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Private Equity & Venture Capital in a Changing Global Environment

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CUBIERTA-INFORME-2017-aaff.pdf 2 25/4/17 13:07 Príncipe de Vergara, 55 4º D • 28006 Madrid tel. (34) 91 411 96 17 • www.ascri.org C M Y CM MY CY CMY K 2017 SURVEY Venture Capital & Private Equity in Spain SURVEY Venture Capital & Private Equity in Spain 2017 WITH THE SPONSORSHIP OF Private Equity & Venture Capital in a changing global environment SURVAY 2017 Sponsor by: Private Equity & Venture Capital in Spain THIS SURVEY WAS ELABORATED BY: Dominique Barthel (ASCRI Managing Director) and Ángela Alférez (ASCRI Head of Research), from the data obtained and collected by José Martí Pellón (Universidad Complutense of Madrid) and Marcos Salas de la Hera (Webcapitalriesgo.com) Copyright ASCRI ® 2017 The Spanish Venture Capital & Private Equity Association (ASCRI) is the industry body that units and represents the sector to the authorities, Government, institutions, investors, entrepreneurs and media. ASCRI regularly communicates and provides statistics and updated information regarding the developments of the tax and legal framework. ASCRI also organizes a range of activities (training courses, events and round tables) for the members and general public in order to disseminate and reinforce the contribution of the Venture Capital & Private Equity industry for the economy and growth of SMEs in Spain. ASCRI comprises almost 100 national and international Venture Capital & Private Equity firms, five limited partners and over 50 service providers, spreading and ensuring the professional standards among its members: transparency, good governance and best practice. REPORT 2017 INDEX INDEX 5 CHAIRMAN’S LETTER 7 SUMMARY OF THE YEAR 2016 9 FUNDRAISING 12 INVESTMENT 14 DIVESTMENT 18 PORTFOLIO 19 VENTURE CAPITAL 20 2016 MAIN TRANSACTIONS 27 STATISTICS 33 THE REGULATORY FRAMEWORK IN PERSPECTIVE: QUESTIONS UNDER REVIEW 46 GENERAL PARTNERS INCLUDED IN THIS SURVEY 50 Our goal is to support the expansion plans of leading companies with high growth potential and international projection Recent transactions Smartphones, Quick service High performance Children’s clothing tablets, 3D printers Solar energy restaurants steel components and robots Torre Europa Pº de la Castellana, 95, 29th fl oor 28046 Madrid - Spain Tel.: +34 914 262 329 [email protected] www.dianacapital.com CHAIRMAN’S LETTER 7 have the pleasure, as the Chairman of ASCRI, of presenting this annual report on Venture Capital and Private Equity activity in Spain during 2016. We have been publishing these reports for over 30 years, I although the statistics collected have obviously evolved over the years, with data becoming increasingly detailed, reliable and comparable to those collected in other European countries. The EDC Platform – collecting and processing statistics on our sector from across Europe– was implemented in the second half of 2016. This is the materialization of 6 years of work by ASCRI and other european National VC&PE Associations. This new process for gathering and preparing statistics will play a crucial role in enhancing reliability, consistency and confidence in our sector. Figures from 2016 confirm that the Venture Capital & Private Equity sector is definitely entering a new stage of growth. Following an end of 2015 and start of 2016 that were overshadowed by a national political scene that slowed fund closings and execution of large transactions, the sector achieved strong results in 2016 across all key indicators: fundraising, investment and divestment. Private domestic entities raised nearly €2,271 million in new funds (+48.5% from 2015) and fundraising conditions remain favorable: market liquidity, international investor interest and support for the sector from public Funds of Funds (Innvierte and Fond ICO Global). As regards investment, we saw a continued positive trend with investment volumes in excess of €3,600 million, thanks in large part to the momentum of international GPs, representing close to two thirds of total investment this year, resulting in the recovery of large transactions and megadeals (9 investments over €100 million in 8 companies). Following two years of heavy divestment, divestment levels have slowed but continue at a healthy pace (close to €2,000 million). I would like to once again express our sincere gratitude for the unwavering support of our sponsor of this publication –DIANA CAPITAL–, who has for the past ten years encouraged us to improve and expand distribution of this report. I also wish to thank all the Venture Capital & Private Equity Firms that responded to our survay used to build these statistical data as well as to the team at Webcapitalriesgo who once again compiled and processed the statistical data for ASCRI, this time through our new European EDC Platform. To all of them, many thanks for their interest, time and work. Please let me remind you that this report may be downloaded from our website (www.ascri.org) in both English and Spanish. Please don’t hesitate to send us comments on how to improve the next issue. Juan Luis Ramírez Our goal is to support the expansion plans of leading companies Chairman with high growth potential and international projection Recent transactions Smartphones, Quick service High performance Children’s clothing tablets, 3D printers Solar energy restaurants steel components and robots Torre Europa Pº de la Castellana, 95, 29th fl oor 28046 Madrid - Spain Tel.: +34 914 262 329 [email protected] www.dianacapital.com SUMMARY OF 2016 AND OUTLOOK 2017 SUMMARY OF 2016 AND OUTLOOK 2017 9 Key Performance Indicators Fundraising Investment Divestment 2,000 4,000 5,000 4,000 3,000 3,000 1,000 2,000 2,000 1,000 1,000 0 0 0 2010 2011 2012 2013 2014 2015 2016 2010 2011 2012 2013 2014 2015 2016 2010 2011 2012 2013 2014 2015 2016 Fundraising Investment Divestment A good year for the sector despite political uncertainty Garnica by Intermediate Capital Group, Invent Farma by Apax Partners, Renovalia Energy (Cerberus Capital) and MaxMobility Despite slowdowns in sector activity during the first half of the Spain (Cabify) by Rakuten. These 9 investments represented 54% year due to political uncertainty in Spain and abroad, 2016 turned of total invested volume (€1,405M). out to be a very positive year for the Spanish Venture Capital and Private Equity (Capital Privado) sector. Investment momentum On the other hand, domestic VC&PEs invested a total of €1,018M in the second half of the year was strong, in part thanks to the in 521 investments (86% of total investments in 2016). significant activity of large international funds who closed several transactions including 9 large transactions (>€100M in The sectors that received the highest volume of investments were equity) in 8 companies. the following: Leisure (25.7%), followed by Consumer Goods (10.6%), Communications (9.6%), IT (8.1%) and Energy and Domestic LPS drove fundraising Natural Resources (8%). Private domestic entities raised €2,271M in 2016 (+48.5% from By number of investments, the IT sector ranked first (41.4% of 2015). Domestic LPs raised 61.9% of total funds in the sector, total investee companies), followed by Consumer Goods (8.2%), and the public Funds of Funds Innvierte (managed by CDTI) and Healthcare (7.9%) and Biotechnology / Life Sciences (5.8%). FOND-ICO Global (managed by Axis) played a significant role in stimulating domestic fundraising in the last years. Middle market A very active middle market vehicles stand out as regards new funds raised by private VC&PEs: The middle market (transactions between €10M and €100M) Alantra Private Equity Fund, Artá Capital Fund II, Fondo Nazca continues its return to pre-crisis levels (€1,238.5M; 38% of total IV, MCH Iberian Capital IV (first closing), Aurica III (first closing), annual investment), although investment by volume and number of BTC II and Realza Capital II. Several funds were closed to finance investments did fall slightly (57 investments in this segment in 2015 start ups, including Ysios BioFund II Innvierte, Kibo Ventures totaling €1,638M). Domestic funds stood out, leading 30 of the Innvierte Open Future, Kanoar Ventures, Bullnet Capital III, 49 investments closed during the year. [A list of middle market BeAble Innvierte KETs Fund, Samaipata I and Swanlaab Giza transactions is provided at the end of this report]. Innvierte I. In 2016, total funds raised by Private Equity GPs totaled €1,702M, whereas Venture Capital GPs totaled €568M. Funds available for investment (dry powder) increased by 41%, Spain is one of the most attractive totaling approximately €4,150M. Venture Capital markets in Europe Venture Capital is gaining strength, with total investments in excess International funds continue to show interest of €402.8M in 469 investments (390 companies) evenly distributed, in the Spanish market by volume, between international and domestic funds (56% and 44%, respectively), although by number of investments, private Investment volume exceeded €3,619.7M1 in 603 investments domestic funds accounted for 70%. [A list of the most significant (+33.6% by volume, +4% by number of investments), with a Venture Capital transactions is provided at the end of this report] particularly strong second half of the year that accounted for 73% The number of new players in this investment segment continues of total investment. to grow, and each year between 20 and 30 new international funds International funds invested €2,601M (+53.4% from 2015) choose Spanish start ups for their first investment here. As at the –accounting for 72% of total investment in Spain in 2016– in end of 2016, 109 of the 149 international entities with Spanish 82 investments, of which 9 were large investments (compared portfolio companies were Venture Capital firms. At the national to 5 in 2015): Hotelbeds by Cinven and CPPIB, MásMovil by level, the Venture Capital sector had 78 domestic funds, 12 of Providence, Cupa Group by The Carlyle Group, Tinsa by Cinven, which were public. 1 For the sake of consistency between our methodologies and those followed by other National Venture Capital and Private Equity Associations in Europe, investment figures refer to investments made by domestic (public and private) and international GPs in Spanish companies.
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