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The Global Corporate Advisor ® The Global October 2014 Corporate Advisor The Corporate Finance newsletter of Crowe Horwath International Welcome to the October issue of The In both the UK and the US, PE firms Global Corporate Advisor. This newslet- are exiting investments as strategic ter has a special focus on the private buyers are looking for growth and equity sector in the UK, US, Mexico, valuations are high. India, Canada and Australia. In our next issue, we will examine the While private equity (PE) in Australia is M&A landscape in key European coun- a small part of the investment tries as well as Australia and South community, activity is increasing due Asia. to the recent returns track record. The characteristics of the Canadian environment suggest that PE investing will increase in the near term. Those interested in the Indian market are hopeful that the new government will spur both domestic and foreign PE investments. In Alfred Cheong Mexico, the government has already Regional Leader, South East Asia been a catalyst for PE investing +65 6221 0338 through development of a pool of [email protected] available funds. Inside This Issue: Welcome 1 Private Equity, Australia 2 Private Equity, Canada 5 Contact Us Private Equity, India 7 The GCA team is here to respond to your needs relating to M&A transaction Private Equity, Mexico 8 support, valuations and advisory services. If there is a topic you would like us to cover in future issues of the GCA newsletter, don’t hesitate to contact Peter Private Equity, UK 9 Varley, Chairman of GCA, at [email protected]. Alternatively, please contact your local GCA team member to discuss your ideas. Private Equity, US 11 Audit | Tax | Advisory www.crowehorwath.net ©2014 Crowe Horwath International 1 ® October 2014 Private Equity Australia Figure 1. Number of PE transactions as a % of total transactions By Rob Dando and Andrew Fressl, Sydney 25 Mergers and acquisitions in Australia 20 are on the increase but private equity continues to remain a small part of the 15 investment market by global stand- % 10 ards, according to research from the Australian Venture Capital Association 5 (AVCAL). 0 In the financial year to June 30, 2014, FY10 FY11 FY12 FY13 FY14 deal activity declined slightly com- Australia 4 5 7 6 6 pared to the previous financial year, New Zealand 11 7 8 9 11 with 2,027 deals executed at a value UK 20 18 19 20 24 of US$52.4 billion, down 1.5% in vol- US 19 22 23 24 25 ume and 4% in value terms. However, during this period the Figure 2. Value of PE transactions as a % of total transactions pipeline of deals rose sharply, with 30 US$113bn worth of mergers, ac- quisitions and private placements 25 announced over the course of the financial year, up 70% compared to the 20 prior year. 15 % According to IESE Business School, 10 Australia is the eighth most attractive country worldwide for private equity 5 (PE) and venture capital (VC) inves- 0 tors. It ranked sixth in 2013. FY10 FY11 FY12 FY13 FY14 Australia 3 11 7 9 9 Australian PE and VC outperformed the listed market by over 10% in the New Zealand 24 8 4 3 10 12 months to March 2014, according UK 15 13 14 17 28 to data released by the AVCAL and US 9 16 15 23 16 Cambridge Associates (the CA Aus- Source: AVCAL Market Observations – August 2014 Issue tralia Index). Australian PE is a proven high performer. According to Cam- Figure 3. bridge Associates, it returned 12.4% Venture Capital Private Equity Total on an annualized basis over 10 years No. of Funds No. of Funds No. of Funds Amount Amount Amount up to March 2014 (net of fees and Year Raising Raising Raising (A$m) (A$m) (A$m) carried interest). This figure is very Capital Capital Capital high compared to 6.6% return during FY04 96.09 5 1,631.11 5 1,727.20 10 the same period by the S&P/ASX 300, with PE generating effectively more FY05 349.87 6 1,496.35 19 1,846.21 25 than twice the return of the sector as a FY06 120.60 4 4,092.69 15 4,213.29 19 whole. More impressively, the top two FY07 356.92 4 8,690.04 20 9,046.96 24 quartiles (i.e. the top 50%) of PE funds outperformed the listed market by FY08 313.40 5 1,817.74 16 2,131.14 21 6.8% over the last ten years, despite FY09 174.90 9 1,259.57 15 1,434.47 24 the resources boom fuelling S&P/ FY10 158.00 13 1,190.00 9 1,348.00 22 ASX 300 net returns during the same FY11 100.00 3 2,014.79 10 2,114.79 13 period. FY12 240.02 4 3,031.26 15 3,271.28 19 FY13 155.28 3 711.44 10 866.72 13 Source: AVCAL Audit | Tax | Advisory www.crowehorwath.net ©2014 Crowe Horwath International 2 ® October 2014 The CA Australia Index posted a gain PE deals in Australia constituted 6% of Fundraising and available of 23%, compared to the S&P/ASX all deals in FY14, and contributed 9% of 300 Index, which returned just under total deal value for the year. This pattern investable funds 13% over the same one-year period. has remained largely unchanged from Growth PE funds in Australia have tra- The index, which is the leading inde- FY13, and is slightly higher than the five- ditionally raised capital primarily from pendent performance benchmark for year average of 5% for deal volume and domestic investors. However, more the PE and VC asset class, showed 8% for deal value. New Zealand saw a recently there has been an increasing continuing outperformance by gaining slightly higher PE contribution of 10% to inflow of international capital. 3.3% in the first quarter of 2014, after overall deal value in FY14. According to AVCAL, PE firms raised a very positive final quarter in 2013. A$711m of funds in FY13, a sharp The three-year, 10-year and 15-year PE tends to contribute a greater share decrease from the A$3,031m raised in time horizons also showed greater re- of deals in New Zealand, the US and the previous year. However the num- turns from PE and VC, compared with the UK compared to Australia. In ber of funds raising money (10) was listed equities. FY14, nearly a quarter of transactions on a par with FY10 and FY11 levels. in the US and UK involved PE buyers. Anchorage Capital Partners Fund II, These results demonstrate that the This suggests that there is still consid- Advent 6 and Anacacia Fund II were asset class is a long-term driver of re- erable headroom for PE to invest in among the largest domestic funds turns, which is especially important for the Australian market. raised in FY13, accounting for 80% of pension funds and other investors with all commitments to PE. long-term investment horizons. Significant Australian PE deals in FY14 included the acquisition of Domestic companies were the primary Telstra’s Sensis business by Platinum drivers in the results of the last 10 Equity and Insight Venture Partners’ years. The impact of investing in Asian US$250m investment into Campaign companies has only started to show in Monitor. PE also contributed to some the last three to five years. of the larger deals announced in FY14, such as KKR’s bid for Treasury Wine Estates and Pacific Equity Partners’ bid for SAI Global. Figure 4. Industry Transaction Volume (#) Transaction Volume (A$) FY10 FY11 FY12 FY13 FY14 FY15 FY10 FY11 FY12 FY13 FY14 FY15 Consumer Discretionary 14 14 12 14 10 4 404 620 574 413 1,172 1 Consumer Staples 4 6 2 2 6 - 7 231 468 - 2 - Energy 7 2 8 8 2 - 234 24 225 1,740 156 - Financials 5 5 11 9 9 1 387 103 1,828 489 458 - Healthcare 22 10 14 18 19 3 312 330 267 681 388 0 Industrials 15 22 13 16 7 2 2,748 6,414 2,838 6,521 236 1 Information Technology 14 20 37 30 37 14 46 131 242 144 518 45 Materials 11 28 16 8 11 4 64 597 244 31 133 28 Other - 2 4 1 11 1 - 3,095 730 - 332 2 Telecommunication Services 1 - - 1 - - - - - 3 - - Utilities 2 1 1 4 - - 1,629 49 - 233 - - Total 95 110 118 111 112 29 5,831 11,594 7,417 10,254 3,395 77 Industry Average Transaction Value (A$m) Average Implied Enterprise Value / EBITDA (x) FY10 FY11 FY12 FY13 FY14 FY15 FY10 FY11 FY12 FY13 FY14 FY15 Consumer Discretionary 58 103 72 52 195 0 n/a 6 9 4 16 n/a Consumer Staples 3 116 468 n/a 1 n/a 16 16 n/a n/a n/a n/a Energy 33 12 38 218 78 n/a n/a n/a n/a 10 10 n/a Financials 97 21 229 61 65 n/a n/a n/a n/a 4 n/a n/a Healthcare 18 37 22 49 24 0 n/a n/a n/a n/a n/a n/a Industrials 393 535 473 932 47 1 10 16 24 7 n/a n/a Information Technology 5 8 8 6 16 3 n/a 2 n/a n/a 6 n/a Materials 6 25 17 4 13 7 n/a n/a n/a n/a 8 n/a Other n/a 1,547 243 n/a 41 2 n/a n/a n/a n/a n/a n/a Telecommunication Services n/a n/a n/a 3 n/a n/a n/a n/a n/a n/a n/a n/a Utilities 815 49 n/a 78 n/a n/a 7 n/a n/a n/a n/a n/a Total 159 245 174 156 54 2 11.3 10.3 16.3 6.0 10.1 n/a Audit | Tax | Advisory www.crowehorwath.net ©2014 Crowe Horwath International 3 ® October 2014 Competition for new commitments has PE exits in Australia The buoyant listed capital market, to- remained intense during the last three Australian PE exits from FY09 to FY13 gether with low interest rates, stronger years, which saw two of the three had an average IRR of 31% and an balance sheets and improved business largest ever Australian PE funds being average times money multiple of 2.7 confidence in some sectors, has also raised (the A$1.5 bn Archer Capital times.
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