Chemical Distribution Industry and M&A Outlook

Transcription

1 Chemical Distribution Industry and M&A Outlook Strong value contribution of distributors to both chemical producers and pro-cessing companies is leading to persisting market growth Consolidation set to continue as scale and reach become critical factors

2 2 Table of contents Market & competition...1 Overview 1 Value contribution of chemical distributors. 2 Value chain... 3 Strong growth expected to persist. 4 The competitive landscape. 5 Consolidating market. 6 Recent transactions in chemical distribution industry 7 Most relevant transaction between 01/01/2014 and 01/04/ Pricing and stock performance About M&A International Inc...15 About the chemicals & pharmaceuticals industry group. 15 M&A International Inc. case studies in chemical industry. 16 Our industry experts in Germany DR. LUTZ BECKER Managing Partner Lutz is particularly active in the area of retail and wholesale sector. He founded and led the retail group of M&A International Inc. for more than 10 years. ALI TAŞBAŞI Managing Director Ali disposes of a broad transaction experience with cross border transactions. He is Head of Angermann s Chemical and Pharmaceutical Industry Group. MATTHIAS KNOKE Senior Consultant Matthias has extensive M&A experience focusing mainly on transactions in the engineering, construction and chemical industries. CHRISTIAN JELLENTRUP Consultant Christian gained broad knowhow of challenges and success factors of wholesale and specialized trade business through several M&A-processes in the past.

3 1 Market and competition Overview The chemical industry, consisting of production, distribution and consumption, is an important driver of the global economy, with estimated global annual consumption of EUR 2,560bn in About 90% of the chemical production is distributed by the production companies, leaving 10% share for (thirdparty) distributors. The 10% represents a market of about EUR 165bn per year as shown in the table below. The market share of (third-party) distributors is expected to increase as a result of outsourcing. The (third-party) distribution market consists of specialty (ca. 70bn) and commodity distribution (ca. 95bn). Region/Market Nominal GDP (EURbn) Chemical consumption (EURbn) Chemicals as % of GDP Distribution relevant chemical consumption (EURbn) Share of third-party distributors (%) Size of thirdparty distribution market (EURbn) Europe 16, % % 42.9 Germany 2, % 86 10% 8.5 France 2, % 56 9% 5.1 United Kingdom 1, % 26 11% 2.9 Italy 1, % 47 11% 5.1 Spain 1, % 24 10% 2.5 Other Western Europe 3, % 80 9% 6.9 Other Central and Eastern Europe 3, % 82 15% 11.9 North America 13, % % 29.9 Asia-Pacific 17,609 1, % 894 7% 62.5 Latin America 4, % % 17.3 Middle East 3, % 81 15% 12.2 Total world 55,504 2, % 1,732 10% Source: BCG, The growing opportunity for chemical distributors, July 2013

4 2 Value contribution of chemical distributors Traditionally, chemical producers distribute their own products. Direct supply still accounts for about 90% of total global distribution. Large end-users will continue to buy directly from the manufacturer and account for the bulk of producers output Dedicated key account management structures and processes have been set up by producers to serve these large customers. However, for smaller customers and countries where producers have limited operations, most chemical producers struggle to develop an effective sales model. Particularly as the need for greater cost efficiency has led to continuing downward pressure on the size of sales forces in the field and the level of technical assistance offered to customers. By offering efficient logistics for smaller quantities, complemented by value-added services, chemical distributors reduce complexity for customers and suppliers. As a result of the abovementioned trends, producers are handing more and more of their marketing of smaller quantities to distributors. This outsourcing trend is set to continue, despite that some markets of processing companies are consolidating Value added to chemical producers Market share and penetration Logistics service including storage and packaging Market intelligence and transparency Demand forecasting and planning Market development capabilities Trainable staff with good technical knowledge Modern IT infrastructure allowing automated information exchange Low cost-to-serve for small lots Value added to processing companies Broad product portfolio with complementary products (often sub-sector specific) Access to reputable suppliers Competitive (and stable) pricing Stock management and JIT deliveries Competent and knowledgeable sales team Technical support / problem solving skills Value-added services (e.g. VMI, mixing, blending, bundling, repacking, formulation) Easy access to samples Drum return handling Financing and credit in line with local terms

5 Chemical distributors 3 Value chain The value chain of a distributor starts with the sourcing, purchase, transport and storage of sometimes large-scale quantities of diverse raw materials and ingredients. Key elements in the value chain of a distributor include: sourcing from the right producers to ensure high quality and a reliable product offering; taking physical ownership of products, warehousing them, and mixing, blending, and repackaging them according to customers needs. Important elements are the formulating expertise and technical support from dedicated application laboratories. The next step is selling and physically transporting the goods to customers. Important issues to take into account with transporting are: o Leveraging high route density based on local scale Producers Sales, purchase Inbound transport Storage Mixing, blending, formulating o Providing just-in-time delivery and vendor managed inventory service o Taking care of environmental friendly packaging return or disposal service o Offering one-stop-shop solutions Chemical distributors stand apart from logistics-only companies and from trading companies. Chemical distributors do take ownership of products and do repack and assemble the product portfolio according to customer needs. Also, chemical distributors do offer development and testing services for improving customer products and production processes The role and added-value services of chemical distributors play a crucial part in the supply chain Filling, packaging, labelling Technical support Vendor managed inventory Bundling, outbound transport Processing companies

6 EURbn 4 Strong growth expected to persist Overall the (third party) chemical distribution market grew between 2008 and 2013 with a CAGR of 6.5%, divided between the two segments commodity (+6.2%) and specialty chemical (+7.0%). 1 The distribution market grew, amongst others, due to an increase in chemical consumption and outsourcing. The latter is a result of the factors listed below: Reduce complexity Producers turn to distributors for distribution to reduce complexity, especially in markets with a fragmented customer base (such as emerging markets) or with smaller order sizes (especially in specialty chemicals) Access to new markets Producers turn to distributors to improve market access and geographical reach, especially in emerging markets Value-added services Streamline financials Value-added services, such as outsourced inventory management, blending and formulation, are increasingly important to producers and often drive their choice of distributor Producers want to reduce costs; outsourcing eliminates the need for an extensive sales organisation. Also, by outsourcing to distributors producers can manage their working capital more effectively Increasing standards International distributors are better equipped to meet increasing quality standards, as they have segment-specific expertise The growth of (third party) chemical distribution as a result of increasing chemical consumption and outsourcing is expected to persist with a CAGR of 5.6% from 2013 to F2015F2016F2017F2018F Specialty Commodity

7 5 The competitive landscape Despite the consolidation we have seen, the chemical distribution market is fragmented with more than 10,000 distributors globally across a range of technical categories, including petrochemicals, solvents, polymers and specialty chemicals. The market can be divided into two segments: o Commodity: This group is focused on bulk products and can be seen as wholesalers. The largest two are Brenntag and Univar. They are the only chemical distributors which have a leading position in Europe as well as North America. Together they have 17 % market share in Europe and 12% in North America. Specialty Product range Commodity o Specialty: This group is focused on being a value adding distribution partner, with the largest European being IMCD, Azelis, Biesterfeld, Stockmeier, Barentz and Caldic. Regional Presence Pan-European Regional Presence Global Global competitive field European competitive field As mentioned before, there is a main trend whereby companies move towards global distributors and make a choice between being a commodity or specialty distributor Both segments have distinctly different business models: Specialty Product range Commodity Commodity High volume, large parties Purchasing power Broad global presence Wholesaler Key success factors Specialty Transparent price setting Exclusive contracts Regional scale, local reach Value adding services Culture of dialogue

8 6 Consolidating market In the past decade, the third party chemical distribution market has been consolidating. The largest consolidation took place in Europe and North America. Since 1991, the four most acquisitive companies (Brenntag, Azelis, IMCD and Univar) completed over 200 acquisitions However, all debt financed deals came to a standstill during the crisis of , which caused a decrease in M&A activity In 2010 M&A picked up again in all regions. Europe is still the continent which shows the majority of the transactions due to the maturity of the industry 40 M&A transactions over the years Europe North America Asia-Pacific Latin America Middle East / Africa Source: DistriConsult, Capital IQ, Mergermarket, ICIS, BCG, Deloitte The consolidation in chemical distribution market is set to continue: o Reduction in the number of distributors relationships maintained by principals o Expanding geographical coverage as required by both principals and clients o Extending product portfolio coverage in application or end-use segment in order to offer a one-stop-shop o Extending capabilities such as blending and formulating in order to be a full service provider o Realize economies of scale

9 7 Recent transactions in chemical distribution industry Since January 2014 there have been more than 50 disclosed transactions in the global chemical distribution industry. Most active acquirers have been Brenntag AG (6 acquisitions), Barentz B.V. (2) and Univar Inc. (2) Consolidation is driven by European and Northern American players focussing mainly on geographical and portfolio extension Interest of Private Equity Investors remained strong as ongoing consolidation Details on deal value were kept confidential apart from exceptional cases Most relevant transaction between 01/01/ /04/2015: Univar USA Inc. Key Chemical Inc. Univar USA Inc. a leading distributor of basic chemicals, specialty products, and related chemistry services, announced today it has acquired all of the outstanding stock of Key Chemical, Inc., one of the largest suppliers of hydrofluosilicic acid (fluoride) in the U.S. Key Chemical helps strengthen Univar's leading position in the municipal water treatment market by adding fluoride to our offering to customers. portfolio & scale Apr Family Office Barentz B.V. An bidder has acquired an stake in Barentz B.V., the Netherlands-based company engaged in marketing and distribution of specialty and commodity raw materials. The transaction is in line with Barentz s strategy to expand its product portfolio. The funds from the acquisition would be used to expand Barentz reach, growth, and presence globally. PE Mar. 2015

10 8 Calcid Canada Inc. The Ingredient Company Inc. Calcid Canada Inc., the Canada-based manufacturer and distributor of ingredients and additives and a subsidiary of Calcid B.V., has acquired The Ingredient Company Inc., the Canada-based distributor of savoury and nutrition ingredients. The acquisition will enable Caldic to enhance its footprint in the Canadian food ingredient market and further in the Savoury and Nutrition market sectors. portfolio Mar Brenntag AG Lionheart Chemical Enterprises Ltd Brenntag AG has agreed to acquire Lionheart Chemical Enterprises (Pty) Ltd, the South Africa-based company engaged in distribution of food & beverage products. The acquisition will strengthen Brenntag s position in the South African chemical distribution market. The acquisition of Lionheart s product portfolio is complementary to other activities of Brenntag in the region through Multisol and Crest Industrial Chemical businesses. portfolio Feb Apax Partners LLP Azelis S.A. Apax Partners LLP, UK-based private equity firm has agreed to acquire a majority stake in Azelis SA, Belgium based distributor of speciality chemicals, polymers and related services. The transaction will expand Azelis' business operations and develop its specialist product portfolio. Post transaction, Mr. Hans-Joachim Muller, the CEO of Azelis together with management will remain with company. PE Feb (pending) Brenntag AG Surtiquimicos S.A. Brenntag AG has agreed to acquire Surtiquimicos S.A., the Colombia-based distributor of specialty chemicals. The transaction is in line with Brenntag's strategy to increase its presence in Latin America. The transaction will enable Surtiquimicos to further develop its portfolio in Colombia, thereby strengthening its position in the region. portfolio & geography Dec. 2014

11 9 Umicore SA Todini & Co. S.p.A. Umicore SA the Belgium-based materials technology group, through its Luxembourg-based wholly owned subsidiary Umicore International, has agreed to acquire the remaining 52% stake in Todini and Co. S.p.A., the Italy-based company engaged in distribution of industrial chemical products. The transaction will enable Umicore to further expand it's activities and strengthen the product portfolio. forward integration Dec Brenntag AG Fred Holmberg & CO AB Brenntag AG has agreed to acquire Fred Holmberg & Co AB, the Sweden-based company engaged in distribution and trading of chemicals and providing mixing and blending activities. The acquisition will further strengthen and expand Brenntag s industrial chemicals portfolio in the Sweden, resulting into increase in product offerings to its customers and adding value for Brenntag s business partners. portfolio 78 Dec (closed) 35 The Riverside Company Drex-chem (m) Sdn Bhd The Riverside Company, US-based private equity firm, has acquired Drex-chem (m) Sdn Bhd, Malaysia-based distributor of specialty chemicals. The transaction helps Riverside to expand geographically with the strong technical capabilities and knowledgeable sales force of Drex-Chem in the ASEAN region. PE Dec Univar Brasil Ltda. (Univar Inc.) D Altomare Quimica Ltda. Univar Brasil Ltda., the Brazil-based distributor of specialty chemicals and ingredients, and subsidiary of Univar Inc., the US-based company engaged in distribution and marketing of commodity and specialty chemicals, has acquired D'Altomare Quimica Ltda, the Brazil-based distributor of specialty chemicals and ingredients. The acquisition will enable Univar to expand its geographic footprint and market presence in Brazil and across Latin America. scale 40 (est.) Nov. 2014

12 10 Advent International Corporation Grupo Transmerquim, S.A. Advent International Corporation, the US-based venture capital and private equity firm, has agreed to acquire Grupo Transmerquim, S.A. (GTM), the Costa Rica-based company commercializes and distributes raw materials and chemical products. The transaction will provide growth opportunities to GTM and enable it to expand its operations in Latin America. Post transaction, the existing management team of GTM will continue with the company. PE Nov Sagard Private Equity Partners Safic-Alcan Groupe Sagard Private Equity Partners has acquired Safic-Alcan Groupe, the France-based distributor of specialty chemicals. Safic-Alcan is an international distributor of speciality chemicals with presence in all of Western Europe. The group is a leader in the rubber market and keeps on developing in Coatings and Fine Chemicals to strengthen and gain new positions. PE 250 (est.) Oct Brenntag AG Pioma Chemicals Pvt. Ltd. Brenntag AG has agreed to acquire the Specialties chemicals distribution business of Pioma Chemicals Pvt. Ltd., India-based distributor and supplier of specialty excipients and functional ingredients. This transaction is in line with Brenntag s strategy of solidifying its business in India by increasing its reach of local strategic distributors, customer relations and strengthening its portfolio of high quality products. geography 26 Sep IMCD Group B.V. Danasia Inc. IMCD Group B.V., the Netherlands-based company engaged in marketing, distribution, and sale of specialty chemicals and food ingredients, has acquired Danasia, Inc., the Philippines-based importer and distributor of the leading brands of raw food and industrial ingredients. The acquisition marks the initial entry of IMCD in the Philippines market. The transaction will provide IMCD with a valuable platform to expand and strengthen its presence. geography Sep. 2014

13 11 Composites One LLC Composite Business, Nexeo Inc. LLC Composites One LLC, the US-based company engaged in the distribution of composite materials, has agreed to acquire Composites Distribution Business of Nexeo Solutions, LLC, the US-based distributor of chemicals, plastics and composites. The acquired business generated revenue between USD 250m and 300m. The acquisition will enable Composites One to offer wide-ranging product line, innovative technical support and dependable service. scale & portfolio Jul Peter Greven GmbH & Co. KG REDA Chemicals Peter Greven GmbH & Co. KG, the Germany-based producer and supplier of oleochemical additives and auxiliaries, has acquired REDA Chemicals, the Saudi Arabia-based company engaged in distribution of chemicals, from REDA Group, the Saudi Arabiabased company engaged in marketing and distribution of industrial and specialty chemicals, food ingredients, fire and safety equipment, and technology based solutions. geography Jul Brenntag AG Pillchem Inc. Brenntag AG has acquired Philchem, Inc., a US-based manufacturer and supplier of dry blends and adhesives, from Performance Chemicals Intermediate Holding Company. Philchem reported revenues of USD 162m in The transaction is expected to benefit the customers and suppliers of Brenntag. The acquisition will fetch deliberate competencies to Brenntag and expand further expand its foot prints in North America. scale & efficiencies Jun Barentz B.V. MP Maustepalevu Oy Barentz B.V., the Netherlands-based company engaged in marketing and distribution of specialty and commodity chemicals has acquired MP Maustepalvelu Oy, the Finland-based supplier of food ingredients. The acquisition will enable Barentz to offer more choices in Blends and will also provide their customers with one stop shopping experience. The transaction is a result of Barentz s search to reinforce their research and development. backward integration Jun. 2014

14 12 DKSH Holding AG Zeus Quimica S.A. DKSH Holding AG has acquired Zeus Quimica S.A., the Spain-based specialty chemicals distributor. Zeus generated revenues of EUR 40.79m in This acquisition is part of the strategy of consolidating of the chemical distribution industry. Via this acquisition DKSH is moving forward to become a pan-european Market Expansion Services provider. DKSH s clients will now be able to make use of Zeus service portfolio on the Iberian Peninsula region. portfolio & scale Jun Krahn Chemie Pietro Carini S.p.A. Krahn Chemie GmbH, the Germany based distributor of chemical raw materials and specialty chemicals, has agreed to acquire Pietro Carini S.p.A., the Italy based specialty chemical distributor. KRAHN will expand into Italy through this acquisition. Pietro Carini employs 27 people and has 1,100 active customers. geography 20 (est.) Apr Brenntag AG Gafor Distribuidora Brenntag AG has agreed to acquire Gafor Distribuidora, the Brazil based chemical distribution company. The acquisition will allow Brenntag to expand their market presence in Brazil and will add critical mass to their existing operation in Latin America. Gafor generated USD 70m in revenue in portfolio Apr IMCD Group B.V. Kushalchand Sons IMCD Group B.V., the Netherlands-based company engaged in marketing, distribution, and sale of specialty chemicals and food ingredients, has acquired Kushalchand Sons, the India-based distributor of food speciality ingredients to the fast growing processed food industry. Kushalchand Sons generated revenues of EUR 9m in The acquisition is in line with IMCD s strategy of expanding its food processing business in India. scale Apr. 2014

15 13 Barentz B.V. Additive Solutions Pty Ltd. Barentz B.V., the Netherlands-based company engaged in marketing and distribution of specialty and commodity chemicals has acquired a majority stake in Additive Solutions Pty Ltd, the Australiabased company engaged in marketing specialty ingredients to various sectors. Barentz expands its business in Australia and New Zealand with the acquisition. Additive Solution will also distribute the LI Frank and Vitablend ingredients and products. geography Apr Helm AG GEBLASA S.A. Helm AG, the Germany based distribution company specializing in chemicals, has acquired GEBLASA S.A., the Spain-based distributor specialized in the distribution of Acids and Lyes as well as Solvents. To support its future growth GEBLASA S.A. will enhance HELM s strong position in the Mediterranean Region. geography Apr Nexeo Solutions LLC Archway Sales Inc. & Jacaab LLC Nexeo Solutions, LLC has agreed to acquire Archway Sales, Inc. and Jacaab LLC. Nexeo Solutions, LLC, the US based company, is a distributor of chemicals, plastics, and composites. Archway Sales, Inc., the US based company, is engaged in selling and distributing specialty chemical products. Jacaab LLC, the US based company is engaged in operating as a chemical manufacturer. Strategic 125 Feb ,6 Management Team Alphamin S.A. The management of Alphamin S.A., the Belgium based distributor of speciality polymers and waxes, has agreed to acquire the company, in a management buyout transaction. The management team is led by Mr. Marc Beuken, the CEO of Alphamin S.A. Alphamin reported revenues of EUR 36.50m and EBIT of EUR 2.3m. MBO Jan. 2014

16 Pricing and stock performance Double-digit Trading multiples Average acquisition multiples of chemical distributors during were around 7.5xEBITDA. Large companies were generally speaking sold for higher multiples and vice versa High trading multiples of large listed chemical distributors allow value creation through acquisitions Double digit trading multiples create a favorable IPO environment: On 27 July 2014, IMCD launched an IPO on the Euronext Amsterdam Stock Exchange 18.0x 16.0x 14.0x 12.0x 10.0x 8.0x 6.0x 4.0x 2.0x 0.0x EV/EBITDA multiples 2008A 2009A 2010A 2011A 2012A 2013A 2014E 2015E 2016E Aceto Brenntag IMCD Median Univar announced it is in the process of launching an IPO. However, timing of the IPO is uncertain as many of its clients are hurt by the recent collapse of crude oil prices MSCI WORLD Aceto Corp IMCD NV Brenntag AG

17 15 About M&A International Inc. World s oldest and largest organization of independent M&A consultancies and investment banking firms 650 consultants in 42 countries offer a global coverage by providing access to a variety of investors In the last five years, more than 1,400 transactions totaling to more than US $75 billion in transaction value Clear internal regulations and over 30 years of experience ensure the smooth course of the project and mean cost and process transparency for the client Flat hierarchies and short communication channels allow a high flexibility and rapid response capability Several times a year the consultants of MAI meet face-to-face to professionalize the cooperation Within M&A International, industry experts of several countries have formed industry groups to bundle their local market expertise. About the chemicals & pharmaceuticals industry group The chemical and pharmaceuticals group focuses on offering advisory services to companies in the chemicals, pharmaceuticals and related industries. The chemicals and pharmaceuticals group consists of a highly experienced team, which is wellversed in advising transactions alongside the whole value chain of chemicals from chemical production via distribution through to processing. Further, due to our extensive contacts to leading international players in the market, M&A International is well positioned to advise complex, international transactions as impressively shown by the following case studies:

18 16 M&A International Inc. case studies in chemical industry Holland Corporate Finance (The Netherlands) advised capital increase of Barentz B.V. Barentz, a leading distributor of ingredients, is pleased to announce that it has found a strong equity partner with the assistance of Holland Corporate Finance/M&A International Inc. The ingredients distribution market has seen major consolidation activities in the past decade. Hidde van der Wal, CEO of Barentz International, comments: The consolidation trend in the distribution business is driven by, among others, the reduction of distributor relationships maintained by suppliers and a globalization of the industry, which force ingredients distributors to increase their geographical reach and expand their product portfolio in order to achieve critical mass and realize economies of scale. These drivers are expected to result in a further consolidation in the coming years. Barentz has had an active role in the market consolidation, which included the successful acquisitions of Vitablend (2008), Agri Nutrition (2008), Forum Products (2011) and Maustepalvelu (2014). The majority participations in RFI (2011), Prochifar (2012), NK Chemicals (2013) and Additive Solutions (2014) have enabled Barentz to strengthen its market position and expand its geographical reach. Marc van de Put, partner at Holland Corporate Finance, adds: We are pleased that Barentz can kick off the year with a capital investment from a strong equity partner which perfectly fits with the Barentz culture. Our next step together is to find suitable acquisition candidates in Barentz core distribution markets in the food & nutrition, pharmaceutical, personal care and animal nutrition industries in order to accelerate the growth strategy of Barentz. Hidde van der Wal concludes: We are delighted with this new capital investment to strengthen our position in a number of promising markets. With a full product portfolio and extended geographical coverage within reach, we look forward to serving our customers and stakeholders even better.

19 17 Arietti & Partners (Italy), Audon Partners (Denmark) and Avantus (Sweden) advised Azelis SA on the acquisition of Brøste A/S Brøste has joined the pan-european chemicals distribution group Azelis in a deal that will provide Azelis with geographic coverage of the important Nordic region. Arietti & Partners, M&A International s Italian partner who had previously advised Azelis on an acquisition in Germany, was appointed as lead advisor in conjunction with M&A International s Danish and Swedish partners, Audon Partners and Avantus Corporate Finance. Brøste, the leading distributor of additives, ingredients and raw materials in the North European market, has a turnover exceeding 120 million and supplies chemicals from blue chip producers. Angermann M&A International (Germany) advised Langley Holding on the acquisition of DC Druck plus Beteiligungs GmbH The Langley Holdings plc (Langley) has purchased, through its subsidiary Sheetfed Holdings Limited, all shares of DC plus Beteiligungs GmbH (DC) from the insolvency receiver Dr. Jan Markus Plathner (Brinkmann & Partner). Financial details have not been disclosed. DC is the one-stop-shop for its customers offering a unique combination of products and services. The company's product portfolio covers almost all chemicals and consumables required by a printing company within its press room. Besides its products, DC also takes care of the waste management for its customers and offers reverse logistic services.

20 18 For any further information and a confidential discussion about company divesture, acquisition or succession planning, please do not hesitate to arrange an appointment with our sector experts: ali.tasbasi@mergers.net matthais.knoke@mergers.net christian.jellentrup@mergers.net marc.vandeput@mergers.net attilio.arietti@mergers.net jonas.knudsen@mergers.net Awards Hamburg Frankfurt Stuttgart ABC-Straße , Hamburg Fon: Fax: Campus Kronberg 61476, Kronberg Fon: Fax: Bolzstraße , Stuttgart Fon: Fax: Angermann M&A International is exclusive member of M&A International Inc. North America: Canada, USA, Mexico Central America: Costa Rica South America: Argentina, Brazil, Chile, Columbia Africa: South Africa Asia/Pacific: Australia, China, India, Israel, Japan, Saudi-Arabia, Singapore, Thailand Europe: Belgium, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Hungary, Ireland, Italy, Lithuania, Netherlands, Norway, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey, United Kingdom Visit our website