Introduction to NOAH Advisors Advisor to Toprural and its Shareholders Overview of the NOAH...
Transcript of Introduction to NOAH Advisors Advisor to Toprural and its Shareholders Overview of the NOAH...
February 2013
Strictly Private and Confidential
Introduction to NOAH Advisors
Unique Industry Know-How Core Investment Banking Competence
Unmatched Network and Relationships Full Commitment - We Are Entrepreneurs!
100% focused on Internet companies, covering over 25 sub-verticals in this highly complex industry - 20+ years active coverage of leading European
Internet companies and investors Deep understanding of industry dynamics and
thinking of industry leaders Ability to add value beyond banking advice
- Facilitates overall process and minimizes management distraction
The NOAH team has 25+ years of media investment banking experience - Routine execution of M&A and financing
transactions with sizes of several billion euros The team has been working together closely for 9
years (including 6 years at Lehman Brothers) 8 successfully completed NOAH Advisors
transactions underline successful transfer of competencies to the Internet sector
NOAH Advisors is globally very well connected and has direct access to virtually all key players in the industry - Knowledge of and strong relationships with
potential buyers’ key decision makers - Coverage of over 600 companies and 4,000
individuals - Proactively finds and unlocks attractive
investment opportunities for leading investors (e.g. Bigpoint)
Annual NOAH Conference
The NOAH team are entrepreneurs and focused on growing the business and establishing a reputation for excellence
Full commitment to deliver top quality results in short time frames
Highly success-based compensation structures align interests of clients and NOAH Advisors, and demonstrate conviction to deliver top results
NOAH Advisors - Europe’s Leading Internet Corporate Finance Boutique
Marco Rodzynek
Managing Director and Founder
Yoram Wijngaarde
Director
Jan Brandes
Director
Contact Details [email protected] UK Mobile: +44 77 85 330 330 Swiss Mobile: + 41 79958 1512
Contact Details [email protected] UK Mobile: +44 79 17 084 784
Contact Details [email protected] German Mobile: +49 174 2010 984
The NOAH Advisors Core Team
Selected Completed NOAH Transactions
2
April 2011 April 2011
have acquired a majority stake in
for $350m from
Exclusive Advisor to Summit Partners and TA Associates
Advisor to Yatego
Sale of a majority stake in
to
December 2009 April 2009
Advisor to Softonic
Partial sale of
to
Valuing Softonic at €175m
Advisor to Fotolia
$80m partial sale of
to
July 2011
Advisor to EnGrande
Sale of a majority stake in
to
November 2011
Sale of a majority stake in
to Quants Financial Services AG
Exclusive Financial Advisor to grupfoni and its Shareholders
May 2012
150 million growth equity investment from
for a 50% stake alongside Fotolia’s Founders and
Additional $150 million senior debt financing Total $300 million investment
Financial Advisor to Fotolia and its Shareholders
April 2012
Sale of a 100%-stake in
to
Financial Advisor to Toprural and its Shareholders
Attendance Development 2009 - 2012 Overview of the NOAH Conference 2012
Country Split (Top 10)
Attendees by Type
3
600 650
1,142
1,354
2009 2010 2011 2012
34%
31%
4%
4%
3%
3%
3%
3%
2%
2%
12%
Germany
UK
Netherlands
US
Israel
Switzerland
France
Spain
Russia
Sweden
Other
30%
17%
16%
12%
11%
4%
4%
4%
1%
1%
0%
Internet company
Investment fund
Start-up
Other
Media company
Consultancy firm
Angel investor
Investment bank
Law firm
Press
Traditional retailer
44 countries in total
1,350 High-Level Attendees Great Program & Speakers
Interesting Satellite Events Seven Ventures Pitch Day
Fantastic Networking NOAH Party
107 speakers from 15 countries 45 CEO company presentations 7 interviews 10 keynotes 8 panels 5 “How to…” discussions
1,354 attendees from 44 countries Over 300 CEOs All major financial investors
represented
7 startups pitch for €7m in TV ad media
Online live stream
Over 900 guests at the iconic Battersea Power Station
Music, dancing, drinking, networking, …
Large buzzing networking areas / speakers lounge
Launch of NOAH Insider - 1,300+ registrations - 600+ meetings - 4,500+ messages sent
Event Sponsors
1 2 3
€ 4m € 2m € 1m
Impressions from NOAH’12 NOAH’13
Date: 13-14 November 2013
Location: Old Billingsgate, London
Registration opens early 2013
Resources - www.noah-conference.com
- twitter.com/noahconference
- www.facebook.com/NOAHConference
The first NOAH San Francisco Conference took place on 25-26 June 2012 at the Four Seasons Hotel 55 CEOs presented their leading European Internet companies
Attendance by over 500 high-calibre guests
- Mix of senior executives from US Internet and media companies and corporates and leading Internet finance companies
NOAH San Francisco Conference 2012 Impressions NOAH San Francisco‘12 on 25-26 June
To enable European Internet companies to establish or improve relationships with their US counterparts, media executives and investors
To provide US attendees with an opportunity to meet the leaders of European Internet in one place
To facilitate mutual learning in presentation sessions about the European and US Internet market
Presenting European Companies Ideas Behind NOAH San Francisco
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NOAH Insider Impressions NOAH Insider Overview
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Investors Companies
People Events NOAH Insider is a social networking platform that allows:
- Companies to find investors
- Investors to find relevant opportunities
- Event participants and organisers to facilitate networking
In October 2012, NOAH Insider was launched with the imminent goal to facilitate networking at the NOAH conference
NOAH Insider was heavily used during the NOAH Conference:
- 1,300 users
- 500+ meetings organized
- 5,000+ messages sent
- 12 “Satellite Events” oversubscribed in one day
- 14,000 visits
- 135,000 page views
Public launch in late November 2012
- Launch partners: Summit Partners, Index Ventures, TechCity Investment Organisation, Holtzbrinck Ventures, Lakestar, Oleg Tscheltzoff, Oskar Hartmann, Vitaly Rubstein, Felix Haas, and Joakim Jardenberg
NOAH Insider in the press:
- TechCrunch
- The Next Web
The NOAH Advisors Team
An entrepreneurial team of highly experienced professionals focused on Internet corporate finance advisory
Marco Rodzynek Managing Director and Founder (April 2009)
[email protected] UK Mobile: +44 77 85 330 330 Swiss Mobile: + 41 79958 1512
Yoram Wijngaarde Director With NOAH Advisors since Nov-09
[email protected] UK Mobile: +44 79 17 084 784
Jan Brandes Director With NOAH Advisors since Aug-10
[email protected] German Mobile: +49 174 2010 984
Previous Experience • Lehman Brothers, 1998 - April 2009 (acquired by
Nomura end 2008) - Head of Internet, Media Investment Banking
• 40+ completed M&A deals ($95bn+), including :
Previous Experience • Lehman Brothers, 2004 – November 2009 (Nomura
from end 2008) - Media/TMT Investment Banking
• 15+ completed M&A deals, including:
Previous Experience • Lehman Brothers, 2005 – May 2010 (Nomura from
end 2008) - Media/TMT Investment Banking
• 15+ completed M&A deals, including :
6
Nikhil Parmar Analyst With NOAH Advisors since Jul-12
Marina Khrolovich Assistant With NOAH Advisors since Jan-12
Marco Bombach Graphic Designer With NOAH Advisors since Jun-10
Previous Experience • Manager in International Business Department of
SOE "Belaeronavigation" (Civil Aviation Industry) • Specialist degree, Economics and Industrial
Management, Belarusian State University of Informatics and Radioelectronics
Previous Experience • Digital content creation, creative concept
development, covering the full audio-visual production chain, content distribution and optimization for all media channels
• 14+ years in the new media industry • 10+ years audio-visual production
Previous Experience • BSc in Economics and MSc in Economics (with
specialisation in Finance) from the London School of Economics
NOAH Advisors Milestones
A short but highly successful track record establishing NOAH Advisors as a brand in European Internet
2009 2010 / 2011 2011 / 2012
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Unique Access to a Wide Range of Internet Investors
Internet Large Cap
Private Equity
Angels / Family Offices
Maryland Klaus Hommels
Armira
Traditional TMT & Retail
Hedge Funds VC and Growth Funds
Long lasting relationships with strategic and financial investors
Coverage of over 10,000 industry leaders: 600 target companies and 300 investors
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Unparalleled Financial Investor Presence at NOAH‘12
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The Universe of Financial European Internet Investors
Note: Number of previous European Internet deals: 1 - many, 2 - a few, 3 - new to the segment.
Equity Investment Size
Control Investments Only
Sweet Spot
Venture Capital Growth Funds Buyout Funds
NOAH Advisors maintains close contact with key investors in all major categories
10
Internet is a Complex Parallel Economy
Note: Values estimated by NOAH Advisors.
300 European public/private Internet companies valued at about €100 billion, of which over 150 worth over €100m
E-Commerce 173 Advanced
123 TV, Allopneus, art.com, Artnet, Artprice, ASOS, Black Circles.com, Bodaclick, Brack, Brandalley, Brille 24, CDiscount.com,
CentralPoint.nl, ComputerUniverse.net, Cool Blue, CTS Eventim AG, Cyberport, Deal United, Delticom, Digitec, ditech.at,
eBuyer, Elbee, e-shop.gr, Euronics, Glasses Direct, Glassesusa, Hawesko, HepsiBurada.com, Hofmann, Hut Group, iBOOD,
Justeat, KupiVIP, Laithwaites, LDLC, Leguide.com, M and M, MediaShopping.it, microspot.ch, Mind Factory AG,
MisterGoodDeal.com, Mydeco, mylemon.at, MyTheresa, Notebook.de, Notebooksbilliger.de, NRHolding, Ocado, Ofertix,
Offerum, paydro, PCP.ch, Pearl.de, Photoways, Pixmania, Privalia, Rue du Commerce, Seatwave, See Tickets International,
Showroomprive, Smart & Co, Spreadshirt, Steg Computer, Studio Moderna, Teknosa, Tgo.it, The eTailers, Tipp24,
TPOInformatica.com, Vente Privee, Viagogo, Wiggle, Wikimart, Wonderbox, Worldstores, Worldticketshop, Yatego, Yoox,
YouBuy.it, Zalando, Zooplus
15.7
Online Classified 12 AdvancedAuto.ru, Autotrack, autovit.ro, bakeca.it, car.gr, Casa.it, Easyroommate, Experteer, Funda, Idealista, Immobiliare.it, Jaap.nl,
Jobs.ch, Kariyer.net, meinestadt.de, milanuncios.com, Moto.it, quoka.de, Qype, ria.ua, Rightmove, Sahibinden, Schibsted,
Scout24, standvirtual.com, Stepstone, totaljobs, Trader Media Group, Yakaz, Zoopla
9.3
Online Travel 58 Mature
Availpro, BCD Holdings, bravofly, Cheapflights, easy voyage, eDomizil, eLeisure, Expotel, Fastbooking, Holidaycheck,
Hoseasons, Hostelbookers, HRS, i:FAO, INTER CHALET, Interhome, Low Cost Travel Group, OctopusTravel.com, odigeo, Pierre &
Vacances, Rumbo, Seat24, Skyscanner, spareroom.co.uk, TheTrainline.com, Travel Republic, TravelHorizon, Trivago,
VoyagePrive, Webres
8.0
Portals/Diversified 10 Mature Begreat, Interia, Onet, Rambler, RosBusinessConsulting, Seznam, Softonic, Unister, United Internet, Yandex 6.3
Lead Generation 6 AdvancedBabylon, Check24, Companeo, Conduit, Confused.com, Courtier Meilleurtaux.com, Educaedu, Emagister, Interhyp,
Moneyexpert, Moneysupermarket, MutuiOnline SpA, PagesJaunes, Perform Group, SEAT, Skyscanner, Trovit, Truvo, Twenga5.5
Betting 2 Advanced Betfair, Bwin 5.0
Online Gaming 6 Early1C Company, Alaplaya, Ankama, Astrum, Bigpoint, CCP hf, Crytek, eRepublik, Game Insight, GameDuell, Gameforge, Gamigo,
Innogames, Jagex, King.com, MindCandy/Moshi, Miniclip, Playagames, Spil Games, Travian Games4.6
Info Services 2 Advanced Acturis, Boursorama, Bureau van Dijk, Call Credit, dunnhumby, Hometrack, Juris, Mendeley, Netvibes, vlex, Zylab 3.0
Online Advertising 23 AdvancedAdconion, Adscale, Aedgency, Afilo, Antevenio, Astramedia, Criteo, Cube Group / Netsales, eCircle, Hi Media, lbi international,
Maxymiser, Metrixlab, Mythings, Netaffiliation, Sponsorpay, TradeDoubler, Zanox2.9
Anti-Virus 2 Early AVAST, AVG, Avira, eset, Kaspersky, Panda Security, Sophos 2.7
Online Payment 2 Advanced Adyen, ChronoPay, Clear2Pay, icepay, Moneybookers, ogone, Rentabili Web, Retail Decisions, Wire Card 2.2
Financial Services 5 Early eToro, IG Group, Oanda, Saxo Bank, Wonga, Zulutrade 2.2
Marketplace 6 EarlyBullionVault, Fotolia, Justgiving, Lieferheld, Livebooking Network, Restopolitan.com, Teleroute, Timocom, Tradingpartners,
TRANS European, Transporeon, Wtransnet1.7
Social Networks 1 Early Badoo, Nasza Klasa, Stardoll, StudiVZ, Sulake, Viadeo, vkontakte.ru, WAYN, Xing 1.7
E-commerce Infrastructure 3 Arsys, Bertelsman Services Group, D+S, docdata, Euroweb, Hermes, Kiala, YCD Multimedia 1.6
Paid Services/Content 3 Advanced Be2, ElitePartner, NTR Global, Parship, Spinvox, TeamViewer, Template Monster, United Maps, Wix 1.5
Content 3 Advanced Beaufort Media, Best Of Media, CCM Benchmark, Glam, Populis, VRWAY 1.3
SaaS 5 Advanced ePages Software, Huddle, IBX Group, Neteven, Rate Tiger, SOHO OS, Tagman, Veeam 1.0
Mobile Internet 1 Early 24-7 Entertainment, Acotel, Netsize, Vitaminic, Zed 0.5
Online Music <1 Early Simfy.de, Soundcloud, Spotify 0.4
Apps 1 Early Ebuddy, Nimbuzz, OVH SAS, Waze 0.3
Online Market Research 1 Advanced Metrixlab 0.2
Selected Leading European Companies Consolidation PlaySegment
Est. Aggregate
Value (€bn)
Market Size
(€bn) Maturity
11
Selected European Internet Companies with Estimated Valuation of €200m+
Europe’s Largest Internet Companies
A significant number of companies valued above €200 million
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Selected Investor References
Name Background and Deal Experience Name Background and Deal Experience Dom Vidal (Partner Index Ventures)
Index Ventures is one of Europe’s leading Internet VC group Joined Yahoo! from Kelkoo, when Yahoo! acquired the company
in March 2004 CEO of Yahoo! Europe from 2004 to 2007 Deals: Kelkoo, Adconion, Be2, Criteo
Martin Weber (Holtzbrinck Ventures, Managing Partner)
More than 14 years of experience in the private equity industry
Has invested in more than 80 companies, built several category leading businesses in consumer internet
Deals: Brands4Friends, Parship, Experteer, GameDuell, My-Hammer, Adscale, Zalando
Harry Nelis (Partner Accel Partners)
Accel is a leading globally active VC Before joining Accel, was at Perry Capital, a $10bn hedge fund Spent a decade in Silicon Valley and was founder of E-motion Deals: Gameforge, Check24, Kayak, Netvibes, Onforce, Double
Fusion, Spreadshirt
Greg Lockwood (Partner Piton Capital)
Involved in early stage internet investing as a partner with UBS Capital and as an angel investor since 1996
Recently founded Piton Capital to invest in marketplace Sunrise, Betfair (and former Chairman of betfair)
Klaus Hommels (Klaus Hommels Capital)
Klaus is Europe's most successful and respected angel investor Joined AOL in 1995 Deals: AOL, Freenet, Skype, King.com, Stardoll, XING, Spotify,
Nicolas Massard (Principal, Abry Partners)
Principle at leading U.S. growth capital fund, joined in 2010 Joined Spectrum in January 2002 from Continuum Group, a
London-based communications venture capital firm Deals: Demand Media, Riskmetrics, Eutelsat, Classic Media,
etc.
Jonathan Meeks (Partner TA Associates)
TA Associates is a leading European growth capital investor Deals: M&M, eCircle, Micromax, AVG, Fotolia, eDreams,
GlobeOp, OpenLink, Radialpoint, Datek Online Holdings, Idea Cellular and The Island EC
Tomas Diago (Founder/CEO Softonic)
Founder of Softonic.com, one of the most visited sites in Spain with 70m monthly unique visitors
European leader in software downloading Second client of NOAH Advisors Sold a <15% stake to U.S. listed Digital River in Dec 2009
Patrick Healy (Partner Hellman & Friedman)
HF is the globally leading private equity investor in the Internet sector
Deals: Doubleclick, Getty Images, Web Reservations, IRIS, SSP
Jörg Mohaupt (Head of TMT, Access Industries)
Formerly with Providence Equity Partners, Morgan Stanley and Lehman Brothers. Co-founder of Continuum Group
Deals: Casema, Canal Digitaal, Com Hem, Digiturk, Versatel, Bibit, Perfrom Group, Acision, Warner Music
Antonio González Barros (CEO Grupo Intercom)
Founding partner and main shareholder of Grupo Intercom (founded 1995)
Intercom is a successful incubator model focused on Spain Deals: Softonic, InfoJobs, Emagister, over 20 start-ups
Jo Schull (Head of Europe, Warburg Pincus)
A bulge-bracket private equity and growth capital investor Focuses on firm's European technology, media and
communications investments, as well as its investment activities in emerging Europe
Deals: Ziggo, FiberNet, Centrum, Nectar (Loyalty Management)
Oleg Tscheltzoff (CEO Fotolia)
European serial entrepreneur. Founded Amen and Fotolia, Europe’s leading stock photography company
First client of NOAH Advisors Deals: Amen, Fotolia
Paul Tustain (CEO/Founder BullionVault)
Launched BullionVault in 2005 and since then he has overseen its expansion to the £250m turnover business it is today
Also founded SAM Systems in 1990
Lars Hinrichs (CEO HackFwd)
Founder of Xing. One of Germany’s most successful start-ups Cinco Capital is building a portfolio of holdings in private &
public companies Deals: Xing, Boettcher Hinrichs AG
John Lindfors (DST)
Head of the European Technology and the Media Investment Banking Group at Goldman Sachs
Deals: Numerous (incl. Facebook fundraising)
The best trust us and work with us
13
Completed Transactions
Advisor to AdTelligence
Fund raising for
from various investors
April 2011
Advisor to Yatego
Sale of a majority stake in
to
April 2011 April 2011
have acquired a majority stake in
for $350m from
Exclusive Advisor to Summit Partners and TA Associates
July 2011
Advisor to EnGrande
Sale of a majority stake in
Advisor to BullionVault
June 2010
Investment in
by
Advisor to Softonic
December 2009
Partial sale of
to
Valuing Softonic at €175m
Advisor to Fotolia
$80m partial sale of
April 2009
to
October 2010
Investment in
Advisor to JamesList
by
to
August 2011
Advisor to RankAbove
Fund raising for
from various investors
March 2011
Advisor to EnGrande
Call option agreement for an investment in
by an undisclosed party
November 2011
Sale of a majority stake in
to Quants Financial Services AG
Exclusive Financial Advisor to grupfoni and its Shareholders
December 2011
Advisor to Work4 Labs
Fund raising for
from various investors including Angel Investors
Advisor to Reach Local
July to December 2011
Identifying European Acquisition Targets for
Financial Advisor to Toprural and its Shareholders
April 2012
Sale of 100% in
to
Exclusive Financial Advisor to Fotolia and its shareholders
May 2012
$150 million growth equity investment from
for a 50% stake alongside Fotolia’s Founders and TA Associates
Additional $150 million senior debt financing
14
$300m Fotolia Investment is EU’s Largest Internet LBO in 2012 NOAH Advisors has been working with Fotolia since early 2009 and introduced KKR to the deal opportunity
May 2012
$150 million growth equity investment from
for a 50% stake alongside Fotolia’s Founders and
Additional $150 million senior debt financing
Total $300 million investment
Exclusive Financial Advisor to Fotolia and its shareholders
Overview of Fotolia
Fotolia is the leading European crowd-sourced market place for microstock images and video content where over 3 million members to buy and license micro-stock images
The Company was founded in October 2005 by Oleg Tscheltzoff and Thibaud Elziere. Management self-funded the company to become a major internet player, with market leading positions across Europe, and strong brand recognition (known as leader and creator of micro-stock in Europe)
Over 145,000 professional and amateur photographers license their images via Fotolia
With over 17 million digital images and videos to choose from, Fotolia offers one of the largest image databases of quality, for SMEs, individuals, graphical professionals, and corporates. Fotolia websites are operated in 15 countries in 11 languages (English, French, German, Spanish, Italian, Portuguese, Polish, Russian, Japanese, Turkish, and Korean)
High structural market growth, attractive B2B online marketplace characteristics, predictable revenue streams and strong Fotolia leadership position driven by best-in-class management team make Fotolia a highly attractive growth investment for KKR
The company has a global organization of about 80 employees, headquartered in New York
Deal Teams
Transaction Summary KKR is making a $150 million growth equity investment in Fotolia for a 50% stake. In addition, KKR, TA
Associates and Management worked with KKR Capital Markets, who acted as sole arranger, HSBC, Lloyds, GE Capital, IKB and Mizuho to put in place a senior $150 million senior financing for the Company. KKR's ability to raise this amount of debt in a challenging European financing market, clearly differentiated KKR in this transaction
Although Fotolia is not raising new funds as part of the deal, the new partners will help it to expand internationally, accelerate business development, and fund future acquisitions
Fotolia received is first growth investment from TA Associates in April 2009 Oleg Tscheltzoff, Thibaud Elziere
John Meeks, Timo Kienle
Philipp Freise, Lucian Schonefelder, Vania Schlogel, Thijs van Remmen, Justin Lewis-Oakes, Valeria Rebulla
Marco Rodzynek, Yoram Wijngaarde, Jan Brandes
NOAH Advisors’ Role
Fotolia has been a close relationship of NOAH Advisors for over 3 years
In April 2009, NOAH Advisors advised the Fotolia founders in their sale of a majority stake to TA Associates
NOAH had worked intensively with Fotolia and its shareholders on various strategic opportunities and introduced the deal to KKR, with whom NOAH has as long-standing institutional relationship
NOAH Advisors acted as exclusive M&A financial advisor to Fotolia and its shareholders, and facilitated a fast execution based on in-depth knowledge the company, and intelligence around the best potential investor candidates
15
Toprural Transaction Case Study NOAH Advisors advised on the sale of the leading Spanish vacation rental website
April 2012
Sale of 100% in
to
Financial Advisor to Toprural and its Shareholders
Overview of Toprural
Toprural is a rural accommodation search engine focused on independently owned rental properties in rural France, Spain, Italy and Portugal
- Clear market leadership in Spain
The company has ~12k paid and ~30k free listings for bed-and-breakfast properties and vacation rentals
The Toprural website operates in 8 languages, including English Spanish, Portuguese, French, Catalan and Dutch and features accommodations varying from farmhouses in Tuscany to fincas in Mallorca
The company was founded in 2000, has 46 employees and is based in Madrid
Deal Team
Transaction Overview
On 2 April 2012, HomeAway Inc., the world’s largest online marketplace for vacation rentals based in Austin, Texas, USA, acquired a 100% of Toprural for an undisclosed amount in an all-cash transaction
The acquisition broadens HomeAway’s reach in Europe and adds inventory that appeals to a seekers of long weekend getaways to small towns or countryside destinations
Following the acquisition, COO Rafael Pérez-Olivares Hoepfl will serve as General Manager and replace François Derbaix, who will stay on as a consultant during the transition.
Toprural is the 18th acquisition for HomeAway Francois Derbaix, Founder and CEO Rafael Pérez-Olivares Hoepfl, COO
Marco Rodzynek, Yoram Wijngaarde, Jan Brandes
NOAH Advisor’s Role
NOAH Advisors has been working with Toprural and its shareholders since early 2010
Toprural and NOAH Advisors worked together intensively, exploring options with a number of strategic and financial investors
NOAH Advisors acted as financial advisor to Toprural and its selling shareholders
16
grupfoni Transaction Case Study NOAH Advisors advised on the majority sale of the market leading group buying company in Turkey
November 2011
Sale of a majority stake in
to
Quants Financial Services AG
Exclusive Financial Advisor to grupfoni and its Shareholders
Overview of grupfoni
The company operates Turkey’s leading group buying site with 1.4 million members, over 300k followers on Facebook and up to 150k daily visitors
To date, the company has sold over 1.4 million coupons in over 7,000 deals in the categories restaurants, beauty, travel, nightlife amongst others
grupfoni was founded in June 2010 in Istanbul by Burak Hatipoğlu and Münteha Mangan
grupfoni has established a market leading position in the Turkish group buying market despite competition, mainly from Grupanya and SehirFirsati (Groupon)
Turkey is one of the most exciting e-commerce markets in Europe with Internet penetration of ~45% and e-commerce usage only 5% of the population the last 12 months
Young, emerging Internet population (40% are below 24, over 70% under 34) with relatively low, but increasing purchasing power
Deal Team
Transaction Overview
On 9 November 2011, Quants Financial Services AG, a Swiss investment company acquired a majority stake in grupfoni for an undisclosed amount
For majority shareholder Group Buying Global (GBG), a Zurich-based holding company run by Klaus Hommels and Oliver Jung, the transaction represents the latest in a series of highly successful exits from its portfolio of global group buying and private sales operators, following e.g. Markafoni and DeinDeal
Management shareholders will continue to lead the company, backed by its new investors Burak Hatipoglu, Co-founder and CEO Münteha Mangan, Co-founder and CSO
Sellers
GBG: Klaus Hommels, Oliver Jung, Manu Gupta AlterInvest: Samih Toukan, Hussam Khouri Emre Kurttepeli
Marco Rodzynek, Jan Brandes, Yoram Wijngaarde
NOAH Advisor’s Role
NOAH Advisors has maintained a close relationship with Group Buying Global for two years and has worked with Klaus Hommels and Oliver Jung on multiple occasions
NOAH Advisors was mandated following inbound interest to acquire the grupfoni
grupfoni and NOAH Advisors worked together intensively, exploring options with a number of strategic and financial investors
NOAH Advisors acted as exclusive financial advisor to grupfoni and its selling shareholders
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EnGrande Transaction Case Study NOAH Advisors partnered with EnGrande, exploring a range of strategic alternatives, resulting in a highly successful outcome for all parties
July 2011
Sale of a majority stake in
the owner of
to
Exclusive Financial Advisor to EnGrande S.L.
Overview of EnGrande
EnGrande S.L. ("EnGrande" or "the Company") was established in 2003 by founder and CEO John Erceg to generate bookings for budget hotels and apartments
Following a period of rapid expansion across Europe and selected cities in America and Asia-Pacific, the Company now has more than 7,000 establishments worldwide directly contracted to its service and processes more than €80 million of bookings per annum
EnGrande's websites, which include www.budgetplaces.com, and a network of dedicated 30's city websites, such as www.london30.com and www.amsterdam30.com, are aimed at cost-conscious, mostly European leisure and business travellers
The Company employs 85 staff and is headquartered in Barcelona with offices in New York and Dublin
The EnGrande team is passionate about finding new well-located, cheap and clean establishments, partnering with hoteliers to fill their rooms profitably with a unique easy-to-use backoffice system which offers maximum administrative efficiency
Deal Team
Transaction Rationale
The online accommodation bookings market has proven to be a massive opportunity. Gross bookings of the European hotel sector are estimated to total about €85 billion per annum, of which online bookings currently account for around €14 billion
The European budget accommodation sector itself is currently worth approximately €15 billion per annum and is rapidly growing, in part due to the expansion of low cost carriers
The fragmented nature of accommodation suppliers and their low online penetration presents EnGrande with a strong opportunity to accelerate the growth of its network of providers
A key part of the growth plan is a shared commitment to grow the platform to become the leader in the budget accommodation category
Palamon Capital Partners is a leading European mid-market private equity firm
The terms of the transaction were not disclosed John Erceg (founder and CEO)
Fabio Massimo Giuseppetti, Jaime-Enrique Hugas, Ricardo Caupers Sponsor: Louis Elson
Marco Rodzynek, Yoram Wijngaarde, Jan Brandes
NOAH Advisor’s Role
EnGrande decided to partner with NOAH Advisors, following inbound interest to acquire the Company
EnGrande and NOAH Advisors worked together intensively on exploring a wide range of strategic alternatives, while the Company grew from strength to strength was able to scale its platform rapidly
NOAH Advisors acted as exclusive M&A financial advisor to EnGrande
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Bigpoint Transaction Case Study NOAH Advisors identified the Bigpoint opportunity early on, and re-introduced the deal to Summit Partners and TA Associates based on superior insight into the situation
April 2011
and
are jointly investing $350m to acquire a majority stake in
from
Exclusive Financial Advisor to Summit Partners and TA Associates
Overview of Bigpoint
Bigpoint was founded in 2002 by Heiko Hubertz (co-CEO) in Hamburg and has become a globally leading online gaming company, with over 185m registered users in over 150 countries, 250,000 daily registrations, millions of paying users, and 1 million+ concurrent users
Its 60 active browser games in 25 languages include core games such as Seafight and DarkOrbit, next-generation 3D games such Battlestar Galactica Online, and casual-social games such as Farmerama and Zoomumba. A strong pipeline includes The Mummy and RamaCity
Bigpoint’s games are free-to-play, with paid virtual items. Paying users spend an average of circa €20 ($29) per month and purchase over a billion virtual items every day
Bigpoint is one of the best-positioned online gaming platforms, in the sweet-spot of a market with several structural growth dynamics (fast growing $15b+ online gaming market, the $2.5b+ free-to-play model outgrowing the market) and better developer risk-return characteristics
Bigpoint has built an industry-leading platform in terms of user analytics, virtual items sales, a diversified portfolio of strong games in different segments, coupled with a strong pipeline
The company’s strong growth track-record, industry-leading profit margins, and high-quality management team made it a highly attractive investment opportunity for TA and Summit
Deal Team
Transaction Summary
TA Associates and Summit Partners are jointly investing $350 million for a majority stake. Heiko Hubertz, Bigpoint’s founder and co-chief executive, will retain his 30% stake
Comcast Interactive Capital, GMT Communications and General Electric sell down their stakes. GMT and GE will retain a minority stake. GMT and NBC Universal acquired a 70% stake in June ‘08 at a $110m valuation. They have made a fivefold return on their investment
Although Bigpoint is not raising new funds as part of the deal, the new partners will help it to expand internationally, make acquisitions and develop software
Completion is subject to regulatory approval and other standard conditions
Heiko Hubertz, Arthur Bastings, Simon Guild, Nils Holger Henning, Philip Reisberger, Tobias Reisberger, Michael Gutsmann, Jan Wergin
Scott Collins, Christian Strain, Vincent Lambert, Nicolas Slim, Ronan Gouello
John Meeks, Morgan Seigler, Khaled Heliouli
Marco Rodzynek, Yoram Wijngaarde, Jan Brandes
NOAH Advisor’s Role
Bigpoint has been a close relationship of NOAH Advisors for close to two years
NOAH had intensively followed Bigpoint as a potential transaction opportunity and re-introduced the deal to Summit Partners and TA Associates based on superior insight into the situation
NOAH Advisors acted as exclusive M&A financial advisor to Summit and TA, bringing in-depth knowledge of the online gaming sector, the company, and intelligence around the opportunity
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