Zephyr Monthly M&A Activity Report
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2 The following report details mergers and acquisitions activity in Western Europe in January 2016 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. M&A volume and value decline monthon-month There were 1,542 mergers and acquisitions (M&A) worth an aggregate EUR 25,373 million targeting Western European companies announced in January. In terms of value this represents a 68 per cent decline month-on-month, while volume dropped 26 per cent over the same timeframe. The same pattern is evident year-on-year as both volume and value were down on the 1,895 deals worth EUR 65,017 million announced in January January represents the second consecutive monthly decline by both volume and value. Overall deal value for the month appears to have been held back by low volume, which has reached its lowest monthly figure since August 2014 (1,323). A few large deals were signed off in January, with three transactions breaking the EUR 1,000 million barrier. However, the largest transaction of the month was worth just EUR 2,045 million, compared to previous months, which have seen deals worth as much as EUR 150,264 million agreed. Deals by volume and value Announced date No of deals Total deal value Jan-16 1,542 25,373 Dec-15 2,095 79,300 Nov-15 2, ,035 Oct-15 2,226 59,183 Sep-15 2,275 77,040 Aug-15 1, ,511 Jul-15 2, ,491 Jun-15 2, ,183 May-15 2, ,827 Apr-15 2, ,804 Mar-15 2, ,801 Feb-15 1, ,159 Jan-15 1,895 65,017 Page 1
3 Deals by volume and value Deal value 450, , , , , , , ,000 50,000 3,000 2,500 2,000 1,500 1, Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 0 Total deal value Number of deals Page 2
4 Expanded EU of 28 countries deals by volume and value Announced date No of deals Total deal value Jan-16 1,788 23,571 Dec-15 2,429 74,618 Nov-15 2, ,312 Oct-15 2,437 50,670 Sep-15 2,538 73,513 Aug-15 1, ,689 Jul-15 2, ,989 Jun-15 2, ,867 May-15 2, ,933 Apr-15 2, ,326 Mar-15 2, ,119 Feb-15 2, ,240 Jan-15 2,235 61,301 Page 3
5 Acadia s Priory acquisition is January s largest deal The most valuable transaction announced during January was worth EUR 2,045 million and took the form of an acquisition of UK-based rehabilitation and treatment facility operator Priory Group by Acadia Healthcare Company. Closing of the deal is expected by 16th February. The month s second largest transaction was worth EUR 1,499 million as Sberbank KIB picked up a 6 per cent stake in Swiss cement manufacturer LafargeHolcim from Eurocement Holding. One other deal was worth EUR 1,000 million in January and together the three transactions accounted for 18 per cent of total dealmaking for the month. German company targeted in month s top private equity deal January s most valuable private equity transaction was a EUR 925 million acquisition of Munich-headquartered plastics and rubber processing machinery manufacturer KraussMaffei Technologies by a consortium comprising China National Chemical Corporation and AGIC Industrial Promotion Capital Fund. Closing of the deal remains subject to approval from antitrust authorities. This was followed by a EUR 441 million purchase of Grainger plc s home reversion equity release business by Turbo Group, the holding company of Patron Capital and Electra Partners. That deal is also dependent on the go ahead from regulatory bodies and the Financial Conduct Authority. In all there were six private equity transactions worth EUR 100 million or above announced during January. UK leads volume and value rankings again The UK once again attracted the largest amount of investment within Western Europe during January, having been targeted in deals worth an aggregate EUR 6,137 million. In keeping with the overall trend for the month this represents a decline on the EUR 16,795 million invested there in December. Other countries to attract significant investment include Germany (EUR 2,558 million), the Netherlands (EUR 2,524 million) and Switzerland (EUR 2,504 million). The UK also led the way by volume with 426 deals, followed by Germany, France and Spain with 277, 199 and 133, respectively. Page 4
6 Top 20 deals by value Deal value Deal type Target Target country Acquiror Acquiror country Deal status 1. 2,045 Acquisition 100% Priory Group Ltd GB Acadia Healthcare Company Inc. US Announced 2. 1,499 Minority stake 6% LafargeHolcim Ltd CH Sberbank KIB ZAO RU Completed 3. 1,000 Acquisition 100% Icopal A/S DK Building Materials Corporation of America Inc. US Announced Acquisition 100% KraussMaffei Technologies GmbH DE China National Chemical Corporation; Guoxin International Investment Corporation CN; HK Announced Ltd; AGIC Industrial Promotion Capital Fund I Minority stake 7% NN Group NV NL Institutional Investors Completed Acquisition 100% - Koninklijke Ten Cate NV NL Tennessee Acquisition BV NL Unconditional Increased offer Capital Increase Safran SA FR Completed Acquisition 51% Piraeus Port Authority SA GR China COSCO Holdings Co., Ltd CN Pending Minority stake 2% Syngenta AG CH Completed Acquisition increased BHF Kleinwort Benson Group SA BE Oddo et Compagnie FR Pending from 22% to 100% Acquisition 65% NBG PANGAEA Real Estate Investment GR Invel Real Estate (Netherlands) II BV; Anthos Properties SA NL; GR Completed Company SA Minority stake 4% Ferrovial SA ES Qualified investors Completed Minority stake 3% Snam SpA IT Completed Minority stake 12% Lundin Petroleum AB SE Statoil ASA NO Completed Capital Increase 8% ArcelorMittal SA LU Completed Acquisition 100% Homebase Ltd GB Bunnings (UK&I) Holdings Ltd GB Pending Capital Increase 8% ArcelorMittal Espana SA ES Completed IBO 100% Grainger plc's home reversion equity release GB Turbo Group Holdings Ltd GB Pending business Acquisition 100% Onninen Oy FI Kesko Oyj FI Pending Acquisition 100% BioTie Therapies Oyj FI Acorda Therapeutics Inc. US Announced Page 5
7 Top 20 private equity deals by value Deal value Deal type Target Target country Equity provider Deal status Acquisition 100% KraussMaffei Technologies GmbH DE AGIC Industrial Promotion Capital Announced IBO 100% Grainger plc's home reversion equity GB Patron Capital Ltd; Electra Partners LLP Pending release business Minority stake 9% Compania Logistica de Hidrocarburos SA ES Borealis Capital Corporation Completed Minority stake Skyscanner Ltd GB Yahoo Japan Corporation; Artemis Fund Managers Ltd; Baillie Gifford & Co Ltd; Vitruvian Partners LLP Completed IBO majority stake Gaucho Holdings Ltd GB Equistone Partners Europe Ltd Completed Minority stake Deezer SA FR Access Industries Inc.; Orange SA Completed Acquisition 100% Enserve Group Ltd GB Rubicon Partners Ltd; Grovepoint Capital LLP Completed IBO 70% DK-Foods A/S DK Fondsmaeglerselskabet Maj Invest A/S Completed Minority stake Cardiorentis AG CH Completed Minority stake WISeKey International Holding AG CH Global Emerging Markets Ltd Announced Minority stake XOLUTION GmbH DE INVENTURE Management Pte Ltd Completed Minority stake Inivata Ltd GB Imperial Innovations Group plc; Cambridge Innovation Capital plc; Woodford Investment Management Completed LLP; Johnson & Johnson Innovation - JJDC Inc Minority stake 11% Citymapper Ltd GB Benchmark Capital; Index Venture Management LLP Completed Minority stake CreditAccess Asia NV NL Olympus Capital Holdings Asia Completed Minority stake 25% Eye Tech Care SA FR Everpine Capital Ltd Completed Minority stake Babylon Healthcare Services Ltd GB Investment AB Kinnevik; Hoxton Ventures LLP Completed Minority stake Movinga GmbH DE Earlybird VC Management GmbH & Co KG; Index Venture Management SA; Heilemann Ventures Completed GmbH; GFC Global Founders Capital Sarl Minority stake Cedexis SAS FR Hon Hai Precision Industry Co., Ltd; Advanced Technology Ventures; Madrona Venture Group LLC; Completed Nokia Growth Partners US LLC; Citrix Startup Accelerator; Ginko Ventures SARL Minority stake vasopharm GmbH DE Bayern Kapital GmbH; Cofra Holding AG; HeidelbergCapital Asset Management GmbH; Hanseatic Completed Asset Management LBG; Fort Rock Capital Ltd Minority stake Telensa Ltd GB ETF Manager LLP Completed Page 6
8 PE declines across the board In keeping with the overall M&A pattern, both the volume and value of private equity and venture capital (PE and VC) deals declined month-on-month. In all there were 195 deals with a combined value of EUR 2,950 million, compared to December s 271 deals worth EUR 9,181 million. Year-on-year the decline was even more pronounced as EUR 11,271 million was invested across 331 deals in January The largest PE and VC transaction of the month was worth EUR 925 million and took the form of an acquisition of German injection moulding processing technology developer KraussMaffei Technologies by China National Chemical, Guoxin International Investment Corporation and AGIC Industrial Promotion Capital Fund I. Private equity deals by volume and value Announced date No of deals Jan ,950 Dec ,181 Nov ,527 Oct ,666 Sep ,743 Aug ,628 Total deal value Jul ,650 Jun ,686 May ,889 Apr ,042 Mar ,013 Feb ,553 Jan ,271 Page 7
9 Private equity deals as a percentage of total volume Announced date Private equity volume Total volume Percentage Jan , Dec , Jan , Private equity deals as a percentage of total value Announced date Private equity value Total value Percentage Jan-16 2,950 25, Dec-15 9,181 79, Jan-15 11,271 65, Page 8
10 Private equity deals by volume and value Deal value 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2, Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 0 Total deal value Number of deals Page 9
11 Deal types by volume in January Minority stake Acquisition Capital increase IBO MBO Merger MBI MBI / MBO Deal types by volume Deal type Jan-15 Dec-15 Jan-16 Minority stake 777 1, Acquisition Capital increase IBO MBO Merger MBI MBI / MBO Deal types by value in January Deal types by value Minority stake Deal type Jan-15 Dec-15 Jan-16 Acquisition Capital increase IBO MBO Minority stake 18,480 20,077 11,424 Acquisition 28,342 43,069 10,183 Capital increase 10,514 10,179 3,105 IBO 7,595 5, MBO Page 10
12 Target sectors by volume Target sectors by value Target sector Jan-15 Dec-15 Jan-16 Target sector Jan-15 Dec-15 Jan-16 Other services Machinery, equipment, furniture, recycling Wholesale & retail trade Metals & metal products Publishing, printing Chemicals, rubber, plastics Construction Primary sector Transport Post and telecommunications Gas, water, electricity Hotels & restaurants Food, beverages, tobacco Banks Insurance companies Textiles, wearing apparel, leather Education, health Wood, cork, paper Public administration and defence Other services 17,870 31,965 5,420 Chemicals, rubber, plastics 1,908 6,289 3,814 Machinery, equipment, furniture, recycling 8,271 7,036 2,752 Education, health ,057 Metals & metal products 613 1,058 1,658 Wholesale & retail trade 5,119 4,477 1,599 Construction 1,002 4,847 1,510 Transport 2, ,217 Insurance companies 2,075 3,872 1,081 Primary sector 5,774 1,818 1,020 Textiles, wearing apparel, leather Banks 8,155 6, Publishing, printing Hotels & restaurants 2,419 1, Post and telecommunications 502 1, Gas, water, electricity 3,669 4, Food, beverages, tobacco 3, Wood, cork, paper Public administration and defence Page 11
13 Top countries by volume Top countries by value Target country Jan-15 Dec-15 Jan-16 Target country Jan-15 Dec-15 Jan-16 UK Germany France Spain Netherlands Sweden Finland Italy Switzerland Belgium Luxembourg Denmark Austria Norway Turkey Ireland Portugal Greece Cyprus Malta UK 19,756 16,795 6,137 Germany 8,047 18,232 2,558 Netherlands 8,816 9,317 2,524 Switzerland 5,397 2,771 2,504 France 2,980 2,553 2,217 Spain 11,063 5,680 2,070 Greece 17 1,291 1,228 Denmark ,182 Italy 3,096 7,200 1,081 Luxembourg 1,310 1, Sweden 606 2, Finland Belgium 730 2, Portugal Norway 123 1, Turkey 210 4, Malta Austria Ireland 1, Cyprus Page 12
14 Notes to editors Activity is based on the activity of the target company Deal status is announced within the time period The sector breakdown uses targets activities as defined to be Major Sectors by Zephyr The Western Europe region covers target companies in Andorra, Austria, Belgium, Cyprus, Denmark, Finland, France, Germany, Gibraltar, Greece, Iceland, Ireland, Italy, Liechtenstein, Luxembourg, Malta, Monaco, Netherlands, Norway, Portugal, San Marino, Spain, Sweden, Switzerland, Turkey and the United Kingdom Data refers to target companies based in Western Europe except where specified as expanded EU of 27 countries on page 3 The date range is 01/01/ /01/2016 inclusive Page 13
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