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ENGLISH EDITION The time for Private Equity divestments in Spain 2015 SPONSORED BY - - WEBCAPITALRIESGO Copyright © 2015, Webcaprisk Servicios, S.L. Total or partial reproduction of this document is strictly forbidden, as is its manipulation with software or transmission in any form via any medium, be it electronic, through photo- copying or other means without the previous permission of the Copyright holder. Access to The time for Private Equity divestments in Spain Report is free at www.webcapitalriesgo.com; this may not be made available to the public through any other means, electronic or written, without the written permission of the rights holder. Any infringiment of the above rights will be liable to claims presented before the Madrid Courts (Spain). The time for Private Equity divestments in Spain. July 2015. Release 1.0 Webcaprisk Servicios S.L. is the owner of www.webcapitalriesgo.com - 2 - WEBCAPITALRIESGO INTRODUCTION The Private Equity activity in Spain has experienced very difficult times in recent years. The crash of Lehman Brothers and the subprime crisis largely complicated the activity of PE firms, which had to focus even more in the management of investee firms. It has been a very difficult task to ob- tain the funding needed to complete a new Buyout. It also was not the right moment to divest, with stock markets closed and industrial investors trying to balance their accounts. The pantry was beginning to be empty and funds had to think about starting to raising money for their new vehi- cles, with the risk premium at a maximum level and the threat of a bail out. After a long journey in the desert local player started to convince limited partners that PE remained as a profitable finan- cing alternative in Spain. The Spanish economy was gradually soaring and foreign investors showed again its confidence in the country. Even though some PE firms disappeared, many of them withstood the pressure and continued to provide value to their portfolio firms. A priceless experience that started to show posi- tive results in 2014, and continues in 2015, with the opening of an extraordinary divestment period in Spain. This report details the keys of the divestment activity and its connection with the fundraising and investment activity. The Time for Private Equity divestments in Spain report includes: interviews (only in the Spanish version), insights on activity1, list of active investors and links to 148 related news2. Webcapitalriesgo.com wishes to express its gratitude to the sponsors of the report, PwC and COFI- DES , and to Bridgepoint for its support in sustaining www.webcapitalriesgo.com. Marcos Salas de la Hera Partner at Webcapitalriesgo.com 1. The information supplied by more than 250 investors was obtained by Webcapitalriesgo.com, in conjunction with the Asociación Española de Entidades de Capital Riesgo (ASCRI), and constitutes the basis for the elaboration of the official VC and Private Equity statistics published in the ASCRI´s 2015 Annual Report. The Private Equity activity was separated from the general information. 2. The information comes from the press briefings sent by investors and news releases published in the media. - 3 - WEBCAPITALRIESGO INDEX PAGE Outstanding Divestment Activity 5 Special: 2006-2014 Divestment ratings 10 List to Active Investors 13 44 PE investors carried out at least one new investment in 2014 Related News 15 148 News related to Investment, Divestment and Fundraising in 2014 - 4 - WEBCAPITALRIESGO OUTSTANDING DIVESTMENT ACTIVITY The volume divested at cost in that year N+1 and Blackstone were the incoming inves- amounted to €4.77 billion, exceeding for the tors that exited in 2014. Other sales carried out first time at this century the amount invested in last year were the sale of Grupo hospitalario the year (€3.46 billion), as stated in the AS- Quirón (Doughty Hanson) to IDC Salud, CRI´s 2015 Annual Report. This level of acti- leading its merger, or the Hofmann sale vity has remained in the first half of 2015. 90% (Portobello and Realza) to the British company of the activity developed by Venture Capi- Photobox. tal/Private Equity in Spain corresponds to the Private Equity3 segment. The two largest Spanish commercial banks were present in two of the largest divestments Trade Sales peaked in the first half of 2015. First, Banco Santander and the U.S. private equity firms Warburg Pin- Trade sales (industrial or financial) drove this cus and General Atlantic, agreed to merge the significant volume last year, exceeding the pro- fund management firm Santander Asset Mana- ceeds in the previous six years through this me- gement with Pioneer Investments, resulting in a chanism, featuring the sale of the cable opera- leading global asset management firm in Euro- tor ONO to Vodafone, which accounted for pe and Latin America. Second, the private almost a third of the total. This divestment re- equity subsidiary of BBVA Valanza, sold its ported significant gains to the six investors in- 57.5% stake in the hotel chain Occidental Ho- volved in that deal: CCMP, Candover, Provi- teles to the tourism-related group Barceló. In dence, Quadrangle, Thomas Lee and Santander early 2015, we should also highlight the sale of Capital Desarrollo. funds advised by N+1 and Dinamia in Teltro- nic to the British company Sepura, which The sale of the helicopter operator Inaer to Bri- amounted to €124 million, representing a cash tish company Babcock by Investindustrial (6x) out of 2.4 times the investment in the company and KKR (2.5x); and the sale of Mivisa to the specializing in the manufacture of electronic US group Crown Holdings by N+1 and Bla- systems and components. ckstone (2.4x), also reported significant gains. The Murcia-based manufacturer of tinplate for Regarding IPO activity, the returns of eDreams the food industry, is one of the most profitable and Applus+ IPOs in 2014, owned by Permira companies for Private Equity activity in Spain, and Carlyle Group and Investindustrial, respec- having completed 3 investment/divestment cy- tively, should also be highlighted. cles. In 2001, PAI and Suala invested in the company, to sell the stake to CVC later in 2005. Subsequently, CVC and Oquendo (shareholder in 2008) divested again in 2011. 3 Deals in firms in the expansion stage and consolidated firms: leveraged acquisitions (Buyouts), Replacement of shareholders, Turnaround and others, and any successive add-ons that there might later be in them are included. - 5 - WEBCAPITALRIESGO Renewed IPO activity In sum, several international investors have also managed to obtain significant gains for 2014 was a good year for VC/PE activity in their limited partner through this exit mecha- Spain from all points of view, with a divest- nism, albeit after a long and uncertain period. ment activity that broke all historical records. Secondary buyouts (SBOs) also registered a Also in the first half of 2015, the train manu- significant activity in the period analyzed. Two facturing company Talgo completed an IPO in large SBOs should be mentioned in 2014. the Spanish stock exchange, allowing the par- tial exit of Trilantic and MCH. In addition, the- The first is the sale of Grupo Quirón, owned by re were also extis from private investments in Dougthy Hanson, to IDC Salud (CVC), which public equity in Applus+ (Carlyle) and in resulted in the merger of the two hospital Abertis (CVC). Even in early July 2015, the groups. The second is the 49.9% sale of the Basque cable operator Euskaltel completed an stake held by Investindustrial in Port Aventura IPO in the Spanish stock exchange, which to KKR. In sum, international firms played an allowed divestments for Trilantic and Investin- important role in the overall investment acti- dustrial. vity in Spain in 2014 (see next page), with their commitment representing the 78% total Table1 amount invested in Spain. They were involved Main divestments in 2014 in 26 mid- and large-size deals, with active par- Divestment mecha- Private Equity firm Company nism ticipation from 16 investors. But SBO activity has decreased in 2015 due to existence of other Cunext Cooper Corpfin Trade Sale (Industrial) Industries exit alternatives, such as IPOs and, specially, 3i / Baring Derprosa Trade Sale (Industrial) by the increasing competition of industrial in- 3i / Hutton Collins / Lan- Everis Trade Sale (Industrial) vestors. With the improved economic outlook don and the renewed access to credit, industrial in- Doughty Hanson Grupo Quirón Secondary buyout (SBO) vestors are becoming buyers of portfolio firms Portobello / Realza Hofman Trade Sale (Industrial) and strong competitors of PE in the invest- Investindustrial / KKR Inaer Trade Sale (Industrial) ments that have been completed in the last few N+1 / Blackstone Mivisa Trade Sale (Industrial) months. CCMP / Candover / Provi- dence / Quadrangle / Thomaslee / Ono– Auna Trade Sale (Industrial) Santander Capital Desarro- SBOs do not lag behind llo MCH / Suma Parkare Group Trade Sale (Industrial) However, in the first half of this year, several MCH Repasa Trade Sale (Industrial) outstanding SBOs took place, as the sale of the N+1 Xanit Trade Sale (Industrial) stake held by ProA and Talde in the food group CVC Zena Group Trade Sale (Industrial) Palacios to The Carlyle Group; the transfer of Qualitas Garnica Plywood Trade Sale (Financial) the recovery consumer credit platform Gesco- Santander Capital Desarro- Invin Trade Sale (Industrial) llo bro by Miura to the U.S. fund Cerberus; or the 3i Café & Té Secondary buyout (SBO) sale of funds advised by AC Desarrollo in Li- Baring Nace Secondary buyout (SBO) talsa, the independent provider of services in Investindustrial Port Aventura Secondary buyout (SBO) lithography and varnishing for packaging ma- First Reserve Abengoa Post IPO sales of shares nufacturers and shutters, to Realza Capital. Initial Public Offering Carlyle / Investindustrial Applus (IPO) Initial Public Offering Permira eDreams (IPO) - 6 - WEBCAPITALRIESGO Summary of Investment activity International funds led, as usual, the list of the largest deals carried out by CVC.
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