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Private Equity Newsletter Quarterly Special | Edition 1/2018 Dear Clients

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Private Equity Newsletter Quarterly Special | Edition 1/2018 Dear Clients PRIVATE EQUITY Newsletter QUARTERLY SPECIAL | EDITION 1/2018 CLOSED DEALS for 2017 and the fi rst quarter of 2018 within the German-speaking region NEW DEAL FLOW January 2017 - March 2018 in German-speaking region MOST RECENT STUDIES by Roland Berger Private Equity Newsletter Quarterly Special | Edition 1/2018 Dear Clients, Dr. Sascha Haghani dear Friends, We hope that you had a successful start into the first months of 2018, closing recent deals and investigating new opportunities. In this edition of our PE Newsletter, we want to look back at a suc- cessful year 2017 and share our expectations for the remainder of 2018. PE-related deal activity in the German-speaking region has been particularly good in 2017 with Christof Huth 204 closed deals (up from 168 closed deals in the previous year) and a promising start into 2018 with 45 closed deals by the end of Q1/2018. New deal flow has held up well since beginning of 2017, the only exception being August 2017 as vacation month; February 2018 displayed a very strong deal flow with 66 deals and there are indications for a positive outlook for the remaining year 2018. The major- ity of deal activity continued to be with Industrial Products and Consumer goods, followed by Health- care and IT/Telecommunication. From a political perspective, uncertainty has thus far continued in 2018, driven by Brexit negoti- ations, Catalonia’s separatist movement as well as new protectionist measures in form of tariffs by Sven Kleindienst the US government. On the positive side, German chancellor Angela Merkel and her partners have finally formed a new grand coalition government ending several months of intense negotiations. Despite of the political uncertainty, capital markets remain strong – except for small corrections in Q1/2018 – and many economists expect a continued robust economic development in Europe. Two months ago, our “European Private Equity Outlook 2018” has been published, a study for which Roland Berger interviewed private equity professionals throughout Europe. The study indi- cates a positive outlook for 2018, which is, however, slightly more cautious than in the previous year. Jan Felsen Pharma & Healthcare, Business Services & Logistics and Technology, Media & Telecommunication (TMT) are the top three industries expected to see PE-driven M&A deals in 2018. Current multiples paid are considered overvalued or slightly overvalued by the vast majority (93%) of PE professionals – Nevertheless, c.30% of surveyed professionals expect valuation multiples to further increase in 2018. Add-on acquisitions and digitalization/Industry 4.0 are expected to be the most important portfolio improvement/value creation measures in 2018. Furthermore, a range of notable studies has been published by Roland Berger, which address Dr. Thorsten Groth amongst others the future disruption potential, e.g., in the automotive industry (“Automotive disrup- tion radar #3 – Mobility services move up a gear”; “Selling commercial off-road vehicles – Key insights for OEMs, dealers and leasing companies”). In addition, recent studies provide insights into upcom- ing technology trends such as artificial intelligence (“AI think, therefore AI am – Are we ready for the next revolution in technology?”), supply chain planning (“Supply Chain Planning 4.0 – Supercharge your supply chain planning performance”) as well as automation (“Robotics Process Automation in Finance”). Moreover, we are happy to announce that we have expanded our senior team in Investor Support with the appointment of Marc Hesse as Principal. Marc Hesse Roland Berger’s Investor Support Practice wishes you many new opportunities and success with your transactions, on which we will, of course, be happy to support you. Yours sincerely Dr. Sascha Christof Sven Jan Dr. Thorsten Marc Dr. Gerd Dr. Gerd Sievers Haghani Huth Kleindienst Felsen Groth Hesse Sievers 2 Roland Berger Private Equity Newsletter Quarterly Special | Edition 1/2018 Increased Closed deals for 2017 and the first quarter of 2018 overall deal The number of closed deals in 2017 amounted to 204, representing the highest number of deals activity in 2017 - within the past 16 years, representing a YoY growth of c.21%. With respect to the first quarter of 2018, the number of closed deals has been at 45, being slightly lower compared to the number of 2018 started 53 closed deals in Q1/2017. more moderately In 2017, the leading deal makers in terms of number of deals were AFINUM, AUCTUS, Bregal, HANNOVER Finanz, KKR and Waterland with 5 deals each, followed by Equistone and IK Investment Partners with 4 deals. Furthermore, a number of private equity companies concluded 3 acquisi- tions each, including Ardian, Capvis, CGD Management, EQT and The Carlyle Group. In the first quarter 2018, Waterland has already completed 3 deals while Beyond Capital Partners, DPE Deutsche Private Equity, H.I.G. Capital, Oaktree, Odewald, Perusa and Ufenau have closed 2 deals each. 204 CLOSED DEALS IN GERMAN-SPEAKING REGION 2001 - 2018 YTD # closed PE-relevant deals Source: Roland Berger 166 168 163 161 136 125 122 119 113 110 104 100 81 79 74 45 40 2011 2017 2012 2015 2013 2016 2014 2001 2010 2007 2002 2005 2003 2006 2009 2008 2004 2018 YTD 3 Roland Berger Private Equity Newsletter Quarterly Special | Edition 1/2018 DEAL FLOW PER MONTH IN GERMAN-SPEAKING REGION Jan 2017 - Mar 2018 # deals by status Source: Roland Berger 66 59 23 51 48 44 43 37 15 7 37 37 12 37 31 34 32 33 15 33 27 19 8 25 17 21 19 26 13 3 19 25 6 12 2 5 36 3 23 15 19 7 16 12 8 16 14 15 14 1 11 11 7 4 6 5 Jan Feb Mar Apr Mai Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 146 101 102 115 128 2017 2018 YTD Current Rumored Dormant Closed1 Withdrawn The first quarter of 2018 has seen a considerably lower deal flow of 128 deals, compared to 146 deals in Q1/2017. Moreover, more deals were closed (and signed) in Q1/2017 com- pared to Q1/2018. However, Q4/2017 developed stronger with 115 deals compared to 89 deals in Q4/2016, resulting in a year with strong PE activity in the DACH region. Most of the 36 current deals in February are still ongoing, indicating a positive outlook for the second quarter of 2018. 1 The difference in “closed” deals in the deal flow statistic (on this page) compared to the “closed deals” statistic (on the preceding page) is due to the time delay between announced deals (in deal flow statistic) and legally closed and signed deals (in closed deals statistic) 4 Roland Berger Private Equity Newsletter Quarterly Special | Edition 1/2018 DEAL FLOW PER MONTH IN GERMAN-SPEAKING REGION Jan 2017 - Mar 2018 # deals by industry Source: Roland Berger 66 4 59 5 4 3 51 8 48 7 7 44 6 43 6 1 6 4 5 1 6 37 22 2 37 37 5 4 8 34 4 11 6 32 3 33 6 1 1 3 4 1 5 4 7 2 27 8 7 7 1 4 7 25 11 5 14 2 9 1 16 3 8 2 5 3 3 7 19 13 17 1 2 6 7 4 1 2 11 4 7 11 2 9 2 5 5 9 4 13 8 10 5 1 9 1 4 10 7 11 3 2 5 4 1 4 2 1 1 1 2 9 6 6 6 5 1 1 4 5 5 3 4 3 4 1 3 3 1 Jan Feb Mar Apr Mai Jun Jul Aug Sep Oct Nov Dez Jan Feb Mar 146 101 102 115 128 2017 2018 YTD Consumer goods Healthcare Other Chemicals Engineered products Transportation Automotive Energy IT/Telecoms The PE market in the DACH market continues to see the most activity in the segments Consumer goods as well as Engineered products (23 and 40 deals respectively in Q1/2018). Moreover, an increased deal activity in the Healthcare segment has been observed in 2017, also being reflected in larger transactions, e.g., Alloheim/Nordic Capital. Furthermore, the Automotive industry continuously displays constant deal flows from the PE industry. Yet, the Transportation and Energy segments continue to show rather limited deal flow. 5 Roland Berger Private Equity Newsletter Quarterly Special | Edition 1/2018 DEALS CLOSED IN 2017 WITHIN THE GERMAN-SPEAKING REGION TARGET BUYER TARGET BUYER ACURA Kliniken Rheinland-Pfalz RAD-x (Gilde) AIMD SL Unternehmens- ANDROMEDA Mediznische Systems Laborie Medical Technologies beteiligungsgesellschaft (Investor AB) Altano Gruppe Ufenau artegic Main Capital Partners Apostroph Group Wieners+Wieners (ECM Equity Capital Atotech The Carlyle Group Management) B2B Media Group EMEA Nordwind Capital atms Telefon- und Marketing Services BK Invest Bilfinger Scheven DUBAG Deutsche Barthelmess Fordahl Capital Unternehmensbeteiligungen Chromasens Lakesight Technologies (Ambienta) Böllinger Group TRIGO Group (Ardian) CopyQuick Neuenburg Copytrend (AFINUM) Cine-Mobil LEO Familienholding EBERTLANG Distribution Beyond Capital Partners ConCardis Bain Capital/Advent F.S.V. Fachbetrieb für AVS Verkehrssicherung DBW Advanced Fiber Technology Group DMB Dr. Dieter Murmann Verkehrseinrichtungen auf Straßen (Steadfast Capital) Beteiligungsgesellschaft Frankenpark-Klinik Media Kliniken (Waterland) DefShop Equistone Gebhardt Instruments Trescal (Ardian) Deurotech Produktions PINOVA Capital globits FERNAO Networks (AUCTUS) Duagon DBAG Hulvershorn Eisengiesserei Rheinische Mittelstandsbeteiligung DuoTherm Rolladen BPE Unternehmensbeteiligungen ISOG Management BayBG Bayerische Beteiligungs- EF-Express Flash Europe International (Eurazeo) gesellschaft and Endurance Capital EffiSi HLS Engineering Group JK-Holding VTC Industriebeteiligungen (Aheim Capital and TerVia Invest) Karl Reichenbach Lampe Privatinvest Management Embassy Jewel Bregal Maredo Perusa F24 Armira Partners Modehaus Schneider AppelrathCuepper (OpCapita) Felss Group Capvis NRW Building Technology Bregal Fit Heaven Let‘s Go Fitness (AFINUM) OeBB-Fernbus Flixbus (Silver Lake Partners, General Fitbudget Let‘s Go Fitness (AFINUM) Atlantic, Holtzbrinck Ventures, Daimler Frostkrone
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