Mid-Market Snapshot: July 2020 Highlights in Western Europe
Monthly report highlighting EUR 6.7bn funding requirement, 11 direct lending fund closures, and upcoming mid-market deals in Western Europe. Includes details on completed deals, projected funding requirements, market analysis, and contact information for the market analyst.
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An Acuris Company Monthly Report July 2020 Mid Market Snapshot Western Europe This month's highlights: EUR 6.7bn of possible funding required 11 Direct Lending funds closed to date Wafaa Makhrobi Market Analyst, Debtwire Par +44 203 741 1371 Wafaa.Makhrobi@acuris.com
An Acuris Company Debtwire Europe Click to edit Master text styles Second level Third level Fourth level Fifth level Quarterly Mid-Market Issuance PRIMARY AUTHORS CONTENTS Wafaa Makhrobi Market Analyst, Debtwire Par +44 (0) 203 741 1133 Wafaa.Makhrobi@acuris.com Current Mid-Market Pipeline 3-10 11 Annual Mid-Market Issuance 12 Maryna Irkliyenko Senior PE Reporter, Debtwire +44 (0) 203 741 1220 Maryna.Irkliyenko@acuris.com Projected Mid-Market Funding Requirements Region 13 Projected Mid-Market Funding Requirements Industry 13 Projected Mid-Market Funding Requirements EBITDA size 14 Paul Tilt Head of Fund Research, Acuris +44 (0) 203 741 1269 Paul.Tilt@acuris.com Completed deals by number of facilities Tranche type 14 Completed deals by number of facilities Region 14 European-focused Direct Lending fundraising 15 Direct Lending funds - closes, launches Definitions & Criteria 16 17 Contact Us/ Disclaimer 18 Click to edit Source text 2
An Acuris Company MID MARKET CALENDAR Broad Purpose UK M&A Owner(s)/ Seller(s) family-owned Bidder(s)/ Buyer(s) LDC Enterprise Value TBA Stage Company/Target Debt Size Broad Industry Country Advisor(s) Leverage EBITDA Exclusive talks Excell Group TBA Telecommunications Arrowpoint Lincoln International Rothschild TBA 7m Click to edit Master text styles Second level Third level Fourth level Fifth level 2nd round CreditInfo Exclusive talks EXA TBA Consumer Italy M&A Alcedo Trilantic TBA TBA 130m Exclusive talks SNEF Telecom TBA 20- 25m Telecommunications Computing and Software France M&A Groupe SNEF Apax Partners 3.5x-4x 14m TBA Exclusive talks HR Works Gmbh Germany M&A Deloitte TBA Maguar Capital TBA 7m TBA Kloepfel Corporate Finance 2nd round Multimon TBA Industrials Germany M&A Privately owned DBAG, IK Investment TBA 9m TBA TBA Media Iceland M&A Alantra Founder owned TBA TBA 15m TBA Unitranch e 5x-6x, stretched senior financing 4x-5x SK FireSafety Group 2nd round TBA Industrials Netherlands M&A KPMG Apax TBA 19m TBA Unitranch e 5.5x-6x, Bank 4.5x 2nd round Innovad TBA Chemicals and materials Belgium M&A ING, Deloitte Privately owned TBA 20m TBA IK Investment, HgCapital,EQT, Five Arrows, Nordic Capital, General Atlantic, Montagu, Inflexion, Keensight, Francisco Partners Computing and Software Goldman Sachs 2nd round Unifaun 105m Sweden M&A Vitruvian 7x 15m 200m Final round Dainese TBA Consumer Italy M&A Lazard, EY Investcorp Permira TBA 35m 400-450m Chequers Capital, Deutsche Beteiligungs AG, DPE, Final round Mehler TBA Manufacturing Germany M&A Baird Amira 4.25x-4.5x 25-27m TBA Lazard 1st round Huba Control TBA Manufacturing Switzerland M&A Siemens TBA TBA CHF20m TBA Click to edit Source text Source: Debtwire Par Sorted in order of latest stage 3
An Acuris Company MID MARKET CALENDAR Debt Size Broad Purpose Owner(s)/ Seller(s) Bidder(s)/ Buyer(s) Enterprise Value Stage Company/Target Broad Industry Country Advisor(s) Leverage EBITDA Network Corporate Finance DPL Deutsche Paletten Logistik Sponsors, PE-backed peers and trade suitors Click to edit Master text styles Second level Third level Fourth level Fifth level 1st round TBA Industrials Germany M&A TBA TBA 14m TBA Computing and Software IMs Sohonet TBA UK M&A Spectrum FPE Capital Carlyle, LDC TBA 5m TBA Artemis, Oberscharrer,Sanoptis,B ergman Healthcare/Memira (NPM Capital) IMs Real Eyes TBA Medical Germany M&A UniCredit Privately owned TBA 5m TBA Computing and Software IMs Nine TBA Denmark M&A Carnegie Privately owned TBA TBA 5m TBA IMs Envidan TBA Energy Denmark M&A Nordic M&A Via Equity TBA TBA 6m TBA Chequers, Latour, Core Equity, Sagard, trade buyers BGH Capital, Bowmark Capital, Stirling Square, TA Associates, TPG IMs OSIS TBA Utilities France M&A DC Advisory Suez TBA 20m TBA Everlight Radiology Intermediate Capital Group On Hold TBA Healthcare UK M&A Rothschild 5x-6.5x 17m TBA Computing and Software On Hold Sentia TBA Netherlands M&A Arma Partners Waterland KKR, Bridgepoint 5.5x 40m TBA Raymond James, Zeus Capital On Hold Investis Digital TBA Media UK M&A ECI TBA TBA 16m TBA Cambon Partners On Hold Groupe Santiane TBA Financial Services France M&A Blackfin TBA TBA 15m TBA Ongoing Ascenti TBA Healthcare UK M&A Arrowpoint Privately owned TBA TBA 5m TBA Heinenoord Assuradeuren 80- 100m Ongoing Computer services Netherlands Refinance Deloitte Director owned TBA 2.66x 15m TBA Click to edit Source text Source: Debtwire Par Sorted in order of latest stage 4
An Acuris Company MID MARKET CALENDAR Broad Purpose Owner(s)/ Seller(s) Bidder(s)/ Buyer(s) Enterprise Value Stage Company/Target Debt Size Broad Industry Country Advisor(s) Leverage EBITDA ABG Sundal Collier Ongoing Distriktstandvarden TBA Healthcare Sweden M&A Privately owned TBA TBA 4m TBA Click to edit Master text styles Second level Third level Fourth level Fifth level Permira,Inflexion, General Atlantic, TSG Partners Ongoing Gymshark TBA Consumer UK M&A PwC Founder owned TBA TBA 1.1bn Ongoing FNG TBA Consumer Belgium M&A TBA TBA TBA TBA TBA TBA Computing and Software Ongoing Neosperience TBA Italy M&A TBA TBA TBA TBA TBA TBA Goldman SachsPrivately owned, Blackstone, Advent, Oaktree, TowerBrook Ongoing Illycaffe TBA Consumer Italy M&A TBA TBA 1bn Peninsula Privately owned, Aareal Bank, Helle Skov McLain Refinanc e/Acq line Ongoing Mount Street Group TBA Financial Services UK Clearwater TBA 2.5x 9m TBA Chemicals and materials Ongoing Solvay 50-60m Belgium M&A Lazard TBA TBA TBA 20-30 TBA Ongoing Cantiere del Pardo TBA Industrials Italy M&A Mediobanca Privately owned TBA TBA 7m TBA Inflexion, Graphite, NorthEdge Ongoing Protec TBA Industrials UK M&A RSM UK TBA TBA 18-20m TBA Sustainable Business International Ongoing FRAmelco TBA Agriculture Netherlands M&A Capitalmind De Heus TBA 5m TBA Ongoing CNC Holding TBA Agriculture Netherlands M&A EY CNC U.A TBA 4x 20m TBA Ongoing Cedes AG TBA Industrials Switzerland M&A Credit Suisse Assa Abloy financiers and bidders 4x-5x 12m TBA Click to edit Source text Source: Debtwire Par Sorted in order of latest stage 5
An Acuris Company MID MARKET CALENDAR Broad Purpose Owner(s)/ Seller(s) Bidder(s)/ Buyer(s) Enterprise Value Stage Company/Target Debt Size Broad Industry Country Advisor(s) Leverage EBITDA City & County Healthcare Ongoing 123m Healthcare UK Recap PwC Graphite TBA TBA 26m TBA Click to edit Master text styles Second level Third level Fourth level Fifth level Ongoing BIMM Ongoing CC Group TBA Industrials Germany M&A GCA Altium Novum Capital TBA TBA 10m TBA LDC Limited, Scottish Equity Partners Computing and Software Ongoing SSP TBA UK M&A EY TBA TBA 11m TBA Houlihan Lokey Sovereign Capital Partners TBA Services UK M&A ICG TBA 10-20m TBA Privately owned,O2 Capital Computing and Software 4.5x- 5.5x Ongoing Conxillium TBA Netherlands M&A ING TBA 10m TBA Computing and Software DoubleDigit Group Melchers Gruppe Ongoing IGEL Technology TBA Germany M&A TBA TBA 16m TBA New office Centre B.V Ongoing TBA Consumer NetherlandsM&A/refi EY KantoorExpert TBA 3x 17m TBA Industrial player, financial bidders Ongoing Stefanel TBA Consumer Italy M&A TBA TBA TBA TBA TBA Ongoing Normec TBA Services Netherlands M&A Jefferies Summit Parners Astorg TBA TBA TBA Water Street Healthcare Partners sponsors and trade players Paused Orgentec 80m Healthcare Germany M&A William Blair TBA 17m TBA Computing and Software Upcoming Node4 TBA UK M&A Arma Partners Bowmark Montagu, Charterhouse TBA 13.2m TBA Computing and Software Upcoming Profit Software TBA Finland M&A Stifel Via Equity TBA TBA 15m TBA Click to edit Source text Source: Debtwire Par Sorted in order of latest stage 6
An Acuris Company MID MARKET CALENDAR Broad Purpose Owner(s)/ Seller(s) Bidder(s)/ Buyer(s) Enterprise Value Stage Company/Target Debt Size Broad Industry Country Advisor(s) Leverage EBITDA Cavendish Corporate Finance Upcoming JML TBA Consumer UK M&A Privately owned Ideal Shopping Direct TBA TBA TBA Click to edit Master text styles Second level Third level Fourth level Fifth level Upcoming Odigo Transfer Partners Upcoming BplusL TBA Industrials Germany M&A Founder owned TBA TBA 9m TBA Emintad,Cerve d Upcoming EdiliziAcrobatica TBA Services Italy M&A TBA TBA TBA TBA TBA Carlyle Group, Bridgepoint, Apax France, Keensight Capital, IK Investment Partners, Stirling Square Computing and Software TBA France M&A BNP Paribas Capgemini 2x-4x 20m TBA Upcoming Sandcastle Care TBA Medical UK M&A Deloitte Waterland TBA TBA 10m TBA Upcoming Keys Group TBA Medical UK M&A Rothschild G Square TBA TBA 20m TBA Privately owned, Cathay Capital, BPI France Rothschild, Lazard, Natixis Upcoming AD Education TBA Services France M&A Galileo, UAX TBA 20m TBA Upcoming Broadstone 100m Financial Services UK M&A Deloitte Livingbridge TBA TBA TBA TBA Upcoming Inside Out Media 40m Media Belgium M&A/refi PwC Privately owned TBA TBA 15m TBA Upcoming Fidelix TBA Services Finland M&A Aventum Procuritas private equity players TBA 7m TBA Upcoming Silver Stream 169m Medical Ireland M&A/refi Clearwater Waterland TBA TBA 15m TBA Chemicals and materials Lincoln International Upcoming Foam Partners TBA Switzerland M&A TBA TBA TBA 14m-18m TBA Click to edit Source text Source: Debtwire Par Sorted in order of latest stage 7
An Acuris Company MID MARKET CALENDAR Broad Purpose Owner(s)/ Seller(s) Bidder(s)/ Buyer(s) Enterprise Value Stage Company/Target Debt Size Broad Industry Country Advisor(s) Leverage EBITDA Upcoming WJ Group TBA Industrials UK M&A Clearwater Founder owned TBA TBA 10m 80-100m Click to edit Master text styles Second level Third level Fourth level Fifth level Upcoming Aroma Zone Adrian, Gilde Healthcare Partners, Advent International,Apax Partners Cantor Fitzgerald Upcoming Stragen Pharma SA TBA Medical Switzerland M&A Privately owned TBA 7-10m TBA Mayfair Equity Partners, Marlin Equity Partners Upcoming Eque2 Limited TBA Software UK M&A GCA Altium LDC Limited TBA 4m TBA Societe Generale TBA Consumer France M&A family-owned TBA TBA 20-30m TBA Ligeance Aerspace Technology Upcoming Gardner Aerospace 90m Industrials UK Refinance PwC TBA TBA 25m TBA Reverse Logistics GmbH Lincoln International Upcoming TBA Industrials Germany M&A TBA Veolia,Rethmann TBA 12m TBA ASR Nederland, VvAA Groep, Hartwig Houdstermaatsc happij Upcoming Brand new day TBA Financial Services Netherlands M&A Aperghis & co TBA TBA TBA TBA Keesing Media Group ING, DC Advisory Ergon Capital Partners Upcoming TBA Media NetherlandsM&A/refi TBA TBA 35m TBA industry players and sponsors Upcoming Protective Fabrics TBA Manufacturing Netherlands M&A Jefferies TenCate TBA TBA TBA 21 Centrale Partners Private equity firms, strategic players Upcoming Synerlab TBA Healthcare France M&A Natixis TBA 18m TBA Industri Udvikling, Privately owned Private equity firms, strategic players Upcoming Maki TBA Consumer Denmark M&A Clearwater TBA 7m TBA Upcoming Talis TBA Manufacturing Germany M&A Baird Triton TBA TBA 18m TBA Click to edit Source text Source: Debtwire Par Sorted in order of latest stage 8
An Acuris Company MID MARKET CALENDAR Broad Purpose Owner(s)/ Seller(s) Bidder(s)/ Buyer(s) Enterprise Value Stage Company/Target Debt Size Broad Industry Country Advisor(s) Leverage EBITDA Upcoming Tandlaegen.dk TBA Healthcare Denmark M&A Danske Bank Privately owned TBA TBA 9m TBA Click to edit Master text styles Second level Third level Fourth level Fifth level Upcoming hGears Computing and Software Warburg Pincus, BC Partners, Bridgepoint Upcoming Eucon TBA Germany M&A GCA Altium Hg TBA 10-15m TBA Computing and Software Upcoming Navis TBA USA M&A Citi Cargotec TBA TBA 23m TBA TBA Manufacturing Germany M&A Evercore Finatem TBA TBA 15m TBA Stirling Square, NB Renaissance, Platinum Equity Fineurop Soditic Xenon Private Equity Upcoming De Wave TBA Industrials Italy M&A TBA 24m TBA Upcoming Tastemakers TBA Manufacturing Netherlands M&A ProMissie Amare Food TBA TBA 2m TBA Upcoming Poligof TBA Manufacturing Italy M&A Alantra 21 Partners TBA TBA 7m TBA Industrial peers, foreign operators, funds Upcoming Wal-cor TBA Consumer Italy M&A Brera family-owned TBA TBA TBA Capdesia, Henry Birts Upcoming Wasabi TBA Food and Beverage UK M&A KPMG TBA TBA TBA TBA Upcoming Ipackchem TBA Manufacturing France M&A Natixis Sagard TBA TBA 21m TBA Private equity firms, industry players Upcoming GPack TBA Manufacturing Italy M&A CDI , PWC family-owned TBA TBA TBA Refinanc e Houlihan Lokey Gilde Buy Out Partners Exploration Amor GmbH TBA Consumer Germany TBA 4.75x 28m TBA Click to edit Source text Source: Debtwire Par Sorted in order of latest stage 9
An Acuris Company MID MARKET CALENDAR Broad Purpose Owner(s)/ Seller(s) Bidder(s)/ Buyer(s) Enterprise Value Stage Company/Target Debt Size Broad Industry Country Advisor(s) Leverage EBITDA 30- 60m Exploration Radiologie Holding Medical Germany Acq line Marlborough Five Arrows TBA 5x-6x 30m TBA Click to edit Master text styles Second level Third level Fourth level Fifth level Click to edit Source text Source: Debtwire Par Sorted in order of latest stage 10
An Acuris Company Quarterly Mid-Market Issuance 6.0 200 181 Click to edit Master text styles Second level Third level Fourth level Fifth level 4.0 178 EUR bn. Volume of Issuance No. of Deals 174 180 164 5.0 160 140 120 120 100 76 94 3.0 100 86 82 80 73 50 65 2.0 60 39 40 30 29 28 1.0 26 19 20 2.0 1.8 1.9 1.6 1.7 2.1 3.6 2.1 2.7 2.6 3.0 2.0 3.0 4.8 5.4 3.2 4.1 2.9 0.5 - 0 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 to date *Mid-Market considered any deals for which the debt quantum is equal to or below EUR 150m-equivalent at the time of the deal Click to edit Source text Source: Debtwire Par
An Acuris Company Annual Mid-Market Issuance 700 18.0 Click to edit Master text styles Second level Third level Fourth level Fifth level 12.0 EUR bn. Volume of Issuance No. of Deals 16.0 600 14.0 500 400 10.0 16.4 8.0 300 6.0 200 10.2 9.5 4.0 7.4 7.3 100 5.1 5.2 2.0 3.9 0 0.0 2013 2014 2015 2016 2017 2018 2019 2020 YTD Click to edit Source text Source: Debtwire Par *Mid-Market considered any deals for which the debt quantum is equal to or below EUR 150m-equivalent at the time of the deal
An Acuris Company PROJECTED* MID MARKET FUNDING REQUIREMENTS INDUSTRY PROJECTED* MID MARKET FUNDING REQUIREMENTS REGION Click to edit Master text styles Second level Third level Fourth level Fifth level EUR bn EUR bn Click to edit Source text Source: Debtwire Par; * Projections based on 40% equity or 5x leverage 13
An Acuris Company PROJECTED* MID MARKET FUNDING REQUIREMENTS DISTRIBUTION by EBITDA RANGE 3 b 2.7 Click to edit Master text styles Second level Third level Fourth level Fifth level Loan volume 2 b 1.8 1.6 EUR bn 1 b 0.6 0.1 0 b < 5m 5m- 10m 11m- 20m 21m- 30m > 30m COMPLETED DEALS BY No. OF FACILITIES, YTD COMPLETED REGIONAL DEALS BY No. OF FACILITIES, YTD France 21% Unitranche 28% Benelux 6% DACH 14% Nordics 6% Surbordinated 3% Term Loans 55% RCF/Capex/Acq 14% Southern Europe 27% UKI 26% Click to edit Source text Source: Debtwire Par; * Projections based on 40% equity or 5x leverage 14
An Acuris Company EUROPEAN FOCUSED DIRECT LENDING FUNDRAISING 28 40 b Total raised ( bn, RHS) Funds closed (LHS) Click to edit Master text styles Second level Third level Fourth level Fifth level 20 25 26 36 b 24 23 22 32 b 22 32 19 19 28 b 37 18 Total raised No. of funds 24 b 16 22 14 20 b 12 19 11 12 16 b 10 14 12 b 7 7 8 10 6 8 b 9 9 4 4 b 4 2 0 0 b 2012 2013 2014 2015 2016 2017 2018 2019 2020 Click to edit Source text Source: Creditflux 15
An Acuris Company July direct lending fund closes and launches Click to edit Master text styles Second level Third level Fourth level Fifth level Fund name Manager Amount raised(m) Comment Tikehau Direct Lending Fund V Tikehau 220.00 First close Click to edit Source text Source: Creditflux 16
An Acuris Company Definitions & Criteria Click to edit Master text styles Second level Third level Fourth level Fifth level COUNTRY/REGIONS METHODOLOGY LEVERAGED Mid market defined as /$150m debt size and below, or EBITDA of less than /$30-35m The purpose of the transaction is a leveraged buyout, management buy-out or a sponsor to sponsor buyout. Projections assume 5x leverage or 40% equity if not stated Deals for private equity owned companies Deals with second lien, PIK or mezzanine tranche(s) Deals structured with tranches sold primarily to institutional investors Country/region of operational risk is determined by location where the majority of the borrower s operational revenue is generated Borrowers rated below investment grade For deals with tranches issued for different borrowers, country will be determined on a per tranche basis Debtwire reserves the right to determine whether a deal is classified as leveraged, on a deal by deal basis and will consider a number of factors such as: type of institutional investor, leverage, pricing, ownership, location, borrowing history and any other considerations available to us. Country of risk will not be determined by the registered domicile of an SPV outside of where the borrower s main operational revenue is generated For queries, please email us at EMEAPILoan@debtwire.com Click to edit Source text 17
An Acuris Company Debtwire is an Acuris company Click to edit Master text styles Second level Third level Fourth level Fifth level Diana Apedu, Market Analyst +44 (0) 20 3741 1081, diana.apedu@acuris.com mario.marriott@acuris.com Americas 1501 Broadway 8th Floor New York NY 10036 USA +1 212 500 7537 trial@acuris.com Asia 16th Floor Grand Millennium Plaza 181 Queen s Road Central Hong Kong + 612 9002 3131 trial@acuris.com EMEA 10 Queen Street Place London EC4R 1BE United Kingdom +44 (0)203 741 1000 trial@acuris.com EMEA Americas Asia Darren Maharaj, Head of EMEA Fixed Income Data +44 (0) 20 3741 1174, darren.maharaj@acuris.com Nancy Tai, Head of Americas Fixed Income Data +1 646 378 3175, nancy.tai@acuris.com Jason Huang-Jones, Head of APAC Fixed Income Data +852 2158 9731, jason.huang- jones@acuris.com Mario Marriott, Senior Market Analyst +1 212 574 7870, Regina Li, Market Analyst +86 10 5775 7019, regina.li@acuris.com Victor Mukete, Market Analyst victor.mukete@acuris.com Wafaa Makhrobi, Market Analyst, +44 (0) 20 3741 1133, wafaa.makhrobi@acuris.com DEBTWIRE PAR INSIGHTS SALES/CRM Angus Codd, Head of Sales, Fixed Income EMEA +44 (0) 20 3741 1002, angus.codd@acuris.com Sadaf Khan, Global Head of Fixed Income Data +852 2158 9617, sadaf.khan@acuris.com William Brayshaw, Head of Sales, Regional, +44 (0) 20 3741 1090, william.brayshaw@acuris.com Disclaimer Colm (C.J.) Doherty, Global Head of Primary Market Analysis +1 212 390 7838, colm.doherty@acuris.com We have obtained the information provided in this report in good faith from sources that we consider to be reliable, but we do not independently verify the information. The information is not intended to provide tax, legal or investment advice. We shall not be liable for any mistakes, errors, inaccuracies or omissions in, or incompleteness of, any information contained in this report. All such liability is excluded to the fullest extent permitted by law. Data has been derived from company reports, press releases, presentations and Debtwire intelligence. Click to edit Source text
