Dealbook, 2017
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IMAP DEALBOOK 2017 IMAP DEALBOOK 2017 Contents FOREWORD 06 ABOUT IMAP 08 10 22 32 38 46 Consumer Consumer Energy & Financials Healthcare Products Staples Power & Services 56 78 86 90 96 Industrials Materials Real Estate Retail TMT 06 Foreword The following pages showcase IMAP deals private equity capital. The market is focused over the last 12-18 months, representing our on looking for quality businesses in which collective transaction track record of delivering to invest or to acquire and is reflected in the optimal M&A outcomes for our clients amid an notable increase of private equity involvement, ever-changing economic backdrop. representing nearly 30% of IMAP transactions, up from less than 20% in previous years. While After a subdued 2016, this year started with a uncertainty still prevails and deal flow is not back boom in M&A, largely ignited by a combination to 2015 levels, the expectation is that momentum of excess liquidity - both in terms of debt will remain strong - we are on track to close finance as well as readily available and cheap upwards of 170 deals across IMAP in 2017. 07 deals as well. Our teams in Canada, the U.K., Jurgis V Oniunas Italy and the U.S. closed 5 large deals worth an IMAP Chairman aggregate USD 6 billion in the first half of 2017. While cross-border deals hover steadily around 35%, in reality almost every transaction harnesses IMAP collaboration and participation. “Our greatest success is Our advisors are constantly working together to represented by the long-term leverage the collective experience of more than relationships that we have 350 M&A professionals for local access to trade built and that continue long buyers and sellers, providing relevant, strategic sector insights, and robust valuation methods after the transactions have from around the world. closed.” We have strengthened our global footprint in Poland, India, Spain and the UK and we now provide a very strong capital markets offering in London and Warsaw, alongside our very strong M&A offering. Our firms continue to win awards: Capstone Partners won the “Cross-Border Deal of the Year” at the 9th Annual International M&A Awards hosted by The M&A Advisor, for advising Arnold Industries on its acquisition by Bossard. Dresner Partners was named as a finalist in Information Technology and Telecom Deal of the Year, and North America Deal of the Year for The M&A Advisor’s 9th Annual International M&A Awards. Our team in Poland was named Euromoney’s Best Investment Bank in Poland and IMAP excels in the industrials sector and, they also won the Excellence award for 2017. combined with the number of deals in the TMT sector, account for nearly half of all Still, our greatest success is represented by IMAP transactions, with healthcare, consumer the long-term relationships that we have built products and business services following close and that continue long after the transactions behind. The mid-market, specifically deals up have closed. We know our clients come back to USD 500 million, remains IMAP’s foundation to us because we deliver, transaction after and core focus. However, the breadth and transaction, intimate industry-related knowledge, scale of deals completed by IMAP member excellence in execution and the very best firms show we are capable of blockbuster tailored M&A financial advice. 08 About IMAP About IMAP Argentina Chile Finland Italy Norway Slovenia Belgium China France Ivory Coast Peru Spain Bosnia and Colombia Germany Japan Poland Sweden Herzegovina Croatia Hungary Mexico Russia Turkey Brazil Czechia India Morocco Senegal United Kingdom Canada Egypt Ireland Netherlands Serbia United States Founded in 1973, IMAP is one of the first and worldwide leading organizations for Mergers & Acquisitions. IMAP is located in 35 countries with more than 350 M&A advisors organized in international sector teams. IMAP is specialized in the sale and the acquisition of companies as well as on strategic corporate finance advisory. Our customers are primarily family-owned, mid-sized companies, but also include large international corporations, as well as family offices and financial investors. IMAP advisors successfully execute about 200 transactions per annum with a transaction volume of approximately USD 10 billion. 09 DEALS BY SECTOR 2014 - 2016 2% Financials 5% Real Estate GLOBAL PERFORMANCE 4% Energy & Power 3% H1.2017 Retail 11 30 23 20 Consumer Staples 18% 64 11% 107 Undisclosed Values & Values TMT up to $500 million Materials 8% (Based on number of transactions) 50 9% Healthcare 57 Rank Financial Advisor 145 Industrials 24% 1 KPMG 16% 95 2 Rothschild Consumer Products & 3 PwC Services 4 Lazard 5 IMAP 6 Deloitte 7 Houlihan Lokey 8 Ernst & Young DEALS BY REGION 9 Sumitomo Mitsui 2014 - 2016 10 JP Morgan Western 24% Source: Thomson Reuters Europe 40% Americas 147 242 9% 57 Asia, Middle East & Africa 91 11% 15% 65 Central & Nordics Eastern Europe Consumer Products & Services 12 13 Consumer Products & Services EDUCATIONAL SERVICES EMPLOYMENT SERVICES SEB Sistema Main Street 1C Company Talent Enterprise Educacional Capital Developer and Holding BV Brasileiro Corporation distributor of mass Secondment / Privately held education Private equity group market software personnel employment group UNITED STATES RUSSIA services BRAZIL NETHERLANDS Minority Recapitalization Acquired Subsidairy of the Acquired 100% of Business Target Company Acquired 100% of Business Operations HW Staffing Operations Solutions UCMS Group Maple Bear Global Temp & perm staffing Payroll, HR and Interimworx Schools Ltd services Accounting Beheer BV International private UNITED STATES RUSSIA Secondment school NETHERLANDS CANADA Advised on Sale of Advised on Sale of Russian Company Subsidiary Advised on Sale of Advised on Sale of Company Company Advised HW Staffing Advised UCMS Group, a Solutions in its payroll, HR and accounting Advised Interimworx Advised Maple Bear Global recapitalization by Main firm, in its sale of a Beheer, a provider of human Schools, a Vancouver-based Street Capital Corporation. subsidiary to 1C Company, resources and executive owner and operator of Main Street’s growth equity a Moscow-based developer search consulting services, private schools, on its sale investment will fund future and distributor of mass on its sale to employment to SEB Sistema Educacional acquisitions and expansion market software. agency Talent Enterprise Brasileiro Ltda of Brazil, a into new geographies. Holding. unit of Pearson Education do Brasil SA. 12 13 Consumer Products & Services HOME FURNISHINGS Premium Equity Lagercrantz Group Sievi Capital Oyj Rowley Company Partners GmbH AB and Investors Decorative window Private equity company Swedish listed Consortium hardware and supplies GERMANY technology group PEG / Investor UNITED STATES SWEDEN consortium Acquired 100% of Business FINLAND Acquired 100% of Business Operations Acquired 100% of the Operations Shares Acquired 100% of Business WEKA Group Operations Fleuron Production and Kondator AB Enterprises distribution of garden Developer & marketer Indoor Group Oy Decorative window houses of accessories for office Largest furniture hardware GERMANY workplaces retailer in Finland UNITED STATES SWEDEN FINLAND Advised on Sale of Advised on Purchase of Company Advised on Sale of Advised on Purchase of Company Company Company Advised Weka on its sale Advised Rowley Company, to a German private equity Advised Kondator AB on its Advised private equity an industry leading provider firm. Weka is the German sale to Lagercrantz Group firm Sievi Capital and a of window hardware, on market leader in design and AB. Kondator develops and consortium of investors the purchase of Fleuron development, production markets accessories for on the purchase of Indoor Enterprises, a manufacturer and distribution of ready-to- offices and workplaces. Group, Finland’s leading of decorative window mount wooden construction The majority of sales are home furniture and interior products. kits in the premium house generated in Sweden, but furnishing retailer. and garden segment. The Kondator’s exports are management team of increasing to the Nordic WEKA remains invested and region and to the rest of will continue to execute the Northern Europe. successful development of the company. 14 15 Consumer Products & Services OTHER CONSUMER PRODUCTS Champlain Capital SCOTT Sports SA Airopack White Bridge Partners Manufacturer of bike Dispensive packaging Investments Small and middle- and sporting articles NETHERLANDS Private equity fund market private equity SWITZERLAND ITALY fund Acquired Selected UNITED STATES Acquired 100% of Business Assets of Seller Business Acquired Majority Control Operations Operations of Business Operations Acquired 100% of Business Operations Bergamont Proficos Campus Fahrrad Vertrieb Co-packer of cosmetic Innovative functional Master Cutlery, GmbH including products foods ingredients Inc. their Swiss assets BELGIUM market Manufacturer of knives, Full range provider of ITALY swords and defense branded bikes Advised on Purchase of products GERMANY Company Advised on Purchase of UNITED STATES Company Advised on Sale of Advised Proficos on Advised on Sale of Company Company selling its majority part of Advised White Bridge the activities to Airopack Investments SpA in the Advised BMC Group on the sale through its subsidiary, acquisition of a majority Advised Master Cutlery, a of its AG Bergamont GmbH Airosolutions. Proficos interest in Campus S.r.l., prominent designer and subsidiary to Scott Sports is a full-service contract one