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Attracting Interest Private Equity Transaction Advisory Services Multiple July — 2013 Attracting interest As the deal pipeline continues to strengthen and exits are increasing, is the private equity market set for more activity? Inside the deal OMERS Private Equity on their acquisition of Civica and Vue Entertainment Axcel on their sale of Cimbria Welcome About Multiple Multiple is a quarterly publication summarizing trends in buyouts* across Europe. EY and Equistone Partners Europe are proud to sponsor CMBOR, the Centre for Management Buyout Research, whose data is analyzed in Multiple. The following analysis and commentary is based on research recorded by CMBOR. Countries covered: Austria, Belgium, Czech Republic, Denmark, Finland, France, Germany, Hungary, Ireland, Italy, Netherlands, Norway, Poland, Portugal, Romania, Spain, Sweden, Switzerland, Turkey and the UK. *Buyouts:CMBORdefinesbuyoutsasover50%ofshareschangingownershipwithmanagementorprivateequity,or both having a controlling stake upon deal completion. Equity funding must primarily be from private equity funds andthebought-outcompanymusthaveitsownfinancingstructure,e.g.,managementbuyout(MBO),management buy-in(MBI). Multiple Q2 2013 | 2 Contents Regulars 4 Headlines 6 Market watch 8 Pipeline prospects 10 Deal dynamics 15 Current conditions 16 Sector insights “ The PE market continues to attract interest, but the level 17 Country spotlight ofdealsactuallycompletingin2013remainslow.However, these subdued levels of buyout activity are not reflective 23 Contacts of what we are seeing in the marketplace in terms of the pipeline and deals in progress. Client interviews “ There are encouraging signs that a more active deal market 12 Inside the deal is achievable. Confidence is increasing, there is an appetite for deals and the debt market is buoyant. Yet, despite these OMERS PE on their acquisition of Civica and Vue Entertainment positive signs, the market is still challenging and deals are taking longer to complete.” Axcel on their sale of Cimbria Sachin Date, EMEIA Private Equity Leader, EY, UK Multiple Q2 2013 | 3 Headlines Deal value and volume down in first Exits outstrip new deals Non-euro currency territories proving half of 2013 attractive • The value of exits continues to outstrip the value of new deals • With256dealsvaluedat€21.0b,thefirsthalfoftheyearhas inEurope—199exits,withacombinedvalueofmorethan • Non-euro currency countries, led by the UK and Norway, seen a slowdown in both the number and value of completed €29.1b,wererecordedinthefirsthalfoftheyear.This appear to be particularly attractive markets for outside deals when compared with the previous six months and the represents good news because private equity houses are investors.Twelveofthetop20largestdealsinH12013were sametimeperiodin2012.H1valueandvolumearethelowest divesting their portfolio companies ahead of making new made by investors based outside the Eurozone. sincethesecondhalfof2009.ActivityinQ22013wasbelow investments and raising new funds. Q12013forbothvolumeandvalue. Pipeline for deal completion good for H2 2013 IPO route back in favor Trade sales appeal to overseas buyers • Despitetheslowdowninthefirstsixmonthsoftheyear,the • As a form of exit, the resuscitated IPO market is proving an • Intermsofdealvolumes,tradesalesaccountedfor47%ofthe buyout market for the second half of the year is poised for increasingly popular way of divesting large companies. There 199exitssofarthisyear.Thirty-fivepercentofthetradesales takeoff. A number of large deals that were announced during havebeeneightsuchexitssofarthisyear—raising€8.0bfor inH12013wenttooverseasinvestors,includingthosebased H12013aresettocompleteinthesecondhalf,driving investors—comparedwithoneforthewholeof2012.Buthow in North America. expectationsofanactivefinalsixmonthsintheyear. long will this window of opportunity remain open? Multiple Q2 2013 | 4 H12013 Q22013 256 deals €21.0b 126 deals €8.4b European buyouts — value and volume (quarterly) 200 25,000 20,000 150 15,000 100 €b 10,000 50 Total number Total 5,000 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2009 2010 2011 2012 2013 Total number Total value (€b) Source:CMBOR;EquistonePartnersEurope;EY—Year2013toendQ2only European buyouts — value and volume (half-year) 350 40,000 300 35,000 30,000 250 25,000 200 20,000 150 €b 15,000 100 10,000 Total number Total 50 5,000 0 0 H1 H2 H1 H2 H1 H2 H1 H2 H1 2009 2010 2011 2012 2013 Total number Total value (€b) Source:CMBOR;EquistonePartnersEurope;EY—Year2013toendQ2only Multiple Q2 2013 | 5 “ThevalueofexitsinQ22013wasalmostdoublethetotal Market watch value of new investments.” Sachin Date, EMEIA Private Equity Leader, EY Exits restart the deal cycle Largest European exits, H1 2013 ThemoststrikingfigurehastobethenumberofIPOslaunched Company name Country Exit month PE vendor Exit value (€m) Exit type duringthefirstsixmonthsoftheyear.H12013saweight Partnership Assurance, UK 6 Cinven 1,802 Flotation portfoliocompaniesfloatedonEuropeanstockexchanges, Partnership Group Holdings raisingmorethan€8.0bbetweenthem.Infact,fiveoutofthe Electra Partners and Esure Insurance UK 3 1,398 Flotation toptenexitsinH12013wereIPOs.Evenasweseeareduction Penta Capital Partners of quantitative easing, it is unlikely this market will close Alcan Engineered Products, Constellium France 5 Apollo Global Management 1,380 Flotation completely. There are no real changes in the fundamentals of One GmbH, Orange Austria the market to cause us to think the window of opportunity will Austria 1 Mid Europa Partners 1,300 Trade sale Telecommunication close at this point. Aibel Norway 4 Ferd Private Equity 1,165 Secondary buyout Thisdevelopmentissignificantbecauseitopensupathird viable route for PE houses to divest their portfolio companies Cerved Business Information Italy 3 Bain Capital and Clessidra 1,130 Secondary buyout ahead of making new investments. It has been clear for some Taminco Belgium 4 Apollo Global Management 963 Flotation time that the backlog of exits necessary to free up investment Cabot Financial, Apex UK 5 AnaCap Financial Partners 944 Secondary buyout resources was weighing on the European buyout market. Oaktree Capital Management, Apollo Continuing exit activity will help the buyout market return to Countrywide UK 3 866 Flotation Management, Alchemy Partners growth.Withatotalof€16.2bthevalueofexitsinQ22013 wasalmostdoublethetotalvalueofnewinvestments(€8.4b). Dematic Germany 2 Triton 800 Secondary buyout This is another signal of the impending return to growth. Ruetgers Chemicals Germany 1 Triton 702 Trade sale According to EY’s recent study on European buyout exits, Fortis Intertrust Switzerland 4 Waterland Private Equity 675 Secondary buyout Myths and challenges — how do private equity investors create Permobil Sweden 5 Nordic Capital 655 Trade sale value?,some80%ofexitedcompaniesincreasedtheirvalue SMCP, Sandro, Maje, Claudie Pierlot France 6 L Capital and Florac 650 Secondary buyout underPEownership,with34%increasingtheirenterprise valuebymorethan200%.Suchevidencewilladdtothedrive Matas Denmark 6 CVC Capital Partners 630 Flotation for growth in the coming months. Global Design Technologies, Permaswage France 6 Bridgepoint Capital 600 Trade sale Active Pharmaceutical Ingredients, Xellia Norway 5 3i 540 Trade sale IPH, Industrial Parts Holding France 3 Investcorp 500 Secondary buyout Moleskine Italy 4 Syntegra Capital 490 Flotation Hellermann Tyton UK 3 Doughty Hanson 485 Flotation Source:CMBOR;EquistonePartnersEurope;EY—Year2013toendQ2only Multiple Q2 2013 | 6 Buyouts PE-backed IPO activity H12013 H12012 256 deals 1 IPO €21.0b Q22013 €3.7b 126 deals H12013 €8.4b 8 IPOs “ It has been encouraging to see capital markets open up and these €8.0b recentflotationshavetraded Exits successfully, which has helped build H12013 confidenceamonginvestorsthat PE-backed IPOs are again an 199 deals attractive proposition. Higher valuation and lower volatility levels €29.1b across main European markets should further support more IPO Q22013 activity over the coming months with good PE assets coming to market, 103 deals unless, of course, macroeconomic conditions change dramatically and €16.2b make investors more cautious.” Martin Steinbach, EMEIA IPO Leader, EY Multiple Q2 2013 | 7 Pipeline prospects Despite the muted performance of the European buyout market inthefirsthalfoftheyear,thereiseveryreasontobeoptimistic abouthowthefullyearwillturnout.Anumberof€1b-plusdeals are expected to complete in the coming months. Cinven’s€1.5bbuyoutofCeramTec,theGermanmanufacturer of ceramic parts for the automotive, industrial and medical sectors, was announced in June. The deal is expected to complete during the third quarter of this year. At the same time, the sale of CSM’s bakery division to US-based Rhone Capital, valuedat€1.1b,isawaitingapprovalbeforecompletion. IntheUK,the€1.1bdealforVueEntertainment,thecinemachain, isexpectedtocompleteinQ32013.Thesecondarybuyoutwill see Doughty Hanson sell the group to two Canadian pension funds, OMERS PE and Alberta Investment Management. Othersignificantdealssettocompleteintheremainderofthe year, include ista and Springer Science. On completion, BCPartners’€3.3bacquisitionofSpringerScience+Business MediafromEQTPartnersandtheGovernmentofSingapore Investment Corp could be the largest deal seen in continental Europesincethebeginningofthefinancialcrisis.When completed, the acquisition of ista International GmbH by CVCCapitalPartners,isalsolikelytohaveamulti-€bdealvalue. Multiple Q2 2013 | 8 Pipeline €14b from 12 deals “ Although values and volumes of deals
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