Clairfield International Germany Annual review 2016

Transcription

1 Clairfield International Germany Annual review 2016

2 Clairfield International 2016 at a glance Average trailing EBITDA multiple: closed deals Ranked 15 th in the European league table Ranked 10 th for tech deals worldwide EUR 2.8bn in deal value 2

3 Clairfield International maintains position in the Top 15 of the Thomson Reuters league table European small cap ranking 2016 European mid cap ranking 2016 Rank Advisor Number of deals 1 KPMG PricewaterhouseCoopers BDO Rothschild & Co Ernst & Young LLP Deloitte IMAP Oaklins (FKA M&A Intl Inc) RSM Corporate Fin LLP Lazard Clairfield International Baker Tilly International KBS Corporate Sales Ltd Grant Thornton Clearwater International BNP Paribas SA Lincoln International Globalscope DC Advisory Global M&A 49 Rank Advisor Number of deals 1 KPMG Rothschild & Co PricewaterhouseCoopers BDO Ernst & Young LLP Deloitte Lazard IMAP Oaklins (FKA M&A Intl Inc) BNP Paribas SA RSM Corporate Fin LLP Clairfield International JP Morgan Baker Tilly International Grant Thornton KBS Corporate Sales Ltd Clearwater International Lincoln International DC Advisory UBS 61 3

4 Clairfield International wide range of industry experience and services for small and medium sized enterprises Industry split of Clairfield International transactions in 2016 Type of transactions of Clairfield International in 2016 Natural resources, cleantech & energy; 1% Consumer goods; 13% Industrials; 26% Capital raising, private placement & financing; 8% Other; 6% Merger; 2% Healthcare; 17% Technology, media & telecom; 20% Business & financial services; 23% Acquisition; 25% Sale; 59% In 2016, the industrial sector was highly demanded. Clairfield advised in 30 deals equaling 26% of all transactions The averaged EBITDA multiple for the industrial sector was 10.8 The business and financial services sector accounted for 23% of all Clairfield International deals and followed in third by the TMT sector with 20% The averaged EBITDA multiple for the TMT sector was 15.7 The Healthcare, consumer goods and energy sector complete Clairfield International s industry experience Because of our worldwide presence with 35 offices, working in close cooperation, we managed to close more than 21% of all deals in crossborder transactions Clairfield International offers a wide service portfolio including sell-side advisory, acquisition consulting, financing and merger advisory More than half (59%) of all transactions were sell-side mandates, but the high degree of acquisitions (25%) is remarkable. Clairfield International has a lot of practical skills in the design, initiation and execution of acquisition opportunities in both domestic and international markets. Clairfield International is specialized in understanding the customer s business model and their target market Capital raising and financing plays a crucial role for start ups and even established companies. In 2016, 9 transactions of this type were successfully closed 4

5 Germany becomes increasingly popular with international investors Germany as an attractive investment location Chinese investments have grown enormously since 2011 In 2016, more than half of all acquirers of German companies were from abroad Especially US investors were very active in the German market. Nearly every fifth cross-border transaction was closed by a company from the US One reason might be the strong US-Dollar versus the Euro, making investments more attractive from a financial point of view France (12%), the UK (9%) and Switzerland (8%) are following next, emphasising the important role of Western Europe as an investor It is remarkable, that since 2011 China increased its M&A activity drastically In the last five years, Chinese companies invested EUR 14.8bn in the acquisition of German companies By now, Chinese investors are ranked fifth of all investors abroad German acquisitions in China (in EUR bn) Chinese acquisitions in Germany (in EUR bn) USA leads the top 10 international buyers of German companies Clairfield International Germany: Deal of the year 2016 USA France United Kingdom Switzerland China Netherlands Sweden Japan Austria Italy 0% 5% 10% 15% 20% Schneider Druckluft, a premium specialist for compressed air systems, was sold to Atlas Copco, a world-leading provider of sustainable productivity solutions Besides Atlas Copco, an offer was made by a Chinese investor too, but Schneider Druckluft came to the decision, that Atlas Copco would be the best investor due to higher transaction security In this transaction, Clairfield International showed it s strengths in the well-planned execution of cross-border transactions Germany / Sweden was sold to Compressor technology Sources: Clairfield International research, Handelsblatt, Mergermarket 5

6 Transactions in the DACH region in 2016 (1/2) Germany / Sweden Germany Germany Germany / China was sold to was sold to acquired 100% of was sold to Advisor to the buyer Compressor technology IT Reseller and Service Industrial services Automotive Germany Germany / Poland Germany Austria / Switzerland sold a majority stake to was sold to acquired sold a 35% stake to Advisor to the buyer Digital media services E-commerce, spare car parts Healthcare Digital marketing agency 6

7 Transactions in the DACH region in 2016 (2/2) Austria / Germany Austria / Germany Switzerland / Italy Germany / Denmark was sold to sold a minority share to was sold to was sold to a consortium of German investors Real estate portal Price-comparison website Specialty footwear Energy-management systems 7

8 Clairfield International is well prepared for cross-border transactions thanks to 35 offices in 23 countries Clairfield worldwide 480+ Professionals across 35 country offices 114 M&A transactions closed in 2016 (small and medium cap) EUR 2.8bn Cumulative value of transactions closed in 2016 Worldwide small cap ranking 2016 Rank Advisor Number of deals 1 KPMG PricewaterhouseCoopers BDO Ernst & Young LLP 212 Europe Americas Asia-Pacific 5 Rothschild & Co Deloitte 191 Austria Vienna Belgium Antwerp Brussels Denmark Copenhagen Finland Helsinki France Lyon Paris Marseille Nantes Germany Stuttgart Frankfurt Düsseldorf Hungary Budapest Italy Milan Israel Tel Aviv Netherlands Amsterdam Norway Oslo Poland Warsaw Russia Moscow Sweden Stockholm Switzerland Geneva Spain Barcelona Madrid Valencia UK Birmingham London Brasil Curibati Sao Paulo Chile Santiago de Chile Mexico Mexico City USA Miami New York Washington D.C. Australia Brisbane China Beijing 7 Houlihan Lokey Mizuho Financial Group IMAP Oaklins (FKA M&A Intl Inc) Lazard Sumitomo Mitsui Finl Grp Inc Clairfield International Lincoln International Baker Tilly International JP Morgan Goldman Sachs & Co Jefferies LLC RSM Corporate Fin LLP Moelis & Co 80 8

9 Traction in all relevant European markets with strong M&A team in Germany Düsseldorf Clairfield in Europe 26 offices With 26 offices strong presence in Europe Frankfurt 17 countries Active in all relevant European markets #14 Top 15 in Europe Stuttgart German small cap ranking 2016 Clairfield in Germany Senior partners Years in M&A Industry focus Dirk Freiland 20 TMT, automotive & machinery, services Jack Helm 30 health care, industry, automatization Darius Kianzad 20 clean tech, health care, resources Dr. Hanns-Alexander Klemm 30 industry, healthcare, retail Martin Lemmer 13 food and beverage, business services Dirk Middelhoff 10 TMT, high-tech Andreas Piechotta 16 industry, medical technology Dr. Albert Schander 22 consumer goods, industry, logistic,retail Strong presence all over Germany, covering all major industries supported by: approx. 20 junior and senior professionals across three offices more than 25 senior industrial experts Rank Advisor Number of deals 1 Ernst & Young LLP 53 2 KPMG 35 3 Lincoln International 29 4 Concentro Management AG 28 4 Rothschild & Co 28 6 Globalscope 27 7 PricewaterhouseCoopers 24 8 Baker Tilly International 20 9 Deloitte IMAP BDO ACXIT Capital Partners Clearwater International Global M&A Altium Capital Limited IEG-Investment Banking Clairfield International Raymond James Financial Inc Oaklins (FKA M&A Intl Inc) Commerzbank AG 10 9

10 Assisting clients in mid-sized, cross-border transactions Our services Our focus Mergers & Acquisitions Design, initiation and execution of international and domestic acquisition opportunities Strategic partnerships and alliances Mid-Market Clairfield is one of the leading global M&A firms typically executing mid-sized transactions up to an enterprise value of 500 m Strategic alternative reviews Disposals/ Divestitures Search for strategic and financial investors Feasibility analysis Divestitures, spin-offs and carve outs Cross-border With partner offices in 50% of all OECD countries, Clairfield International covers 75% of Germany s most significant trade partners Valuations and fairness opinions Long-term relationships Our advice is embedded in long term relationships with corporates, family offices and private equity investors Capital solutions Financial sponsor transactions (MBO and LBO) Debt advisory: advisory in acquisition finance, debt financing, recaps Equity advisory: independent advisory in IPOs, rights issues and placings Strategic investor relations advisory Our philosophy Sector expertise The longstanding experiences of our partners in diverse industries in combination with outstandingly connected industry experts are enabling our clients to open up new strategic possibilities Advisory Strategic advisory services, such as valuations and fairness opinions, market entry feasibility Advisory on strategic alliances, mergers, licensing and joint ventures Market studies Monitoring trustee Confidentiality Seniority of the team Trust and integrity are essential values for our advisory services. Information are treated with highest discretion Senior involvement throughout all phases of a transaction is the single most important hallmark of our execution style and commitment to quality and prudent advice Restructuring advisory Restructuring and recovery Special situations Independence We own our business and act as entrepreneurs free of conflicts usually found in large multi-product firms 10

11 Representative Clients Sub-Sectors Sector Strong sector expertise and understanding client industries Business Services Natural Resources, Cleantech & Energy Consumer Goods, Food & Retail Financial Institutions & Private Equity Healthcare & Life Sciences Industrials Technology, Media & Telecoms Business Services Distribution Logistics Industrial Services Education Staffing Engineering Metals & Mining Oil & Gas Renewable Energy Power Coal & Fuels Oilfield Services Nuclear Consumer Goods Retail Real Estate Furniture Food & Beverage Food Services Agribusiness Financial Services e finance Debt Collection Asset Mgmt. Family offices Insurance Private Equity Medical Devices Medical Supplies Pharma & Biotech Animal Health Lab Services & Equipment Hospitals & Clinics Automotive Building Materials Wood Processing Test & Measuring Machinery Chemicals Aerospace Digital & Traditional Media IT Services IT Consulting Hardware, Software & Equipment 11

12 Senior partners in Germany (1/3) Dirk F. Freiland Dirk Freiland has twenty years of experience in M&A and corporate finance. Prior to joining Clairfield he was co-founder of a medium sized M&A company in Southern Germany. Before, he worked as senior manager at Accenture (formerly Andersen Consulting) in Strategy and Change Management where he was in his last function responsible for building up the M&A team and activities for Germany, Austria and Switzerland. Further milestones in his career were a small service company he built up from 20 up to 120 people within 14 months and Alcatal (Paris) where he worked in research and development. Dirk Freiland studied Mechanical Engineering, Electronics and Computer Science ofthe University ofapplied Sciences ofesslingen/stuttgart and Paris. freiland@de.clairfield.com Walter J. Helm Walter Jackson Jack Helm has been advising in cross-border corporate finance and mergers and acquisitions for over thirty years. Educated in both the US and Germany, Mr. Helm was trained at Citibank and Lehman Brothers, New York and relocated to Frankfurt in 1988 to open Lehman Brothers new German corporate finance practice. His affinity for life sciences has resulted in significant repeat transactions primarily in the chemicals and healthcare sector and diversified industrial segments, and in 1996 he became Managing Director and Country Head of the merger and acquisitions specialty group Wasserstein Perella. Upon the acquisition of Wasserstein Perella by the Dresdner Bank in 2001, Mr. Helm returned to his native Virginia to pursue venture capital opportunities and returned to the German advisory business in Mr. Helm has a bachelor s degree from the University of Virginia and a Master in International Business from Georgetown University. helm@de.clairfield.com Darius O. Kianzad Darius Kianzad began his career in 1991 at the Treuhandanstalt in Halle and Berlin. Between 1993 and 2005, Mr. Kianzad held leading positions in renowned audit firms and investment banks such as PricewaterhouseCoopers in Frankfurt and was Senior Vice President M&A at Sal. Oppenheim where he was in charge of M&A transactions in the energy and automotive sectors and also became co-leader of the Industrials segment. Between 2006 and 2010, Mr. Kianzad was a member of the Management board at ista Group, a leading international energy services company, in charge of Corporate Development/M&A and Regional Head of Emerging Markets. Darius Oliver Kianzad graduated with a master s degree in Economics (University of Heidelberg) and has completed a General Management program at the University of St. Gallen and the Advanced Management program at INSEAD. kianzad@de.clairfield.com 12

13 Senior partners in Germany (2/3) Dr. Hanns Alexander Klemm Alexander Klemm was born in South Africa, raised in Germany and the UK and studied in the UK, USA and Germany. He has over 30 years investment and wholesale banking transaction experience in M&A and equity capital markets. He worked in Frankfurt, London and New York at Deutsche Bank/Morgan Grenfell, Lehman Brothers, UBS Warburg, JPMorgan Cazenove, and Hauck. He has also held various senior management positions in banking. As head of investment banking at JPMorgan Cazenove in Germany/Austria/Switzerland, he established the Frankfurt office and built Cazenove s successful midmarket advisory and capital markets business. Following leadership of the MBO of this business and subsequent contribution to Hauck & Aufhäuser, the German private bank, he was partner and CEO of the corporates and markets division of the bank. Dr. Klemm holds a BSc. Hons. in economics and politics from the University of Bristol, an MBA from Columbia Business School and a Ph.D. in finance from Freie Universität Berlin. klemm@de.clairfield.com Martin Lemmer Martin Lemmer has extensive experience in strategy consulting and in advising corporates and private equity investors in corporate finance matters. Prior to Clairfield International, Martin Lemmer worked for the London based consulting firm L.E.K. Consulting and M&A boutique First Capital Partners. Martin Lemmer has advised a large number of projects both on the buy- and sell-side serving strategic buyers and private equity players. Amongst others, Martin s business focus lies in the retail, food and beverage, business services and healthcare industries. He graduated in business administration from the University of St. Gallen (Switzerland) and the Richard Ivey School of Business at University of Western Ontario in London (Canada). lemmer@de.clairfield.com Dirk Middelhoff Dirk Middelhoff holds a degree in Business Law (LL.B) with a focus on corporate finance and more than 10 years experience in corporate finance, business development and strategy. Until 2008, Dirk Middelhoff worked for the listed EMC Corporation, headquartered in Boston, one of the 25 largest IT companies in the Fortune 500. There he led national and international projects such as, Vodafone, Deutsche Bank, Metro etc.. At last head of strategic alliances and mergers & acquisitions. After 2008 Dirk Middelhoff worked as Director for a medium-sized M&A consultancy firm with focus on technology companies. Mandates of German and international companies from technology sectors among others, software, consulting, photonic on the buy or sell side as well as start-ups in the fields of software, internet and media with focus of founding and financing. Numerous publications on topics of accounting, valuation and financing. Dirk Middelhoff is member ofvarious advisory and supervisory boards in technology companies. middelhoff@de.clairfield.com 13

14 Senior partners in Germany (3/3) Andreas Piechotta Andreas Piechotta has been involved in international equity- and transaction business for almost 16 years. As a partner of a well-known international M&A advisory firm he has been responsible for business development in Eastern Europe and has managed to execute a variety of cross border transactions, e. g. in Poland, Hungary and Slovenia. Andreas Piechotta began his career 1994 at Pfeifer & Langen, a known family-owned German sugar producer. At Pfeifer & Langen he supported various privatization processes in the Polish sugar industry. From 1997 to 2004 Mr. Piechotta was engaged in the Private Equity activities of DEWB AG, a subsidiary of JENOPTIK Group. Born in Poland, Andreas Piechotta studied Law at the University Bayreuth/Germany being a qualified lawyer, with a particular focus on commercial law. piechotta@de.clairfield.com Dr. Albert Schander Prior to founding M&A advisory firm SynCap in 2000 and contributing it subsequently to Clairfield, Albert worked as Executive Director/ Co-Head Corporate Finance for finance specialist group VMR where he was responsible for international fund raising projects and M&A. He held positions in his prior career at Deutsche Bank (BAI), Milan, KPMG/ Milan and Lehman Brothers/ Frankfurt, where he, among other responsibilities, advised on international and domestic M&A transactions. He studied Law and Economics at the Universities of Passau, Pavia/ Italy and Munich. He is qualified as an attorney-at-law in Germany and earned his Law degree from Ludwig-Maximilian-University of Munich and his PhD from Friedrich-Schiller-University of Jena. schander@de.clairfield.com 14

15 Senior partners in Austria Kai-Peter Burger Kai-Peter Burger has been advising on cross-border corporate finance and mergers & acquisitions for over twenty years. Kai was trained at PwC in business valuations and the European Privatization & Investment Corporation (EPIC) in M&A advisory services for the energy sector. As one of the founding partners of COM Partners in Vienna, he followed his affinity for the tech sector and advised on midmarket transactions primarily in the internet & media and software & IT sectors in Eastern and Central Europe. After joining Corporate Finance Partners, he worked as managing director in Austria. In 2016 Kai joined Clairfield International as a partner in Vienna. Kai studied at Vienna University of Economics and Business and at HEC Paris with a focus on corporate finance. kburger@at.clairfield.com Berend Yntema Berend Yntema is a corporate finance specialist and has over 20 years of experience in M&A, strategic and cross-border acquisitions, capital raisings, and restructurings with a focus on Western and Eastern Europe. He has held various senior management and managing director positions in corporate finance and M&A advisory firms. He worked as a director at Investment Fund Sector Capital in Moscow and later as director for Poland at the European Privatization & Investment Corporation (EPIC). As one of the founders of COM Partners, he specialized in midmarket M&A advisory in the dynamic tech sector. Following a strategic merger, he worked as managing director at Corporate Finance Partners in Vienna, before joining Clairfield International as partner in Vienna. Berend was born in the Netherlands and holds a degree in economics with a focus on finance from the University of Groningen. byntema@at.clairfield.com 15

16 Contact Dirk Freiland Partner Office Stuttgart Phone: +49 (711) Fax: +49 (711) DACH Offices Office Stuttgart Mörikestraße 11 D Stuttgart Tel.: +49 (711) Fax: +49 (711) Office Düsseldorf Roßstr. 92 D Düsseldorf Tel.: +49 (211) Fax: +49 (211) Office Frankfurt Mainzer Landstr. 33a D Frankfurt am Main Tel.: +49 (69) Fax: +49 (69) Office Vienna Herrengasse 6-8 7/1 AT-1010 Vienna Tel.: +43 (1) Fax: +43 (1) International Offices Europe Clairfield Belgium Antwerp Brussels Clairfield Denmark Copenhagen Clairfield Finland Helsinki Clairfield France Lyon Paris Marseille Nantes Clairfield Italy Milan Clairfield Israel Tel Aviv Clairfield Netherlands Amsterdam Clairfield Norway Oslo Clairfield Poland Warsaw Clairfield Sweden Stockholm Clairfield Switzerland Geneva Clairfield Spain Barcelona Madrid Valencia Clairfield UK Birmingham London Americas Clairfield Brasil Curibati Sao Paulo Clairfield Chile Santiago de Chile Clairfield Mexico Mexico City Clairfield USA Miami New York Washington D.C. Asia and Australia Clairfield Australia Brisbane Clairfield China Beijing 16