debt market monitor q1 2019 - dc advisory · by local banks (e.g. frías nutrición, litalsa)...
TRANSCRIPT
A member of the Daiwa Group. Authorised and regulated by the Financial Conduct Authority. Registered office as stated. Registered in England No. 3067616
Debt Market Monitor Q1 2019
May 2019
Recent European debt advisory transactions
2
Advisor to HQ Equita on the acquisition financing of r2p
and Open Access
Value not disclosedJuly 2018
Advisor to sponsor on
acquisition financing
Value not disclosed
August 2018
Advisor to the company on
refinancing
£146m
August 2018
Project Siri
Advisor to the shareholders
and the company on its sale
process and lender education
Value not disclosed
September 2018
Advisor to the company on
refinancing
Value not disclosed
July 2018
Advisor to the company on
refinancing
€360m
November 2018
Advisor to the company on refinancing and recapitalisation
Value not disclosed
August 2018
Advisor to Qualium on acquisition financing of
Labelium
Value not disclosedFebruary 2018
Advisor to Eurazeo Patrimoine on acquisition financing of
Groupe C2S
Value not disclosedMarch 2018
Advisor to Summit Partners on acquisition financing
Value not disclosedMarch 2018
Advisor to the sponsor on amendment
€160mApril 2018
Advisor to the company on refinancing
Value not disclosedFebruary 2018
Advisor to the Company on
Amendment and
Value not disclosed
May 2018
Project White
Advisor to the company on
amendment and refinancing
Advisor on the acquisition financing of Neoxam
Value not disclosedMay 2018
Advisor to Evernex on refinancing
Value not disclosedJuly 2018
Advisor to sponsor on
acquisition financing
Value not disclosed
July 2018
Project Broadleaf
Advisor to sponsor on
acquisition financing
£80m
July 2018
Project Harrow
Advisor to sponsor on
acquisition financing
Value not disclosed
June 2018
Advisor to the company on refinancing
Value not disclosedApril 2018
Advisor to Ardian on acquisition financing of Competence Call
Center
Value not disclosedJanuary 2018
Advisor to the shareholders and
the company on its sale
process and lender education
Value not disclosedJanuary 2018
Advisor to the sponsor on acquisition facilities
Value not disclosedApril 2018
Advisor to the sponsor on acquisition facilities
€125mApril 2018
Advisor on staple financing
Value not disclosed
December 2018
Advisor to family office on
refinancing
£60m
December 2018
Project Eclipse
Advisor to the company on
refinancing
Value not disclosed
January 2019
Advisor to the company on
debt raising
Value not disclosed
January 2019
Advisor to the company on
debt raising
Value not disclosed
January 2019
Project River
Project Pint
Advisor to sponsor on acquisition financing
Value not disclosed
February 2019
Advisor on staple financing
Value not disclosed
March 2019
Advisor to largest
shareholder
£900m
March 2019
Advisor to the company on
debt raising
Value not disclosed
March 2019
Advisor to the company on
refinancing
Value not disclosed
April 2019
Project Façade
Advisor to the company and
sponsor on add-on
acquisition financing
Value not disclosed
January 2019
Advisor to Perusa on acquisition financing of Schroth
Safety Products
Value not disclosedJanuary 2018
Q1 2019 – Executive summaryEuropean mid-market activity has rebounded following a slow start to the year
Spanish leveraged loan volumes recovered in Q1
2019 (13 deals vs 6 in Q4 2018), primarily driven by
an increase in M&A activity in the market
Mid-market transactions continue to be dominated
by local banks (e.g. Frías Nutrición, Litalsa) despite
an increased presence of direct lenders
Highlights – Spain
The leveraged loan market slowed in January and
February, however activity recovered slightly in
March with a number of auctions coming to market
Financing terms continue to be competitive on both
all-senior and unitranche debt as lenders chase
limited supply. Alternative lenders maintain a
sizeable market share.
Highlights – DACH
Despite low volumes in January, the French market
remained active
Q1 2019 volumes have been primarily driven by
M&A activity (Comexposium, Hana Group, Stella,
Proxiserve, INSEEC) and to a lesser extent,
refinancings and add-ons (DomusVi, Colisée, Ceva)
Highlights – France
Leveraged loan volumes rebounded slightly in Q1
2019 with a strong performance in February and
March
However, deal pipeline continues to be impacted by
prolonged Brexit uncertainty
Highlights – UK
Highlights Europe
Throughout 2019, political and economic uncertainty across Europe has prevailed. With a building consensus that the market is near the top of the cycle, lenders are managing portfolios
accordingly - with a strong emphasis on downside risks. Subsequently, we have seen a flight to quality with strong proven credits in performing sectors (e.g. Infrastructure, Industrials,
Technology & Software) continuing to secure borrower friendly terms, while credits in challenged sectors are facing challenging market reception
Liquidity remains strong, with numerous direct credit providers closing funds in Q1 which, while a proportion has already been successfully committed, a lot of dry power is yet to be
deployed
Given underlying M&A was muted in Q1, the refinancing / recapitalisation activity was strong as sponsors, future proof portfolios or, possibly with an eye on future fund raising, use debt
to deliver returns to investors in lieu of a full exit. In this scenario, portability clauses are a must for borrowers and sponsors and accepted by lenders who view it as an opportunity to
extend average hold period
Given YTD volumes, and extent the of CLO warehousing / ramping of managing accounts, we expect to see some opportunistic refinancings and repricings, if current market conditions
hold
The DC Advisory Capital Advisory team continue to be very busy on the refinancing front, enabling borrowers to take advantage of benign market conditions and to lock in advantageous
terms
DC Advisory’s European Capital Advisory team explores the activity for Q1 2019 >
Debt Market Monitor Q1 2019: UK
4
Multi-banked LBOs and refinancings completed Q1 2019
Notes: The UK Debt Market Monitor shows senior and subordinated debt providers for bilateral and multi-banked loan-funded LBO / refinancings involving a UK target.
denotes a LBO
denotes a refinancing
/* denotes lender is solely the provider of super senior undrawn or term debt ('1st out') facilities alongside a debt fund
CL: Club deal; UW: Underwrite; Hybrid: Hybrid facility; Uni: Unitranche; Mezz: Mezzanine; PIK: PIK note; 1 O / 2 O: First out, second out; 1L / 2L: First Lien, Second Lien
Target Sponsor HS
BC
Natw
est
Barc
lays
AIB
Santa
nd
er
Llo
yds
Bank o
f Ir
ela
nd
Inve
ste
c
SM
BC
ING
Cre
dit A
gricole
NIB
C
SV
B
Cre
dit S
uis
se
RB
C
DN
B
DB
J
IMI
SE
B
Uls
ter
Bank
Westp
ac
Com
merz
ban
k
Banco d
e S
abad
ell
BN
P P
aribas
Rabob
an
k
Butterf
ield
Miz
uho
Sie
mens
Unic
redit
Are
s
Perm
ira
Alc
entr
a
Barings
Pem
bert
on
AIG
Avi
va
Apollo
Fiv
e A
rrow
s
M&
G
Bla
ckR
ock
Bain
Capital
Cre
dit
Hayf
in
HP
S
ICG
Herm
es
CV
C
Guggen
heim
LG
T E
uro
pea
n
Capital
Part
ners
Gro
up
Alv
in P
art
ners
Ard
ian
CD
PQ
Cre
scent
Deuts
che B
ank
Golu
b C
apital
Nort
hle
af
Muzin
ich
Alli
ance B
ern
ste
in
Blu
eB
ay
Natu
re o
f d
eal
LB
O
EBITDA > £25m
TES Global Providence Equity Partners UW
EBITDA < £25m
Active Assistance Group Montreux 1 O / 2 O
Ascent Cove Preservation Capital Partners Uni
Bow Street Hotel Limited Business Trading Company (Qatar) CL
Diamorph Epiris CL
DMC Group Lion Capital Uni
Esland August Equity Uni
Evolution Funding LDC CL
NRS Healthcare Graphite CL
Partnership in Children's Services CapVest * * * 1 O / 2 O
PGL Midlothian Capital Partners Uni
Prism Medical Limerston Capital CL
Sandcastle Care Waterland Uni
Send for Help ECI * Uni
Shield Group LDC * Uni
Simplify Palamon / Smedvig * Uni
Sterling Pharma GHO Capital * Uni
Tax Systems Bowmark Capital * 1 O / 2 O
The Fertility Partnership Impilo Uni
Refi
nan
cin
g
EBITDA > £25m
A-Gas KKR CL
A-Plan Hg Capital CL
Care UK Bridgepoint * Uni
Davies HGGC PIK
ICS Towerbrook Uni
Ocorian Inflexion Uni
Roadchef Antin CL
EBITDA < £25m
Chambers & Partners Inflexion * Uni
Esendex Hg Capital CL
FRA Holdings Dunedin CL
ICP Nurseries Innervation Capital Uni
Learning Curve Group MML Capital * Uni
Leeds Bradford Airport ANP CL
Pirtek Europe PNC Riverarch Capital Uni
Prestige Insurance Capital Z Partners CL
px Group Blue Water Energy 1L / 2L
Succession Inflexion * Uni
Wightlink Ferries BIP / CalSTRS CL
Xceptor CBPE CL
Total Q1-19 14 9 5 4 5 1 2 1 0 1 1 0 2 0 0 0 1 1 1 1 1 0 0 0 0 0 0 0 0 5 4 1 1 2 1 2 1 3 2 1 1 0 1 1 0 0 0 0 0 1 1 1 1 1 1 1 0 0 0
LT
M #
of
deals
38
Total Q4-18 11 11 7 6 4 5 1 1 2 1 2 2 0 2 1 2 0 0 0 0 0 1 0 0 0 0 0 0 0 4 3 5 2 1 0 0 2 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 31
Total Q3-18 11 10 3 3 1 2 0 3 1 2 0 1 1 0 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 6 1 1 1 3 3 0 1 0 1 2 0 1 0 0 2 1 0 0 0 0 0 0 0 0 0 0 1 0 0 32
Total Q2-18 12 8 2 1 2 2 3 1 3 1 1 1 0 1 1 0 0 0 0 0 0 0 0 0 0 1 1 1 1 8 2 1 4 1 1 2 0 0 0 0 2 1 0 1 0 1 2 2 2 0 0 0 0 0 0 0 0 1 1 33
Total LTM 48 38 17 14 12 10 6 6 6 5 4 4 3 3 3 2 1 1 1 1 1 1 1 1 1 1 1 1 1 23 10 8 8 7 5 4 4 3 3 3 3 3 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 134
Debt Market Monitor Q1 2019: France
5
Multi-banked LBOs and refinancings completed Q1 2019
Notes: The French Debt Market Monitor shows senior and subordinated debt providers for bilateral and multi-banked loan-funded LBO / refinancings involving a French target.
denotes a LBO
denotes a refinancing
/* denotes lender is solely the provider of undrawn facilities in a unitranche transaction
CL: Club deal; UW: Underwrite; Hybrid: Hybrid facility; Uni: Unitranche; Mezz: Mezzanine; PIK: PIK note; 1 O / 2 O: First out, second out
Target Sponsor LC
L
Socié
té G
énéra
le
BN
P P
ari
bas
CIC
CA
Régio
nale
s
Banque P
opula
ire
HS
BC
Banque P
ala
tine
CA
-CIB
Bank o
f Ir
ela
nd
Cais
se d
'Eparg
ne
Cre
dit M
utu
el A
rkea
ING
Cre
dit d
u N
ord
KB
C
Natixis
SM
BC
Neufliz
e
BE
SV
La B
anque P
osta
le
Sabadell
Banque Inte
rnationale
à
Luxem
bourg
Barc
lays
Sie
mens B
ank
Rabobank
CM
-CIC
Pri
vate
Debt
Idin
vest
Capzanin
e / A
rtem
id
Cere
a
Bari
ngs
LG
T E
uro
pean C
apital
Ard
ian
Lyxor
Perm
ira
Alc
entr
a
BN
P P
ari
bas S
ME
Debt F
und
Tik
ehau
Pem
bert
on
Bpifra
nce
Investissem
ent
Blu
eB
ay
Indig
o C
apital
Allia
nz G
lobal In
vesto
rs
CV
C
Gold
man S
achs
Zencap A
M
Bri
dgepoin
t P
rivate
Debt
ICG
Axa Investm
ent M
anagers
Varm
a
Apera
Capital
Scor
Investm
ent P
art
ners
Am
undi
Kart
esia
EM
Z
Natu
re o
f d
eal
LB
O
EBITDA > €25m
Hana Group Permira Uni
Maesa Bain Capital Uni
Courir Equistone Partners CL
Revima Ardian Uni
EBITDA < €25m
Scalian Group Cobepa CL
Aterno Meeschaert Capital Partners CL
Efeso Eurazeo PME CL
T&S Group Ardian UW
Gestal FCDE UW
Hardis Group CM-CIC Investissement, Bpifrance CL
Passman LBO France CL
Raffin FnB Private Equity UW
Infodis LBO France UW
NetCo IK Investment Partners Uni
Refi
na
nc
ing
EBITDA > €25m
Tessi HLD CL
Mademoiselle Desserts IK Investment Partners UW
EBITDA < €25m
Editions Oberthur 21 Invest CL
La Croissanterie, Groupe Rush CM-CIC Investissement, Gimv CL
CMR Group LBO France, Cathay Capital CL
Active Assurances Activa Capital Uni
Sogelink Naxicap Partners CL
EDH Quilvest Uni
Camusat Equistone Partners Europe Uni
Groupe Amphi G Square Capital Uni
Total Q1-19 8 8 8 10 4 3 3 1 2 1 2 3 1 0 0 2 1 0 0 0 0 0 0 0 0 8 3 1 2 0 0 2 1 1 0 1 1 1 2 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0
LT
M #
of
deals
24
Total Q4-18 13 10 9 6 4 7 2 5 1 0 4 2 0 1 0 0 0 0 0 0 0 0 0 0 0 3 6 1 0 1 0 0 2 1 1 1 1 0 0 1 0 0 0 1 1 1 1 0 0 0 0 0 0 0 27
Total Q3-18 12 4 5 3 6 2 3 4 3 4 1 0 2 1 1 0 1 0 1 1 1 0 0 0 0 1 2 4 1 3 4 1 0 1 3 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 30
Total Q2-18 7 8 5 7 5 4 5 3 4 4 1 1 3 3 3 1 1 2 0 0 0 1 1 1 1 3 1 5 3 2 2 2 2 2 1 2 1 2 0 0 0 1 0 0 0 0 0 1 1 1 1 1 1 1 17
Total LTM 40 30 27 26 19 16 13 13 10 9 8 6 6 5 4 3 3 2 1 1 1 1 1 1 1 15 12 11 6 6 6 5 5 5 5 4 3 3 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 98
Debt Market Monitor Q1 2019: DACH
6
Multi-banked LBOs and refinancings completed Q1 2019
Notes: The DACH Debt Market Monitor shows senior and subordinated debt providers for bilateral and multi-banked loan-funded LBO / refinancings involving a DACH target.
denotes a LBO
denotes a refinancing
/* denotes lender is solely the provider of undrawn facilities in a unitranche transaction
CL: Club deal; UW: Underwrite; Hybrid: Hybrid facility; Uni: Unitranche; Mezz: Mezzanine; PIK: PIK note; 1 O / 2 O: First out, second out
Target Sponsor Unic
redit
Com
merz
bank
SE
B
LB
BW
IKB
OLB
RB
I
NIB
C
DZ
Bank
Bank o
f Ir
ela
nd
Bayern
LB
Ham
burg
Com
merc
ial
Bank
Spark
asse
Bere
nberg
ING
HS
BC
Investe
c
AB
N A
mro
Nord
LB
SM
BC
Deuts
che B
ank
RLB
Oberö
ste
rreic
h
Gold
man S
achs
Oddo B
HF
Banco S
anta
nder
BN
P P
ari
bas
UB
S
Mig
ros
ApoB
ank
Cre
dit S
uis
se
Bank P
ekao
Socié
té G
énéra
le
Südw
estb
ank
Ers
te G
roup
KF
W
Cré
dit A
gri
cole
Pem
bert
on
Blu
eB
ay
idin
vest
Are
s
HayF
in
Ard
ian
Perm
ira D
ebt M
anagers
EQ
T C
redit
Alc
entr
a
Bari
ngs
Cre
scent
Bla
ckro
ck
Beechbro
ok
Kart
esia
Capzanin
e
Muzin
ich
CV
C C
redit
Bain
Capital C
redit
Oth
ers
Natu
re o
fd
eal
LB
O
EBITDA > €25m
Transporeon Hg * Uni
EBITDA < €25m
Röder HTS Höcker Findos UW
intive Mid Europa Partners Uni
SERGroup The Carlyle Group Uni
SLF Avedon Uni
Conen Group Halder Uni
valantic DPE * Uni
Kempf GmbH Steadfast CL
Klingel IK UW
Vescon Schiller Quadriga * Uni
Refi
nan
cin
g
EBITDA > €25m
Autovista Hayfin Uni
EBITDA < €25m
UDG / PIA Equistone CL
Career Partner Oakley Uni
Schwind-Eye Ardian CL
Frostkrone EMERAM * 1 O / 2 O
Beinbauer HIG CL
Total Q1-19 1 2 1 2 0 0 0 0 2 0 1 2 0 3 0 0 0 0 2 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 1 2 0 0 0 1 3 0 0 0 0 0 0 0 0 1 0 0 4
LT
M #
of
deals
16
Total Q4-18 4 2 4 4 4 3 1 3 1 3 1 0 2 2 1 1 2 2 2 1 1 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 27
Total Q3-18 6 7 4 4 4 2 5 4 7 3 3 0 2 4 3 1 0 1 2 0 2 3 2 0 0 0 0 0 1 0 0 0 1 3 0 0 0 0 0 3 1 0 0 1 0 0 0 1 0 4 0 1 1 0 0 19
Total Q2-18 6 6 5 1 3 5 4 4 4 4 3 0 3 4 3 4 1 1 1 2 1 1 0 1 1 0 1 1 1 0 1 1 1 0 0 0 2 3 0 0 2 1 1 1 1 0 1 0 0 1 0 0 0 0 2 23
Total LTM 17 17 14 11 11 10 10 11 14 10 8 2 7 13 7 6 3 4 7 3 4 4 2 1 1 1 2 2 2 0 2 1 2 3 0 0 4 5 0 3 4 3 4 2 1 0 1 1 0 5 0 2 1 0 6 85
Debt Market Monitor Q1 2019: Spain
7
Multi-banked LBOs and refinancings completed Q1 2019
Notes: The Spanish Debt Market Monitor shows senior and subordinated debt providers for bilateral and multi-banked loan-funded LBO / refinancings involving a Spanish target denotes a LBO denotes a refinancingCL: Club deal; UW: Underwrite; Hybrid: Hybrid facility; Uni: Unitranche; Mezz: Mezzanine; PIK: PIK note; 1 O / 2 O: First out, second out1) Mubadala has sold a 30% - 40% stake, remaining as a majority shareholder. Transaction to be closed by 2019 year end
Target SponsorS
anta
nder
Caix
aB
ank
BB
VA
Bankia
Bankin
ter
ING
Sabadell
Deuts
che B
ank
BN
P P
ari
bas
Cré
dit A
gri
cole
Banca M
arc
h
HS
BC
Caja
Rura
l de N
avarr
a
Barc
lays
Rabobank
Socié
té G
énéra
le
UniC
redit
Bank o
f Ir
ela
nd
Caja
mar
JP
Morg
an
HS
H N
ord
bank
Targ
o B
ank
Bank o
f A
meri
ca
ML
Fir
st A
bu D
habi B
ank
Mitsubis
hi U
FJ
Banca IM
I
Kutx
abank
Citig
roup
Miz
uho
Morg
an S
tanle
y
EB
N
Cre
dit Industr
ial e
t
Com
merc
ial
Caja
de A
rquitecto
s
Banco P
ichin
cha
Iberc
aja
Natixis
Cre
dic
oop
Unic
aja
Sum
itom
oM
itsui
DN
B A
SA
Cre
dit
Suis
se
UB
S
Jeff
eries
Ala
ntr
a(A
ltera
lia)
Oquendo
Tik
ehau
Muzin
ich
Pem
bert
on
ICG
Cheyne
Capital
LG
T
Kart
esia
CV
C
Capzanin
e
Natu
reof deal
LB
O
EBITDA > €25m
Cepsa(1) Carlyle CL
Laureate Permira CL
Konecta ICG CL
EBITDA < €25m
Agroponiente Abac CL
Natra Investindustrial CL
Germaine de Capuccini Torreal, Moonfish CL
Frías Nutrición Alantra CL
Litalsa MCH CL
Iberconsa Platinum Equity CL
Refi
nan
cin
g
EBITDA < €25m
Grupo NRSur Muzinich Uni
Ingesport Torreal, Mutua Uni
Adamo EQT CL
Grupo Farggi BTC Uni
Total Q1-19 7 3 4 3 2 3 1 1 3 2 0 2 2 1 0 0 2 2 1 1 1 0 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 1 1 1 0 0 0 0
LT
M #
of
deals
13
Total Q4-18 2 1 2 0 0 1 1 0 1 2 0 1 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 1 1 0 0 6
Total Q3-18 11 11 10 7 3 1 3 2 0 0 1 0 1 1 2 1 0 0 1 1 0 2 0 0 0 0 0 0 0 1 1 1 1 1 1 0 0 0 0 0 0 0 0 2 1 2 0 0 0 0 0 0 1 0 18
Total Q2-18 6 4 2 2 3 2 1 2 0 0 3 0 0 1 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 1 10
Total LTM 26 19 18 12 8 7 6 5 4 4 4 3 3 3 3 3 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 4 3 3 1 1 1 1 1 1 1 1 47
Debt Market Monitor Q1 2019: Benelux
8
Multi-banked LBOs and refinancings completed Q1 2019
Notes: The Benelux Debt Market Monitor shows senior and subordinated debt providers for bilateral and multi-banked loan-funded LBO / refinancings involving a Benelux target.
denotes a LBO
denotes a refinancing
/* denotes lender is solely the provider of undrawn facilities in a unitranche transaction
CL: Club deal; UW: Underwrite; Hybrid: Hybrid facility; Uni: Unitranche; Mezz: Mezzanine; PIK: PIK note; 1 O / 2 O: First out, second out; 1L / 2L: First Lien, Second Lien
Target Sponsor AB
N A
mro
ING
NIB
C
Rab
ob
an
k
De
uts
ch
e B
an
k
SM
BC
Ba
nk o
f Ir
ela
nd
Inve
ste
c
Com
me
rzb
an
k
BN
P P
ari
ba
s
HS
BC
IKB
Inve
ste
c
Natixis
Go
ldm
an
Sa
ch
s
Natw
est
Llo
yd
s
Unic
red
it
AP
G
AX
A
DN
B
SC
OR
Va
rma
Ba
ye
risch
eL
an
de
sb
an
k
CA
-CIB
JP
M
KB
C
Neu
fliz
e
So
cie
teG
en
era
le
Be
lfiu
s
Citi
UB
S
Ba
rcla
ys
Miz
uh
o
SE
B
Are
s
Rob
eco
Aim
Co
Idin
ve
st
Pe
mb
ert
on
CV
C
Alc
en
tra
Ba
rin
gs
Cre
sce
nt
HP
S
Pa
rtn
ers
Gro
up
Tik
eh
au
Bla
ckro
ck
EQ
T
Ard
ian
CD
PQ
Pa
rtn
ers
Ba
in
Hayfin
Natu
re o
f d
ea
l
LB
O
EBITDA > £25m
Combell HgCapital 1 O / 2 O + PIK
BVI TPG 1L / 2L
Sunweb Triton Uni
EBITDA < £25m
Medsen Apotheek Bencis 1 O /2 O
Image Line Waterland Mezz
TAF Parcom Capital Uni
Refi
na
nc
ing EBITDA > £25m
M7 Astorg CL
Hans Anders (Eyes and More) 3i CL
Total Q1-19 2 1 0 0 1 0 1 1 2 0 0 0 0 1 0 0 0 0 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 1 0 0 1 1 1 1 1 0 0 0 0 0 0 0
LT
M #
of
de
als
8
Total Q4-18 3 4 2 3 2 1 0 0 1 1 0 0 0 1 0 1 1 0 0 0 0 0 0 1 1 1 1 1 1 0 0 0 0 0 0 1 2 1 0 0 2 0 0 0 0 0 0 1 1 0 0 0 0 0 12
Total Q3-18 2 3 1 2 1 2 0 2 0 2 2 2 2 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 0 0 1 1 1 0 0 8
Total Q2-18 7 4 7 3 3 4 4 1 0 0 1 1 1 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 2 1 1 0 1 0 0 0 0 0 0 0 0 0 0 1 1 9
Total LTM 14 12 10 8 7 7 5 4 3 3 3 3 3 2 1 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 4 3 3 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 37
Pan-European sector contacts
9
Capital Advisory
Jonathan TrowerT: +44 (0) 20 7856 0912E: [email protected]
Ciara O'NeillT: +44 (0) 20 7856 0925E: [email protected]
Nicolas CofflardT: +33 1 42 12 49 64E: [email protected]
Frank JungT: +49 (0) 69 9720 0431E: [email protected]
Daniel GeblerT: +49 (0) 69 9720 0429E: [email protected]
Justin HollandT: +44 (0) 20 7856 0944E: [email protected]
Joaquin Gonzalo
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