{"id":43043,"date":"2019-12-04T11:53:26","date_gmt":"2019-12-04T09:53:26","guid":{"rendered":"https:\/\/newserver.fyb.de\/buy-build-activity-highest-in-20-years-in-h1-2019\/"},"modified":"2019-12-04T11:53:26","modified_gmt":"2019-12-04T09:53:26","slug":"buy-build-activity-highest-in-20-years-in-h1-2019","status":"publish","type":"post","link":"https:\/\/www.fyb.de\/en\/buy-build-activity-highest-in-20-years-in-h1-2019\/","title":{"rendered":"Buy & build activity: highest in 20 years in H1 2019"},"content":{"rendered":"

Munich, London, Paris \u2014 Accor\u00adding to the latest Euro\u00adpean Buy & Build Moni\u00adtor from private equity firm Silver\u00adfleet Capi\u00adtal<\/strong>, Euro\u00adpean buy & build acti\u00advity reached its highest level ever in the first half of 2019; this is largely due to increased acti\u00advity in Scan\u00addi\u00adna\u00advian count\u00adries. The Buy & Build Moni\u00adtor counts 368 add-on acqui\u00adsi\u00adti\u00adons for the first half of 2019, up from 338 acqui\u00adsi\u00adti\u00adons in the first half of 2018. Buy & build acti\u00advity outper\u00adfor\u00admed both mid-market M&A and Euro\u00adpean buy-out indi\u00adces. Scan\u00addi\u00adna\u00advia was the most active region, reco\u00adve\u00adring from a weak 2018. The United King\u00addom and Ireland recor\u00added subdued perfor\u00admance compared with a more active over\u00adall market. Perfor\u00admance of the DACH region was weak compared to the first half of 2018<\/p>\n

The Buy & Build Moni\u00adtor measu\u00adres the global add-on acti\u00advi\u00adties of private equity-finan\u00adced compa\u00adnies head\u00adquar\u00adte\u00adred in Europe. For the first half of 2019, a preli\u00admi\u00adnary figure1 of a total of 368 add-ons with a tran\u00adsac\u00adtion volume of EUR 2.4 billion was deter\u00admi\u00adned, which repres\u00adents an increase of 9% compared with 338 acqui\u00adsi\u00adti\u00adons in the first half of 2018. This is the highest value since Silver\u00adfleet began recor\u00adding in 1998.<\/p>\n

Eight add-ons with a tran\u00adsac\u00adtion volume of more than EUR 65 million were recor\u00added in the first half of 2019, compared to nine add-ons of this size in the first half of 2018. Howe\u00adver, both the total volume of all tran\u00adsac\u00adtions (to 2.4 billion euros) and the average tran\u00adsac\u00adtion volume (to 70 million euros) declined2.<\/p>\n

Buy & Build acti\u00advity exceeds mid-market M&A and Euro\u00adpean buy-out indices<\/strong>
\nIn recent years, the volume of Euro\u00adpean add-on acqui\u00adsi\u00adti\u00adons has regu\u00adlarly lagged behind the mid-market M&A as well as the Euro\u00adpean buy-out indi\u00adces. Howe\u00adver, there were seve\u00adral signs in the first half of 2019 that this trend could end, as the number of add-ons excee\u00added both indexes.<\/p>\n

Geogra\u00adphi\u00adcal\u00adTrends<\/strong>
\nThe most active region in the first half of 2019 was Scan\u00addi\u00adna\u00advia, with 72 add-ons \u2014 a figure last recor\u00added in the first half of 2017. The United King\u00addom and Ireland took second place with 58 add-ons. This marks a sharp decline compared with previous years and may be attri\u00adbu\u00adta\u00adble to Brexit concerns, which could deter some compa\u00adnies from pursuing a buy & build stra\u00adtegy in this region.<\/p>\n

There was a noti\u00adceable increase in add-on acti\u00advity in Eastern Europe, Southe\u00adas\u00adtern Europe, North America, and the Bene\u00adlux count\u00adries. In compa\u00adri\u00adson, the DACH region \u2014 normally one of the regi\u00adons with the highest Buy & Build acti\u00advity \u2014 recor\u00added a poorer perfor\u00admance compared to the first half of 2018, possi\u00adbly due to a more chal\u00adlen\u00adging over\u00adall econo\u00admic situa\u00adtion. The Iberian Penin\u00adsula and the rest of the world (with the excep\u00adtion of North America) also showed a decline in activity.<\/p>\n

The obser\u00adva\u00adtion period also includes a buy & build tran\u00adsac\u00adtion by Silver\u00adfleet Capi\u00adtal: the port\u00adfo\u00adlio company Prefere Resins bought the mela\u00admine and para\u00adform\u00adalde\u00adhyde divi\u00adsi\u00adons of the private equity-backed chemi\u00adcals group INEOS. The leading group\u2019s product compe\u00adtence in phen\u00ado\u00adlic, amino and mela\u00admine resins, as well as high-quality deri\u00adva\u00adti\u00adves of metha\u00adnol (C1) chemis\u00adtry, has thus once again been signi\u00adfi\u00adcantly increased.<\/p>\n

Recently, Silver\u00adfleet supported the merger of Micro\u00adgen and Touch\u00adstone to create a leading tech\u00adno\u00adlogy provi\u00adder for the trust and corpo\u00adrate services market. The merger is subject to the appr\u00adoval of the compe\u00adti\u00adtion autho\u00adrity. The deal will appear in the next Buy & Build monitor.<\/p>\n

Commen\u00adting on the findings, Gareth Whiley, Mana\u00adging Part\u00adner of Silver\u00adfleet Capi\u00adtal, said: \u201cAdd-on acti\u00advity in Europe in the first half of 2019 has reached its highest level since our survey began in 1998. Inte\u00adres\u00adt\u00adingly, it also shows that the previous synchro\u00adniza\u00adtion of add-on acti\u00advity with the hustle and bustle of the private equity and M&A markets may have come to an end for the time being \u2014 as the latter are show\u00ading signs of a down\u00adturn in the first six months of 2019. Buy & build is ther\u00ade\u00adfore, in our view and espe\u00adci\u00adally in an uncer\u00adtain envi\u00adron\u00adment, all the more a parti\u00adcu\u00adlarly suita\u00adble value-add vehicle for private equity investors.\u201d<\/p>\n

The full report can be found here: https:\/\/www.silverfleetcapital.com\/assets\/filemanager\/content\/buy-and-build-monitor\/2019H1_buy_and_build_report.pdf<\/p>\n

The metho\u00addo\u00adlogy<\/strong>
\nThe data 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 one or more private equity funds and where the plat\u00adform company is based in Europe. 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. Data sets repor\u00adted by other repor\u00adters do not appear to have this mini\u00admum size thres\u00adhold and are ther\u00ade\u00adfore not directly comparable.<\/p>\n

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. Ther\u00ade\u00adfore, a pro forma markup of 20% is applied to the figu\u00adres for the first half of 2019 for this report in order to be able to make trend state\u00adments. Our analy\u00adsis for the second half of 2018 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

Accor\u00addin\u00adgly, we have added a pro forma markup of 62 tran\u00adsac\u00adtions to the figu\u00adres for the first half of 2019. 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 \u2014 this report ther\u00ade\u00adfore does not include such figu\u00adres. It should also be noted that seve\u00adral poten\u00adti\u00adally rele\u00advant tran\u00adsac\u00adtions were not included in the analy\u00adsis because the percen\u00adtage of equity held by the parti\u00adci\u00adpa\u00adting plat\u00adforms or add-on acqui\u00adsi\u00adti\u00adons was not published for them.<\/p>\n

2 2.4 billion total tran\u00adsac\u00adtion value in only 35 tran\u00adsac\u00adtions where concrete figu\u00adres were published (corre\u00adsponds to a share of 11% of tran\u00adsac\u00adtions). The fluc\u00adtua\u00adting average tran\u00adsac\u00adtion values are proba\u00adbly due to the trend of not publi\u00adshing corre\u00adspon\u00adding figures.<\/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. The 32-strong invest\u00adment team works from Munich, London, Paris, Stock\u00adholm and Amsterdam.<\/p>\n

Ten 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 UK-based manu\u00adfac\u00adtu\u00adrer of precis\u00adion compon\u00adents for civil avia\u00adtion; Life\u00adtime Trai\u00adning, a UK-based provi\u00adder of trai\u00adning programs; Pumpen\u00adfa\u00adbrik Wangen, a Germany-based manu\u00adfac\u00adtu\u00adrer of specialty pumps; Riviera Travel, a UK-based opera\u00adtor of escor\u00adted group tours and crui\u00adses; 7days, a German supplier of medi\u00adcal work\u00adwear; Prefere Resins, a leading phen\u00ado\u00adlic and amino resin manu\u00adfac\u00adtu\u00adrer in Europe; CARE Ferti\u00adlity, a leading opera\u00adtor of ferti\u00adlity clinics in the UK; and BOA Puri\u00adfied & Flexi\u00adble Solu\u00adti\u00adons, a leading desi\u00adgner and manu\u00adfac\u00adtu\u00adrer of custom high purity metal tubing for criti\u00adcal indus\u00adtrial applications.<\/p>\n

Silver\u00adfleet Capi\u00adtal also main\u00adta\u00adins an invest\u00adment team focu\u00adsed on smal\u00adler middle-market compa\u00adnies that has alre\u00adady made two successful invest\u00adments: STAXS Conta\u00admi\u00adna\u00adtion Control Experts, a leading supplier of clean\u00adroom supplies in the Bene\u00adlux (closed in Janu\u00adary 2019), and Micro\u00adgen Finan\u00adcial Systems, a leading provi\u00adder of trust and fund admi\u00adnis\u00adtra\u00adtion soft\u00adware for the trust and corpo\u00adrate services industry.<\/p>\n","protected":false},"excerpt":{"rendered":"

Munich, London, Paris \u2014 Accor\u00adding to the latest Euro\u00adpean Buy & Build Moni\u00adtor from private equity firm Silver\u00adfleet Capi\u00adtal, Euro\u00adpean buy & build acti\u00advity reached its highest level ever in the first half of 2019; this is largely due to increased acti\u00advity in Scan\u00addi\u00adna\u00advian count\u00adries. The Buy & Build Moni\u00adtor counts 368 add-on acqui\u00adsi\u00adti\u00adons for [\u2026]<\/p>\n","protected":false},"author":2,"featured_media":43056,"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-43043","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":"\nBuy & build activity: highest in 20 years in H1 2019 - 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-highest-in-20-years-in-h1-2019\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Buy & build activity: highest in 20 years in H1 2019 - FYB Financial Yearbook\" \/>\n<meta property=\"og:description\" content=\"Munich, London, Paris \u2014 Accor\u00adding to the latest Euro\u00adpean Buy & Build Moni\u00adtor from private equity firm Silver\u00adfleet Capi\u00adtal, Euro\u00adpean buy & build acti\u00advity reached its highest level ever in the first half of 2019; this is largely due to increased acti\u00advity in Scan\u00addi\u00adna\u00advian count\u00adries. 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