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THE NORDIC CONSUMER SECTOR – M&A ACTIVITY AND PRICING
H2 2016
2
101 TRANSACTIONS IDENTIFIED IN H2 2016
EXECUTIVE SUMMARY INDEXED SHARE PERFORMANCE OF SELECTED COMPANIES
DEVELOPMENT IN NUMBER OF IDENTIFIED TRANSACTIONSDEVELOPMENT IN NUMBER OF TRANSACTIONS
§ This briefing on the consumer sector is primarily focused on fast moving consumer goods (FMCG), retail/E-commerce and the food sector
§ Nordic M&A has identified 101 transactions in the Nordic consumer sector in H2 2016 vs. 95 in H2 2015 marking a small increase of 6,3% in # of transactions
§ We do not see any significant indications in the market that lead us to believe that the volume measured in # of transactions will change significantly in the coming year
§ Sweden had the highest # of deals at 42 followed by Denmark with 26 deals, Finland with 18 deals and Norway with 15 deals
§ Inter-Nordic transactions still make up the largest part of transactions in small and mid-size companies and around 84% of the identified transactions have been sold to strategic/industrial buyers
§ Private Equity players have continued their interest in the consumer area seen in H2 2016 again consisting of around 21% of buyers. PE deals in H2 2016 include FSN Capital’s acquisition of bygghemma.se in Sweden and Ratos’ takeover of Plantasjen in Sweden
§ The most significant deals in H2 were Lakrids by Bülow sold to Swedish private equity Valedo Partners and the shares sold in Bang & Olufsen to Chinese investors. The food sector in particular has shown a high level of activity.
§ In H2, 2016 the median EV/EBITDA multiple for listed Nordic consumer companies was 11.3x. Normally a discount of 20-40% is deducted in order to valuate a small-midsize company compared to a listed company
§ Only 28% of transactions have available transaction values and to prevent biased predictions no average transaction multiples have been calculated
*Share performance is based in equally weighted averagesSource: Capital IQ
90
95
100
105
110
115
120
Jan2015 Jul 2015 Jan 2016 Jul 2016 Jan 2017
-3,3%
103
95
113
101
H1 2015 H2 2015 H1 2016 H2 2016
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OVERVIEW OF H2 2016 NORDIC CONSUMER TRANSACTIONS
n Nordic M&A has identified 101 Nordic consumer transactions in H22016
n 78% of companies were acquired by industrials
n Highest deal activity in Sweden followed by Denmark, Finland andNorway
n 84% of the companies were sold to players located in the Nordics
COMMENTS BREAKDOWN OF DEALS BY EXIT TYPE
BREAKDOWN OF DEALS BY TARGET’S COUNTRY BREAKDOWN OF DEALS BY ACQUIROR’S REGION
Source: Capital IQ and Nordic M&A
Denmark: 26
Finland: 18Sweden: 42
Norway: 15
PE: 22
Industrials: 79
Nordic: 85
Rest of Europe: 9
RoW: 7
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NOTABLE NORDIC CONSUMER TRANSACTIONS IN H2 2016
TARGET ACQUIROR DEAL VALUE DKKm EV / SALES EV / EBITDA
N/A N/A N/A
Source: Capital IQ and Nordic M&A* Imerco and Inspiration have agreed to merge
N/A N/A N/A
N/A N/A N/A
421,3 1.9x N/A
N/A N/A N/A
433,5 0,9x N/A
N/A N/A N/A
979,5 0,8x 7,8
N/A N/A N/A
*
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CURRENT TRADING MULTIPLES FOR LISTED NORDIC CONSUMER COMPANIES
Source: Capital IQ
EV/SALES EV/EBITDA
P/E SHARE PRICE - INDEXED
Note: Equally weighted averages
I: 111, 4
90
95
100
105
110
115
120
Jan2015 Jul 2015 Jan 2016 Jul 2016 Jan 2017
1,0x
1,1x
1,2x
1,3x
1,4x
1,5x
1,6x
1,7x
1,8x
1,9x
2,0x
Jan2015 Jul 2015 Jan 2016 Jul 2016 Jan 2017
1.44x
10,0x
10,5x
11,0x
11,5x
12,0x
12,5x
13,0x
13,5x
14,0x
14,5x
15,0x
Jan2015 Jul 2015 Jan 2016 Jul 2016 Jan 2017
10.9x
16,0x
17,0x
18,0x
19,0x
20,0x
21,0x
22,0x
Jan2015 Jul 2015 Jan 2016 Jul 2016 Jan 2017
17,2x
6
13,4113,06
12,46 12,3811,97
11,6211,26
10,59 10,53
9,7
9,088,7
11,6611,39
12,46
10,88
10,159,79
10,61
9,38
10,34
9,55
7,85
8,93
Pandora Amer Sport Corp. Bang & Olufsen H&M Kesko Europris Cloetta Fiskars ICA Gruppen Raisio Oyj IC Group Matas
EV/EBITDA - 2016AEV/EBITDA - 2017E
TRADING MULTIPLES FOR SELECTED LISTED NORDIC CONSUMER COMPANIES
Source: Capital IQ
EV / SALES 2016A & 2017E
EV / EBITDA 2016A & 2017E
Median EV / EBITDA 2016A: 11.3xMedian EV / EBITDA 2017E: 10.2x
5.7
5,21
1,98 1,91 1,831,6 1,5 1,37 1,35 1,3
1,02 1,000,63 0,54 0,49
4,45
1,78 1,871,5 1,58
1,37 1,45 1,25 1,260,99 0,97
0,61 0,52 0,45
Pandora H&M Cloetta XXL Matas Europris Raisio Oyj Amer Sport Corp.
Bang & Olufsen
Fiskars IC Group ICA Gruppen Electrolux Kesko
EV/SALES - 2016AEV/SALES - 2017E
Median EV / Sales 2016A: 1.4xMedian EV / Sales 2017E: 1.3x
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SELECTED CLAIRFIELD NORDIC CONSUMER TRANSACTIONS
x
Sale
Financial advisor on the sale to private investors
2013
Sale
2015
Financial advisor to Plum on the sale to CCS Healthcare
Sale
2015
Advisor to Pilgrim on the sale to CBH
2015
Advisor to Ratos on the divestment of Hafa Bathroom
Group
Divestment Divestment
2015
Advisor to Proventus on the divestment of Brio
Equity issuance
2015
Advisor to Onepiece on the equity issuance to a group of
Swedish investors
Sale
2015
Advisor to Dermagruppen on the sale to L’Oréal
2015
Sale
Advisor to Espresso House on the sale to JAB Holdings
2013
Advisor to Raisio on the acquisition of Candy Plus
Acquisition
Sale
2013
Advisor to StangeGårdsprodukter on the sale to
Reitan Gruppen
Sale
2013
Financial advisor to Blockbuster Denmark on the
sale to private investors
Acquisition
2014
Advisor to Phonero on the acquisition of Ventelo
2014
Sale
Advisor to Scanditoy on the sale to Amo Toys
Sale
2015
Advisor to ME TOO on the sale to Brands for kids
Sale
2011
Financial advisor to Halti and 3i on the sale to Ingman Group
2012
Advisor to Skiinfo on the sale to Vail Resorts
Sale
2012
Exclusive advisor to the founders on the sale of X-Yachts
A/S
Sale Sale
2011
Advisor to Retkiaittaon the sale to Partiovaruste
Sale
2010
Financial advisor to IngmanGroup on the sale of Ingman Ice
Cream to Unilever
Sale
2016
Advisor to Autoklinikka on the sale to Procuritas
Sale
2016
Advisor to Nordic Sense on the sale to Industri Udvikling
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OUR NORDIC PARTNERS ENSURE LOCAL COVERAGE AND MARKET ACCESS
~40Nordic
Professionals
+350Completed
transactions
Most experienced team in the
Nordics
Nordic members of Clairfield International
§ Established in 1997§ Oslo location§ 10 professionals§ More than 110 transactions
since inception
§ Established in 2008§ Copenhagen location§ 8 professionals§ More than 35 transactions
since inception
§ Established in 2009§ Stockholm location§ 12 professionals§ More than 30 transactions
since inception
§ Established in 1992§ Helsinki location§ 12 professionals§ More than 200 transactions
since inception
About Clairfield International
Clairfield is an international corporate finance firm that provides advisory services, mainly in crossborder mergers andacquisitions, to both international corporations and family-owned enterprises. Our focus is the middle-market segment,designing and executing transactions of up to EUR 500 million in enterprise value.
Clairfield’s high ratio of senior partners and directors to junior employees ensures that senior team members take an activerole in all transactions.
Clairfield has 35 offices in 25 countries with +450 professionals and its worldwide presence guarantees our clients directaccess to the local knowledge of its regional office and industry expertise from professionals around the globe.
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Nordic M&A, (part of Clairfield International)Amaliegade 141256 Copenhagen KDenmark
www.nordicma.dk
Anders W. EriknauerManaging PartnerMobile: +45 20 10 39 99E-mail: awe@nordicma.dk
This document has been prepared by Nordic M&A. Unless otherwise stipulated in thisdocument, the following shall apply to the information comprised herein:
The information, in particular the numbers, data and schedules, are preliminary and for discussion purposes only. Nordic M&A do not represent that such information is true, accurate or complete and it should not be relied upon as such. No independent verification exercise has been undertaken in respect of the information. All information, opinions and estimates contained in this document constitute Nordic M&A’s judgment as at the date of this document and are subject to change without notice. While this information has been prepared in good faith, no representation or warranty, expressed or implied, is made. The information in this document is supplied on the condition that Nordic M&A, and any partner or employee of Nordic M&A, are not liable for any error or inaccuracy contained herein, whether negligently caused or otherwise, or for any loss or damage suffered by any person due to such an error, omission or inaccuracy as a result of such supply. This document is strictly for internal use and may not be reproduced, distributed or disclosed to any third party or referred to publicly without the prior written consent of Nordic M&A.
NORDIC M&A CONSUMER TEAM DISCLAIMER
Allan BjørnAssociate PartnerMobile: +45 24 48 77 99E-mail: ab@nordicma.dk
CONTACT DETAILS
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