Europe Private Equity Buyout Review

FIRST QUARTER 2020 Europe Private Equity Buyouts First Quarter 2020 | Europe Private Equity Buyout Review

Europe Private Equity Buyout Deals Intelligence Private Equity Buyout Investment Activity in European Companies EUROPEAN BUYOUT AND RELATED DEALS TOTAL €41.0 BILLION € 120 450 European buyout and related investment reached €41.0 billion across 254 deals during the first quarter of 2020. This represented a 38% decline in volumes but a 268% increase in deal values year-over-year, marking the second strongest first quarter on record, only behind the €44.0 billion transacted in the beginning 400 of 2007. Overall European M&A activity also dropped in 2020, although to a lesser extent, declining by 14% € 100 to 3217 deals, resulting in the share of PE-backed deals declining from 11% to 8% year-over-year. 350

TEN LARGEST ANNOUNCED DEALS ACCOUNT FOR 69% OF DEAL VALUES € 80 300 The top ten deals announced in the quarter totaled €28.4 billion, resulting in a 69% share of all disclosed values. The largest deal, the announced acquisition of thyssenkrupp’s Elevator Technology business by a 250 consortium involving Cinven, Advent International, and RAG-Stiftung, accounted for €17.2 billion, or 42% of € 60 the total. 200

COMPUTER SOFTWARE AND HARWARE COMPANIES SEE 20% SHARE OF TOTAL INVESTMENT Companies within the computer-related sectors saw 53 deals in Q1, causing their share of overall market € 40 150 volumes to climb to 21%, up from 16% throughout all of 2019. Deal values in the sector were also up to 20% with €8.3 billion of investment, up from 13% in 2019. Companies within the consumer-related space saw their 100 share of investment drop steeply from 20% in 2019 to just 2% in the first period of 2020, lower than any € 20 annual portion ever recorded. Despite the decline in disclosed values, their share of deal volumes only 50 dropped slightly, to 15% from 16% in 2019. € 0 0 BUYOUT AND RELATED FUNDRAISING DOWN TO €4.2 BILLION 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

A total of 18 European buyout and related funds recorded closes in the first three months, raising €4.2 billion First Three Months Deal Value (€bil) Rest of Year (€bil) # of Deals, First Three Months in commitments, a 77% decrease year-over-year and the slowest start to a year since 2010. The top fundraise in the period was the €735 million closing of London-based infrastructure investment manager Ancala Partners’ Fund II. KKR’s Global Impact Fund also raised €527 million, bringing total commitments to Private Equity Buyout Deal Volumes (#) by Transaction Type €1.2 billion, and will target ESG-focused businesses across the Americas, Europe, and Asia. 100% EUROPEAN PE-BACKED COMPANIES COMPLETE EXITS VALUED AT €3.2 BILLION European private equity-backed exits totaled €3.2 billion from 60 completed transactions during the first 90% quarter, an 11% decline in values and a 30% decrease in number of exits when compared to Q1 2019 figures, with both measures experiencing their lowest levels since 2009. The top completed exit in the quarter 80% was the €1.7 billion acquisition of London-headquartered Eaton Towers, which develops and manages more than 5700 telecom towers across Africa, by broadcast infrastructure operator American Tower Corporation. 70% The top newly announced transaction for the period was the €782 million majority stake purchase of Spanish insurer Caser by Swiss insurance group Helvetia Insurance. 60%

50%

40%

30%

20%

10%

0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q1 2020

Add-on Acquisition Minority Stake Control Stake Other

www.refinitiv.com/dealsintelligence Investments First Quarter 2020 | Europe Private Equity Buyout Review

Top Announced European PE Buyout Deals by Deal Value PE Buyout Investment by Nation Deal Value 01/01/2020 - 3/31/2020 01/01/2019 - 3/31/2019 YoY % YoY % Company Name Ann. Date (€mil) Sector Status Nation Nation Value (€mil) # of Deals Value (€mil) # of Deals Chg. (€) Chg. (#) thyssenkrupp Elevator Germany € 17,300.0 26 € 3,435.3 46 404% ▲ -43% ▼ 27/02/20 € 17,200.0 Electronics Equipment Pending Germany Technology business United Kingdom € 16,924.5 122 € 3,647.5 111 364% ▲ 10% ▲ Switzerland € 4,502.5 3 € 438.7 5 926% ▲ -40% ▼ Veeam Software 09/01/20 € 4,502.5 Computer Software Completed Switzerland France € 1,937.7 34 € 1,071.4 133 81% ▲ -74% ▼ Italy € 204.5 19 € 54.7 27 274% ▲ -30% ▼ Viridor 18/03/20 € 4,469.4 Pollution and Recycling Pending United Kingdom Hungary € 55.0 1 - - - ▲ - ▲ Netherlands € 36.6 7 € 998.3 21 -96% ▼ -67% ▼ Global Risk Partners 03/02/20 € 881.2 Financial Services Pending United Kingdom Denmark € 32.6 8 € 0.0 4 - ▲ 100% ▲ Spain € 20.0 7 € 715.1 22 -97% ▼ -68% ▼ Exxelia 22/01/20 € 500.0 Electronics, Other Pending France Sweden € 0.0 11 € 269.5 10 -100% ▼ 10% ▲ Norway € 0.0 5 € 0.0 2 - ▲ 150% ▲ Atnahs Pharma 27/01/20 € 317.7 Pharmaceutical Pending United Kingdom Finland € 0.0 3 € 50.0 2 -100% ▼ 50% ▲ Luxembourg € 0.0 3 € 257.4 3 -100% ▼ 0% - Global Marine Group 30/01/20 € 224.6 Business Services Completed United Kingdom Poland € 0.0 2 € 100.0 4 -100% ▼ -50% ▼ Republic of Ireland € 0.0 2 € 45.3 7 -100% ▼ -71% ▼ EcoVadis 09/01/20 € 180.1 Computer Software Pending France Monaco € 0.0 1 - - - ▲ - ▲ CLS 03/02/20 € 100.0 Satellite Comm Completed France

Netrisk 08/01/20 € 55.0 Internet Ecommerce Completed Hungary

Most Active Investors - United Kingdom Most Active Investors - France Most Active Investors - Rest of Europe Aggregate Deal Aggregate Deal Aggregate Deal Firm Name Rank # of Deals Values (€mil) Firm Name Rank # of Deals Values (€mil) Firm Name Rank # of Deals Values (€mil) Permira 1 8 € 2,267.6 Bpifrance 1 3 € 50.0 EQT 1 9 € 12,492.4 G Square 2 6 € 2.5 Idinvest Partners 2 2 € 118.1 CVC Capital Partners 2 7 € 1,433.6 Hg 3 6 - Omnes Capital 3 2 € 44.1 Triton 3 3 € 317.7 Apax Partners 4* 5 - Ardian 4* 2 - Evolver Investment Group Ltd 4* 3 - Equistone Partners Europe 4* 5 - Astorg 4* 2 - Mutares 4* 3 - Cinven 6 4 € 17,200.0 Montefiore Investment 6 1 € 850.0 Blue Horizon Corporation 6 2 € 177.5 BC Partners 7* 4 - Activa Capital 7 1 € 65.0 Argos Wityu 7 2 € 54.5 Horizon Capital 7* 4 - Groupe Arnault 8 1 € 50.0 Cobepa 8* 2 - IK Investment Partners 9 3 € 500.0 Litorina 8* 2 - Foresight Group 10 3 € 29.3 Partners Group 8* 2 - LDC 11 3 € 12.1 RAG-Stiftung 11 1 € 17,200.0 Bregal Investments 12* 3 - AlpInvest 12 1 € 1,922.9 CBPE Capital 12* 3 - H2 Equity Partners 13 1 € 276.0 Macquarie Infrastructure and Real Assets 14 2 € 2,611.4 Compagnie Nationale à Portefeuille 14 1 € 100.0 Montagu Private Equity 15 2 € 440.1 Norfund 15 1 € 80.8 TDR Capital 16 2 € 135.8 Signals 16* 1 € 68.1 Comhar Capital 17 2 € 49.7 Target Global 16* 1 € 68.1 BGF 18 2 € 9.0 Team Europe 16* 1 € 68.1 Blisce 19 1 € 50.0 Project A 20* 1 € 32.6 Seed Capital Management 20* 1 € 32.6 Corpfin Capital 22 1 € 20.0 Belgian Invest 23 1 € 11.9

www.refinitiv.com/dealsintelligence Investments First Quarter 2020 | Europe Private Equity Buyout Review

Investments by Sector, Number of Deals Investments by Sector, Deal Value

100% 100%

90% 90%

80% 80%

70% 70%

60% 60%

50% 50%

40% 40%

30% 30%

20% 20%

10% 10%

0% 0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q1 2020 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q1 2020

Consumer Related Industrial/Energy Computer Software & Hardware Internet Specific Medical/Health Other Consumer Related Industrial/Energy Computer Software & Hardware Internet Specific Medical/Health Other

Deal Size Composition of Investments Top Announced PE Deals by European Firms Investing Abroad Deal Company Name Ann. Date Value Sector Status Location 3%1% Cincinnati Bell 13/03/20 € 2,611.4 Telephone Rel. Pending United States 8% Lytx 08/01/20 € 2,267.6 Computer Software Completed United States Outer Ring: Deal Values (€bil) 12% Inner Ring: # of Deals 4% RSA Security 18/02/20 € 1,922.9 Computer Software Pending United States 2% Generate Capital 04/02/20 € 905.6 Energy, Alternative Completed United States ≥ €3 Bil RTI Surgical Holdings OEM 10% 13/01/20 € 440.1 Manufacturing Pending United States €1 < €3 Bil business LIVEKINDLY 11/03/20 € 177.5 Other Completed United States €500 Mil < €1 Bil Turnkey Integrated Systems and Globalization Partners 04/02/20 € 135.8 Completed United States 58% €100 < €500 Mil Solutions < €100 Mil Acorn Group 27/02/20 € 90.9 Financial Services Completed Kenya 18% Yoma Bank 30/01/20 € 80.8 Financial Services Completed Myanmar

Bird 27/01/20 € 68.1 Transportation Completed United States

84% JUMO 26/02/20 € 50.6 Internet Ecommerce Completed South Africa

Overhaul Group Inc 16/03/20 € 12.8 Computer Software Completed United States

www.refinitiv.com/dealsintelligence Fundraising First Quarter 2020 | Europe Private Equity Buyout Review

Europe Private Equity Buyout Fundraising Activity Private Equity Buyout Fundraising, Fund Size Composition

€ 200 45 100%

€ 180 40 90%

€ 160 80% 35

€ 140 70% 30

€ 120 60% 25 € 100 50% 20 € 80 40%

15 € 60 30%

10 € 40 20%

€ 20 5 10%

€ 0 0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q1 2020

First Three Months Fundraising (€bil) Rest of Year (€bil) # of Funds, First Three Months 0 to €100 Mil €100 to €200 Mil €200 to €300 Mil €300 to €500 Mil €500 to €1000 Mil Greater than €1000 Mil

PE Buyout Fundraising, by Investment Stage (€bil) Largest PE Buyout Funds Raised in Europe Latest Amount Raised Total Fund Size Fund Name Closing Date (€mil) (€mil) Fund Stage

€ 449 Ancala Infrastructure Fund II 05/02/20 € 735.0 € 735.0 Buyouts KKR Global Impact Fund 12/02/20 € 526.6 € 1,196.0 Buyouts

Axcel VI 31/03/20 € 507.0 € 507.0 Buyouts Outer Ring: Amount Raised (€bil)

August Equity Partners V 11/02/20 € 356.0 € 356.0 Buyouts

7 Buyouts Stirling Square Capital Partners IV 03/02/20 € 350.0 € 984.0 Buyouts

Initiative & Finance FPCI III 29/01/20 € 200.0 € 200.0 Buyouts

Mérieux Participations 3 08/01/20 € 177.0 € 387.0 Buyouts Generalist 11 CVC Capital Partners Fund VIII LP 25/03/20 € 170.0 € 221.0 Buyouts

Trocadero Croissance & Transmission III 17/01/20 € 120.0 € 120.0 Generalist

Active Partners Fund III 24/01/20 € 118.6 € 119.0 Generalist

Schroder Adveq Asia VSCS 29/01/20 € 102.6 € 103.0 Generalist € 3,720 INVL Baltic Sea Growth Fund 07/02/20 € 58.7 € 168.0 Buyouts

www.refinitiv.com/dealsintelligence Exits First Quarter 2020 | Europe Private Equity Buyout Review

Europe Private Equity Buyout Exit Activity Exits by Sector, Number of Deals

€ 100 140

€ 90 120 18% € 80

€ 70 100 30%

€ 60 Consumer Related 80 Internet Specific

€ 50 Industrial/Energy

60 Computer Software & Hardware 15% € 40 Communications & Media

€ 30 40 Other

€ 20 10% 20 € 10 14%

€ 0 13% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

First Three Months Exit Value (€bil) Rest of Year (€bil) # of Exits, First Three Months

Number of Years from Investment to Exit Top Announced European PE-Backed Exits Deal Company Name Ann. Date Value Sector Exit Type 2% Caser Seguros 24/01/20 € 782.1 Financial Services Trade Sale 7% 8% PeP 11/03/20 € 405.4 Financial Services Trade Sale

mthree 01/01/20 € 115.1 Business Services Trade Sale

OSG Records Management 09/01/20 € 88.6 Computer Software Trade Sale Over 15 Years Netrisk 08/01/20 € 55.8 Internet Ecommerce Secondary Sale 11 -15 Years Enpro Subsea 21/02/20 € 30.4 Industrial Equipment Trade Sale 37% 5-10 Years

2-4 Years Cegasa Portable Energy 10/02/20 € 26.4 Batteries Trade Sale

Under 2 Years Techco Security 08/01/20 € 22.1 Electronics, Other Trade Sale 46%

www.refinitiv.com/dealsintelligence Europe Private Equity Buyout Criteria First Quarter 2020

If you would like to participate in the submission process, receive quarterly Data collected and analyzed by Refinitiv for this statistical report were drawn from a variety of sources including Refinitiv M&A databases, regulatory filings, press releases, and press releases, or have questions proprietary reports from European and non-resident buyout firms, private equity firms, law firms, and other service providers. about our full league table criteria please contact: Key statistical indicators (e.g., total disbursements, per quarter or per annum) are influenced by the fact that a substantia l fraction of buyout and other PE deals are not fully disclosed. For instance, “euros invested” in a given period pertain only to those deals with values that have been published or confidentially disclosed to Refinitiv.

EMEA The data also highlights the deal-making of European funds in non-European companies. “Euros invested” pertain to the total value of disclosed deals in which European funds have participated and not the specific European financial contributions to these deals. Deals are first tracked as of announc ement date, then tracked as of completion date upon Greg Beaman closing. Tel: 416-687-7510 [email protected] Statistical data reflect all essential forms of buyout-PE deal-making, including control-stake acquisitions of businesses, minority equity investments, restructuring and special- situations transactions, mezzanine deals, acquisitions for expansion and other quasi-equity investments.

League tables, commentary, and charts include both announced and completed transactions.

Rankings of top PE investors include investment activity made into any portfolio companies, including those based outside of Europe. Announced league tables include announced and completed deals that were announced between January 1st, 2020 and March 31st, 2020 and of which Refinitiv was made aware.

All current and previous years data is as of Thursday, May 7, 2020. Data is continuously updated and is therefore subject to change. All figures are in Euros unless otherwise noted.

While Refinitiv has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Refinitiv nor its third party content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Refinitiv disclaims all warranties, express or implied, as to the accuracy or c ompleteness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Refinitiv has not undertaken any liabili ty or obligation relating to the purchase or sale of securities for or by any person in connection with this document.