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Issue 15, October 2017

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Issue 15, October 2017 │ Editor's Note Welcome to the 15th issue of the EMEA Private Equity Market Snapshot, a quarterly publication focusing on the private equity [PE] market in Europe, the Middle East & Africa [EMEA] from S&P Global Market Intelligence. This issue opens with a look at EMEA's position in the global private equity landscape as the region continues to ride a favourable trend as a destination for new investments -highlighted by a particularly strong performance from the UK, who accounted for 31% of the region's investments in 2017. We then explore EMEA GPs who, from the start of July to the end of August, have deployed 87% more capital compared to the same period in 2016. They underscored this feat by signing the largest single deal since 2015 -United Capital Partners and others' acquisition of Essar Oil Ltd for €11.4bn. Looking at sub-regional preference globally, like their peers, EMEA PE firms were most interested in investing in the UK. The Information Technology sector has increasingly attracted attention from global PE firms over the last decade. The total capital deployed into IT targets grew by 63%, from €72.6bn in 2007 to €119.3bn during the study period. APAC-based targets have drawn greater interest from global GPs with China continuing to feature more prominently since 2012 (having also featured twice in the top five deals globally in 2016). Finally, we turn our attention to institutional investors, who are continuing to add value to the private equity sector. EMEA was the only region in 2016 with decreasing PE allocations -investors tightened their spend in the region due to economic, social and political uncertainties. The UK's decision to leave the EU seems to have further dented institutional investors' confidence. At the heart of our analysis is the S&P Capital IQ platform, an offering of S&P Global Market Intelligence. The platform incorporates a database capturing more than 3.1 million historical transactions, including deal values and transaction multiples, target company fundamental data, sector-level financials and comprehensive private equity manager and fund information. We look forward to receiving feedback and suggestions on regions or sectors of interest for future analysis. To subscribe or comment on the EMEA Private Equity Market Snapshot, email [email protected] Authors Silvina Aldeco-Martinez Olga Parfiryeva Ian Hazard Ewa Czapnik Maria Shevchenko MD, Product & Market Associate, Product & Market Manager, Associate, Senior Director, Product & Market Development EMEA & APAC Development EMEA Investments Data Investments Data Development EMEA S&P Global Market Intelligence S&P Global Market Intelligence S&P Global Market Intelligence S&P Global Market Intelligence S&P Global Market Intelligence 2 1 Details available in Issues 13 and 14 of Private Equity Market Snapshot 3 https://www.capitaliq.com/CIQDotNet/Transactions/TransactionDetail.aspx?transactionId=428277690&companyId=225450165 2https://www.capitaliq.com/CIQDotNet/Transactions/TransactionDetail.aspx?transactionId=428277690&companyId=225450165; 4 For the purposes of this article, Middle East is defined as: Bahrain, Iraq, Iran, Israel, Jordan, Kuwait, Lebanon, Oman, Palestinian https://www.capitaliq.com/CIQDotNet/Transactions/TransactionDetail.aspx?transactionId=412999137&companyId=33444; Authority, Qatar, Saudi Arabia, Turkey, United Arab Emirates and Yemen. https://www.capitaliq.com/CIQDotNet/Transactions/TransactionDetail.aspx?transactionId=422658156&companyId=32370258 5 https://www.capitaliq.com/CIQDotNet/Transactions/TransactionDetail.aspx?transactionId=306661887&companyId=882176 6 Secondary Direct deals are defined as sales of majority equity positions of portfolio investments from one private equity owner to 7 S&P Capital IQ data from January 1, 2002 to July 31st 2017. M&A and Private Placement transactions involving PE buyers, another private equity owner. Tertiaries are defined as a scenarios where a portfolio investment has go through two consecutive targeting UK-based target companies secondary directs. Fig.1: UK Secondaries Direct Aggregate Investment Per Target Company (January 2003–July 2017) Target Companies Aggregate Investment EUR BN 200 40 180 35 160 30 140 120 25 100 20 80 15 60 10 40 20 5 0 0 Fig. 2: Global PE Investments APAC EMEA North America 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 8 From here on study period refers to the years between 2007 and 2017YTD. YTD cut-off date is 11/09/2017. EBITDA Target Primary Target Closed Transaction Buyer Target name Purchase Buyers Name Industry Location Year Value (mn) Location Multiple Qihoo 360 Club (China, Internet Software China Renaissance Technology China 2016 € 8,814 27.20x The United and Services Partners and others Co. Ltd. States) Carlyle Partners VI, L.P. managed by The Veritas Club (The Application Carlyle Group LP Technologies United States 2016 € 6,421 NA United States, Software (NasdaqGS:CG), GIC LLC Singapore) Pte. Ltd. and other co- investors Solera Application Vista Equity Partners The United United States 2016 € 5,967 15.20x Holdings Inc. Software Fund V, L.P. States Hangzhou Club (United Kuaizhi Application Softbank Group Capital China 2017 € 5,048 NA Kingdom, Technology Software Limited Japan) Co., Ltd. Aon plc, Benefits Administration and HR Internet Software The Blackstone Group The United United Kingdom 2017 € 4,512 12.10x Business and Services L.P. (NYSE:BX) States Process Outsourcing Platform Hangzhou China Life Investment Club (China, Kuaizhi Application China 2016 € 4,250 NA Holding Company The United Technology Software Limited and others States) Co., Ltd. Silver Lake Partners IV, L.P. managed by Silver Club (The SolarWinds, Application United States 2016 € 4,088 29.60x Lake and Thoma Bravo United Inc. Software Fund XI, L.P. managed States) by Thoma Bravo, LLC Ant Financial Data Processing China Investment Services and Outsourced China 2016 € 3,979 NA Corporation and CCB Club (China) Group Services Trust Co., Ltd. A consortium of Hony Capital (Beijing) Co., Ltd., China Oceanwide Home Holdings Group Co., Playtika Ltd. Entertainment Israel 2016 € 3,938 NA Ltd., Yunfeng Capital, Club (China) Software China Minsheng Trust Co., Ltd., and Giant Investment (HK) Limited A consortium led by Apex Technology Co. Lexmark Technology Ltd. (SZSE:002180) Club (China, International, Hardware, Storage United States 2016 € 3,288 11.30x and PAG Asia Capital Hong Kong) Inc. and Peripherals and including Legend Capital Management Co. Ltd 9 Chinese deal: Alibaba Group Holding Limited received €3.1bn in funding from Boyu Capital Consultancy Co. Ltd and others, 10 https://www.capitaliq.com/CIQDotNet/Transactions/TransactionDetail.aspx?transactionId=304242829&companyId=85076655 and https://www.capitaliq.com/CIQDotNet/Transactions/TransactionDetail.aspx?transactionId=214882161&companyId=42083601 https://www.capitaliq.com/CIQDotNet/Transactions/TransactionDetail.aspx?transactionId=338093577&companyId=237677909 The US deal: Ancestry.com Inc. (NasdaqGS:ACOM) was acquired by Permira Investments Limited, Permira IV, L.P. and Spectrum 11 https://www.capitaliq.com/CIQDotNet/Transactions/TransactionDetail.aspx?transactionId=304242829&companyId=85076655 Equity Investors for €1.2bn, 12 https://www.capitaliq.com/CIQDotNet/Transactions/TransactionDetail.aspx?transactionId=429120273&companyId=237677909 https://www.capitaliq.com/CIQDotNet/Transactions/TransactionDetail.aspx?transactionId=223307568&companyId=106987 13 North America attracted 1,579 new deals in 2017YTD, EMEA – 1,061 and APAC – 581. Fig.5: EMEA Capital Allocation by IT Target Revenue Sizes 0 - 50mn EUR 50 - 500mn EUR 500 - 1000mn EUR Greater than 1bn EUR 100% 90% 80% 70% 60% Fig. 4: EMEA Venture Capital Investments 50% 40% 4,000 1,600 30% 3,500 1,400 20% 10% 3,000 1,200 Counts Deal 0% 2,500 1,000 2,000 800 1,500 600 1,000 400 Deal Values,EURmn Deal 500 200 0 0 Fig. 6: Institutional Investors PE Allocation (2012–2016) US EMEA APAC 800 700 600 500 400 Millions 300 200 100 0 2012 2013 2014 2015 2016 14 https://www.capitaliq.com/CIQDotNet/Transactions/TransactionDetail.aspx?transactionId=430657730&companyId=289236386 15 The definition of Institutional Investors includes: Corporations, Unions, Government (states, counties, cities, etc.), Endowments, Tax Exempt Organizations, Sovereign Wealth Funds, Reserve Banks, Private Foundations, For-profit and Non-profit Health Service Organizations, but excludes Family Offices 16 S&P Ratings, “European Economic Snapshots” February 2017 Fig.7: Institutional Investors PE Allocation By Type (2016) US EMEA APAC 100% 80% 60% 40% 20% 0% Fig.8: Family Offices with Private Equity Allocations FOs with PE Allocations Rest of FOs 2,500 2,000 1,500 1,000 500 0 US EMEA APAC Other 17 Although, Family Office (FO) disclosure is very limited with minimal transparency into investment directions, MMD’s relationships offer unique insight into these advisory firms. Data Pack EMEA – Based Targets Number of Private Equity Entry Transactions by Region Number of Private Equity Exit Transactions by Region July - 31 August 2016 vs. July - 31 August 2017 July - 31 August 2016 vs. July - 31 August 2017 180 Africa 70 Africa 160 BeNeLux 60 BeNeLux 140 France 50 France 120 Germany Germany 100 40 Middle East Middle East 80 30 Nordics Nordics 60 20 40 RoE RoE 20 Southern Europe 10 Southern Europe 0 United Kingdom 0 United Kingdom July - 31 August 2016 July - 31 August 2017 July - 31 August 2016 July - 31 August 2017 Aggregate Private Equity Entry Transaction Values by Aggregate Private Equity Exit Transaction Values by Region Region (€bn) (€bn) July - 31 August 2016 vs. July - 31 August 2017 July - 31 August 2016 vs. July - 31 August 2017 7 Africa 18 Africa 6 BeNeLux 16 BeNeLux 14 5 France France 12 Germany Germany 4 10 Middle East Middle East 3 8 Nordics 6 Nordics 2 RoE 4 RoE 1 Southern Europe 2 Southern Europe 0 United Kingdom 0 United Kingdom July - 31 August 2016 July - 31 August 2017 July - 31 August 2016 July - 31 August 2017 For illustrative purposes only. Source: S&P Global Market Intelligence. As of August 31, 2017. 13 Data Pack EMEA – Based Targets (continued) Average Entry Transaction Size by Region (€mn) Average Exit Transaction Size by Region (€mn) July - 31 August 2016 vs.
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