HW&Co. Industry Reader Template · Euro area’smonthly inflation rate was 0.1% in August 2015...

www.harriswilliams.de

Harris Williams & Co. Ltd is a private limited company incorporated under English law having its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered withthe Registrar of Companies for England and Wales under company number 7078852. Directors: Mr. Christopher Williams, Mr. Ned Valentine, Mr. Paul Poggi and Mr. Thierry Monjauze,authorised and regulated by the Financial Conduct Authority.

Harris Williams & Co. Ltd Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Frankfurt am Main,Germany, under registration number HRB 96687, having its business address at Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany. Permanent Representative(Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins.

EUROPEAN UPDATE

INDUSTRY UPDATE │ AUTUMN 2015

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www.harriswilliams.de

HARRIS WILLIAMS & CO.

1

CONTENTS

QUARTERLY QUICK READ

EUROPEAN ECONOMIC CLIMATE

EUROPEAN M&A ENVIRONMENT

EUROPEAN INBOUND M&A ENVIRONMENT

AEROSPACE, DEFENCE & GOVERNMENT SERVICES

BUSINESS SERVICES

CONSUMER

ENERGY & POWER

HEALTHCARE & LIFE SCIENCES

INDUSTRIALS

TECHNOLOGY, MEDIA & TELECOM

TRANSPORTATION & LOGISTICS

FEATURED THEME

EUROPEAN UPDATE


Source: S&P Capital IQ1. Includes closed M&A transactions of majority stakes only, where deal value was undisclosed or between €25m –€650m, within the United Kingdom, Eire, France, DACH (Germany, Austria, Switzerland), Spain, Italy, Benelux (Belgium, the Netherlands, Luxembourg) and Scandinavia (Denmark, Norway, Sweden and Finland)

FEATURED THEME – STRONG DEAL VOLUME IN THE BENELUX

Q3 2015 saw rapid growth in Benelux M&A activity, with a total of 100 deals in the third quarterof 2015, up 39% on Q2 2015

HW&Co. experienced strong activity in the Benelux region, closing multiple transactions in2015

CONTACTS

Thierry MonjauzeManaging Director63 Brook StreetLondon W1K 4HSUnited KingdomPhone: +44 20 7518 [email protected]

Jeffery PerkinsManaging DirectorBockenheimer Landstr. 33-3560325 FrankfurtGermanyPhone: +49 69 3550638 [email protected]

LONDON OFFICE63 Brook StreetLondon W1K 4HSUnited KingdomPhone: +44 20 7518 8900

FRANKFURT OFFICEBockenheimer Landstr. 33-3560325 FrankfurtGermanyPhone: +49 69 3650638 00

0.0%

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4.0%

6.0%

8.0%

10.0%

0.0

20.0

40.0

60.0

80.0

100.0

120.0

Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15

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http://www.harriswilliams.com/

mailto:[email protected]

mailto:[email protected]

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QUARTERLY QUICK READ

2

EUROPEAN UPDATE


EUROPEAN

EQUITY

MARKET8

TMT6CONSUMER INDUSTRIALS5 T&L7ADG4 BUSINESS

SERVICES

HEALTHCARE &

LIFE SCIENCES

ENERGY &

POWER

Sources: Eurostat, Bloomberg, Markit Economics, S&P Capital IQ

Source: S&P Capital IQ

For the purposes of this Quarterly Update, Europe is defined as: United Kingdom, Eire, France, DACH (Germany, Austria,

Switzerland), Spain, Italy, Benelux (Belgium, The Netherlands, Luxembourg) and Scandinavia (Denmark, Norway, Sweden and

Finland); Evolution calculation based on the quarter finishing 30 September, 2015; 1. For the countries based in the EU28; 2.

Year-on-year GDP growth for Q2 2015; 3. PMI, CCI and CPI quarterly growth shown for June 2015 to September 2015; 4.

Aerospace, Defence & Government Services; 5. Also includes Building Products and Paper & Packaging; 6. Telecom, Media &

Technology; 7. Transportation & Logistics; Also includes Speciality Distribution; 8. For all listed companies based in the countries

mentioned above and with a market cap greater than €50m; 9. Change from Q2 2015 to Q3 2015

M&A

ENVIRONMENT

European middle market M&A activity increased by 8.0% in Q3 2015, compared to Q2 2015, with overall transaction volumes down by 3.0% Y-o-Y

The TMT, Healthcare and ADG sectors attracted the highest relative level of international inbound M&A investment, with international acquirers accounting for 20%, 17% and 17% of completed transactions, respectively

CONSUMER

ADG

ENERGY & POWER

BUSINESS

SERVICES

TRANSPORT &

LOGISTICS

The Euro Area’s Consumer Price Index decreased from 118.65 in Q2 2015 to 118.17 in Q3 2015, and Euro Area inflation rate decreased to -0.1% in Sep 2015

SABMiller has agreed to sell itself to Anheuser-Busch Inbev. If completed, the deal will be one of the top five largest mergers in corporate history, and the combined company will brew a third of the world’s beer

In the Q3 2015, Berkshire Hathaway acquired PCC for c.$37.2bn, Lockheed Martin agreed to acquire Sikorsky for c.$9.0bn and BBA Aviation agreed to acquire Landmark Aviation for c.$2.1bn

New forecasts project demand for approximately 13,000 new business jets and turboprops over 2016 to 2025, in addition to more than 5,500 retirements

Global Oilfield Services is expected to face a 36% decline in expenditure in 2015 as the low oil price forces several industry participants to cut costs. The market is forecast to grow at a CAGR of 7% from 2015-2019

Despite the low oil price environment, Energy & Power M&A transaction volume grew by 48% in Q3 2015

Business Services in the Euro area continues to grow with increase in output, new orders and job creation in Q3-15 according to Markit PMI

Acquisitions made in Q3-15 include Elior’s €210m acquisition of Areas and Inflexion’s acquisition of AlcumusHoldings

The European T&L M&A market showed increased transaction activity for the second consecutive quarter with a two-year high in Q3 2015, with European financial buyers dominating the mid-market

Third party logistics giants continue to consolidate the market, with UPS acquiring US-based Coyote Logistics for a consideration of €1.6bn which follows FedEx and XPO Logistics

HEALTHCARE &

LIFE SCIENCES

Teva Pharmaceutical withdrew its $40.0bn bid to acquire Mylan and instead acquired Allergan’s generic drug business for $40.5bn, solidifying Teva’s position as the world’s top producer of generic pharmaceuticals

The global biotechnology market, which was valued at $270.5bn in 2013, is expected to reach $604.4bn by 2020, representing a CAGR of 12.3% due to increasing demand for diagnostics and therapeutics solutions

INDUSTRIALS

The composite purchasing managers' index for the Euro Zone came in at a four-month low of 53.6, weaker than an earlier estimate of 53.9, even as factories started cutting prices in an attempt to increase business

Oil and base metal commodities, such as iron ore, nickel, lead and zinc, have experienced downward pricing pressure due to decreased economic growth in China

TMT

Dell has agreed to acquire EMC, the US-based provider of information storage systems, software, networks and services, valuing the business $63.6bn

A new report by IDC forecasts IT spending by Western European utilities to reach $18.4 billion by 2019, representing a CAGR of 3.3% from 2014

6.6%(27.0%)

EUROPEAN M&A

DEAL VOLUME

ACTIVITY9

INBOUND

M&A DEAL VOLUME

TO EUROPE9

47.6% 15.9%30.2% 29.8%

0.0%

20.0% 8.1%

0.0% 50.0%33.3%

EUROPEAN

ECONOMIC

ENVIRONMENT1

GDP2 MANUFACTURING

CONFIDENCE3

CONSUMER

CONFIDENCE3 CONSUMER PRICES3

0 pts+1.9% -0.6% -0.2%

(21.1%)

Last Quarter (0.8%) (4.4%) (3.7%) (5.3%) (0.4%) 0.9% (1.8%) (2.8%)

Last Year 0.4% 1.5% 9.0% 2.1% (35.2%) 13.3% 10.5% 6.7%

Last 3 Years 34.9% 31.2% 35.9% 35.9% (37.3%) 0.9% 49.4% 51.8%

(16.1%) (9.1%)(10.5%)

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EUROPEAN ECONOMIC CLIMATE

EUROPEAN UPDATE


3

QUARTERLY REAL GDP GROWTH (% Y-O-Y FOR EU-28)1

EUROPEAN MANUFACTURING CONFIDENCE EUROPEAN CONSUMER CONFIDENCE

3 4

GDP rose by 0.4% in the Eurozone and the EU28 during the second quarter by 1.5% and 1.9%, respectively, on a Y-o-Y basis

Euro area’s monthly inflation rate was 0.1% in August 2015 – matching the low rate from April 2015

European Stability Mechanism is starting the technical preparation to sell debt next year in currencies other than the euro to testwhether there is demand for bonds in other major currencies

The euro area seasonally-adjusted unemployment rate was 11.0% in August 2015, stable compared to July 2015, and down from11.5% in August 2014. The unemployment rate in the EU28 region was 9.5% in August 2015

Business activity in the Eurozone is increasing at the fastest pace in over four years with a PMI reading of 54.3 in August 2015 upfrom a 53.9 reading in July 2015

Industrial Production in the euro area rose by 1.9% in July 2015 compared to the same month in the previous year

The retail sales index increased by 2.3% in the euro area and by 2.6 % in the EU28 in August 2015 compared with August 2014

After a continuous decrease in the euro area from December 2013 to April 2015, the long-term interest rate has increased overthe last few months and was at 1.5% in September 2015

In July 2015, compared with June 2015, seasonally adjusted production in the construction sector grew by 1.0% in the euro areaand by 0.7% in the EU28. Compared to July 2014, production in construction grew by 1.8% in the euro area and rose by 2.3% in theEU28

The Business Climate Indicator (BCI) for the euro area decreased by 0.14 points to +0.34 in September 2015. While managers'production expectations and their assessments of past production, as well as total order books brightened, export order booksremained unchanged and their assessment of current stock of finished products weighed on the outlook

The Euro Growth Indicator expects a growth rate of 0.6% in the euro area for the third quarter of 2015 and estimates a minordeceleration to 0.5% for the fourth quarter

2

Sources: Financial Times, Bloomberg, Eurostat, S&P Capital IQ1. Historic figures are for the Eurozone and forecast figures are for the European Union; 2. Change in PMI between January and February 2015 was 0; 3. Purchasing Managers’ Index – Figure above 50 indicates economic growth, and below 50 indicates decline; 4. European Commission Consumer Confidence Index Eurozone; 5. Consumer Price Index

5

40

45

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55

60

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Sep-14 Dec-14 Mar-15 Jun-15 Sep-15

PM

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Ch

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PM

I (M

-o-M

)

Change (M-o-M %) Eurozone PMI

(20%)

(15%)

(10%)

(5%)

0%

5%

10%

(40)

(30)

(20)

(10)

0

10

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Sep-11 Sep-12 Sep-13 Sep-14 Sep-15

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(2%)

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2%

4%

Q1-10 Q3-10 Q1-11 Q3-11 Q1-12 Q3-12 Q1-13 Q3-13 Q1-14 Q3-14 Q1-15 Q3-15E Q1-16E Q3-16E Q1-17E

% Y-O-Y Growth

Q2 15A Q2 16E

UK 2.4% 2.6%

Germany 1.6% 2.2%

France 1.1% 1.4%

Italy 0.6% 0.9%

Netherlands 1.8% 1.4%

Spain 3.2% 2.8%

Sweden 3.8% 2.0%

Key Countries

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EUROPEAN M&A ENVIRONMENT

EUROPEAN UPDATE


4

37% 37%

19% 17%

15%14%

12%10%

7%8%

7%8%

4% 5%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

Q2-15 Q3-15

Italy

Benelux

Spain

Scandinavia

France

DACH

UK & Eire

3

4

5

European middle market M&A activity increased by 8.0% in Q3 2015, compared to Q2 2015 with overall transaction volumes downby 3.1% Y-o-Y

TMT and Consumer continue to be the two most active sectors, accounting for approximately 30.1% and 24.5% of total dealvolume, respectively

Strategic investors continued to be active and represented 87% of the investors in Q3 2015

MARKET OBSERVATIONS

MIDDLE MARKET M&A ACTIVITY – BY SECTOR

Note: Includes closed M&A transactions of majority stakes only, where deal value was undisclosed or between €25m – €650m, within United Kingdom, Eire, France, DACH

(Germany, Austria, Switzerland), Spain, Italy, Benelux (Belgium, the Netherlands, Luxembourg) and Scandinavia (Denmark, Norway, Sweden and Finland)

BUYER SEGMENTATION Q3 20151 TRANSACTIONS BY TARGET COUNTRY2

0

300

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1,200

1,500

Q3-13 Q1-14 Q3-14 Q1-15 Q3-15

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ADG

Energy & Power

Transportation &

Logistics

Healthcare

Business Services

Consumer

TMT

Industrials

87%

13%

Strategic Financial

Q3 15 SECTOR

BREAKDOWN

100.0%Total

0.5%

2.6%

5.2%

8.7%

24.5%

12.6%

30.1%

15.8%

CHANGE OF Q3 15 OVER

Q2 15

8.0%

20.0%

47.6%

29.8%

15.9%

30.2%

6.6%

(27.0%)

8.1%

Source: S&P Capital IQ1. Strategic buyers may include portfolio companies of private equity groups; 2. By volume; 3. Benelux defined as Belgium, the Netherlands and Luxembourg; 4. Scandinavia defined as Denmark, Norway, Sweden and Finland; 5. DACH defined as Germany, Austria, Switzerland

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EUROPEAN INBOUND M&A ENVIRONMENT

EUROPEAN UPDATE


5

Source: S&P Capital IQ1. Includes closed M&A transactions of majority stakes only, where deal value was undisclosed or between €25m – €650m, within United Kingdom, Eire, France, DACH (Germany, Austria, Switzerland), Spain, Italy, Benelux (Belgium, the Netherlands, Luxembourg) and Scandinavia (Denmark, Norway, Sweden and Finland); 2. International buyer defined as from outside Europe; 3. By volume

International inbound M&A volume into Europe decreased by 18.4% Y-o-Y with 160 closed transactions

The TMT, Healthcare and ADG sectors attracted the highest relative level of international inbound M&A investment, withinternational acquirers accounting for 20%, 17% and 17% of completed transactions in the quarter, respectively

The Transportation & Logistics and Energy & Power sectors recorded the greatest Q-o-Q decreases in inbound M&A volume

North American groups accounted for 74% of transactions completed with non-European buyers, closing 119 transactions in thequarter. Asian groups, excluding China and India, were the second most active buyers, closing 15 transactions in the quarter

MARKET OBSERVATIONS

ACQUISITIONS BY NON-EUROPEAN BUYERS1,2

NON-EUROPEAN BUYERS AS A PERCENTAGE OF SECTOR DEAL VOLUME1,2,3

0

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10,000

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Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15

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International Activity by Number International Activity by Value

North America74%South America

2%

China3%

India1%

Asia (excl. China & India)11%

Africa & Middle East7%

NON-EUROPEAN BUYERS BY COUNTRY Q3 151,2

% of Total Deal Volume Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15

ADG 40% 60% 33% 73% 20% 38% 20% 17%

Business Services 16% 11% 10% 9% 14% 18% 9% 10%

Consumer 11% 5% 7% 9% 13% 9% 14% 9%

Industrials 12% 10% 12% 16% 12% 7% 13% 11%

Energy & Power 0% 31% 19% 17% 33% 12% 14% 13%

Healthcare 14% 23% 13% 22% 22% 22% 22% 17%

TMT 20% 19% 23% 23% 21% 23% 21% 20%

Transportation & Logistics 10% 20% 9% 9% 2% 13% 9% 10%

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AEROSPACE, DEFENCE & GOVERNMENT SERVICES

EUROPEAN UPDATE


6

EUROPEAN ADG EQUITY MARKETS1

UK and Eire France DACH Spain Italy Benelux Scandinavia

Price Change since last quarter (0.8%) (3.3%) 1.8% NA (0.8%) (9.1%) 0.6%

Cash on Balance Sheet (€ bn) 3.8 3.5 0.3 NA 0.5 5.2 0.1

Net Debt / LTM EBITDA Multiple 1.6x 1.8x 2.8x NA NM NM NM

LTM EBITDA Multiple 10.7x 12.3x 10.3x NA 7.1x 10.4x 14.0x

Change since last quarter 0.4x 0.4x 0.9x NA (0.8x) (3.5x) 0.5x

LTM EBITDA Margin 12.1% 11.4% 6.0% NA 10.2% 7.5% 14.9%

Consensus 2Yr Fwd Revenue Growth (p.a.) 4.9% 7.9% 6.9% NA (6.4%) 4.9% 8.2%

Sources: S&P Capital IQ, Aviation Week, AIN Online, Flightglobal, Financial Times, Company websites1. Based on HW&Co. indices including the most relevant Aerospace, Defence, & Government Services companies for each country; 2. Includes transactions with a deal value between €25m and €650m and all non disclosed value deals with target based in the UK, Eire, France, DACH (Germany, Austria, Switzerland), Spain, Italy, Benelux (Belgium, The Netherlands, Luxembourg) and Scandinavia (Denmark, Norway, Sweden and Finland)

EUROPEAN ADG MIDDLE MARKET M&A ACTIVITY

New forecasts project demand for approximately 13,000 new business jets and turboprops over 2016 to 2025, in addition to morethan 5,500 aircraft retirements

Boeing and China’s Comac have agreed to build a new 737 completions plant in China. The deal includes an order for 300 jetscovering 190 B737s and 50 widebodies for Chinese airlines and another 60 B737s for ICBC Leasing and CDB Leasing

Airbus has begun assembly of the first A350-1000’s front fuselage. Rolls-Royce delivered the first Trent-97XWB to Airbus on 24September for flight testing and Premium Aerotec is responsible for building the aft fuselage, which it started building last February

Airbus has halted talks with Bombardier over supporting the production of the Cseries, in which Airbus would have helpedBombardier complete development of the troubled program in exchange for a controlling stake

European regulators are investigating whether airlines are being forced to enter anti-competitive contracts, requestinginformation on provisions being written into service contracts

During the third quarter of 2015, Lockheed Martin agreed to acquire Sikorsky, a manufacturer of military and commercial rotary-wing aircrafts, for approximately $9.0bn; Berkshire Hathaway acquired Precision Castparts Corp., a manufacturer of complexmetal components and products for the aerospace and other industries, for $235 per share valuing PCC at approximately$37.2bn; and BBA Aviation agreed to acquire Landmark Aviation, a fixed based operator of MRO services, for c. $2.1bn

In July 2015, GKN has agreed to acquire Fokker Technologies Group, a manufacturer of aircraft components and systems, fromArle Capital Partners for c. €706m

MARKET OBSERVATIONS

M&A DEALS BY COUNTRY OF TARGET2 ACQUISITIONS BY NON-EUROPEAN BUYERS2

0

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6

8

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12

14

Q3-13 Q1-14 Q3-14 Q1-15 Q3-15

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UK & Eire Scandinavia DACH France Benelux Spain Italy

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North America Asia (excl. China & India) China

India South America Africa & Middle East

Target Country Acquirer Country Sub Sector EV (€m)

CybAero Subv ersiv e Capital Aerospace Components NA

Pyser-SGI Priv et Capital Aerospace Components NA

WTG Technologies Civ ica UK Gov ernment Serv ices NA

Aeromet International Priv et Capital Aerospace Components NA

Maydown Precision Engineering Schiv o Precision Aerospace Components NA

Atlantic Air Industries ASI Innov ation Aerospace Components NA

SELECTED MIDDLE MARKET EUROPEAN ADG M&A

PAGE |

BUSINESS SERVICES

7

EUROPEAN BUSINESS SERVICES EQUITY MARKETS1

EUROPEAN UPDATE



Price Change since last quarter (3.5%) (3.4%) (2.8%) NM (16.6%) (7.5%) 0.3%

Cash on Balance Sheet (€ bn) 3.9 4.9 3.1 0.2 0.0 1.1 NM

Net Debt / LTM EBITDA Multiple 1.4x 2.3x 1.0x 4.4x 2.4x 1.9x 2.0x

LTM EBITDA Multiple 10.5x 7.7x 8.7x NM 11.4x 11.0x 10.1x

Change since last quarter (1.0x) (0.6x) (0.8x) NM NM (2.3x) (0.6x)

LTM EBITDA Margin 10.6% 9.2% 5.2% 7.4% 7.5% 5.2% 7.5%

Consensus 2Yr Fwd Revenue Growth (p.a.) 4.7% 6.9% 3.4% 2.5% 4.7% 1.9% 6.4%


SELECTED MIDDLE MARKET EUROPEAN BUSINESS SERVICES M&A

MARKET OBSERVATIONS

Sources: S&P Capital IQ, Markit Economics1. Based on HW&Co. indices including the most relevant Business Services companies for each country; 2. Includes transactions with a deal value between €25m and €650m and all non disclosed value deals with target based in the UK, Eire, France, DACH (Germany, Austria, Switzerland), Spain, Italy, Benelux (Belgium, The Netherlands, Luxembourg) and Scandinavia (Denmark, Norway, Sweden and Finland); 3. Resignation or appointment of CEO, CFO or Chairman

EUROPEAN BUSINESS SERVICES MIDDLE MARKET M&A ACTIVITY

0

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15

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Business Services in the Euro area continues to grow with increase in output, new orders and job creation in Q3-15 according toMarkit PMI. The Markit Services Business Activity Index reached 53.6 in September, down from 54.3 in August. However, businessoptimism remains high and steep output expansion was recorded in Ireland and Spain, with an easing of growth rates in Germanyand Italy

The UK Services sector continued the current trend of growth, although at a declining rate, following consecutive months of newhighs. Business activity in September was 53.3, down from 55.6 in August, but in line with the average growth rate since thecommencement of the Business Activity survey

Business optimism for the sector remains positive. Strong hiring in services and construction subsectors suggests that companiesexpect the relative slowdown to be shortlived

Management moves3: Exova Group, Regus, Telegate, Adveo Group International, Adecco, Charles Taylor Adjusting, Q-Park, NorskTitanium and Pelican


Areas Elior Waste Management 210

TRIALCAMP Eurofins Agroscience Serv ices Testing Serv ices 184

Alcumus Holdings Inflexion Priv ate Equity Compliance Serv ices 124

Designit Wipro Product Design 85

Experian FootFall Tyco International Security Serv ices 55

PAGE |

CONSUMER

8

EUROPEAN UPDATE


EUROPEAN CONSUMER EQUITY MARKETS1


Price Change since last quarter (2.8%) (2.7%) (3.1%) 0.3% (3.6%) 2.2% 1.2%

Cash on Balance Sheet (€ bn) 23.4 38.5 26.2 5.2 5.7 NM NM


LTM EBITDA Multiple 10.2x 9.1x 8.9x 12.8x 10.2x 8.7x 10.7x

Change since last quarter (0.8x) 1.1x (0.1x) 0.4x 0.1x 0.1x (0.2x)



M&A DEALS BY COUNTRY OF TARGET2

EUROPEAN CONSUMER MIDDLE MARKET M&A ACTIVITY

ACQUISITIONS BY NON-EUROPEAN BUYERS2

MARKET OBSERVATIONS

SELECTED MIDDLE MARKET EUROPEAN CONSUMER M&A DEALS

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150

200

250

300

350

Q3-13 Q1-14 Q3-14 Q1-15 Q3-15

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25

30

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The Euro Area’s Consumer Price Index decreased from 118.65 in Q2 2015 to 118.17 in Q3 2015, and the Euro Area inflation ratedecreased to -0.1% in Sep 2015, driven by falling fuel prices and only modest increases in selected retail prices

In the UK, retail sales volumes for September 2015 increased by 1.9% compared with August 2015 and increased by 6.5% comparedwith September 2014

SABMiller has agreed to sell itself to Anheuser-Busch Inbev for £68bn ($117bn). If completed, the deal will be one of the top fivelargest mergers in corporate history, and the combined company will brew a third of the world’s beer

Autobahn Tank & Rast Holding, an operator of petrol stations, restaurants, hotels, and espresso bars along German autobahns, wasacquired by Allianz Capital Partners for €3.9bn

Paddy Power has agreed to acquire Betfair, a UK-based online provider of sports betting and casino games, for £2.3bn

Pearson sold its 50% stake in The Economist to existing shareholders for £469m in cash and Exor, an Italian investment company,increased its stake from 4.7% to 43.4% for £287m to become the single largest shareholder in the Economist Group

Management moves3: ASOS, Britvic, Carlsberg, Diageo, Halfords Group, Louis Dreyfus, Mitchells & Butlers, Sanoma, Sky Deutschland,TUI, UBM, X5 Retail Group

Sources: S&P Capital IQ, European Commission, Reuters, Company press releases1. Based on HW&Co. indices including the most relevant Consumer companies for each country; 2. Includes transactions with a deal value between €25m and €650m and all non disclosed value deals with target based in the UK, Eire, France, DACH (Germany, Austria, Switzerland), Spain, Italy, Benelux (Belgium, The Netherlands, Luxembourg) and Scandinavia (Denmark, Norway, Sweden and Finland); 3. Resignation or appointment of CEO or CFO for companies with market capitalisation over €10bn


Aga Rangemaster Group Middleby Corp Household Appliances 203

Valeo Foods Group CapVest Associates Packaged Foods 177

Jogchem's Theaters Vue Entertainment Mov ies and Entertainment 86

Fox International Group Mayfair Equity Partners Leisure Products 68

Seabrook Crisps Lloyds Dev elopment Capital Packaged Foods 50

Cote Restaurants BC Partners Restaurants NA

Freejump System Elige Capital Leisure Products NA

PAGE |

ENERGY & POWER

EUROPEAN UPDATE


9


EUROPEAN ENERGY & POWER MIDDLE MARKET M&A ACTIVITY


EUROPEAN ENERGY & POWER EQUITY MARKETS1


Price Change since last quarter (24.2%) (17.2%) (6.8%) (7.0%) (0.3%) (9.8%) (17.0%)

Cash on Balance Sheet (€ bn) 44.8 41.6 11.0 9.6 20.0 27.9 14.8



Change since last quarter 1.5x 0.8x 0.3x 0.3x (0.0x) (0.9x) (0.8x)


Consensus 2Yr Fwd Revenue Growth (p.a.) (3.3%) 1.1% 2.3% 4.9% (0.1%) (7.6%) (4.6%)

In Q3 2015, the European oil & gas and energy M&A market was primarily driven by platform and add-on acquisitions of Nordicprivate equity firms. Among others, Energy Ventures acquired a group of companies to form WellConnection Group, the Norway-based inspection, maintenance, repair services provider and LDC acquired Mini-Cam, the UK-based manufacturer of pipelineinspection systems

Global Oilfield Services (OFS) is expected to face a 36% decline in expenditure in 2015 as the low oil price forces several industryparticipants to cut costs. Throughout the years 2015-2019, the market is forecasted to grow at a CAGR of 7%

According to a recent analyst report, oil could plunge as low as $20 a barrel amid a glut of production around the world. Oilprices have dropped by 50% over the last 12 months as the market adjusts to a global surplus and an economic slowdown inChina

Management moves4: comScore, Fortum, Bergen Group, Gulfsands Petroleum, IGas Energy, Electromagnetic Geoservices,Norwegian Energy Company, SSE, Siem Offshore, Centrica, Red Eléctrica, Jersey Oil and Gas, Energiedienst Holding, TGS Nopec,Akastor, Ensco, Velocys, Asia Resources Minerals

1. Based on HW&Co. indices including the most relevant Energy & Power companies for each country 2. Includes transactionswith a deal value between €25m and €800m (excl. Redhall) and all non disclosed value deals with target based in the UK, Eire,France, DACH (Germany, Austria, Switzerland), Spain, Italy, Benelux (Belgium, The Netherlands, Luxembourg) and Scandinavia(Denmark, Norway, Sweden and Finland); 3. Includes acquisitions of majority stakes only 4. Resignation or appointment of CEO orCFO

MARKET OBSERVATIONS

SELECTED MIDDLE MARKET EUROPEAN ENERGY & POWER M&A3

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Esv agt 3i & AMP Capital Inv estors Offshore Security Serv ices 550

Kosan Crisplant Al Ayuni Group Gasfield Equipment 67

WellConnection Group Energy Ventures Oilfield Serv ices NA

Nautronix Group Proserv Group Offshore Equipment NA

Oceaneering Int. (Machining/Cutting Business) IKM Testing Oilfield Serv ices NA

Imtech Industry International & Ventilex Techim Oilfield Serv ices NA

Mini-Cam LDC Oilfield Equipment NA

Yggdrasil Roxar Software Solutions/Emerson Oilfield Software NA

PAGE | 10

EUROPEAN UPDATE


EUROPEAN HEALTHCARE & LIFE SCIENCES EQUITY MARKETS1

HEALTHCARE & LIFE SCIENCES


Price Change since last quarter 0.2% 1.6% (0.8%) (5.3%) (3.8%) 4.3% 3.2%




Change since last quarter (0.1x) (0.6x) (0.6x) 0.3x (1.1x) (1.4x) 0.0x



Sources: S&P Capital IQ,,European Commission, Financial Times, International Business Times, Reuters1. Based on HW&Co. indices including the most relevant Healthcare & Life Sciences companies for each country; 2. Includes transactions with a deal value between €25m and €650m and all non disclosed value deals with target based in the UK, Eire, France, DACH (Germany, Austria, Switzerland), Spain, Italy, Benelux (Belgium, The Netherlands, Luxembourg) and Scandinavia (Denmark, Norway, Sweden and Finland); 3. Resignation or appointment of CEO, CFO or Chairman

EUROPEAN HEALTHCARE & LIFE SCIENCES MIDDLE MARKET M&A ACTIVITY

Teva Pharmaceutical withdrew its $40.0bn bid to acquire Mylan, a producer of over-the-counter pharmaceuticals, and insteadacquired Allergan’s generic drug business for $40.5bn. The acquisition solidifies Teva’s position as the world’s top producer of genericpharmaceuticals

The global biotechnology market, which was valued at $270.5bn in 2013, is expected to reach $604.4bn by 2020, representing aCAGR of 12.3% due to increasing demand for diagnostics and therapeutics solutions

Investors have become increasingly sceptical of high premiums being paid for large healthcare M&A transactions, as more than halfof deals greater than $1.0bn proposed since the end of June have prompted a drop in the share price of the acquiring company inthe next day’s trading

The UK’s NHS overspent by £930m in the first three months of this fiscal year and is on course achieve an annual deficit of at least£2.0bn, putting pressure on the service to make significant financial reforms

Shire, a global provider of specialty biopharmaceuticals, has announced plans to acquire Baxalta, a U.S.-based biotechnology firm,for $30.9bn

Management moves3: Merck, Nuffield Health, UDG Healthcare

SELECTED MIDDLE MARKET EUROPEAN HEALTHCARE & LIFE SCIENCES M&A


MARKET OBSERVATIONS

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Target Country Acquirer Country CountrySub Sector EV (€m)

Haptares Therapeutics AstraZeneca Pharmaceuticals 467

UDG Pharmaceuticals Distribution Celesio (McKesson) Healthcare Serv ices 408

Caprelsa (AstraZeneca) Genzyme Corporation Pharmaceuticals 270

Coretherapix TiGenix Pharmaceuticals 267

Oxitec Intrexon Corporation Biotechnology 165

Orliman Magnum Capital Industrial Partners Healthcare Equipment 80

Balda Paragon Partners Healthcare Equipment 63

BioNov ion Aduro Biotech Pharmaceuticals 54

PAGE |

INDUSTRIALS

11

EUROPEAN UPDATE


EUROPEAN INDUSTRIALS EQUITY MARKETS1


Price Change since last quarter (6.8%) (4.3%) (5.5%) (14.2%) (4.4%) (11.0%) (2.3%)




Change since last quarter (0.1x) 0.2x (0.7x) (0.8x) 0.5x (1.8x) (1.3x)



Sources: S&P Capital IQ, European Commission, Reuters, Markit Economics, Financial Times 1. Based on HW&Co. indices including the most relevant Industrials companies for each country; 2. Includes transactions with a deal value between €25m and €650m and all non disclosed value deals with target based in the UK, Eire, France, DACH (Germany, Austria, Switzerland), Spain, Italy, Benelux (Belgium, The Netherlands, Luxembourg) and Scandinavia (Denmark, Norway, Sweden and Finland); 3. Resignation or appointment of CEO, CFO or Chairman

EUROPEAN INDUSTRIALS MIDDLE MARKET M&A ACTIVITY

The composite purchasing managers' index for the euro zone was at a four-month low of 53.6 in September, weaker than an earlierestimate of 53.9 even as factories started cutting prices in an attempt to increase volume

The trend of industrial spin-offs continued in Q3 2015 as Phillips announced plans to spinoff its lighting division, GE continued to spinoffits lending business units, Dow Chemical completed its spinoff of its chlor-alkali and downstream derivatives businesses, Ashland splitValvoline into a separate company, and CSW Industrials split from its parent, Capital Southwest Corporation

Oil and base metal commodities, such as iron ore, nickel, lead and zinc, have experienced downward pricing pressure as demandfrom China decreases as the country reported less than 7.0% GDP growth in Q3 2015 for the first time since 2009

3M acquired Capital Safety Group, a manufacturer of safety equipment solutions, including harnesses, lanyards, and engineeredsystems, for $2.5 billion

Honeywell announced plans to acquire Elster Group, a manufacturer of integrated metering and utilisation solutions, for $6.5 billion

Management moves3: Bühler, Centrica, Essentra, Hempel, Kendrion, LafargeHolcim, Sandvik, Smiths Group, Smurfit Kappa, Sulzer,Symrise, Volex, Yara International

MARKET OBSERVATIONS

SELECTED MIDDLE MARKET EUROPEAN INDUSTRIALS M&A


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Tractel Cinv en Industrial Machinery 294

Sematic Wittur Holding Industrial Machinery 255

SimonsVoss Allegion Electrical Equipment 210

Nuaire Polypipe Group Building Products 208

Axa Stenman Allegion Building Products 185

Bifold Group Rotork Industrial Machinery 171

Aqualisa Products Lloyds Dev elopment Capital Building Products 84

AR Metalizing Nissha Printing Packaging Confidential

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TECHNOLOGY, MEDIA & TELECOM

EUROPEAN UPDATE


12

EUROPEAN TECHNOLOGY, MEDIA & TELECOM EQUITY MARKETS1


Price Change since last quarter 0.5% -% 0.4% (16.0%) (3.2%) (9.6%) (2.8%)




Change since last quarter (0.4x) (0.4x) (0.2x) (1.5x) 0.5x (0.7x) (0.0x)



TeleCable de Asturias Zegona Communications Cable and Satellite 640

Kelway CDW Corporation IT Serv ices and Solutions 450

T-Online and Interactiv e Media Ströer Internet Software and Serv ices 300

The Mill Technicolor VFX Serv ices 259

runtastic Adidas Application Software 220

Fundamenture Valid Soluciones Tecnologicas Smart Card Technologies 123

Zinc Ahead Veev a Systems Marketing Compliance Solutions 114

Turtle Entertainment Modern Times Group Internet Software and Serv ices 105

Sources: S&P Capital IQ, Company Press Releases, Merger Market, Gartner, eMarketer1. Based on HW&Co. indices including the most relevant Technology, Media & Telecom companies for each country; 2. Includes transactions with a deal value between €25m and €650m and all non disclosed value deals with target based in the UK, Eire, France, DACH (Germany, Austria, Switzerland), Spain, Italy, Benelux (Belgium, The Netherlands, Luxembourg) and Scandinavia (Denmark, Norway, Sweden and Finland); 3. Resignation or appointment of CEO, CFO or Chairman


EUROPEAN TECHNOLOGY, MEDIA & TELECOM MIDDLE MARKET M&A ACTIVITY


SELECTED MIDDLE MARKET EUROPEAN TECHNOLOGY, MEDIA & TELECOM M&A

MARKET OBSERVATIONS

Dell has agreed to acquire all outstanding share capital of EMC, the US-based provider of information storage systems, software,networks and services, valuing the business $63.6bn

Vista Equity Partners has agreed to acquire Solera, the US-based provider of risk and asset management software and services to insurers and OEMs, valuing the business at c.$6.5bn

Dialog Semiconductor has agreed to acquire Atmel, the US-based company engaged in the design and manufacture of microcontrollers, capacitive touch solutions and radio frequency components, valuing the business at $4.2bn

According to Gartner’s latest research, mobile phone sales to end users will increase by 3.3% in 2015 to 1.9bn units and will reach 2.1bn units by 2019, representing a CAGR of 2.5%

According to Juniper Research, retailers will spend $2.5bn a year on Bluetooth beacons, RFID tags and other technology associated with the 'internet of things' by 2020, up from €670m in 2015, representing a CAGR of 30.1%

According to a new report published by IDC, IT spending by Western European utilities is expected to reach $18.4 billion by 2019, representing a CAGR of 3.3% from 2014

Management moves3: Altice, Aveva, Teradata and Xchanging

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Target Country Acquirer Country CountrySub Sector EV (€m)

*

* Including c.€40m earn out

PAGE |

TRANSPORTATION & LOGISTICS

13


EUROPEAN TRANSPORTATION & LOGISTICS EQUITY MARKETS1

EUROPEAN TRANSPORTATION & LOGISTICS MIDDLE MARKET M&A ACTIVITY


EUROPEAN UPDATE



Price Change since last quarter (7.4%) (1.1%) (5.9%) (3.9%) 0.1% (9.0%) -%

Cash on Balance Sheet (€ bn) 7.7 29.8 46.5 11.0 3.9 1.1 3.8



Change since last quarter (0.7x) 0.6x 0.0x 3.9x 0.0x (1.1x) 0.1x



1. Based on HW&Co. indices including the most relevant Transport & Logistics companies for each country2. Includes transactions with a deal value between €25m and €650m and all non disclosed value deals with targetbased in the UK, Eire, France, DACH (Germany, Austria, Switzerland), Spain, Italy, Benelux (Belgium, The Netherlands,Luxembourg) and Scandinavia (Denmark, Norway, Sweden and Finland); 3. Includes acquisitions of majority stakes only

SELECTED MIDDLE MARKET EUROPEAN TRANSPORT & LOGISTICS M&A3

The European T&L M&A market showed increased transaction activity for the second consecutive quarter with a two-year high inQ3 2015. The majority of mid-market transactions were conducted by European financial buyers, who primarily showed appetitefor investments in Northern Europe

Besides a strong acquisition appetite among mid-market companies, global third party (“3PL”) logistics giants continue toconsolidate the market. UPS acquired US-based Coyote Logistics in July this year for a consideration of €1.6bn which follows FedExand XPO Logistics transaction earlier this year. At the beginning of October, the Danish 3PL provider DSV announced to acquireUS-listed integrated logistics provider UTi Worldwide for €1.2bn

The International Air Cargo Association claims that the European immigration crisis will have significant negative financial impacton European air cargo services as increased wait times at border crossings cause empty positioning and reduced volumes fortrucks. The crisis might have ramifications on global air cargo as c. 30% of all air cargo comes from or goes to Europe

MARKET OBSERVATIONS

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Mols-Linien Polaris Management Maritime Logistics 158

Palletforce EmergeVest Distribution Network 39

Kier FPS (Fleet & Passenger Serv ices) Endless Fleet Serv ices 25

GSF Car Parts The Parts Alliance / HgCapital Car Parts Distributor NA

Sawyers Transport AGRO Merchants Group / Oaktree Capital Haulage Serv ices NA

Metalcaucho Abac Capital Car Parts Distributor NA

Vortex Initiativ e & Finance Transportation Serv ices NA

Westan Logistik Reaxcer Haulage Serv ices NA

NS Spooraansluitingen Strukton Rail Rail Logistics NA

PAGE |

FEATURED THEME

14

EUROPEAN UPDATE


Sources: S&P Capital IQ, European Commission, MergerMarket,OECD1. Includes closed M&A transactions of majority stakes only, where deal value was undisclosed or between €25m –€650m, within the United Kingdom, Eire, France, DACH (Germany, Austria, Switzerland), Spain, Italy, Benelux (Belgium, the Netherlands, Luxembourg) and Scandinavia (Denmark, Norway, Sweden and Finland); 2. Cash balances of selected listed companies in the Benelux as defined above, with a market cap greater than €50m

THE BENELUX M&A MARKET

Deal volume in the Benelux region reached 100 transactions in Q3-15, of which 87% involved strategic buyers, growing 38.9%relative to the previous quarter, and representing the highest percentage of total activity since Q3-14

Transaction activity in the Benelux region comprised 8.5% of total activity in Europe, up from 6.6% the previous quarter

Benelux-based corporates cash balances steadily raised, reaching €73.3bn in Q3-15

Consumer confidence in the Netherlands improved during the quarter, rising 1.3 points to 106.1, while confidence in Belgiumdeclined from 103.2 to 98.9

Private equity buyout activity in the Benelux in Q3-15 was the highest since Q2-07, with a total deal value of €5.4bn, an increase of228.6% relative to Q3-14

– Private equity buyout activity in the Benelux was lead by LP Group’s €3.7bn acquisition of Leaseplan, a leading provider ofvehicle leasing and fleet management services, and JAC Capital Management’s acquisition of NXP Semiconductors, asemiconductor and supplying company, for €1.6bn

– Pending deals in the Benelux include Group of Butchers, Oressa, Salad Signature, and TomTom

HW&Co. has experienced strong momentum in the Benelux region, closing multiple transactions in 2015

– Our momentum continues with active engagements in the Benelux region

DEAL ACTIVITY IN THE BENELUX1 CORPORATE CASH BALANCES IN THE BENELUX2

SELECT HW&CO. 2015 DEALS IN THE BENELUX

has been acquired by

a portfolio company of

has been acquired by

Based in the Netherlands, IS Group provides premium Managed Cloud, Hosting, Desktop-as-a-Service and Connectivity solutions

HW&Co. utilised a two-phase marketing approach to preserve flexibility and garner valuable feedback early

– Held “Early Look” meetings to educate and inform relevant strategic parties, followed by broader process to drive competitive tension

Achieved strong double digit multiple with strategic premium

AR Metallizing based in Belgium, is the leading global provider of specialty coatings for metallized applications including labels, flexible packaging and other substrates

HW&Co. assisted HIG and Management with strategic preparation for a sale process, including developing a business plan that clearly emphasised the Company’s key growth drivers

– Leveraged the international HW&Co. network to reach out to a global buyer universe across three continents – Europe, North America and Asia

Premium valuation achieved with significant synergies

Sold to Nissha Printing, a listed Japanese strategic buyer

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Energy, Power & Infrastructure

IndustrialsHealthcare & Life Sciences

Transportation & Logistics

Aerospace, Defense & Government

Services

Business Services

Building Products & Materials

Technology, Media & Telecom

Specialty Distribution

Consumer

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Harris Williams & Co. has a broad range of industry expertise, which creates powerful opportunities.Our clients benefit from our deep-sector experience, integrated industry intelligence andcollaboration across the firm, and our commitment to learning what makes them unique. For moreinformation, visit our website.

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OUR FIRM

EUROPEAN UPDATE


PAGE |

HARRIS WILLIAMS & CO.

SOURCES

DISCLOSURES

16

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