1. business and industrial

Mergers & Acquisitions Quarterly
Switzerland
Third quarter 2014
October 2014 edition
DRAFT
Contents
1. Introduction
2
2. Swiss M&A market Q3 2014 and outlook 2014/2015
3
3. Private equity statistics: Germany, Switzerland and Austria
6
4. Industry overview
All rights reserved — EY 2014
►
Chemicals, Construction and Materials
7
►
Energy and Utilities
9
►
Financial Services
11
►
Healthcare
13
►
Industrial Goods and Services
15
►
Media, Technology and Telecommunications
17
►
Retail and Consumer Products
19
5. Deal of the quarter
21
6. Event calender
22
7. EY selection of M&A opportunities
23
8. Your EY M&A team in Switzerland
24
9. Subscription/Registration form
25
Mergers & Acquisitions Quarterly Switzerland – Q3 2014
1
DRAFT
Introduction
Dear Reader
We are pleased to present you with the latest edition of our M&A Quarterly Switzerland. This publication
provides a general overview of the Swiss M&A and European private equity market activity in the third
quarter of 2014, as well as an outlook for 2014/2015.
In Q3 2014, the Swiss M&A market continued its strong performance and recorded an above average
number of transactions as well as deal volume. Although deal volume in this quarter could not reach the
watermark set by the previous quarter – which was the highest deal volume recorded since inception of our
publication in 2008 due to the Holcim/Lafarge mega deal – it still achieved respectable volume, mainly due
to large transactions announced in the Healthcare sector.
Looking ahead, projections of economic growth have undergone small downward adjustments but still
remain positive overall. Combined with the low interest rates currently prevailing, the strong M&A market
performance is expected to continue in the upcoming quarters. However, it may be difficult to sustain
performance at such high levels going forward, especially if the risks anticipated in connection with conflicts
in the Middle East and Eastern Europe materialize.
The next edition of our Mergers & Acquisitions Quarterly Switzerland will be available in January 2015.
For more information or to download this publication, visit us online at:
www.ey.com/CH/de/Services/Transactions/Lead-Advisory
Sincerely,
Your Swiss EY M&A Advisory Team
All rights reserved — EY 2014
Mergers & Acquisitions Quarterly Switzerland – Q3 2014
2
DRAFT
Swiss M&A market Q3 2014 and outlook 2014/2015
90
80
70
60
50
40
30
20
10
0
180
M&A market Q3 2014
►
With 165 Swiss M&A transactions announced in Q3 2014, the number of deals increased slightly
compared to the previous quarter (154 deals).
►
In terms of volume, the Swiss M&A market continued to show high traction with disclosed deal volume
totaling CHF 49.4b in Q3 2014. Even though this represents a decrease by 40% compared to the record
deal volume in Q2 2014, this was still the fifth strongest volume recorded since our publication was
launched in 2008.
►
Year to date, Swiss M&A activity remained nearly unchanged with 446 transactions announced in the first
three quarters of 2014 compared to 434 deals in the same period of the previous year. However,
disclosed deal volume increased nearly tenfold, i.e., from CHF 15.4b to CHF 151.5b.
►
High market volume in 2014 was mainly driven by the amount of large deals announced. This
development continued this quarter, as two of the five largest deals in 2014 were announced in Q3, both
totaling a deal volume of CHF 30.3b or 61% of Q3 volume.
150
120
90
60
No. of deals
Deal volume in CHF b
Number of announced deals and transaction volumes
with target, buyer or seller in Switzerland
30
0
Q3 13
Q4 13
Q1 14
Volume
Q2 14
Q3 14
The five largest transactions in 2014
No. of deals
Rank Announcement date
07-Apr-14
1
Relative stock performance of selected industries
over the past 12 months
40%
30%
20%
SMI
10%
Target
Lafarge S.A.
Acquirer
Holcim (Schweiz) AG
2
06-Aug-14
Alliance Boots GmbH
Walgreen Co.
Seller
Groupe Bruxelles Lambert; NNS Holding;
Dodge & Cox and others
AB Acquisitions Holdings Limited
3
22-Apr-14
Novartis AG
GlaxoSmithKline plc
4
24-Aug-14
GlaxoSmithKline plc, oncology
business
InterMune, Inc.
Roche Holding AG
5
22-Apr-14
Novartis AG, vaccines business
GlaxoSmithKline plc
Deerfield Mgmt Company, L.P.; Moore Capital
Mgmt, LP; OrbiMed Advisors, L.L.C. and others
Novartis AG
Deal volume
(in CHF m)
40,996
22,735
14,171
7,519
6,244
0%
(10%)
►
The SMI gained 9.2% over the last twelve month period, showing positive performance across all sectors,
except Energy and Utilities. Compared to the twelve month period ended last quarter, i.e. 30 June 2014,
the SMI witnessed a slight fall in performance with a decline of 2.1 percentage points.
►
Media, Technology and Telecommunication displayed the strongest industry performance with an
improvement of 35.3% over the last twelve month period. This represents approximately 3.8 times the
SMI performance.
(20%)
(30%)
Media,
Technology &
Telecom
Healthcare
Industrial
Goods &
Services
All rights reserved — EY 2014
Financial
Services
Retail &
Consumer
Products
Chemicals,
Construction
& Materials
Energy &
Utilities
Mergers & Acquisitions Quarterly Switzerland – Q3 2014
3
DRAFT
Swiss M&A market Q3 2014 and outlook 2014/2015
Number of Swiss M&A transactions by industry
in Q3 2014 (in %)
Transactions by industry
►
Although Industrial Goods and Services was the most active sector in Switzerland for the fourth
consecutive quarter, its share in deal activity declined from 25% in Q2 to 21% in this quarter. Overall, the
sector contributed 34 transactions to all 165 deals announced in Q3 2014.
►
Healthcare demonstrated exceptional growth this quarter, recording an increase of seven percentage
points in its share of transactions compared to the previous quarter. This makes it the second largest
sector in terms of the number of transactions.
►
Furthermore, Healthcare accounted for this quarter’s two largest deals, namely Alliance Boots/Walgreens
and InterMune/Roche. In total, the sector’s deal volume of CHF 38.5b represents 78% of total deal
volume in Q3. Year to date, the exceptional performance of the sector was rounded off by its strong deal
flow, with four out of the five largest transactions in 2014 being Healthcare deals.
►
After two consecutive quarters of rather low M&A activity in Financial Services, the number of announced
deals increased to 19 transactions in Q3 2014, representing a contribution of 12% to overall deal count
(plus four percentage points compared to Q2 2014).
*Arrows indicate change from previous quarter
▼
4%
▼
▲
▼
10%
21%
7%
12%
17%
13%
▲
16%
▼
▼
Industrial Goods and Services
Media, Technology and Telecommunications
Financial Services
Energy and Utilities
Healthcare
Retail and Consumer Products
Chemicals, Construction and Materials
Other Industries
Number of Swiss M&A transactions by deal size
(in %)
Transactions by size
►
After two consecutive quarters with an increase in the number of large transactions with deal size above
CHF 250m, the trend continued in the third quarter. In total, 16 large transactions were announced,
representing 35% of all deals with disclosed deal value.
►
Large transactions were primarily recorded in Healthcare and Financial Services – both sectors combined
accounted for 63% of all transactions valued above CHF 250m this quarter.
►
Overall, the distribution of deals by size was similar to the previous quarter, i.e. above average share of
large transactions with little fluctuation of shares attributable to small and mid-market transactions.
►
Deal size was disclosed in 28% of all announced transactions in Q3 2014.
100%
80%
60%
35%
35%
22%
26%
40%
20%
43%
39%
Q2 14
Q3 14
0%
< CHF 50m
CHF 50-250m
All rights reserved — EY 2014
> CHF 250m
Mergers & Acquisitions Quarterly Switzerland – Q3 2014
4
DRAFT
Swiss M&A market Q3 2014 and outlook 2014/2015
Change in industry multiples from Q2 2014 to
Q3 2014
Industry
TEV/EBITDA
(LTM)
Chemicals, Construction & Materials
▼
Energy & Utilities
▼
Healthcare
▼
Industrial Goods & Services
▼
Media, Technology & Telecomm.
Retail and Consumer Products
Outlook 2014/2015
►
Overall, investor confidence in the economy has weakened in 2014 due to smaller than expected growth,
globally as well as in Switzerland.
►
The latest consensus forecast released by the KOF Swiss Economic Institute in September 2014 projects
a reduction in Swiss GDP growth for 2014 from 2.1% (as published in June 2014) to 1.8%. The revised
economic outlook for the remainder of 2014 is mainly driven by continuing poor prospects on export
growth.
►
For 2015, KOF projects Swiss GDP to grow by 1.9% compared to 2014, indicating that the robust
economic development will continue.
►
In its most recent assessment of monetary policy released on 18 September 2014, the Swiss National
Bank (SNB) reaffirmed its floor of CHF1.20 on the CHF/EUR exchange rate and left the target range for
the three-month Libor unchanged at 0.0–0.25%.
►
While the US economy continues to gain strength, the Eurozone recovery remains fragile. Major
economies are still struggling to gain economic momentum and conflicts in the Middle East and Eastern
Europe add further uncertainty for corporates and governments alike.
►
Next to economic factors, recent changes to US-taxation regulations are also expected to influence the
M&A market going forward. Overall, these changes are designed to stop transactions motivated by tax
inversion and may for example result in a company being excluded from the Dow Jones Index, when
undertaking such transaction. However, as these measures were introduced as recent as September
2014, its effectiveness will need to be evaluated over the coming months.
►
Despite the moderate economic outlook, Swiss M&A activity is expected to remain steady for the
remainder of 2014 as Swiss firms still tend to have strong balance sheets and cash reserves available for
investments or alternatively to pay out to shareholders. As the current interest rate environment remains
low, companies struggle to invest cash reserves at reasonable rates of return and may seek more
profitable endeavors through external growth.
▼
P/E (LTM)
Financial Services
EBITDA
TEV
LTM
P/E
=
=
=
=
▼
Earnings Before Interest, Taxes, Depreciation and Amortization
Total Enterprise Value
Last Twelve Months
Price-to-Earnings Ratio
All rights reserved — EY 2014
Mergers & Acquisitions Quarterly Switzerland – Q3 2014
5
DRAFT
Private equity statistics: Germany, Switzerland and Austria
Private equity Q3 2014
10
9
8
7
6
5
4
3
2
1
0
25
20
15
10
5
Q4 13
Q1 14
Deal volume
Q2 14
►
This quarter’s deal volume of buy-outs and buy-ins in GSA added up to EUR 4.3b, indicating an increase of
EUR 2.8b or 191% compared to Q2 2014. In contrast, deal volume decreased by 52% compared to the
same quarter of the previous year, due to several large PE deals being completed in Q3 2013.
►
On average, deal size increased from EUR 68m in Q2 2014 to EUR 181m in Q3 2014.
►
In GSA, the largest PE deal completed this quarter was the sale of Mauser Group, by Dubai International
Capital, the private equity arm of Dubai Holding, to Clayton, Dubilier & Rice for EUR 1.2b. Mauser Group,
held by Dubai International Capital since 2007, operates as a producer of rigid industrial packaging
solutions. The company generates a turnover of around EUR 1.2b with 4,400 employees.
►
In comparison to the rest of Europe, the UK PE market had the largest share of all deals completed in
Europe (39%). However, in terms of deal volume, GSA accounted for the largest contribution,
representing 27% of the entire European deal volume. Regarding number of deals, transactions in GSA
represented 20% of all European PE deals.
►
In the first nine months of 2014, PE deals of less than EUR 50m still constituted the bulk of PE activity in
GSA and accounted for more than 70% of all PE deals. Further, the contribution of deals larger than
EUR 250m has doubled since 2010.
Q3 14
No. of deals
Number of buy-outs and buy-ins by deal size within
GSA (in %)
80%
In Q3 2014, 24 private equity (PE) deals were completed in Germany, Switzerland and Austria (GSA).
This reflects an increase of two deals compared to Q2 2014 and eleven deals compared to the same
quarter of the previous year.
0
Q3 13
100%
►
30
No. of buy-outs and buy-ins
Deal volume in EUR b
Number and volume of buy-outs and buy-ins
completed with targets based in GSA
9%
8%
22%
25%
69%
67%
2010
2011
12%
10%
14%
9%
78%
77%
72%
2012
2013
2014*
18%
10%
60%
40%
20%
0%
< EUR 50m
EUR 50-250m
> EUR 250m
*2014 figures are for the first nine months only
All rights reserved — EY 2014
Mergers & Acquisitions Quarterly Switzerland – Q3 2014
6
DRAFT
Chemicals, Construction and Materials
Relative performance charts
12-month relative performance (in %) *
Multiples (LTM) *
140%
30x
130%
25x
21.0x
120%
20x
110%
15.7x
15x
100%
90%
10x
80%
5x
70%
Sep 13
0x
Oct 13
Nov 13 Dec 13
Jan 14
Feb 14 Mar 14
Apr 14 May 14
Jun 14
Jul 14
Aug 14
Margins (LTM) *
1.7x
1.9x
TEV/Rev.
TEV/EBITDA
TEV/EBIT
P/E
Companies included in the Chemicals, Construction and Materials Index
70%
60%
40%
14.3x
12.1x 11.5x
AFG Arbonia-Forster-Holding AG
Belimo Holding AG
Bossard Holding AG
Clariant AG
Dottikon Es Holding AG
EMS-Chemie Holding AG
Forbo Holding AG
Geberit AG
Givaudan AG
80%
50%
Sep 14
17.3x
Glencore Xstrata Plc
Gurit Holding AG
Holcim (Schweiz) AG
Implenia AG
Schmolz + Bickenbach AG
Sika AG
Syngenta AG
42.4%
33.0%
30%
Legend
23.5%
20%
14.4%
14.4%
7.6%
10%
14.2%
6.6%
Chemicals, Construction and Materials Index
Swiss SMI Index (value weighted)
0%
Gross margin
All rights reserved — EY 2014
EBITDA margin
Earnings from continued
operations margin
Net income margin
Mergers & Acquisitions Quarterly Switzerland – Q3 2014
EBITDA
EBIT
P/E
LTM
TEV
Rev.
*
=
=
=
=
=
=
=
Earnings Before Interest, Taxes, Depreciation and Amortization
Earnings Before Interest and Taxes
Price-to-Earnings Ratio
Last Twelve Months
Total Enterprise Value
Revenue
Equally weighted
7
DRAFT
Chemicals, Construction and Materials
Selected mergers & acquisitions transactions/private placements
Announcement date Size (CHF m)
29-Aug-14
Percent sought
N/A
N/A
17-Aug-14
N/A
100%
11-Aug-14
N/A
75%
07-Jul-14
2,767
02-Jul-14
N/A
Target
Seller
Buyer/Investor
Roth AG
N/A
Constellation Capital AG
Ambrosius GmbH
N/A
NÜSSLI (Schweiz) AG
Donkin Coal Mine Project
Glencore Xstrata Plc
The Cline Group LLC
100%
WILD Flavors GmbH
Kohlberg Kravis Roberts & Co. L.P.
Archer Daniels Midland Company
100%
Search Group
N/A
SGS SA
Selected key developments
Date
Company
Event type
Headline
17-Sep-14
Clariant AG
Business expansion
Clariant invested CHF 3.2m in its facility located in Mumbai, India, to double production capacity for pigments and pigment
preparations; the increased output is to enable expansion into the Indian and neighbouring markets, namely Bangladesh and Sri Lanka
12-Sep-14
Implenia AG
Client announcement
Implenia received a CHF 15m contract from the Norwegian Public Roads Administration for a road construction project in western
Norway; the contract involves widening the existing E39 highway and building lane dividers, paths, underpasses and bridges
19-Aug-14
Sika AG
Business expansion
Sika expanded its coverage in the Asia/Pacific region by establishing a presence in Sri Lanka; as Sri Lanka is experiencing a
construction boom, this is in line with Sika’s strategy to build up operations in emerging markets
14-Aug-14
Clariant AG
Business expansion
Clariant plans to double its ether amine production capacity at its Suzano facility, Brazil, by the end of 2015; the increased capacity is
to benefit new and existing mining customers in Brazil and support needs of global customers
28-Jul-14
AFG Arbonia-ForsterHolding AG
Executive/
Board change
AFG appointed William J. Christensen as its new CEO; William J. Christensen has many years of experience in the construction supply
industry and is to assume his new role as of 1 November 2014
23-Jul-14
Syngenta AG
Product-related
announcement
Syngenta signed an exclusive licensing agreement with New Energy Farms for the use of their CEEDS™ (Crop Expansion Encapsulation
and Drilling System) technology, to broaden and scale up its PLENE® platform of integrated sugar cane solutions
11-Jul-14
Sika AG
Business expansion
Sika opened its seventh plant in Brazil, at Aparecida de Goiania; the new plant is expected to complement its supply chain and bring the
company closer to its customer base in the mid-west of Brazil
All rights reserved — EY 2014
Mergers & Acquisitions Quarterly Switzerland – Q3 2014
8
DRAFT
Energy and Utilities
Relative performance charts
12-month relative performance (in %) *
Multiples (LTM) *
30x
140%
130%
25x
21.0x
120%
20x
110%
15x
100%
90%
10x
80%
5x
70%
Sep 13 Oct 13
0x
11.5x
12.7x
14.3x
11.8x
5.9x
0.9x
Nov 13 Dec 13
Jan 14
Feb 14 Mar 14
Apr 14 May 14 Jun 14
Jul 14
Aug 14 Sep 14
1.9x
TEV/Rev.
TEV/EBITDA
TEV/EBIT
Margins (LTM) *
Companies included in the Energy and Utilities Index
80%
Alpiq Holding AG
BKW AG
Repower AG
P/E
Romande Energie Holding SA
Transocean Ltd.
70%
60%
50%
40%
30%
29.4%
Legend
33.0%
Energy and Utilities
Swiss SMI Index (value weighted)
23.5%
16.5%
20%
10%
14.4%
3.1%
14.2%
3.0%
0%
Gross margin
All rights reserved — EY 2014
EBITDA margin
Earnings from continued
operations margin
EBITDA
EBIT
P/E
LTM
TEV
Rev.
*
=
=
=
=
=
=
=
Earnings Before Interest, Taxes, Depreciation and Amortization
Earnings Before Interest and Taxes
Price-to-Earnings Ratio
Last Twelve Months
Total Enterprise Value
Revenue
Equally weighted
Net income margin
Mergers & Acquisitions Quarterly Switzerland – Q3 2014
9
DRAFT
Energy and Utilities
Selected mergers & acquisitions transactions/private placements
Announcement date Size (CHF m)
Percent sought
Target
Seller
Buyer/Investor
19-Sep-14
N/A
100%
Cabcon AG
N/A
BKW AG, Arnold AG
15-Sep-14
N/A
100%
NEK Umwelttechnik AG
Mainstream Renewable Power Limited
08-Sep-14
N/A
100%
NEK Umwelttechnik AG, 225-MW AyitepaWind
farm project in Ghana
Baumeler Leitungsbau AG
N/A
BKW AG, Arnold AG
22-Jul-14
N/A
100%
ENERTRAG AG, wind farm in Rostock,
Germany
ENERTRAG AG
Terravent AG
Selected key developments
Date
Company
Event type
24-Sep-14
Repower AG
Business reorganization Repower Switzerland AG, with headquarters in Klosters plans to merge with the Repower AG, headquartered in Poschiavo, in the
spring of 2015 retroactively as of 1 January 2015; the change is to reduce complexity and improving efficiency
23-Sep-14
BKW AG
Fixed-income offering
BKW placed CHF 163m senior unsecured convertible bonds due 2020; the bonds will be convertible into 4.2 million shares at a price of
CHF 38.90 (representing a 22.5% conversion premium); the proceeds are to be used for general corporate purposes
22-Sep-14
Transocean Ltd.
Executive/
Board change
Transocean elected Pete Miller as the Board of Directors’ nominee until the company’s 2015 Annual General Meeting; the Board
intends to appoint Pete Miller as the Vice Chairman of the Board, replacing Ian C. Strachan who plans to retire
15-Aug-14
Alpiq Holding AG
Client announcement
Alpiq E-Mobility installed Tesla Supercharger with six charging stations at the A1/A2 motorway junction; Superchargers are able to
load car batteries to 50% capacity in 30 min.; this is a further step towards a Swiss national network of Tesla charging stations
08-Aug-14
Repower AG
Fixed-income offering
Repower placed a CHF 97m (EUR 80m), 20-year registered bond in the European market; this is the first time Repower has issued a
registered bond, which will be used to refinance investments in the euro zone and help the company to expand its investor base
31-Jul-14
Transocean Ltd.
IPO
Transocean Partners LLC, a subsidiary of Transocean, announced the pricing of its USD 385m IPO, involving the issue of 17.5 million
shares at a price of USD 22 per share; the common units to be offered represent a 25.4% interest in Transocean Partners LLC
18-Jul-14
Alpiq Holding AG
Fixed-income offering
Alpiq completed a cash tender offer to buy back its outstanding senior bonds due from 2015-2018, resulting in a reduction of its gross
debt by CHF 543m; simultaneously, the company placed a CHF 300m bond with a coupon of 2.625% and a tenor of 10 years
All rights reserved — EY 2014
Headline
Mergers & Acquisitions Quarterly Switzerland – Q3 2014
10
DRAFT
Financial Services
Relative performance charts
12-month relative performance (in %) *
Multiples (LTM) *
140%
30x
130%
25x
120%
20x
15x
100%
90%
10x
80%
5x
70%
Sep 13
Oct 13
Nov 13 Dec 13
Jan 14
Feb 14 Mar 14
Apr 14 May 14 Jun 14
Jul 14
Aug 14
Margins (LTM) *+
18%
16%
19.1x
18.0x
110%
16.1%
Sep 14
1.9x
2.4x
2.0x
2.4x
0x
P/BV
P/Tang BV
P/E
Companies included in the Financial Services Index
16.8%
Bâloise Holding AG
Bank Coop AG
Banque Cantonale Vaudoise SA
Cembra Money Bank AG
Credit Suisse Group AG
EFG International AG
GAM Holding AG
Glarner Kantonalbank
Helvetia Schweizerische
Versicherungsgesellschaft AG
15.7%
14%
12%
10.2%
10%
8%
5.2%
6%
5.8%
Julius Bär Gruppe AG
Leonteq AG
Liechtensteinische Landesbank AG
Partners Group Holding AG
St. Galler Kantonalbank AG
Swiss Life Holding AG
Swiss Reinsurance AG
Swissquote Group Holding SA
Thurgauer Kantonalbank
UBS AG
Legend
Financial Services Index
Financial Services Index (previous quarter)
4%
2%
0%
Earnings from continued
operations margin
All rights reserved — EY 2014
Net income margin
Valiant Holding AG
Vontobel Holding AG
VZ Holding AG
Zurich Insurance Group AG
Return on equity
Mergers & Acquisitions Quarterly Switzerland – Q3 2014
P/BV
P/Tang BV
P/E
LTM
TEV
Rev.
*
+
=
=
=
=
=
=
=
=
Price-to-Book-Value Ratio
Price-to-Tangible-Book-Value Ratio
Price-to-Earnings Ratio
Last Twelve Months
Total Enterprise Value
Revenue
Equally weighted
Banks only (insurance companies excluded)
11
DRAFT
Financial Services
Selected mergers & acquisitions transactions/private placements
Announcement date Size (CHF m)
Percent sought
29-Aug-14
N/A
100%
13-Aug-14
255
100%
21-Jul-14
60
100%
14-Jul-14
07-Jul-14
1,500
1,440
100%
81%
03-Jul-14
26
100%
03-Jul-14
109
100%
Target
Seller
Buyer/Investor
LBBW (Switzerland) AG, private banking
portfolio
Corpus Sireo Holding GmbH & Co. KG
LBBW (Switzerland) AG
Notenstein Private Bank Ltd
Sparkasse KölnBonn; Stadtsparkasse
Düsseldorf; Frankfurter Sparkasse
Leumi Private Bank AG
Swiss Life Holding AG
Bank Leumi (Luxemburg) S.A. and portfolio of
international private banking clients
BSI SA
Schweizerische National VersicherungsGesellschaft AG
Zurich Insurance Group AG, retail business
in Russia
Sun Alliance Insurance (China) Limited
Assicurazioni Generali S.p.A.
Various
Julius Bär Gruppe AG
Zurich Insurance Group AG
Banco BTG Pactual S.A.
Helvetia Schweizerische
Versicherungsgesellschaft AG
OLMA Investment Company, OJSC
RSA Insurance Group plc
Swiss Re Corporate Solutions Ltd.
Selected key developments
Date
Company
Event type
Headline
23-Sep-14
Cembra Money Bank AG
Fixed-income offering
Cembra Money Bank issued two CHF 100m senior unsecured bonds, with maturities of five and eight years and coupons of 0.75% and
1.25%, respectively; the issue enables the company to diversify funding sources and extend its maturity profile
12-Sep-14
Julius Bär Gruppe AG
Strategic alliance
Julius Bär signed an exclusive global partnership agreement for the new FIA Formula E Championship, the world’s first fully-electric
racing series; the championship starts in Beijing on 13 September 2014 and includes 10 races in major cities around the globe
02-Sep-14
GAM Holding AG
Executive/
Board change
GAM appointed Alexander S. Friedman as new CEO, effective 8 September 2014; Alexander S. Friedman will succeed
David M. Solo, who is stepping down as CEO at his own request
06-Aug-14
Bank Coop AG
Executive/
Board change
Bank Coop appointed Sandra Lienhart as acting interim CEO of the company, replacing Andreas Waespi who resigned; Sandra Lienhart
was previously serving as the Deputy Chairman and Head of the Sales and Marketing division
05-Aug-14
Partners Group Holding AG Business expansion
Partners Group opened its third office in the US, located in Houston, Texas, expanding private markets coverage in the US and Latin
America; the total number of offices around the globe increased to 18
08-Jul-14
Zurich Insurance Group AG Fixed-income offering
Zurich Insurance placed CHF 600m senior unsecured notes in three tranches, including a CHF 150m bond (12 years, 1.5% coupon), a
CHF 250m bond (6 years, 0.625% coupon) and a CHF 200m bond (23 months, Libor plus 0.16% quarterly coupon)
01-Jul-14
Leonteq AG
Leonteq expanded its partnership with Notenstein Private Bank, through the formation of a new subsidiary called Notenstein Finance
(Guernsey) Ltd in Guernsey; the new subsidiary will offer structured investment products exempt from Swiss withholding tax
All rights reserved — EY 2014
Strategic alliance
Mergers & Acquisitions Quarterly Switzerland – Q3 2014
12
DRAFT
Healthcare
Relative performance charts
12-month relative performance (in %) *
Multiples (LTM) *
140%
30x
130%
24.4x
25x
120%
110%
90%
10x
80%
5x
70%
Sep 13
0x
Oct 13
Nov 13 Dec 13
Jan 14
Feb 14 Mar 14
Apr 14 May 14
Jun 14
Jul 14
Aug 14
Margins (LTM) *
2.8x
1.9x
TEV/Rev.
TEV/EBITDA
Actelion Ltd.
Bachem Holding AG
Basilea Pharmaceutica AG
COLTENE Holding AG
Cytos Biotechnology AG
Galenica AG
LifeWatch AG
Lonza Group AG
70%
60%
40%
Sep 14
14.3x
11.5x
TEV/EBIT
P/E
Companies included in the Healthcare Index
80%
50%
14.9x
15x
100%
21.0x
19.1x
20x
48.2%
33.0%
30%
Legend
21.0% 23.5%
20%
10.9%
10%
14.4%
10.8%
14.2%
Healthcare Index
Swiss SMI Index (value weighted)
0%
Gross margin
All rights reserved — EY 2014
Nobel Biocare Holding AG
Novartis AG
Roche Holding AG
Siegfried Holding AG
Sonova Holding AG
Straumann Holding AG
Tecan Group AG
Ypsomed Holding AG
EBITDA margin
Earnings from continued
operations margin
Net income margin
Mergers & Acquisitions Quarterly Switzerland – Q3 2014
EBITDA
EBIT
P/E
LTM
TEV
Rev.
*
=
=
=
=
=
=
=
Earnings Before Interest, Taxes, Depreciation and Amortization
Earnings Before Interest and Taxes
Price-to-Earnings Ratio
Last Twelve Months
Total Enterprise Value
Revenue
Equally weighted
13
DRAFT
Healthcare
Selected mergers & acquisitions transactions/private placements
Announcement date Size (CHF m)
15-Sep-14
Percent sought
Target
Seller
Buyer/Investor
Nobel Biocare Holding AG
Delaware Management Business Trust;
GIC Pte. Ltd. and others
GIMV NV; Novartis Venture Funds and others
Danaher Corporation
Roche Holding AG
Alliance Boots GmbH
Deerfield Mgmt Company, L.P.; Moore Capital
Mgmt, LP; OrbiMed Advisors, L.L.C. and others
HgCapital; HgCapital Trust plc; SL Capital
Partners LLP
AB Acquisitions Holdings Limited
Partners Group Holding AG; Duke Street;
Tikehau Capital
Walgreen Co.
Various
Roche Holding AG
2,215
100%
25-Aug-14
N/A
100%
Covagen AG
24-Aug-14
7,519
100%
InterMune, Inc.
06-Aug-14
574
100%
Voyage Healthcare Group Ltd.
06-Aug-14
22,735
55%
04-Aug-14
14-Jul-14
408
100%
Santaris Pharma A/S
4,698
100%
Abbott Laboratories, non-U.S. developed
Abbott Laboratories
markets specialty & branded generics business
Johnson & Johnson, Cilag GmbH International
Mylan, Inc.
Selected key developments
Date
Company
Event type
Headline
12-Sep-14
Siegfried Holding AG
Business expansion
Siegfried plans to expand its spray-drying capacity in Pennsville, USA; the new technology will enable the company to acquire additional
projects, expand its drug substance production and develop finished dosage forms
10-Sep-14
Acino Holding AG
Delisting
Acino shares are to be delisted from SIX Swiss Exchange, effective 17 September 2014; the delisting was initiated by the company in
December 2013 after its acquisition by Pharma Strategy Partners
20-Aug-14
Novartis AG
Client announcement
Novartis signed an exclusive licensing agreement with the Global Alliance for TB Drug Development (TB Alliance), for compounds to
fight tuberculosis (TB); under the agreement Novartis will transfer its TB research and development program to TB Alliance
15-Aug-14
Roche Holding AG
Product-related
announcement
Roche announced that its product Avastin combined with chemotherapy has been approved by the US Food and Drug Administration
for the treatment of women with cervical cancer; Avastin is expected to help women live longer than with chemotherapy alone
12-Aug-14
Galenica AG
Business reorganization Galenica announced plans to split the group into two listed companies – Vifor Pharma and Galenica Santé; Soren Tulstrup and Jorg
Kneubühler, respectively, will head the two divisions
21-Jul-14
Basilea Pharmaceutica AG Strategic alliance
Basilea signed an agreement with Quintiles for the commercialization of Zevtera®/Mabelio® (ceftobiprole medocaril) in Europe; under
the agreement Quintiles will provide commercial services, medical science liaisons and market access support in selected countries
15-Jul-14
Novartis AG
Novartis partnered with the Banner Alzheimer's Institute on a pioneering clinical study on Alzheimer's disease (AD) prevention; the
study will determine whether two Novartis investigational anti-amyloid treatments can prevent or delay the emergence of symptoms
All rights reserved — EY 2014
Strategic alliance
Mergers & Acquisitions Quarterly Switzerland – Q3 2014
14
DRAFT
Industrial Goods and Services
Relative performance charts
12-month relative performance (in %) *
Multiples (LTM) *
30x
140%
130%
25x
120%
19.2x
20x
110%
15.6x
15x
100%
10.6x
90%
10x
80%
5x
70%
Sep 13 Oct 13 Nov 13 Dec 13 Jan 14 Feb 14 Mar 14 Apr 14 May 14 Jun 14 Jul 14
0x
Aug 14 Sep 14
Margins (LTM) *
60%
42.1%
33.0%
30%
23.5%
20%
1.2x 1.9x
TEV/Rev.
14.4%
5.1%
14.2%
5.4%
Industrial Goods and Services Index
Swiss SMI Index (value weighted)
0%
All rights reserved — EY 2014
TEV/EBIT
P/E
EBITDA margin
Georg Fischer AG
INFICON Holding AG
Interroll Holding AG
Kaba Holding AG
Kardex AG
Komax Holding AG
Kühne & Nagel International AG
LEM Holding AG
Looser Holding
Meyer Burger Technology AG
Mikron Holding AG
OC Oerlikon Corporation AG
Panalpina World Transport Holding Ltd.
Phoenix Mecano AG
Rieter Holding AG
Schaffner Holding AG
Schindler Holding AG
Schweiter Technologies AG
SFS Group AG
SGS SA
Sulzer Ltd.
Tornos Holding SA
Von Roll Holding AG
Walter Meier AG
Legend
11.8%
10%
Gross margin
TEV/EBITDA
ABB Ltd.
Adval Tech Holding AG
Bobst Group SA
Bucher Industries AG
Burckhardt Compression AG
Carlo Gavazzi Holding AG
Cicor Technologies
Comet Holding AG
Dätwyler Holding Inc.
DKSH Holding AG
Feintool International Holding AG
Flughafen Zürich AG
70%
40%
14.3x
11.5x
Companies included in the Industrial Goods and Services Index
80%
50%
21.0x
Earnings from continued
operations margin
Net income margin
Mergers & Acquisitions Quarterly Switzerland – Q3 2014
EBITDA
EBIT
P/E
LTM
TEV
Rev.
*
=
=
=
=
=
=
=
Earnings Before Interest, Taxes, Depreciation and Amortization
Earnings Before Interest and Taxes
Price-to-Earnings Ratio
Last Twelve Months
Total Enterprise Value
Revenue
Equally weighted
15
DRAFT
Industrial Goods and Services
Selected mergers & acquisitions transactions/private placements
Announcement date Size (CHF m)
02-Sep-14
Percent sought
791
80%
20-Aug-14
N/A
100%
19-Aug-14
407
75%
12-Aug-14
255
07-Aug-14
15
18-Jul-14
56
70%
01-Jul-14
23
100%
Target
Seller
Buyer/Investor
Trafigura Terminals LLC
Trafigura AG
Buckeye Partners, L.P.
ABB Ltd., ABB Full Service business
ABB Ltd.
Nordic Capital
N/A
Partners Group Holding AG
100%
Suzhou Savera Shangwu Elevator Riding
System Co., Ltd.
Faster S.p.A.
Argan Capital Advisors LLP
Capvis Equity Partners AG
100%
Bandfix AG
Palero Capital GmbH
CCL Industries Inc.
Wärtsilä Corporation, 2-stroke engine business Wärtsilä Corporation
CSSC Investment and Development Co. Ltd
Monsal Holdings
General Electric Company
Mobeus Equity Partners; FourWinds Capital
Management
Selected key developments
Date
Company
Event type
Headline
23-Sep-14
Meyer Burger Technology
AG
Client announcement
Meyer Burger announced that Hanwha Q Cells selected the PERC (passivated emitter rear cell) solar cell technology, developed by
Meryer Burger, for upgrading its production facilities in Germany and Malaysia; the delivery is planned in late 2014/early 2015
05-Sep-14
Panalpina World
Transport Holding Ltd.
Business reorganization Panalpina merged its Panprojects and Oil & Gas activities to create Panalpina Energy Solutions, a specialized service that designs
tailored transport solutions for the world’s energy projects
28-Aug-14
SGS SA
Executive/
Board change
SGS appointed Carla De Geyseleer as new CFO of the company, effective 15 November 2014; Carla De Geyseleer is currently CFO of
Vodafone Libertel B.V. and has previously held positions at EY and DHL
21-Jul-14
ABB Ltd.
Strategic alliance
ABB partnered with Volvo Buses to co-develop and commercialize fast charging systems for electric and hybrid buses, that will enable
charging these buses through an automatic roof-top connection system at bus stops or through cabled charging systems overnight
09-Jul-14
ABB Ltd.
Client announcement
ABB received a CHF 357m (USD 400m) order from NSP Maritime Link Inc., to supply a high-voltage direct current (HVDC) power
transmission solution creating the first link between the power grids of Newfoundland and North America
08-Jul-14
Kühne & Nagel
International AG
Client announcement
Kühne & Nagel received a three year contract from Beam Suntory Inc. to manage logistics for global imports and exports of Beam's
distilled spirits from the US, Scotland, Ireland and France to countries worldwide
02-Jul-14
Kaba Holding AG
Business reorganization Kaba is in the process of splitting its Access + Data Systems (ADS) EMEA/AP division, which accounts for 60% of its consolidated
turnover, into an ADS EMEA (Europe, Middle East and Africa) division and an ADS AP (Asia Pacific) division
All rights reserved — EY 2014
Mergers & Acquisitions Quarterly Switzerland – Q3 2014
16
DRAFT
Media, Technology and Telecommunications
Relative performance charts
12-month relative performance (in %) *
Multiples (LTM) *
140%
30x
130%
25x
21.8x 21.0x
120%
20x
110%
90%
10x
80%
5x
70%
Sep 13
0x
11.5x
9.6x
1.2x
Oct 13
Nov 13 Dec 13
Jan 14
Feb 14 Mar 14
Apr 14 May 14
Jun 14
Jul 14
Aug 14
Margins (LTM) *
Sep 14
1.9x
TEV/Rev.
TEV/EBITDA
Advanced Digital Broadcast Holdings SA
ALSO Holding AG
Ascom Holding AG
Crealogix Holding AG
Goldbach Media AG
Huber+Suhner AG
Kudelski SA
Logitech International SA
Micronas Semiconductor Holding AG
70%
60%
50%
35.0% 33.0%
23.5%
14.4%
11.3%
10%
3.1%
14.2%
Media, Technology & Telecomm. Index
Swiss SMI Index (value weighted)
2.5%
0%
Gross margin
All rights reserved — EY 2014
P/E
Myriad Group AG
Orell Füssli Holding AG
PubliGroupe SA
Swisscom AG
Swisslog Holding AG
Tamedia AG
Temenos Group AG
u-blox Holding AG
Legend
30%
20%
TEV/EBIT
Companies included in the Media, Technology and Telecommunications Index
80%
40%
13.5x 14.3x
15x
100%
EBITDA margin
Earnings from continued
operations margin
EBITDA
EBIT
P/E
LTM
TEV
Rev.
*
=
=
=
=
=
=
=
Earnings Before Interest, Taxes, Depreciation and Amortization
Earnings Before Interest and Taxes
Price-to-Earnings Ratio
Last Twelve Months
Total Enterprise Value
Revenue
Equally weighted
Net income margin
Mergers & Acquisitions Quarterly Switzerland – Q3 2014
17
DRAFT
Media, Technology and Telecommunications
Selected mergers & acquisitions transactions/private placements
Announcement date Size (CHF m)
Percent sought
04-Sep-14
N/A
100%
Target
Seller
Buyer/Investor
Viscom System SA; Vista Concept SA
N/A
SPIE SA
TE Connectivity Ltd.
02-Sep-14
N/A
100%
American Sensor Technologies, Inc.
Main Street Capital Corporation
19-Aug-14
N/A
100%
NagraID Security SA
Kudelski SA and management
Oberthur Technologies
06-Aug-14
6
100%
Antcor Advanced Network Technologies S.A.
CEVA Inc.; Taneo S.A.; Attica Ventures
u-blox Holding AG
05-Aug-14
48
100%
connectis AG and Softix AG
Aurelius AG
SPIE SA
24-Jul-14
19
100%
Sensima Technology SA
N/A
Monolithic Power Systems Inc.
Selected key developments
Date
Company
Event type
Headline
16-Sep-14
Swisscom AG
Business expansion
Swisscom opened a new data center in Berne, Switzerland, replacing the Ostermundigen data centre; the company invested around
CHF 60m in the new building which will house around 5,000 servers with approximately 10,000 customer systems
11-Sep-14
Huber+Suhner AG
Product-related
announcement
Huber+Suhner launched a 120 ohm databus cable for train communication networks (TCNs); the new cables are well-suited for
applications involving high and low temperatures and are halogen-free, flame resistant and produce little smoke in case of fire
10-Sep-14
Kudelski SA
Client announcement
Kudelski announced that DEN Networks in India selected its NAGRA anyCAST content protection and OpenTV middleware to support
the growing demand for digital TV and next generation pay-TV services
20-Aug-14
Swisscom AG
Client announcement
Swisscom was awarded a computer outsourcing contract worth CHF 93m to continue supplying computers to the Swiss railway
company SBB; the contract is spread over a period of five years with an additional five-year extension period
19-Aug-14
Crealogix Holding AG
Client announcement
Crealogix received its first contract in the Asia Pacific region from The Banque Calédonienne d'Investissement (BCI) for its CLX.EBanking Software Suite; the new solution is scheduled to go live in 2015
18-Aug-14
Ascom Holding AG
Client announcement
Ascom’s Wireless Solutions division received a CHF 4.7m order from an OEM operator; also its Network Testing division received a
three-year contract from Swisscom to expand and monitor performance of the wireless network
15-Jul-14
u-blox Holding AG
Client announcement
u-blox signed an agreement with Arvento Mobile Systems to provide its global positioning and cellular module technology to be
deployed in Arvento's new tracking and onboard-diagnostics device, the imt.24 - OBD Tracker
All rights reserved — EY 2014
Mergers & Acquisitions Quarterly Switzerland – Q3 2014
18
DRAFT
Retail and Consumer Products
Relative performance charts
12-month relative performance (in %) *
Multiples (LTM) *
140%
30x
130%
25x
120%
19.5x
20x
110%
90%
10x
80%
5x
70%
Sep 13
0x
Oct 13
Nov 13 Dec 13
Jan 14
Feb 14 Mar 14
Apr 14 May 14
Jun 14
Jul 14
Aug 14
Margins (LTM) *
1.3x
1.9x
TEV/Rev.
TEV/EBITDA
ARYZTA AG
Barry Callebaut AG
Bravofly Rumbo Group N.V.
Calida Holding AG
Charles Vögele Holding AG
Compagnie Financière Richemont SA
Dufry AG
Emmi AG
70%
60%
40%
Sep 14
10.0x
11.5x
TEV/EBIT
P/E
Companies included in the Retail and Consumer Products Index
80%
50%
14.5x 14.3x
15x
100%
21.0x
Hügli Holding AG
Kuoni Reisen Holding AG
Metall Zug AG
Mobilezone Holding AG
Nestlé SA
Orior AG
Swatch Group AG
Valora Holding AG
42.6%
Legend
33.0%
30%
23.5%
20%
12.2%
10%
14.4%
6.4%
14.2%
Retail and Consumer Products Index
Swiss SMI Index (value weighted)
6.2%
0%
Gross margin
All rights reserved — EY 2014
EBITDA margin
Earnings from continued
operations margin
EBITDA
EBIT
P/E
LTM
TEV
Rev.
*
=
=
=
=
=
=
=
Earnings Before Interest, Taxes, Depreciation and Amortization
Earnings Before Interest and Taxes
Price-to-Earnings Ratio
Last Twelve Months
Total Enterprise Value
Revenue
Equally weighted
Net income margin
Mergers & Acquisitions Quarterly Switzerland – Q3 2014
19
DRAFT
Retail and Consumer Products
Selected mergers & acquisitions transactions/private placements
Announcement date Size (CHF m)
03-Sep-14
N/A
Percent sought
100%
26-Aug-14
N/A
52%
07-Aug-14
N/A
51%
30-Jul-14
N/A
100%
17-Jul-14
76
82%
14-Jul-14
1,248
100%
Target
Seller
Buyer/Investor
Nestlé Waters, Home and Office Delivery
(HOD) business in Europe
Gläserne Molkerei GmbH
Nestlé SA
Eden Springs (Europe) SA
N/A
Emmi AG
gategroup Holding AG
N/A
Shanghai Airport (Group) Co., Ltd.;
China Aviation Investment Co., Ltd.
Kering SA
Schlumberger AG
Underberg AG
Sastre SA
Russell Stover Candies, Inc.
N/A
Chocoladefabriken Lindt & Sprüngli GmbH
Shanghai Pudong International Airport Gate
Gourmet Air Catering Co., Ltd.
Ulysse Nardin SA
Selected key developments
Date
Company
Event type
Headline
17-Sep-14
ARYZTA AG
Fixed-income offering
ARYZTA announced the redemption of its 5% perpetual callable subordinated instrument of CHF 400m; the hybrid instrument is to be
redeemed at par plus accrued interest to its holders around 28 October 2014
05-Sep-14
Emmi AG
18-Aug-14
Barry Callebaut AG
Product-related
announcement
Business expansion
Emmi launched Caffè Latte Macchiato Decaff, a caffeine-free coffee drink, aimed at coffee enthusiasts who want to reduce their
caffeine intake
Barry Callebaut has opened its first chocolate factory in Chile; the facility will manufacture liquid chocolate and compound products for
food manufacturing companies across Latin America
13-Aug-14
Bravofly Rumbo Group N.V. Share buyback
Bravofly Rumbo announced a share buyback for a maximum amount of EUR 10m in the period from 17 September 2014 to 14 April
2016; the shares repurchased will be used for its 2011– 2013 employee stock option plans and/or to finance acquisitions
07-Aug-14
Nestlé SA
Share buyback
Nestlé announced a share buyback program for CHF 8bn starting 25 August 2014; the buyback is subject to market conditions and
strategic opportunities
11-Jul-14
Dufry AG
Fixed-income offering
Dufry issued EUR-denominated senior notes for an aggregate principal amount of CHF 445m (EUR 500m); the notes have a term of
eight years and annual interest rate of 4.5% payable semi-annually
11-Jul-14
Nestlé SA
Business expansion
Nestlé opened its first pet park and pet food factory in Purina, Mexico; the CHF 200m factory is part of the CHF 900m (USD 1bn) fiveyear investment commitment made by the company earlier in 2014 and is expected to create 300 new jobs
All rights reserved — EY 2014
Mergers & Acquisitions Quarterly Switzerland – Q3 2014
20
DRAFT
Deal of the quarter
Transaction overview
Deal summary
Deal rationale
On 6 August 2014, Walgreen Co. announced to merge with Alliance Boots GmbH, by
acquiring the remaining 55% stake in Alliance Boots. In June 2012, Walgreens had
already acquired a 45% stake in Alliance Boots with an option to purchase the remaining
55% stake in three years’ time in exchange for USD 5.3b in cash and 144 million shares
of Walgreens’ common stock. The combined company, Walgreens Boots Alliance Inc., is
to be based in Chicago and will employ 350,000 people. Subject to shareholder and
regulatory approval, the transaction is expected to be closed in the first quarter of
2015.
►
Walgreens Boots Alliance is to become a global pharmacy-led, health and well-being
enterprise with more than 11,000 stores in 10 countries. The combination is set to
strengthen the distribution network with more than 370 distribution centers.
►
Walgreens and Alliance Boots are considered complementary with regard to their
capabilities and assets, geographic footprint as well as retail and business brands.
►
The combined size, scale and expertise shall enable the combined company to expand
supply and address the rising cost of prescription drugs in America and worldwide.
►
Synergies of over USD 1b are expected to be realized in the next three years,
through corporate, distribution and store-level cost reductions.
Alliance Boots is legally based in Switzerland, but has its operational headquarters in the
UK. The company operates as a pharmacy-led health and beauty retailer and
pharmaceutical wholesaler. It employs over 108,000 people.
Deal timeline
Consideration details
Relative stock performance (in %)
Valuation analysis (LTM)
275%
3
250%
225%
200%
5x
20x
4x
16x
3x
12x
175%
14.4x
14.9x
11.5x
2.8x
2x
150%
125%
1x
4x
0.9x
100%
75%
Jun-12
8x
1.9x
2
1
0x
0x
Aug-12
Oct-12
Dec-12
Feb-13
Apr-13
Jun-13
Aug-13
Swiss Market Index
Oct-13
Dec-13
Feb-14
Apr-14
Jun-14
Aug-14
Walgreens
#
Date
Event
1
19-Jun-2012
Walgreens acquired 45% equity stake in Alliance Boots with the option to
acquire the remaining 55% in three years
2
30-Oct-2012
Walgreens Boots Alliance Development GmbH was formed as a joint venture
company of Walgreens and Alliance Boots
3
05-Aug-2014
Walgreens announced that it will exercise its option to acquire the remaining
55% stake in Alliance Boots and form Walgreens Boots Alliance Inc.
All rights reserved — EY 2014
TEV/EBITDA
TEV/ Rev.
Healthcare
Swiss Market Index
Implied Enterprise Value
Gross transaction value (CHF m)
22,735
Implied enterprise value (CHF m)
33,320
% sought
LTM
TEV
Rev.
=
=
=
Swiss Market Index
Implied Enterprise Value
Last Twelve Months
Total Enterprise Value
Revenue
55%
Total cash
35%
Total stock
65%
Mergers & Acquisitions Quarterly Switzerland – Q3 2014
Healthcare
21
DRAFT
Event calendar
Events from October 2014 to January 2015
Date
Day
Time
Event topic
Host
Location
07-Oct-2014
Tuesday
All day
D-A-CH Private Equity Forum
Unquote
Munich
SECA Evening Event: Innovationsweltmeister, aber kein
Gründungsweltmeister?
SECA
Zurich
15-Oct-2014
Wednesday
17.00 – 20.00
21-Oct-2014
Tuesday
11.30 – 14.30
CEO Luncheon with Klaus Stahlmann, CEO Sulzer
Swiss-American Chamber of Commerce
Zurich
SECA
Zurich
22-Oct-2014
Wednesday
17.30 – 20.00
SECA Evening Event: Der volkswirtschaftliche Nutzen
von Private Equity
22-Oct-2014
Wednesday
09.00 – 18.00
11th CEO Day
CTI Invest
Berne
07/08-Nov-2014
Friday/Saturday
All day
SECA Private Equity Workshop (first block)
SECA
Zug
21/22-Nov-2014
Friday/Saturday
All day
SECA Private Equity Workshop (second block)
SECA
Zug
14-Jan-2015
Wednesday
Tbd
Swiss CFO Day 2015
CFO Forum Schweiz
Zug
Upcoming EY corporate finance seminars*
Date
Day
Time
Event topic
Host
Location
10-Oct-2014
Friday
09.00 – 17.00
Valuation (E)
EY
Geneva
06-Feb-2015
Friday
09.00 – 17.00
Financial Modeling in Excel (D)
EY
Basel
13-Feb-2015
Friday
09.00 – 17.00
Mergers & Acquisitions (D)
EY
Basel
17-Apr-2015
Friday
09.00 – 17.00
Mergers & Acquisitions (D)
EY
Zurich
24-Apr-2015
Friday
09.00 – 17.00
Valuation (D)
EY
Zurich
08-May-2015
Friday
09.00 – 17.00
Financial Modeling in Excel (D)
EY
Zurich
D = German; E = English
* Registration details can be found on page 25.
All rights reserved — EY 2014
Mergers & Acquisitions Quarterly Switzerland – Q3 2014
22
DRAFT
EY selection of M&A opportunities
Selected M&A opportunities
Industry
Region
Transaction (sale of)/private placement
Project
Approx. deal size (in USD m)
Energy and Utilities
Africa
Farm-in opportunity onshore West Africa utilizing two hydrocarbon basins
Spring
√
Energy and Utilities
Asia
Sale of an operational onshore wind farm
Vintage
*
Energy and Utilities
Europe
Greenfield geothermal power plant with production capacity of min 140mW
Geothermal
Energy and Utilities
Europe
Onshore oil discovery in Mediterranean Sea seeking farm-in partner
Olive
Energy and Utilities
Europe
Portfolio of oil and gas licenses, covering more than 10 producing fields on and offshore
Daytona
√
Energy and Utilities
Europe
Onshore wind park in northern Europe
Energy
√
<50
50-150
>150
*
*
√
√
Financial Services
Europe
Online payment processing business
Element
Healthcare
Asia
Top 5 manufacturer of Metformin API globally
Fusion
√
√
Industrial Goods and Services
Asia
Rigid paper packaging manufacturer (monocartons) supplying various sectors
Sapphire
√
Industrial Goods and Services
Asia
Large die casting company serving major automobile companies
Tulsi
*
Industrial Goods and Services
Europe
Printed circuit boards
Green
Industrial Goods and Services
Europe
Human-machine interface hardware
Blue
√
Industrial Goods and Services
Europe
Innovative flood protection portfolio
Neptun
√
Industrial Goods and Services
Europe
Steel pipe manufacturer
Mars
√
Industrial Goods and Services
Middle East
Developer and distributor of advanced meter infrastructure (AMI) systems
Meter
√
Media, Technology & Telecomm.
Europe
Data center business (seeking for PE-funding)
Entertain
*
Media, Technology & Telecomm.
Middle East
Developer, designer and seller of 3D printed eyeglasses
Sight
√
Retail and Consumer Products
Asia
Banana wholesaler, ripener and grower
Wham
√
Retail and Consumer Products
Europe
High-end fashion company
Pop
Retail and Consumer Products
Middle East
Retailer of cosmetic products with international presence
Art
*
*
√
*
*
√
√
* Deal size is available upon request.
Note: A high number of additional local and global opportunities are available upon request.
All rights reserved — EY 2014
Mergers & Acquisitions Quarterly Switzerland – Q3 2014
23
DRAFT
Your EY M&A Advisory team in Switzerland
Require assistance in finding targets?
Our sophisticated, global network gives us
direct access to highly qualified sector
experts and potential buyers and sellers.
We are looking forward to discussing your
acquisition profile and identifying potential
acquisition targets for you.
Stefan Rösch-Rütsche
Partner | Head M&A Advisory
Phone +41 58 286 85 36
Mobile +41 58 289 64 33
Email [email protected]
If you would like to benefit from this
offering, please do not hesitate to contact
us.
Christian Sieber
Senior Manager
+41 58 286 32 99
+41 58 289 32 99
[email protected]
All rights reserved — EY 2014
Sabrina Zahn
Senior Manager
+41 58 286 32 86
+41 58 289 32 86
[email protected]
Mergers & Acquisitions Quarterly Switzerland – Q3 2014
Thomas Korzec
Manager
+41 58 286 37 91
+41 58 289 37 91
[email protected]
24
DRAFT
Subscription/Registration form
Subscription to Mergers & Acquisitions Quarterly Switzerland
If you would like to receive this publication on a regular basis, please fill out the form below and return it to Kathrin Wagenhofer or contact her
directly. The subscription is free of charge and can be canceled at any time.
□
Yes, I would like to receive
EY’s Mergers & Acquisitions Quarterly on
a regular basis
□ electronically via email
□ as a hardcopy via Swiss Post
Name
Company name
Address
Postal code, city
Email
Kathrin Wagenhofer
Ernst & Young Ltd
Maagplatz 1
8010 Zurich
Phone +41 58 286 30 79
Fax +41 58 286 30 04
[email protected]
Registration for EY seminars
If you would like to register for or receive more information regarding our Mergers & Acquisitions, Valuation or Financial Modeling seminars, please fill
out the form below and return it to Kathrin Wagenhofer or contact her directly.
□ Yes, I would like to receive more information on
the following seminar(s)
□ Yes, I would like to register for the following
seminar(s)
□
□
□
□
□
□
Valuation (10-Oct-2014, GE, E, *)
Financial Modeling (06-Feb-2015, BA, D, *)
M&A (13-Feb-2015, BA, D, *)
M&A (17-Apr-2015, ZH, D, *)
Valuation (24-Apr-2015, ZH, D, *)
Financial Modeling (08-May-2015, ZH, D, *)
Name
Company name
Address
Postal code, city
Email
Kathrin Wagenhofer
Ernst & Young Ltd
Maagplatz 1
8010 Zurich
Phone +41 58 286 30 79
Fax +41 58 286 30 04
[email protected]
Legend: ZH = Zurich, GE = Geneva, BA = Basel; D = German, E = English; * = Seminar fee CHF 1,200
All rights reserved — EY 2014
Mergers & Acquisitions Quarterly Switzerland – Q3 2014
25
DRAFT
About the M&A Quarterly Switzerland
General information
►
The information in this booklet is based on data provided by S&P
Capital IQ, other external data providers as well as EY research.
►
While we have carefully selected and reviewed the data, M&A
statistics are strongly dependent on the source providers. We do not
assume any liability for the accuracy of the information provided.
Statistics presented in this booklet should only be regarded as
estimates.
Transaction criteria
For the purposes of this booklet, transactions were defined by the
following criteria:
►
Swiss-based seller, buyer or target
►
Announcement in a given quarter, but transaction might have not yet
closed
►
Minority or majority stakes, as long as change of control results from
the transaction.
Furthermore, transactions were:
►
Included irrespective of their size, including deals with undisclosed
transaction volume
►
Allocated to the respective industry based on the target’s industry
classification
►
Included if announced by and valued using market data as of
24 September 2014
►
Sourced from S&P Capital IQ, other external data providers and EY
Research.
All rights reserved — EY 2014
Mergers & Acquisitions Quarterly Switzerland – Q3 2014
26
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