Europe Private Equity Buyout Review

FIRST HALF 2020 Europe Private Equity Buyouts First Half 2020 | Europe Private Equity Buyout Review

Europe Private Equity Buyout Deals Intelligence Private Equity Buyout Investment Activity in European Companies

€ 120 1000 EUROPEAN BUYOUT AND RELATED DEALS TOTAL €27.5 BILLION European buyout and related investment reached €27.5 billion in deal values across 576 transactions during 900 the first six months of 2020. This represented a 33% decline in volumes and a 27% decline in deal values year-over-year. The second quarter alone saw just €7.3 billion of deal values across 256 deals, a decrease in € 100 800 values of 70% and in volumes of 42% from the same period last year. Overall European M&A activity decreased throughout 2020 as well, although to a lesser extent, declining 20% to 6304 deals, resulting in the 700 share of PE-backed deals dropping to 9% from 11% year-over-year. € 80

600 TEN LARGEST DEALS ACCOUNT FOR 73% OF DEAL VALUES

The top ten deals announced or completed in the year to date saw aggregate deal values of €20.1 billion, € 60 500 resulting in a 73% share of all disclosed values. The largest deal was the completed €4.7 billion takeover of

defence and aerospace company, Cobham, by Advent International in March. Cloud infrastructure 400 management business, Veeam Software, agreed to be acquired by Insight Partners in January in a deal € 40 valued at €4.5 billion. Rounding out the top three for the half was the €3.5 billion purchase of UK-based 300 cybersecurity business, Sophos, completed by Thoma Bravo in March.

200 COMPUTER SOFTWARE & HARDWARE COMPANIES UP TO 38% SHARE OF TOTAL INVESTMENT € 20 Companies within the computer software and hardware space saw their share of investment increase to 38% 100 in the first six months of 2020, with €10.5 billion invested across 125 rounds. This was up from their 15% share in all of 2019 and higher than any annual portion ever recorded. Companies within the consumer € 0 0 related sector saw €2.3 billion of values across 77 deals in the period, causing their share of market values to 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 drop to 8% from 19% through all of 2019, and of market volumes to decline to 9% from 11%. First Six Months Deal Value (€bil) Rest of Year (€bil) # of Deals, First Six Months

BUYOUT AND RELATED FUNDRAISING DOWN TO €19.5 BILLION A total of 55 European buyout and related funds recorded closes in the first six months, receiving €19.5 Private Equity Buyout Deal Volumes (#) by Transaction Type billion in commitments. This marked a 69% decrease in values year-over-year and was the slowest first half for a year since the €15.9 billion raised in 2012. The top four fundraisings for the half all occurred in the 100% second quarter. Bpifrance held a May closing for its LAC 1 fund with total commitments of €4.2 billion, a large portion of this coming from Abu Dhabi’s sovereign wealth fund, Mubadala Investment Company. EMK Capital 90% held a mid-June close for its second fund, EMK Capital Partners II, at its hard cap of €1.5 billion. 80% EUROPEAN PE-BACKED COMPANIES COMPLETE EXITS VALUED AT €6.2 BILLION European private equity-backed exits totaled €6.2 billion from 110 completed transactions during the first six 70% months, a 49% decline in values and a 35% decrease in number of exits when compared to 2019 figures. The top completed exit in the period remained the €1.7 billion acquisition of UK-based Eaton Towers, which 60% operates a portfolio of more than 5700 telecom towers across Africa, by broadcast infrastructure operator American Tower Corporation. The top newly announced transaction was the €7.2 billion purchase of 50% Bombardier Transportation by French multinational transportation business, Alstom, announced in February. 40%

30%

20%

10%

0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1H 2020

Add-on Acquisition Minority Stake Control Stake Other

www.refinitiv.com/dealsintelligence Investments First Half 2020 | Europe Private Equity Buyout Review

Top European PE Buyout Deals by Deal Value PE Buyout Investment by Nation Ann./Eff. Deal Value 01/01/2020 - 30/06/2020 01/01/2019 - 30/06/2019 YoY % YoY % Company Name Date (€mil) Sector Status Nation Nation Value (€mil) # of Deals Value (€mil) # of Deals Chg. (€) Chg. (#) United Kingdom € 15,751.4 201 € 13,150.2 236 20% ▲ -15% ▼ Cobham 22/01/20 € 4,739.0 Business Services Completed United Kingdom Switzerland € 4,502.5 13 € 746.8 14 503% ▲ -7% ▼ Germany € 2,659.1 82 € 11,844.0 102 -78% ▼ -20% ▼ Veeam Software 09/01/20 € 4,502.5 Computer Software Completed Switzerland France € 2,360.5 74 € 3,052.8 219 -23% ▼ -66% ▼ Italy € 1,253.5 47 € 1,090.8 74 15% ▲ -36% ▼ Sophos 02/03/20 € 3,503.4 Computer Software Completed United Kingdom Belgium € 379.6 6 € 24.6 13 1445% ▲ -54% ▼ Spain € 225.0 25 € 3,172.0 53 -93% ▼ -53% ▼ Incora 09/01/20 € 1,710.9 Transportation Completed United Kingdom Republic of Ireland € 216.6 12 € 152.3 14 42% ▲ -14% ▼ Hungary € 55.0 3 € 0.0 0 - ▲ - ▲ Corilus 11/05/20 € 1,100.0 Computer Software Completed Netherlands Netherlands € 36.6 22 € 1,871.5 42 -98% ▼ -48% ▼ Denmark € 32.6 11 € 495.8 12 -93% ▼ -8% ▼ Dedalus Group 05/05/20 € 975.0 Computer Software Completed Italy Sweden € 14.9 29 € 369.8 24 -96% ▼ 21% ▲ Romania € 10.4 2 € 175.0 4 -94% ▼ -50% ▼ Global Technical Realty 27/05/20 € 909.8 Computer Software Pending United Kingdom

Pension Insurance Corporation 13/02/20 € 890.5 Financial Services Completed United Kingdom

Travelport 05/06/20 € 886.2 Computer Software Completed United Kingdom

Syntegon 01/01/20 € 850.0 Manufacturing Completed Germany

Global Risk Partners 12/06/20 € 835.7 Financial Services Completed United Kingdom

Energy Assets Group 14/04/20 € 574.9 Utilities Completed United Kingdom

Most Active Investors - United Kingdom Most Active Investors - France Most Active Investors - Rest of Europe Aggregate Deal Aggregate Deal Aggregate Deal Firm Name Rank # of Deals Values (€mil) Firm Name Rank # of Deals Values (€mil) Firm Name Rank # of Deals Values (€mil) Hg 1 14 € 0.0 Ardian 1 13 € 975.0 EQT 1 19 € 12,712.1 Apax Partners 2 10 € 207.8 Bpifrance 2 6 € 100.0 CVC Capital Partners 2 11 € 2,666.8 Permira 3 8 € 2,267.6 BNP Paribas Capital Partners 3 5 € 0.0 Mutares 3 9 € 0.0 Inflexion 4* 7 € 173.4 Omnes Capital 4* 4 € 90.0 Triton 4 8 € 317.7 BGF 4* 7 € 40.8 Altamir 4* 4 € 0.0 Main Capital 5* 5 € 24.6 G Square 4* 7 € 12.5 Astorg 4* 4 € 0.0 Deutsche Beteiligungs 5* 5 € 0.0 Bregal Investments 7* 6 € 74.1 Antin Infrastructure Partners 7* 3 € 0.0 Waterland Private Equity 5* 5 € 0.0 LDC 7* 6 € 12.1 ArchiMed 7* 3 € 0.0 DEG 8* 4 € 47.7 TDR Capital 9* 5 € 135.8 SWEN Capital Partners 7* 3 € 0.0 Ambienta 8* 4 € 0.0 3i Group 9* 5 € 0.0 Idinvest Partners 10* 2 € 118.1 Nordic Capital 8* 4 € 0.0 BC Partners 9* 5 € 0.0 Argos Wityu 10* 2 € 54.5 Partners Group 8* 4 € 0.0 Horizon Capital 9* 5 € 0.0 Amethis 10* 2 € 11.0 Blue Horizon 12* 3 € 182.5 Intermediate Capital Group 13* 4 € 259.7 Cerea Partners 10* 2 € 0.0 Abris Capital Partners 12* 3 € 10.4 Foresight Group 13* 4 € 32.7 Chequers Capital 10* 2 € 0.0 Altor 12* 3 € 0.0 Cinven 13* 4 € 0.0 Eurazeo 10* 2 € 0.0 AUCTUS Capital Partners 12* 3 € 0.0 Equistone Partners Europe 13* 4 € 0.0 Sagard 10* 2 € 0.0 Evolver 12* 3 € 0.0 Scottish Equity Partners 13* 4 € 0.0 UI 10* 2 € 0.0 Ufenau Capital Partners 12* 3 € 0.0 Xenon 12* 3 € 0.0

www.refinitiv.com/dealsintelligence Investments First Half 2020 | Europe Private Equity Buyout Review

Investments by Sector, Number of Deals Investments by Sector, Deal Value

100% 100%

90% 90%

80% 80%

70% 70%

60% 60%

50% 50%

40% 40%

30% 30%

20% 20%

10% 10%

0% 0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1H 2020 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1H 2020 Consumer Related Industrial/Energy Computer Software & Hardware Internet Specific Medical/Health Other Consumer Related Industrial/Energy Computer Software & Hardware Internet Specific Medical/Health Other

Deal Size Composition of Investments Top PE Deals by European Firms Investing Abroad Ann./Eff. Deal Company Name Date Value Sector Status Location 5% Zayo 09/03/20 € 12,492.4 Data Comm. Completed United States Outer Ring: Deal Values (€bil) ADNOC - Gas Pipeline Assets 23/06/20 € 8,933.3 Oil & Gas Exploration Completed United Arab Emirates 16% 3%2% Inner Ring: # of Deals 12% Tallgrass Energy 17/04/20 € 5,792.6 Oil & Gas Exploration Completed United States

Tech Data Corporation 30/06/20 € 4,808.1 Business Services Completed United States ≥ €3 Bil 42% Cincinnati Bell 13/03/20 € 2,611.4 Telephone Rel. Pending United States €1 < €3 Bil Red de Carreteras de 05/06/20 € 2,309.2 Transportation Completed Mexico €500 Mil < €1 Bil Occidente Lytx 28/02/20 € 2,267.6 Computer Software Completed United States €100 < €500 Mil 24% 59% < €100 Mil Generate 04/02/20 € 905.6 Energy, Alternative Completed United States

Sogo Medical 17/04/20 € 652.8 Med/Health Services Completed Japan 28% Hermes Transportes Blindados 07/01/20 € 358.7 Financial Services Completed Peru

Wellbore Integrity Solutions 02/01/20 € 358.1 Oil & Gas Exploration Completed United States 9% Summit Broadband 22/01/20 € 299.8 Wireless Communications Completed United States

www.refinitiv.com/dealsintelligence Fundraising First Half 2020 | Europe Private Equity Buyout Review

Europe Private Equity Buyout Fundraising Activity Private Equity Buyout Fundraising, Fund Size Composition

€ 250 90 100%

80 90%

€ 200 80% 70

70% 60

€ 150 60% 50 50%

40 € 100 40%

30 30%

20 € 50 20%

10 10%

€ 0 0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1H 2020

First Six Months Fundraising (€bil) Rest of Year (€bil) # of Funds, First Six Months 0 to €100 Mil €100 to €200 Mil €200 to €300 Mil €300 to €500 Mil €500 to €1000 Mil Greater than €1000 Mil

PE Buyout Fundraising, by Investment Stage (€bil) Largest PE Buyout Funds Raised in Europe Latest Amount Raised Total Fund Size Fund Name Closing Date (€mil) (€mil) Fund Stage € 349 LAC I Fund 25/05/20 € 4,200.0 € 4,200.0 Generalist Outer Ring: Amount Raised (€bil) € 3,322 Inner Ring: # of Funds EMK Capital Partners II LP 18/06/20 € 1,500.0 € 1,500.0 Buyouts 2 5 Crescent European Specialty Lending II LP 08/04/20 € 1,390.9 € 1,473.8 Mezzanine Stage Summit Partners Europe Growth Equity Fund III 30/06/20 € 1,128.2 € 1,100.0 Generalist Generalist Five Arrows Secondary Opportunities V 09/01/20 € 1,000.0 € 1,000.0 Generalist 24 Buyouts Park Square Capital Partners IV, SCSp 13/04/20 € 911.3 € 911.3 Mezzanine Stage € 9,924 Mezzanine Ancala Infrastructure Fund II 05/02/20 € 735.0 € 735.0 Buyouts

Other Cathay Capital Midcap II 14/05/20 € 623.3 € 787.2 Generalist 24 Actera Partners III L.P 15/05/20 € 608.7 € 608.7 Generalist € 5,928 KKR Global Impact Fund SCSp 12/02/20 € 526.6 € 1,195.8 Buyouts

Axcel VI 29/02/20 € 507.0 € 507.0 Buyouts

Actomezz IV 29/06/20 € 500.0 € 500.0 Mezzanine Stage

www.refinitiv.com/dealsintelligence Exits First Half 2020 | Europe Private Equity Buyout Review

Europe Private Equity Buyout Exit Activity Exits by Sector, Number of Deals

€ 100 300

€ 90

250 € 80 21%

€ 70 200 35% € 60 Consumer Related Computer Software & Hardware € 50 150 Internet Specific Industrial/Energy € 40 Medical/Health 14% 100 € 30 Other

€ 20 50

€ 10 8% 12% € 0 10% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

First Six Months Exit Value (€bil) Rest of Year (€bil) # of Exits, First Six Months

Number of Years from Investment to Exit Top Announced European PE-Backed Exits Deal Company Name Ann. Date Value Sector Exit Type Bombardier Transportation 17/02/20 € 7,245.7 Transportation Trade Sale 5% 4% 8% Brisa 28/04/20 € 2,435.2 Transportation Trade Sale

Global Blue 16/01/20 € 2,302.9 Financial Services Trade Sale

RESIDOMO 09/01/20 € 1,299.8 Financial Services Trade Sale 29% Over 15 Years Caser Seguros 24/01/20 € 782.1 Financial Services Trade Sale 11 -15 Years Energy Assets Group 12/02/20 € 540.8 Utilities Secondary Sale 5-10 Years

2-4 Years Gas Connect Austria 12/03/20 € 457.3 Utilities Trade Sale

Under 2 Years PeP 11/03/20 € 405.4 Financial Services Trade Sale

Eggplant 25/06/20 € 294.2 Computer Software Trade Sale

54% Danwood 20/01/20 € 139.9 Construction Trade Sale

mthree 01/01/20 € 115.1 Business Services Trade Sale

CarTrawler 19/05/20 € 99.9 Internet Ecommerce Secondary Sale

www.refinitiv.com/dealsintelligence Europe Private Equity Buyout Criteria First Half 2020

If you would like to participate in the submission process, receive quarterly Data collected and analyzed by Refinitiv for this statistical report were drawn from a variety of sources including Refinitiv M&A databases, regulatory filings, press releases, and press releases, or have questions proprietary reports from European and non-resident buyout firms, private equity firms, law firms, and other service providers. about our full league table criteria please contact: Key statistical indicators (e.g., total disbursements, per quarter or per annum) are influenced by the fact that a substantia l fraction of buyout and other PE deals are not fully disclosed. For instance, “euros invested” in a given period pertain only to those deals with values that have been published or confidentially disclosed to Refinitiv.

EMEA The data also highlights the deal-making of European funds in non-European companies. “Euros invested” pertain to the total value of disclosed deals in which European funds have participated and not the specific European financial contributions to these deals. Deals are first tracked as of announc ement date, then tracked as of completion date upon Greg Beaman closing. Tel: 416-687-7510 [email protected] Statistical data reflect all essential forms of buyout-PE deal-making, including control-stake acquisitions of businesses, minority equity investments, restructuring and special- situations transactions, mezzanine deals, acquisitions for expansion and other quasi-equity investments.

League tables, commentary, and charts include both announced and completed transactions.

Rankings of top PE investors include investment activity made into any portfolio companies, including those based outside of Europe. League tables include announced and completed deals that were announced between January 1st, 2020 and June 30th, 2020 and of which Refinitiv was made aware.

All current and previous years data is as of Wednesday, November 11, 2020. Data is continuously updated and is therefore subject to change. All figures are in Euros unless otherwise noted.

While Refinitiv has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Refinitiv nor its third party content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Refinitiv disclaims all warranties, express or implied, as to the accuracy or c ompleteness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Refinitiv has not undertaken any liabili ty or obligation relating to the purchase or sale of securities for or by any person in connection with this document.