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GLOBAL

SCOPE

PARTNERS INTERNATIONAL M&A ADVISORS

YEAR BOOK

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

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CONTENTS LETTER FROM THE PRESIDENT

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ABOUT GLOBALSCOPE

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WHY GLOBALSCOPE

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SECTOR EXPERTISE SECTOR SPECIFIC ANALYSIS

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SERVICES

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EXECUTIVE & SUPPORT TEAM

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EVENTS

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CASE STUDIES

40

TRANSACTIONS

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LETTER FROM THE PRESIDENT

Welcome to the 2017 edition of the Globalscope yearbook! Highlighted in this year’s edition of the Globalscope yearbook are glimpses from meetings at our semi-annual conferences in Shanghai and Dallas, European Deal Days, and our staff Training Academy. Additionally, for your resource, are compiled data from specific sector analyses to report on insights and trends in the M&A landscape according to our network experts. Finally, what would a yearbook be without noting the many successful international transactions throughout our network? We at Globalscope are proud to announce the collective achievement of advising on more than 120 transactions (with a cumulative value of more than €2.2bn) in 2016. We have welcomed 7 new firms into our network and now inhabit 6 continents, spanning across the entire industrialized world. Clients’ need for Globalscope services stems from the wide variety of cultures, languages, and norms in conducting commerce on the international stage. Most of our clients are not likely to possess, inhouse, the accumulation of multi-national knowledge and experience to globally search and successfully connect with the best buyers, the best investors, or the best target companies to optimize a transactional outcome. Our network of over 600 investment bankers creates a wealth of value in regard to local business practices in the M&A environments of a vast array of economies. The attributes which set Globalscope apart from other M&A networks are the well-established highlevel contacts, vast knowledge base, high caliber advisors with depth in expertise, and experience accumulated from an archive of over 5,000 successfully completed transactions. Globalscope’s partners stay connected to one another via a bespoke IT system enabling our partners to access international opportunities and quickly receive client feedback on potential activity. The benefits realized by our clients result in optimized deals with minimum stress. We hope that this yearbook will be yet another valuable resource and benefit of the Globalscope network, to help our members and partners achieve the optimal transactional outcomes for their clients. Best regards, Russell J. D’Alba Globalscope President

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LETTER FROM THE PRESIDENT


ABOUT GLOBALSCOPE

FUND

RAISING

FOUNDED IN

1987

MERGERS & ACQUISITIONS

6

CONTINENTS

ABOUT GLOBAL SCOPE

41

COUNTRIES

51

MEMBERS

600+

PROFESSIONALS

BUSINESS STRATEGY &

RESTRUCTURING

120 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 51 partner firms in 41 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

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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. In 2016 we have advised on more than 120 transactions with a cumulative transaction value of more than ₏2.2bn 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

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CONSUMER The sector M&A landscape During the Dallas 2016 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 use of floor space in retail outlets as brands look to stand out. More details can be obtained from team members or regional heads – see contact details below.

Sector themes Brands are “Healthifying“ Products Some brands are trying to “healthify” foods by adding functional ingredients. A survey of the supermarket shelf shows ingredients like chia, flax and probiotics being added to sweet snacks. Brands will also try to better educate consumers on functional foods and ingredients. Stores in Recession Foot traffic is on the decline in the U.S. and Europe. Meanwhile, as sales per square foot continue to decline after decades of growth, retailers are reconsidering size in favour of productivity, measured by profit per square foot and are utilising digital technologies to assist them.

Notable recent transactions

Giants Personalize and Localize Few consumer products companies have a direct relationship with the purchasers of their products, even as robust data analytics allow personalization and localization, leading to ever more differentiated shopper segments. However, bypassing their traditional retail partners — at least some of the time — in order to sell directly to consumers could produce hard-to-come-by growth for consumer packaged goods (CPG) companies. For example manufacturers and consumer companies such as Burberry, H&M, and Sport-Chek have launched technology-enabled outlets with minimal inventory and environments that invite consumers to enjoy an engaging, social, and interactive

Lower-mid market observations

Johnson & Johnson acquires Vogue International Johnson & Johnson has agreed to acquire Vogue International Inc, the US-based manufacturer and distributor of salon-heritage hair care and other personal care products from its founder Todd Christopher and The Carlyle Group for €2.95bn.

Brand Entrants are More Focused New micro, digital-only companies are flooding the market, riding on mobile consumer channels and the proliferation of social media. These retailers distinguish themselves by their well-defined niches and clever, often rebellious, promotional strategies.

Revlon acquires Elizabeth Arden Elizabeth Arden, Inc. has signed a definitive agreement to be acquired by Revlon, Inc. for €710m. The combined company will benefit from greater scale, expanded global footprint and diversified presence across all major beauty categories and channels.

Focus on Food Safety Researchers, food manufacturers, regulatory agencies, and suppliers will continue to focus attention on pathogens, developing new and improved methods of analysis, instruments, and detection supplies.

Monster acquires American Fruits & Flavor Monster Beverage Corporation has agreed to acquire American Fruits & Flavor for €623m. The acquisition will provide Monster with an opportunity to leverage new flavour technologies and differentiate itself from its competitors.

Less is More Food manufacturers will have to continue to make food products that are less processed as consumers demand more transparency and foods that are closer to their natural state.

Sector contacts

8

Pankaj Rungta

Martijn Peters

Consumer Co-Lead

Consumer Co-Lead

prungta@kaedegroup.com +813 6205 7994

martijn.peters@dex.nl +31 6130 85245

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 2016.

SECTOR SPECIFIC ANALYSIS

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FINANCIAL SERVICES The sector M&A landscape During the Dallas 2016 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 shifting regulatory atmosphere in the wake of Brexit. More details can be obtained from team members or regional heads – see contact details below.

Sector themes New Regulations Coming into Force Regulations in the financial sector will continue to put pressure on the industry, and this could fuel a reshaping of the sector, with divestment and new entrants. Unfortunately, it will also have a negative impact on risk taking and the appetite for financing in M&A and the alternative finance space.

Rise of Disruptive Forces Banks are concerned that disruptive digital innovations outside the industry, from technology start-ups and existing technology firms will gain favour, and be another threat to their business. These new products could lead to a shift in global wealth, risk management and Investment Management.

Brexit Causing a Stir Political headwinds in Europe caused a slowdown in deal activity during H1 2016, with European M&A activity ($342.8bn, 3,110 deals) dropping 19.3% by value compared to H1 2015 ($424.5bn, 3,287 deals).

Disruptive Bitcoin Disruptive technologies such as Bitcoin, blockchain, and other evolving sectors, as well as the FinTech industry, are developing and investors and larger firms are getting excited and ready to snap up vertical buys.

Notable recent transactions

Lower-mid market observations

Deutsche Boerse Acquires London Stock Exchange Deutsche Boerse AG has moved to acquire its UK cousin London Stock Exchange Plc for $14.8bn. The merger, which is still subject to regulatory approval, would create the largest trading exchange by revenue in the world.

Digital Services Lead Banks to Greater Risks The increased number of digital services offered by banks is exposing them to greater risk, according to a new survey by Accenture. Three out of four bankers agreed that digital services expose banks to more risks and 85% said that these services were putting data handling concerns into the spotlight, leading to even more risk.

Mitsubishi UFJ Acquires Rival Stake Mitsubishi UFJ Financial Group has acquired a 27.2% in Hitachi Capital Corporation for $998m. It is the business unit of Hitachi that provides small business loans and other financing to companies around the globe. China Investment Corp. Invests in Ant Financial State-funded investment company China Investment Corp. (CIC) has invested $4.5bn in fellow Chinese company Ant Financial. Ant is an affiliate company of Alibaba, the multinational supply company, and was previously AliPay.

Bank Quality Greater In Smaller Banks The 2016 Lafferty Bank Quality Rankings show a marked trend favouring smaller banks in their rankings, the common factor of the nine banks who received more than three stars. These banks, such as British banks Aldermore and Close Brothers, scored better in customer satisfaction, alongside better retail focus, strategy, conduct, and management to top the list.

Sector contacts

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Jørgen Beuchert

Josh Park

Konstantin Dzhimbinov

Financial Services Lead

Financial Services Co-Lead

Financial Services Co-Lead

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

parkj@kaedegroup.com +81 90 9852 8847

dzhimbinovkd@rbpartners.ru +7 495 726 5917

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 2016.

SECTOR SPECIFIC ANALYSIS

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INDUSTRIALS The sector M&A landscape During the Dallas 2016 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 changing use of data by large corporates in order to maximise manufacturing efficiency. More details can be obtained from team members or regional heads – see contact details below.

Sector themes Robotics Changing the Face of Manufacturing Shipments of multipurpose industrial robots in China have doubled to an estimated 75,000 in the last 12 months, and whilst this number is forecast to double again by 2018, some have expressed concern over the reduction in innovation posed by the lack of human intervention. Collection of Big Data Leading Efficiency Drives Industrial manufacturing companies are using the Internet of Things (“IoT”) to collect vast quantities of data on their shop floors and assembly lines in order to help identify areas for operational improvement.

Activist Investors Shaping Strategy Some activist investors in the chemicals industry are seeing a lack of rationale or coherence in companies’ portfolios. This has lead to many chemicals companies reconsidering their product lines, often through merger or product acquisition. Driverless Cars are the Order of the Day Showrooms and design offices all over the world are racing to create a truly driverless car. Cab-hailing app Uber is testing a fleet of Volvo cars that are driverless in San Francisco, but as yet no manufacturer is mass producing a purpose-built vehicle.

Notable recent transactions

Lower-mid market observations

Albermarle sells Chemetall to BASF Albermarle Corporation, the American chemical company, announced its sale of Chemetall Surface Treatment to German chemicals giant BASF for $3.2bn. Chemetall’s applied metal surface treatments will help BASF fulfil its aim of focusing on automotive applications.

Collusion in the Truck Making Industry The EU issued its biggest ever cartel fine to six of the largest European truck makers over allegations of price fixing and delaying new emission technologies. These firms have strongly resisted changes that would result in reduced carbon dioxide emissions and improved fuel consumption. Despite 600,000 individual hauliers in Europe the six firms have near total control of the market, so any fines may help the lower mid-market firms exert greater market power.

Total SA Expands Clean Energy Offering Total SA has acquired French battery maker Saft Groupe SA for $1.1bn. Saft designs and makes nickel and lithium batteries for the transportation and military sectors. Total had previously pledged to invest $500m in renewables. Dover Corp. Acquires Wayne Fuelling Systems Dover Corp. has acquired fuel pump technology business Wayne Fuelling Systems for $780m. Texas-based Wayne manufactures fuel pumps and other related items.

Next Generation Batteries Demand for extended mobile devices’ battery life is driving the development of next generation batteries. Breakthroughs have been made but safety and economic concerns have thus far prevented them from reaching the mass market. Predictions suggest this will reverse by 2020 with post-lithium-ion battery technologies representing 10% of the entire battery market by 2026.

Sector contacts

12

Jeremi Czarnecki

Pankaj Bhuwania

Industrials Lead

Industrials Co-Lead

jeremi.czarnecki@aventis-capital.com +48 608 335 400

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 2016.

SECTOR SPECIFIC ANALYSIS

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LIFE SCIENCES The sector M&A landscape During the Dallas 2016 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 rising cost of all drugs and pharmaceutical products in the US. More details can be obtained from team members or regional heads – see contact details below.

Sector themes Focus on Outcomes Much more R&D around medicines is being driven by a desire for better outcomes. Insurance companies are beginning to refuse coverage of some treatments due to spiralling costs. This has lead to a pursuit of targeted and specialised therapies. Shareholder Activism Leading Strategy Shareholders are creating top-down pressure on pharmaceutical companies to increase focus on value creation and improved performance through acquisitions, JVs and divestitures.

Pharmaceutical Costs Soar in the USA The cost of prescription medicines in the USA is a contentious issue and prices are often three times as great as in the UK. This is due to the fact that a free market system of price setting is allowed in the USA, unlike elsewhere where there is greater regulation. Presidential candidates Clinton and Trump have pledged to reduce these costs. The counterargument is that this move will reduce the amount of innovation pharmaceutical companies can afford to bear, although the country undertakes a third of global drug spending despite just 4.5% of the world’s population.

Notable recent transactions

Lower-mid market observations

Envision and Amsurg Corp. Agree Merger Envision Healthcare Holdings Inc. agreed with Amsurg Corporation an all-stock merger to create a giant American provider of healthcare services and physicians worth $15bn. This move will enable them to gain leverage in negotiations with health insurers.

Emergence of Global Telemedicine Market One of the fastest growing sectors of healthcare is the global telemedicine market, predicted to double in the next six years with 18.5% compound growth. Parks Associates saw 5.7m visits to online doctors via apps, like Health Tap, in 2014 and 16m in 2015. Hailed as the “future of medicine”, savings can reach $700 per visit and increase ease of access to medical attention in remote areas.

Pfizer Merges with Anacor Pfizer, the world’s largest research-based pharmaceutical company, announced a merger with Anacor Pharmaceuticals for $5.2bn in May. Anacor’s flagship asset, Crisabarole, is awaiting approval and has the potential to treat atopic dermatitis, a strong fit with Pfizer’s Inflammation and Immunology portfolios. Toshiba Sells Medical Imaging Unit to Canon Japanese player Toshiba has sold its medical imaging unit to fellow Japanese corporate Canon for $5.9bn.

Shifting Demographics The growing frequency of chronic diseases, a worldwide aging population and rising consumer wealth are leading to a shift in the target demographics for some pharmaceuticals companies. The increase in prevalence of chronic diseases, also inked to longer life expectancy, is having a profound effect on both developed and developing economies across the globe.

Sector contacts

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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 2016.

SECTOR SPECIFIC ANALYSIS

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SERVICES The sector M&A landscape During the Dallas 2016 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 technology enabled workplace which is driving the development of new products and services. More details can be obtained from team members or regional heads – see contact details below.

Sector themes Brexit Gives Rise to Opportunity Professional services firms are using the fallout of Brexit to exploit revenues as they experience high volumes related queries from clients. The Big Four expect firms to reorganise in order to adapt to regulatory change. Recently, a PwC client webcast on the topic of Brexit had 15,000 attendees. Investing in Health The emerging trend of living a healthy lifestyle is increasing demand for relevant services and products, this extends to wellness consultants operating within businesses.

Global Freight Forwarding Market Set to Grow The global freight forwarding market is estimated to have contracted by 1.6% in nominal terms in 2015 but there is a forecasted real growth rate of 4.6% for 2015-19. Europe’s global market share is expected to contract whilst emerging regions gain share in its place. Trade deals such as the Transpacific Partnership are likely to boost trade further. AI and Automation Transforming Industry Businesses are transforming with more AI and automation to remain competitive, as high capital outlay is soon repaid with higher productivity and lower overhead costs.

Notable recent transactions

Lower-mid market observations

Chinese Swoop for Vitaco Australian vitamin producer Vitaco has been acquired through a joint A$314m bid tabled by Shanghai Pharmaceuticals and Chinese private equity fund Primavera Capital.

New Wave of Corporate Airlines Start ups Surf Air (US and Europe), FlyClub (UK) and Airly (Australia) have introduced a new business model for corporate travel: monthly subscription. The “all you can fly” model between small airports removes the existing hassle of conventional business travel and the expense of private aircraft.

AlliedBurton and Universal Services Merger AlliedBurton and Universal Services have merged to create the largest security company in North America. The firm provides localized response and national support, employing 140,000 security officers. Technip and FMC in Merger of Equals In what some are seeing as a bid to survive the oil industry slump, offshore service companies Technip and FMC have merged in a transaction valuing the combined group at $13bn.

Innovative Products Lead the Way Companies operating in the lower-mid market with innovative and high-quality products are beginning to steal market share from the more traditional players in their respective spaces. Remote Workers Driving Product Innovation Service providers are seeing an increase in demand for people working on-the-go and remotely, leading to an explosion of specialist platforms for the modern workforce.

Sector contacts

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Dominic Marinelli

Jim Keeling

Martijn Peters

Services Lead

Services Co-Lead

Services Co-Lead

dmarinelli@terraincapital.com +61 3 9665 2444

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

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 2016.

SECTOR SPECIFIC ANALYSIS

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TECHNOLOGY, MEDIA & TELECOMS (TMT) The sector M&A landscape During the Dallas 2016 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 ‘Information of Everything’, the increasing availability of large data sets and advanced analytics tools, which is driving the adoption of artificial intelligence to optimise systems and processes across all verticals. More details can be obtained from team members or regional heads – see contact details below.

Sector themes Technology-Driven Acquisitions on the Rise Established players have demonstrated they are not afraid to pay strategic prices for technology they consider truly ground-breaking and capable of positioning their business for the future, even if the product and/or market fit is unproven. A recent example is Twitter’s $150m acquisition of Magic Pony Technologies, a < 3 year old machine learning company. Ongoing Consolidation of the “Old TMT Economy” Over the last 18 months, further waves of consolidation have come to bear in the “old economy” technology industries. Perhaps the most volatile has been the semiconductor sector, which saw over $100bn of transactions in 2015 alone.

European Private Equity Holds Steady There were 350 European private equity-backed deals in Q2 2016, a decline of circa 8% on the 381 deals in Q1 2016. Sizeable value creation opportunities remain in the European Private Equity market, despite the well-publicised macroeconomic headwinds of Brexit and the Eurozone crisis. Buyer Universe Changing Dramatically Increasingly, the buyers involved in TMT sector transactions are no longer just TMT players. Executives in other sectors are increasingly conscious that their technology strategy will be key to the ongoing competitiveness of their business, regardless of their sector.

Notable recent transactions

Lower-mid market observations

British Technology Loses its Crown Jewel Japanese technology conglomerate Softbank acquired the microprocessor IP licensing business ARM for $32bn. This was the largest ever transaction involving a European technology business and ARM is by far the most recognisable UK-based technology company.

Unsolicited Offers Remain Prevalent Buyers continue to seek to pre-empt auction processes where possible, with unsolicited offers. Increasingly, receipt of an unsolicited offer is becoming one of the most common catalysts for launching a formal process.

Blue Coat Systems Changes Hands (again!) Symantec has agreed to buy enterprise security software company Blue Coat Systems for $4.7bn. This transaction comes only 12 months after Blue Coat was sold to Bain Capital for $2.4bn by Thoma Bravo, who had originally taken the company private for $1.3bn in 2011. Microsoft Enters Social Media Domain Microsoft has agreed to acquire the professional social network LinkedIn for $26.2bn in cash and will become part of Microsoft’s Productivity & Business Processes division.

Record Levels of Capital Available The year to July saw a record influx of capital into the European market, with circa $5.5bn of VC funds raised. The 3 largest funds raised year-to-date were Cocoon ($715m), Index Ventures ($704m) and EQT Ventures ($632m). Strategic Valuations are Commonplace Buyers remain willing to share strategic benefits with sellers where they see potential for significant value creation, or alternative targets are limited. Recent examples are ARM’s acquisition of Apical for $350m (c.15.0x EV/R) and Trainline’s acquisition of Captain Train for c. $190m (c.20.0x EV/R).

Sector contacts

18

Paddy MccGwire

Mark Miller

Software & Tech Lead

Digital & Internet Co-Lead

pm@silverpeakib.com +44 20 7529 5400

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 2016.

SECTOR SPECIFIC ANALYSIS

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SERVICES

Globalscopeâ&#x20AC;&#x2122;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

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EXECUTIVE & SUPPORT TEAM Globalscope’s executive team is made up of 8 directors and an operations manager.

Russell D’Alba Globalscope President 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.

Martijn Peters

John Sloan

Head of Partner Recruitment and Network Expansion

Head of Marketing

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.

T: +1 214-217-7755 E: john.sloan@globalscopepartners.com John Sloan is President and CEO of Allegiance Capital Corporation, a premier private investment bank, head-quartered in Dallas, USA.

Michael Moritz

Josh Park

Marcin Majewski

Globalscope Past President, Head of European Deal Events

Head of Conference

Head of Web

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

T: +48 504 031 584 E: marcin.majewski@globalscopepartners.com

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

Marcin Majewski is Managing Director at Aventis Capital, a focused M&A firm based in Warsaw, Poland

Jim Keeling

Stephen Jakob

Anna Edwards

Head of Sectors

Treasurer

Operations Manager

T: +44 20 7626 6266 E: jim.keeling@globalscopepartners.com

T: +1 416 867 8282 E: stephen.jakob@globalscopepartners.com

T : +44 20 8133 8023 E : anna.edwards@globalscopepartners.com

Jim Keeling is Chairman and Chief Executive of Corbett Keeling, a UK corporate finance advisory firm focused on advising management teams on buy-outs and owners on sales of, or other exits from, businesses.

Stephen Jakob is Co-founder and Partner at Osprey Capital, one of Canada’s leading independent mid-market investment banking and financial advisory firms

Anna Edwards is based in London, UK, and oversees the day to day operations of the network.

T : +49 40 300 8360 E : michael.moritz@globalscopepartners.com Michael Moritz is Managing Partner at CatCap, an owner operated corporate finance boutique with offices in Hamburg and Munich, Germany.

22 EXECUTIVE & SUPPORT TEAM


GLOBAL PARTNERS We have 51 Partner firms in 41 countries, with 60 offices and more than 600 professionals.

AFRICA Kenya Fieldstone Africa Nairobi South Africa Fieldstone Africa Sandton AMERICAS Argentina Ficus Capital Buenos Aires Brazil Pactor Finanças Corporativas São Paulo / SP Canada Osprey Capital Partners British Columbia, Calgary, Nova Scotia, Toronto, Winnipeg

MelCap Partners Medina Greif & Co. Los Angeles Paramax Corporation Buffalo Uruguay Ficus Capital Montevideo

Singapore Stirling Coleman Singapore Vietnam Nexus Group Hanoi EUROPE

ASIAPAC

Armenia EV Consulting Yerevan

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

Croatia Grubiši´cć& Partners Zagreb

RCS Advisors Pune

Czech Republic Venture Investors Corporate Finance Prague

Panama Insignia Financial Advisors Panama City

Indonesia Naxel iPartners Jakarta

Denmark Dansk Merchant Capital Copenhagen

United States Allegiance Capital Corporation Chicago, Dallas, Minneapolis, New York

Japan Kaede Financial Advisory Inc. Tokyo

Finland Summa Capital Helsinki

Mexico Allegiance Capital Corporation Monterrey

Brooks Houghton New York City

Korea H-Partners Seoul

France Atout Capital Paris

CMW Corporate Finance Paris

Stratégique Helvoirt

Georgia Alliance Group Capital Tbilisi

Norway Impello Management AS Trondheim

Germany CatCap Hamburg, Munich

Poland Augeo Ventures Warsaw

CCI Management Munich

Aventis Capital Warsaw

Transfer Partners Group Düsseldorf

Portugal Bluemint Capital Lisbon

Greece First Athens Corporate Finance Athens

Russia RB Partners Moscow

Hungary Heal Partners Budapest

Spain Next Corporate Barcelona

Israel Portofino Investments Tel Aviv

Sweden Jarl Securities Stockholm

Italy Benedetti & Associates Milan

Switzerland InternationalScope Ltd Bern

Palladio Corporate Finance Milan, Vicenza

Ukraine Capital Times Kiev

Luxembourg Tenzing Partners Luxembourg Netherlands Dex international M&A ’s-Hertogenbosch

United Kingdom Corbett Keeling London Silverpeak London

GLOBAL PARTNERS 23


GLOBAL PARTNERS - EUROPE & AFRICA

Armenia - Yerevan

France - Paris

Kenya – Nairobi

South Africa - Sandton

Belarus - Minsk

Georgia - Tbilisi

Luxembourg - Luxembourg

Spain - Barcelona

Croatia – Zagreb

Germany - Hamburg, Munich

Netherlands - s’Hertogenbosch, Helvoirt

Sweden - Stockholm

Czech Republic - Prague

Greece - Athens

Norway - Trondheim

Switzerland - Kerzers

Belgium – Leuven

Hungary - Budapest

Poland - Warsaw

Ukraine - Kiev

Denmark - Copenhagen

Israel - Tel Aviv

Portugal - Lisbon

United Kingdom - London

Finland - Helsinki

Italy - Milan, Vicenza

Russia - Moscow

EV Consulting

Grubišić & Partners

Mr Manuk Hergnyan

Mr Andrej Grubišić

Address: 2/1 Melik Adamyam Street, Yerevan, 0010, Armenia

Address: Zadarska 80, Zagreb, 1000, Croatia

Tel: Email: Website:

Tel: +385 1 7987 120 Email: andrej.grubisic@grubisic-partneri.net Website: www.grubisic-partneri.net

+374 10 546 434 manuk.hergnyan@evconsulting.com www.evconsulting.com

24 GLOBAL PARTNERS EUROPE


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 1 - 110 00, Czech Republic

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

Tel: Email: Website:

+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:

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

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:

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

GLOBAL PARTNERS EUROPE 25


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

Additional Office Locations: Munich

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@pfh.eu Website: www.palladiocf.com

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

Additional Office Locations: Vicenza

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:

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:

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

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

GLOBAL PARTNERS EUROPE 27


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:

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

28 GLOBAL PARTNERS EUROPE

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


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)

Silverpeak

Corbett Keeling

Mr Paddy MccGwire

Mr Jim Keeling

Address: 17 Hanover Square, London, W1S 1BN

Address: 8 Angel Court, London, EC2R 7HP

Tel: +44 (0) 20 7529 5400 Email: pm@silverpeakib.com Website: www.silverpeakib.com

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

Fieldstone Africa

Atout Capital

Mr Andrew Jarvis

Mr Rodolphe Ossola

Address: 2nd Floor, Katherine & West Building, 114 West Street, Sandton, 2196, South Africa

Address: 164 Boulevard Haussmann, Paris, F-75008, France

Tel: +27 11 775 2024 Email: ajarvis@fieldstoneafrica.com Website: www.fieldstoneafrica.com

Tel: +33 1 56 69 61 86 Email: rodolphe.ossola@atoutcapital.com Website: www.atoutcapital.com

Additional Office Locations: Nairobi GLOBAL PARTNERS EUROPE 29


GLOBAL PARTNERS - AMERICAS

Argentina - Buenos Aires

Mexico - Monterrey

Brazil - São Paulo

Panama – Panama City

USA - Buffalo, Chicago, Dallas Los Angeles, Medina, Minneapolis, New York Uruguay - Montevideo

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

Pactor Finanças Corporativas

Osprey Capital Partners Inc.

Insignia Financial Advisors

Mr Marcio Ferrazoli

Mr Stephen Jakob

Mr José Díaz

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

Address: Edificio Capital Plaza, Piso 6, Suite #605, Costa del Este, Panama

Tel: +55 11 3071 0000 Email: marcio@pactorfc.com.br Website: www.pactorfc.com.br

Tel: +1 416 867 8282 Email: sjakob@ospreycapital.ca Website: www.ospreycapital.ca

Tel: +507 202 3075 Email: jose.diaz@insigniafa.com Website: www.insigniafa.com

Additional Office Locations: Winnipeg, British Columbia, Calgary & Nova Scotia 30 GLOBAL PARTNERS AMERICAS


Paramax Corporation

Greif & Co.

Mr Russell Dâ&#x20AC;&#x2122;Alba

Mr Lloyd Greif

Address: 333 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)

Additional Office Locations: Buenos Aires

Brooks Houghton

MelCap Partners

Mr Kevin Centofanti

Mr Al Melchiorre

Address: 780 Third Avenue, 35th Floor, New York, NY 10017, United States

Address: 1684 Medina Road, Suite 102, Medina, Ohio, OH 44256, United States

Tel: +1 212 329 1675 Email: kcentofanti@brookshoughton.com Website: www.brookshoughton.com

Tel: +1 330 239 1990 Email: al@melcap.com Website: www.melcap.com 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 Perth, October 2017

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 in Shanghai, March 2016

Shanghai March 2016

Dallas October 2016

Sunday, March 20th & Monday, March 21st Optional visits to economic areas Jiaxing and Shaoshing including tour of local Chinese businesses Opening cocktail hosted by Beijing HRS

Wednesday, September 28th Opening hosted by Allegiance Capital Corporation Opening cocktail party at Allegiance HQ

Tuesday, March 22nd Introduction and presentation by Beijing HRS Observers’ Introductions Introduction to China & its investment opportunities Diverse Deal meetings & Sector meetings Dinner and Oscars at Whampoa Club @ 3 on the Bund restaurant

Thursday, September 29th Introduction and presentation by Allegiance Capital Observers’ Introductions Diverse Deal meetings & Sector meetings Guest speaker presentations by Dr. M. Ray Perryman on Texas and the U.S. Economy Dinner and Oscars at The Perot Museum of Nature & Science

Wednesday, March 23rd Best Practice presentation Case Study of Collaboration Marketing strategies regional workshop Diverse Deal meetings & Sector meetings Dinner at Xiangyefu restaurant

Friday, September 30th Best Practice presentations on marketing your firm in today’s M&A landscape & Dallas M&A Diverse Deal meetings & Sector meetings Guest speaker presentations by Robert A. Dye, Ph.D., on the state of the U.S. Economy Dinner at The Bent Tree Country Club

Thursday, March 24th Members’ Meeting Vote on Observers

Saturday, October 1st Members’ Meeting Vote on Observers

The next Globalscope conference will take place in Perth, Western Australia, from 11-14 October 2017 39 EVENTS EVENTS 37


GLOBALSCOPE EUROPEAN DEAL MEETING DAY In 2016 Globalscope ran additional meetings to provide our extensive member base extra opportunity to meet and share potential deals and projects. The deal days are organized so that members can fly in and out on the same day if they wish. The morningâ&#x20AC;&#x2122;s agenda is organized so that every attending firm has exactly 10 minutes to present 1 to 3 current or potential deal opportunities. The afternoon is then free for follow-ups and one-to-one deal meetings. In 2016 meetings were held in Munich and Oporto. Our host members organized informal time around the deal day agenda to allow for discussions to continue on the ski slopes in Alpbach, Austria, following the Munich deal day, and whilst cruising the River Douro following the Oporto deal day.

Globalscope ran deal meeting days in Munich and Oporto in 2016. In 2017 events will take place in Prague and St Petersburg

38 GLOBALSCOPE JUNIOR ACADEMY


GLOBALSCOPE JUNIOR ACADEMY In 2016 Globalscope introduced a training programme to give young analysts and consultants in their first years’ access to high quality, professional M&A training. The training in professional corporate finance was set relaxed locations and was combined with social activities (cycling, walking, swimming, skiing) to give participants a chance to get to know peers from other countries. The 3-day training incorporated the total transaction chain:- including searches, modelling, normalizations & restructurings, sensitivities & scenario planning, valuations and transaction structuring, with a mix of theory and real-life cases in subgroups.

Three days intensive training & education In 2016 we ran 2 separate training programmes; one in Vilamoura, Portugal, and also in Dubai. Both events were attended by between 10 to 15 participants from a pool of Globalscope members worldwide  • Average evaluation by the participants: 4.3 on a scale of 1 to 5 (5 = best) • Excellent tool to train own staff and strengthen the network at the same time • Excellent marketing in the recruitment process for analysts for each member firm

Participant Testimonials: “The trip was everything that I expected and more. I really enjoyed the course, the participants, and the trainers and would love to do it again! The location and resort were great and I had a lot of fun getting to know everyone! We spent a lot of time in the classroom doing advanced financial modeling and some intriguing cases. On top of that we made time for fun outdoor activities including go-karting, cycling, paintball and golf. I appreciate all of the work that Eric, Jens and Frank did to put everything together for us.” “The lecturing was extremely thorough and informative, and the activities were enjoyable. It was also a great opportunity to meet other junior members from around the world.”

GLOBALSCOPE EUROPEAN DEAL MEETING DAY 39


CASE STUDIES Kesko, the Finnish investment group, sold the Russian branch of international sport retail chain INTERSPORT, to a group of private investors. Globalscope member in Russia, RB Partners, and Globalscope member in Finland, Summa Capital, acted as joint financial advisors to the seller.

01

The Target INTERSPORT in Russia consists of more than 20 stores in Moscow, Saint Petersburg, Novosibirsk and other large cities. Net revenue of INTERSPORT Russia in 2015 constituted some RUB 900 million (c. EUR 12 million). INTERSPORT in Russia was owned by the Finnish stock exchange listed retail company Kesko. The Intersport brand is owned by Intersport International Corporation which is the licencing, brand management and sourcing company of the Intersport chain with headquarters in Bern, Switzerland. The Intersport chain holds a leading position in the global sporting goods retail market consisting of more than 5 400 Intersport stores in 42 countries.

02

The Acquirer A group of high net worth individuals with profound retail expertise, whose names are not disclosed.

03

The Deal Rationale Kesko has operated in Russia for more than 20 years and had been the Intersport license holder in Russia since 2011. Besides INTERSPORT, at the time of the transaction, Kesko’s Russian operations consisted of the building and technical trade retail chain K-Rauta and the grocery chain K-Ruoka. In 2015 Kesko announced their new strategy that focuses on selected core sectors. As a result of the new strategy INTERSPORT, a part of Kesko’s home improvement and speciality goods trade division, was no longer in Kesko’s strategic focus.

04

The Process Summa Capital and RB Partners, jointly acted as exclusive financial advisors to Kesko. Both Globalscope members managed to gather interest to the asset from a number of strategic and financial investors within a short time period. The deal closure took approximately 7 months which met Kesko’s strict time constraints. As a result of the auction process, the deal was concluded with a group of private investors, whose names are not disclosed.

40 CASE STUDIES


CASE STUDIES ABC Dental – CBC Deal: CatCap successfully advised the sale process of abc dental ag in the course of which international strategists and financial investors were approached. The sale to the Japanese CBC Group, which was advised by the Globalscope member Kaede Financial Advisory, represents an ideal solution for abc dental ag.

01

The Target ABC dental ag is one of the leading dental dealers in Switzerland. Founded in 1998 the company today employs around 50 people. The company’s headquarters are located in Schlieren near Zurich. As a competent dental service provider, abc dental ag covers all the needs of a dentist with regard to products and services. As a supplier of consumables, equipment and dental furniture, abc dental ag is a competent partner for more than 4,500 dentists in Switzerland.

02

The Acquirer With regional headquarters in 18 countries, 38 locations and having more than 2,800 employees, CBC Group is one of the leading family-owned trading companies in Japan. With 92 years of history the company is active in its home-market Japan, as well as in Europe, the United States and Asia. The group concentrates on the trade of chemical products and materials for the packaging industry, as well as manufacturing and distributing optical devices and pharmaceutical ingredients. The European headquarters are in Düsseldorf, Germany with branches in Milan, Barcelona, Warsaw, London and Moscow. The European business contributes to roughly 25% of the Group’s revenues of 1.2 billion Euros

03

The Deal Rationale Through the acquisition abc dental will be positioned as an independent and successful dental company. Dr. Frank Höfer, COO of CBC (Europe) GmbH stated “With this acquisition, we are able to introduce some of our compelling and sustainable technologies faster into a dynamic and evolving market in Europe on our own. Our vision with abc dental is to create a full-service provider for the dental practice: equipment, consumables, IT systems and videobased documentation from one supplier!”

04

The Process CatCap acted as exclusive sales side advisor for abc dental, Kaede was granted a buy-side mandate by CBC. At a Globalscope conference Kaede presented CBC as potential investor for abc dental. Both member firms worked for their respective clients on opposing sides towards closing the deal. This transaction would not have been possible without the established trusting relationship betweenGlobalscope partners.

41


CASE STUDIES Talkwalker deal: Globalscope member Tenzing Partners SA in collaboration with Globalscope member CatCap GmbH, provided advisory services to Talkwalker based in Luxembourg in a fundraising operation with Main Capital Partners, based in the Netherlands.

01

The Target Talkwalker has more than 100 employees and has become a must-have in the social media listening and analytics market; a market that is estimated to grow from $1.6B in 2015 to $5.40B by 2020 according to market research firm MarketsandMarkets. The company has recently gained significant traction and new clients in the US market being used by brands, agencies, bloggers, and consultancies. It’s built with cutting-edge proprietary technology providing comprehensive social media listening in 187 languages, image recognition of thousands of brands and deep analytics for historical data research. Headquartered in Luxembourg, Talkwalker opened in 2015 its first US office in New York City. Expert customer service and support are important differentiators for Talkwalker; with this in mind its goal is proximity to prospects and clients and this funding will allow geo expansion, more local offices, and the hiring of new talent. Talkwalker has 600+ clients worldwide from major brands like Microsoft, Hewlett Packard Enterprise, Benetton, Marie Claire, and PwC, to global agencies like Edelman, Ogilvy, Publicis, and Peppercom. Talkwalker’s rapid growth demonstrates the demand for social data intelligence as brands realize that social media holds vital client and competitor insights, and business data.

02

The Investor Main Capital Partners is a specialised Dutch PE investor and mezzanine lender. This was one of its first foreign investments, and the first one in Luxembourg.

03

The Deal Rationale The €5 million in long-term funding from leading Dutch venture capital company, Main Capital Partners allows Talkwalker to accelerate development of its existing analytics platform whilst significantly expanding its sales teams in Europe and the US. A San Francisco and Frankfurt office will be opened in first half 2017. A major part of the funding will also be invested in the further development of its existing Artificial Intelligence platform to enable the implementation of revolutionary features in listening, analytics and social media optimization. The transaction was mezz-financed, allowing Talkwalker’s shareholders a minimum dilution and a lot of flexibility along the road. MCP is part as an active partner of a newly to be formed strategic board but not of the main company board.

04

The Process TENZING Partners has been mandated by Talkwalker for a fundraise of up to 15M€ (other offers were also on the table, but not accepted by the board). TENZING was in charge of all document preparation, valuation etc. and prepared an extensive list. It quickly turned to CatCap, and with the help of CatCap’s team and especially Mischa Krause some additional names were sourced and contacted. After a first initial call with Main Capital Partners and CatCap, TENZING took over the management of the process (while always informing Mischa), as it was easier to have less people in the discussion.

42 CASE STUDIES


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For Globalscope enquiries, please contact: Russell Dâ&#x20AC;&#x2122;Alba - President T: +1 716 626 1200 E: russell.dalba@globalscopepartners.com For press enquiries, please contact: Anna Edwards - Operations Manager T: +44 20 8133 8023 E: anna.edwards@globalscopepartners.com Imperial House 15 Kingsway London WC2B 6UN W: www.globalscopepartners.comâ&#x20AC;&#x2039; Company number: 07409493

Globalscope annual yearbook 2017  
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