Debt Market Monitor Q3 2019 · RL360 Vitruvian Partners * CL Silver Sea Bridgepoint CL EBITDA <...
Transcript of Debt Market Monitor Q3 2019 · RL360 Vitruvian Partners * CL Silver Sea Bridgepoint CL EBITDA <...
A member of the Daiwa Group. Authorised and regulated by the Financial Conduct Authority. Registered office as stated. Registered in England No. 3067616
Debt Market Monitor Q3 2019
November 2019
Recent European debt advisory transactions
2
Advised the sponsor on an
acquisition financing
Value undisclosed
August 2018
Advised the company on a refinancing and recapitalisation
Value undisclosed
August 2018
Advised the company on a
refinancing
Value undisclosed
July 2018
Advised on a staple financing
Value undisclosed
December 2018
Advised elivie on a refinancing
EUR 360 million
November 2018
Advised the company on a
refinancing
GBP 146 million
August 2018
Project Siri
Advised the shareholders and
the company on its sale
process and lender education
Value undisclosed
September 2018
Advised a sponsor on an
acquisition financing
Value undisclosed
June 2018
Advised HQ Equita on the
acquisition financing of r2p and
Open Access
Value undisclosedJuly 2018
Advised Evernex on a refinancing
Value undisclosedJuly 2018
Advised a sponsor on an
acquisition financing
GBP 80 million
July 2018
Project Harrow
Advised a sponsor on an
acquisition financing
Value undisclosed
July 2018
Project Broadleaf
Advised the company on a
refinancing
Value undisclosed
January 2019
Advised the company on a
debt raise
Value undisclosed
January 2019
Project Pint
Advised a family office on a
refinancing
GBP 60 million
December 2018
Project Eclipse
Advised on a staple financing
Value undisclosed
March 2019
Advised the sponsor on an
acquisition financing
Value undisclosed
February 2019
Advised the company on a
debt raise
Value undisclosed
January 2019
Project River
Advised the company and
sponsor on an add-on
acquisition financing
Value undisclosed
January 2019
Advised the company on a
refinancing
Value undisclosed
April 2019
Project Façade
Advised the company on a
debt raise
Value undisclosed
March 2019
Advised the largest
shareholder
GBP 900 million
March 2019
Advised the sponsor on an
acquisition financing
Value undisclosed
July 2019
Project Trident
Advised on a staple financing
Value undisclosed
June 2019
Advised on a staple financing
Value undisclosed
May 2019
Advised Novum on the
recapitalisation of C.C Group
Value undisclosed
May 2019
Advised Ergon Capital on
acquisition financing
EUR 115 million
July 2019
Advised Uperio on its
refinancing
EUR 80 million
July 2019
Advised on staple financing
Value undisclosedJanuary 2019
Advised Interflora on its
refinancing
Value undisclosed
July 2019
Advised the on the debt
refinancing of Clover Capital
Valued at €50million
August 2019
Advisor on staple financing
Value undisclosed
September 2019
Advised on staple financing
Value undisclosed
September 2019
Advised ICG Infrastructure on
acquisition financing
Value undisclosed
Pending
Advised Naxicap on an
acquisition financing
Value undisclosed
Pending
Q3 2019 – Executive summary
The Spanish leveraged loan market continues to
grow, with several notable refinancing transactions
such as Parques Reunidos, Áreas, Cepsa or Pepe
Jeans, supported by large underwriting appetite
The top three Spanish banks continue to dominate
activity, remaining the main financing source
domestically. Debt funds are consolidating their
position in the market, with a growing presence in
sponsorless transactions
Highlights – Spain
DACH mid-cap leveraged lending activity
has improved q-o-q with 28 transactions in
Q3 19 vs. 21 in the prior quarter. However,
YTD volumes are down in comparison to
2018 and this is expected to remain the
case to the year-end
Direct lending funds continue to dominate,
sustaining their market leading position with
some senior banks beginning to deliberately
scale down business
Highlights – DACH
Increased competition between private debt
funds for top quality mid market assets has
led to a continued borrower-friendly
financing environment
Despite their declining market share,
French commercial banks still play a key
role in the lending space despite, notably by
offering competitive blended pricings on all
senior financings including private debt fund
structures
Highlights – France
Overall deal volume was down in Q3 reflecting the
natural summer slowdown, although still ahead of
the same period last year
In Q3, there has been a clear change in credit
appetite and increased caution as the market
anticipates that we are at or near the top of the
cycle. Brexit apathy and fatigue have been
overshadowed by more fundamental political and
economic concerns that could lead the economy
into recessionary conditions
Whilst resilient credits still achieved strong
multiples and looser terms, challenged credits
need more careful management. Those lenders
with the flexibility to price risk along the credit risk
curve have been the busiest
Highlights – UK
DC Advisory’s European Capital Advisory team explores the activity for Q3 2019 >
Highlights Europe
Debt Market Monitor Q3 2019: UK
4
Multi-banked LBOs and refinancings completed Q3 2019
Notes: The UK Debt Market Monitor shows senior and subordinated debt providers for bilateral and multi-banked loan-funded LBO / refinancings involving a UK target.
denotes a LBO
denotes a refinancing
/* denotes lender is solely the provider of super senior undrawn or term debt ('1st out') facilities alongside a debt fund
CL: Club deal; UW: Underwrite; Hybrid: Hybrid facility; Uni: Unitranche; Mezz: Mezzanine; PIK: PIK note; 1 O / 2 O: First out, second out; 1L / 2L: First Lien, Second Lien
Target Sponsor HS
BC
Natw
est
Barc
lays
Llo
yds
Santa
nder
AIB
SM
BC
Investe
c
Bank o
f Ir
ela
nd
Cre
dit A
gri
cole
Cly
desdale
Bank
Cre
dit S
uis
se
NIB
C
SV
B
ING
DN
B
Am
egy
AT
B
BN
P P
ari
bas
Butt
erf
ield
Iberi
aB
ank
Sie
mens
Unic
redit
Wells
Farg
o
IMI
Uls
ter
Bank
Com
merz
bank
RB
C
Are
s
Perm
ira
Alc
entr
a
Pem
bert
on
Bari
ngs
Apollo
Cre
scent
Fiv
e A
rrow
s
Aviv
a
Bain
Capital C
redit
M&
G
Apera
Bri
dgepoin
t
LG
T E
uro
pean C
apital
Ard
ian
Bla
ckR
ock
AIM
Co
CV
C
KK
R
Park
Square
ICG
Muzin
ich
Blu
eB
ay
GIC
Gold
man S
achs
Pri
coa
AIG
Alv
in P
art
ners
Deuts
che B
ank
Golu
b C
apital
Hayfin
Natu
re o
f d
eal
LB
O
EBITDA > £25m
PTSG Macquarie * Uni
Quotient Sciences Permira Uni
EBITDA < £25m
Bulgin Equistone Partners Uni
Cawood Scientific Waterland Private Equity Uni
Dental Care Group G Square Capital Uni
Farsound Aviation AGIC Capital * Uni
Hanson Wade Graphite Capital Uni
IFG Group Epiris * Uni
Kent Pharmaceuticals Duke Street * Uni
SRL Traffic Systems LDC * Uni
Re
fin
an
cin
g / R
ec
ap
EBITDA > £25m
HKA Global Bridgepoint Development Capital Uni
Independent Vetcare (IVC) EQT CL
Medivet Inflexion * Uni
RL360 Vitruvian Partners * CL
Silver Sea Bridgepoint CL
EBITDA < £25m
Alcumus Inflexion * 1 O / 2 O
Armitage Pet Care Rutland Partners * Uni
BigHand Bridgepoint Development Capital 1 O / 2 O
Commify HgCapital Uni
Cooper & Turner Watermill Group Uni
G3 Comms Apiary Capital Uni
Great Rail Journeys Duke Street Uni
IT Lab ECI Partners CL
Lowe Rental Perwyn Capital Uni
Microgen Financial Systems Silverfleet Capital * Uni
nGAGE Graphite Capital CL
Specialist Risk Investments Pollen Street Capital CL
The Leaders Roman's Group Bowmark Capital * Uni
Verdant Leisure Palatine Private Equity Uni
Vernacare Palatine Private Equity * Uni
Total Q3-19 14 12 0 3 3 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 5 0 1 3 3 1 4 0 1 0 0 1 1 1 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0
LT
M #
of
deals
30
Total Q2-19 10 13 4 6 3 2 3 2 1 1 3 1 1 0 0 0 1 1 1 1 1 1 1 1 0 0 0 0 6 2 1 1 1 3 0 1 0 2 1 1 1 1 0 0 0 2 2 2 1 0 0 1 1 1 0 0 0 0 0 34
Total Q1-19 14 9 5 1 5 4 0 1 2 1 0 0 0 2 1 0 0 0 0 0 0 0 0 0 1 1 0 0 5 4 1 2 1 1 1 3 2 1 2 0 0 0 1 1 0 0 0 0 1 0 0 0 0 0 1 1 1 1 0 38
Total Q4-18 11 11 7 5 4 6 2 1 1 2 0 2 2 0 1 2 0 0 0 0 0 0 0 0 0 0 1 1 4 3 5 1 2 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 30
Total LTM 49 45 16 15 15 12 6 4 4 4 3 3 3 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 20 9 8 7 7 6 5 4 3 3 3 2 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 133
Debt Market Monitor Q3 2019: France
5
Multi-banked LBOs and refinancings completed Q3 2019
Notes: The French Debt Market Monitor shows senior and subordinated debt providers for bilateral and multi-banked loan-funded LBO / refinancings involving a French target.
denotes a LBO
denotes a refinancing
/* denotes lender is solely the provider of undrawn facilities in a unitranche transaction
CL: Club deal; UW: Underwrite; Hybrid: Hybrid facility; Uni: Unitranche; Mezz: Mezzanine; PIK: PIK note; 1 O / 2 O: First out, second out
Target Sponsor LC
L
BN
P P
aribas
Socié
téG
énéra
le
CIC
CA
Régio
nale
s
Banqu
eP
opula
ire
Cais
se
d'E
parg
ne
Cre
dit M
utu
el
Ark
ea
Banqu
eP
ala
tin
e
HS
BC
CA
-CIB
Cre
dit d
u N
ord
Bank o
f Ir
ela
nd
ING
Natixi
s
KB
C
La B
anque
Posta
le
SM
BC
Idin
vest
CM
-CIC
Priva
te D
ebt
Lyx
or
Tik
ehau
CA
PZ
A /
Art
em
id
Bpifra
nce
Inve
stissem
ent
LG
T P
riva
te D
ebt
Barings
Cere
a
Ard
ian
Perm
ira
Bridgep
oin
t P
riva
te D
ebt
Pem
bert
on
Indig
o C
apital
Alc
entr
a
Scor
Inve
stm
en
t P
art
ners
Zencap
AM
Gold
man S
achs
BN
P P
aribas S
ME
Debt
Fund
Blu
eB
ay
Hayf
in
Part
ners
Axa
Inve
stm
ent
Manag
ers
CV
C
ICG
Natu
re o
f d
eal
LB
O
EBITDA < €25m
99 Group Capzanine CL
Amplitude Laser L-GAM Uni
CEGID Public Azulis Capital Uni
Ellisphère Andera Partners UW + Mezz
Epsa Raise CL
Eres IK Investment Partners Uni
Eurotab Tabletting LBO France Uni
Freeland Group IDI Uni
Haudecoeur Ergon Capital Partners CL
Ital Capzanine CL
Landanger 21 Invest Uni
Luneau Technology Caravelle CL
Moria Naxicap Uni
OMPT Transport New Alpha Uni
Pinard Emballages IK Investment Partners Uni
Polyplus Archimed CL
Sateco Equistone Uni
Schlemmer Industry Building Parts Galiena Uni
Snadec LFPI CL
Steliau B & Capital Uni
Swania Milestone CL
Syntylor / Blanchon Abenex CL
Vulcain Equistone Uni
Refi
nan
cin
g
EBITDA > €25m
Acolad Naxicap Uni
ECF Naxicap CL
l@D IK Investment Partners, Five Arrows Uni
Sicame Equistone CL
EBITDA < €25m
Acadomia IK Investment Partners Uni
Batiweb Omnes Capital Mezz
Bee2Link Bridgepoint Uni
Faucher Parquest CL
FDG CM-CIC CL
La Maison Bleue Towerbrook / BPI CL
Lescuyer Abenex / Ouest Croissance CL
Sotralu Bridgepoint Development Capital Uni
Total Q3-19 13 9 9 5 7 6 4 6 4 2 2 0 1 0 0 2 1 0 11 3 4 3 1 3 3 3 2 2 2 1 0 1 0 1 0 0 0 0 1 1 0 0 0 35
Total Q2-19 9 10 4 9 4 2 5 3 4 4 1 4 2 1 1 0 1 0 5 6 3 1 3 1 2 1 1 1 0 2 3 1 2 1 1 1 0 0 0 0 1 0 0
LT
M #
of
deals 27
Total Q1-19 8 8 8 10 4 3 2 3 1 3 2 0 1 2 2 0 0 1 3 8 1 2 2 2 0 0 2 2 1 0 1 1 0 0 0 0 1 1 0 0 0 1 0 24
Total Q4-18 13 9 10 6 4 7 4 2 5 2 1 1 0 0 0 0 0 0 6 3 2 1 1 0 0 1 0 0 1 1 0 0 1 0 1 1 1 1 0 0 0 0 1 26
Total LTM 43 36 31 30 19 18 15 14 14 11 6 5 4 3 3 2 2 1 25 20 10 7 7 6 5 5 5 5 4 4 4 3 3 2 2 2 2 2 1 1 1 1 1 112
Debt Market Monitor Q3 2019: DACH
6
Multi-banked LBOs and refinancings completed Q3 2019
Notes: The DACH Debt Market Monitor shows senior and subordinated debt providers for bilateral and multi-banked loan-funded LBO / refinancings involving a DACH target.
denotes a LBO
denotes a refinancing
/* denotes lender is solely the provider of undrawn facilities in a unitranche transaction
CL: Club deal; UW: Underwrite; Hybrid: Hybrid facility; Uni: Unitranche; Mezz: Mezzanine; PIK: PIK note; 1 O / 2 O: First out, second out
Target Sponsor OLB
Com
merz
bank
Bere
nberg
SE
B
Nord
LB
Unic
redit
LB
BW
DZ
Bank
RB
I
IKB
HS
BC
Cre
dit S
uis
se
Deuts
che B
ank
Bayern
LB
UB
S
Spark
asse
Bank o
f Ir
ela
nd
NIB
C
SM
BC
ApoB
ank
Gold
man S
achs
Mig
ros
Ham
burg
Com
merc
ial
Bank
Investe
c
Natixis
Banco S
anta
nder
Postb
ank
National B
ank
NK
BM
BN
P P
ari
bas
Bank P
ekao
ING
AB
N A
mro
Blu
eB
ay
Perm
ira D
ebt M
anagers
Ard
ian
Cre
scent
Are
s
Pem
bert
on
Apera
idin
vest
Bari
ngs
Pro
ventu
s
CV
C
Herm
es
Alc
entr
a
Bain
Capital C
redit
Bla
ckro
ck
Kart
esia
Apollo
Muzin
ich
Oth
ers
Natu
re o
f d
eal
LB
O
EBITDA > €25m
United Initiators Equistone CL
Schleich Partners Group UW
EBITDA < €25m
Soehngen Gruppe Steadfast Capital CL
InterEurope AG Elvaston UW
Bike24 Riverside Uni
Cartonplast DBAG 1 O / 2 O
]init[ EMERAM Uni
TOOLPORT Riverside * Uni
pro optik Paragon Partners Uni
Berge & Meer, Boomerang Reisen GENUI GmbH Uni
SEMA Via Equity Uni
Avantgarde EMH UW
DUO PLAST Paragon Partners CL
LAP Laser IK Investment CL
GfS Maxburg UW
Gebhardt-Stahl Bencis CL
BUK Steadfast Capital CL
Koop Steadfast Capital CL
Vitronet DBAG CL
Refi
nan
cin
g
EBITDA > €25m
Oberberg Trilantic Europe Uni
EBITDA < €25m
Pfaudler DBAG CL
3b Scientific J.H. Whitney Uni
Schuelerhilfe Oakley Capital CL
Coeo Waterland CL
Utimaco EQT CL
Onlineprinters Bregal * Uni
BBS Automation EQT CL
Pharmalex Auctus CL
Total Q3-19 6 2 4 4 3 6 2 2 3 1 2 1 1 1 0 2 1 1 1 1 1 0 0 1 1 1 1 1 1 0 0 0 0 3 2 1 2 0 0 1 1 0 1 1 1 1 1 0 0 0 0 0
LT
M #
of
deals
28
Total Q2-19 6 3 2 3 2 1 2 1 0 2 0 3 2 0 2 1 1 0 0 1 0 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 1 1 1 0 0 21
Total Q1-19 0 2 3 1 2 1 2 2 0 0 0 0 0 1 0 0 0 0 0 0 0 0 2 0 0 0 0 0 0 1 1 0 0 2 3 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 4 16
Total Q4-18 2 7 4 3 4 2 2 1 2 2 2 0 1 2 2 0 1 2 2 0 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 3 1 2 2 0 1 1 0 0 0 0 0 0 0 0 0 5 27
Total LTM 14 14 13 11 11 10 8 6 5 5 4 4 4 4 4 3 3 3 3 2 2 2 2 1 1 1 1 1 1 1 1 1 1 6 5 5 3 3 3 2 2 2 1 1 1 1 1 1 1 1 1 9 92
Debt Market Monitor Q3 2019: Spain
7
Multi-banked LBOs and refinancings completed Q3 2019
Notes: The Spanish Debt Market Monitor shows senior and subordinated debt providers for bilateral and multi-banked loan-funded LBO / refinancings involving a Spanish target denotes a LBO denotes a refinancingCL: Club deal; UW: Underwrite; Hybrid: Hybrid facility; Uni: Unitranche; Mezz: Mezzanine; PIK: PIK note; 1 O / 2 O: First out, second out
Target Sponsor Sa
nta
nd
er
BB
VA
Ca
ixa
Ba
nk
Ba
nkia
Sa
ba
de
ll
Ba
nkin
ter
BN
P P
ari
ba
s
ING
Cré
dit A
gri
co
le
Ba
nca
Ma
rch
HS
BC
Citig
rou
p
So
cié
té G
én
éra
le
Ba
nk o
f Ir
ela
nd
De
uts
ch
e B
an
k
Mo
rga
n S
tan
ley
Ra
bo
ba
nk
Un
iCre
dit
Ca
jam
ar
Ba
rcla
ys
Ba
nk o
f A
me
rica
ML
Ca
ja R
ura
l d
e N
ava
rra
Ta
rgo
Ba
nk
Ab
an
ca
Ca
jas R
ura
les
EB
N
Ibe
rca
ja
Na
tixis
JP
Mo
rga
n
Miz
uh
o
Ba
nco
Pic
hin
ch
a
Ers
te B
an
k
Un
ica
ja
Institu
to C
ata
lan
de
Fin
an
za
s
Lib
erb
an
k
Ba
nca
Mo
ra
Inte
sa
Mu
tua
Ma
dri
leñ
a
Ba
nco
Co
op
. E
sp
añ
ol
Me
dio
ba
nca
Go
ldm
an
Sa
ch
s
Na
tio
na
l W
estm
inste
r B
an
k
Fir
st A
bu
Dh
ab
i B
an
k
Mitsu
bis
hi U
FJ
Ba
nca
IM
I
HS
H N
ord
ba
nk
Ku
txa
ba
nk
LG
T
Ka
rte
sia
Oq
ue
nd
o
Idin
ve
st
Mu
zin
ich
Pe
mb
ert
on
Ala
ntr
a (
Alte
ralia
)
Ba
in C
ap
ita
l
Ch
eyn
e C
ap
ita
l
MV
Cre
dit
ICG
Tik
eh
au
Na
ture
of d
ea
l
LB
O
EBITDA > € 25m
Parques Reunidos EQT, CFA, GBL CL
Áreas PAI Partners CL
EBITDA < € 25m
Sanicen Corpfin CL
Redext HIG CL
IPD ProA Capital CL
Pastas Gallo ProA Capital CL
Agrupapulpí Magnum CL
Elmubas Portobello CL
Sineldent Nazca Uni
Preving Artá Capital CL
Refi
na
nc
ing
/ R
ec
ap
EBITDA > € 25m
Cepsa Carlyle CL
Itevelesa Hayfin CL
Pepe Jeans M1 + LCapital CL
Europastry MCH CL
EBITDA < € 25m
ADL Bionatur Black Toro Uni
Alcaliber GHO Uni
Maxam Rhone Capital CL
Tienda Animal Miura CL
Citri&Co Miura CL
Acquabella MBO Partenaires Uni
Total Q3-19 10 13 9 11 6 4 3 3 1 4 2 2 1 0 2 2 2 1 2 1 1 0 2 2 2 1 1 1 1 0 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 1 1 1 1 0 0 0 0 0 0 0
LT
M #
of
de
als 20
Total Q2-19 10 7 7 3 2 5 4 2 2 0 2 3 3 3 1 1 1 2 0 1 1 1 0 0 0 1 1 1 0 2 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 0 0 1 1 0 1 0 1 1 1 0 0 0 0 15
Total Q1-19 7 3 3 3 3 2 2 2 2 2 1 0 0 2 1 1 0 1 1 1 1 2 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 0 1 1 0 0 1 1 1 0 14
Total Q4-18 2 2 1 0 1 0 1 1 2 0 1 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 1 0 0 0 0 1 6
Total LTM 29 25 20 17 12 11 10 8 7 6 6 5 5 5 4 4 4 4 3 3 3 3 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 3 3 3 2 2 2 2 1 1 1 1 1 55
Debt Market Monitor Q3 2019: Benelux
8
Multi-banked LBOs and refinancings completed Q3 2019
Notes: The Benelux Debt Market Monitor shows senior and subordinated debt providers for bilateral and multi-banked loan-funded LBO / refinancings involving a Benelux target.
denotes a LBO
denotes a refinancing
/* denotes lender is solely the provider of undrawn facilities in a unitranche transaction
CL: Club deal; UW: Underwrite; Hybrid: Hybrid facility; Uni: Unitranche; Mezz: Mezzanine; PIK: PIK note; 1 O / 2 O: First out, second out; 1L / 2L: First Lien, Second Lien
Target Sponsor AB
N A
mro
ING
Rab
ob
an
k
Co
mm
erz
ba
nk
Deu
tsch
e B
an
k
Ba
nk o
f Ir
ela
nd
Inve
ste
c
Natixis
NIB
C
HS
BC
Je
ffe
rie
s
Unic
red
it
AP
G
DN
B
SC
OR
Va
rma
AX
A
BN
P P
ari
ba
s
Na
twe
st
SM
BC
Llo
yd
s
Ba
ye
risch
eL
an
de
sb
an
k
CA
-CIB
JP
M
KB
C
Neu
fliz
e
So
cie
te G
en
era
le
Are
s
CV
C
Hayfin
Pe
mb
ert
on
Ba
rin
gs
Rob
eco
Pe
rmir
a
Sie
me
ns
Cap
ita
l F
ou
r
Idin
ve
st P
art
ne
rs
KK
R
Tik
eh
au
Idin
ve
st
Cre
sce
nt
HP
S
Pa
rtn
ers
Gro
up
Aim
Co
Natu
re o
f d
ea
l
LB
O
EBITDA > €25m
Eichholtz Gilde Buy-Out Partners CL
EBITDA < €25m
EPCO THI Investments CL
HSO Carlyle Uni
Light & Living BlueGem Uni
Sucsez Five Arrows Principal Investments Uni
Viroclinics Summit Uni
Xindao Gilde Buy-Out Partners Uni
Refi
EBITDA > €25m
Esdec Solar Group Gilde Buy-Out Partners UW
EBITDA < €25m
Intero First Reserve Uni
Total Q3-19 2 2 2 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 2 1 1 0 1 1 1 1 1 0 0 0 0 0 0
LT
M #
of
de
als
9
Total Q2-19 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1
Total Q1-19 2 1 0 2 1 1 2 1 0 0 0 0 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 1 1 0 0 0 0 0 0 1 1 1 1 1 0 8
Total Q4-18 3 4 3 1 2 0 0 1 2 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 2 0 0 0 2 0 0 0 0 0 0 0 0 0 0 1 12
Total LTM 7 7 5 4 3 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 3 3 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 30
Pan-European sector contacts
9
Capital Advisory
Jonathan TrowerT: +44 (0) 20 7856 0912E: [email protected]
Ciara O'NeillT: +44 (0) 20 7856 0925E: [email protected]
Nicolas CofflardT: +33 1 42 12 49 64E: [email protected]
Frank JungT: +49 (0) 69 9720 0431E: [email protected]
Daniel GeblerT: +49 (0) 69 9720 0429E: [email protected]
Justin HollandT: +44 (0) 20 7856 0944E: [email protected]
Giuliano Guarino
T: +39 335 7863 957E: [email protected]
Joaquin Gonzalo
T: +34 (0) 91 5241 124E: joaquí[email protected]
Manuel Zulueta
T: +34 (0) 91 5241 124E: [email protected]
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