Zephyr Quarterly M&A Report

Transcription

1 Nordic Report, Q2 2015

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 M&A value falls to two-year low The value of mergers and acquisitions (M&A) with Nordic targets in the second quarter of 2015 was EUR 12,401 million, a 41 per cent decrease on EUR 21,198 million in Q and the lowest result of the two years under review. Compared to the corresponding three months of 2014, value was 23 per cent lower (Q2 2014: EUR 16,002 million). Deal volume also weakened but at a much slower rate; there were 713 transactions between April and June compared to 735 in Q1 2015, but was down 23 per cent on the 926 announced in Q Lower individual deal values in Q accounted for the decline, with just two transactions topping the EUR 1,000 million-mark and both of which failed to surpass even EUR 2,000 million. Deals by volume and value Announced date No of deals Total deal value Q ,401 Q ,198 Q ,614 Q ,310 Q ,002 Q ,094 30,051 Q ,377 19,928 Q ,023 19,940 Q ,144 15,048 Page 1

3 Nordic deals by volume and value Deal value 35,000 30,000 25,000 20,000 15,000 10,000 5,000 1,600 1,400 1,200 1, Q Q Q Q Q Q Q Q Q Total deal value Number of deals Page 2

4 Danish medical devices company targeted in top deal The sale of a minority stake in a Danish medical devices firm was the region s number one deal by value in Q and accounted for 14 per cent of total M&A value for the three months. Aage og Johanne Louis-Hansens Fond disposed of a 12 per cent stake in Coloplast, which develops products and services for ostomy, urology and continence, as well as wound and skin care, to a newly-created subsidiary in a transaction worth EUR 1,726 million. Norwegian shopping centres developer Sektor Gruppen was targeted in the second-largest deal by value in Q2 2015, when Finnish peer Citycon paid EUR 1,467 million to acquire the Oslo-based company from Joh Handel Eiendom 1, Varner Invest and K&S Holding. Citycon will part-finance the purchase with a EUR 600 million rights issue. M&A growth in Norway and Finland Only two of the four countries in the region experienced growth in M&A value between April and June. The increase was most marked in Norway, where value leapt almost three-fold to EUR 2,831 million from a low base of EUR 963 million in Q Meanwhile, the value of deals targeting Finnish companies rose 17 per cent from EUR 1,943 million last quarter to EUR 2,281 million. Volume decreased in all but one country in Q There were 100 transactions targeting Norwegian companies, compared to 93 in Q1 2015, representing an 8 per cent increase. A number of deals during the period under review involved buyers from outside the Nordic region. UK private equity firm Bridgepoint Advisers participated in the acquisition of Nordic Cinema Group for EUR 502 million, while Swedish music streaming service Spotify raised EUR 466 million from investors from the US, UK and Canada, as well as local funds. Page 3

5 Nordic Region top 20 deals by value Deal value Deal type Target Target country Acquiror Acquiror country Announced date 1. 1,726 Minority stake 12% Coloplast A/S DK Aage og Johanne Louis-Hansen ApS DK 17/04/ ,467 Acquisition 100% Sektor Gruppen AS NO Citycon Oyj FI 25/05/ Capital Increase 27% Citycon Oyj FI 25/05/ Minority stake 3%, 4%, Wintershall Holding GmbH's assets and stake in Knarr oil and NO Tellus Petroleum AS NO 18/06/2015 5%, 6%, 10% and 20% gas field in Norway; Wintershall Holding GmbH's assets and stake in Veslefrikk oil and gas field in Norway; Wintershall Holding GmbH's assets and stake in Ivar Aasen oil and gas field in Norway; Wintershall Holding GmbH's assets and stake in Yme oil and gas field in Norway; Wintershall Holding GmbH's Utsira High Gas Pipeline Norway; Wintershall Holding GmbH's Edvard Grieg Oil Pipeline Norway; Wintershall Holding GmbH's Knarr Gas Pipeline Norway IBO 100% Nordic Cinema Group AB SE Management; Bonnier Entertainment AB; Bridgepoint Advisers Ltd SE; GB 28/04/ Minority stake Spotify AB SE DE Shaw & Company LP; TCMI Inc.; Northzone Ventures AB; US; US; 01/05/2015 Lansdowne Partners Limited Partnership; Senvest Capital Inc.; TeliaSonera AB; Discovery Capital Management Corporation; SE; GB; CA; SE; CA; GB; Baillie Gifford & Co Ltd; P Schoenfeld Asset Management LLC; US; US; Halcyon Asset Management LLC; GSV Capital Corporation; US; GB; US Rinkelberg Capital Ltd; GS OPPORTUNITY PARTNERS, L.P IBO majority stake % Fitness World A/S DK FSN Capital Partners AS NO 29/04/ Acquisition 100% Inspecta Oy FI ACTA Holding BV NL 08/04/ Acquisition 100% Transmode AB SE Infinera Corporation US 08/04/ Acquisition 100% Universal Robots A/S DK Teradyne Inc. US 13/05/2015 Page 4

6 Nordic Region top 20 deals by value (cont d) Deal value Deal type Target Target country Acquiror Acquiror country Announced date Minority stake 1% Swedbank AB SE Sampo Oyj FI 30/04/ Acquisition 100% Nordea Bank AB's merchant acquiring business SE Nets Holding A/S DK 15/06/ Capital Increase Akelius Residential Property AB SE 23/04/ Minority stake 20% Thule Group AB SE 10/06/ Acquisition 100% Aerocrine AB SE Circassia Pharmaceuticals plc GB 15/05/ Minority stake 14% XXL ASA NO 05/05/ Minority stake 2% UPM-Kymmene Oyj FI 07/04/ Acquisition 100% Hemnet Sverige AB SE Schibsted ASA NO 08/05/ Acquisition increased from 27% Anvia Oyj FI Elisa Oyj FI 15/04/2015 to 100% Minority stake 21% Inwido AB SE Investors 29/04/2015 Page 5

7 Nordic Region top 20 private equity deals by value Deal value Deal type Target Target country General Partner/Fund Manager Announced date IBO 100% Nordic Cinema Group AB SE Bridgepoint Advisers Ltd 28/04/ Minority stake Spotify AB SE DE Shaw & Company LP; TCMI Inc.; Northzone Ventures AB; Lansdowne Partners Limited 01/05/2015 Partnership; Senvest Capital Inc.; TeliaSonera AB; Discovery Capital Management Corporation; Baillie Gifford & Co Ltd; P Schoenfeld Asset Management LLC; Halcyon Asset Management LLC; GSV Capital Corporation; Rinkelberg Capital Ltd; Goldman Sachs Group Inc IBO majority stake % Fitness World A/S DK FSN Capital Partners AS 29/04/ IBO Digiprint Finland Oy; Multiprint Group Oy FI; FI Panostaja Oyj 19/05/ Minority stake Trustpilot A/S DK Northzone Ventures AB; Seed Capital Management A/S; DFJ Esprit LLP; Vitruvian Partners 28/05/2015 LLP; Index Venture Management LLP Minority stake 30% Neas Energy A/S DK ATP Private Equity K/S; Via Venture Partners A/S 27/04/ IBO 82% Lomond Industrier AB SE Volati AB 26/06/ Minority stake 30% Swedol AB SE Nordstjernan AB 18/06/ IBO 70% SPEED Group AB SE Ratos AB 25/06/ Minority stake Cortendo AB SE HealthCap AB; New Enterprise Associates Inc.; Granite Ventures LLC; TVM Capital GmbH; 15/05/2015 RA Capital Management LLC; Broadfin Capital LLC; Longwood Fund Minority stake Omada A/S DK C5 Capital Ltd 11/05/ IBO 15% Rocksource ASA NO HitecVision AS 12/05/ Minority stake Enevo Oy FI Earlybird VC Management GmbH & Co. KG; Hon Hai Precision Industry Co., Ltd; Suomen 30/06/2015 Teollisuussijoitus Oy; Lifeline Ventures Oy; Ginko Ventures SARL; Mistletoe, Inc Minority stake Onbone Oy FI Suomen Teollisuussijoitus Oy; MVM Life Science Partners LLP; Inveni Capital Oy 14/04/ Minority stake Soundtrack Your Brand Sweden AB SE Wellington Partners Venture Capital GmbH; Northzone Ventures AB; PlayNetwork Inc.; 22/06/2015 Creandum Advisor AB; TeliaSonera AB; Spotify AB Minority stake inriver AB SE Industrifonden AB; Verdane Capital Advisors AS; Zobito AB 21/05/ Minority stake Cryex Holding AB SE Northzone Ventures AB; White Star Capital LP 07/05/ Minority stake Senseg Oy FI Finnvera Oyj; Verdane Capital Advisors AS; NXP Semiconductors NV 09/04/ IBO 66% Bjorn Emil Madeleine Zoe (BEMZ) Design AB SE Verdane Capital Advisors AS 12/05/ Minority stake TrialBee AB SE Industrifonden AB; Briban Invest AB 20/05/2015 Page 6

8 PE value plummets in Q2 The value of private equity and venture capital (PE and VC) investment targeting Nordic companies declined significantly in Q while volume dropped to its lowest level since the third quarter of In all, a total of 85 deals worth a combined EUR 1,823 million were announced over the three months, representing a 21 per cent decline in volume and 75 per cent by value, compared to the 108 deals worth EUR 7,247 million announced in Q1. However, year-on-year the result was more positive. Although volume was still down on the 113 deals signed off in Q2 2014, value increased from EUR 1,084 million. Private equity deals by volume and value Announced date No of deals Q ,823 Q ,247 Q ,616 Q ,364 Q ,084 Q ,335 Q ,298 Q ,507 Q ,447 Total deal value Page 7

9 Nordic private equity deals by volume and value 8, Deal value 7,000 6,000 5,000 4,000 3,000 2,000 1, Q Q Q Q Q Q Q Q Q Total deal value Number of deals Page 8

10 Deal types by volume in Q Deal types by volume Acquisition Minority stake Capital increase IBO Merger MBO Demerger Deal type Q Q Q Acquisition Minority stake Capital increase IBO Merger MBO Demerger Deal types by value in Q Deal types by value Minority stake Minority Acquisition stake Capital increase Acquisition IBO IBO Deal type Q Q Q Minority stake 3,497 8,459 4,887 Acquisition 9,557 4,508 4,465 Capital increase 2,482 1,270 2,028 IBO 706 6,963 1,022 Page 9

11 Target sectors by volume Target sectors by value Target sector Q Q Q Target sector Q Q Q Other services Machinery, equipment, furniture, recycling Wholesale & retail trade Publishing, printing Construction Banks Chemicals, rubber, plastics Transport Hotels & restaurants Metals & metal products Food, beverages, tobacco Education, health Gas, water, electricity Primary sector Wood, cork, paper Textiles, wearing apparel, leather Insurance companies Post and telecommunications Public administration and defence Other services 5,889 3,777 5,813 Machinery, equipment, furniture, recycling 2,394 3,768 2,992 Transport Banks 1,634 4, Primary sector Wholesale & retail trade 1, Wood, cork, paper Chemicals, rubber, plastics Metals & metal products Gas, water, electricity 1,124 6, Publishing, printing Food, beverages, tobacco Construction Hotels & restaurants Insurance companies Textiles, wearing apparel, leather Education, health Post and telecommunications Public administration and defence Page 10

12 Countries by volume Target country Q Q Q Q Q Sweden Finland Norway Denmark Countries by value Target country Q Q Q Q Q Sweden 3,850 4,756 4,877 11,605 4,208 Denmark 1,603 2,795 2,191 6,690 3,081 Norway 7,148 8,516 5, ,831 Finland 3,402 2,328 3,300 1,943 2,281 Page 11

13 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 01/04/2015 to 30/06/2015 inclusive Page 12