


{"id":42258,"date":"2018-07-19T17:36:44","date_gmt":"2018-07-19T15:36:44","guid":{"rendered":"https:\/\/newserver.fyb.de\/midcapmonitor-from-gca-altium-the-debt-funds-wave-rolls-on\/"},"modified":"2018-07-19T17:36:44","modified_gmt":"2018-07-19T15:36:44","slug":"midcapmonitor-from-gca-altium-the-debt-funds-wave-rolls-on","status":"publish","type":"post","link":"https:\/\/www.fyb.de\/en\/midcapmonitor-from-gca-altium-the-debt-funds-wave-rolls-on\/","title":{"rendered":"MidCapMonitor from GCA Altium: The debt funds wave rolls&nbsp;on"},"content":{"rendered":"<p>Munich, Frank\u00adfurt, Zurich \u2014 Alter\u00adna\u00adtive finan\u00adciers conti\u00adnue their success story in 2018. The latest <strong>MidCap\u00adMo\u00adni\u00adtor by invest\u00adment bank GCA Altium<\/strong>, which regu\u00adlarly pres\u00adents lever\u00ada\u00adged buyout finan\u00adcings with <strong>loan volu\u00admes between \u20ac20 million and \u20ac500 million<\/strong>, shows that debt funds accoun\u00adted for 48 percent of the LBO market in the first half of 2018. 46 LBO finan\u00adcings in the first half of 2018 mark a new record.<\/p>\n<p>After twelve tran\u00adsac\u00adtions in the first half of 2017, the Debt Funds have alre\u00adady successfully imple\u00admen\u00adted 22 tran\u00adsac\u00adtions in the first half of 2018. At this time in 2017, the banks\u2019 market share was still 70 percent and has now shrunk to 52 percent.<\/p>\n<p>The success of alter\u00adna\u00adtive finan\u00adcing parties is based on seve\u00adral factors. First, debt funds respon\u00added a good year ago and incre\u00adasingly star\u00adted to offer more favorable struc\u00adtures invol\u00adving lower-rate senior tran\u00adches held by banks. \u201cIn addi\u00adtion, we are incre\u00adasingly seeing debt fund tran\u00adsac\u00adtions that banks would not have done. This is a very posi\u00adtive deve\u00adlo\u00adp\u00adment, as addi\u00adtio\u00adnal liqui\u00addity is being made available,\u201d comm\u00adents <strong>Johan\u00adnes Schmit\u00adtat, Mana\u00adging Direc\u00adtor in GCA Alti\u00adum\u2019s Frank\u00adfurt office<\/strong>.<\/p>\n<p>It is also noti\u00adceable that buy-and-build stra\u00adte\u00adgies in parti\u00adcu\u00adlar are prefer\u00ada\u00adbly finan\u00adced with debt funds. \u201cPrivate equity inves\u00adtors welcome the speed of imple\u00admen\u00adta\u00adtion and the redu\u00adced need for coor\u00addi\u00adna\u00adtion with usually only one party compared to larger banking clubs,\u201d says Norbert Schmitz, also a mana\u00adging direc\u00adtor at GCA Altium. Over\u00adall, GCA Altium does not expect banks to regain lost market share in the near future.<\/p>\n<p>The over\u00adall size of the German LBO market remains on track for a record 46 tran\u00adsac\u00adtions (up from 41 tran\u00adsac\u00adtions in the first half of 2017). The most active private equity houses were Equis\u00adtone and Nordic Capi\u00adtal, with three tran\u00adsac\u00adtions&nbsp;each.<\/p>\n<p>On the banking side, <strong>Commerz\u00adbank<\/strong> has alre\u00adady imple\u00admen\u00adted eight tran\u00adsac\u00adtions this year, but on a twelve-month basis (16 tran\u00adsac\u00adtions) it still ranks third behind <strong>SEB<\/strong> (20) and <strong>Unicre\u00addit<\/strong> (19). \u2014 Even though there were head\u00adwinds in the London large cap market towards the end of the second quar\u00adter for the first time in a long time against the very low margins and very borrower-friendly terms, GCA Altium did not notice any impact on the German LBO market. \u201cDue to the contin\u00adued extre\u00admely compe\u00adti\u00adtive envi\u00adron\u00adment between banks and debt funds, we do not expect condi\u00adti\u00adons to dete\u00adrio\u00adrate in the short term,\u201d adds Norbert Schmitz.<\/p>\n<p>The over\u00adall Euro\u00adpean market for unitran\u00adche finan\u00adcing by debt funds also reached a new record high with 109 tran\u00adsac\u00adtions in the first half of 2018, excee\u00adding the previous year\u2019s volume by more than 47 percent. In addi\u00adtion to Germany with 22 tran\u00adsac\u00adtions, Unitran\u00adches have also been used inten\u00adsi\u00advely in the UK (33 tran\u00adsac\u00adtions) and France (23 transactions).<\/p>\n<p><strong>About GCA Altium<\/strong><br>\nGCA Altium is the Euro\u00adpean divi\u00adsion of GCA. The global invest\u00adment bank provi\u00addes stra\u00adte\u00adgic M&amp;A as well as capi\u00adtal markets advi\u00adsory services to growth compa\u00adnies and market leaders. GCA opera\u00adtes globally with over 400 experts in 15 loca\u00adti\u00adons in the US, Asia and Europe. Built by the people who run the busi\u00adness, GCA specia\u00adli\u00adzes in deals that require commit\u00adment, an unbi\u00ada\u00adsed view, exper\u00adtise and unique networks. www.gcaaltium.com<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Munich, Frank\u00adfurt, Zurich \u2014 Alter\u00adna\u00adtive finan\u00adciers conti\u00adnue their success story in 2018. The latest MidCap\u00adMo\u00adni\u00adtor by invest\u00adment bank GCA Altium, which regu\u00adlarly pres\u00adents lever\u00ada\u00adged buyout finan\u00adcings with loan volu\u00admes between \u20ac20 million and \u20ac500 million, shows that debt funds accoun\u00adted for 48 percent of the LBO market in the first half of 2018. 46&nbsp;LBO&nbsp;[\u2026]<\/p>\n","protected":false},"author":2,"featured_media":42268,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"wp_typography_post_enhancements_disabled":false,"footnotes":""},"categories":[886,1364,1366,1388],"tags":[],"class_list":["post-42258","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-en","category-featured-en","category-news-en","category-shortcuts-en"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>MidCapMonitor from GCA Altium: The debt funds wave rolls on - FYB Financial Yearbook<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fyb.de\/en\/midcapmonitor-from-gca-altium-the-debt-funds-wave-rolls-on\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MidCapMonitor from GCA Altium: The debt funds wave rolls on - FYB Financial Yearbook\" \/>\n<meta property=\"og:description\" content=\"Munich, Frank\u00adfurt, Zurich \u2014 Alter\u00adna\u00adtive finan\u00adciers conti\u00adnue their success story in 2018. The latest MidCap\u00adMo\u00adni\u00adtor by invest\u00adment bank GCA Altium, which regu\u00adlarly pres\u00adents lever\u00ada\u00adged buyout finan\u00adcings with loan volu\u00admes between \u20ac20 million and \u20ac500 million, shows that debt funds accoun\u00adted for 48 percent of the LBO market in the first half of 2018. 46 LBO [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.fyb.de\/en\/midcapmonitor-from-gca-altium-the-debt-funds-wave-rolls-on\/\" \/>\n<meta property=\"og:site_name\" content=\"FYB Financial Yearbook\" \/>\n<meta property=\"article:published_time\" content=\"2018-07-19T15:36:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.fyb.de\/wp-content\/uploads\/2018\/07\/a-gca.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"364\" \/>\n\t<meta property=\"og:image:height\" content=\"364\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tatjana Anderer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tatjana Anderer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.fyb.de\/en\/midcapmonitor-from-gca-altium-the-debt-funds-wave-rolls-on\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.fyb.de\/en\/midcapmonitor-from-gca-altium-the-debt-funds-wave-rolls-on\/\"},\"author\":{\"name\":\"Tatjana Anderer\",\"@id\":\"https:\/\/www.fyb.de\/en\/#\/schema\/person\/4308b3086925bc8567ceba3ebd69b4ce\"},\"headline\":\"MidCapMonitor from GCA Altium: The debt funds wave rolls&nbsp;on\",\"datePublished\":\"2018-07-19T15:36:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.fyb.de\/en\/midcapmonitor-from-gca-altium-the-debt-funds-wave-rolls-on\/\"},\"wordCount\":507,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.fyb.de\/en\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.fyb.de\/en\/midcapmonitor-from-gca-altium-the-debt-funds-wave-rolls-on\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.fyb.de\/wp-content\/uploads\/2018\/07\/a-gca.jpg\",\"articleSection\":[\"General\",\"Featured\",\"News\",\"SHORTCUTS\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.fyb.de\/en\/midcapmonitor-from-gca-altium-the-debt-funds-wave-rolls-on\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.fyb.de\/en\/midcapmonitor-from-gca-altium-the-debt-funds-wave-rolls-on\/\",\"url\":\"https:\/\/www.fyb.de\/en\/midcapmonitor-from-gca-altium-the-debt-funds-wave-rolls-on\/\",\"name\":\"MidCapMonitor from GCA Altium: The debt funds wave rolls on - 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