{"id":42433,"date":"2018-11-14T12:28:12","date_gmt":"2018-11-14T10:28:12","guid":{"rendered":"https:\/\/newserver.fyb.de\/buy-build-activity-in-europe-weak-due-to-political-uncertainty\/"},"modified":"2018-11-14T12:28:12","modified_gmt":"2018-11-14T10:28:12","slug":"buy-build-activity-in-europe-weak-due-to-political-uncertainty","status":"publish","type":"post","link":"https:\/\/www.fyb.de\/en\/buy-build-activity-in-europe-weak-due-to-political-uncertainty\/","title":{"rendered":"Buy & build activity in Europe weak due to political uncertainty"},"content":{"rendered":"

Munich, London, Paris \u2014 Euro\u00adpean buy & build acti\u00advity in the first half of 2018 fell by 12% compared to the same period last year. The reason for this is presu\u00adma\u00adbly concerns about the impen\u00adding Brexit, which are dampe\u00adning the other\u00adwise buoyant mood on the markets in the UK and Ireland. This is shown by the current Euro\u00adpean Buy & Build Moni\u00adtor of the private equity firm Silver\u00adfleet Capi\u00adtal<\/strong>.<\/p>\n

The Buy & Build Moni\u00adtor measu\u00adres global add-on acti\u00advity by Euro\u00adpean-based and private equity-finan\u00adced compa\u00adnies; for the first half of 2018, it preli\u00admi\u00adna\u00adrily iden\u00adti\u00adfies 287 acqui\u00adsi\u00adti\u00adons compared to 327 in the same period last year. The total value of deals fell from \u20ac5.8 billion in the first half of 2017 to \u20ac4.65 billion in the first half of 2018.<\/p>\n

In the first half of 2018, only eight acqui\u00adsi\u00adti\u00adons with a tran\u00adsac\u00adtion value of more than \u00a360 million or \u20ac70 million were disc\u00adlo\u00adsed. The number thus fell signi\u00adfi\u00adcantly compared with the same period last year, when 21 acqui\u00adsi\u00adti\u00adons were published. \u2014 The largest purchase of the half was the acqui\u00adsi\u00adtion of the conve\u00adni\u00adence stores of The Kroger<\/strong> Co. EG Group, backed by TDR Capi\u00adtal,<\/strong> acqui\u00adred them for $2.15 billion.<\/p>\n

Geogra\u00adphic trends<\/strong>
\nThere were sharp decli\u00adnes in the UK, Ireland and Scan\u00addi\u00adna\u00advia: The number of deals in the UK and Ireland fell from 67 in the first half of 2017 to 50; this deve\u00adlo\u00adp\u00adment is presu\u00adma\u00adbly due to the impen\u00adding Brexit, which is discou\u00adra\u00adging British compa\u00adnies from making acqui\u00adsi\u00adti\u00adons in their own coun\u00adtry. The number of acqui\u00adsi\u00adti\u00adons made by non-UK compa\u00adnies in the King\u00addom remained constant.<\/p>\n

In Scan\u00addi\u00adna\u00advia, only 41 acqui\u00adsi\u00adti\u00adons were comple\u00adted in the first half of 2018, compared to 74 comple\u00adted in the prior-year period. Sweden proved to be parti\u00adcu\u00adlarly active with 26 acqui\u00adsi\u00adti\u00adons. Howe\u00adver, this was offset by low acti\u00advity in Denmark and Norway, which repor\u00adted only eight acqui\u00adsi\u00adti\u00adons in total. In Norway, this is proba\u00adbly due to low M&A acti\u00advity in offshore oil and gas production.<\/p>\n

The largest increase in Buy & Build was achie\u00adved in the DACH region. With 38 acqui\u00adsi\u00adti\u00adons in the first half of 2018, the number increased by 31% compared to 29 acqui\u00adsi\u00adti\u00adons in the same period last year. Thus, acti\u00advity conti\u00adnues to reco\u00adver and reached the highest level compared to previous years.<\/p>\n

France, the Bene\u00adlux count\u00adries and Italy saw their perfor\u00admance dete\u00adrio\u00adrate, in line with the trend of gene\u00adrally weaker acti\u00advity in the first half of 2018. Data for Spain & Portu\u00adgal, Central & Eastern Europe, and Southe\u00adas\u00adtern Europe were in line with those for the first half of 2017.<\/p>\n

Non-Euro\u00adpean add-on acti\u00advity accoun\u00adted for 12% of total add-on volume, a simi\u00adlar ratio to previous years. Howe\u00adver, there was a nota\u00adble decrease in the number of acqui\u00adsi\u00adti\u00adons in North America compared to previous years. Data for other regi\u00adons are consis\u00adtent with last year\u2019s data.<\/p>\n

There was an add-on in Silver\u00adfleet Capi\u00adtal\u2019s port\u00adfo\u00adlio in the first half of 2018: micro\u00adG\u00adLEIT<\/strong>, a niche supplier of lubri\u00adcants based in Germany, was acqui\u00adred by a majo\u00adrity stake from Silver\u00adfleet Capi\u00adtal\u2019s port\u00adfo\u00adlio company Conven\u00adtya<\/strong>, a French specia\u00adlist in specialty chemi\u00adcals for surface finis\u00adhing. This tran\u00adsac\u00adtion marks Coven\u00adtya\u2019s third acqui\u00adsi\u00adtion since Silver\u00adfleet joined the company in May 2016.<\/p>\n

\u201cAfter peaking last year, buy-&-build acti\u00advity was signi\u00adfi\u00adcantly subdued in the first half of this year, despite contin\u00adued favorable econo\u00admic condi\u00adti\u00adons,\u201d said Neil MacDou\u00adgall, mana\u00adging part\u00adner at Silver\u00adfleet Capi\u00adtal. \u201cWe believe that poli\u00adtics is at least partly the reason for this trend. In the U.K. and Ireland, the sharp decline in natio\u00adnal acqui\u00adsi\u00adti\u00adons can be explai\u00adned as a precau\u00adtio\u00adnary measure in the wake of the impen\u00adding Brexit. The decline in buy-&-build acti\u00advity by Euro\u00adpean compa\u00adnies in North America may be due to the intro\u00adduc\u00adtion of export tariffs. Equally, howe\u00adver, it could be that U.S.-based buyers are more deter\u00admi\u00adned than Europeans.\u201d<\/p>\n

You can access the complete report 
\n here<\/a>
\n<\/strong>.<\/p>\n

(1) Metho\u00addo\u00adlogy
\nThe infor\u00adma\u00adtion used in the Silver\u00adfleet Buy & Build Moni\u00adtor is prepared by Merger\u00admar\u00adket. They exclu\u00adsi\u00advely include follow-on acqui\u00adsi\u00adti\u00adons of compa\u00adnies where more than 30% of the equity is held by a private equity fund and where the plat\u00adform company is based in Europe.<\/p>\n

The value of the acqui\u00adsi\u00adti\u00adons must exceed \u20ac5 million or the target company must have sales of at least \u20ac10 million to be included in the ranking. One chall\u00adenge here is always that data from the most recent quar\u00adter is often not complete. Smal\u00adler acqui\u00adsi\u00adti\u00adons in parti\u00adcu\u00adlar are not yet fully covered, and details may only become known after our analy\u00adsis has been comple\u00adted. We ther\u00ade\u00adfore add a pro forma premium of 14% to the figu\u00adres for the first half of 2018 in order to make trend state\u00adments. Our analy\u00adsis for the second half of 2017 indi\u00adca\u00adtes that this is in line with the adjus\u00adt\u00adment that would have been requi\u00adred to accu\u00adra\u00adtely esti\u00admate add-on acti\u00advity in the first half of the year.<\/p>\n

Apply\u00ading the metho\u00addo\u00adlogy descri\u00adbed above, we have applied a pro forma mark-up of 35 tran\u00adsac\u00adtions to the figu\u00adres for the first half of 2018. Howe\u00adver, it is hardly possi\u00adble to draw detailed conclu\u00adsi\u00adons such as regio\u00adnal break\u00addowns from the pro forma figu\u00adres. Ther\u00ade\u00adfore, we deci\u00added against it.<\/p>\n

About Silver\u00adfleet Capital<\/strong>
\nSilver\u00adfleet Capi\u00adtal has been active as a private equity inves\u00adtor in the Euro\u00adpean mid-market for more than 30 years and curr\u00adently mana\u00adges around \u20ac1.2 billion with its 29-strong invest\u00adment team in Munich, London, Paris, Stock\u00adholm and Amsterdam.<\/p>\n

Eight invest\u00adments have alre\u00adady been made from the second inde\u00adpen\u00addent fund closed in 2015 with a volume of 870 million euros: The Masai Clot\u00adhing Company, a women\u2019s fashion whole\u00adsa\u00adler and retailer head\u00adquar\u00adte\u00adred in Denmark; Coven\u00adtya, a French deve\u00adlo\u00adper of specialty chemi\u00adcals; Sigma Compon\u00adents, a British manu\u00adfac\u00adtu\u00adrer of precis\u00adion compon\u00adents for civil avia\u00adtion; Life\u00adtime Trai\u00adning, a British provi\u00adder of trai\u00adning programs; Pumpen\u00adfa\u00adbrik Wangen, a manu\u00adfac\u00adtu\u00adrer of specialty pumps based in Germany; Riviera Travel, a British opera\u00adtor of escor\u00adted group tours and crui\u00adses; 7days, a West\u00adpha\u00adlian supplier of medi\u00adcal work\u00adwear; and Prefere Resins, a leading phen\u00ado\u00adlic and amino resin manu\u00adfac\u00adtu\u00adrer in Europe.<\/p>\n

Silver\u00adfleet achie\u00adves value growth through its \u201cbuy to build\u201d invest\u00adment stra\u00adtegy. As part of this stra\u00adtegy, Silver\u00adfleet is acce\u00adle\u00adra\u00adting the growth of its subsi\u00addia\u00adries by inves\u00adt\u00ading in new products, produc\u00adtion capa\u00adcity and employees, instal\u00adling successful retail formats or making follow-up acqui\u00adsi\u00adti\u00adons. Since 2004, Silver\u00adfleet Capi\u00adtal has inves\u00adted \u20ac1.9 billion in 28 companies.<\/p>\n

Silver\u00adfleet specia\u00adli\u00adzes in four key indus\u00adtries: Busi\u00adness and Finan\u00adcial Services, Health\u00adcare, Manu\u00adfac\u00adtu\u00adring, and Retail and Consu\u00admer Goods. Since 2004, the private equity inves\u00adtor has inves\u00adted 33 percent of its assets in compa\u00adnies head\u00adquar\u00adte\u00adred in the DACH region, 31 percent in the UK and Ireland, 19 percent in Scan\u00addi\u00adna\u00advia and 17 percent mainly in France and the Bene\u00adlux count\u00adries (1).<\/p>\n

Silver\u00adfleet Capi\u00adtal has a solid invest\u00adment track record. Most recently, Silver\u00adfleet sold<\/strong> Ipes<\/strong>, a leading provi\u00adder of outsour\u00adcing services to Euro\u00adpean private equity firms (invest\u00adment multi\u00adple 3.8x); CCC<\/strong>, one of the leading BPO services provi\u00adders in Europe, and Cimbria<\/strong>, a Danish manu\u00adfac\u00adtu\u00adrer of agri\u00adcul\u00adtu\u00adral equip\u00adment (2); Kalle<\/strong>, a German manu\u00adfac\u00adtu\u00adrer of arti\u00adfi\u00adcial sausage skins (invest\u00adment multi\u00adple 3.5x); OFFICE<\/strong>, a British shoe retailer (invest\u00adment multi\u00adple 3.4x); and Aesica<\/strong>, a leading phar\u00admaceu\u00adti\u00adcal CDMO company (invest\u00adment multi\u00adple 3.3x).<\/p>\n","protected":false},"excerpt":{"rendered":"

Munich, London, Paris \u2014 Euro\u00adpean buy & build acti\u00advity in the first half of 2018 fell by 12% compared to the same period last year. The reason for this is presu\u00adma\u00adbly concerns about the impen\u00adding Brexit, which are dampe\u00adning the other\u00adwise buoyant mood on the markets in the UK and Ireland. This is shown by [\u2026]<\/p>\n","protected":false},"author":2,"featured_media":42418,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"wp_typography_post_enhancements_disabled":false,"footnotes":""},"categories":[886,1364,1366],"tags":[],"class_list":["post-42433","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-en","category-featured-en","category-news-en","news-category-deals-news-en"],"yoast_head":"\nBuy & build activity in Europe weak due to political uncertainty - 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\/buy-build-activity-in-europe-weak-due-to-political-uncertainty\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Buy & build activity in Europe weak due to political uncertainty - FYB Financial Yearbook\" \/>\n<meta property=\"og:description\" content=\"Munich, London, Paris \u2014 Euro\u00adpean buy & build acti\u00advity in the first half of 2018 fell by 12% compared to the same period last year. The reason for this is presu\u00adma\u00adbly concerns about the impen\u00adding Brexit, which are dampe\u00adning the other\u00adwise buoyant mood on the markets in the UK and Ireland. This is shown by […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.fyb.de\/en\/buy-build-activity-in-europe-weak-due-to-political-uncertainty\/\" \/>\n<meta property=\"og:site_name\" content=\"FYB Financial Yearbook\" \/>\n<meta property=\"article:published_time\" content=\"2018-11-14T10:28:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.fyb.de\/wp-content\/uploads\/2018\/09\/a-silverfleet_capital-logo-gif-pagespeed-ic-4hxosacdne-1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"200\" \/>\n\t<meta property=\"og:image:height\" content=\"200\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\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=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.fyb.de\/en\/buy-build-activity-in-europe-weak-due-to-political-uncertainty\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.fyb.de\/en\/buy-build-activity-in-europe-weak-due-to-political-uncertainty\/\"},\"author\":{\"name\":\"Tatjana Anderer\",\"@id\":\"https:\/\/www.fyb.de\/en\/#\/schema\/person\/4308b3086925bc8567ceba3ebd69b4ce\"},\"headline\":\"Buy & build activity in Europe weak due to political uncertainty\",\"datePublished\":\"2018-11-14T10:28:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.fyb.de\/en\/buy-build-activity-in-europe-weak-due-to-political-uncertainty\/\"},\"wordCount\":1148,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.fyb.de\/en\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.fyb.de\/en\/buy-build-activity-in-europe-weak-due-to-political-uncertainty\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.fyb.de\/wp-content\/uploads\/2018\/09\/a-silverfleet_capital-logo-gif-pagespeed-ic-4hxosacdne-1.png\",\"articleSection\":[\"General\",\"Featured\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.fyb.de\/en\/buy-build-activity-in-europe-weak-due-to-political-uncertainty\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.fyb.de\/en\/buy-build-activity-in-europe-weak-due-to-political-uncertainty\/\",\"url\":\"https:\/\/www.fyb.de\/en\/buy-build-activity-in-europe-weak-due-to-political-uncertainty\/\",\"name\":\"Buy & build activity in Europe weak due to political uncertainty - 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