Zephyr Quarterly M&A Report

Transcription

1 Nordic Report, Q2 2013

2 The following report details mergers and acquisitions activity in the Nordic Region in Q using data from the Zephyr database. It focuses on deal activity by target company. Click here to access the raw data in an Excel spreadsheet. Nordic deal activity rises in Q2 The value of merger and acquisitions (M&A) with Nordic targets increased to EUR 15,147 million in Q2 2013, the third highest result of the nine quarters under review. This was 28 per cent higher than the EUR 11,874 million recorded in Q and 29 per cent more than the same time last year (Q2 2012: EUR 11,755). Volume also advanced quarter-on-quarter from 911 to 1,051 transactions, and was slightly higher than the corresponding three-month period of 2012 when 1,015 deals were announced. Deals by volume and value Announced date No of deals Total deal value Q ,051 15,147 Q ,874 Q ,256 16,510 Q ,022 Q ,015 11,755 Q ,269 Q ,155 15,071 Q ,883 Q ,046 23,954 Page 1

3 Nordic deals by volume and value 30,000 1,400 25,000 1,200 Deal value 20,000 15,000 10,000 5,000 1, Q Q Q Q Q Q Q Q Q Total deal value Number of deals Page 2

4 Two deals top EUR 1,000 million The Swedish government pared its stake in Nordea Bank in the highest value transaction of Q The state sold 260 million shares, cutting its stake in the lender from 13 to 7 per cent, to raise EUR 2,259 million which will be used to reduce the country s debt. The number two deal by value was a failed takeover bid by Marine Harvest for Norwegian fish farming company Cermaq worth EUR 1,190 million. The acquiror, which holds a 5 per cent stake in Cermaq, upped its original offer of NOK 105 per share to NOK 107, but did not manage to secure the necessary number of acceptances. A number of overseas buyers targeted Nordic companies during the three months under review, from countries including the UK, Singapore, the Netherlands, Malaysia and the US. Norway the highest growth country Novo, Scope and IFC active in high-value PE deals There were no blockbuster private equity or venture capital deals involving companies in the Nordic region in Q but there were three worth EUR 400 million or above. The largest transaction by value was the institutional buyout of Danish caterer Euro Cater by Intermediate Capital Group for EUR 671 million. This was followed by the acquisition of anti-infective therapies developer and manufacturer Xellia Pharmaceuticals by Novo in a EUR 543 million deal which provided an exit for 3i Group. This was one of two transactions which featured the Danish investor, the second of which involved Finnish endometriosis and male low testosterone pharmaceutical developer Forendo Pharma holding a fundraising round worth EUR 10 million. Other investors which appeared more than once in the top 20 private equity or venture capital deals by value for Q include Scope Capital injecting money into Sweden s Zenterio and Artificial Solutions Holding, and the International Finance Corporation backing Flexenclosure of Sweden and Danish meat processor Axzon. While all the component countries of the Nordic region experienced an upturn in deal volume, it was Norway that stood out for growth in value, rising from EUR 2,164 to EUR 6,248 million and accounting for 41 per cent of value for the region. In fact, it was the only country for which an increase in value was recorded, with Sweden, Denmark and Finland slipping from Q results. Sweden led by volume, advancing 18 per cent from 312 in the preceding quarter to 368. Finland followed with 325 transactions, Norway with 234 and Denmark on 128. Page 3

5 Nordic Region top 20 deals by value Deal value Deal type Target Target country Acquiror Acquiror country Announced date 1. 2,259 Minority stake 6% Nordea Bank AB SE Institutional Investor 18/06/ ,190 Minority stake increased to 5% Cermaq ASA NO Marine Harvest ASA NO 31/05/ Acquisition increased 34% to 100% Bid 3 - Increased offer Höganäs AB SE H Intressenter AB SE 22/05/ IBO 100% Euro Cater A/S DK Intermediate Capital Group plc; Employees GB; DK 24/04/ Minority stake 43% DNO International ASA NO RAK Petroleum Holdings BV NL 14/06/ Minority stake 26% Kraftgården AB SE Voimapiha AB SE 27/06/ IBO 100% Xellia Pharmaceuticals AS NO Novo A/S DK 21/05/ Acquisition increased 17% to 100% Bid 3 - increased offer Copeinca ASA NO Grand Success Investment (Singapore) Pvt Ltd SG 24/06/ IBO 100% Unifeeder A/S DK NC Advisory AB SE 05/04/ Minority stake 8% Marine Harvest ASA NO 30/04/ Minority stake 10% Pandora A/S DK Institutional Investors 22/05/ Acquisition 100% Troms Offshore Supply AS NO Tidewater Inc. US 14/05/ Acquisition 100% Stonesoft Oyj FI McAfee Suomi Funding LLC US 06/05/ Acquisition 80% Widerøes Flyveselskap AS NO Fjord1 AS; Torghatten ASA; Nordland Fylkeskommune NO; NO; NO 03/05/ Minority stake increased 17% to 49% Copeinca ASA NO Cermaq ASA NO 05/04/ Acquisition 100% Medstop Group Holding AB SE Oriola-KD Holding Sverige AB SE 08/04/ Minority stake less than 1% Ratos AB SE Institutional Investors; Investors 27/05/ Minority stake 49% Odfjell Terminals AS NO Lindsay Goldberg LLC US 06/05/ Minority stake increased 2% to 5% UPM-Kymmene Oyj FI Norges Bank NO 12/04/ Acquisition 100% Fred Olsen Production ASA NO Yinson Holdings Bhd MY 10/06/2013 Page 4

6 Nordic Region top 20 private equity deals by value Deal value Deal type Target Target country Equity provider Announced date IBO 100% Euro Cater A/S DK Intermediate Capital Group plc 24/04/ IBO 100% Xellia Pharmaceuticals AS NO Novo A/S 21/05/ IBO 100% Unifeeder A/S DK NC Advisory AB 05/04/ IBO 76% Infratek ASA NO Triton Advisers Ltd 26/06/ IBO 78% HENT AS NO Ratos AB 24/05/ Acquisition 100% Addnature AB SE EQT Partners AB 30/05/ Minority stake Flexenclosure AB SE Industrifonden; The International Finance Corporation 28/05/ Minority stake 20% Axzon A/S DK The International Finance Corporation 17/05/ IBO InterBuild ApS DK FIH Erhvervsbank A/S; Fondsmæglerselskabet Maj Invest A/S 10/05/ Minority stake Bohemian Wrappsody AB SE American Express Company; Qualcomm Inc.; Greylock Management Corporation; Creandum Advisor AB; Atomico (UK) Partners LLP; SEB Asset Management AG 13/06/ Minority stake Forendo Pharma Oy FI Novo A/S; Finnvera Oyj; Teknologian Kehittämiskeskus; Karolinska Development AB 25/06/ Minority stake Zenterio AB SE Scope Capital Advisory AB 13/06/ Minority stake Valkee Oy FI 07/06/ Minority stake Artificial Solutions Holding ASH AB SE Scope Capital Advisory AB 25/06/ Minority stake BerGenBio AS NO Investinor AS 26/06/ Minority stake Mathem i Sverige AB SE Verdane Capital Advisors AS 17/06/ Minority stake M-Files Oy FI Suomen Teollisuussijoitus Oy; DFJ Esprit LLP 30/04/ Minority stake 12% Bluefish Pharmaceuticals AB SE Nexttobe AB 12/06/ Minority stake Axiomatics AB SE Coach & Capital Nordic 1 AB;Almi Invest AB; Monterro Holdings AB 07/05/ Minority stake Rightware Oy FI Nexit Ventures Oy; Suomen Teollisuussijoitus Oy; Inventure Oy 14/05/2013 Page 5

7 PE value returns to Nordic region, volume jumps Private equity and venture capital investment in the Nordic region improved in Q to 95 deals worth a combined EUR 1,898 million from 59 transactions valued at EUR 1,603 million in Q The growth in value was driven by three private equity and venture capital deals each of which were worth EUR 400 million or more and together accounted for 85 per cent of the quarter s total value. In monetary terms, investment has not quite returned to form as it remains one of the four lowest results recorded for the two-year period under review. However, it is more than double Q (EUR 894 million), indicating there appears to be an uptick in the value of investment targeting the Nordic region. While value increased by almost a fifth over the three months, volume jumped 61 per cent to one of the highest results recorded in the period under review, just behind Q (107). However, the volume of private equity and venture capital investment in the Nordic region has been fluctuating over the past year, showing a frustrating lack of consistency. Private equity deals by volume and value Announced date No of deals Q ,898 Q ,603 Q ,059 Q Q Q ,103 Q ,717 Q ,521 Q ,342 Total deal value Page 6

8 Nordic private equity deals by volume and value 4, Deal value 3,500 3,000 2,500 2,000 1,500 1, Q Q Q Q Q Q Q Q Q Total deal value Number of deals Page 7

9 Deal types by volume in Q Deal types by volume Acquisition Minority stake IBO Merger MBO Deal type Q Q Q Acquisition Minority stake IBO Merger MBO Deal types by value in Q Deal types by value Deal type Q Q Q Minority stake Acquisition IBO Minority stake 3,647 5,377 9,162 Acquisition 7,745 5,094 4,259 IBO 363 1,403 1,726 Page 8

10 Target sectors by volume Target sectors by value Target sector Q Q Q Target sector Q Q Q Other services Wholesale & retail trade Machinery, equipment, furniture, recycling Construction Banks Chemicals, rubber, plastics Education, health Primary sector Transport Publishing, printing Food, beverages, tobacco Metals & metal products Gas, water, electricity Wood, cork, paper Hotels & restaurants Textiles, wearing apparel, leather Insurance companies Post and telecommunications Public administration and defence Banks 610 2,015 2,847 Primary sector ,250 Other services 3,491 2,974 2,086 Transport ,376 Wholesale & retail trade 2,396 2,820 1,089 Machinery, equipment, furniture, recycling 1,486 1,678 1,067 Food, beverages, tobacco Metals & metal products Gas, water, electricity Chemicals, rubber, plastics Construction Wood, cork, paper 1, Publishing, printing Education, health Textiles, wearing apparel, leather Hotels & restaurants Insurance companies Public administration and defence Post and telecommunications Page 9

11 Countries by volume Target country Q Q Q Q Q Sweden Finland Norway Denmark Countries by value Target country Q Q Q Q Q Norway 4,142 2,918 5,035 2,164 6,248 Sweden 3,641 1,894 7,482 6,048 5,959 Denmark 2, ,751 2,277 1,829 Finland 1,263 1,218 1,243 1,385 1,111 Page 10

12 Notes to editors Activity is based on the activity of the target company for firms in Sweden, Norway, Finland and Denmark Deal status is announced within the time period The sector breakdown uses targets activities as defined to be Major Sectors by Zephyr Q date range is from 01/04/2013 to 30/06/2013 inclusive Page 11