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Specialty Finance Industry Insights a Review of M&A Activity and Public Market Valuation in the Consumer and Commercial Specialty Finance Sectors

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Specialty Finance Industry Insights a Review of M&A Activity and Public Market Valuation in the Consumer and Commercial Specialty Finance Sectors December 2014 Specialty Finance Industry Insights A review of M&A activity and public market valuation in the consumer and commercial specialty finance sectors William Blair’s investment banking group combines significant transaction experience, rich industry knowledge, and deep relationships to deliver successful advisory and financing solutions to our global base of corporate clients. We serve both publicly traded and privately held companies, executing mergers and acquisitions, growth financing, financial restructuring, and general advisory projects. This comprehensive suite of services allows us to be a long-term partner to our clients as they grow and evolve. From 2010 - 2013, the investment banking group completed 250 merger-and-acquisition transactions worth more than $52 billion in value, involving parties in 27 countries and About William Blair four continents, was an underwriter on over 20% of all U.S. initial public offerings and Investment Banking arranged more than $11.5 billion of debt financing. William Blair Table of Contents Introduction .....................................................................................................................................................................................................................................................1 Consumer Specialty Finance .....................................................................................................................................................................................................................2 M&A Trends .................................................................................................................................................................................................................................................2 Select M&A Transactions .......................................................................................................................................................................................................................3 Public Valuation Update .........................................................................................................................................................................................................................4 Commercial Specialty Finance ..................................................................................................................................................................................................................7 M&A Trends .................................................................................................................................................................................................................................................7 Select M&A Transactions .......................................................................................................................................................................................................................8 Public Valuation Update .........................................................................................................................................................................................................................9 Capital Markets Transactions ................................................................................................................................................................................................................ 12 Recent Equity Offerings ....................................................................................................................................................................................................................... 12 Recent Debt Offerings .......................................................................................................................................................................................................................... 14 Recent Preferred Equity Offerings .................................................................................................................................................................................................. 15 Financial Services & Technology Analysts and Coverage .......................................................................................................................................................... 16 Investment Banking Team Biographies ............................................................................................................................................................................................ 17 Select William Blair Transactions ........................................................................................................................................................................................................ 18 Disclosures ..................................................................................................................................................................................................................................................... 19 Specialty Finance Industry Insights Table of Contents William Blair Introduction Specialty finance can be broadly defined as any financing activity that takes place outside the traditional banking system. Typically, specialty finance firms are thought of as non-bank lenders that make loans to consumers and small to midsize businesses that cannot otherwise obtain financing. This report covers trends in M&A activity, transaction multiples, and public company valuations in the consumer and commercial specialty finance sectors. Specifically, consumer specialty finance includes auto finance, collection, alternative financial services, credit card, and mortgage companies. Commercial specialty finance includes business development companies (BDCs), commercial finance, commercial real estate lending, and leasing companies. We hope you enjoy this report, and we welcome any feedback. Summary of M&A Activity Both the M&A and equity markets have been performing strongly this year. Total global year-to-date M&A volume is over $2.5 trillion, up over 43% from the same time period last year and during the same time, the number of new equity issuances (both initial public offerings and follow-on offerings) is up over 20%. While some industry veterans believe valuations are ahead of themselves, deal activity suggests otherwise. This theme persists within the specialty finance sector, and we believe 2014 M&A activity will remain strong for high quality companies in this sector. Large strategic acquirers with healthy war chests will likely continue to pursue companies with differentiated solutions, go-to-market strategies, and proven strong growth and profitability. In addition, private-equity firms remain highly active in the specialty finance sector. Aging portfolio companies of private-equity firms – in particular, specialty finance businesses purchased before or during the downturn – may create liquidity opportunities in the near to midterm and will continue to fuel middle-market M&A activity. Specialty finance companies generate high margins and recurring cash flows. In addition, these companies have meaningful operating leverage. As a result, M&A transactions in the sector are generally completed at attractive multiples. Since 2002, approximately 56% of the aggregate deals in the consumer specialty finance sector have been completed at above 10.0 times LTM net income, and approximately 19% have been completed at more than 3.00 times LTM book value. On the commercial specialty finance side, approximately 44% of the aggregate deals since 2002 have been completed at above 10.0 times LTM net income, and approximately 20% have been completed between 1.50 and 3.00 times LTM book value. Acquirers in the sector are most often strategic parties that are able to pay more because of the significant revenue synergies generated by pushing new or stronger finance products through an established distribution platform. In addition, many private-equity funds have developed a differentiated level of industry knowledge and expertise, and as a result have established strong reputations in the sector. In 2014 thus far, M&A activity in the sector has been strong, driven primarily by strategic acquirers looking for new products/segments, differentiated platforms, and strong growth. Examples include Banco Santander’s acquisition of Carfinco Financial Group and GoldenTree Asset Management’s acquisition of Origen Financial. While global economic uncertainty may cause the broad universe of buyers and sellers to proceed more cautiously into 2015, we remain optimistic that both M&A and capital markets activity will remain strong for solidly performing businesses. Robert Metzger J.P. Young Kegan Greene + 312 364 8517 +1 312 364 8160 +1 312 364 8113 [email protected] [email protected] [email protected] Specialty Finance Industry Insights Introduction 1 Consumer Specialty Finance Sector William Blair Consumer Specialty Finance M&A Trends • Year-to-date aggregate M&A transaction volume is running slightly behind the comparable period in 2013, though disclosed dollar volume is meaningfully higher over the same period. • Approximately 56% of the aggregate deals since 2002 have been completed at above 10.0 times LTM net income, and approximately 19% have been completed at more than 3.00 times LTM book value. • Transactions less than $50 million were completed at an average
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