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MA Tracker Q4 2019

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MA Tracker Q4 2019 Corporate Finance Review of Irish trade sales, buyouts and acquisitions 2019 Prepared by Investec Corporate Finance Contents 1. Introduction 2. Quarterly Commentary 3. Significant Transactions During 2019 – By Deal Value 4. Transaction Values 5. Sector Analysis 6. Type of Transactions 7. Outlook for 2020 Appendix 1: 2019 Transactions by Sector Review of Irish trade sales, buyouts and acquisitions 1. Introduction Following a slow start to the year in terms of value, we saw almost €15bn in M&A activity in Ireland in the latter half of 2019, bringing the total disclosed deal value for the year to €17.2bn. This was a marked improvement on 2018, with an increase of over €7bn Year-on-Year (YoY). This is mainly influenced by gaming giant Flutter Entertainment’s acquisition of Stars Group, at a €9.5bn reported valuation. Excluding the top transactions in each year gives us a better understanding of progression in the Irish M&A market in 2019. Excluding the above transaction and Goshawk’s 2018 acquisition of Sky leasing for €2.4bn, disclosed deal value remained constant YoY, with an increase of a mere 1% over the period. There were a total of 320 transactions announced in the 12 months to December 2019, aided by a record high of 98 transactions in Q4’19. This represents the highest quarterly number of recorded transactions since the beginning of the tracker for both the full year and the final quarter of 2019. It equates to an increase of 19% in 2019 when compared to the previous year and a 23% increase for the quarter when compared to Q4’18. In a year in which there were a number of headwinds to M&A activity in the country, 2019 recorded noteworthy levels of activity and values across all sectors, particularly in the latter half. Brexit-related uncertainty continued to persist albeit perhaps less evident than in prior years, however cross border activity continued throughout the period. In total there were 31 transactions recorded involving a UK company acquiring an Irish company, with the opposite being the case in 33 transactions. AnnualAnnual Value Value and and Volume Volume Trend Trend 35.0 350 30.0 €28.6bn 300 25.0 250 s €19.6bn l 20.0 a 200 bn e € €17.2bn €16.2bn D 15.0 150 €11.4bn €10.0bn 10.0 100 €7.9bn €5.4bn 5.0 50 - - 2012 2013 2014 2015 2016 2017 2018 2019 Values Volumes Quarterly Value and Volume Trend 12.0 €11.4bn 120 98 110 10.0 94 100 90 80 8.0 66 70 62 s l a bn 60 e € 6.0 €4.3bn D 50 4.0 40 30 2.0 €1.0bn 20 €0.6bn 10 - - Q1 2019 Q2 2019 Q3 2019 Q4 2019 Values Volumes Review of Irish trade sales, buyouts and acquisitions 2. Quarterly Commentary Q1’19 was a tempered beginning to the year, with a total of 62 transactions announced during the three month period, equating to a value of €559m, well down on Q4’18 which recorded 80 transactions with a disclosed value of €2.3bn. Notable deals during the quarter included the acquisition of a 51% stake in Adjarabet, a leading online Georgian gambling company, by Paddy Power Betfair (since renamed Flutter Entertainment) for a reported €115m and the acquisition of IFG plc by Epiris for a value of over €200m. In-market transactions accounted for c. 30% of the quarterly total, with financial buyers and investors also being relatively active during the quarter (10 transactions). The IT & Telecoms and Financial Services sectors were the most active in the quarter, with a deal count of 16 and 9 respectively. Q2’19 saw a 55% increase in volumes to reach a quarterly high of 94 transactions announced. Similarly, disclosed deal value increased significantly in Q2’19 to c. €1bn, bringing the total for H1’19 to €1.5bn. This was significantly behind H1’18, which recorded deal values totalling €2.6bn in the six months. CRH disposed of its Shutter & Awnings business to Stella Holdings for €300m, with other significant transactions including Grafton’s €131m acquisition of Netherland’s based Polvo B.V. and Mediahuis NV’s acquisition of INM plc for a reported €102m. Irish trade buyers dominated activity in the quarter, with foreign acquisition volume (Irish trade buyer acquiring a foreign business) more than doubling in the quarter (34 transactions). Meanwhile all-Irish trade acquisitions constituted 18 of the 94 deals. The Health & Pharmaceuticals sector recorded 15 transactions during the quarter, second only to the IT & Telecoms sector which ledAnnual the pack Value with 23 and announced Volume deals. Trend Headline35.0 transactions were to the fore in Q3 with CRH’s disposal of its European distribution business to 350 Blackstone (€1.64bn) and Henderson Park’s take private of Green REIT (€1.55bn) being announced in the quarter, both 3of0.0 which represented 74% of total disclosed€ deal28.6bn value for the quarter. Irish companies continued to be 3active00 acquirers overseas in the period, with 17 foreign acquisitions following the 34 recorded in Q2. The IT & Telecoms sector25. 0was the top performer for the quarter, with 19 deals recorded. In total, the quarter recorded a deal count 250 of 66 deals, representing a disclosed deal value of €4.3bn. 19 of the 66 deals took place in the IT & Telecoms sector, s €19.6bn l 20.0 a 200 withbn the Health & Pharmaceuticals sector being a distant second, announcing 8 transactions in the period. e € €17.2bn €16.2bn D Q4’1915. 0was defined by the very large announced takeover, merger of the Stars Group by Flutter Entertainment 150 for a €11.4bn reported €9.5bn, which accounted for 84% of the quarter’s disclosed deal value and 55%€10.0bn of the total deal value for 10.0 100 the year. Q4’19 concluded the year with a very strong quarter,€ with7.9bn a deal count of 98 and deal value of €11.4bn. IT & Telecoms€5 .4bnwas again an active sector with 18 transactions, followed closely by Support Services with 17. There were 5a.0 total of 61 deals involving an Irish trade buyer, whether in-market or choosing to acquire abroad. Cross 50 border activity with the UK remained strong in the quarter. 26 deals were recorded with an Irish buyer of a UK - - based company2012 or vice versa.2013 This includes2014 any financial2015 buyer20 16activity between2017 the nations.2018 2019 A summary of deal values and volumes by quarterValues for 2019 is providedVolumes below: Quarterly Value and Volume Trend Quarterly Value and Volume Trend 12.0 €11.4bn 120 98 110 10.0 94 100 90 80 8.0 66 70 62 s l a bn 60 e € 6.0 €4.3bn D 50 4.0 40 30 2.0 €1.0bn 20 €0.6bn 10 - - Q1 2019 Q2 2019 Q3 2019 Q4 2019 Values Volumes Review of Irish trade sales, buyouts and acquisitions 3. Significant Transactions During 2019 – By Deal Value The ten most significant disclosed transactions during 2019 by deal value are listed in the table below. Rank Acquiror Country Target Country €m Date 1 Flutter Entertainment Plc Ireland Stars Group Inc Canada 9,507.0 Oct-19 2 The Blackstone Group USA Europe Distribution Business of CRH plc Ireland 1,640.0 Jul-19 3 Henderson Park UK Green REIT plc Ireland 1,551.0 Aug-19 4 Stella Holding SAS France CRH - Shutters & Awnings Ireland 300.0 Apr-19 5 Aptiv Plc Ireland gabo Systemtechnik GmbH Germany 283.0 Oct-19 6 EML Australia Prepaid Financial Services Ireland 263.0 Nov-19 7 Avenue Capital Group USA Castlehaven Finance (25%) Ireland 250.0 Aug-19 8 Madison Dearborn Partners; HPS Investment Partners USA Arachas Corporate Brokers Limited Ireland 250.0 Dec-19 9 Cellnex Telecom Spain Cignal Ireland 210.0 Sep-19 10 Epiris LLP UK IFG Group Plc Ireland 208.0 Mar-19 Total 14,462.0 Flutter Entertainment took the number one spot with its aforementioned acquisition of, merger with Stars Group Inc. The all-share deal, valued at €9.5bn at the date of announcement, accounted for 55% of the total 2019 reported deal value. CRH features twice in the ten largest deals of the year, with its disposal of its Shutters & Awnings business to Stella Holding SAS in Q2’19, followed by the disposal of its European distribution business to the Blackstone Group in Q3’19. The 3 largest deals of the year amounted to c. 74% of the annual total, with the top 10 deals representing c. 84% of the annual total. 8 out of the top 10 transactions involved Irish businesses or divisions of Irish businesses as targets, with Irish companies taking the buyer role in the remaining two transactions. 4 transactions involved trade buyers, with the remaining 6 being Private Equity buyouts or Private Equity backed buyers. Noteworthy transactions in the Financial Investor space include the aforementioned Blackstone acquisition in addition to Sovereign Capital’s exit from Arachas Corporate Brokers for a reported €250m. The sale of the company to funds controlled and managed by US based Madison Dearborn partners and HPS Investment Partners realised a significant return for Sovereign Capital over a holding period of less than 3 years. 4 of the top 10 transactions took place in the Financial Services sector, with the Building, Construction & Property sector being on level par with the Industrial sector, both of which recorded 2 deals. The remaining deals reported took place across the Leisure &Travel and IT & Telecoms sectors.
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