Europe Private Equity Buyout Review

FIRST NINE MONTHS 2020 Europe Private Equity Buyouts First Nine Months 2020 | Europe Private Equity Buyout Review

Europe Private Equity Buyout Deals Intelligence Private Equity Buyout Investment Activity in European Companies

€ 120 1400 EUROPEAN BUYOUT AND RELATED DEALS TOTAL €68.4 BILLION European buyout and related investment reached €68.4 billion in deal values across 947 transactions during the first three quarters of 2020. This represented a 24% decline in volumes but a 10% increase in deal values 1200 year-over-year. The third quarter alone saw €40.9 billion of deal values across 373 deals, an increase in € 100 values of 68% and a decline in volumes of 6% from the same period last year. Overall European M&A activity also decreased throughout 2020, declining by 22% to 9322 deals, which resulted in the share of PE-backed 1000 deals remaining steady at 10% year-over-year. € 80

TEN LARGEST ANNOUNCED DEALS ACCOUNT FOR 69% OF DEAL VALUES 800

The top ten deals announced in the year to date saw deal values totaling €47.3 billion, resulting in a 69% € 60 share of all disclosed values. The largest deal, the acquisition of thyssenkrupp’s Elevator Technology business by a consortium involving Cinven, Advent International, and RAG-Stiftung, accounted for €17.2 600 billion and closed in July. Also in the top three were the takeovers of defence and aerospace company, Cobham, by Advent International, and of waste management company, Viridor, by KKR, both with deal values € 40 of €4.7 billion. 400

CONSUMER RELATED COMPANIES SEE JUST 5% SHARE OF TOTAL INVESTMENT € 20 200 Companies within the consumer-related space saw their share of investment drop to 5% in the first nine months of 2020, down from their 19% share in all of 2019 and lower than any annual portion ever held except for the 5% recorded in 2017. Companies within the computer-related sectors saw €15.2 billion of values € 0 0 across 219 deals in the period, causing their share of overall market values to climb to 22% from 15% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 throughout all of 2019 and of market volumes to increase to 23% from 16% over the same period, both First Nine Months Deal Value (€bil) Rest of Year (€bil) # of Deals, First Nine Months records.

BUYOUT AND RELATED FUNDRAISING DOWN TO €38.6 BILLION Private Equity Buyout Deal Volumes (#) by Transaction Type A total of 79 European buyout and related funds recorded closes in the first nine months, raising €38.6 billion in commitments. This marked a 78% decrease in values year-over-year and was the slowest first three 100% quarters for a year since 2014. Newly closed in the third quarter was the top fundraise for the period, the €6.5 billion raise of Antin Infrastructure Partners’ fourth fund at its hard cap, exceeding its original €5.5 billion 90% target. Bpifrance held a May closing for its LAC 1 fund with total commitments of €4.2 billion, a large portion of this coming from Abu Dhabi’s sovereign wealth fund, Mubadala Investment Company. Vitruvian Partners 80% raised €4.0 billion for its VIP IV fund with a July closing, which will focus on high growth companies in the middle market, primarily based within Europe. 70%

EUROPEAN PE-BACKED COMPANIES COMPLETE EXITS VALUED AT €14.2 BILLION 60% European private equity-backed exits totaled €14.2 billion from 165 completed transactions during the first nine months, a 27% decline in values and a 36% decrease in number of exits when compared to 2019 50% figures. The top completed exit in the period was the €2.3 billion acquisition of Switzerland-based tax free shopping company, Global Blue, by special purpose acquisition company, Far Point. The top newly 40% announced transaction was the €7.2 billion purchase of Bombardier Transportation by French multinational transportation business, Alstom. 30%

20%

10%

0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 9M 2020

Add-on Acquisition Minority Stake Control Stake Other

www.refinitiv.com/dealsintelligence Investments First Nine Months 2020 | Europe Private Equity Buyout Review

Top European PE Buyout Deals by Deal Value PE Buyout Investment by Nation Ann./Eff. Deal Value 01/01/2020 - 30/09/2020 01/01/2019 - 30/09/2019 YoY % YoY % Company Name Date (€mil) Sector Status Nation Nation Value (€mil) # of Deals Value (€mil) # of Deals Chg. (€) Chg. (#) Thyssenkrupp - Elevator Germany € 21,917.8 142 € 15,909.8 151 38% ▲ -6% ▼ 31/07/20 € 17,200.0 Electronics Equipment Completed Germany Business United Kingdom € 21,719.4 320 € 25,602.2 368 -15% ▼ -13% ▼ France € 5,734.1 111 € 6,798.2 292 -16% ▼ -62% ▼ Cobham 22/01/20 € 4,739.0 Business Services Completed United Kingdom Spain € 4,812.0 49 € 5,070.4 78 -5% ▼ -37% ▼ Switzerland € 4,502.5 27 € 746.8 18 503% ▲ 50% ▲ Viridor 08/07/20 € 4,674.5 Pollution and Recycling Completed United Kingdom Sweden € 3,579.9 49 € 780.6 30 359% ▲ 63% ▲ Finland € 2,081.3 10 € 62.0 8 3257% ▲ 25% ▲ Veeam Software 09/01/20 € 4,502.5 Computer Software Completed Switzerland Italy € 1,838.3 76 € 1,537.6 108 20% ▲ -30% ▼ Denmark € 832.6 20 € 771.6 15 8% ▲ 33% ▲ Sophos 02/03/20 € 3,503.4 Computer Software Completed United Kingdom Belgium € 391.0 10 € 28.8 22 1258% ▲ -55% ▼ Republic of Ireland € 298.5 14 € 903.9 24 -67% ▼ -42% ▼ IFS 14/07/20 € 3,000.0 Computer Software Pending Sweden Netherlands € 233.5 31 € 1,891.5 64 -88% ▼ -52% ▼ Luxembourg € 165.9 11 € 29.9 5 454% ▲ 120% ▲ Elsan 29/07/20 € 2,968.6 Med/Health Services Pending France Norway € 140.2 27 € 1,423.1 15 -90% ▼ 80% ▲ Turkey € 57.8 7 € 0.0 1 - ▲ 600% ▲ MASMOVIL Group 22/09/20 € 2,960.0 Wireless Communications Completed Spain Hungary € 55.0 4 € 0.0 1 - ▲ 300% ▲ Romania € 10.4 3 € 175.0 9 -94% ▼ -67% ▼ Ahlstrom-Munksjö 24/09/20 € 2,081.3 Manufacturing Pending Finland

Incora 09/01/20 € 1,710.9 Transportation Completed United Kingdom

idealista 10/09/20 € 1,300.0 Internet Content Pending Spain

Corilus 11/05/20 € 1,100.0 Computer Software Completed Netherlands

Most Active Investors - United Kingdom Most Active Investors - France Most Active Investors - Rest of Europe Aggregate Deal Aggregate Deal Aggregate Deal Firm Name Rank # of Deals Values (€mil) Firm Name Rank # of Deals Values (€mil) Firm Name Rank # of Deals Values (€mil) Hg 1 26 € 0.0 Ardian 1 20 € 4,468.6 EQT 1 29 € 21,812.1 Apax Partners 2 18 € 373.3 Bpifrance 2 12 € 238.1 CVC Capital Partners 2 19 € 2,666.8 Permira 3* 15 € 2,267.6 BNP Paribas Capital Partners 3* 8 € 23.1 Triton 3 12 € 334.0 LDC 3* 15 € 70.6 Antin Infrastructure Partners 3* 8 € 0.0 Mutares 4* 11 € 0.0 BGF 5 12 € 46.6 Apax Partners France 5 6 € 59.8 Waterland Private Equity 4* 11 € 0.0 Inflexion 6 11 € 173.4 Omnes Capital 6* 5 € 90.0 Deutsche Beteiligungs 6 10 € 115.0 BC Partners 7* 9 € 0.0 Astorg 6* 5 € 0.0 Partners Group 7 9 € 0.0 Equistone Partners Europe 7* 9 € 0.0 ArchiMed 8* 4 € 0.0 Main Capital 8 8 € 56.2 Cinven 9 8 € 20,160.0 SWEN Capital Partners 8* 4 € 0.0 Bregal Unternehmerkapital 9* 5 € 0.0 Bregal Investments 10* 7 € 74.1 Tikehau Capital 8* 4 € 0.0 Nordic Capital 9* 5 € 0.0 3i Group 10* 7 € 65.3 UI 8* 4 € 0.0 MCH 11* 4 € 300.0 G Square 10* 7 € 12.5 LBO France 12* 3 € 150.0 DIF Capital Partners 11* 4 € 109.6 IK Investment Partners 13* 6 € 500.0 Argos Wityu 12* 3 € 54.5 DEG 11* 4 € 47.7 Intermediate Capital Group 13* 6 € 359.7 Sagard 12* 3 € 40.0 Abac Capital 11* 4 € 0.0 TDR Capital 13* 6 € 135.8 Andera Partners 12* 3 € 0.0 Ambienta 11* 4 € 0.0 Foresight Group 13* 6 € 34.9 Chequers Capital 12* 3 € 0.0 AUCTUS Capital Partners 11* 4 € 0.0 ECI Partners 13* 6 € 0.0 Norvestor 11* 4 € 0.0 Horizon Capital 13* 6 € 0.0 Ufenau Capital Partners 11* 4 € 0.0 Limerston Capital 19* 5 € 0.0 Synova Capital 19* 5 € 0.0

www.refinitiv.com/dealsintelligence Investments First Nine Months 2020 | Europe Private Equity Buyout Review

Investments by Sector, Number of Deals Investments by Sector, Deal Value

100% 100%

90% 90%

80% 80%

70% 70%

60% 60%

50% 50%

40% 40%

30% 30%

20% 20%

10% 10%

0% 0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 9M 2020 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 9M 2020 Consumer Related Industrial/Energy Computer Software & Hardware Internet Specific Medical/Health Other Consumer Related Industrial/Energy Computer Software & Hardware Internet Specific Medical/Health Other

Deal Size Composition of Investments Top PE Deals by European Firms Investing Abroad Ann./Eff. Deal Value Company Name Date (€mil) Sector Status Location 3% Zayo 09/03/20 € 12,492.4 Data Comm. Completed United States 9% Outer Ring: Deal Values (€bil) ADNOC- Gas Pipeline Assets 23/06/20 € 8,933.3 Oil & Gas Exploration Completed United Arab Emirates 4% Inner Ring: # of Deals 5% Tallgrass Energy 17/04/20 € 5,792.6 Oil & Gas Exploration Completed United States 10% Tech Data Corporation 30/06/20 € 4,808.1 Business Services Completed United States 14% ≥ €3 Bil Wella 31/07/20 € 3,652.1 Consumer Products Completed United States €1 < €3 Bil LogMeIn 31/08/20 € 3,648.6 Wireless Communications Completed United States €500 Mil < €1 Bil

€100 < €500 Mil Cincinnati Bell 13/03/20 € 2,611.4 Telephone Rel. Pending United States 57% 56% Red de Carreteras de < €100 Mil 24% 05/06/20 € 2,309.2 Transportation Completed Mexico Occidente

Lytx 28/02/20 € 2,267.6 Computer Software Completed United States 18% RSA Security 01/09/20 € 1,742.2 Computer Software Completed United States

Generate 04/02/20 € 905.6 Energy, Alternative Completed United States

Radiology Partners 10/09/20 € 749.2 Medical Diagnostics Pending United States

www.refinitiv.com/dealsintelligence Fundraising First Nine Months 2020 | Europe Private Equity Buyout Review

Europe Private Equity Buyout Fundraising Activity Private Equity Buyout Fundraising, Fund Size Composition

€ 250 120 100%

90%

100 € 200 80%

70% 80

€ 150 60%

60 50%

€ 100 40%

40 30%

€ 50 20% 20 10%

€ 0 0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 9M 2020

First Nine Months Fundraising (€bil) Rest of Year (€bil) # of Funds, First Nine Months 0 to €100 Mil €100 to €200 Mil €200 to €300 Mil €300 to €500 Mil €500 to €1000 Mil Greater than €1000 Mil

PE Buyout Fundraising, by Investment Stage (€bil) Largest PE Buyout Funds Raised in Europe Latest Amount Raised Total Fund Size Fund Name Closing Date (€mil) (€mil) Fund Stage € 2,963 Antin Infrastructure Partners IV 28/07/20 € 6,500.0 € 6,500.0 Generalist Outer Ring: Amount Raised (€bil) Inner Ring: # of Funds LAC I Fund 25/05/20 € 4,200.0 € 4,200.0 Generalist € 3,356 4 Vitruvian VIP IV LP 30/07/20 € 4,000.0 € 4,000.0 Generalist 7 Other PE/Special Actis Energy 5 LP 09/07/20 € 2,570.7 € 2,570.7 Situations Generalist EMK Capital Partners II LP 08/04/20 € 1,500.0 € 1,500.0 Buyouts Buyouts 35 Crescent European Specialty Lending II LP 03/07/20 € 1,390.9 € 1,473.8 Mezzanine Stage

Mezzanine Summit Partners Europe Growth Equity Fund III 30/06/20 € 1,128.2 € 1,128.2 Generalist € 9,452 Other € 22,845 Five Arrows Secondary Opportunities V 09/01/20 € 1,000.0 € 1,000.0 Generalist 33 DPE Deutschland IV Fund 08/09/20 € 1,000.0 € 1,000.0 Buyouts

Park Square Capital Partners IV, SCSp 13/04/20 € 911.3 € 911.3 Mezzanine Stage

KKR Real Estate Credit Opportunity Partners II 20/07/20 € 830.1 € 830.1 Generalist

Ancala Infrastructure Fund II 05/02/20 € 735.0 € 735.0 Buyouts

www.refinitiv.com/dealsintelligence Exits First Nine Months 2020 | Europe Private Equity Buyout Review

Europe Private Equity Buyout Exit Activity Exits by Sector, Number of Deals

€ 100 400

€ 90 350 18% € 80 300 € 70 34% 250 € 60 Consumer Related Internet Specific € 50 200 Computer Software & Hardware 14% Industrial/Energy € 40 150 Medical/Health € 30 Other 100 € 20

50 7% € 10 15%

€ 0 12% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

First Nine Months Exit Value (€bil) Rest of Year (€bil) # of Exits, First Nine Months

Number of Years from Investment to Exit Top Announced European PE-Backed Exits Ann. Deal Value Company Name Date (€mil) Sector Exit Type Bombardier Transportation 17/02/20 € 7,245.7 Transportation Trade Sale 4% 4% 7% CPA Global 29/07/20 € 5,996.2 Computer Programming Reverse Takeover

Brisa 28/04/20 € 2,435.2 Transportation Trade Sale

Global Blue 16/01/20 € 2,302.9 Financial Services Trade Sale Over 15 Years 33% The Hut Group 27/08/20 € 2,064.7 Internet Ecommerce IPO 11 -15 Years RESIDOMO 09/01/20 € 1,299.8 Financial Services Trade Sale 5-10 Years

2-4 Years idealista 10/09/20 € 1,298.8 Internet Content Secondary Sale

Under 2 Years Visma 21/08/20 € 1,228.9 Computer Software Secondary Sale

Caser Seguros 24/01/20 € 782.1 Financial Services Trade Sale 52% Energy Assets Group 12/02/20 € 540.8 Utilities Secondary Sale

Gas Connect Austria 12/03/20 € 457.3 Utilities Trade Sale

PeP 11/03/20 € 405.4 Financial Services Trade Sale

www.refinitiv.com/dealsintelligence Europe Private Equity Buyout Criteria First Nine Months 2020

If you would like to participate in the submission process, receive quarterly Data collected and analyzed by Refinitiv for this statistical report were drawn from a variety of sources including Refinitiv M&A databases, regulatory filings, press releases, and press releases, or have questions proprietary reports from European and non-resident buyout firms, private equity firms, law firms, and other service providers. about our full league table criteria please contact: Key statistical indicators (e.g., total disbursements, per quarter or per annum) are influenced by the fact that a substantia l fraction of buyout and other PE deals are not fully disclosed. For instance, “euros invested” in a given period pertain only to those deals with values that have been published or confidentially disclosed to Refinitiv.

EMEA The data also highlights the deal-making of European funds in non-European companies. “Euros invested” pertain to the total value of disclosed deals in which European funds have participated and not the specific European financial contributions to these deals. Deals are first tracked as of announc ement date, then tracked as of completion date upon Greg Beaman closing. Tel: 416-687-7510 [email protected] Statistical data reflect all essential forms of buyout-PE deal-making, including control-stake acquisitions of businesses, minority equity investments, restructuring and special- situations transactions, mezzanine deals, acquisitions for expansion and other quasi-equity investments.

League tables, commentary, and charts include both announced and completed transactions.

Rankings of top PE investors include investment activity made into any portfolio companies, including those based outside of Europe. Announced league tables include announced and completed deals that were announced between January 1st, 2020 and September 30th, 2020 and of which Refinitiv was made aware.

All current and previous years data is as of Thursday, November 19, 2020. Data is continuously updated and is therefore subject to change. All figures are in Euros unless otherwise noted.

While Refinitiv has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Refinitiv nor its third party content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Refinitiv disclaims all warranties, express or implied, as to the accuracy or c ompleteness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Refinitiv has not undertaken any liabili ty or obligation relating to the purchase or sale of securities for or by any person in connection with this document.