ sqft coverage, $1B+ in values; LATAM and New York real estate specialist; traditional and alternative financing expertise
- William Alain Laraque (Senior Advisor): Former US Ex-Im Bank Business Development Officer; 30+ years international banking and trade finance; assistant professor (Hofstra, Baruch); prolific writer on trade finance
- Lucia Skwarek (Senior Advisor): Consultant to hedge funds and PE in emerging markets since 2012; former head of emerging market equity at JPMorgan (1998-2001), UBS (1995-1998); 13 years at JPMorgan in various roles; advisor to family offices
- Sylvia McCausland (COO): Chief Operations Officer managing firm coordination and client communications
Not a Fit If...
Violy & Company explicitly declines:
- Clients seeking limited processes or time-compressed timelines (the firm's value is in exhaustive preparation)
- Transactions without clear strategic or financial merit
- Assignments where the firm cannot maintain confidentiality or where conflicts arise
- Businesses with pending material litigation or regulatory jeopardy
- Situations requiring proprietary capital or principal risk-taking
Awards and Recognition
- International M&A Awards Finalist (2011) — recognized among world's leading M&A advisory boutiques
- Deal of the Year Winner (Argentina) (2025) — recognition for exceptional transaction execution
- Harvard Business School Case Studies — multiple Violy deals featured as teaching cases on creative deal structuring
- Global Finance "Latin American Superstar" (1995) — awarded to Violy McCausland
Conclusion
Violy & Company represents the apex of specialized M&A advisory boutique practice in Ibero-American markets. The firm's 40-year track record, pure-play advisory model, deep founder/family business expertise, and unique access to multinational corporations and capital sources make it the trusted advisor for complex, high-stakes transactions where discretion, sophistication, and creative problem-solving are essential. The firm's longevity (established 1996, evolved from 1990 advisory practice) and client loyalty underscore deep competitive advantage in markets where relationships and reputation are paramount.