April 2020 Monthly Update
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Sustainable Technology and Infrastructure Monthly Market Update // April 2020 Performance of Key Market Indices(1) 60.0% 40.0% 20.0% 16.4% 9.8% 0.0% (1.1%) (20.0%) (8.5%) (40.0%) Apr-19 Jun-19 Aug-19 Oct-19 Dec-19 Feb-20 Apr-20 NASDAQ Clean Edge Green Energy Dow Jones Industrial Average NASDAQ Composite S&P 500 Index Performance(1) April Ending Versus April YTD CY 2019 52 Wk High 52 Wk Low Dow Jones Industrial Average 11.1% (14.7%) 22.3% (17.6%) 30.9% NASDAQ Composite 15.4% (0.9%) 35.2% (9.4%) 29.6% S&P 500 12.7% (9.9%) 28.9% (14.0%) 30.2% NASDAQ Clean Edge Green Energy 21.8% (1.6%) 40.7% (21.0%) 44.6% Notable Recent Transactions & Capital Raises Target Acquirer Transaction Description Lime, a provider of micro-mobility products, acquired the IP and Boosted Lime assets of Boosted, a provider of electric skateboards, for an undisclosed sum First State Investments, an Australia-based infrastructure investor, M&A First State MVV Energie acquired a 45.1% interest in MVV Energie, a Germany-based Transactions Investments energy provider, for €753mm ($816mm) Nippon Nippon Suisan (Europe) and Marubeni jointly acquired a 67% Danish Suisan interest in Danish Salmon, an operator of a salmon farming Salmon business that specializes in the implementation of a recirculating Marubeni aquaculture system, for an undisclosed sum Company Transaction Description Kurly, a Korea-based developer of an online grocery delivery platform, raised a Kurly $150mm round led by Sequoia Capital, Hillhouse Capital and DST Global Capital Nio, a China-based electric vehicle manufacturer, raised a $1bn round led by Hefei Raises Nio Construction Investment Holding and New Technology Industrial Investment Co. Pivot Bio, a provider of crop nutrition products designed to replace synthetic nitrogen Pivot Bio fertilizer, raised a $100mm round led by Temasek and Breakthrough Energy Ventures About Nomura Greentech Our mission is to empower companies and investors who are creating a more efficient and sustainable global infrastructure. We are purpose-built to assist our clients in achieving success. Our team of experienced bankers are sector experts and understand our clients' industries and needs. We reach a vast global network of buyers, growth companies, asset owners and investors, and thereby provide clients with opportunities to succeed through a deeper relationship network. We have directly relevant transaction experience which enables us to find creative structures and solutions to close transactions. We are an expert team of 65 professionals working seamlessly on our clients' behalf in New York, Zürich and San Francisco. Source: FactSet, SEC filings and third-party providers. 1 (1) Performance does not include reinvestment of dividends. Select Recent Sustainable Technology & Infrastructure M&A Transactions (1/4) Corporate Transactions Transaction Transaction Multiple(1) Date Target Acquiror Transaction Description Subsector Value ($mm) Revenue EBITDA Green Group, a provider of recycling services in Southeastern Europe, acquired Eltex Recycling, a Environmental 4/1/2020 Eltex Recycling Green Group ND ND ND provider of industrial waste management services, Services for an undisclosed sum BigRentz, a provider of construction equipment Equipment rental services, acquired Equipment Management Environmental 4/1/2020 BigRentz $15 ND ND Management Group Group, a provider of dumpsters, storage Services containers and portable toilets, for $15mm Joulz, a provider of energy infrastructure equipment and services, acquired GreenFlux’s GreenFlux EV Advanced 4/1/2020 Joulz electric vehicle charging station business, which ND ND ND Charging Business Transportation owns over 3,000 charging points across the Netherlands, for an undisclosed sum KSS Energia, a Finnish energy utility, acquired Energy 4/1/2020 Karhu Voima KSS Energia Karhu Voima, a provider of energy consulting ND ND ND Technology services, for an undisclosed sum Metawater, a provider of water and wastewater treatment services, acquired Wigen, a Chinese 4/1/2020 Wigen Metawater Water ND ND ND manufacturer of water treatment systems, for an undisclosed sum First State Investments, an Australian First State infrastructure investor, acquired a 45.1% interest Energy 4/3/2020 MVV Energie $816 0.9x 8.5x Investments in MVV Energie, a German energy provider, for Technology €753mm ($816mm) Bravida, a provider of installation and services for real estate facilities, acquired Solkraft EMK, a 4/3/2020 Solkraft EMK Bravida Solar ND ND ND provider of solar cell solutions, for an undisclosed sum Emaar Properties Tabreed, a provider of district cooling solutions, Energy 4/5/2020 District Cooling Tabreed acquired an 80% stake in the Emaar Properties' $675 ND ND Technology Assets Dubai district cooling business for $675mm Groundwater and Environmental Services, a provider of environmental consulting, engineering, Bluestone Groundwater and compliance and field services, acquired Bluestone Environmental 4/6/2020 Environmental Environmental ND ND ND Environmental Services, a provider of Services Services Services environmental consulting and remediation services, for an undisclosed sum Winsupply, a supplier of residential and commercial industrial supplies, acquired May 4/6/2020 May Supply Winsupply Water ND ND ND Supply, a provider of plumbing and wastewater solutions, for an undisclosed sum Integrated Waste Solutions, a provider of waste management and recycling services, partnered Central Texas Integrated Waste with NOVA Infrastructure, an infrastructure Environmental 4/7/2020 ND ND ND Refuse Solutions investment firm, to acquire Central Texas Refuse, Services a provider of waste collection and recycling services, for an undisclosed sum EQT acquired Schülke, a provider of hygiene and Environmental 4/7/2020 Schülke EQT infection prevention solutions, for an undisclosed ND ND ND Services sum Source: FactSet, Press releases, SEC filings, Third-party providers and Nomura Greentech estimates. 2 (1) Transaction multiples represent EV/LTM Revenue and EV/LTM Adj. EBITDA. Select Recent Sustainable Technology & Infrastructure M&A Transactions (2/4) Corporate Transactions Transaction Transaction Multiple(1) Date Target Acquiror Transaction Description Subsector Value ($mm) Revenue EBITDA Yokogawa Electric Corporation, a Japanese provider of electrical engineering solutions, Fluid Imaging Yokogawa Electric 4/8/2020 acquired Fluid Imaging Technologies, a provider Water ND ND ND Technologies Corporation of particle analysis and water monitoring instruments, for an undisclosed sum Zoetis, a provider of animal health services, Performance acquired Performance Livestock Analytics, an 4/8/2020 Zoetis AgTech ND ND ND Livestock Analytics operator of a cloud-based precision livestock analytics platform, for an undisclosed sum Ingredion acquired a 75% interest in PureCircle, a 4/9/2020 PureCricle Ingredion producer and innovator of stevia sweeteners, for AgTech ND ND ND an undisclosed sum Sakata Seed, a producer of flower and vegetable 4/11/2020 Vanguard Seed Sakata Seed seeds, acquired Vanguard Seed, a developer of AgTech ND ND ND lettuce seeds, for an undisclosed sum Pearce Services, a provider of telecommunications infrastructure maintenance MaxGen Energy and engineering, acquired MaxGen Energy 4/14/2020 Pearce Services Solar & Wind ND ND ND Services Services, a developer and operator of infrastructure supporting renewable energy, for an undisclosed sum Pearce Services, a provider of telecommunications infrastructure maintenance 4/14/2020 World Wind & Solar Pearce Services and engineering, acquired World Wind & Solar, a Solar & Wind ND ND ND provider of O&M services for large scale solar and wind farms, for an undisclosed sum Nissui and Marubeni, Japanese conglomerates, jointly acquired a 67% interest in Danish Salmon, an operator of a salmon farming business that 4/15/2020 Danish Salmon Nissui and Marubeni AgTech ND ND ND specializes in the implementation of a recirculating aquaculture system, for an undisclosed sum Plantix, a developer of image recognition and plant protection technologies, acquired Salesbee, 4/15/2020 Salesbee Plantix AgTech ND ND ND a provider of agricultural input products, for an undisclosed sum Lime, a provider of micro-mobility products, Advanced 4/16/2020 Boosted Lime acquired the IP and assets of Boosted, a provider ND ND ND Transportation of electric skateboards, for an undisclosed sum Gojek, a provider of food delivery services in Southeast Asia, acquired Moka, a developer of a 4/20/2020 Moka Gojek AgTech $130 ND ND POS system that enables restaurants to digitize operations, for $130mm Nomura Greentech’s Take: Sustainalytics's sale to Morningstar, a provider of independent Morningstar investment research, acquired the remaining 60% 4/21/2020 Sustainalytics Morningstar Other $112 ND ND demonstrates the it did not own in Sustainalytics, a provider of ESG growing need to ratings and research, for $112mm provide investors with ESG data, research, ratings and solutions Mirova, an investor in renewable energy projects, Environmental 4/22/2020 DANA GAZ Mirova acquired a 50% interest in DANA GAZ, the biogas ND ND ND Services business of ENGIE, for an undisclosed sum Infracapital, the infrastructure investment arm of M&G, acquired a majority share in Fortum Advanced 4/27/2020 Fortum Recharge Infracapital $152 ND ND Recharge, an operator of electric vehicle charging Transportation stations, for $152mm Source: FactSet, Press releases, SEC filings, Third-party providers and Nomura Greentech estimates. 3 (1) Transaction multiples