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Leveraged Loans Snapshot (EU)

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Leveraged Loans Snapshot (EU) Leveraged Loans Snapshot (EU) This week’s highlights: • Refinancing activity snaps back, 56% of deals in general syndication • Manufacturing sector dominates the M&A pipeline, accounted EUR 22.7bn or 35% Diana Apedu Market Analyst, Debtwire Par +44 203 741 1081 [email protected] Saritha Dantu Ben Watson Market Analyst, Debtwire Par Market Analyst, Debtwire Par +44 203 741 1371 +44 203 741 1185 [email protected] [email protected] Leveraged Loans Snapshot (EU) An Acuris Company CALENDAR STATS Over Over EUR 5.3bn EUR 63.5bn EUR 24.6bn 96 Institutional Loans Projected Funding 22 Deals YTD New European Ongoing M&A Situations; in Syndication Requirements Currently in CLO Issuance 5 New Entrants Leveraged Loan This Week Pipeline Loans in Syndication by Use of Proceeds Dividend Share (%) Recap, 1% Dividend Recap 0.1 M&A, 42% M&A 3.5 Refinancing, 56% Refinancing 4.6 0.0 1.0 2.0 3.0 4.0 5.0 Volume (EUR bn) Source: Debtwire Par 2 M&A Calendar Deal Size/ Target(s) Seller(s) EBITDA Bidder(s)/Buyer(s) Country Stage Deadline Advisor(s) Valuation SK Chemicals, Cornerstone Capital, LG AnQore CVC, Royal DSM €75m €450-525m Netherlands Final Round N/A Lazard Chem Armacell Blackstone, Kirkbi €106m €1.5bn TBD Luxembourg Mandated N/A Rothschild Euroclear Privately-owned N/A €5bn Hellman & Friedman, CVC, GIC Belgium Talks N/A TBD Group of Butchers Equistone €32m N/A TBD Netherlands Mandated N/A Rothschild Arma Sentia Waterland €43m N/A TBD Netherlands 1st Round N/A Benelux Partners SIG Air Handling SIG €30m N/A TBD Netherlands Mandated N/A Lazard International Signature Foods IK Investments €50m €600-700m TBD Netherlands Talks 1H20 N/A Vermaat Partners Group N/A €750m TBD Netherlands Mandated N/A GS Carlyle, Quadriga Ameos Group €72m N/A TBD Switzerland Pre-Mandated 2H19 N/A Capital APCOA Parking Centerbridge €90m N/A ICG, TDR, Platinum, DWS Germany Final Round November GS,JPM DACH Artemis Montagu €60m €1bn TBD Germany Rumoured N/A TBD Permira,Auto1, Apax, Carlyle, Hellman & AutoScout24 Scout24 N/A €2bn Germany Pre-Mandated N/A CS, MS Friedman, Axel Springer Bold and underlined targets indicate new entries Source: Debtwire Par, an Acuris company M&A Calendar Deal Size/ Target(s) Seller(s) EBITDA Bidder(s)/Buyer(s) Country Stage Deadline Advisor(s) Valuation BASF Constructions BASF €245m €2.7bn KKR, Carlyle, Cinven/Bain, Lone Star Germany 2nd Round Dec-19 GS Chemicals unit Bilcare Research Bilcare €30-35m N/A TBD Switzerland IMs Imminent N/A Baird PAI Partners, Apollo, Rhone Group, Clariant Pigment Claring CHF140m N/A Triton Partners, Advent, Bain Capital, SK Germany Mandated 2H19 DB Capital Partners/Heubach Morgan Deutsche Glasfaser KKR N/A €1.5-2bn TBD Germany Mandated 15/11/19 Stanley eBay Classifieds Group eBay N/A $12bn PE funds USA/UK Talks N/A TBD (Gumtree) ELL KKR N/A €1bn TBD Austria Rumoured N/A TBD DACH Hensoldt KKR N/A €2bn TBD Germany Mandated N/A BAML, JPM Evercore,Rot Inexio Warburg Pincus N/A €1bn TBD Germany Mandated N/A hschild MEININGER Hotels & Cox & Kings €40m €600m Undisclosed private equity firms Germany 2nd Round N/A Lazard Hostels Bregal Novem N/A €1.5bn TBD Germany Rumoured 2H19 TBD Unternehmerkapital Real Metro €143m €1bn Redos Germany Exclusive Talks N/A TBD Renk Volkswagen €80m N/A TBD Germany Rumoured N/A TBD Bold and underlined targets indicate new entries Source: Debtwire Par, an Acuris company M&A Calendar Deal Size/ Target(s) Seller(s) EBITDA Bidder(s)/Buyer(s) Country Stage Deadline Advisor(s) Valuation Schur Flexibles Lindsay Goldberg €70-80m €800-900m TBD Austria Mandated N/A GS Solvay (Engineering Carlyle, SK Capital, Ardian, APAX, Bain, BASF €60m €360-420m Germany 2nd Round N/A Lazard Plastics Business) PAI Partners, Lanxess Robert W. Spandex Chequers Capital €50m N/A TBD Switzerland Mandated Early 2020 Baird Apollo, Bain, Blackstone, Carlyle, KKR, DACH ThyssenKrupp (Elevator CVC, Kone Oyj, Partners Group, ThyssenKrupp €2537m €15bn Germany Talks Autumn TBD Business) Schindler, Otis, Hitachi,Consortium of ADIA, Cinven &Advent SocGen, Tranquilidade Apollo N/A €600m Ageas, Allianz, Assicurazioni Generali Portugal Final Round N/A Jefferies, Arcano Towerbrook Capital Partners,Advent International, Bain Capital, CapVest, Biscuit International Qualium €115m €650m Clayton Dubilier & Rice, KKR, PAI France 1st Round 29/10/19 Natixis Partners, Platinum Equity, Qualium, Blackstone Cerelia Group IK Investments €65m N/A TBD France Rumoured 1Q20 TBD Permira, Advent International, CVC, Rothschild & Curium Pharma CapVest €150m €1bn France Mandated 4Q19/1Q20 Cinven Cie, KPMG DWK Life Sciences One Equity €50-60m N/A TBD Germany Mandated 4Q19 Jefferies (formerly DURAN Group) France Labeyrie Fine Foods PAI Partners €96m €1bn Kharis Capital France Mandated N/A BNP, PwC Mapa Spontex Newell €55m N/A TBD France On Hold N/A GS Trade bidders; O'Reilly Auto Parts, Parts Holding Europe Bain Capital €150m N/A France Mandated N/A Rothschild Autozone Bold and underlined targets indicate new entries Source: Debtwire Par, an Acuris company M&A Calendar Deal Size/ Target(s) Seller(s) EBITDA Bidder(s)/Buyer(s) Country Stage Deadline Advisor(s) Valuation Perrenot Management-owned €30-40m N/A Ardian,Sagard France Mandated N/A Transaction R Photonis Ardian N/A €500m TBD France Mandated N/A Lazard Provalliance Family-owned €60m N/A Ardian, HIG, Bridgepoint France Mandated N/A UBS Solina Ardian €70-75m €1bn Ajunomoto, Mitsubishi France Pre-Mandated N/A N/A Teads Altice Europe €60m €1.4-2.2bn TBA France Rumoured N/A Trigo Ardian €55m N/A TBD France Mandated 4Q19 DB Rothschild, Verallia Apollo €580m €4.8-6bn TBD France On Hold N/A France Barclays Verastar Vitruvian £40m N/A Sun Capital, TDR, more Pes UK Mandated N/A Jefferies Treasury Wine Estates, PAI Partners, Pernod Ricard (wine unit) Carlyle €100m €692m France Mandated N/A BAML, CS KKR, TPG, Bain, Coca Cola Amatil Perrenot Management-owned €30-40m N/A Ardian,Sagard France Mandated N/A Transaction R Photonis Ardian N/A €500m TBD France Mandated N/A Lazard Provalliance Family-owned €60m N/A Ardian, HIG, Bridgepoint France Mandated N/A UBS Landal, Center Parcs, investment Roompot Vakanties PAI Partners €72m €1bn France Talks 1H20 TBD companies Bold and underlined targets indicate new entries Source: Debtwire Par, an Acuris company M&A Calendar Deal Size/ Target(s) Seller(s) EBITDA Bidder(s)/Buyer(s) Country Stage Deadline Advisor(s) Valuation Solina Ardian €70-75m €1bn Ajunomoto, Mitsubishi France Pre-Mandated N/A N/A Teads Altice Europe €60m €1.4-2.2bn TBA France Rumoured N/A Trigo Ardian €55m N/A TBD France Mandated 4Q19 DB France Rothschild, Verallia Apollo €580m €4.8-6bn TBD France On Hold N/A Barclays Verastar Vitruvian £40m N/A Sun Capital, TDR, more Pes UK Mandated N/A Jefferies JPM, SEB, Diaverum Bridgepoint €142.5-150m €500m TBD Sweden IMs Imminent 01/10/19 Carnegie Foreo Privately-owned N/A $1bn Private equity sector Sweden Rumoured N/A Rothschild Lender Nordea, Frontmatec Axcel €42m N//A TBD Denmark N/A Education William Blair Nordics Stockmann (Lindex Stockmann TBA Finland Mandated N/A Nordea business) Trustly Nordic Capital €60m €1bn TBD Sweden Mandated N/A Citi Evercore,BA Accelya Warburg Pincus €80m N/A PAI Partners,Bridge Point Spain Mandated N/A ML SE Nationale Nederlanden, Helvetia, Ageas, Barclays, Covea, Abanca, €1bn- Caser Seguros N/A Cinven, Anacap, Mapfre, Covea, Spain Mandated N/A Clifford Liberbank, Unicaja €1.5bn CaxiaBank Chance Bold and underlined targets indicate new entries Source: Debtwire Par, an Acuris company M&A Calendar Deal Size/ Target(s) Seller(s) EBITDA Bidder(s)/Buyer(s) Country Stage Deadline Advisor(s) Valuation Cigierre BC Partners N/A €500m Premira, Cinven, Apax Partners Italy Mandated 1Q20 Rothschild Dainese Investcorp €35m €400-500m Permira Italy Final Round N/A Lazard, EY DFE Pharma (DMV- Fonterra Co-operative €50m N/A TBD Germany Mandated N/A GS Fonterra Excipients) Group Ambienta, FSI SGR, Tikehau, Space Euro Group Family-owned €36m N/A Italy 1st Round N/A TBD Holding, TowerBrook Ferrovial Servicios Ferrovial €230m €2.5bn Apollo, Apax Spain Final Round N/A GS Lender Harris Fitness World FSN Capital, Kirkbi €55m €400m TBD Denmark N/A Education Williams Golden Goose Carlyle €60-70m €1.2-1.3bn TBD Italy Mandated 2H19 BAML Southern Europe EQT, Nets, Worldline, KKR, Nordic JP Morgan, Heidelpay Anacap €40.5m €700-800m Germany 2nd Round N/A Capital, Corestar Hypo Alpe Adria (Italy Hypo Alpe Adria Bank N/A N/A TBD Italy Rumoured N/A N/A division) One of the bidders is a private equity firm, Lincoln Panini Waterfall N/A €1bn Italy Mandated N/A The Topps Company International KKR, CVC, Clayton Dubilier & Rice, Bain Poundland Pepkor Europe N/A N/A UK Talks N/A TBD Capital, Apax, Advent Fabio Gallia, Prima Sole Components Privately-owned €70m N/A TBD Italy Mandated 30/11/19 Equita Bold and underlined targets indicate new entries Source: Debtwire Par, an Acuris company M&A Calendar Deal Size/ Target(s) Seller(s) EBITDA Bidder(s)/Buyer(s) Country Stage Deadline Advisor(s) Valuation Rovensa Bridgepoint N/A €600-700m TBD Spain Rumoured N/A TBD Chiomenti, Rino Mastrotto Privately-owned €44m N/A NB Renaissance Italy Exclusive Talks N/A Banca IMI Rx Perrigo $250-300m N/A Apollo, CVC, Carlyle, Altaris, Cerberus Ireland 1st Round N/A Barclays Saba Aparcamientos Criteria Caixa €106m N/A Macquarie, First State, PSP, Arcus Spain Mandated Summer 2019 AZ Capital Banca Imi, KKR,Warburg Pincus, Permira, Partners Telepass Atlantia €150m €600m Italy Mandated N/A Mediobanca, Group and Apax Partners GS Ursa Lone Star TBD Spain Mandated N/A GS Southern Europe Potential
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