│ 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 Deal Counts 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. July - 31 August 2017 July - 31 August 2016 vs. July - 31 August 2017 1
300 Africa Africa 900 BeNeLux BeNeLux 250 800 France 700 France 200 Germany 600 Germany
150 Middle East 500 Middle East
Nordics 400 Nordics 100 300 RoE RoE 50 200 Southern Europe 100 Southern Europe 0 United Kingdom 0 United Kingdom July - 31 August 2016 July - 31 August 2017 July - 31 August 2016 July - 31 August 2017
Number of Private Equity Entry Transactions by Industry Number of Private Equity Exit Transactions by Industry July - 31 August 2016 vs. July - 31 August 2017 July - 31 August 2016 vs. July - 31 August 2017 300 80 Consumer Discretionary Consumer Discretionary 70 250 Consumer Staples Consumer Staples Energy 60 Energy 200 Financials Financials 50 Healthcare Healthcare 150 40 Industrials Industrials Information Technology 30 100 Information Technology Materials 20 Materials 50 Real Estate Real Estate 10 Telecommunication Services Telecommunication Services 0 Utilities 0 Utilities July - 31 August 2016 July - 31 August 2017 July - 31 August 2016 July - 31 August 2017
1. Intel Corporation (NasdaqGS:INTC) completed the acquisition of Mobileye N.V. (NYSE:MBLY) from Ziv Aviram, Amnon Shashua, Sailing Capital International of Sailing Capital Advisors (HK) Limited and other shareholders for 14.5bn EUR.
For illustrative purposes only. Source: S&P Global Market Intelligence. As of August 31, 2017. 14 Data Pack
EMEA – Based Targets (continued)
Aggregate Private Equity Entry Transaction Values by Aggregate Private Equity Exit Transaction Values by Industry (€bn) Industry (€bn) July - 31 August 2016 vs. July - 31 August 2017 July - 31 August 2016 vs. July - 31 August 2017 8 20 Consumer Discretionary Consumer Discretionary
7 Consumer Staples Consumer Staples 6 Energy 15 Energy 5 Financials Financials Healthcare Healthcare 4 10 Industrials Industrials
3 Information Technology Information Technology 2 Materials 5 Materials 1 Real Estate Real Estate Telecommunication Services 0 0 Telecommunication Services Utilities July - 31 August 2016 July - 31 August 2017 July - 31 August 2016 July - 31 August 2017 Utilities
Average Entry Transaction Size by Industry Average Exit Transaction Size by Industry (€mn) (€mn) July - 31 August 2016 vs. July - 31 August 2017 July - 31 August 2016 vs. July - 31 August 2017
Consumer Discretionary 500 1800 Consumer Discretionary Consumer Staples 1600 Consumer Staples 400 Energy 1400 Energy Financials 1200 Financials 300 Healthcare 1000 Healthcare Industrials 800 Industrials 200 Information Technology 600 Information Technology Materials Materials 100 400 Real Estate 200 Real Estate Telecommunication Services 0 0 Telecommunication Services July - 31 August 2016 July - 31 August 2017 Utilities July - 31 August 2016 July - 31 August 2017 Utilities
For illustrative purposes only. Source: S&P Global Market Intelligence. As of August 31, 2017. 15 Data Pack
EMEA – Based GPs
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 50 Africa 160 Asia 45 Asia 140 BeNeLux 40 BeNeLux France France 120 35 Germany 30 Germany 100 Indian Sub-Continent Indian Sub-Continent 25 80 Latin America Latin America Middle East 20 Middle East 60 Nordics 15 Nordics 40 North America 10 North America 20 RoE 5 RoE Southern Europe Southern Europe 0 0 United Kingdom 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 14 16 Africa Africa 12 Asia 14 Asia BeNeLux BeNeLux 12 10 France France Germany 10 Germany 8 Indian Sub-Continent Indian Sub-Continent 8 6 Latin America Latin America Middle East 6 Middle East Nordics 4 Nordics 4 North America North America 2 RoE 2 RoE Southern Europe 0 Southern Europe 0 United Kingdom 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. 16 Data Pack
EMEA – Based GPs (continued)
Average Entry Transaction Size by Region Average Exit Transaction Size by Region (€mn) (€mn) July - 31 August 2016 vs. July - 31 August 2017 2 July - 31 August 2016 vs. July - 31 August 2017 350 Africa 1400 Africa Asia Asia 300 BeNeLux 1200 BeNeLux 250 France 1000 France Germany Germany 200 Indian Sub-Continent 800 Indian Sub-Continent Latin America Latin America 150 600 Middle East Middle East 100 Nordics 400 Nordics North America North America 50 RoE 200 RoE 0 Southern Europe 0 Southern Europe United Kingdom July - 31 August 2016 July - 31 August 2017 United Kingdom July - 31 August 2016 July - 31 August 2017
Number of Private Equity Entry Transactions by Industry Number of Private Equity Exit Transactions by Industry July - 31 August 2016 vs. July - 31 August 2017 July - 31 August 2016 vs. July - 31 August 2017 350 80 Consumer Discretionary Consumer Discretionary 70 300 Consumer Staples Consumer Staples 250 Energy 60 Energy Financials 50 Financials 200 Healthcare Healthcare 40 150 Industrials Industrials Information Technology 30 Information Technology 100 Materials 20 Materials Real Estate Real Estate 50 10 Telecommunication Services Telecommunication Services
0 Utilities 0 Utilities July - 31 August 2016 July - 31 August 2017 July - 31 August 2016 July - 31 August 2017
2. Indian Sub-Continent – Excluded: Open Joint Stock Company Rosneft Oil Company (LSE:ROSN) signed a non-binding term sheet to acquire 49% stake in Essar Oil Ltd. (BSE:500134) from Essar Energy Holdings for 11.4bn EUR.
For illustrative purposes only. Source: S&P Global Market Intelligence. As of August 31, 2017. 17 Data Pack
EMEA – Based GPs (continued)
Aggregate Private Equity Entry Transaction Values by Aggregate Private Equity Exit Transaction Values by Industry (€bn) Industry (€bn) July - 31 August 2016 vs. July - 31 August 2017 July - 31 August 2016 vs. July - 31 August 2017
12 Consumer Discretionary 9 Consumer Discretionary Consumer Staples 8 Consumer Staples 10 Energy 7 Energy Financials 8 6 Financials Healthcare 5 Healthcare 6 Industrials 4 Industrials Information Technology 4 3 Information Technology Materials 2 Materials 2 Real Estate Real Estate 1 Telecommunication Services Telecommunication Services 0 0 Utilities Utilities July - 31 August 2016 July - 31 August 2017 July - 31 August 2016 July - 31 August 2017
Average Entry Transaction Size by Industry Average Exit Transaction Size by Industry (€mn) (€mn) July - 31 August 2016 vs. July - 31 August 2017 3 July - 31 August 2016 vs. July - 31 August 2017 200 900 Consumer Discretionary Consumer Discretionary
Consumer Staples 800 Consumer Staples 150 Energy 700 Energy Financials 600 Financials Healthcare 500 Healthcare 100 Industrials 400 Industrials Information Technology 300 Information Technology 50 Materials 200 Materials Real Estate Real Estate 100 Telecommunication Services Telecommunication Services 0 0 Utilities Utilities July - 31 August 2016 July - 31 August 2017 July - 31 August 2016 July - 31 August 2017
3. Energy – Excluded: Open Joint Stock Company Rosneft Oil Company (LSE:ROSN) signed a non-binding term sheet to acquire 49% stake in Essar Oil Ltd. (BSE:500134) from Essar Energy Holdings for 11.4bn EUR.
For illustrative purposes only. Source: S&P Global Market Intelligence. As of August 31, 2017. 18 Data Pack
VC EMEA – Based GPs
Number of Venture Capital Entry Transactions by Region Number of Venture Capital Entry Transactions by Industry July - 31 August 2016 vs. July - 31 August 2017 July - 31 August 2016 vs. July - 31 August 2017 80 250 Africa Consumer Discretionary Asia 70 Consumer Staples BeNeLux 200 Energy 60 France Financials 50 Germany 150 Indian Sub-Continent Healthcare 40 Latin America Industrials 100 30 Middle East Information Technology Nordics 20 Materials North America 50 Real Estate 10 RoE Telecommunication Services Southern Europe 0 0 United Kingdom Utilities July - 31 August 2016 July - 31 August 2017 July - 31 August 2016 July - 31 August 2017
Aggregate Venture Capital Entry Transaction Values by Aggregate Venture Capital Entry Transaction Values by Region (€mn) Industry (€mn) July - 31 August 2016 vs. July - 31 August 2017 July - 31 August 2016 vs. July - 31 August 2017 1200 1400 Africa Consumer Discretionary Asia 1000 1200 Consumer Staples BeNeLux Energy France 1000 800 Financials Germany 800 Healthcare 600 Indian Sub-Continent Latin America 600 Industrials 400 Middle East Information Technology Nordics 400 Materials North America 200 Real Estate RoE 200 Telecommunication Services 0 Southern Europe 0 United Kingdom Utilities 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. 19 Data Pack
VC EMEA – Based GPs (continued)
Average Entry Transaction Size by Region Average Entry Transaction Size by Industry (€mn) (€mn) July - 31 August 2016 vs. July - 31 August 2017 4 July - 31 August 2016 vs. July - 31 August 2017 5 Africa Consumer Discretionary Asia Consumer Staples 80 BeNeLux 35 Energy 70 France 30 Financials 60 Germany 25 Healthcare 50 Indian Sub-Continent Latin America 20 Industrials 40 Middle East 15 Information Technology 30 Nordics 10 Materials 20 North America Real Estate 10 RoE 5 Telecommunication Services Southern Europe 0 0 United Kingdom Utilities July - 31 August 2016 July - 31 August 2017 July - 31 August 2016 July - 31 August 2017
4. Latin America – Excluded: SoftBank Vision Fund, a fund managed by SoftBank Vision Fund, invested 936.8mn EUR into Roivant Sciences Ltd. 5. Healthcare – Excluded: SoftBank Vision Fund, a fund managed by SoftBank Vision Fund, invested 936.8mn EUR into Roivant Sciences Ltd.
For illustrative purposes only. Source: S&P Global Market Intelligence. As of August 31, 2017. 20 Data Pack
VC EMEA – Based Targets
Number of Venture Capital Entry Transactions by Region Number of Venture Capital Entry Transactions by Industry July - 31 August 2016 vs. July - 31 August 2017 July - 31 August 2016 vs. July - 31 August 2017
90 Africa 250 Consumer Discretionary
80 BeNeLux Consumer Staples 200 Energy 70 France 60 Financials Germany 150 Healthcare 50 Middle East Industrials 40 Nordics 100 Information Technology 30 Materials RoE 20 50 Real Estate Southern Europe 10 Telecommunication Services 0 United Kingdom 0 Utilities July - 31 August 2016 July - 31 August 2017 July - 31 August 2016 July - 31 August 2017
Aggregate Venture Capital Entry Transaction Values by Aggregate Venture Capital Entry Transaction Values by Region (€mn) Industry (€mn) July - 31 August 2016 vs. July - 31 August 2017 July - 31 August 2016 vs. July - 31 August 2017 700 800 Africa Consumer Discretionary 700 Consumer Staples 600 BeNeLux 600 Energy 500 France Financials Germany 500 400 Healthcare Middle East 400 300 Industrials Nordics 300 Information Technology 200 RoE 200 Materials 100 Southern Europe 100 Real Estate Telecommunication Services 0 United Kingdom 0 Utilities 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. 21 Data Pack
VC EMEA – Based Targets (continued)
Average Entry Transaction Size by Region Average Entry Transaction Size by Industry (€mn) (€mn) July - 31 August 2016 vs. July - 31 August 2017 July - 31 August 2016 vs. July - 31 August 2017
16 Africa 30 Consumer Discretionary Consumer Staples 14 BeNeLux 25 Energy 12 France 20 Financials 10 Germany Healthcare
8 Middle East 15 Industrials 6 Nordics Information Technology 10 4 RoE Materials 5 Real Estate 2 Southern Europe Telecommunication Services 0 United Kingdom 0 Utilities 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. 22 EMEA Private Equity Market Snapshot
Multiples Table Implied Enterprise EMEA Private Equity Exits M&A Value/EBITDA 01/07/2016–31/08/2017 01/07/2016–31/08/2017 Consumer Discretionary 12.7 11.9 Consumer Staples 11.3 9.6 Energy 11.0 7.2 Financials 20.2 12.3 Healthcare 12.4 13.1 Industrials 10.5 9.8 Information Technology 14.0 12.6 Materials 8.9 8.6 Telecommunication Services 9.3 9.1 Utilities 9.4 10.5 Real Estate 28.0 19.1
Implied Equity Value/LTM EMEA Private Equity Exits M&A Net Income 01/07/2016–31/08/2017 01/07/2016–31/08/2017 Consumer Discretionary 16.3 17.3 Consumer Staples 17.3 16.0 Energy 21.3 9.9 Financials 15.6 13.9 Healthcare 35.0 21.4 Industrials 17.2 16.6 Information Technology 19.5 20.8 Materials 9.6 15.0 Telecommunication Services 26.7 22.6 Utilities 15.5 18.1 Real Estate 8.4 13.9
*Multiples highlighted in bold & italics represent the sector average over a 2 year time horizon in order to provide a more comprehensive sector average.
For illustrative purposes only. Source: S&P Global Market Intelligence. As of August 31, 2017. 23 EMEA Private Equity Market Snapshot
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For illustrative purposes only. Source: S&P Global Market Intelligence. As of August 31, 2017. 24 EMEA Private Equity Market Snapshot
Previous Issues Issue 8, February 2016 • EMEA Becomes Increasingly Attractive to Global GPs • EMEA Healthcare Checkup Issue 1, March 2014 • The Rise of Cyber Power in Germany • EMEA-Based Private Equity Market Settles into a New Normal Post-Financial Crisis • Have Buyout Holding Periods Reached their Peak? • Information Technology Remains Attractive for PE and VC Firms Issue 9, April 2016 Issue s2, June 2014 • 2016: Slow Start for EMEA Entries but Exits Skyrocketing • Healthy Start to 2014 for EMEA GPs, Despite April Hiccup • France: La Belle Vie for Private Equity • Healthcare: Resilient or Overheating? We examine PE activity pre and post-financial crisis • Spanner in the Works for Industrials • Will Private Equity Push through High-Yield Bond Market Volatility? Issue 3, September 2014 • Pressure from Strategic Buyers Slowing EMEA GPs’ Pace of Investment in Q2 Issue 10, July 2016 • Asia Capital Sun Rising over Europe: Asian PE investors show growing interest in EMEA- • Is Investment into EMEA Running Out of Steam? based targets • Sweden: Still ahead in the Nordic Private Equity Market? • IT in EMEA Losing Ground to the U.S. and Asia Issue 4, January 2015 • Private Equity Sponsors Tap Powerful Direct-Lenders in Bid to Raise Larger Unitranches • 2014: EMEA Still Attractive to Global Private Equity • IT & Finance heat up - The IT sector attracted the most deals over the course of 2014, with Issue 11, October 2016 1701 investments worth €12bn of capital. €33.2bn was invested into the Financial sector in • EMEA Emerging Markets Flourish Despite Brexit Jitters 2014, a 29% increase in deal volume compared to 2013 • Specialist Mid-Market GPs Face Stiff Competition • Germany: Has the Mittelstand lost its quintessentially strong profile? • EMEA Consumer Products Losing Ground to US Targets Issue 5, April 2015 • UK Large Caps, UK Mid-Caps: Spot Any Difference? • UK North-South Divide: Who is Benefitting from UK Private Equity Investments? Issue 12, February 2017 • Fall of Oil & Gas Prices: Potential PE Dealmaking Territory • EMEA Fails to Attract Global Private Equity Capital in 2016 • Private Equity: What’s the Deal with Tax Havens? • Russia, Czech Republic and Poland lead the way for CEE Issue 6, July 2015 • Real Estate and Private Equity: An Affair to Remember • European Leveraged Lending: How are PE Firms Taking Advantage of Conditions in the • Asia-Pacific Investors favour North America over Europe European Leveraged Finance Market? • Consumer Confidence Conundrum – EMEA PE Skeptical about Consumer Confidence Issue 13, April 2017 Outlook? • 2017: EMEA Blossoms in the Spring • Middle East Sovereign Wealth Funds – Perfect Partners for Mega-Deals • France Affected by Counterfactual Thinking? • Global GPs Cautiously Optimistic Towards the Energy Sector Issue 7, September 2015 • Borrowers Hold the Upper Hand in Flooded Leveraged Loan Market • Investment into EMEA Wanes as Regional Issues Accumulate • Private Equity Shifts Focus Towards Internet Retailers Issue 14, July 2017 • Private Equity Exits: Secondaries and IPOs – Buffers and Bull Markets • All Eyes on UK PE Targets • Sector Selection Critical to Success in Germany and Switzerland • Healthcare Sector Diagnosis: Chronic Arrhythmia • Private Equity Firms: Throwing Gas (and Oil) On A Potential Fire?
For illustrative purposes only. Source: S&P Global Market Intelligence. As of August 31, 2017. 25 EMEA Private Equity Market Snapshot
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