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  • CLEARWATER INTERNATIONAL IN THE NEWS

    KEY M&A TRENDS

    RISE AGAINBarry OCallaghans return to the education market

    THE MID-MARKET CORPORATE FINANCE MAGAZINE FROM CLEARWATER INTERNATIONAL

    2016

  • Landmark year

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    RAINMAKER | 2016

    Rainmaker is published by Clearwater International Editors: Jim Pendrill and Sarah FernandezDesign: creative-bridge.comSubscription: sarah.fernandez@cwicf.comNo part of this publication may be reproduced or used in any form without prior permission of Clearwater International

    Welcome to our latest issue of Rainmaker which takes a close look at key M&A trends in the market, as well as profiling a selection of our deal highlights over the past year.Since our merger, we have extended our business to now cover 13 offices with a headcount of 140 and closed over 60 deals worth more than 3bn during 2015. We have also invested heavily in our relationship with affiliated firms, particularly in the US and Asia. We will continue to develop Europe as the hub of our business by growing our integrated team of people across all key territories. We have placed a high level of priority on expanding the business into France and Germany within the next 12 months.

    We continue to see high levels of M&A activity across all of our territories and sectors, with the past 12 months marked by notable transactions including the buyouts of Partner in Pet Food, EnviDan and Cuttings.

    We have also seen the continued appetite of overseas buyers for strong European businesses, typified by the 128m sale of HL Plastics to the US Quanex Building Products Corporation, the sale of Playnation to the Novomatic Group, and the sale of TC Group to MUSIC Group - some of our particular cross-border highlights over the past year.

    As we move into this New Year with a strong flow of M&A opportunities, we look forward to plenty more exceptional outcomes for our clients.

    Michael Reeves, CEO, Clearwater International

    clearwaterinternational.com /rainmaker-2016

    @CWICF

    Find out more:

    Clearwater International Corporate Finance

    #CWICFRainmaker

    SCAN THE QRWITH YOURSMARTPHONE

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    CONTENTS | RAINMAKER

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    6

    9

    10

    12

    16

    18

    19

    Q1

    20

    14

    Q2

    20

    14

    Q3

    20

    14

    Q4

    20

    14

    Q1

    20

    15

    Q2

    20

    15

    Benelux 11.4 6.9 8.1 10.7 9.6 11.5

    CEE 12.1 6.3 7.3 8.4

    DACH 9.3 8.7 9.9 9.5 7.7 10.3

    France 9.2 9.8 8.7 9.5 9.9 9.4

    Nordic 8.9 9.4 8.0 11.0 7.9 9.9

    Southern 7.8 7.1 9.8 7.0 7.6 10.8

    UK/Eire 9.1 10.4 9.9 11.3 12.0 10.4

    MULTIPLE OPPORTUNITIES

    INTEREST OF ALTERNATIVE FUNDERS IN QUALITY ASSETS

    POWER OF NEW TECHNOLOGIES

    APPETITE OF OVERSEAS BUYERS FOR STRONG

    EUROPEAN BUSINESSES

    PRIVATE EQUITY BUOYED BY STRONG DEBT MARKETS

    TRENDS

    ENTREPRENEUR INTERVIEW

    THOUGHT LEADERS

  • RAINMAKER | 2016

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    Thought Leaders

    Sector specialists at Clearwater International are regularly profiled across a range of leading global business titles.For our views on market trends and opportunities, follow us on Twitter (@CWICF) or LinkedIn (Clearwater International Corporate Finance).

    From retail & leisure through to financial services and manufacturing, our team of sector experts have written columns and contributed articles across a wide range of business publications over the past year. Titles they have featured in include Retail & Leisure International, Manufacturing Today Europe, Unquote, The Grocer, Brsen and Credit Today to name just a few.

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    Real estate and infrastructure help build upSpanish activity/southern-europe/analysis/2402061/real-estate-and-infrastructure-help-build-up-spanish-activity

    31 Mar 2015, Kenny Wastell, Southern Europe unquote

    In March alone, CVC recouped a reported 1.1bn from the sell-down of a 7.5% stake in Abertis Infraestructuras, while GED Capital also agreed to buy five infrastructure funds worth 370m from Ahorro Corporacin. Meanwhile, over the past couple of years, real estate values have predictably risen as investor demand increases.

    Additionally, the European Central Bank's quantitative easing (QE) process has led to a devaluation of the euro. In March the currency hit a 12-year low against the dollar and a seven-year low against the sterling, resulting in a highly favourable deal-making environment for investors from countries outside the eurozone.

    "The market for trophy assets, such as high-profile hotels in international cities such as Barcelona, is growing," says Jose Caireta, co-founder and managing partner at Squircle Capital. "We bought a triple-A real estate asset back in 2012 from a distressed situation. Two years later, based on recent market transactions made by sophisticated overseas investors these types of assets are being acquired for more than twice the value."

    Third waveThis return of investment into real estate and infrastructure is already having an effect on other sectors, as Francisco Gmez, Spain partner at Clearwater International Corporate Finance, explains: "Real estate saw the first wave of new foreign investment following the crisis; because it is a relatively straightforward market. The second wave was in infrastructure. That has been

    boltthe

    Clearwater Internationals annual industrials sector commentary 2015

    View on successRoger Hartshorn at HL Plastics talks growth

    Update from ChinaAfter the market turmoil, M&A remains active

    PE focusInsights from Palatine Private Equity

    Global gas playerKosan Crisplants transformation

    FULL THROTTLE US buyers lead the way

    RECENT M&A ACTIVITY

    spendthe

    AT YOUR LEISUREKeys to success in the online travel market

    Clearwater Internationals half-year consumer sector commentary Summer 2015

    ZalandoOnline retailer talks strategy

    Private Equity viewKey trends across Europe

    Chinese movesTapping into the market

    NH Hotel GroupExclusive interview with CEO Federico Gonzlez

    M&A FOCUSMarket drivers in 2015

    The Spend V2.indd 1 03/08/2015 10:16

    wiretheClearwater International's TMT sector commentary 2015

    BIM marketSpecial report

    View from ChinaM&A prospects

    2015 trendsThe year ahead

    Top dealsIn-depth analysis

    2014 DEALSREVIEW

    AMERICANADVENTURESUS leads global M&A charge

    The Wire Winter 2015 V2 03/03/2015 15:50 Page 1

    recipethe

    GLOBAL MOVESHow emerging markets are driving consolidation

    Clearwater Internationals food and beverage sector commentary 2015

    Dairy giantsExclusive interviews with Arla and R&R

    Pride of SpainOsborne discusses its Far East strategy

    Chinese trendsWhat is driving Chinas M&A market?

    Deal focusClearwater Internationaldeal highlightsalchemist

    the

    Clearwater Internationals annual chemicals sector commentary 2015

    ViewpointRicardo Lpez Soria

    Pentagon ChemicalsCross-border sale to US

    What now for shale?A special report

    Investor focusInterview with Aurelius

    NEW WORLD ORDER Consolidation grips the industry

    US DRIVES GLOBAL M&A

    Clear thinking It has been a busy year for our in-house publications, with our thought-leading sector magazines continuing to provide interviews and in-depth analysis.

    Among our highlights were exclusive interviews with R&R Ice Cream, Arla Foods and Osborne for our food & beverage title Recipe; and interviews with Zalando, On the Beach, NH Hotel Group, Brompton Cycles and Tangle Teezer for our consumer title Spend. We also interviewed the chief executive of Siemens UK for Rainmaker who shared his thoughts on the rise of industrial automation and Industry 4.0.

    We have produced a wide range of Clearthought publications focusing on particular sub-sectors including special reports on: Automation, Building Products, Snacks, Hotels and Hospitality, Debt Funds, Insurance, Gyms & Fitness, and Business Process Outsourcing. We also published a special Clearthought issue highlighting the winners from our Cloudex 20:20 awards.

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    IN THE PRESS | RAINMAKER

    LEISURE

    00 RETAIL & LEISURE INTERNATIONAL APRIL 2015

    Is Leisure in Good Shape?

    Gareth Iley, partner at mId-market advIsory fIrm Clearwater InternatIonal, takes a look at the rIse of merGers and aCquIsItIons In the leIsure seCtor, wIth bIG Corporates and prIvate equIty GraspInG hold of thIs aCtIve market.

    Last year proved to be a busy one for global M&A in the consumer space. Corporates showed increasing signs of confidence and activity, buoyed by greater availability of bank funding as well as high levels of cash reserves, and private equity continues to invest. Meanwhile, IPOs re-opened as a potential exit route for private equity, although the flotation market was more volatile during the summer and early autumn.

    Particularly in the spotlight was the sporting and lifestyle categories in both retail and product areas. Consumer spending in these sectors remains strong, on the back of greater awareness of health and wellbeing issues. As a result, investors are becoming increasingly attracted to the sector, which is now highly active in terms of M&A.

    One example was the announcement by US multi-brand owner Sequential Brands Group that it was adding three brands to its existing portfolio of nine in June 2014. It acquired Galaxy Brand Holdings for 185M the owner of fitness brand Avia, basketball brand AND1, and outdoor brand Nevados.

    With consumer awareness now at an all-time high, a numb