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Mergers & Acquisitions Mexico Annual Issue

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Seale & Associates Creative Solutions. Trusted Advice. MERGERS & ACQUISITIONS MEXICO 2019 ANNUAL ISSUE SUMMARY OF MERGERS & ACQUISITIONS IN MEXICO In 2019, the volume and value of announced transactions accumulated to 169 and USD$15.8 billion, respectively, representing a decrease in volume of 25.0% and an increase in reported value 33.7% Year-Over-Year. It is necessary to clarify that two megadeals in the infrastructure sector represent US$7.1 billion of the total value reported 18 18 18 16 17 16 16 13 13 12 11 9 10 Deal Volume in Mexico # of Transactions per Month Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 18' 19' 19' 19' 19' 19' 19' 19' 19' 19' 19' 19' 19' 2015 $15.8 226 2016 $8.6 210 2017 $11.4 240 2018 $8.6 $15.8 Deal Volume and 212 Value in Mexico Annual Transactions 2019 $8.7 $7.1* 169 (US$ billion) $7.1 *Megadeals Seale & Associates Mexico M&A 2019 Sources: Capital IQ, Mergermarket Creative Solutions. Trusted Advice. SUMMARY OF MERGERS & ACQUISITIONS BY MEXICAN COMPANIES ABROAD In 2019, the volume and value of announced transactions accumulated to 40 deals worth US$3.8 billion, representing a decrease in volume of 14.8% and a decrease in reported value of 26.9% Year-Over-Year 7 6 6 4 4 3 3 3 3 2 2 Deal Volume 1 Abroad # of Transactions 0 per Month Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 18' 19' 19' 19' 19' 19' 19' 19' 19' 19' 19' 19' 19' 2015 $13.4 47 2016 $9.6 49 2017 $8.9 39 2018 $5.2 47 Deal Volume and Value Abroad Annual Transactions (US$ billion) 2019 $3.8 40 Seale & Associates Mexico M&A 2019 Sources: Capital IQ, Mergermarket Creative Solutions. Trusted Advice. SUMMARY OF MERGERS & ACQUISITIONS BY INDUSTRY The industrial sector led M&A activity in Mexico during the year (by deal volume), with 24 announced transactions, representing 14.0% of 2019’s total transaction volume. Meanwhile, companies were most active overseas in the Consumption sector registering 11 announced transactions during the year IT 13 Deals in Mexico by Industry Consumer Goods 14 Total transactions: 169 Real Estate 20 Mining 21 Financial 21 Industrial 24 Others* 56 *Energy , Health, Infrastructure, Oil & Gas, and others INFRASTRUCTURE MINING 2 1 5 IT INDUSTRIAL 3 2 HEALTH REAL ESTATE 1 CONSUMER 11 GOODS OTHERS 8 4 TELECOMMUNICATIONS 3 FINANCIAL Representative International Acquisitions by Mexican Companies Total Transactions: 40 Seale & Associates Mexico M&A 2019 Sources: Capital IQ, Mergermarket Creative Solutions. Trusted Advice. Seale & Associates Creative Solutions. Trusted Advice. GREAT ACTS ARE MADE UP OF SMALL DEEDS. - LAO TZU BIG REPRESENTATIVE TRANSACTIONS IN MEXICO* Transaction Summary Target Buyer On October 11th, 2019, Abertis Infraestructuras S.A., a Spanish road builder, acquired a 70% stake in Red de Carreteras de Occidente S.A.B. de C.V., a Mexican infrastructure operator, for US$4.5 billion, representing multiples of 13.3x EBITDA and 12.2x revenue On November 21st, 2019, Canada Pension Plan Investment Board, a sovereign wealth fund, and Ontario Teachers Pension Plan Board, Canada’s largest retirement fund, acquired a 40.0% stake in Impulsora de Desarrollo y el Empleo de América Latina, a Mexican infrastructure developer, for US$2.6 billion On November 14th, 2019, Fibra UNO, a Mexican REIT, acquired Titan Portfolio, 74 Industrial consisting of 74 industrial properties in Properties Mexico, for US$822.0 million On January 6th, 2019, ContourGlobal, a British energy company, acquired two cogenerating plants from Alpek, a Mexican petrochemical company, for US$801.0 million On August 19th, 2019, Caisse de Depot et Placement du Quebec (CDPQ), Canadian private equity fund, invested US$500.0 million in a minority stake in Laboratorios Sanfer S.A. de C.V., a Mexican pharmaceutical * Transactions above US$500.0 million Seale & Associates Mexico M&A 2019 Sources: Capital IQ, Mergermarket, Expansión Creative Solutions. Trusted Advice. BIG REPRESENTATIVE TRANSACTION Abertis Infraestructuras, S.A., a Spanish company dedicated to road management in Europe, acquired 70% in Red de Carreteras de Occidente S.A.B. de C.V. which has 5 concessionaires that handle 8 highways and total 876 kilometers in Mexico. ABERTIS BUYER TARGET INFRAESTRUCTURAS, S.A. ACQUIRED RED DE CARRETERAS DE OCCIDENTE S.A.B. DE C.V. The transaction represents The transaction was valued at multiples of 13.3x EBITDA US$4,524.0 million and 12.2x revenue FOUNDED IN 1967 FOUNDED IN 2007 HAS 13,400 EMPLOYEES OPERATES AROUND 875 KILOMETERS OF HIGHWAYS PRESENCE IN AMERICA, PRESENCE IN 5 STATES EUROPE AND ASIA OF THE MEXICAN REPUBLIC Seale & Associates Mexico M&A 2019 Sources: Expansión, Press Release Creative Solutions. Trusted Advice. MEDIUM REPRESENTATIVE TRANSACTIONS IN MEXICO* Transaction Summary Target Buyer On July 24th, 2019 Live Nation Entertainment Inc., an American entertainment company, acquired 51.0% stake in Operadora de Centro de Espectáculos, S.A. de C.V., a Mexican show business company for US$462.8 million to Grupo Televisa and CIE On August 5th 2019 DD3 Acquisition Corp., a Mexican asset manager company, merged with Betterware de México, S.A. de C.V., a Mexican company dedicated to homeware appliances. 80.0% of Betterware original investors remain and stocks Will be available for trading through NASDAQ and has multiples of 8.6x EBITDA.. The implied valuation of Betterware before the transaction was US$367.0 million On October 4th, 2019, Equinix, Inc.. American big data center provider, acquired 3 3 Data Centers Data Centers in Mexico from Axtel S.A. de C.V., for US$175.0 million, representing a multiple of 8.3x revenue On January 14th, 2019, Ariston Thermo, an Italian heater manufacturer, acquired Cal-o- Rex, a Mexican heater manufacturer, for US$145.0 million * Transactions below US$500.0 million Seale & Associates Sources: Capital IQ, Mergermarket, Expansión Mexico M&A 2019 Creative Solutions. Trusted Advice. MEDIUM REPRESENTATIVE TRANSACTIONS IN MEXICO* Transaction Summary Target Buyer On April 2019, an anonymous buyer acquired eight industrial properties in Querétaro 8 industrial Buyer not and Toluca, from Corporación Inmobiliaria properties Revealed Vesta, an industrial real estate developer, for US$109.0 million On February 2019, Phoenix Tower International LLC, an American telecommunications company, acquired Uniti Group’s Latin American Portfolio, consisting of 500 commercial towers in different Latin America countries, for US$100.0 million Portfolio On May 2th, 2019, Megacable Holdings, S:A.B. de C.V., a Mexican telecommunications company, acquired Axtel S.A.B. de C.V.’s optic fiber business for US$60.0 million On October 9th, 2019, DavideCampari- Milano S.p.A., an Italian spirits manufacturer acquired Licorera Ancho Reyes y CIA S.A.P.I. de C.V. y Casa Montelobos S.A.P.I. de C.V., Mexican spirits producer companies, for US$36.0 million * Transactions below US$500.0 million Seale & Associates Mexico M&A 2019 Sources: Capital IQ, Mergermarket, Expansión Creative Solutions. Trusted Advice. MEDIUM REPRESENTATIVE TRANSACTION Live Nation Entertainment Inc., American entertainment company, acquired 51.0% stake in Operadora de Centro de Espectáculos, S.A. de C.V., Mexican entertainment company, for US$463.0 million to Grupo Televisa and CIE BUYER TARGET LIVE NATION ENTERTAINMENT ACQUIRED 51.0% STAKE IN OPERADORA DE CENTROS DE ESPECTÁCULOS Televisa will receive MX$5,206 Live Nation acquired million and CIE Will receive Corporación MX$3,629 Interamericana de Entretenimiento’s 11.0% stake and the other 40.0% from Televisa FOUNDED IN 1996 FOUNDED IN1990 49.4 MILLION 3.8 MILLION TICKETS TICKETS SOLD SOLD BIGGEST FIRM BY SOLD 5th BIGGEST FIRM BY TICKETS SOLD TICKETS Seale & Associates Mexico M&A 2019 Sources: Expansión, Press Release Creative Solutions. Trusted Advice. MEDIUM REPRESENTATIVE TRANSACTION Ariston Thermo, an Italian heater manufacturer, acquired Cal-o- Rex, a Mexican heater manufacturer, from Grupo Industrial Saltillo, Cal-o-Rex works in design, for US$145.0 million production, marketing, and distribution of natural gas, electric, and water heaters BUYER TARGET ARISTON THERMO ACQUIRED CAL-O-REX This transaction will allow GIS to The sale includes the pay debt and invest in other following subsidiaries: projects Calentadores de América, Fluida, and Water Heating Technologies Corp. FOUNDED IN 1930 FOUNDED IN 1948 USED TO BELONG TO REVENUE OF US$1.6 GRUPO INDUSTRIAL BILLION SALTILLO OPERATES IN +150 +850 EMPLOYEES COUNTRIES Seale & Associates Mexico M&A 2019 Sources: Expansión, Press Release Creative Solutions. Trusted Advice. BIG REPRESENTATIVE TRANSACTIONS ABROAD* Transaction Summary Target Buyer On March 16th, 2019, Claro S.A., Brazilian telecommunications company, acquired Nextel Holdings S.à r.l., a Luxembourgian telecommunications company for US$948.5 million On November 8th, 2019, Fomento Económico Mexicano, S.A.B. de C.V., Mexican multinational participating in consumer and commercial markets, agreed to sign a minority stake in Jetro Restaurant Depot, for US$750 million On January 24th, 2019, América Móvil, Mexican telecommunications company announced the acquisition of Telefónica Móviles Guatemala y Telefónica Móviles El Salvador, both telecommunication companies, for US$646.0 million * Transactions below US$500.0 million Seale & Associates Mexico M&A 2019 Sources: Capital IQ, Mergermarket Creative Solutions. Trusted Advice. BIG REPRESENTATIVE TRANSACTION ABROAD Fomento Económico Mexicano, S.A.B. de C.V., Mexican conglomerate, acquired a minority stake in Jetro Restaurant Depot, American wholesale retailer Jetro is an American retail wholesaler BUYER TARGET FOMENTO ECONÓMICO MEXICANO ACQUIRED A MINORITY STAKE IN JETRO RESTAURANT DEPOT Jetro will receive US$750.0 This Joint Venture allows millions for this transaction FEMSA to bring Jetro’s business model to Mexico and the rest of Latin America FOUNDED IN 1890 FOUNDED IN 1976 EMPLOYS 304,780 OPERATES OVER 130 PEOPLE STORES OPERATES IN MEXICO, OPERATES IN THE USA COLOMBIA AND CHILE Seale & Associates Mexico M&A 2019 Sources: Expansión, Press Release Creative Solutions.
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    OUR PEOPLE OURESG PRODUCTS REPORT OUR OURSUPPLY PEOPLE | OUR PRODUCTS | OUR SUPPLY CHAIN | OURCHAIN OPERATIONS OUR OPERATIONS JUNE 2019 ESGDOLLARAMA ESG REPORT 1 REPORTCORPORATE OVERVIEW Dollarama is a recognized Canadian value retailer offering a broad assortment of consumable products, DOLLARAMA AT A GLANCE general merchandise and seasonal items that appeal to all demographics and income ranges. (For the fiscal year ended February 3, 2019) Founded by third-generation retailer and Canadian entrepreneur, Larry Rossy, it all started with one store, in Matane, Québec, in 1992. Dollarama quickly grew over the next two decades to become a household name and preferred shopping destination for Canadians from coast to coast. Today, Dollarama is led by Neil Rossy, $3.5B $884M fourth-generation retailer and member of Dollarama’s founding management team. SALES EBITDA1 OUR MISSION Provide customers with compelling value and exceed customer expectations through the quality and variety of products we offer at select, low fixed price points. $2.9M 20,020 AVG. STORE EMPLOYEES ANNUAL SALES ACROSS CANADA Our over 20,000 employees and 1,225 corporately-owned and operated stores across Canada provide customers with compelling value in convenient locations, including metropolitan areas, mid-sized cities and small towns. Select consumable and general merchandise products are also available by the full case through our online MERCHANDISE SOLD store launched in early 2019. AT NINE FIXED PRICE 1,225 POINTS RANGING FROM STORES ACROSS Since inception, Dollarama has cultivated a culture of efficiency, with a focus on quality and our customer. CANADA REPRESENTING Managing operations and resources responsibly while growing profitably and creating value for shareholders $0.82 TO OVER 12.5 MILLION SQUARE FEET OF remains a priority to this day.