Page 1

GLOBAL

SCOPE

PARTNERS INTERNATIONAL M&A ADVISORS

YEAR BOOK

2 016


OUR AIM IS TO DELIVER VALUE FOR OUR CLIENTS ON A GLOBAL SCALE

2


CONTENTS LETTER FROM THE PRESIDENT

04

ABOUT GLOBALSCOPE

05

WHY GLOBALSCOPE

06

SECTOR EXPERTISE SECTOR SPECIFIC ANALYSIS

07

SERVICES

20

EXECUTIVE & SUPPORT TEAM

22

EVENTS

35

CASE STUDIES

38

TRANSACTIONS

40

3


LETTER FROM THE PRESIDENT

Welcome to the 2016 edition of the Globalscope yearbook! We are delighted to report that, since the release of our last annual publication, our clients have enjoyed many more successful transactions; in the last year, we have helped them close over 175 deals, with a cumulative value of more than €1.44bn. The success of our business, and what sets us apart from other M&A networks, is the commitment of a carefully selected and dynamic group of partners. With a strategic growth programme that includes a strong focus on integration, we recruit the best mid-market boutiques around the globe operating in key sectors – Financial Services, MedTech, TMT, Consumer, Services and Industrials – in order to help our clients buy and sell businesses overseas. Globalscope’s partners stay connected to one another via a bespoke IT system. Being connected enables our partners to access opportunities and receive feedback for clients quickly on potential cross-border activity and the likely environment for M&A in different economies. Our partners meet many times over the course of the year at “deal” specific days, and at semi-annual conferences. These are held in different host cities, and time in the agenda is dedicated to: – meeting the investors to understand the types of funding typically used in each region – getting to know local industry experts and participating in sector-specific workshops – discussing opportunities during one to one deal meetings; each partner comes to a Globalscope conference fully prepared with a list of identified opportunities to explore and develop – debating M&A at a macro level as well as current trends in the mid-market specifically – developing the network, including meeting potential new members – sharing best practice, including presentations on how to access inbound and outbound M&A in the host economy – sharing our cross border M&A successes We believe that, by pooling all our global resources, we can achieve the best possible transaction outcomes for clients. Please take your time and immerse yourself in the pages of this publication. If you would like to know exactly how we can help you buy or sell a business, do get in touch. With best wishes, Michael Moritz Globalscope President

4

LETTER FROM THE PRESIDENT


ABOUT GLOBALSCOPE

FUND

RAISING

FOUNDED IN

1987

MERGERS & ACQUISITIONS

5

CONTINENTS

ABOUT GLOBAL SCOPE

36

COUNTRIES

44

PARTNERS

500+

PROFESSIONALS

BUSINESS STRATEGY &

RESTRUCTURING

175 TRANSACTIONS LTM

Globalscope is an entrepreneur-led global network of mid-market M&A boutiques founded in 1987 to support clients in international transactions. Currently, we have 44 partner firms in 36 countries. We work with the senior management of private and public companies on • selling and acquiring businesses • managing the diverse issues arising from the implementation of business growth strategies • reorganisation & restructuring • international joint ventures • licensing initiatives • debt advisory & restructuring

ABOUT GLOBALSCOPE

5


WHY GLOBALSCOPE

Global M&A Network

03

01

Enabler To Increase International M&A

02 Peer Member In Each Economy

Globalscope is your trusted advisor and enabler, increasing international mid-market M&A transactions by volume and value. Since January 2015 to date, we have advised on more than 175 transactions with a cumulative transaction value of more than ₏1.44bn We have a partner firm in each economy where there is demand for international transactions. They are carefully selected according to strict criteria including a high level of professionalism, track record and expertise that complements the existing partnership roster. In addition to access to our extensive database of potential buyers and companies for sale, Globalscope’s partner firms are in constant contact and can quickly identify an opportunity for a client if it exists within the network.

6 W HY GLOBALSCOPE


SECTOR EXPERTISE We believe that industry knowledge and transactions experience make all the difference. At Globalscope, our sector teams meet frequently both to discuss recent transactions and to share sector insights and observations at a local level. Globalscope partners are up to date and informed across the sectors and have a deep understanding of industry trends in most economies. This approach has proved of great value in assisting our clients to find the best possible outcome for their sale, acquisition or buy-out.

GLOBALSCOPE IS ACTIVE IN THE FOLLOWING SECTORS Building & Construction

Healthcare/Pharmaceuticals

Business Services

Leisure & Retail

Chemicals

Life Sciences

Consumer

Medical Technology

Energy & Renewables

Oil & Gas

Engineering/Industrials

Real Estate

Financial Services & Insurance

Technology, Media & Telecoms (TMT)

Food & Agribusiness

Transport, Logistics & Distribution

SECTOR-SPECIFIC ANALYSIS Industry knowledge and transaction experience make all the difference; there’s no substitute for advisors who have the combination of in-depth knowledge of your industry and M&A tactics and strategies. At Globalscope we cover a broad range of sectors including those shown on the diagram right. Globalscope Partners offers its clients up to date and in depth sector expertise including sector themes, notable recent transactions, detailed lower mid-market trends and market analysis.

Industrials

Consumer

Life Sciences

Financial Services Services

Technology, Media & Telecoms (TMT)

SECTOR EXPERTISE

7


CONSUMER The sector M&A landscape During the Tel Aviv 2015 Globalscope conference, the network’s global Consumer sector team met to discuss recent transactions and the evolving underlying structural drivers of the global sector M&A landscape. A key theme is the growing Asian market for Western foods, driven by the expansion of non-domiciled brands. More details can be obtained from team members or regional heads – see contact details below.

Sector themes China hungry for foreign food China’s appetite for buying international food producers has grown at a record pace so far this year, reflecting growing middle-class hunger for a more affluent diet in the world’s second-biggest economy. Health food & beverage worth more Valuation multiples are elevated for health and nutrition companies, reflecting consumers’ insatiable demand for good-foryou and healthier foods and beverages. The tastes of upscale buyers are changing, calling for alternatives they consider “less processed”, with simpler ingredients, health oriented branding, convenience, and sustainability. Synergies driving transactions & valuations M&A transactions in the food & beverage industry are often strategically driven. Common strategies include acquiring complementary products or brands, exploiting economies of scale, and leveraging increased clout with customers. Private Equity consolidating food & beverage Private equity firms are attracted to the fragmented nature and relative stability of the food & beverage industry, and they continue to make platform and add-on acquisitions in the sector, performing roll-ups of multiple targets that combined have greater scope, scale and improved standing in this highly competitive industry.

Notable recent transactions Heinz acquires Kraft Kraft Foods Group Inc. will merge with H.J. Heinz in a deal orchestrated by 3G Capital and Warren Buffett’s Berkshire Hathaway Inc., creating the third-largest food & beverage company in North America. Nomad Holding acquires Iglo Foods Frozen food firm Iglo Foods has been snapped up by investment firm Nomad Holdings for £1.9bn ($2.9bn), in a deal announced in April 2015. Troubled Tesco terminates South Korea Tesco, the UK supermarket chain, is attempting to repair its balance sheet and avoid a rights issue with a sale of its South Korean business Homeplus to South Korean buyout firm MBK Partners for £4.2bn ($6.5bn).

Lower-mid market observations New focus on smaller brands The competitive landscape of the food & beverage industry has changed dramatically. Small niche brands are now readily accepted by large retailers and mass merchandisers, where they are competing effectively against the leading brands of established food giants. Corporate buyers are active Corporate buyers continue to seek acquisitions to expand their product offerings and/or geographic footprints. We have seen strong interest from all types of buyers, including small food & beverage companies that are actively adding new products and successful brands to their portfolios.

Sector contacts

8

Andrea Pagliara

Martijn Peters

Pankaj Rungta

Consumer Lead

Consumer Co-Lead

Consumer Co-Lead

a.pagliara@palladiofinanziaria.it +39 0272 7307

martijn.peters@dex.nl +31 6130 85245

prungta@kaedegroup.com +813 6205 7994

SECTOR SPECIFIC ANALYSIS


CONSUMER M&A trends & market analysis The following data are compiled specifically for the Consumer sector, with valuation trends over time in the first chart based on semi-annually averaged transactional data and regional and sub-sector comparisons in the second and third charts based on listed companies data as at mid August 2015.

2010

2011

2012

2013

2014

14

12 11

Comment

Context

All Market Consumer Transactions TEV/EBITDA Multiple (Values over $5m) has fallen further to 10.9 from its previous high of 12.8 in 2014 H1.

This compares to the current cross-sector All Market Transactions TEV/EBITDA Multiple of 11.3.

Lower-Mid Market Consumer Transactions TEV/EBITDA Multiple (Values in range $5m-$150m has fallen slightly to 9.9 from its previous high of 10.2 in 2014 H2.

This compares to the current cross-sector Lower-Mid Market Transactions TEV/EBITDA Multiple of 8.9.

All Market Consumer Listed Companies TEV/EBITDA Multiple (Values over $5m) by region is highest in Asia & Pacific at 16.1, 24% higher than the lowest in Latin America of 13.0.

This compares to the All Market Consumer Listed Companies TEV/EBITDA Multiple of 14.9.

Lower-Mid Market Consumer Listed Companies TEV/EBITDA Multiple (Values in range $5m-$150m) by region is highest in Asia & Pacific at 12.0, 81% higher than the lowest in Latin America of 6.6.

This compares to the Lower-Mid Market Consumer Listed Companies TEV/EBITDA Multiple of 11.6.

10 9 8 7

Sector TEV/EBITDA

13

2015

6

Europe

Asia & Pacific

Africa & ME

US & Latin Canada America

20 16 14

16.1

15.4

15.0

13.7

13.0

12.0

10.8

12

11.3

10.8

10 6.6

8 6 4 2 0

Durables Consumer Retailing & Apparel Services 17.8

18 16 14 12

Food Luxuries

14.9

14.3 11.5

10

14.2 12.2

11.4

11.8 10.0

Lower-Mid Market Consumer Listed Companies TEV/EBITDA Multiple (Values in range $5m-$150m) by sub-sector is highest in Consumer Services at 12.2, 23% higher than the lowest in Food Staples of 10.0.

8 6 4 2 0

Data supplied by:

11.1

All Market Consumer Listed Companies TEV/EBITDA Multiple (Values over $5m) by sub-sector is highest in Retailing at 17.8, 51% higher than the lowest in Food Staples of 11.8.

This compares to the All Market Consumer Listed Companies TEV/EBITDA Multiple of 14.9.

This compares to the Lower-Mid Market Consumer Listed Companies TEV/EBITDA Multiple of 11.6.

Sub- sector TEV/EBITDA

20

Food Staples

Regional TEV/EBITDA

18

Analysis performed by:

SECTOR SPECIFIC ANALYSIS

9


FINANCIAL SERVICES The sector M&A landscape During the Tel Aviv 2015 Globalscope conference, the network’s global Financial Services sector team met to discuss recent transactions and the evolving underlying structural drivers of the global sector M&A landscape. A key theme is the tightening of regulations on large banks that is causing growth in the alternative funding space. More details can be obtained from team members or regional heads – see contact details below.

Sector themes The rise of “FinTech” companies With Facebook looking to operate online banking and money-sending worldwide and Tencent and Alibaba in China racing to establish mobile payment platforms, these giants are redefining what a financial services provider looks like. Banks sign up to $2bn US forex settlement HSBC, Barclays and RBS are among nine banks that have agreed the settlement in the US. Further settlements are expected as similar suits are brought in other world markets. Another sign of the rising tide moving against the global banking sector. Capital requirements fuel alternatives Since the financial crisis, financial regulators have increased capital requirements for banks, in particular where they hold sub investment grade assets. This has fuelled the establishment of various types of lending funds, active in the High Yield, leveraged, senior and direct lending space. These funds will provide capital across the capital structure which will inevitably support M&A activity.

Notable recent transactions

Lower-mid market observations

Old Mutual acquires additional 37.3% of UAP This acquisition of UAP Holdings, an east and central African financial services company, brings Old Mutual’s stake to 60.7% and deepens Old Mutual’s presence in East Africa where it operates Faulu, the second largest deposit-taking microfinance company in the region. This forms part of Old Mutual’s strategy to expand its footprint in Africa’s growth markets.

China emerging as cross-border M&A powerhouse Chinese companies are countering the slowdown in their own economy with international expansion, specifically in the consumer business and TMT sectors. This bodes well for B2C FinTech companies focused on using technology to disrupt markets and drive innovation.

Multiple direct lending funds closing ICG Senior Debt Partners II closed at €3bn ($3.4bn), ICG Europe VI also closed at €3bn ($3.4bn), and Hayfin is raising its second direct lending fund, expected to be larger than its €2.3bn ($2.6bn) predecessor. Alcentra is targeting €1.5bn ($1.7bn) for its second direct lending fund and Ares Capital is going for €2bn ($2.2bn). Capital from these direct lending funds will, amongst other ‘alternatives’, replace capital from the banking sector to support general M&A activity.

Small scale lenders a threat to banks An Edinburgh University survey of 200 of the world’s top credit experts has suggested that smaller alternative lenders are a threat to traditional lending. Peer-to-peer lending platforms, such as Zopa, are set both to increase access to finance over the next five years and to increase market competition.

Sector contacts

10

Jørgen Beuchert

Josh Park

Financial Services Lead

Financial Services Co-Lead

jorgen.beuchert@dmc.dk +45 41 99 82 50

parkj@kaedegroup.com +81 90 9852 8847

SECTOR SPECIFIC ANALYSIS


FINANCIAL SERVICES M&A trends & market analysis The following data are compiled specifically for the Financial Services sector, with valuation trends over time in the first chart based on semi-annually averaged transactional data and regional and sub-sector comparisons in the second and third charts based on listed companies data as at mid August 2015.

2010

2011

2012

2013

2014

18

14 12 10 8 6

Comment

Context

All Market Financial Services Transactions TEV/EBITDA Multiple (Values over $5m) has fallen to 10.3 from its previous high of 12.8 in 2014 H2.

This compares to the current cross-sector All Market Transactions TEV/EBITDA Multiple of 11.3.

Lower-Mid Market Financial Services Transactions TEV/EBITDA Multiple (Values in range $5m-$150m) has fallen to 7.5 from its previous high of 10.2 in 2014 H2.

This compares to the current cross-sector Lower-Mid Market Transactions TEV/EBITDA Multiple of 8.9.

Sector TEV/EBITDA

16

2015

4

Europe

Asia & Pacific

Africa & ME

US & Latin Canada America

14 12

15.0 14.7

14.6

16 10.6

12.5

11.5

11.9

11.1

10 8 6 4 2 0 Banks

15.8

16

14.3

12.9 10.0

10.7

Lower-Mid Market Financial Services Listed Companies TEV/EBITDA Multiple (Values in range $5m-$150m) by region is highest in Africa and ME at 14.7, 54% higher than the lowest in Latin America of 9.6

This compares to the Lower-Mid Market Financial Services Listed Companies TEV/EBITDA Multiple of 12.5.

All Market Financial Services Listed Companies TEV/EBITDA Multiple (Values over $5m) by sub-sector is highest in Real Estate at 15.8, 57% higher than the lowest in Banks of 10.0.

This compares to the All Market Financial Services Listed Companies TEV/EBITDA Multiple of 12.8.

11.0

10.4 10.6

10 Lower-Mid Market Financial Services Listed Companies TEV/EBITDA Multiple (Values in range $5m-$150m) by sub-sector is highest in Real Estate at 14.3, 34% higher than the lowest in Insurance of 10.6..

8 6 4 2 0

Data supplied by:

This compares to the Lower-Mid Market Financial Services Listed Companies TEV/EBITDA Multiple of 12.5.

Sub- sector TEV/EBITDA

20

12

9.6

This compares to the All Market Financial Services Listed Companies TEV/EBITDA Multiple of 12.8.

Diversified Insurance Real Estate

18 14

10.6

All Market Financial Services Listed Companies TEV/EBITDA Multiple (Values over $5m) by region is highest in Africa & ME at 15.0, 41% higher than the lowest in Europe of 10.6 .

Regional TEV/EBITDA

20 18

Analysis performed by:

SECTOR SPECIFIC ANALYSIS

11


INDUSTRIALS The sector M&A landscape During the Tel Aviv 2015 Globalscope conference, the network’s global Industrials sector team met to discuss recent transactions and the evolving underlying structural drivers of the global sector M&A landscape. A key theme is the volatility of the oil price, which has sent ripples all through the Industrials sector. More details can be obtained from team members or regional heads – see contact details below.

Sector themes UK housebuilders lead a European charge Whilst the global economy is showing signs of slowing, housebuilders are marching on. In the UK, both Berkeley Group and Barratt Homes reported large profits, and this theme is also evident across Europe, examples including Nge in France and Royal BAM Group in the Netherlands. Emerging markets prop up Aerospace & Defence The growth rate for Defence worldwide has been slowing, with 2015 revenues set to fall by circa 1.3%. However, some emerging markets have seen increased defence spending, including India, South Korea and Russia. Oil prices remaining low With oil prices staying low in 2015, benefits continue to be seen in sub-sectors that use oil as feedstock or fuel, but extractors and related service providers continue to feel the pain of low margins and oversupply. Investment in IT improves quality Manufacturers are increasingly relying on testing software and information technologies to protect quality, ensure compliance and increase efficiency. Outsourcing of this service to centrally monitored and regularly updated testing specialists is expected to further improve performance.

Notable recent transactions

Lower-mid market observations

Total sells North Sea assets French-listed Oil & Gas company Total has agreed a £585m ($900m) deal to sell its North Sea assets to North Sea Midstream partners. This includes its interests in the Fuka and Sirge gas pipelines and the St. Fergus gas terminal.

Health of the broader economy Instability in China has led to falls in all the world’s main indices, and damaged some of the prior confidence in emerging markets. This, coupled with low oil prices, has led to a tough quarter for some of the smaller industrial product and service providers.

Berkshire Hathaway acquires Precision Castparts Warren Buffet’s Berkshire Hathaway has agreed a $37.2bn deal to acquire Precision Castparts. Precision Castparts’ share price has dropped by around 17% in the last 12 months due to the downturn in energy prices.

Cost-cutting in the defence supply chain Defence manufacturers are expected to balance further downward pressure on revenues with heavy supply chain cost cutting. The cost cutting is expected primarily to impact second and third tier suppliers, typically companies sitting in the lower-mid market bracket.

Lockheed Martin acquires Sikorsky Lockheed Martin has acquired helicopter manufacturer Sikorsky for $9bn, cementing its position as the Pentagon’s top contractor.

Sector contacts

12

Marcin Majewski

Giuseppe Benedetti

Pankaj Bhuwania

Industrials Lead

Energy & Renewables Lead

Industrials Co-Lead

marcin.majewski@aventis-capital.com +48 504 031 584

gb@benedettirossi.com +39 02 4801 5369

pankaj.bhuwania@rcsadvisors.in +91 98 1045 8044

SECTOR SPECIFIC ANALYSIS


INDUSTRIALS M&A trends & market analysis The following data are compiled specifically for the Industrials sector, with valuation trends over time in the first chart based on semi-annually averaged transactional data, and regional and sub-sector comparisons in the second and third charts based on listed companies data as at mid August 2015.

2010

2011

2012

2013

2014

14

2015

Comment

12 10

Lower-Mid Market Industrials Transactions TEV/EBITDA Multiple (Values in range $5m-$150m) has remained flat at 8.0, its previous peak was 8.7 in 2013 H1.

8 6

This compares to the current cross-sector All Market Transactions TEV/EBITDA Multiple of 11.3.

This compares to the current cross-sector Lower-Mid Market Transactions TEV/EBITDA Multiple of 8.9.

4

Europe

Asia & Pacific

Africa & ME

US & Latin Canada America

20 16 12.7

12 10

8.6

10.1

9.8

10.9 10.4

10.8 7.9

8

9.2

10.0

Lower-Mid Market Industrials Listed Companies TEV/EBITDA Multiple (Values in range $5m-$150m) by region is highest in Africa & ME at 10.4, 31% higher than the lowest in US & Canada of 7.9.

6 4 2 0

Energy

Materials

Capital Goods

Automobiles

13.6 11.2

12 10 8

8.9

10.2

10.3

9.6 9.1

7.5

4 2 0

Data supplied by:

9.9

This compares to the All Market Industrials Listed Companies TEV/EBITDA Multiple of 10.9.

8.6 Lower-Mid Market Industrials Listed Companies TEV/EBITDA Multiples (Values in range $5m-$150m) by sub-sector is highest in Captal Goods at 10.3, 37% higher than the lowest in Energy of 7.5.

6

This compares to the Lower-Mid Market Industrials Listed Companies TEV/EBITDA Multiple of 9.9.

This compares to the Lower-Mid Market Industrials Listed Companies TEV/EBITDA Multiple of 9.9.

Sub- sector TEV/EBITDA

All Market Industrials Listed Companies TEV/EBITDA Multiple (Values over $5m) by sub-sector is highest in Capital Goods at 13.6, 53% higher than the lowest in Energy of 8.9.

18 14

This compares to the All Market Industrials Listed Companies TEV/EBITDA Multiple of 10.9.

Utilities

20 16

All Market Industrials Listed Companies TEV/EBITDA Multiple (Values over $5m) by region is highest in Asia & Pacific at 12.7, 47% higher than the lowest in Europe of 8.6.

Regional TEV/EBITDA

18 14

Sector TEV/EBITDA

All Market Industrials Transactions TEV/EBITDA Multiple (Values over $5m) has fallen to 9.3 from its previous high of 11.1 in 2014 H2.

Context

Data analysed by:

SECTOR SPECIFIC ANALYSIS

13


LIFE SCIENCES The sector M&A landscape During the Tel Aviv 2015 Globalscope conference, the network’s global Life Sciences sector team met to discuss recent transactions and the evolving underlying structural drivers of the global sector M&A landscape. A key theme is the advancement of individualised healthcare, which has been aided by the progression of mobile technology. More details can be obtained from team members or regional heads – see contact details below.

Sector themes China becoming major consumer China is overtaking many European and American countries as both a consumer and supplier of medical products, with Chinese annual expenditure on healthcare forecast to grow at 11.8% per annum. New entrants to shake up market Emergence of new entrants from previously unrelated fields such as telecommunications and retail is expected to continue. This horizontal expansion will open up exciting new opportunities and eat into more established firms’ market share unless they react and adapt. Healthcare personalisation Through the use of increasingly accessible genome information, the age of personalised healthcare is finally set to crystallise. The key driver is the falling cost of individual genome sequencing, now available below $1,000, passing a milestone identified as a precursor for mainstream adoption. Growth of mobile and social health solutions The increasing uptake of wearable technology by consumers is set to move the industry away from the traditional “professionalled” service delivered in health-centres and hospitals and towards a “patient-led” service, possibly originated from the home.

Notable recent transactions

Lower-mid market observations

Calgene acquires Receptos Nasdaq-listed Celgene has acquired Receptos, a US-based pharmaceutical R&D firm for $7.2bn. The acquisition is designed to strengthen Celgene’s existing Inflammation and Immunology portfolio and strengthens Celgene’s expertise in inflammatory bowel disease (IBD).

Improving technology comes at a cost Many healthcare providers are faced with powerful new technologies and personalised care solutions that offer the possibility of highly effective treatment. Unfortunately many of these new products and services are still in their infancy and so remain, sometimes prohibitively, expensive. Given the world of either moral obligation and/or risk of litigation, providers will need to walk the tightrope of value vs. cost.

CVC and Temasek acquire Alvogen The UK-based private equity fund CVC has teamed up with Tamasek (Singapore sovereign wealth fund) to acquire generic drugmaker Alvogen for $2bn. The growth plan involves a combination of organic and acquisitive expansion. Concordia Healthcare acquires Covis Pharma Bourne Partners, Cerebus Capital and Princeton BioPharma Capital have sold Covis Pharma to Concordia Healthcare for $1.2bn. Concordia expects to achieve a modest $20m of synergy savings from combining the two firms’ portfolios.

M&A outstripping R&D Many mid-sized life sciences companies are opting to look to acquisitions for growth and development opportunities. Smaller innovative firms with proven or late-stage products that just need capital to go to market will do well as mid-sized firms will pay well to avoid the unpredictable highs and lows of modern R&D and licensing processes.

Sector contacts

14

Caspar Graf Stauffenberg

Jacob Matthew

Manfred Drax

Life Sciences Lead

Pharma Lead

Life Sciences Co-Lead

caspar.stauffenberg@catcap.de +49 40 300 836 0

jacob@mapegroup.com +91 22 6154 4500

manfred.drax@catcap.de +49 40 300 836 0

SECTOR SPECIFIC ANALYSIS


LIFE SCIENCES M&A trends & market analysis The following data are compiled specifically for the Life Sciences sector, with valuation trends over time in the first chart based on semi-annually averaged transactional data and regional and sub-sector comparisons in the second and third charts based on listed companies data as at mid August 2015.

2010

2011

2012

2013

2014

16

2015

Comment

12 10

Lower-Mid Market Life Sciences Transactions TEV/EBITDA Multiple (Values in range $5m-$150m) has fallen further to 9.0 from its previous high of 10.3 in 2014 H1.

8 6

This compares to the current cross-sector All Market Transactions TEV/EBITDA Multiple of 11.3.

This compares to the current cross-sector Lower-Mid Market Transactions TEV/EBITDA Multiple of 8.9.

Sector TEV/EBITDA

All Market Life Sciences Transactions TEV/EBITDA Multiple (Values over $5m) has risen further to 15.7 from its previous low of 9.0 in 2013 H1.

14

Context

4

Europe

Africa & ME

All Market Life Sciences Listed Companies TEV/EBITDA Multiple (Values over $5m) by region is highest in Asia and Pacific at 20.5, 72% higher than the lowest in Latin America of 11.9.

20.5 16.7 14.6

17.6 15.4

14.2 11.3

12.8

11.9

6.4

EquipmentProviders & MedTech & Supplies Services

BioTech

23.1 17.1

Data supplied by:

12.8 13.0

15.8 15.4 12.9

This compares to the Lower-Mid Market Life Sciences Listed Companies TEV/EBITDA Multiple of 15.2.

Pharma

22.7 16.7

15.3

Lower-Mid Market Life Sciences Listed Companies TEV/EBITDA Multiple (Values in range $5m-$150m) by region is highest in Europe at 16.7, 161% higher than the lowest in Latin America of 6.4.

This compares to the All Market Life Sciences Listed Companies TEV/EBITDA Multiple of 15.2.

All Market Life Sciences Listed Companies TEV/EBITDA Multiple (Values over $5m) by sub-sector is highest in MedTech at 23.1, 80% higher than the lowest in Providers & Services of 12.8. Lower-Mid Market Life Sciences Listed Companies TEV/EBITDA Multiple (Values in range $5m-$150m) by sub-sector is highest in BioTech at 22.7, 75% higher than the lowest in Providers & Services of 13.0.

This compares to the All Market Life Sciences Listed Companies TEV/EBITDA Multiple of 15.2.

This compares to the Lower-Mid Market Life Sciences Listed Companies TEV/EBITDA Multiple of 15.2.

Sub- sector TEV/EBITDA

24 22 20 18 16 14 12 10 8 6 4 2 0

US & Latin Canada America

Regional TEV/EBITDA

22 20 18 16 14 12 10 8 6 4 2 0

Asia & Pacific

Analysis performed by:

SECTOR SPECIFIC ANALYSIS

15


SERVICES The sector M&A landscape During the Tel Aviv 2015 Globalscope conference, the network’s global Services sector team met to discuss recent transactions and the evolving underlying structural drivers of the global sector M&A landscape. A key theme is the increased level of M&A activity and consolidation, particularly by the big players. More details can be obtained from team members or regional heads – see contact details below.

Sector themes US to lead increase in deal volumes The US, the world’s largest consulting M&A market, will continue to drive global deal volumes upwards. This will be tempered by the Chinese economy and uncertainties in other developing markets. HR consulting M&A set to increase Recruitment, staffing and HR strategy firms have been, and continue to be, popular targets for general strategy consultants looking to diversify into other specialist service lines and build synergistic comprehensive offerings. E-commerce set to shape supply chain Consumers’ increasing use of E-commerce sites, and demand for next or same-day delivery, is forcing logistics intermediaries to innovate and compete to win market share and protect margins. Near shoring IT services providers seeking footprint in Western Europe Increasing numbers of near and offshoring providers are seeking to improve their footprint in the Western European markets, or are being acquired themselves by European market leaders (see Capgemini/iGate).

Notable recent transactions

Lower-mid market observations

Capgemini acquires iGate Capgemini has acquired US-listed technology and services company iGate from Apax Partners for $4bn. The acquisition will expand Capgemini’s existing IT services, outsourcing and consulting offering.

Consolidation driving media consulting M&A M&A in the media consulting sub-sector is being driven by three or four large industry players who are each pursuing consolidation strategies, often with a primary aim of broadening their digital offerings.

Verisk Analytics acquires Wood Mackenzie Hellman & Friedman has sold UK-based global energy consultancy Wood Mackenzie to US-based data analytics firm Verisk Analytics for £1.9bn ($2.8bn). There is optimism that oil & gas consulting will rebound following the dip in oil prices last year which may provide a boost to the combined group.

Black Cabs forced into unknown territory Due to the enthusiastic uptake of Uber amongst Londoners, Black Cabs have started offering “off peak” fares in an attempt to entice former customers. The new prices are up to 30% lower but only apply to trips of six miles or more.

Haversham reverses into British Car Auctions AIM-listed Haversham Holdings completed a reverse takeover of webuyanycar.com’s owner, British Car Auctions, simultaneously changing its name to BCA Marketplace and re-listing on the main market.

Freight forwarders’ fuller footprints Mid-market freight forwarding firms are gaining market share where they are able to compete with the big players on an integrated platform, by owning their own networks and warehousing hubs. Expect them to be looking for the missing piece of the puzzle to offer a fully integrated solution.

Sector contacts

16

Jim Keeling

Dominic Marinelli

Martijn Peters

Services Lead

Resource Services Lead

Services Co-Lead

jim.keeling@corbettkeeling.com +44 20 7626 6266

dmarinelli@terraincapital.com +61 3 9665 2444

martijn.peters@dex.nl +31 6 13 08 52 45

SECTOR SPECIFIC ANALYSIS


SERVICES M&A trends & market analysis The following data are compiled specifically for the Services sector, with valuation trends over time in the first chart based on semi-annually averaged transactional data, and regional and sub-sector comparisons in the second and third charts based on listed companies data as at mid August 2015.

2010

2011

2012

2013

2014

2015

Comment

Context

16

12

All Market Services Transactions TEV/EBITDA Multiple (Values over $5m) has increased to 12.7 from its previous low of 10.1 in 2014 H2.

This compares to the current cross-sector All Market Transactions TEV/EBITDA Multiple of 11.3.

Lower-Mid Market Services Transactions TEV/EBITDA Multiple (Values in range $5m-$150m) has risen to 7.8 from its previous low of 5.7 in 2014 H2.

This compares to the current cross-sector Lower-Mid Market Transactions TEV/EBITDA Multiple of 8.9.

10 8 6 4

Europe

Asia & Pacific

Africa & ME

US & Latin Canada America

20

14 12

14.4 11.6 11.2

13.4 11.4

10.9

11.6

12.4 9.4 9.2

10

All Market Services Listed Companies TEV/EBITDA Multiple (Values over $5m) by region is highest in Asia & Pacific at 14.4, 53% higher than the lowest in Latin America of 9.4. Lower-Mid Market Services Listed Companies TEV/EBITDA Multiple (Values in range $5m-$150m) by region is highest in US & Canada at 12.4, 35% higher than the lowest in Latin America of 9.2.

8 6 4 2 0

This compares to the All Market Services Listed Companies TEV/EBITDA Multiple of 13.1.

This compares to the Lower-Mid Market Services Listed Companies TEV/EBITDA Multiple of 11.3.

Regional TEV/EBITDA

18 16

Sector TEV/EBITDA

14

Professional HR and Real Estate Transport InfraServices Consulting Mgmt structure

18

15.4

16 14 12

13.1

12.1 10.3

14.0

15.0 12.0

10.4

10

9.5

Lower-Mid Market Services Listed Companies TEV/EBITDA Multiple (Values in range $5m-$150m) by sub-sector is highest in Real Estate Management at 14.0, 48% higher than the lowest in Infrastructure of 9.5.

8 6 4 2 0

Data supplied by:

10.8

All Market Services Listed Companies TEV/EBITDA Multiple (Values over $5m) by sub-sector is highest in Real Estate Management at 15.4, 42% higher than the lowest in Infrastructure of 10.8.

This compares to the All Market Services Listed Companies TEV/EBITDA Multiple of 13.1.

This compares to the Lower-Mid Market Services Listed Companies TEV/EBITDA Multiple of 11.3.

Sub- sector TEV/EBITDA

20

Data analysed by:

SECTOR SPECIFIC ANALYSIS

17


TECHNOLOGY, MEDIA & TELECOMS (TMT) The sector M&A landscape During the Tel Aviv 2015 Globalscope conference, the network’s global Technology, Media & Telecoms (TMT) sector team met to discuss recent transactions and the evolving underlying structural drivers of the global sector M&A landscape. A key theme is the fundamental importance of cyber security in the pervasive Internet of Things (IoT) environment. More details can be obtained from team members or regional heads – see contact details below.

Sector themes Disruption accelerates consolidation The legacy players are continuing their consolidation, most notably Dell’s acquisition of EMC for $67bn, as cloud players like AWS reduce the need for enterprise hardware and new disruptors change the way enterprises consume technology. IoT high on the agenda While the Internet of Things is still in its infancy in terms of industry adoption, deal-making continues to accelerate unabated. Companies in a wide range of industries will require broad and deep competencies in IoT, and those strategic decisions are being made now. European Private Equity in bullish mood Total European Private Equity exits in H1 2015 have reached a record high value ($72.9bn) providing investors with good returns. Private Equity backed buyout values follow this theme, reaching the highest value since 2008 ($37bn). Buyers looking for scale and growth Most acquisitions in the TMT sector are currently focused on adding more operational scale, e.g. NTT buying German data centre service provider e-shelter for $830m or buying growth opportunities, e.g. Continental’s $680m acquisition of automotive software company Elektrobit.

Notable recent transactions

Lower-mid market observations

Blackberry continues its transformation Blackberry acquired the mobile security provider Good Technology for $425m. Good will help improve Blackberry’s cross-platform enterprise mobility management (EMM) support and bring in a large and diverse customer base.

Unsolicited offers on the rise Many growth-hungry, cash-rich buyers are taking the direct route with targets that match their criteria, rather than waiting for an auction process to begin.

BT enters quadruple-play BT has agreed to buy mobile operator EE for $19bn in cash and stock. BT will now be able to use quad-play to further lock in customers, but also add another sprawling fourthgeneration network and EE’s 30m customers. Verizon secures share of the video pie with AOL American telco Verizon’s acquisition of multinational mass media company AOL for $4.4bn shows the desire of traditional telecommunication companies to capitalise on OTT content and media distribution platforms.

Financial investors increasing exposure Private Equity investors, with dedicated mid-market funds and a need to deploy capital, are reaching out to smaller companies. Strategic valuations becoming acceptable Buyers are increasingly willing to share strategic benefits with sellers, especially in M&A markets with high competition.

Sector contacts

18

Paddy MccGwire

Mark Miller

Software & Tech Lead

Digital & Internet Co-Lead

pmccgwire@cobaltcf.com +44 20 7659 0310

mark.miller@catcap.de +49 40 300 836 0

SECTOR SPECIFIC ANALYSIS


TECHNOLOGY, MEDIA & TELECOMS (TMT) M&A trends & market analysis The following data are compiled specifically for the TMT sector, with valuation trends over time in the first chart based on semi-annually averaged transactional data and regional and sub-sector comparisons in the second and third charts based on listed companies data as at mid August 2015.

2010

2011

2012

2013

2014

2015

Comment

Context

14

12 11 10

Lower-Mid Market TMT Transactions TEV/EBITDA Multiple (Values in range $5m-$150m) has fallen to 10.3 from its previous high of 10.8 in 2014 H2.

9 8 7 6

Europe

Asia & Pacific

Africa & ME

16 12

10.2

12.1

11.5

13.0

10.1

10

7.3 7.7

7.5

8 6 4 2 0 Media

Software Hardware

All Market TMT Listed Companies TEV/EBITDA Multiple (Values over $5m) by sub-sector is highest in Software at 15.5, 97% higher than the lowest in Telecoms of 7.9.

14

15.5 13.3

12.5

12

13.0 10.4

11.1

11.0

10.3

10

7.9

8 6 4 2 0

Data supplied by:

This compares to the All Market TMT Listed Companies TEV/EBITDA Multiple of 11.4 .

9.3 Lower-Mid Market TMT Listed Companies TEV/EBITDA Multiple (Values in range $5m-$150m) by sub-sector is highest in Software at 13.0, 41% higher than the lowest in Telecoms of 9.3.

This compares to the Lower-Mid Market TMT Listed Companies TEV/EBITDA Multiple of 11.7.

Sub- sector TEV/EBITDA

16

This compares to the Lower-Mid Market TMT Listed Companies TEV/EBITDA Multiple of 11.7.

SemiTelecoms conductors

20 18

Lower-Mid Market TMT Listed Companies TEV/EBITDA Multiple (Values in range $5m-$150m) by region is highest in US & Canada at 13.0, 69% higher than the lowest in Latin America of 7.7.

This compares to the All Market TMT Listed Companies TEV/EBITDA Multiple of 11.4.

Regional TEV/EBITDA

All Market TMT Listed CompaniesTEV/EBITDA Multiple (Values over $5m) by region is highest in US & Canada at 12.1, 65% higher than the lowest in Latin America of 7.3.

18 11.9 12.1

This compares to the current cross-sector Lower-Mid Market Transactions TEV/EBITDA Multiple of 8.9.

US & Latin Canada America

20

14

This compares to the current cross-sector All Market Transactions TEV/EBITDA Multiple of 11.3.

Sector TEV/EBITDA

All Market TMT Transactions TEV/EBITDA Multiple (Values over $5m) has risen further to 13.3 from its previous low of 9.1 in 2013 H2.

13

Analysis performed by:

SECTOR SPECIFIC ANALYSIS

19


SERVICES

Globalscope’s industry-focused expertise enables our partners to provide invaluable insights, especially in international transactions. Our partners develop and formulate M&A strategies which bring together potential buyers and sellers. We identify, screen and initiate discussions with potential acquisition targets; structure and negotiate transactions; and arrange acquisition financing.

20 SERVICES


01

02

03

Mergers and Acquisitions

Business Strategy & Restructuring

Fund Raising

M&A is the main focus of the network and the core activity for most of our partner firms.

We offer our clients expert advice in their business and financial strategy and restructuring.

Whether the deal is an acquisition, sale or management buy-out, we work with our clients to develop a clear strategy and devise a plan with the best outcome for all stakeholders.

This could involve: reviewing their value proposition; competitor analysis; product/services analysis; market review and positioning; or assessment of alternative growth strategies, all of which are key to creating and realising shareholder value.

Globalscope has a strong track record, with enormous experience in conducting M&A transactions, combined with deep sector knowledge and access to a huge database of prospective buyers and sellers.

Globalscope is able to source finance from corporates and institutional or private equity investors. We secure the most appropriate funding structure. Though the best source of finance in the short term may be available domestically, we provide a broader international context which may be relevant for the future plans of our clients.

Globalscope partners share international opportunities and issues to provide a robust global context which is vital to the success of cross-border initiatives.

SERVICES

21


EXECUTIVE & SUPPORT TEAM Globalscope’s executive team is made up of five directors, a treasurer and an administrator.

Michael Moritz

Hervé Le Roy

Martijn Peters

Globalscope President

Head of Sectors

T : +49 40 300 8360 E : michael.moritz@globalscopepartners.com

T : +33 1 49 54 73 10 E : herve.leroy@globalscopepartners.com

Head of Partner Recruitment and Network Expansion

Michael Moritz is Managing Partner at CatCap, an owner operated corporate finance boutique with offices in Hamburg and Munich, Germany.

Hervé Le Roy is CEO of CMW Corporate Finance, a well-known French M&A practice, founded in Paris in 1986.

Russell D’Alba

Josh Park

Paddy MccGwire

Head of Conference Strategy and Globalscope Marketing

Head of Integration

Globalscope Treasurer & Past President

T : +813 6205 7994 E : josh.park@globalscopepartners.com

T : +44 20 7491 1271 E : paddy.mccgwire@globalscopepartners.com

Josh Park is Executive Vice President of Kaede Financial Advisory, an independent M&A advisory firm in Tokyo, Japan.

Paddy MccGwire is Managing Partner of Cobalt Corporate Finance, a Technology specialist adviser based in London, UK, since 1996.

T : +1 716 626 1200 E : russell.dalba@globalscopepartners.com Russell D’Alba is President and Managing Director of Paramax Corporation, a full service middle-market intermediary in the USA.

Anna Edwards Globalscope Administrator T : +44 20 8133 8023 E : anna.edwards@globalscopepartners.com Anna Edwards is based in London, UK, and oversees the day to day operations of the network.

22 EXECUTIVE & SUPPORT TEAM

T : +31 73 303 29 21 E : martijn.peters@globalscopepartners.com Martijn Peters is Managing Director of DEX international M&A, the Netherlands, an international M&A practice specialising in sell-side advisory, buy-side advisory and expansion strategies.

Imperial House 15 Kingsway London WC2B 6UN


GLOBAL PARTNERS We have 44 Partner firms in 36 countries, with 60 offices and more than 500 professionals.

AMERICAS Brazil Guarita & Associados São Paulo / SP Canada Osprey Capital Partners British Columbia, Calgary, Nova Scotia, Toronto, Winnipeg Mexico Allegiance Capital Corporation Monterrey United States Allegiance Capital Corporation Chicago, Dallas Minneapolis, New York Greif & Co. Los Angeles

ASIAPAC

Hanoi EUROPE

Australia Terrain Capital Melbourne

Belarus Capital Times Minsk

Tomkins Turner Perth

Belgium Common Ground Corporate Finance Leuven

China Beijing HRS Consulting Beijing, Jiaxing, Shanghai India MAPE Advisory Group Bangalore, Chennai, Mumbai RCS Advisors Pune Indonesia Naxel iPartners Jakarta

Paramax Corporation Buffalo

Japan Kaede Financial Advisory Inc. Tokyo

Uruguay Ficus Capital Montevideo

Korea H-Partners Seoul Singapore Stirling Coleman Singapore Vietnam Nexus Group

Czech Republic Venture Investors Corporate Finance Prague Denmark Dansk Merchant Capital Copenhagen Finland Summa Capital Helsinki France CMW Corporate Finance Paris Georgia Alliance Group Capital Tbilisi

Warsaw Greece First Athens Corporate Finance Athens Hungary Heal Partners Budapest Israel Portofino Investments Tel Aviv Italy Benedetti, Rossi and Partners Milan Palladio Corporate Finance Milan, Vicenza Luxembourg Tenzing Partners Luxembourg Netherlands Dex international M&A ’s-Hertogenbosch Stratégique Helvoirt

Germany CatCap Hamburg, Munich

Norway Impello Management AS Trondheim

CCI Management Munich

Poland Augeo Ventures Warsaw

Transfer Partners Group Düsseldorf

Portugal Bluemint Capital Lisbon Russia RB Partners Moscow Spain Next Corporate Barcelona Sweden Jarl Securities Stockholm Switzerland InternationalScope Ltd Bern Ukraine Capital Times Kiev United Kingdom Cobalt Corporate Finance London Corbett Keeling London

Aventis Capital GLOBAL PARTNERS 23


GLOBAL PARTNERS - EUROPE

Belarus - Minsk Belgium – Leuven

Georgia - Tbilisi

Luxembourg - Luxembourg

Spain - Barcelona

Germany - Hamburg, Munich

Netherlands - s’Hertogenbosch, Helvoirt

Sweden - Stockholm

Czech Republic - Prague

Greece - Athens

Norway - Trondheim

Switzerland - Kerzers

Denmark - Copenhagen

Hungary - Budapest

Poland - Warsaw

Ukraine - Kiev

Finland - Helsinki

Israel - Tel Aviv

Portugal - Lisbon

United Kingdom - London

France - Paris

Italy - Milan, Vicenza

Russia - Moscow

Common Ground

Venture Investors Corporate Finance

Mr Harold Vanheel

Mr Albert Michael Rostock-Poplar

Address: Grauwmeer 1 bus 8, Leuven - 3001, Belgium

Address : Křemencova 17, Prague, Prague 1 - 110 00, Czech Republic

Tel: +32 16 66 14 10 Email: harold@commonground.be Website: www.commonground.be

Tel: Email: Website:

24 GLOBAL PARTNERS EUROPE

+420 777 117 100 rm@vi.cz www.vicf.cz


Dansk Merchant Capital A/S

Summa Capital

Mr Jørgen Beuchert

Mr Mikko Bergman

Address : Amager Strandvej 50, 1st floor, Copenhagen - DK-2300, Denmark

Address: Salomonkatu 17B, Helsinki - 0100, Finland

Tel: +45 41 99 82 50 Email: jorgen.beuchert@dmc.dk Website: www.dmc.dk

Tel: Email: Website:

CMW Corporate Finance

Alliance Group Capital

Mr Hervé Le Roy

Mr Aieti Kukava

Address: 118, rue de Vaugirard, Paris - 75006, France

Address: 47/57. M Kostava Str, Tbilisi - 0179, Georgia

Tel: +33 1 49 54 73 10 Email: hleroy@cmw.fr Website: www.cmw.fr

Tel: Email: Website:

Transfer Partners Group

CatCap

Mr Henning von Poser

Mr Michael Moritz

Address: Ursulinengasse 1, Düsseldorf - D-40213, Germany

Address: Valentinskamp 24, Hamburg - D-20354, Germany

Tel: Email: Website:

Tel: +49 40 300 8360 Email: michael.moritz@catcap.de Website: www.catcap.de

+49 211 506 6890 vonposer@transfer-partners.de www.transfer-partners.com

+358 20 743 0280 mikko.bergman@summa.fi www.summa.fi

+995 32 242 4181 akukava@agh.ge www.agc.ge

Additional Office Locations: Munich

GLOBAL PARTNERS EUROPE 25


GLOBAL PARTNERS - EUROPE

CCI Management

First Athens Corporate

Mr Franz Günther

Mr Pantelis Papageorgiou

Address: Angerfeldstrasse 8b, Gilching, Munich - D-82205, Germany

Address : 1 Elikonos Street, Athens - GR-15452, Greece

Tel: +49 8105 379737 Email: ccim@ccim.de Website: www.ccim.de

Tel: Email: Website:

Heal Partners

Portofino Investments

Mr Péter Karli

Mr Ilan Nir

Address : Bázis Office Center 14-24., Horvát utca Budapest - HU-1027, Hungary

Address : 1 Harbarzel Street, 3rd Floor, Victoria House, Tel Aviv - 69710, Israel

Tel: +36 1 882 0375 Email: pkarli@healce.com Website: www.healce.com

Tel: Email: Website:

26 GLOBAL PARTNERS EUROPE

+30 210 677 3285 pp@firstathens.com www.firstathens.com

+972 3 645 0900 ilan.nir@portofinoinv.co.il www.portofinoinv.co.il


Palladio Corporate Finance

Benedetti & Associates

Mr Lorenzo Valentino

Mr Giuseppe Benedetti

Address : Via Fiori Oscuri 11, Milan - 20121, Italy

Address: Via Borgo del Majno 6, Basiglio, Milan - 20080, Italy

Tel: +39 02 727 30700 Email: l.valentino@palladiofinanziaria.it Website: www.palladiofinanziaria.it

Tel: +32 02 4801 5369 Email: gb@benedettirossi.com Website: www.benedettirossi.com

Additional Office Locations: Vicenza

Cobalt Corporate Finance

Corbett Keeling

Mr Paddy MccGwire

Mr Jim Keeling

Address: 23 Hanover Square, London - W1S 1JB, UK

Address: 8 Angel Court, London - EC2R 7HP, UK

Tel: +44 20 7491 1271 Email: pmccgwire@cobaltcf.com Website: www.cobaltcf.com

Tel: +44 20 7626 6266 Email: jim.keeling@corbettkeeling.com Website: www.corbettkeeling.com

Tenzing Partners SA

DEX international M&A

Mr Daniel Schneider

Mr Martijn Peters

Address: 119 Av. Gaston Diderich, L-1420, Luxembourg

Address: Utopialaan 49, s’Hertogenbosch, 5232 CD, The Netherlands

Tel: +352 26 38 9461 Email: dschneider@tenzing-partners.com Website: www.tenzing-partners.com

Tel: Email: Website:

+31 73 303 29 21 martijn.peters@dex.nl www.dex.nl

GLOBAL PARTNERS EUROPE 27


GLOBAL PARTNERS - EUROPE

Stratégique

Impello Management AS

Mr Frank van Goethem

Mr Bjørnar Reitan

Address: Landgoed “Op den Duin” Guldenberg 9, 5268 KR Helvoirt The Netherlands

Address : Innherredsveien 7, Trondheim - NO-7014, Norway

Tel: +31 411 71 25 20 Email: frankvangoethem@strategique.nl Website: www.strategique.nl

Tel: Email: Website:

+47 92 64 86 66 bjornar.reitan@impello.no www.impello.no

Aventis Capital

Augeo Ventures

Mr Marcin Majewski

Mr Dariusz Budzeń

Address : 111 Marszałkowska St., Warsaw - 00-102, Poland

Address: Ul. Rozbrat 6/5 Warsaw - 00-451, Poland

Tel: +48 22 518 79 68 Email: marcin.majewski@aventis-capital.com Website: www.aventis-capital.com

Tel: Email: Website:

28 GLOBAL PARTNERS EUROPE

+48 22 745 17 55 dariusz.budzen@augeo.pl www.augeo.pl


Bluemint Capital

RB Partners

Mr Diego Hernando

Mr Konstantin Dzhimbinov

Address: Rua Cova da Moura, 2 - 5.º Esq. 1350 - 118 Lisboa, Portugal

Address: 2 Smolensky Bulvar, Moscow - 119034, Russia

Tel: +351 213 104 170 Email: dho@bluemint.pt Website: www.bluemint.pt

Tel: +7 495 726 5917 Email: DzhimbinovKD@rbpartners.ru Website: www.rbpartners.ru

Next Corporate

Jarl Securities

Mr César Prado López

Mr Tor Berthelius

Address: Av. Diagonal, 508, 4-1, Barcelona - 08006, Spain

Address: Birger Jarlsgatan 13, Stockholm - 111 45, Sweden

Tel: +34 935 189 981 Email: cpl@nextcorporate.com Website: www.nextcorporate.com

Tel: +46 8 684 43 906 Email: tor.berthelius@jarlsecurities.com Website: www.jarlsecurities.com

InternationalScope

Capital Times

Mr Fritz Loeffel

Mr Dmitriy Baranovskiy

Address: Gerbeackerstrasse 8, Kerzers - CH-3210, Switzerland

Address: Mikhailovskaya Str. 12b, Kiev - 01001, Ukraine

Tel: +41 31 755 72 85 Email: info@internationalscope.ch Website: www.internationalscope.ch

Tel: +380 44 499 88 34/35 Email: d.baranovskiy@capital-times.com Website: www.capital-times.com Additional Office Locations: Minsk (Belarus) GLOBAL PARTNERS EUROPE 29


GLOBAL PARTNERS - AMERICAS

Brazil - São Paulo

Mexico - Monterrey

Uruguay - Montevideo

Canada - British Columbia, Calgary, Nova Scotia, Toronto, Winnipeg

USA - Buffalo, Chicago, Dallas Los Angeles, Minneapolis, New York

Guarita & Associados

Osprey Capital Partners Inc.

Mr Marcio Ferrazoli

Mr Stephen Jakob

Address : Rua Funchal 263, 18th Floor, Vila Olímpia, São Paulo / SP - 04551-060, Brazil

Address : Suite 2204, 200 Front Street West, Toronto - M5V 3K2, Canada

Tel: +55 11 3089 6600 Email: mferrazoli@guarita.com Website: www.guarita.com.br

Tel: +1 416 867 8282 Email: sjakob@ospreycapital.ca Website: www.ospreycapital.ca Additional Office Locations: Winnipeg, British Columbia, Calgary & Nova Scotia

30 GLOBAL PARTNERS AMERICAS


Paramax Corporation

Greif & Co.

Mr Russell D’Alba

Mr Lloyd Greif

Address : 33 International Drive, Suite A, Williamsville, NY - 14221, USA

Address : 633 West Fifth Street, Sixty-Fifth Floor, Los Angeles, CA - 90071-2005, USA

Tel: +1 716 626 1200 Email: rjd@paramaxcorp.com Website: www.paramaxcorp.com

Tel: +1 (213) 346 9250 Email: greif@greifco.com Website: www.greifco.com

Additional Office Locations: Rochester (New York state)

Allegiance Capital Corporation

Ficus Capital S.A.

Mr David Mahmood

Mr Paul Elberse

Address : 16400 Dallas Parkway, Suite 300, Dallas, Texas - 75248, USA

Address : F. Vidal 688, Montevideo - 11300, Uruguay

Tel: +1 214 217 7750 Email: dmahmood@allcapcorp.com Website: www.allcapcorp.com

Tel: +598 2711 2252 Email: elberse@ficuscapital.com Website: www.ficuscapital.com

Additional Office Locations: Chicago, Minneapolis, New York, Monterrey (Mexico)

GLOBAL PARTNERS AMERICAS

31


GLOBAL PARTNERS - ASIAPAC

Australia - Melbourne, Perth

Indonesia - Jakarta

South Korea - Seoul

China - Beijing, Jiaxing, Shanghai

Japan - Tokyo

Vietnam - Hanoi

India - Bangalore, Chennai, Mumbai, Pune

Singapore

Terrain Capital

Tomkins Turner

Mr Michael Ramsden

Mr Todd Grover

Address : 8 Chapel Street, Richmond Victoria, Melbourne - 3121, Australia

Address : Suite 8, 232 Churchill Avenue, Subiaco, Perth - 6008, Australia

Tel: +61 3 9665 2444 Email: mramsden@terraincapital.com Website: www.terraincapital.com

32 GLOBAL PARTNERS ASIAPAC

Tel: +61 8 6424 9130 Email: todd.grover@ttcorporate.com.au Website: www.ttcorporate.com.au


Beijing HRS Consulting

MAPE Advisory Group Pvt Ltd

Mr Jeff Zhao

Mr Jacob Mathew

Address : Suite 401, Ziguang Building A, Huixin East Road #11, Chaoyang District Beijing - 100020, China

Address: F 13/14, 1st Floor, Nirlon House Dr Annie Bessant Road, Worli, Mumbai - 400030, India

Tel: Email: Website:

Tel: Email: Website:

+86 10 52865198 jzhao@china-hrs.com www.china-hrs.com

+91 22 615 44500 jacob@mapegroup.com www.mapegroup.com

Additional Office Locations: Jiaxing & Shanghai

Additional Office Locations: Bangalore & Chennai

RCS Advisors (India) Pvt. Ltd.

Naxel iPartners

Mr Kamal Rungta

Mr Fadjar Sutandi

Address: 407 Winners Court, 23 Lullanagar Cross, Kondhwa, Pune - 411040, India

Address: : Springhill Office Tower 7D, Jl.Benyamin Suaeb Blok D7, Jakarta - 14410, Indonesia

Tel: Email: Website:

+91 20 2683 7941 kamal.rungta@rcsadvisors.in www.rcsadvisors.in

Tel: Email: Website:

+62 21 2605 1616 ipartners@naxel.biz www.naxel.biz

Kaede Financial Advisory Inc.

Stirling Coleman

Mr Shin Satake

Mr Steven Lau

Address: Prudential Tower 4F, 2-13-10 Nagata-cho, Chiyoda-ku, Tokyo - 100-0014, Japan

Address : 4 Shenton Way S6X Centre 1, 07-03 - 068807, Singapore

Tel: Email: Website:

Tel: +65 6327 5700 Email: stevenlau@stirlingcoleman.com Website: www.stirlingcoleman.com

+813 6205 7994 satakes@kaedegroup.com www.kaedefa.com

GLOBAL PARTNERS ASIAPAC 33


GLOBAL PARTNERS - ASIAPAC

H-Partners Korea

Nexus Group

Mr Jack Yang

Mr Nguyen Huu Hieu

Address : 3F Starting Building, 720-9 Yeoksamdong, Gangnamgu, Seoul - 135-920, South Korea

Address : 5th Floor, Indovina Bank Building, 36 Hoang Cau Street, Dong Da District, Hanoi - 100000, Vietnam

Tel: +82 70 4900 2390 Email: jack.yang@hpartnerskorea.com Website: www.hpartnerskorea.com

Tel: +84 4 351 90200 Email: hieu.nguyen@nexusgroup.vn Website: www.nexusgroup.vn

The next semi-annual Globalscope conference will take place in Shanghai in March 2016

34 GLOBAL PARTNERS ASIAPAC


EVENTS

Our partners get together at least twice a year at Globalscope conferences to network, share best practice, have one-to-one deal meetings and sector meetings. The conferences are held in different locations on each occasion, providing partners with access to experts on the local economy and M&A conditions, as well as giving local and regional business heads time to discuss opportunities for our clients. Globalscope conferences are private events for our partners only.

EVENTS 35


EVENTS

36 EVENTS


EVENTS EVENTS

Globalscope M&A network Tel Aviv, October 2015

Jakarta 2015

Tel Aviv 2015

Monday, March 23rd Opening hosted by NaXel iPartners. Networking cocktail party at BACCO wine bar.

Wednesday, October 7th Opening hosted by Portofino Investments with M&A guests.

Tuesday, March 24th Introduction and presentation by NaXel iPartners. Observers' introductions. Introduction to Indonesia & its investment opportunities. Diverse deal meetings & sector meetings. Dinner and Oscars at Seribu Rasa restaurant.

Thursday, October 8th Introductions by Portofino Investments. Sector meetings and deal meetings. Dinner and Oscars awards ceremony at the Royal Beach Hotel.

Wednesday, March 25th Best practice presentation. Case study of collaboration. Marketing strategies. Regional workshop. Diverse deal meetings & sector meetings. Members' meeting. Vote on observers. Dinner and dancing at Exodus restaurant.

Friday, October 9th Best practice presentations, deal meetings and outside speaker presentations from PE fund ‘FIMI’, and ‘Jerusalem Venture Partners (“JVP”)’. Dinner at local restaurant “House No. 3”.

Thursday, March 26th and Friday, March 27th Public conference including local and regional business owners from ASEAN region and members of KADIN (Indonesian Chamber of Commerce). Deal presentations by Globalscope members to audience & networking. Guest speaker presentations.

Saturday, October 10th Members’ meeting. Vote on Observers. Optional cultural walking tour of Jerusalem.

The next Globalscope conference will take place in Shanghai, China, from 20-24th March, hosted by Beijing HRS. 39 EVENTS EVENTS 37


CASE STUDIES Globalscope advised Messe Düsseldorf on the disposal of a majority shareholding CatCap advised Messe Düsseldorf on the successful disposal of its majority shareholding in Veletrhy Brno a.s. in cooperation with their Czech Globalscope partner Venture Investors Corporate Finance (VICF). For this intra-Globalscope deal, Globalscope members CatCap and VICF worked together to make the deal possible.

01

The Seller With a turnover of €300 million in 2015, Messe Düsseldorf Group has again confirmed its position as one of Germany’s most successful trade fair companies. At this year’s events in Düsseldorf, approximately 25,700 exhibitors presented their products to 1.1 million trade visitors. Messe Düsseldorf GmbH is one of the leading export platforms worldwide, with around 50 trade fairs and 80 to 100 additional proprietary events, international participations and third-party events in other countries. The Group’s global network consists of sales organisations in 132 countries, as well as centres of expertise in eight countries.

02

The Target BVV Veletrhy Brno a.s., a subsidiary of Messe Düsseldorf based in the city of Brno, is one of the most prominent trade fair companies in Central and Eastern European countries. With a 130,000 square metre exhibition area, the BVV Brno ranks amongst the largest exhibition centres in the world. Each year some 1 million visitors attend around 50 fairs.

03

The Deal Rationale Increasing regionalisation of the fair business and the changing market situation in Central and Eastern Europe supported Messe Düsseldorf’s decision to sell its majority share of BVV Veletrhy Brno to the city council of Brno. Exhibition companies Brno and Düsseldorf remain partners, as a corresponding long-term contract has been signed. This includes: continued access for BVV to the Messe Düsseldorf’s existing network of foreign representatives; BVV continuing to act as the foreign representative for Messe Düsseldorf in the Czech Republic; and the extension of the existing contract for booth construction by BVV at the fairs in Düsseldorf until 2021.

04

The Process CatCap and Venture Investors Corporate Finance acted as financial advisors for Messe Düsseldorf and daughter company BVV Veletrhy Brno. Both member firms cooperated closely to make the process possible. The deal involved additional complexity, as the seller and the buyer are both controlled by public bodies, which required obtaining consent from elected officials. The City of Brno had a new wave of local deputies following an election, but CatCap and VICF together successfully presented the rationale for buying back the stake for the citizens of the town. Globalscope positioned itself as a “thinking network”, distinguished by expertise and quality of service.

38 CASE STUDIES


CASE STUDIES Globalscope advised Booksy International of Poland and Müller Meridien of Germany Booksy International, a global SaaS platform that allows scheduling appointments and making bookings at service businesses, has raised funds from Müller Medien, a German media group.

01

The Target Booksy is a booking system to schedule appointments for health and beauty treatments at local service providers. In Poland, where Booksy was founded, the company has already fully established its services with partners in all major cities. Booksy can be downloaded to a mobile device as an app or used online. Booksy debuted in the United States and has since won more than 2,000 business customers.

02

The Acquirer Müller Medien, based in Germany, is an entrepreneurial family combining five business areas: directories; broadcast; print media; books; and new businesses. It owns more than 60 regional TV and radio stations. Founded in 1950, today Müller Medien has sites in Europe, Asia and the US, with more than 2,000 employees.

03

The Deal Rationale Polish startup Booksy has been successfully funded by German entrepreneurial family Müller Medien. Müller Medien, together with Poland’s Inovo and the UK’s Piton Capital, invested a total of 3 million zloty. The shareholders of Booksy are Stephen Bathory and Agnes and Thomas Zembrzycki, the founders of Wizaz.pl. With the money raised, Booksy will implement an application management module, loyalty programmes and customer behaviour analysis.

04

The Process CatCap and Aventis Capital acted as financial advisors for Booksy. Both Globalscope members screened the European Venture Capital market to identify an investor with the most added value for Booksy. CatCap and Aventis helped Booksy to secure funding from Müller Medien, which had previously made investments in similar businesses and was keen to invest in Booksy.

CASE STUDIES 39


TRANSACTIONS

40 TRANSACTIONS


TRANSACTIONS

TRANSACTIONS

41


TRANSACTIONS

42 TRANSACTIONS


TRANSACTIONS

TRANSACTIONS 43


TRANSACTIONS

44 TRANSACTIONS


TRANSACTIONS

TRANSACTIONS 45


TRANSACTIONS

46 TRANSACTIONS


TRANSACTIONS

TRANSACTIONS 47


TRANSACTIONS

48 TRANSACTIONS


TRANSACTIONS

TRANSACTIONS 49


TRANSACTIONS

50 TRANSACTIONS


NOTES

NOTES

51


For Globalscope enquiries, please contact: Michael Moritz - President T: +49 40 300 8360 E: michael.moritz@globalscopepartners.com For press enquiries, please contact: Anna Edwards - Administrator T: +44 20 8133 8023 E: anna.edwards@globalscopepartners.com Imperial House 15 Kingsway London WC2B 6UN W: www.globalscopepartners.com​ Company number: 07409493

Globalscope annual yearbook 2016  
Read more
Read more
Similar to
Popular now
Just for you