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M&A 2013 in reviewWhat about 2014?

By Onno Sloterdijk

Largest global M&A deals of 2013

#3 #5#1 #4#2

Verizon WirelssŶ Verizon acquired

Vodafone’s 45% share in Verizon Wireless

Ŷ After completion, V d f

H.J. HeinzŶ Berkshire Hathaway and

3G Partners acquired H.J. Heinz

Ŷ Warren Buffet increased i fid

DellŶ Michael Dell and

Silverlake acquired DellŶ One of the ever largest

deals

NBC Universal MediaŶ Comcast acquired NBC

Universal MediaŶ General Electric is the

seller

Virgin MediaŶ Liberty global acquired

Virgin MediaŶ Creating the largest

advertising agency in the ldVodafone expects a strong

free cash flow, and therefore decided to increase the 2014 dividend per share by 8%

investor confidence world

Acquirer

Transaction value:EUR 15.0bn

EBITDA multiple:4.9x


EBITDA multiple:n/a


EBITDA Multiple:17.8x

Transaction value: EUR 98.7bn



EBITDA multiple:n/a

2© 2014 KPMG Advisory N.V., a subsidiary of KPMG Europe LLP and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in the Netherlands. KPMG and the KPMG logo are registered trademarks of KPMG International.

Source: Mergermarket, KPMG analysis.

Large European M&A deals in 2013

NokiaŶ After a close R&D

partnership, Microsoft acquired the Swedish mobile phone producer Nokia

Warner Chilcott PLCŶ Actavis acquired Warner

Chilcott, creating a leading global specialty pharmaceutical company with approximately EUR

Omnicom GroupŶ The US based Omnicom

Group, and the Paris based Publicis Groupeagreed for a merger of equals

Kabel Deutschland HoldingŶ Vodafone agreed to

acquire KabelDeutschland

Ŷ Kabel Deutschland i d i i

Elan CorporationŶ Perrigo Company, the

listed US based healthcare and pharmaceutical company, has agreed to acquireNokia with approximately EUR

8bn revenue per yearequals

Ŷ The combination creates a leading global specialty pharmaceutical company with approximately EUR 17bn revenue per year

continued is operations as a full owned subsidiary of Vodafone

has agreed to acquire Elan Corporation Plc, the listed Ireland based biopharmaceutical company that manufactures drugs

Acquirer


EBITDA multiple:n/a


EBITDA multiple:n/a


EBITDA Multiple:12x







Large Dutch M&A deals in 2013

LNG Assets

DE Master BlendersŶ John A Benckiser acquired

D.E. Master BlendersŶ The offer price represents

a 30% premium on top of h ' l i i

ILFCŶ Aercap became the

largest airplane lease company after acquiring their competitor ILFC from AIG

RepsolŶ Royal Dutch Shell

acquired the LNG assets of Repsol AS

Ŷ The transaction l Sh ll’

Brand LoyaltyŶ Alliance Data Systems

acquired a 60% stake in Brand Loyalty, which wasmerged with LoyaltyOneafterwards

VionŶ Darling International

acquired the ingredients division of Vion

Ŷ The acquisition enabled D li di if i

LNG Assets

the target's closing price on the last trading day prior to the initial announcement of interest

AIGŶ The consideration is

comprised of EUR 2.2bn in cash and 97m AerCap shares, which represents 46% of the combined company

complements Shell’s existing LNG capacity in Africa, Asia, Australia, the Middle East and Russia

afterwardsŶ ADS also has an option to

acquire the remaining 40% stake

Darling to diversify its product line, revenues and EBITDA geographically

Acquirer



Transaction value:EUR 360.0m

EBITDA multiple:n/a




EBITDA Multiple:16x





Mid-market Dutch M&A deals in 2013

Ampelmann

Ŷ IK Investment Partners competed with Warburg Pincus, HGCapital, EQT and Parcom in the

USG Energy

Ŷ Rabo Capital acquiredUSG Energy from USG People

Ŷ The acquisition also

HG International

Ŷ Gilde Buy Out Partners and the company’smanagement acquiredHG International

Basic Fit

Ŷ 3i acquired Basic Fit out of Health City, owned by Waterland

Ŷ Enabling René Moos

ID&T

Ŷ SFX Entertainment Inc, the US based company engaged in broadcasting and managing live shows,

acquisition processŶ The acquisition also

includes USG Energy's subsidiary ADCE Inter-Services Limited

Ŷ The acquisition will enable HG International to increase its market position in cleaning products

Ŷ Enabling René Moos (management) to buy-outWaterland

acquired a 75% stake in ID&T

Acquirer

Transaction value:n/a

Transaction value:EUR 80m






Selection of our recent Dutch M&A transactions

KPMG Corporate Finance

ss Rotterdam

acts as financial advisor to Stichting Woonbron in the

sale of the steamship


OVO

acted as financial advisor to OVO in its sale to Achmea


Steven ParcBeheer

acted as financial advisor to the shareholders of Steven Parc Beheer on the sale of


acted as exclusive financial advisor and transaction

manager to De Goudse on

De GoudseKPMG Corporate Finance

acted as financial advisor and transaction manager to

Schoeller Allibert on the

Schoeller AllibertKPMG Corporate Finance

acted as exclusive financial advisor and transaction manager to Smilde Bakery on the sale of

Smilde BakeryKPMG Corporate Finance

acted as exclusive financial advisor to De Combi Groepon the sale of the company

De Combi GroepKPMG Corporate Finance

acted as the exclusive financial advisor to the

shareholders of Wassenburg

WassenburgKPMG Corporate Finance

acted as deal manager and financial advisor to the shareholders of Virtual

Virtual Affairs

Getronics International

June 2013

pRotterdam, a former

transatlantic and cruise ship, currently operating as a

hotel and conference centre

Mitsubishi

January 2013June 2013

the company to STAR Group / Parcom Capital

June 2013

gthe sale of its Nordic travel and expatriate insurance activities to Gjensidige

ForsikringJune 2013

acquisition of iGPSCompany

July 2013

yits chocolate chip cookie

activities, Non Stop! to Snoek Bakkerijen

July 2013

p yto De Hooge Raedt Groep

November 2013

gon the sale of Wassenburg

& Co. B.V. to Hoya Corporation from Japan

October 2013

Affairs on the sale of a minority stake to Holland

Venture

Dutch Mid Market Completed advisor ranking1

2013 No. of deals

EMA Mid Market Completed advisor ranking1

2013 No. of dealsKPMG Corporate Finance

May 2012

acted as financial advisor to KPN with regard to the sale of Getronics International

(Europe and APAC) operations to Aurelius AG

Best Dutch Corporate Finance

Advisor


January 2013

acted as sole financial advisor to Mitsubishi Corporation on the acquisition of a 50% stake in Eneco’s Prinses Amalia wind park and Luchterduinen wind

project

1 Rabobank NV 282 KPMG 233 PricewaterhouseCoopers 204 M&A International 195 BDO 176 ING 167 BlueMind Corporate Finance 14

1 KPMG 2622 PwC 2543 BDO 1774 Ernst & Young 1624 Rothschild 1626 IMAP 1277 Grant Thornton 122


May 2012

acted as financial advisor and transaction manager to AUV Holding on the sale of Eurovet Animal Health to Dechra Pharmaceuticals

Eurovet Animal Health


Neckermann.com

January 2013

acted as deal manager and financial advisor to

Neckermann.com Benelux on the sale to Axivate

Capital

Source: Thomson Reuters SDC, January 2014.Note 1: <US$500m

8 IMAP 10

8* ABN AMRO Bank 1010 Clairfield International 9

8 Deloitte 91

8 Lazard 9110 M&A International 78


acted as financial advisor and transaction manager to AUV Holding on the sale of AUV Veterinary Services to

Henry Schein

AUV Veterinary Services

KPMG Corporate FinanceDSM

acted as exclusive financial advisor to DSM on the acquisition of Ocean

Nutrition Canada

KPMG Corporate FinanceOGD

acted as financial advisor to GIMV with regard to the sale of OGD to management and van Lanschot participations

KPMG Corporate FinanceARS T&TT

acted as deal manager and financial advisor to the

shareholder of ARS Traffic & Transport Technology on the sale of a minority stake

to Gimv


Mitsubishi Motors

acted as financial advisor to Mitsubishi Motors on the

sale of NedCar

KPMG Corporate FinanceTelecom masts

acted as financial advisor to KPN with regard to the sale of telecommunication masts

to PE investor Protelindo

KPMG Corporate FinanceAtomblock

acted as deal manager and financial advisor to

Atomblock on the sale to ALSO-Actebis


RAI Langfords

acted as financial advisor to RAI with regard to the split sale of RAI Langfords to ManagementMedia and

management


ROVA

acted as deal manager and financial advisor to ROVA

on the sale of ROVA Bedrijven to Remondis


May 2012 July 2012June 2012 July 2012 October 2012 November 2012 December 2012 January 2013 January 2013

Global, European and Dutch M&A activity

4,000

5,000

als 14%3%

3%2%2%

Global M&A volume by type of buyer Global deal activity per sector (past 12 months)

Business servicesTransportTelecom

AutomotiveOther

Leisure

2,866

3,053 3,113

3,233 3,073

3,159

2,948 2,975

2,422 1,967

1,770 1,970

2,010 2,350

2,291

2,478 2,481

2,703 2,613

2,894 2,667

2,656 2,751

2,810 2,728

3,232

2,797 2,982

3,029 3,210

1,000

2,000

3,000

Num

ber o

f dea

14%

7%

4%

4%

4%3%

Industrials

Media

Consumer: Food&Bev

Construction

676 681 713 754 649 694 585 655 576 366 293 307 361 375 432 491 534 571 537 614 550 524 534 551 485 527 472 495 553 563

-Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4

2006 2007 2008 2009 2010 2011 2012 2013

Financial buyers Strategic buyers

9%

9%9%

8%

8% Chemicals&Pharma

Energy&Utilities

Technology

Consumer: Non-food

Financial services

EU 27 M&A volume by type of buyer Dutch M&A volume by type of buyer

1,121 1,093

1,500

2,000

r of d

eals

EU-27 M&A volume by type of buyer Dutch M&A volume by type of buyer

82

81

90

120

150

of d

eals

319 332 341 354 295 325 285 332 255 180 131 138 161 166 203 230 243 231 224 287 262 238 221 221 185 201 180 205 226 212

936 1,139

1,135 1,069 1,075

1,085 840

719

641 658

596 743 764

819 820 891

886 992

923 899

947 935

901 1,026

966 1,032

1,008 1,017

-

500

1,000

Num

ber

30 16

28 29 31 31 18 24

15 15 11 18 13 10 17 12 28

17 17 22 22 17 9 16 12 16 15 7 19 19

55

93 60 80

70

71

53 43

49 60 47 49

60 59

54 55

74

79 59

71

71

70 81

65 64

67

74 69

-

30

60

Num

ber o


Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4

2006 2007 2008 2009 2010 2011 2012 2013

Financial buyers Strategic buyersSource: MergerMarket, KPMG Analysis.

Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4

2006 2007 2008 2009 2010 2011 2012 2013

Financial buyers Strategic buyers

Global and EMA M&A activity according to Thomson Reuters

Global completed deals EMA completed deals

5,00050 2,000 20

Dec

06

–D

ec 1

3

1,000

2,000

3,000

4,000

10

20

30

40 Value (US$bn)

Num

ber d

eals

('00

0)

500

1,000

1,500

5

10

15

Value (US$bn)

Num

ber d

eals

('00

0)

D

--

Dec

-06

Apr-

07Au

g-07

Dec

-07

A pr-

08Au

g-08

Dec

-08

Apr-

09Au

g-09

Dec

-09

A pr-

10Au

g-10

Dec

-10

Apr-

11Au

g-11

Dec

-11

A pr-

12Au

g-12

Dec

-12

A pr-

13Au

g-13

Dec

-13

Volume Value (US$m)

--

Dec

-06

Apr-

07Au

g-07

Dec

-07

A pr-

08Au

g-08

Dec

-08

A pr-

09Au

g-09

Dec

-09

A pr-

10Au

g-10

Dec

-10

A pr-

11Au

g-11

Dec

-11

A pr-

12Au

g-12

Dec

-12

A pr-

13Au

g-13

Dec

-13

Volume Value (US$m)

–D

ec 1

3

2 100

2,200

2,300

28

29

30

31

Value ('000

)

700

800

13

14

Va'000

)

Jan

13 –

1,900

2,000

2,100

25

26

27

28

Jan-

13

Feb-

13

Mar

-13

Apr-

13

May

-13

Jun-

13

Jul-1

3

Aug-

13

Sep-

13

Oct

-13

Nov

-13

Dec

-13

(US$bn)

Num

ber d

eals

(

500

600

11

12

Jan-

13

Feb-

13

Mar

-13

Apr-

13

May

-13

Jun-

13

Jul-1

3

Aug-

13

Sep-

13

Oct

-13

Nov

-13

Dec

-13

alue (US$bn)

Num

ber d

eals

(


Source: Thomson Reuters SDC

A

Volume Value (US$m)

A

Volume Value (US$m)

Americas and AsPac M&A activity according to Thomson Reuters

Americas completed deals AsPac completed deals

3,000 20

700

800 12

Dec

06

–D

ec 1

3

500

1,000

1,500

2,000

2,500

5

10

15

Value (US$bn)

Num

ber d

eals

('00

0)

100

200

300

400

500

600

700

2

4

6

8

10 Value (US$bn)

Num

ber d

eals

('00

0)

D

--

Dec

-06

Apr-

07Au

g-07

Dec

-07

Apr-

08Au

g-08

Dec

-08

A pr-

09Au

g-09

Dec

-09

A pr-

10Au

g-10

Dec

-10

A pr-

11Au

g-11

Dec

-11

A pr-

12Au

g-12

Dec

-12

A pr-

13Au

g-13

Dec

-13

Volume Value (US$m)

-

100

-

Dec

-06

Apr-

07Au

g-07

Dec

-07

A pr-

08Au

g-08

Dec

-08

A pr-

09Au

g-09

Dec

-09

A pr-

10Au

g-10

Dec

-10

A pr-

11Au

g-11

Dec

-11

A pr-

12Au

g-12

Dec

-12

Apr-

13Au

g-13

Dec

-13

Volume Value (US$m)

–D

ec 1

3

1,200

1,300

11 0

11.5

12.0

Value (000)

500

550

7.5

8.0

8.5

Value (U'000

)

Jan

13 –

1,000

1,100

10.0

10.5

11.0

Jan-

13

Feb-

13

Mar

-13

Apr-

13

May

-13

Jun-

13

Jul-1

3

Aug-

13

Sep-

13

Oct

-13

Nov

-13

Dec

-13

US$bn)

Num

ber d

eals

('

400

450

6.5

7.0

Jan-

13

Feb-

13

Mar

-13

Apr-

13

May

-13

Jun-

13

Jul-1

3

Aug-

13

Sep-

13

Oct

-13

Nov

-13

Dec

-13

US$bn)

Num

ber d

eals

('


M A S N D

Volume Value (US$m)

M A S N D

Volume Value (US$m)

Source: Thomson Reuters SDC

Leveraged loans

300 350 400 450 500

(bps

)

Loan Pricing in Western EuropeLeveraged Loans in Western Europe

80

100

120

140

80

100

120

140

160

Num

b

D b

ililio

ns)

-50

100 150 200 250

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

2006 2007 2008 2009 2010 2011 2012 2013

Spr

ead

-

20

40

60

-

20

40

60

80

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

2006 2007 2008 2009 2010 2011 2012 2013

er of deals

Dea

l vol

ume

(US

D

5.0x

6.0x

7.0x

70%

80%

90%

100%

2006 2007 2008 2009 2010 2011 2012 2013Market Avg. Lev. I-Grade

Leveraged Multiples in Western EuropeLeveraged Debt Maturity Profile in Europe

2006 2007 2008 2009 2010 2011 2012 2013Vol. (USD billions.) No. of Deals

Source: Loan Connector Source: Loan Connector

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3

Mul

tiple

0%

10%

20%

30%

40%

50%

60%

2007 2008 2009 2010 2011 2012 HY13 Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

2006 2007 2008 2009 2010 2011 2012 2013

Sr. Debt / EBITDA Tot. Debt / EBITDA

2007 2008 2009 2010 2011 2012 HY13<5yrs 5 6 7 8 >8yrs

Key comments

Ŷ The European leveraged loan market proved resilient in 2012 despite the challenging macroeconomic backdrop. The first half allocations totaled €34.9bn through 34 deals while the second half allocations totaled € 35bn with 57 deals

Key comments

Ŷ Overall pricing is at higher levels than before the credit crisis. In addition, additional cost charges (e.g. liquidity charge, handling fees) result from challenging market conditions with uncertain outlook and new bank regulations

Source: Loan ConnectorSource: Debtwire


Ŷ There was a clear shift towards shorter-dated loans in 2012. Nearly 55% of all the new loans by value allocated during the year came at a maturity of five years or shorter, this was up from 15% and 20% in 2011 and 2010 respectively

Ŷ In the period Q1 2010 to Q2 2011, average leverage levels of total debt and senior debt were converging, indicating minimal appetite for subordinated loans. However, sub debt appetite has been increasing in 1H 2012

USPP

225250

99

149138 132 127

120

160

200

300

N

1.62.2

3.2

1.4

30

35

40

45

s)

Global Private placements Global Private Placements - Median

180

210225

20199

40

80

100

200

Num

ber of p

lacement

Med

ian

am

oun

t (U

SD

mill

ions

)

21.3

36.733.0

36.933.8

1.9

5

10

15

20

25

30

Vo

lum

e (U

SD

bill

ion

002009 2010 2011 2012 2013

ts

Median # of deals

-

5

2009 2010 2011 2012 2013

Rest of world The NetherlandsSource: Private Placement Letter Source: Private Placement Letter

Geographic Distribution - 2013 Sector Distribution - 2013Other

United States44%

Canada10%

Germany5%

Netherlands4%

Ot e11%

Energy & Utilities39%

Other26%

United Kingdom

Australia11%

10%

Media & E t t i tAutomotive &

Chemicals5%

Real Estate5%

Business Services5%


United Kingdom15%

Entertainment10%

Transportation10%

Source: Private Placement Letter Source: Private Placement Letter

USPP

200 200 198 199 193 200

250 138

120

140

160

Private Placement Maturity Profile - 2013 Private Placement - Average price with different maturities - 2013

134

50

100

150

Pri

cin

g in

Bsp

29

56 52

24 2240

60

80

100

# o

f dea

ls

-5 7 10 12 15 30

Maturity

9

0

20

> 5 5 - 7 7 -10 10 - 12 12 - 15 15 - 30 < 30Maturity (in years)Source: Private Placement Letter Source: Private Placement Letter

Private Placement – Price range with different maturities - 2013

350

401 401

335

280

190200 200 198 199 193200 250 300 350 400 450

g in

Bsp

190 193

134

90 105 89 103 125

85

-50

100 150

5 7 10 12 15 30

Pri

cin

g

Maturity


Source: Private Placement Letter

Max of Price Average of Price Min of Price

German Schuldschein

25

30

)

Corporate Schuldschein Average Schuldschein Volume per Transaction

16

170

175

ons)

10

15

20

Vo

lum

e.(U

SD

bill

ions

)

155

160

165

Vo

lum

e.(U

SD

mill

io

-

5

10

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

V

140

145

150

2009 2010 2011 2012 2013

Key comments

Ŷ Over the last 10 years, the Corporate Schuldschein market in Germany has attracted strong demand from investors. With a total issuance volume of approximately USD11.0n in 2013, the positive long-term trend remains intact

Ŷ It is estimated that the total volume of outstanding Corporate Schuldschein volume will be in the range of USD79 7 92 9bn currently and the corporate Schuldschein

Source: German Market Outlook Report Source: German Market Outlook Report

Ŷ It is estimated that the total volume of outstanding Corporate Schuldschein volume will be in the range of USD79.7–92.9bn currently, and the corporate Schuldscheinmarket redemptions to be approximately USD6.6–6.0bn in 2013. A large number of these redemptions have been replaced by new issues

Ŷ Approximately 25% of the Corporate Schuldschein issuers were foreign companies, foreign issuers from European countries have frequently tapped the Corporate Schuldschein market and have successfully executed transactions

Ŷ Transaction maturities extended from around 3 to 5 years in 2012 toward 5 to 10 years in 2013, depending on the industry – a trend that we expect to continue in 2014

Ŷ Many corporations have taken advantage of the Corporate Schuldschein market as first time issuers – sometimes using Schuldschein as a first step toward capital


y p g p g p pmarkets, and thus showing capital market readiness

Source: German Market Outlook Report

Corporate Lending Netherlands – Volume & Pricing

300

350

400

Volume outstanding loans by original maturity

50

100

150

200

250

300

EU

R b

illio

n

Source: De Nederlandsche Bank, KPMG analysis

-Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep

2012 2013

Original maturity <= 1 yr Original maturity > 1 yr and <= 5 yr Original maturity > 5 yr

Spreadfor outstanding loans by original maturityInterest rates for outstanding loans by original maturity

150

200

250

300

sis

po

ints

Spread for outstanding loans by original maturity

2 0%

2.5%

3.0%

3.5%

4.0%

4.5%

Interest rates for outstanding loans by original maturity

-

50

100

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug

2012 2013

Bas

0.0%

0.5%

1.0%

1.5%

2.0%

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep

2012 2013


Source: De Nederlandsche Bank, KPMG analysis Source: De Nederlandsche Bank, KPMG analysis

original maturity <= 1 yr original maturity > 1 yr and <= 5 yr original maturity > 5 yrOriginal maturity <= 1 yr Original maturity > 1 yr and <= 5 yr Original maturity > 5 yr

Corporate Lending Netherlands – Volume & Pricing for new business

8.0

9.0

10.0

Volume new business by loan size

1.0

2.0

3.0

4.0

5.0

6.0

7.0

EU

R b

illio

n

Source: De Nederlandsche Bank, KPMG analysis

I t t t f b i b l i Spreadfor ne b siness b loan si e

-Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep

2012 2013

New business <= EUR 1 million New business > EUR 1 million

2 0%

2.5%

3.0%

3.5%

4.0%

4.5%

Interest rates for new business by loan size

200

250

300

350

is p

oin

ts

Spread for new business by loan size

0.0%

0.5%

1.0%

1.5%

2.0%


2012 2013

-

50

100

150


2012 2013

Bas


Source: De Nederlandsche Bank, KPMG analysis Source: De Nederlandsche Bank, KPMG analysis

New business <= EUR 1 million New business > EUR 1 million New business <= EUR 1 million New business > EUR 1 million

Prices paid in the mid-market from 2010 to 2013

250212

250 250 250

Strategic buyers

ns ns ns ns

2010 201320122011

61 47

112

173

50

100

150

200

7048

125

212

50

100

150

200

7962

136

191

50

100

150

200

49 46

98

152

50

100

150

200

Num

bero

f tra

nsac

tion

Num

bero

f tra

nsac

tion

Num

bero

f tra

nsac

tion

Num

bero

f tra

nsac

tion

0<6 6-8 8-10 >10

0<6 6-8 8-10 >10

0<6 6-8 8-10 >10

0

50

<6 6-8 8-10 >10

PE buyers

N

EBITDA Multiples

N N N

EBITDA Multiples EBITDA Multiples EBITDA Multiples

y

ansa

ctio

ns

ansa

ctio

ns

ansa

ctio

ns

ansa

ctio

ns

2010 2011 2012 2013

28

48

40

50

60

33

46

40

50

60

3440

50

60

28

41

30

40

50

Num

bero

f tra

Num

bero

f tra

Num

bero

f tra

Num

bero

f tra

EBITDA Multiples EBITDA Multiples EBITDA Multiples EBITDA Multiples

8

28

16

0

10

20

30

<6 6-8 8-10 >10

17 15

0

10

20

30

<6 6-8 8-10 >10

8 11

22

0

10

20

30

<6 6-8 8-10 >10

7

20

0

10

20

<6 6-8 8-10 >10


Source: Mergermarket, KPMG analysis., figures based on announced deal characteristics, deals with deal value of 100m-500m are included

EBITDA Multiples EBITDA Multiples EBITDA Multiples EBITDA Multiples

KPMG M&A predictor

Cashrich corporates

According to Tom Franks, Global Head of Corporate Finance at KPMG, “the growing appetite for deals and an

Cashrich corporates

According to Tom Franks, Global Head of Corporate Finance at KPMG, “the growing appetite for deals and an

Red hot IPO market

“Steadily increasing corporate confidence is still not being reflected in global transaction levels, and deal markets are continuing to struggle. However, this is against a background

Red hot IPO market

“Steadily increasing corporate confidence is still not being reflected in global transaction levels, and deal markets are continuing to struggle. However, this is against a background the growing appetite for deals and an

increase in pressure to transact are two sides of the same coin. Investors have been patient over the last 3 or 4 years. But as deal capacity continues to rise and global markets maintain some stability, the pressure on

the growing appetite for deals and an increase in pressure to transact are two sides of the same coin. Investors have been patient over the last 3 or 4 years. But as deal capacity continues to rise and global markets maintain some stability, the pressure on

of a red hot IPO market in the UK and the US, and it will be interesting to see how the M&A situation changes throughout 2014,” said Tom Franks. of a red hot IPO market in the UK and the US, and it will be interesting to see how the M&A situation changes throughout 2014,” said Tom Franks.

cashrich corporates to start deal-making again is going to intensify.”cashrich corporates to start deal-making again is going to intensify.”

Greater confidence“It is encouraging to see such strong expectations for North America and Europe over the next 12 months, reflecting the return to form of these crucial M&A markets Although the Fed’s December announcementmarkets. Although the Fed’s December announcement on tapering quantitative easing might cause an initial wobble, greater confidence in North America and Europe should hopefully kick-start a recovery in transaction levels globally during 2014,” commented Tom Franks.

12% CAPACITY (net debt / EBITDA)

By

16% APPETITE

(Forward P/E ratios)

Since


December 2014 December 2012

Questions


For further questions: Onno SloterdijkKPMG head of Private Equitypartner KPMG Corporate Finance

sloterdijk onno@kpmg [email protected]+31 20 656 7985

Distributie versie ACG Final sloterdijk acg 5 feb.pdf · Sloterdijk Equity Finance onnosloterdijk....

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