Digital Agency Landscape European Mid-Market Corporate ... · Pim Mulder Analyst...
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Digital Agency Landscape I August 2015 I page 1Strictly private and confidential
Paris office
T: +33 1 48 24 63 00
F: +33 1 48 24 63 02
62 rue La Boétie
75008 Paris, FRANCE
Pim Mulder
Analyst
’s-Hertogenbosch office
T: +31 (0)73 – 623 87 74
F: +31 (0)73 – 623 87 75
Europalaan 6
5232 BC ’s-Hertogenbosch
THE NETHERLANDS
Ron Belt
Managing Partner
Denmark office
T +45 20 433 373
Lyngsø Alle 3
2970 Hoersholm, DENMARK
European Mid-Market Corporate Finance Advisory
BENELUX │ FRANCE │ NORDICS | INTERNATIONAL
Paris – ‘s-Hertogenbosch – Amsterdam - Copenhagen
Digital Agency Landscape
Digital Agency Landscape I August 2015 I page 2Strictly private and confidential
TEAM
Independence
Client focused and commitment
Quality and professional
Smart and pragmatic solutions
Straight-forward advice
Our values
Highly experienced and committed European team, strong of 30 professionals
30 experienced professionals, located across 4 offices in Europe
France : Paris
Benelux : ‘s-Hertogenbosch, Hilversum (Amsterdam)
Nordics: Copenhagen
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TMT TEAM
Experienced and dedicated TMT team
Co-founder of Capitalmind Benelux in 1999 and Head of TMT
Advised on 100+ mid-market transactions, mostly international.
Background: Independent Venture Capitalist and ABN AMRO (IPO’s and M&A of technology companies, Global Sector Director Tech Research).
Advisor and board member of Bulbby, Springest and Reitsma Telecom.
Sector Expertise
TMT E-consumer Business services
Marleen Vermeer
Managers-Hertogenbosch
Sector Expertise
TMT Business Services Industrials
Manager at Capitalmind
Over 9 years of Corporate Finance experience. Her main responsibilities include advising on sell-side transactions, funding, MBOs and company acquisitions; focused on the Industrials, Business Services and TMT sector.
Background: Studied Business economics at University of Tilburg and graduated on the topic ‘Business Valuation’.
Analyst at Capitalmind
Advised on several mid-market transactions.
Background: Business Administration at Erasmus University and finished his Master Finance & Investments.
Pim Mulder
Analyst‘s-Hertogenbosch
Sector Expertise:
TMT Business Services Industrial
Ron Belt
Managing PartnerHilversum
(Amsterdam)
Associate at Capitalmind
Almost 3 years of Corporate Finance experience. Her main responsibilities include advising on sell-side transactions, funding, MBOs and company acquisitions; focused on the Consumer and Business Services sector.
Background: Business Administration at Erasmus University and finished her Master Finance at Tilburg University. She wrote her thesis on whether or not there is a causal relationship between bubbles and ‘M&A waves’.
Anne Jansen
Associates-Hertogenbosch
Sector Expertise:
Consumer TMT / Business Services Debt Advisory
Digital Agency Landscape I August 2015 I page 4Strictly private and confidential
CAPITALMIND AND TMT TEAM
MARKET LANDSCAPE
TRANSACTIONS
TRADING MULTIPLES
INDUSTRY BUYERS
INDUSTRY EXPERIENCE
APPENDIX
Digital Agency Landscape I August 2015 I page 5Strictly private and confidential
PRODUCTSERVICES
DUTCH MARKET LANDSCAPE
Internetbureaus / digital agencies (Internetbureau) Online campagne
Payment systems
E-mail marketing agencies
CMS Software CMS Open Source
Internetsecurity, Verification, Privacy
IT-software and -hardware
System integrator & Consultancy
Mobile AgenciesSocial Agencies and software
Result drivenmarketing & advertising
Media Exploitation
Search marketingagencies
Marketing & ebusiness
Consultants
Web statistics & Site-optimalisatie
software
Web statistics & optimalisatie
Email Software Development
Comparisors
Media agencies
Affiliate Network
Marketing data Software
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REVENUE GROWTH AND PROFITS VARY SIGNIFICANTLY
Newer, more specialized offerings are more profitable
* Source: www.dutchdigitalagencies.nl
The general digital agency segment contains more larger companies but is
more developed
– Lower margins
– More expensive staff
– Pricing varies with the state of the economy
Specialists can (still) make better margins
– Younger markets hence better pricing
– Staff is relatively young and therefore cheap
Market development The market / staff play
In the Netherlands, the online industry remains one of the biggest growth
markets within the Dutch Creative Industry.
Revenue in 2014 increased with 11% and for 2015 growth is expected to
accelerate to grow with 21% 2015.
The average project size in 2014 increased with 7% from 2013 and even
with 59% compared to 2011.
Employment within the sector increased with 11% in 2014, up from 8% in
2013.
A survey among 84 members from the DDA revealed that these member,
together generating €381 million in revenues (average revenue of € 4,5
million), reached an average profit of around 10%.
260.2307.8
344.6381
050
100150200250300350400450
2011 2012 2013 2014
Reven
ue i
n €
mln
Year
CAGR2011-2014: 13,6%
14/13 13/12 2014 2013 2012 2014 2013 2012
Digital
agencies9,2% -1,5% 14,3% 12,6% 13,1% 99,6€ 90,8€ 100,6€
SEO/A
specialists20,4% 17,7% 33,5% 30,0% 26,0% 98,2€ 95,9€ 87,4€
Revenue growth EBIT margin (AVG) Rev. / empl. (x1000)
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CAPITALMIND AND TMT TEAM
MARKET LANDSCAPE
TRANSACTIONS
TRADING MULTIPLES
INDUSTRY BUYERS
INDUSTRY EXPERIENCE
APPENDIX
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WORLDWIDE TRANSACTION ACTIVITY PER COUNTRY
Analysed over 600 transactions up from 2006, we see most target companies in this sector are European companies,
followed by US companies. A major increase in deal activity has been noticed in Brazil and South Africa over the last
couple of years.
Digital agency transaction activity
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EUROPEAN ACTIVITY PER COUNTRY
Numbers are proving that digital agency deal activity runs at a strong pace. Europe counts for 41% of the deals
through 2006 – 2015.
Digital agency activity
Of all the transaction in this sector, 41,46% of the deals involved European targets. Especially in the UK, France, Germany and the Netherlands (!) activity has
been noticed. Up from the year 2012, Netherlands has always been in the Top 3 European countries in terms of target companies.
The Big 4 advertisement companies are main buyers in this sector, counting for 61% of all the deals (worldwide). From the Big 4, WPP by far has been the most
acquisitive party. Worth to notice is also the substantial percentage of transaction, 17%, in which neither a Big 4 company nor Dentsu Inc. has been the buyer.
32%
4%
19%
22%
6%
17%
Transactions by acquirer (Worldwide)
WPP Plc Interpublic Group of Companies
Dentsu Inc. Publicis Groupe
Omnicom Group Other
2006
2009
2012
20150
5
10
15
20
25
Transactions per country per year (Europe)
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ACTIVITY PER SUB-SEGMENT
Most wanted targets, based on key activity, turned out to be digital marketing agencies. In addition, web agencies and
advertisement companies have been popular targets.
Digital agency activity
20062007
20082009
20102011
20122013
201420150
5
10
15
20
25
30
35
Key activity by target by year
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DIGITAL MARKETING
Deal activity in the sector is increasing, the overview below provides Benelux transactions. Capitalmind advised on
several deals, the most recent one being the merger between DQ&A and Incubeta.
Deals by Capitalmind
WPPPublicisGroupe
Omnicom Group
DentsuInterpublic
GroupOther
Digital Agency Landscape I August 2015 I page 12Strictly private and confidential
CAPITALMIND AND TMT TEAM
MARKET LANDSCAPE
TRANSACTIONS
TRADING MULTIPLES
INDUSTRY BUYERS
INDUSTRY EXPERIENCE
APPENDIX
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TRADING MULTIPLES
Trading multiples
The overview below provides an overview of current trading multiples of the main Advertising Holding companies
Trading multiples
The trading multiples method is based on recent Market Cap valuations of listed companies in the market.
Most of the times a discount is used for mid-market companies. The main reason therefore is a difference in risk comparing with larger, listed companiesand less liquidity of shares. On average a 20% discount is realistic when used for valuing mid-market companies.
Company Date Market Cap Enterprise Value (EV) EV / Revenue EV / EBITDA
WPP plc (WPPGY) 20-Oct 28,82 $billion 33,88 $billion 1,84x 9,59x
Omnicom Group Inc. (OMC) 20-Oct 17,55 $billion 20,71 $billion 1,36x 9,26x
Publicis Groupe SA (PUB.PA) 20-Oct 13,25 €billion 16,05 €billion 1,90x 10,37x
The Interpublic Group of Companies,
Inc. (IPG)20-Oct 8,78 $billion 10,15 $billion 1,34x 10,27x
Havas (HAV.PA) 20-Oct 3,21 €billion 3,30 €billion 1,62x 10,02x
Digital Agency Landscape I August 2015 I page 14Strictly private and confidential
TYPICAL DEAL STRUCTURE FOR LOCAL PLAYERS
The buyers all use more or less the same deal structure for smaller ‘local’ acquisitions..
Long earn-out periods for ‘local’ players of limited size
TRANSACTION Year Ending December 31st
2015 2016 2017 2018 2019 2020
Net profit 2.070 2.381 2.559 2.733 2.916
Multiple 7,00x 7,50x 7,50x 7,50x 7,50x
Implied Value 14.490 17.854 19.193 20.495 21.867
% of Value Paid 60,0% 70,0% 80,0% 90,0% 100,0%
Payment Potential Value 8.694 12.498 15.354 18.445 21.867
-/- already paid -3.250 -12.498 -15.354 -18.445
To pay in this year 3.250 9.248 2.857 3.091 3.422
Total 21.867
(of which earned by the company) 15.474
(EUR in 000)
INCOME STATEMENTSAMPLE BV
Year Ending December 31st
2014A 2015E 2016E 2017E 2018E 2019E 2020E
Revenue 7.200 8.280 9.522 10.950 12.319 13.859 15.245Growth 15,0% 15,0% 15,0% 12,5% 12,5% 10,0%
Net profit 1.800 2.070 2.381 2.738 3.080 3.465 3.811 Margin 25,0% 25,0% 25,0% 25,0% 25,0% 25,0% 25,0%
<5% >5%<10% >10%<15% >15%<20% >20%<25% >25%
<7.5% 5,00x 5,00x 5,25x 5,50x 5,50x 5,75x
≥7.5% and <15%5,25x 5,50x 6,00x 6,25x 6,50x 6,75x
≥15% and <25%5,50x 6,00x 6,50x 7,00x 7,50x 8,00x
≥25% 6,50x 7,00x 7,50x 8,00x 8,50x 9,00x
CAGR Growth rate
Marg
in
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TYPICAL DEAL STRUCTURE FOR LARGER TARGETS
… but they tend to deviate if the targets is larger / international
Long earn-out periods for ‘local’ players of limited size
- For larger, ‘strategic’ assets pricing is substantial higher
- The price compared to own trading multiples is explained using (cost) synergies
0.0
5.0
10.0
15.0
20.0
25.0
30.0
0% 5% 10% 15% 20% 25% 30% 35% 40% 45%
Multiples, Margins & Size
0.0
5.0
10.0
15.0
20.0
25.0
30.0
EBITDA Multiples
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CAPITALMIND AND TMT TEAM
MARKET LANDSCAPE
TRANSACTIONS
TRADING MULTIPLES
INDUSTRY BUYERS
INDUSTRY EXPERIENCE
APPENDIX
Digital Agency Landscape I August 2015 I page 17Strictly private and confidential
MAIN INDUSTRY BUYERS
Digital Agency Landscape I August 2015 I page 18Strictly private and confidential
ALTERNATIVE INDUSTRY BUYERS
Alternative buyers
So the main big buyers in this industry are the 5 biggest Advertising holding companies. What we’ve seen
before too though, is that these are not the only buyers in the industry, especially within the last years.
Who are these other the buyers (17% of the buyers)?
Customers nowadays can move to a competitor more quickly and easily than ever and many products are becoming price-driven goods. This means that
customer experience is becoming vital to retain customers and companies with best customer experience will be winners. Digital agencies manage and create
customer experience, this is where the interest from ‘alternative’ buyers for digital agencies begins. Secondly, customers are becoming more independent,
meaning they investigate more their selves and they are buying products later on in the sales cycle. Again, companies that can control the (online) sales funnel,
digital agencies, are becoming increasingly important.
Analysing this group of alternative buyers, we see increasing interest in digital agencies from: (i) IT services / consulting companies, (ii) Adtech companies, (iii)
Big data companies, (iv) Large software companies and (v) ‘other’ IT companies. Besides, advertising companies who don’t have a digital department yet are
buyers, as digital will play an important role in the future of the industry.
Aside from Havas, also within this 17% group (17,3%), over the last couple of years several ‘alternative’ buyers have blend themselves into the
world of digital agencies. Recently, IT Service company Cognizant bought interactive marketing firm Cadient, Ensighten acquired marketing
analytics firm Anametrix and Alliance Data has acquired Conversant, a digital marketer. And these are just some of the examples.
Source: http://venturebeat.com/2014/11/13/why-digital-marketing-companies-have-become-tasty-acquisitions/; http://adage.com/article/digital/datacenter-agency-report-2015-charts/298214/; Headwaters Internet Advertisement update 2014Q2
…
Alternative example buyers
IT Services / Consulting companies
Adtech companies Big data companiesLarge software
companiesIT Other
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… ..
DUTCH INDUSTRY BUYERS
Two Dutch companies started doing Buy & Build in the Dutch digital market landscape
?
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CAPITALMIND AND TMT TEAM
MARKET LANDSCAPE
TRANSACTIONS
TRADING MULTIPLES
INDUSTRY BUYERS
INDUSTRY EXPERIENCE
APPENDIX
Digital Agency Landscape I August 2015 I page 21Strictly private and confidential
MARKET RESEARCH AND INTERNATIONAL REACH
A proactive international TMT sector team
Digital Agency Landscape I August 2015 I page 22Strictly private and confidential
INDUSTRY TRACK RECORD (1/3)
A strong industry experience
Expand Online has merged with TamTam. Expand Online is an onlinemarketing agency specialised inoptimised online campaigns via searchengine marketing, display and webanalytics. Tam Tam is a full servicedigital agency.
DQ&A Media Group merged withIncuBeta. DQ&A Media Group is ahighly innovative specialist in digitaladvertising technologies. IncuBeta is aglobal leading provider of digitaladvertising services and mediasolutions.
Social1nfluencers has been partly soldto SBS/Sanoma. Social1nfluencers is anetwork of popular videographers,especially among teenagers
IPG Mediabrands owned by US based Interpublic Group acquired Traffic4U. Traffic4U is a digital marketing agency focused on search engine optimization, search advertising and conversion rate with a market leading position in the Netherlands
Digital Agency Landscape I August 2015 I page 23Strictly private and confidential
INDUSTRY TRACK RECORD (2/3)
A strong industry experience
Tiin Capital and PPM Oost invested in Informaat CXP. Informaat CXP will use these funds to further develop CXP and to roll-out the company internationally.
Informaat CXP is a Customer Experience Platform that allows companies to service customers across all possible touch points.
IPG Mediabrands owned by US based Interpublic Group acquired bGenius. bGenius is a bid management software company servicing online marketers to optimize and manage campaigns in different search engines in one system.
PPM Oost invested in Service2Media. This investment will strengthen Service2Media’s position and help to expand their business. It will be used by Service2Media’s R&D team to bring the App Lifecycle Platform™ – M2Active to the next level.
Service2Media is a developer of a (mobile)app platform allowing creation and running of (mobile) apps.
Netsociety is acquired by Aegis Media, the UK communication and media company. Aegis will integrate Netsocietywith its Dutch based subsidiary iProspect, provider of leading digital performance marketing solutions.
Netsociety is a leading Dutch online media company.
Digital Agency Landscape I August 2015 I page 24Strictly private and confidential
INDUSTRY TRACK RECORD (3/3)
A strong industry experience
IceMobile merged with Brandloyalty, the globally active, leading consumer loyalty company.
Icemobile is a developer of mobile applications, including leading brand applications for Ahold (Appie) and ABN AMRO, and Sara Lee (Douwe Egberts).
Videostrip is acquired by RTL Nederland, the Dutch subsidiary of leading European audiovisual group. Videostrip’s technology and relationships with advertisers enables RTL to monetize its premium content online.
Videostrip is the largest Dutch multimedia video advertising network.
Cleafs was acquired by Affilinet, the leading European affiliate network active in 7 countries in Europe, serving over 2000 affiliate programs. Affilinet is part of German listed United Internet AG.
Cleafs is the leading affiliate advertising network in the Netherlands, specialized in travel, ticketing, parking, living and fashion.
Private Plus Fund (Newion Investments) and PTV invested in Service2Media.
Service2Media is a developer of a (mobile)app platform allowing creation and running of (mobile) apps.
Digital Agency Landscape I August 2015 I page 25Strictly private and confidential
CAPITALMIND AND TMT TEAM
MARKET LANDSCAPE
TRANSACTIONS
TRADING MULTIPLES
INDUSTRY BUYERS
INDUSTRY EXPERIENCE
APPENDIX
Digital Agency Landscape I August 2015 I page 26Strictly private and confidential
IN SHORT
Capitalmind is an independent European Corporate Finance Advisory firm focusing on the mid-market
Business Services
Consumer, incl. Food
Industrials
TMT
Healthcare
5 main sectors with dedicated research
Corporate Finance Advisory since 1999,with a focus on mid-market deals up toEUR 200 million
European team strong of more than 25experienced professionals
5 offices across Europe: France: Paris, Lyon The Netherlands: s-Hertogenbosch,
Amsterdam (Hilversum)Denmark (Copenhagen)
Award winning; 150 deals completed over the past 5 years
Truly international access to worldwide strategic and financial players through Mergers Alliance: our award winning corporate finance partnership totalizing more than 350 professionals worldwide
Capitalmind is the merger of two independent European Corporate Finance firms (Capital Partner in France and BlueMind in The Netherlands) holding leading positions in the French and the Benelux regions
A full range of Corporate Finance Services
Long term client satisfaction
Mid-market up to
€200m deal value
Advising all active players in the market
Mid-market companies and corporates
Entrepreneurs & management teams
Investors (private equity, family offices, private investors)
Merger & Acquisitions
Corporate funding(equity, debt)
Advisory services
Clients first !
Pragmatic & decisive likeentrepreneurs
We arrange best deal possible
Digital Agency Landscape I August 2015 I page 27Strictly private and confidential
SERVICES WE PROVIDE
A comprehensive range of Corporate Finance Advisory Services for mid-market transactions, majority cross border
Sell-side: company sales, spin-offs, carve-outs, exits, divestments, succession
Buy-side: company acquisition, Buy & Build
MBO, MBI or combinations
Merger, joint venture or other partnership
Growth and MBO capital (private equity,family offices, private investors)
Debt financing (bank and other debts as wellas private placements)
Valuations (Registered Valuators)
Financial structuring and engineering
Strategic financial advisory
Restructurings and bankruptcy disposals
Merger & Acquisitions Corporate funding Advisory services
Key differentiators
Unique service focus: Independent corporate finance advisory services for mid-market only
Very active track record: Successfully closing approx. 30 deals every year; satisfying our clients
Top quality assurance: Ongoing development of sector expertise and truly international reach on a worldwide basis, which helps us frequently win(international) beauty contests from 2-4 of our competitors
Long term client satisfaction: Illustrated by our ability to assist demanding clients such as corporates and PE firms; about 50% repeat business
Digital Agency Landscape I August 2015 I page 28Strictly private and confidential
CLIENTS WE ASSIST
Advising all key players active in the mid-market, many of them operating internationally
Divesting (non core) businesses to strategicor financial sponsors
When needed, structuring challenging carveouts, inter alia thanks to our unrivalledexperience of asset deals
Monitoring external growth or Buy & Buildprojects worldwide
Debt advisory for mid-market companies
Growth companies financing (equity and/ordebt)
Disposal of businesses to strategic playersor financial investors
Transmissions like successions supported by financial sponsors (LBOs, MBOs, MBIs)
Worldwide acquisition or Buy & Buildprojects
Sparring partner and Board Advisory
Disposals of stakes to strategic players or(secondary) investors
Running acquisition or Buy & Build projectsfor portfolio companies of investors
MBOs: market leading position
Equity and/or debt (re)structuring
Strategic/financial advisory
Mid-market companies and corporates Entrepreneurs & Management TeamsInvestors
(Private Equity, family offices, private investors)
Digital Agency Landscape I August 2015 I page 29Strictly private and confidential
OUR FOCUS: MID-MARKET CORPORATE FINANCE
Committed to build long-term relationships with our clients and relevant other players in the market
‘Clients first !’ Independent and senior advice Mid-market only Agile team and insights
Our ambition: 100% long term client satisfaction based on:
We take responsibility for ourclients, irrespective of thecomplexity and key issues oftheir deals
We constantly ‘go the extra mile’to achieve the best deal possiblefor our clients
We manage M&A projects fromA to Z in order to enable clients’teams to concentrate on dailybusiness and decision making
We provide 100% independentadvice; our firm has been fullyowned, managed and foundedby ourselves in/since 1999
As we are big enough to matterand pragmatically small; wealways provide true senioradvice
Driven by long-term clientsatisfaction, we do not hesitateto advise our clients not to do adeal
Since 1999 we have alwaysfocused on the mid-market,doing deals up to EUR 200million
In the mid-market space wecompleted 150 deals the last 5years
At Capitalmind, we are strongbelievers that mid-marketprojects deserve the samequality standards as largecorporate transactions.
Our team members come fromdifferent background, providingthe needed expertise for anyparticular issue in a deal
We invest time in sectors whereour clients are active bypublishing sector updates, M&Aoverviews, etc.
Via our Mergers Alliancecolleagues we get worldwideaccess to local market insightsand M&A opportunities
Digital Agency Landscape I August 2015 I page 30Strictly private and confidential
League Table Thomson Reuters – Mid-market up to EUR100m - Jan 1 - Dec 31, 2014
France BeneluxFrance-Benelux
# Firm Benelux France Total
1 Deloitte 9 54 63
2 KPMG 31 30 61
3 PwC 26 32 58
4 Rothschild 13 41 54
5 BDO 46 0 46
6 Rabobank NV 39 0 39
6 Ernst & Young LLP 17 22 39
8 Capitalmind 15 18 33
8 Credit Agricole CIB 0 33 33
9 Leonardo & Co 9 23 32
9 Clairfield International 14 18 32
9 IMAP 15 17 32
12 Lazard 6 25 31
AWARD WINNING FIRM
Award winning corporate finance team, holding leading positions in France and Benelux
Capitalmind is one of the very few
independent M&A firms with an active
track record throughout the Benelux and
France, including Belgium
Founded only in 1999, Capitalmind has
grown significantly to become a financial
‘brand’ in the Benelux and France
Over the years we have shown that we
can effortlessly compete with the big
names in the industry
Each year – including in crises years - we
have managed to close approx. 30
transactions. This is relatively speaking a
very high number of transactions, as we
do this with a team of only some 25
people
…holding leading positions on its markets
Award winning corporate finance team…
2011 -2012
# Firm Benelux
1 BDO 46
2 Rabobank NV 39
3 KPMG 31
4 PwC 26
5 ABN AMRO Bank 23
6 Ernst & Young LLP 17
6 ING 17
8 Capitalmind 15
8 IMAP 15
10 Clairfield International 14
11 Rothschild 13
11 M&A International 13
13 Baker Tilly International 12
# Firm France
1 Deloitte 54
2 Rothschild 41
3 Credit Agricole CIB 33
4 PwC 32
5 KPMG 30
6 Lazard 25
7 Leonardo & Co 23
7 Societe Generale 23
9 Ernst & Young LLP 22
10 BNP Paribas SA 20
11 Capitalmind 18
11 Lincoln International 18
11 Clairfield International 18
Digital Agency Landscape I August 2015 I page 31Strictly private and confidential
Currently, 17 M&A advisory firms with over 36 offices worldwide, totalizing more than 350 professionals
in the most important western and emerging markets (including Europe, USA, BRIC, Asia, Latin
America, Turkey, etc.)
All firms are independent and top 5 in their country/region, many award winning
130 deals closed over the last twelve months, for a cumulated deal value of +$10bn
Efficient partnership: one exclusive firm per country/region; international sector teams and research;
daily business contacts; two conferences a year; several joint transactions with our partners every year
League TableAny European involvement < $500m Advisor Ranking
(Source: Information taken from Thomson Financial Tables for H1 2015)
European OfficesGermany: Wiesbaden (Frankfurt/Main)France: Paris, LyonThe Netherlands: Hilversum (Amsterdam), s’Hertogenbosch
Italy: Milan, Padova, Bologna, Torino Spain: Madrid, Barcelona, San Sebastian, Bilbao UK: London, Birmingham, Nottingham
INTERNATIONAL OFFICES
As shareholder and Board member of Mergers Alliance, Capitalmind has truly local access to the most important
western and emerging markets worldwide
Mergers Alliance – Award winning international corporate finance partnership
Rank Financial AdvisorRanking
Value ($m)
# of
Deals
1 Rothschild 5443 104
2 Lazard 5226 53
3 Goldman Sachs & Co 4722 34
4 Morgan Stanley 4349 33
5 JP Morgan 3714 24
6 PricewaterhouseCoopers 2978 111
7 Citi 2715 29
8 Deloitte 2254 37
9 MERGERS ALLIANCE 2223 42
10 Deutsche Bank 2068 19
11 BNP Paribas SA 1918 23
12 Canaccord Genuity 1319 18
13 KPMG 1289 86
14 UBS 1062 22
15 Lincoln International 966 26
16 Jefferies LLC 932 22
17 Ernst & Young LLP 899 66
18 IMAP 592 30
19 DC Advisory 495 27
20 CFI 426 31
21 Credit Suisse 365 18
22 M&A International 252 25
23 Clairfield International 230 38
24 Global M&A 228 21
25 BDO 198 24
26 Baker Tilly International 34 27
27 BCMS Corporate Ltd 31 24
28 Globalscope 10 20
Digital Agency Landscape I August 2015 I page 32Strictly private and confidential
CAPITALMIND TMT TRACKRECORD (1/3)
TMT
Recent Deals
Technology
Media
Telecommunications
Description
Head of practice Capitalmind
Ron BELT
Jean-Arthur DATTEE
Alexandre EBIN
Company sale - 2015 Funding - 2015 Acquisition - 2015 Company sale - 2014Funding - 2015
Merger - 2015 Company sale - 2015 Acquisition - 2015 Company sale - 2015Merger - 2015
Digital Agency Landscape I August 2015 I page 33Strictly private and confidential
CAPITALMIND TMT TRACKRECORD (2/3)
TMT
Recent Deals
Technology
Media
Telecommunications
Description
Head of practice Capitalmind
Ron BELT
Jean-Arthur DATTEE
Alexandre EBIN
Acquisition - 2014 Company sale - 2014 Merger - 2014 Funding - 2013Acquisition– 2014
Funding – 2014 Company sale – 2014 Company sale – 2014 Company sale – 2014Company sale - 2014
Digital Agency Landscape I August 2015 I page 34Strictly private and confidential
CAPITALMIND TMT TRACKRECORD (3/3)
TMT
Recent Deals
Technology
Media
Telecommunications
Description
Head of practice Capitalmind
Ron BELT
Jean-Arthur DATTEE
Alexandre EBIN
Company sale - 2013 Acquisition - 2013 Company sale - 2013 Acquisition - 2013 Debt financing – 2013
Company sale – 2013 Company sale – 2013 Acquisition – 2013 Funding – 2013 Funding - 2013
Digital Agency Landscape I August 2015 I page 35Strictly private and confidential
Award winning international corporate finance advice
Germany
India
Italy
Japan
Mexico
Poland
Russia
Singapore
South Africa
Spain
Sweden
Thailand
Turkey
UK
USA
Australia
Benelux
Brazil
Canada
China
Columbia
France
FRANCE BENELUX NORDICS
Paris
62, rue la Boétie
75008 Paris
France
T +33 (0)14 824 63 00
‘s-Hertogenbosch
Europalaan 6
5232 BC ‘s-Hertogenbosch
The Netherlands
T +31(0)73 623 87 74
Amsterdam
Vreelandseweg 7
1216 CG Hilversum
The Netherlands
T +31 (0)35 624 43 41
Copenhagen
Lyngsø Alle 3
2970 Hoersholm
Denmark
T +45 20 433 373