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Private Equity Newsletter Quarterly Special | Edition 2/2017 Dear Friends, Dear Clients, Dr

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Private Equity Newsletter Quarterly Special | Edition 2/2017 Dear Friends, Dear Clients, Dr PRIVATE EQUITY Newsletter QUARTERLY SPECIAL | EDITION 2/2017 CLOSED DEALS in H1 2017 within the German-speaking region NEW DEAL FLOW January - June 2017 in German-speaking region MOST RECENT STUDIES by Roland Berger Private Equity Newsletter Quarterly Special | Edition 2/2017 Dear Friends, dear Clients, Dr. Sascha Haghani We hope that 2017 continues to be successful for you with your current and upcoming deals. Roland Berger’s Investor Support Practice has had the opportunity to support many of you and your teams on numerous attractive transactions and we are looking forward to doing so also in the second half of the year. Christof Huth PE-related deal activity in H1 2017 has been good, amounting to 94 closed deals in the Ger- man-speaking region (up from 53 deals in H1 2016). Also deal flow has been strong, especially in Q1 2017; market participants widely expect this strong deal activity to continue into the second half of the year with an above-average deal flow over the summer months. Deal activity is driven by a combi- nation of favorable financing, a robust economy, and ample dry powder. From an industry perspective, consumer goods and engineered products had the highest deal activity in H1 2017 with 22% and 21% share of the overall deal flow, respectively. This is followed by Sven Kleindienst IT/Telecoms (13% of deal flow), healthcare (12%) and automotive (12%). Activity in automotive al- most doubled compared to the same period last year, driven amongst others also by the sale of Euro- pean carbon-related assets. In terms of target size, smaller mid-cap deals accounted for the majority of closed deals, but with a stable share of large-cap transactions. In the political arena, H1 2017 has been characterized by the newly elected US administration, embarking on a more US focused strategy, as well as by important elections in the UK and France, where Mr. Macron won on a largely pro-business agenda. Moreover, Brexit negotiations have been launched with its ultimate impact still not being evident. Despite of the political uncertainty, capital markets have held up well and many economists expect an economic revival in Europe, which PE Jan Felsen markets may also benefit from. A range of notable studies has been published by Roland Berger: Just to name a few, they address digitalization as an opportunity for the G20 countries (“Digitalization for the people: An agenda for more growth, better education and equal opportunities in the G20 countries”), provide a fresh E-mo- bility perspective (“E-mobility Index Q1 2017”) and look at opportunities in the German distressed M&A market (“Distressed M&A Studie 2017 (German only)”). Moreover, we are happy to announce that we have expanded our senior team in Investor Support with the appointment of Dr. Thorsten Groth as Principal. Dr. Thorsten Groth During these eventful but favorable times, Roland Berger’s Investor Support Practice wishes you a good deal flow and successful transactions on which we will be happy to support you. Yours sincerely Dr. Gerd Sievers Dr. Sascha Haghani Christof Huth Sven Kleindienst Jan Felsen Dr. Thorsten Groth Dr. Gerd Sievers 2 Roland Berger Private Equity Newsletter Quarterly Special | Edition 2/2017 Increased H1 2017 Closed Deals overall deal The number of closed deals in the first half of 2017 amounted to 94. This was significantly higher activity than the number of closed deals in the first half of 2016 (H1 2016 with 53 deals). However, com- pared to the first quarter of the year (Q1 2017 with 53 deals), the second quarter showed a clearly in H1 2017 lower level of closed deals (Q2 2017 with 41 deals). The leading deal makers year-to-date are Alpine Capital Partners, Ardian, AUCTUS Capital Part- ners, Bregal Unternehmerkapital and EQT Partners with three acquisitions each. 16 private equity companies further conducted two acquisitions each, including Armira Partners, AURELIUS, Capvis Equity Partners, DBAG, EMERAM Capital Partners and KKR. CLOSED DEALS IN GERMAN-SPEAKING REGION 2001 - H1 2017 # closed PE-relevant deals Source: Roland Berger 168 166 163 161 136 125 122 119 113 110 104 100 94 81 79 74 40 2011 2012 2015 2013 2016 2014 2001 2010 2007 2002 2005 2003 2006 2009 2008 2004 H1 2017 3 Roland Berger Private Equity Newsletter Quarterly Special | Edition 2/2017 DEAL FLOW PER MONTH IN GERMAN-SPEAKING REGION Jan - Jun 2017 # deals by status Source: Roland Berger 59 44 43 37 37 12 37 15 27 33 8 19 13 3 6 2 23 19 16 16 14 11 Jan Feb Mar Apr Mai Jun 146 101 Current Rumored Dormant Closed Withdrawn While the first quarter of 2017 has started with a strong flow of 146 deals in total, the overall deal activity moderately decreased in April to then rise again in May and June. The total number of current, rumored and closed deals for the second quarter amounted to 101 deals, which is above prior year levels. But the number of closed deals in Q2 decreased compared to the record-breaking figure in the first quarter, while the deal flow of current deals remained fairly stable at an elevated level. 4 Roland Berger Private Equity Newsletter Quarterly Special | Edition 2/2017 DEAL FLOW PER MONTH IN GERMAN-SPEAKING REGION Jan - Jun 2017 # deals by industry Source: Roland Berger 59 4 3 7 44 43 6 6 4 1 2 37 37 5 4 4 11 1 6 4 1 5 27 8 7 11 5 9 1 5 3 17 1 7 4 11 9 2 5 13 5 1 9 1 3 2 4 1 6 6 6 4 3 4 Jan Feb Mar Apr Mai Jun 146 101 Consumer goods Healthcare Other Chemicals Engineered products Transportation Automotive Energy IT/Telecoms The following target industries have received particular attention in deal activity recently: Engineered products and consumer goods have shown a high deal activity in the first half of 2017, followed by IT/Telecommunication and Healthcare which remained at the strong level in the first half of the year. Furthermore, Automotive continues to see a high level of deal activity including numerous carbon-related assets. Contrary in Chemicals, very low deal activity has been observed in the last four months. 5 Roland Berger Private Equity Newsletter Quarterly Special | Edition 2/2017 DEALS CLOSED IN H1 2017 WITHIN THE GERMAN-SPEAKING REGION TARGET BUYER TARGET BUYER ACURA Kliniken Rheinland-Pfalz RAD-x (Gilde Healthcare Partners) Kunze Gruppe PWK Automotive (HANNOVER Finanz) AH Industries AURELIUS Ledvance (Osram carve-out) IDG Capital Partners, MLS and Yiwu Altano Gruppe Ufenau Capital Partners State-Owned Assets Operation Center ANDROMEDA Medizinische Systems Laborie Medical Technologies Maredo Perusa Partners (Investor AB) mgw Service Akiem (Ermewa Group and Deutsche Apostroph Group Wieners+Wieners (ECM Equity Asset Management) Capital Management) Modehaus Schneider AppelrathCuepper (OpCapita) Arlenda PharmaLex (AUCTUS Capital NEC MED PHARMA NORD Holding Partners) Unternehmensbeteiligungsgesellschaft artegic Main Capital Partners NRW Building Technology Bregal Unternehmerkapital ASI DATAMYTE Quality Management Alpina Capital Partners o|con Office Concept Webhelp (KKR) Software Division One Advertising diva-e Digital Value Enterprise (EMERAN Atotech The Carlyle Group Capital Partners) B2B Media Group EMEA Nordwind Capital Open Systems EQT Partners Barthelmess Fordahl Capital Optimol Instruments Prüftechnik Virthos Partners Bilfinger Scheven DUBAG Deutsche ORTHOPARC ATOS Kliniken (Waterland Private Equity Unternehmensbeteiligungen Investments) Böllinger Group Holding (Automotive TRIGO Group (Ardian) Parallels International (Plesk) Oakley Capital Investments Quality Assurance Services Subsidiary) Peiseler INDUS Holding Chromasens Lakesight Technologies (Ambienta) Poggenpohl Adcuram Cine-Mobil LEO Familienholding PolyCine Armira Partners Colosseum Smile Group Jacobs Holding POOL4TOOL Jaegger (Acel-KKR) CopyQuick Neuenburg Copytrend (Afinum) PPS Imaging NORD Holding DBW Advanced Fiber Technology Group DMB Dr. Dieter Murmann Unternehmensbeteiligungsgesellschaft Beteiligungsgesellschaft Presswerk Krefeld (PWK Automotive) HANNOVER Finanz De Boer Structures Losberger (Gilde Buy Out Partners) Productsup Nordwind Capital Deurotech Produktions PINOVA Capital REIFF Gruppe European Tyres Distribution (Bain Deutsche Intensivpflege Holding Ergon Capital Partners Capital) Duagon DBAG Reutter Steadfast Capital DuoTherm Rolladen BPE Unternehmensbeteiligungen SAFECHEM Europe CBPE Capital EBERTLANG Distribution Beyond Capital Partners Schustermann & Borenstein Permira Advisers EF-Express Flash Europe International (Eurazeo SGB-SMIT Group One Equity Partners PME) SHD Bregal Unternehmerkapital EffiSi HLS Engineering Group (Aheim SLV Ardian Capital and TerVia Invest) Tembit Software Hanse Orga (Waterland Private Equity Embassy Jewel Bregal Unternehmerkapital Investments) F.S.V. Fachbetrieb für AVS Verkehrssicherung (Steadfast The Corner Lampe Privatinvest Management Verkehrseinrichtungen auf Straßen Capital) Utimaco EQT Partners F24 Armira Partners Varicor Silver Investment Partners Felss Group Capvis Equity Partners Virtalis Alpina Capital Partners Fischer surface technologies (carve-out) DPE Deutsche Private Equity Vitronet Projekte DBAG Fit Heaven Let‘s Go Fitness (Afinum) vonRoll itec FERNAO Networks (AUCTUS Capital Fitbudget Let‘s Go Fitness (Afinum) Partners) Formel D 3i WEETECH PINOVA Capital Frostkrone Tiefkühlkost EMERAN Capital Partners Well Plus Trade Vertriebs HQ Equita Gasser Rassuvin Acrotec (Castik Capital) Wer Liefert Was Capvis Equity Partners Gebhardt Instruments Trescal (Ardian) Wex Photographic AURELIUS GEFASOFT Alpina Capital Partners World of Travel Reisebuero Mader Kuoni Reisen (EQT Partners) Gemaco Capiton Xtera Communications H.I.G. Capital
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