Global Agribusiness - PwC · 2016-12-01 · Brazil: Saputo Inc, one of Canada’s largest dairy...
Transcript of Global Agribusiness - PwC · 2016-12-01 · Brazil: Saputo Inc, one of Canada’s largest dairy...
Deal Activity
Global Agribusiness
June 2016
www.pwc.com
1 Agribusiness news & multiples 1
2 Food trust 6
3 Markets update 9
4 Our team 14
PageSection Overview
Table of contents
PwC
June 2016
1
Global Agribusiness • Deal Activity
Agribusiness news & multiples
PwC
June 2016
2015A NTM
9.5x 9.0x
20.3x 1 2.9x
8.0x 7 .0x
8.8x 8.3x
1 2.9x n.a.
20.4x 9.6x
5.8x 7 .1 x
37 .1 x n.a.
33.2x 1 0.7 x
7 .1 x n.a.
11.2x 9.0x
16.3x 9.2x
2015A NTM
1 5.1 x 1 3 .6x
28.2x 1 7 .5x
8.8x 8.3x
9.5x 9.0x
1 1 .2x 9.7 x
1 9.0x 1 8.0x
1 4.9x 1 3.4x
5.1 x 4.2x
1 2.0x 1 0.9x
20.5x 1 8.0x
13.5x 12.1x
14.4x 12.3x
2015A NTM
1 4.4x 1 4.2x
1 8.0x 1 4.1 x
1 5.5x 1 3 .7 x
1 8.6x 1 7 .2x
1 2.6x 1 2.1 x
1 0.1 x n.a.
1 4.8x 1 4.5x
1 6.9x 1 6.8x
6.0x 5.4x
1 0.1 x 9.8x
14.6x 14.1x
13.7x 13.1x
Section 1 – Agribusiness news & multiples
2
Global Agribusiness • Deal Activity
DairyRed meatPork
Transaction multiples (EV/EBITDA)
Bidder/Target 1: Pershing Square Capital/Mondelez, 2: Groupe Lactalis/Lactalis Puleva, 3: Pepsi-Cola/Wimm-Bill-Dann Food, 4: Bank Hapoalim/Parmalat, 5: Société pour le Financement de l'Industrie Laitière/Parmalat, 6: Suntory/Cerebos Pacific, 7: SavolaGroup/Almarai , 8: Trian Fund Management/ Danone, 9: Saputo Cheese Morningstar Foods, 10: Prominent Achiever / China Mengniu Dairy Co., 11: China Mengniu Dairy Co./Yashili International, 12: FB Participações/Vigor Alimentos, 13: Qurain Petrochemical Industries/Saudia Dairy & Foodstuff, 14: First Pacific & Wilmar International /Goodman Fielder, 15: Qurain Petrochemical Industries/Saudia Dairy & Foodstuff.16: QurainPetrochemical Industries/Saudia Dairy & Foodstuff.17: First Pacific Company / GoofmanFielder Ltd. 18: Warrnambool Cheese and Butter / Lion Dairy & Drinks, Everyday cheese business, 19: Management / China Huishan Dairy, 20: Centre Laboratories / AusnutriaDairy.
Trading multiples (EV/EBITDA)
Dairy
M&A News
Brazil: Saputo Inc, one of Canada’s largest dairy producers, has announced it is looking to acquire dairy interests in Brazil, up to US$2.7bn in size.
US: Hershey has rejected a US$23bn cash and stock takeover bid from Mondelez International.
Management News
Australia: Fonterra has announced its global brands and nutrition leader, Ren Dedoncker, will take on its Fonterra Australia Managing director role.
Australian Dairy Farmers (ADF) CEO Ben Stapley has resigned after 9 months in the role. ADF has named former CEO John McQueen as Interim CEO.
Red meat
M&A News
Australia: Elders has completed a AU$102m capital raising. Funds will be used to repurchase its outstanding hybrid shares and fund potential acquisition opportunities.
New Zealand: Silver Fern Farms (SFF) and Shanghai Maling have agreed a revised deadline of 30 September for Maling’s NZ$261m investment in SFF to gain Overseas Investment Office approval, subject to the respective board approvals.
Management News
No relevant news.
Bidder/Target 1: West Face Capital/Maple Leaf Foods, 2: Boparan Holdings/Northern Foods, 3: NA/Astarta Holding, 4: Leucadia/National Beef Packing, 5: TMK Holding/ National Beef Packing, 6: NA/Zhongpin, 7: Henan Shineway/Smithfield Foods, 8: Darling Ingredients/VION Ingredients, 9: NA/People's Food Holdings, 10: Sigma Alimentos/Campofrio Food Group, 11: L Sigma Alimentos/Campofrio Food Group, 12: JBS S.A , 13: Condorcet Opportunity / Campofrio Food Group, 14: Tyson Foods / The Hillshire Brands, 15: Nutresa / Aldage. 16: ITOCHU Corporation / C. P. Pokphand Co.17: H. J Heinz Holding Corp / Kraft Foods Group, 18. Bright Foods / Silver Fern Farms.
Trading multiples (EV/EBITDA)Transaction multiples (EV/EBITDA)
Sources: S&P Capital IQ, Factiva, PwC research
Pork
M&A News
US: Cargill is to acquire Five Star Custom Foods, a Texas-based meat producer.
Management News
US: The National Pork Board appointed Bill Even to CEO.
Bidder/Target 1:Talleys Group/ AFFCO Holdings, 2: Premium Brings Holdings / PillerSausages & Delicatessens, 3: Harim Holdings/ Sunjin Holdings Co. 4: LBO / Zhongpin Inc. 5: Mitsubishi Corp / Yonekyu Corp. 6: Henan Shineway Industry Group / Smithfield Foods Inc. 7: LBO / People’s Food Holdings Ltd. 8: Sigma Alimentos / Campofrio Food Group, SA. 9: JBS Australia Pty / P&M Smallgoods Pty. 10: Swift Pork (JBS) / Cargill Pork. 11: Cedrob SA / Polski Koncern, 12: JBS S.A. / Moy Park Ltd., 13: Itoham Foods / YonekyoCorp.
Transaction multiples (EV/EBITDA) Trading multiples (EV/EBITDA)
Median: 12.4x
Median: 9.5x
Median: 7.5x
Nestlé S.A.
Unilev er PLC
Unilev er N.V.
Mondelez International, Inc.
Danone
Fonterra Co-Operativ e Group Ltd.
General Mills, Inc.
Mead Johnson Nutrition Company
Dean Foods Company
Want Want China Holdings Ltd.
Median
Average
Associated British Foods plc
The Kraft Heinz Company
BRF S.A.
Ty son Foods, Inc.
Henan Shuanghui Inv estment &
Kerry Group plc
Hormel Foods Corporation
JBS S.A.
Uni-President Enterprises Corporation
Univ ersal Robina Corporation
Median
Average
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
Jan-11 Jan-12 Jan-13 Jan-14 Jan-15
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
Dec-10 Dec-11 Dec-12 Dec-13 Dec-14
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
Jul-11 Jul-12 Jul-13 Jul-14 Jul-15
Ty son Foods, Inc.
Guangdong Wen's Foodstuffs Group
WH Group Limited
BRF S.A.
Seaboard Corp.
Maple Leaf Foods Inc.
Public Joint Stock Company
Shandong Longda Meat Foodstuff Co.,
Muy uan Foods Co., Ltd.
Marudai Food Co., Ltd.
Median
Average
PwC
June 2016
2015A NTM
1 8.0x 1 4.6x
1 3.2x 1 0.2x
32.2x n.a.
1 6.1 x n.a.
1 2.0x n.a.
25.7 x 1 1 .4x
8.3x n.a.
5.9x n.a.
9.3x n.a.
1 1 .2x 1 3 .8x
12.6x 12.6x
15.2x 12.5x
2015A NTM
9.5x 9.0x
5.1 x 4.2x
1 4.9x 1 3.4x
8.8x 8.3x
5.7 x 6.5x
nm 1 4.0x
5.1 x 5.4x
4.0x 5.7 x
5.2x 4.0x
n.a. 4.8x
5.5x 6.1x
7.3x 7.5x
PoultryForestryFruit, vegetables & nuts
Section 1 – Agribusiness news & multiples
3
Global Agribusiness • Deal Activity
Poultry
M&A News
Indonesia: Global investment firm KKR is to acquire a 10.4% stake in agri-food company Japfa for $81.2m.
Management News
US: Tyson Foods promoted Tom Hayes to president.
Transaction multiples (EV/EBITDA) Trading multiples (EV/EBITDA)
Ty son Foods, Inc.
JBS S.A.
Hormel Foods Corporation
BRF S.A.
Pilgrim's Pride Corporation
Fujian Sunner Dev elopment Co., Ltd.
MHP S.A.
Industrias Bachoco S.A.B. de C.V.
Sanderson Farms, Inc.
L.D.C. S.A.
Median
Average
Trading multiples (EV/EBITDA)
Bidder/Target 1: Eco-Trade Corp/YaSheng Group, 2: Bonduelle SA/France Champignon, 3: Inversiones Frutícolas / Copefrut, 4: ITOCHU/ Dole, Worldwide Packaged Foods and Asia Fresh Produce Businesses, 5: Dramd Participações e Administração / Rasip Agro Pastoril, 6: Golden Target Pacific / Camposol Holding, 7: Almarai / Continental Farmers Group, 8: Walden International / Le Gaga Holding, 9: D&C Group/ Camposol Holding, 10: GrupoNutresa/ Setas Colombianas, 11: D&C Group/ Camposol Holding, 12: Valles Del Sur/ Hortifrut S.A., 13: Arlon Group/ Alico Inc., 14: FMR Rentas Generales/ Fruticola VicontoS.A., 15: D&C Group/ Camposol Holding, 16: Property & Building Corp./ Mehadrin, 17: NA/ Hortifrut. 18: Sucocitrico Cutrale Ltda / Chiquita Brands. 19: Private investor / Lontrue Co, 20: Private investor / Lontrue Co, 21: Private investor / Hortifruit S.A., 22: Nomad Holdings / Iglo Foods Holdings, 23: Snyder’s-Lance / Diamond Foods.
Fruit, vegetables & nuts
M&A News
US: Olam International acquired Brooks Peanut Company for US$85m.
Growers Express has agreed to acquire MisioneroVegetables. The deal will close by the end of the year.
Management News
South Africa: Capespan Group named Tonie Fuchs asmanaging director after Johan Dique’s retirement.
US: President and CEO of New York Apple Association, Jim Allen has announced his retirement, effective January 2017.
AmericanHort appointed Ken Fisher to President and CEO.
Transaction multiples (EV/EBITDA)
Felda Global Ventures Holdings Berhad
Fresh Del Monte Produce Inc.
Gansu Yasheng Industrial (Group) Co.,
Hortifrut S.A.
United Plantations Bhd
Costa Group Holdings Limited
Hokuto Corporation
Dongfang Modern Agriculture Holding
T&G Global Limited
Société Internationale de Plantations
Median
Average
Bidder/Target 1: Old Mutual Investment Group / Sovereign Food Investment , 2: West Face Capital / Maple Leaf Foods, 3: EASY BIO & FarmStory / Maniker Co., 4: CherrybroCo ., 5: Sadia Alimentos / Avex S.A., 6: PT Japfa Comfeed / PT Multibreeder Adirama, 7: The Chefs' Warehouse Mid-Atlantic / Michael's Finer Meats & Seafoods, 8: Savola Group / Almarai, 9: Mitsubishi / Yonekyu, 10: Bellisio Foods / Overhill Farms. 11: QL Resources Berhad / Lay Hong Berhad, 12: Hassad Food / A’Saffa Foods, 13: JBS S.A. / Moy Park, 14: Charoen Pokphand Foods / CJSC Poultry, 15: Yonekyu Corp / Itoham Foods, 16: Cranswick plc / Crown Chicken, 17: KKR & Co / PT Japfa Comfeed.
2015A NTM
8.6x 5.7 x
6.8x 5.1 x
1 0.5x 9.0x
34.3x n.a.
6.2x n.a.
1 6.2x 1 2.8x
1 3.7 x 7 .1 x
8.1 x 7 .4x
21 .6x 7 .3x
5.2x 4.9x
9.5x 7.2x
13.1x 7.4x
Transaction multiples (EV/EBITDA)
Bidder/Target 1: Placas do Parana /Arauco do Brasil, 2: FV S.A./Fiplasto S.A., 3: Meerwind/Rörvik Timber, 4: BC Investment management / Timber West Forest Corp, 5: LIXIL Group/Hivic Co., 6: Viking Investments Group/China Wood, 7: Viking Investments Group/China Wood, 8: Brookfield Asset Management / Western Forest Products, 9: Samling Strategic / Samling Global, 10: Samling Global / Lingui Developments, 11: Mill Road Capital / PRT Growing Service, 12: Rentech /FulghumFibres, 13: Weyerhaeuser / Longview Timber, 14: Boise Cascade Wood Products / Chester Wood & Moncure Plywood, 15: Louisiana-Pacific / Ainsworth Lumber, 16: Interfor / Tolleson Lumber, 17: Rentech / New England Wood. 18: Keshav Kantamneni / Uniply Industries, 19: Management / TFS Corporation, 20: Private Investors / Hong Wei Holdings.
Trading multiples (EV/EBITDA)Forestry
M&A News
US: Schwope Brothers Tree Farms acquire Anna Nursery. This marks Schwope Brothers’ third nursery acquisition in 15 months.
Management News
No relevant news.
West Fraser Timber Co. Ltd.
Canfor Corp.
Duratex SA
Deltic Timber Corporation
Sonae Indústria, S.G.P.S., S.A.
Stella-Jones Inc.
Interfor Corporation
Boise Cascade Company
Norbord, Inc.
Suzano Papel e Celulose S.A.
Median
Average
Median: 7.9x
Median: 6.8x
Median: 11.9x
0.0x
5.0x
10.0x
15.0x
20.0x
Apr-11 Apr-12 Apr-13 Apr-14 Apr-15 Apr-16
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
Apr-11 Apr-12 Apr-13 Apr-14 Apr-15
5
10
15
20
25
30
35
Aug-12 Aug-13 Aug-14 Aug-15
Sources: S&P Capital IQ, Factiva, PwC research
PwC
June 2016
2015A NTM
1 2.5x 1 4.1 x
1 3 .8x 1 3.4x
7 .8x 1 0.1 x
5.8x 8.7 x
4.7 x 6.0x
6.5x 6.9x
8.8x 9.5x
4.8x 5.2x
6.9x 7 .8x
8.3x 7 .7 x
7.4x 8.2x
8.0x 8.9x
Grains & beansFertiliser & agricultural chemicals
Section 1 – Agribusiness news & multiples
4
Global Agribusiness • Deal Activity
Sources: S&P Capital IQ, Factiva, PwC research
Fertiliser & agricultural chemicals
M&A News
US: Bayer has confirmed its US$62bn acquisition proposal for Monsanto. The deal presented was for a 100% cash buyout, financed by BoA Merrill Lynch and Credit Suisse. Monsanto has declined to progress to due diligence at the current offered price.
Brazil: SynTech Research has acquired Syngenta’s Brazil based field and laboratory research facilities.
India: Sumitomo Chemical is to acquire 45% of Excel Crop Care, India’s 5th largest agrochemical company for US$93m.
Management News
Germany: Bayer CropScience Chairman Dr Vijay Mallaya has resigned. A new Chairman will be appointed at the next board meeting in July.
Transaction multiples (EV/EBITDA)
Monsanto Company
Sy ngenta AG
Potash Corporation of Saskatchewan
The Mosaic Company
K+S Aktiengesellschaft
CF Industries Holdings, Inc.
Agrium Inc.
Yara International ASA
Israel Chemicals Ltd.
The Dow Chemical Company
Median
Average
Trading multiples (EV/EBITDA)
Bidder/Target 1: Koor Industries/ADAMA , 2: CF Industries/Terra Industries, 3: China National Chemical / ADAMA, 4: Uralkali /Silvinit, 5: Sumitomo Chemical / Nufarm, 6: Mineracao Naque/ Vale Fertilizantes, 7: Menoza Trading / OJSC PhosAgro, 8: CJSC Holding / SBU Azot, 8: EuroChem/K+S Aktiengesellschaft, 10: YoungorInvestment/Kingenta Ecologic Engineering, 11: Norica /Grupa Azoty, 12: Grupa AzotySpólka Akcyjna/Zaklady Azotowe Pulawy Spolka Akcyjna, 13: ADAMA /Hubei SanondaCo., 14: Jiang Yin Hanying/Jiangsu ChengXing Phosph-Chemicals, 15: YaraInternational/OFD Holding, 16: EDAILY Co./ KG Chemical, 17: Adorabella/OJSC PhosAgro, 18: Platform Specialty Products/ Chemtura AgroSolutions, 19: YaraInternational/Galvani Indústria, Comércio E Serviços, 20: Boulevard Acquisiton / AgroFresh. 21: CF Industries / GrowHow UK. 22: Dow Chemical / DuPont. 23: Compass Minerals / Produquimica, 24: Sumitomo Chemical / Excel Crop Care.
2015A NTM
1 0.6x 1 0.1 x
1 1 .7 x 1 1 .4x
7 .2x 6.8x
1 9.1 x 1 7 .0x
1 6.7 x 1 3 .1 x
22.4x 1 5.2x
1 3.0x 1 0.1 x
1 0.4x 8.9x
26.6x 1 7 .7 x
1 3 .3x 1 2.1 x
13.1x 11.8x
15.1x 12.2x
Grains & beans
M&A News
Switzerland: British Columbia Investment Management acquired 10% of Glencore for $625m.
US: Land O Lakes acquired plant genetics company Ceres Inc. for US$17.2m.
Monsanto and Remington Holding Co. announced a JV, Innovative Seed Solutions, with a strategic focus on sorghum.
UAE: Olam acquired the remaining 50% stake in Acacia Investments for $24m.
Australia: S&W Seed Company announced the acquisition of Australian seed genetics company, SV Genetics for US$5.3m.
Grain Growers has acquired online precision agriculture firm PASource.
Management News
US: Archer-Daniels-Midland (ADM) appointed Pierre Duprat to President for Europe, Africa and India.
Transaction multiples (EV/EBITDA) Trading multiples (EV/EBITDA)
Bidder/Target 1: GrainCorp. / GrainCorp Malt, 2: Tradewinds Malaysia / Padiberas Nasional Bhd, 3: Felda Global Ventures / Tradewinds Malaysia, 4: NA/ Kernel Holding, 5: PT Salim Ivomas Pratama / PT Perusahaan Perkebunan London Sumatra, 6: PT Bakrie Sumatera Plantations / Agri International Resources, 7: Vertical Capacity / IOI Corp., 8: Seaport Terminal (Johor), Acara Kreatif Sdn, Kelana Ventures/Padiberas Nasional, 9: Seaport Terminal (Johor), Acara Kreatif Sdn, Kelana Ventures / Tradewinds Malaysia , 10: Bollore/ Plantations Des Terres Rouges, 11: Seaport Terminal (Johor), Acara Kreatif Sdn, Kelana Ventures / Padiberas Nasional Bhd, 12: , PT Krishna Kapital/ PT Dharma Satya Nusantara. 13: SPC Kappa Co / Kappa Create Holdings Co. 14: Private investor / LongtrueCo, 15: Post Holdings / MOM Brands Company. 16: Private investor / Longtrue Co, 17: Sime Darby Plantation Sdn / New Britain Palm Oil Ltd, 18: Associated British Foods / Illovo Sugar, 19: Canada Pension Plan Investment Board / Glencore, Agricultural Products.
Archer-Daniels-Midland Company
Wilmar International Limited
Bunge Limited
IOI Corp.Bhd
GrainCorp. Ltd.
ShanDongDenghai Seeds Co., LTD.
PT Astra Agro Lestari Tbk
First Resources Limited
Genting Plantations Berhad
KWS Saat SE
Median
Average
Median: 11.9x
Median: 9.8x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
35.0x
Feb-11 Feb-12 Feb-13 Feb-14 Feb-15 Feb-16
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
Apr-11 Apr-12 Apr-13 Apr-14 Apr-15 Apr-16
PwC
June 2016
2015A NTM
1 6.5x 1 2.7 x
1 .9x 8.4x
20.6x 1 7 .4x
9.0x 8.6x
1 5.3x 1 3.1 x
8.0x 7 .9x
1 4.4x 1 1 .7 x
1 6.7 x 8.9x
1 3.4x 7 .0x
1 7 .6x 1 1 .5x
14.9x 10.2x
13.3x 10.7x
2015A NTM
1 6.2x 22.2x
1 4.1 x 1 6.4x
8.9x 8.8x
8.2x 9.8x
1 3.6x 1 2.1 x
1 1 .0x 1 1 .3x
1 1 .6x 9.8x
1 6.1 x 9.8x
1 5.7 x n.a.
8.5x 7 .5x
12.6x 9.8x
12.4x 12.0x
2015A NTM
1 9.6x 1 7 .8x
1 4.2x 1 4.0x
1 9.3x 1 9.6x
20.5x 1 6.4x
1 3.6x 1 3.1 x
1 5.5x 1 4.5x
24.5x 1 2.7 x
23.4x n.a.
23.4x 21 .4x
21 .6x 1 8.9x
20.0x 16.4x
19.6x 16.5x
Viticulture Agricultural products & machineryFishery
Section 1 – Agribusiness news & multiples
5
Global Agribusiness • Deal Activity
Agricultural products & machinery
M&A News
US: Agricultural Co-operative Heritage and Aglandhave entered into negotiations to merge.
Ag retailers CHS Mountain West Co-op and CHS Kalispell are to merge effective 1 September, pending due diligence.
Czech Republic: Trelleborg has acquired CGS Holding, a producer of agricultural and specialty tires.
Management News
No relevant news.
Bidder/Target 1: Woodstream/Zareba Systems, 2: Ag Growth International/Mepu Oy, 3: Converted Organics/TerraSphere Systems, 4: Blount/SpeeCo, 5: Kubota/Kverneland ASA, 6: Paine & Partners/Eurodrip SA, 7: Seoul Moongo Co. / Daedong Industrial Co., 8: Danfoss/Sauer-Danfoss Inc., 9: NA/ China Farm Equipment, 10: Silverfleet Capital / Cimbria, 11: P&P Water Holding / Eurodrip S A, 12: MHR Fund Management / Titan International. 13: Private investors / Xinjiang Machinery Research, 14: Bain Capital / Yukiguni Maitake Co. 15: SHV Holdings / Nutreco NV.16: Paine & Partners / Spearhead International.
Trading multiples (EV/EBITDA)Transaction multiples (EV/EBITDA)
Transaction multiples (EV/EBITDA) Trading multiples (EV/EBITDA)Fishery
M&A News
China: China’s largest privately held agricultural company, New Hope Group, has announced it is on the market for fish-farming assets in South East Asia with US$1.5bn set aside for overseas expansion.
Norway: Marine Harvest and Deep Sea Supply have entered into a JV to build, own and operate aquaculture vessels.
Management News
Norway: Cermaq promoted Geir Molvik to CEO after the resignation of Jon Hindar.
Bidder/Target 1: Thai Union Frozen Products/MW Brands, 2: Boparan Holdings/Northern Foods, 3: Corporacion Economica Damm / Pescanova, 4: Luxempart / Pescanova, 5: OrklaBrands / Rieber & Søn, 6: Tiger Brands / Oceana Group, 7: Geveran Trading Co ./ Marine Harvest ASA, 8: Profond Holding / Marine Harvest, 9: China Fishery Group / Copeinca, 10: Geveran Trading Co. / Marine Harvest, 11: RCL Foods / Foodcorp, 12: China Fishery Group/Copeinca, 13: CFG Investment / Copeinca. 14: Hassad Food / A’Saffa Foods, 15: Marine Harvest / Havfisk ASA, 16: Oceana Group / Daybrook Fisheries, 17: Private investors / Sajo Industries, 18: Private investors / Grieg Seafood.
Charoen Pokphand Foods Public Co.
Marine Harv est ASA
PT Indofood CBP Sukses Makmur Tbk
NH Foods Limited
CALBEE, Inc.
Toy o Suisan Kaisha Ltd.
Thai Union Group Public Company
SalMar ASA
Lerøy Seafood Group Asa
Guangdong Haid Group Co., Limited
Median
Average
Sources: S&P Capital IQ, Factiva, PwC research
Viticulture
M&A News
US: E&J Gallo Winery has acquired Orin Swift Cellars.
Management News
No relevant news.
Transaction multiples (EV/EBITDA) Trading multiples (EV/EBITDA)
Bidder/Target 1: Advini/Laroche, 2: Nikora/JSC Teliani Valley, 3: Remgro and ZederInvestment /Capevin Holdings, 4: Kirin/Mercian, 5: SVL/Abrau-Durso, 6: Majority shareholders/Magnotta Winery, 7: Sogrape Vinho/Bodegas Lan, 8: Tempo Beverages/BarkanWine Cellars, 9: FMR Rentas Generales/Viñedos Emiliana, 10: FMR Rentas Generales/ Treasury Wine Estates, 11: Kohlberg Kravis Roberts & Co / Treasury Wine Estates, 12: Private investor/ Schlumberger, 13: Private investor/ Pincon Spirit Ltd.
Diageo plc
Pernod-Ricard SA
Brown-Forman Corporation
Constellation Brands Inc.
Yantai Changy u Pioneer Wine
Dav ide Campari - Milano SpA
Treasury Wine Estates Limited
Anhui Kouzi Distillery Co., Ltd.
Vranken Pommery Monopole
Lanson-BCC
Median
Average
Deere & Company
CNH Industrial N.V.
Kubota Corporation
AGCO Corporation
The Toro Company
Lindsay Corporation
Turk Traktor v e Ziraat Makineleri
First Tractor Co. Ltd.
Iseki & Co. Ltd.
Jain Irrigation Sy stems Limited
Median
Average
Median: 8.1x
Median: 12.2x
Median: 11.3x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
35.0x
40.0x
Aug-11 Aug-12 Aug-13 Aug-14 Aug-15
0.0x
5.0x
10.0x
15.0x
20.0x
Feb-12 Feb-13 Feb-14 Feb-15
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15
PwC
June 2016
6
Global Agribusiness • Deal Activity
Food trust
PwC
June 2016
1. Globalisation of food supply chains
More food is being traded across borders as business activity becomes more mobile for international food companies entering new markets and looking to source the best prices for their food products.
This is transforming the food industry as regulators, food producers, sellers and consumers demand a more consistent approach to food safety and quality standards across geographies. Risks are increasing and maintaining oversight over food supply chains is becoming more challenging.
2. Integration of supply chains
As global food trade becomes subject to more regulations, food companies are spending millions on the integration of their supply chains to improve safety, traceability and processing facilities. At the same time, governments are issuing policy and strategic announcements to encourage the integration of supply chains to assist in making improvements.
3. Scandals and increasing scrutiny
High-profile food safety and quality scandals are damaging public trust in the food industry and increasing consumers’ concerns about their food.
With the ubiquity of social media and increasing media and public interest, more food scares are turning into damaging scandals – pushing governments and food companies to improve standards.
4. Rising regulatory standards
More stringent food safety regulations with stricter policies in terms of quality standards, supervision and sanctions are being adopted by governments committed to protecting their communities. Challenges are created in meeting multi-country regulations while remaining economically competitive.
For example, the FSMA has changed the game by shifting the FDA’s regulatory focus to the prevention of food safety problems that cause illness. The FDA now has a mandate to hold everyone at each step of the supply chain accountable for adopting preventative controls to decrease the likelihood of food safety problems –raising the compliance bar for all global food companies operating in and exporting into the US.
In maturing economies governments are committed to legislating to improve food safety and confidence in locally manufactured products – reducing their people’s need for expensive imported products.
In China, several government departments previously responsible for food safety, with fragmented powers and responsibilities, have been brought under the powers of the China Food and Drug Administration. After naming food safety a top priority, the Chinese leadership now has a far greater ability to improve standards.
5. Rising regulatory standards
The growth of emerging economies is creating huge consumer markets where none existed before. Consumption power is shifting to wealthier, more demanding and newly urbanised middle classes.
This is resulting in greater expectations of safety, quality, integrity and traceability of food by consumers across emerging economies. Demand for safe and high-quality food is increasing across the world.
This year the middle class in the Asia-Pacific region will outnumber the middle classes in the US and Europe combined. And by 2030, we estimate the purchasing power of the world’s seven largest emerging economies’ – the E7 – will overtake the established economies of the G7. More people want the best and can afford to buy it.
The customer base is changing as more economies move up the value chain and become core consumer markets for global food companies – no longer core producers of cheap labour.
Food trust Food supply and integrity issues
7
Section 2 – Food trust
Global Agribusiness • Deal Activity
Why is the global food industry changing and how will it continue to evolve? Here are the top 10 changes we’re seeing.
PwC
June 2016
6. Technological and scientific breakthroughs
Scientific advances are creating a greater understanding of food health and safety and the early detection of hazards, while technological breakthroughs are helping improve standards and manage risk.
These advances are opening up opportunities for companies to gather more information about the safety and quality of their food across the supply chain. We’re using technology-enabled solutions to improve traceability and provide regulators and consumers with critical information about safety and quality.
These advances are opening up opportunities for food companies to gather more information about the safety and quality of their food across the supply chain, from farm to fork. Bespoke solutions are required to deal with the complexity of operations and give stakeholders greater confidence.
Imagine novel technologies that allow consumers to scan products on the shop floor that link to social media and cloud based devices to bring up information about its origin and journey to the customer? Or isolating the negative impacts of a product recall by using advanced monitoring, testing and traceability capabilities?
Thanks to the latest on-farm GPS mapping and crop management technologies, IT systems that support vast data gathering and reporting to the real-time analysis and monitoring for contaminants on the production line, these innovations are now a reality.
At the same time, greater technical literacy and awareness of food safety issues are increasing consumer expectations that companies should use technology to improve standards, traceability and transparency.
7. Changing food demand
Improving living standards across emerging economies are changing diets and driving growth within the food industry and the amount spent on meat and processed foods.
In emerging economies the consumption of protein is increasing as populations grow wealthier and people have a greater concern not just with the safety of their food, but with quality, choice and aesthetics.
Traceability and the demand for more choice, such as organic and halal products, are creating new standards for compliance, testing and certification across the world.
8. Empowered consumers
Consumer issues are becoming more complex and open as social media gives every customer that wants it an opportunity to share their views on the safety and quality of food products. Consumer expectations are also increasing with the growing knowledge of food safety and quality issues.
Through words, pictures and videos customers have a powerful medium on the phone in their pocket to expose food companies and create damaging food safety scandals.
Indeed, it’s not just consumers that food companies need to be concerned about; employees, activists, media and other stakeholders could all expose food companies not following best practice. As such, food companies are investing more resources in risk management and prevention.
9. From compliance to competitive advantage
The bar is rising in terms of safety and quality for global food companies wishing to gain an edge and differentiate themselves in the market.
Leading food companies are going well beyond the standards required to be compliant and setting their own independent standards and using them as a measure to control risk, production efficiency, protect brand value and create import trade barriers. Food companies can see the benefit of progressing to higher levels of compliance.
10. Population growth and food scarcity
As the world becomes more populous and prosperous, demand for food and other natural resources will rise.
Food consumption is expected to increase 35% over the next 15 years as we add another billion people to the world’s population by 2025. Agricultural production will need to increase by 70% to feed the world’s people by 2050, yet climate change and pressures on water and energy availability will impact supply.
So, how will we feed all these extra people and meet rising consumption demands in the face of increased food scarcity? Governments and food companies are urgently assessing the risks they face in food supply chains and finding alternative suppliers, producers and products. Contingency planning may involve finding alternative growing areas, making acquisitions or divestments and sourcing from new markets.
As food scarcity increases, the industry will need to remain vigilant to criminal activity that will compromise the integrity of the food supply chain through the adulteration or mislabelling of products. Food defence is growing in importance. Beyond the economic cost, estimated in 2010 by the US Grocery Manufacturers Association (GMA) to be $10 billion to $15 billion a year, food fraud can lead to serious public health risks.
Food trustFood supply and integrity issues
8
Section 2 – Food trust
Global Agribusiness • Deal Activity
Top 10 food supply and integrity changes contd…
PwC
June 2016
9
Global Agribusiness • Deal Activity
Markets update
PwC
June 2016
Macroeconomic & foreign exchange data
Section 3 – Markets update
10
Global Agribusiness • Deal Activity
Source: S&P Capital IQ
FX – Spot rates FX – Week-to-date % change
Macroeconomic indicators
Notes: Figures are the most recently reported quarterly data, as reported by the Economist Intelligence Unit by 20 May 2016 • Current data is for 2015Q4 or 2016Q1 whereavailable • Real GDP growth is calculated as % change year on year • CPI Inflation is calculated as % change year on year • Unemployment rate represents the actualunemployment as a percentage of the labour force • Industrial Production Index is calculated as % change year on year for the index • Producer Price Index in calculated as the %change year on year for the index of prices faced by firms, with the exception of Brazil whose index is based on a general prices • Exports fob in $US bn • Trade balance iscalculated as Exports fob less imports cif in $US bn • Reported currencies for Exports and Trade Balances converted to $US at most recent conversion rates at time of writing •
Note: Straight line shows historical spot prices, dotted marked line shows futures prices. Price development table is based on most actively traded futures contract.
FX – Year-to-date % changeFX – Month-to-date % change
EUR USD BRL CNY GBP
1 EUR - -2.24% -6.63% -1 .20% 8.7 9%
1 USD 2.29% - -4.49% 1 .06% 1 1 .28%
1 BRL 7 .1 0% 4.7 0% - 5.81 % 1 6.51 %
1 CNY 1 .22% -1 .05% -5.49% - 1 0.1 1 %
1 GBP -8.08% -1 0.1 4% -1 4.1 7 % -9.1 8% -
20.00
30.00
40.00
50.00
60.00
70.00
Jun-2015 Oct-2015 Feb-2016 Jun-2016 Oct-2016 Feb-2017 Jun-2017
EUR USD BRL CNY GBP
1 EUR - 1 .1 1 06 3.5564 7 .381 9 0.8354
1 USD 0.9005 - 3.2024 6.647 0 0.7 522
1 BRL 0.281 2 0.31 23 - 2.07 56 0.2349
1 CNY 0.1 355 0.1 504 0.481 8 - 0.1 1 32
1 GBP 1 .1 97 1 1 .3294 4.257 4 8.8368 -
EUR USD BRL CNY GBP
1 EUR - -0.21 % -1 1 .33% 0.84% 9.26%
1 USD 0.21 % - -1 1 .1 5% 1 .05% 9.49%
1 BRL 1 2.7 8% 1 2.54% - 1 3.7 2% 23.23%
1 CNY -0.83% -1 .04% -1 2.07 % - 8.36%
1 GBP -8.48% -8.67 % -1 8.85% -7 .7 1 % -
EUR USD BRL CNY GBP
1 EUR - 2.25% -1 7 .34% 4.69% 1 3.43%
1 USD -2.20% - -1 9.1 6% 2.38% 1 0.93%
1 BRL 20.97 % 23.7 0% - 26.64% 37 .21 %
1 CNY -4.48% -2.32% -21 .04% - 8.35%
1 GBP -1 1 .84% -9.85% -27 .1 2% -7 .7 1 % -
Crude Oil - Brent ($ per Bbl. – ICE: ^B) Gold ($ per troy oz. – COMEX: ^GC)
1,040.00
1,090.00
1,140.00
1,190.00
1,240.00
1,290.00
1,340.00
Jun-2015 Oct-2015 Feb-2016 Jun-2016 Oct-2016 Feb-2017 Jun-2017
Latest price 1 ,3 2 6 .9 0 Week-to-date 5 .05 %
52-w eek low 1 ,04 9 .6 0 Month-to-date 8 .9 9 %
52-w eek high 1 ,3 2 6 .9 0 Year-to-date 2 5 .1 6 %
Dev elopm ent - Gold
Indicator Australia Brazil China Germany India Japan U.K. U.S.
Real GDP Growth (YoY) 3.0% -5.1 % 6.8% 0.7 % 7 .5% 0.0% 2.1 % 2.0%
Industrial Production Index (YoY) 1 .9% -1 1 .8% 5.9% 2.9% 0.2% -3.2% 0.8% -1 .7 %
Unemploy ment rate 5.8% 1 0.9% n/a 4.3% n/a 3.2% 5.1 % 4.9%
CPI Inflation (YoY) 1 .3% 1 0.1 % 1 .5% 0.1 % 5.3% 0.1 % 0.4% 1 .1 %
Producer Price Index (YoY) -1 .1 % -8.4% n/a -2.7 % -0.9% -3.4% -1 .0% -0.1 %
Exports ($US bn) 42.0 40.6 61 3.0 331 .8 64.5 1 7 0.4 1 06.4 352.8
Trade Balance ($US bn) -3.5 8.4 1 7 4.9 69.3 -1 9.2 3.3 -51 .1 -1 82.6
Latest price 5 1 .3 2 Week-to-date -0.5 6 %
52-w eek low 2 8 .5 5 Month-to-date 4 .3 5 %
52-w eek high 6 4 .1 4 Year-to-date 3 6 .2 4 %
Dev elopm ent - Cru de Oil
PwC
June 2016
Commodities (1/2)
Section 3 – Markets update
11
Global Agribusiness • Deal Activity
Corn ($ per bu. – CBOT: ^C)
Oats ($ per bu. – CBOT: ^O)
Soybean Meal ($ per T – CBOT: ^SM)
Wheat ($ per bu. – CBOT: ^W)
Soybeans ($ per bu. – CBOT: ^S)
Sugar #11 ($ per lb – ICE: ^SB)
Source: S&P Capital IQ
Note: Straight line shows historical spot prices, dotted marked line shows futures prices. Price development table is based on most actively traded futures contract.
3.40
3.60
3.80
4.00
4.20
4.40
4.60
Jun-2015 Oct-2015 Feb-2016 Jun-2016 Oct-2016 Feb-2017 Jun-20174.00
4.50
5.00
5.50
6.00
6.50
Jun-2015 Oct-2015 Feb-2016 Jun-2016 Oct-2016 Feb-2017 Jun-2017
8.00
8.50
9.00
9.50
10.00
10.50
11.00
11.50
12.00
Jun-2015 Oct-2015 Feb-2016 Jun-2016 Oct-2016 Feb-2017 Jun-2017
250.00
270.00
290.00
310.00
330.00
350.00
370.00
390.00
410.00
430.00
Jun-2015 Oct-2015 Feb-2016 Jun-2016 Oct-2016 Feb-2017 Jun-2017
Latest price 3 9 6 .4 0 Week-to-date 3 .2 3 %
52-w eek low 2 6 0.6 0 Month-to-date -1 .5 4 %
52-w eek high 4 1 8 .3 0 Year-to-date 4 9 .3 0%
Dev elopm ent - Soy bean
0.10
0.12
0.14
0.16
0.18
0.20
0.22
Jun-2015 Oct-2015 Feb-2016 Jun-2016 Oct-2016 Feb-2017 Jun-2017
Latest price 0.2 1 Week-to-date 9 .4 8 %
52-w eek low 0.1 0 Month-to-date 2 0.6 1 %
52-w eek high 0.2 1 Year-to-date 3 7 .8 6 %
Dev elopm ent - Su gar
Latest price 3 .7 7 Week-to-date -3 .7 9 %
52-w eek low 3 .5 1 Month-to-date -7 .5 3 %
52-w eek high 4 .4 2 Year-to-date 5 .3 0%
Dev elopm ent - Corn
Latest price 4 .4 4 Week-to-date -4 .5 4 %
52-w eek low 4 .4 4 Month-to-date -7 .6 6 %
52-w eek high 6 .1 5 Year-to-date -5 .4 8 %
Dev elopm ent - Wh eat
Latest price 2 .01 Week-to-date -4 .2 3 %
52-w eek low 1 .7 8 Month-to-date 5 .2 3 %
52-w eek high 2 .7 7 Year-to-date -7 .3 7 %
Dev elopm ent - Oat s
1.70
1.90
2.10
2.30
2.50
2.70
2.90
Jun-2015 Oct-2015 Feb-2016 Jun-2016 Oct-2016 Feb-2017 Jun-2017
Latest price 1 1 .4 0 Week-to-date 1 .4 2 %
52-w eek low 8 .5 5 Month-to-date 6 .1 6 %
52-w eek high 1 1 .7 8 Year-to-date 3 1 .9 5 %
Dev elopm ent - Soy bean
PwC
June 2016
Commodities (2/2)
Section 3 – Markets update
12
Global Agribusiness • Deal Activity
Cocoa ($ per MT – ICE: ^CC)
Rice – Rough #2 ($ per cwt. – CBOT: ^RR)
Crude Palm Kernel Oil ($ per MT – KLSE: ^QF)
Coffee – Columbian ($ per lb – ICE: ^KC)
Soybean Oil ($ per lb – CME: ^BO)
Milk – Class III ($ per lb – CME: ^DA)
Source: S&P Capital IQ
Note: Straight line shows historical spot prices, dotted marked line shows futures prices. Price development table is based on most actively traded futures contract.
2,700.00
2,800.00
2,900.00
3,000.00
3,100.00
3,200.00
3,300.00
3,400.00
3,500.00
Jun-2015 Oct-2015 Feb-2016 Jun-2016 Oct-2016 Feb-2017 Jun-2017
Latest price 3 ,03 4 .00 Week-to-date -4 .7 1 %
52-w eek low 2 ,7 6 1 .00 Month-to-date 4 .05 %
52-w eek high 3 ,4 1 7 .00 Year-to-date -5 .5 1 %
Dev elopm ent - Cocoa
9.00
10.00
11.00
12.00
13.00
14.00
Jun-2015 Oct-2015 Feb-2016 Jun-2016 Oct-2016 Feb-2017 Jun-2017
400.00
450.00
500.00
550.00
600.00
650.00
700.00
750.00
Jun-2015 Oct-2015 Feb-2016 Jun-2016 Oct-2016 Feb-2017 Jun-20170.12
0.13
0.14
0.15
0.16
0.17
0.18
Jun-2015 Oct-2015 Feb-2016 Jun-2016 Oct-2016 Feb-2017 Jun-2017
1.10
1.15
1.20
1.25
1.30
1.35
1.40
1.45
1.50
1.55
Jun-2015 Oct-2015 Feb-2016 Jun-2016 Oct-2016 Feb-2017 Jun-2017
Latest price 1 .4 4 Week-to-date 1 .08 %
52-w eek low 1 .1 2 Month-to-date 1 8 .8 9 %
52-w eek high 1 .4 4 Year-to-date 1 4 .01 %
Dev elopm ent - Coffee
Latest price 1 0.9 0 Week-to-date -1 .2 7 %
52-w eek low 9 .6 9 Month-to-date -5 .7 9 %
52-w eek high 1 3 .4 0 Year-to-date -7 .9 0%
Dev elopm ent - Rou gh Rice
Latest price 5 8 9 .7 5 Week-to-date -3 .8 7 %
52-w eek low 4 2 3 .2 5 Month-to-date -7 .3 8 %
52-w eek high 7 01 .2 5 Year-to-date 5 .6 0%
Dev elopm ent - Palm Oil
Latest price 0.1 5 Week-to-date 2 .5 3 %
52-w eek low 0.1 2 Month-to-date 1 8 .9 3 %
52-w eek high 0.1 7 Year-to-date 1 1 .9 3 %
Dev elopm ent - Milk
0.26
0.28
0.30
0.32
0.34
0.36
Jun-2015 Oct-2015 Feb-2016 Jun-2016 Oct-2016 Feb-2017 Jun-2017
Latest price 0.3 1 Week-to-date -2 .8 8 %
52-w eek low 0.2 6 Month-to-date -2 .6 4 %
52-w eek high 0.3 5 Year-to-date 0.7 5 %
Dev elopm ent - Soy bean
PwC
June 2016
Equity indices
Section 3 – Markets update
13
Global Agribusiness • Deal Activity
MSCI USA
MSCI Pacific
MSCI World/Food Products (Industry Index)
MSCI Europe
MSCI BRIC
MSCI World/Retailing (Industry Group Index)
Source: S&P Capital IQ
900
1,100
1,300
1,500
1,700
1,900
Jun-2011 Jun-2012 Jun-2013 Jun-2014 Jun-2015 Jun-2016
1,500
1,700
1,900
2,100
2,300
2,500
2,700
Jun-2011 Jun-2012 Jun-2013 Jun-2014 Jun-2015 Jun-2016
150
200
250
300
350
400
Jun-2011 Jun-2012 Jun-2013 Jun-2014 Jun-2015 Jun-2016
120
140
160
180
200
220
240
260
Jun-2011 Jun-2012 Jun-2013 Jun-2014 Jun-2015 Jun-2016100
150
200
250
300
350
Jun-2011 Jun-2012 Jun-2013 Jun-2014 Jun-2015 Jun-2016
Latest value 1 ,9 3 7 .7 0 Week-to-date -2 .5 7 %
52-w eek low 1 ,7 3 4 .2 4 Month-to-date -2 .9 0%
52-w eek high 2 ,03 8 .5 8 Year-to-date -0.6 2 %
Dev elopm ent - MSCI USA
Latest value 1 ,3 4 7 .5 1 Week-to-date -8 .3 4 %
52-w eek low 1 ,3 05 .7 6 Month-to-date -9 .03 %
52-w eek high 1 ,7 06 .00 Year-to-date -1 1 .5 0%
Dev elopm ent - MSCI Eu rope
Latest value 2 ,1 5 9 .02 Week-to-date -3 .9 3 %
52-w eek low 1 ,9 4 2 .5 4 Month-to-date -4 .04 %
52-w eek high 2 ,5 07 .1 9 Year-to-date -6 .7 2 %
Dev elopm ent - MSCI Pacific
Latest value 2 1 9 .4 4 Week-to-date -1 .5 8 %
52-w eek low 1 8 5 .1 4 Month-to-date -0.9 1 %
52-w eek high 2 7 9 .4 1 Year-to-date -0.6 9 %
Dev elopm ent - MSCI BRIC
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
Jun-2011 Jun-2012 Jun-2013 Jun-2014 Jun-2015 Jun-2016
Latest value 3 06 .2 2 Week-to-date -2 .3 0%
52-w eek low 2 6 7 .3 9 Month-to-date -3 .3 0%
52-w eek high 3 2 7 .4 8 Year-to-date -3 .3 7 %
Dev elopm ent - MSCI World/Ret ailing (Indu st ry Grou p Index)
Latest value 2 4 0.6 4 Week-to-date -1 .8 5 %
52-w eek low 2 1 5 .1 6 Month-to-date 0.00%
52-w eek high 2 4 6 .9 2 Year-to-date 3 .5 8 %
Dev elopm ent - MSCI World/Food Produ ct s (Indu st ry Index)
PwC
June 2016
Section 4 – Our team
14
Global Agribusiness • Deal Activity
Credentials
Vendor due diligence for GKN identifying key drivers of investment in agriculture tractors and machinery in Europe, the US, Brazil, Russia
and China
Undertook a strategic review;
Commodity risk analysis;
buy-side assistance to Shanghai Maling for
their 50% stake in SFF
Financial advisor to Oji Holdings and
Innovation Network on their US$890m
acquisition of Carter Holt Harvey
Buy-side advisory
Advisor on acquisition of Coop Farms estate for £249m in one of the
largest land sales in Britain
Buy-side advisory
Financial due diligence for GrainCorp for their
acquisition of Allied Mills
Sale of 100% of equity in Manuka Health NZ to Pacific Equity Partners
for NZ$110m.
Sell-side advisory
Bright Sugar Co. Ltd.Acquisition of 60%
stake in Yunnan Yin More Sugar Co. Ltd
Buy-side advisory
Assisted KS Oils raise second round
US$110m of Private Equity funds
Financial advisory
Lead advisory for Marlborough Lines in
their acquisition of 80% of Yealands Estate
Buy-side advisory Buy-side advisory
Advisor to management on the sale of Provimi to
Cargill
Advisor to management of Heiploeg on its capital structure Total debt 130m
Commercial due diligence of Cimbria,
manufacturer of grain handling and seed
processing equipment on behalf of Silverfleet
Capital
Commercial due diligence of Haarslev,
one of the leading global meat rendering machinery suppliers
Financial and due diligence services on a
transaction for Syngenta
Financial Advisory
Advised DLG on acquisition of 43% stake
in Team
Financial Advisory
Sell-side advisory Financial advisory
PwC
June 2016
Section 4 – Our team
15
Global Agribusiness • Deal Activity
PwC was the number one global M&A advisor for 2015, achieved through a strong international network
PwC currently has approximately 480 live sale mandates and we advise on average over 300 deals globally per year
PwC M&A Ranking 2015
• Global: 1st
• Global buyouts 1st
• Europe: 1st
• European buyouts: 1st
• Iberia: 1st• Nordics: 1st • Asia-Pacific (excl. Japan): 1st • South Korea: 1st
Source: MergerMarket M&A Trend Report 2015
Deal Count
1 PwC 132
2 117
3 KPMG 113
4 EY 86
5 Nomura 83
Rank Advisor
Asia-Pacific
Deal Count
1 PwC 389
2 Goldman Sachs 349
3 Morgan Stanley 329
4 KPMG 323
5 JP Morgan 303
Rank Advisor
Global
Morgan Stanley
Deal Count
1 Goldman Sachs 253
2 Morgan Stanley 210
3 JP Morgan 198
4 Bank of America Merrill Lynch 171
15 PwC 96
Rank Advisor
Americas
Deal Count
1 PwC 262
2 Rothschild 242
3 KPMG 205
4 EY 196
5 Deloitte 175
Rank Advisor
Europe
2015
PwC
June 2016
Section 4 – Our team
16
Global Agribusiness • Deal Activity
Global CF leader
Stuart MckeeT: +44 20 7213 4321E: [email protected]
Argentina
Mariano TomatisT: +54 11 4850 4757E: [email protected]
Australia
Craig HeraghtyT: +61 282 661 458E: [email protected]
Ryan JordanT: +61 732 575 641E: [email protected]
Brazil
Ana MalvestioT: +55 16 2133 6624E: [email protected]
Jose RezendeT: +55 11 3674 2279E: [email protected]
Daniela CocoT: +55 19 3794 5400E: [email protected]
Canada
Clinton L. RobertsT: +1 403 509 7307E: [email protected]
CEE
Stephen OldfieldT: +44 (0) 771 038 8792E: [email protected]
China
Frank LynT: +86 10 6533 2388E: [email protected]
Gabriel WongT: +86 21 2323 2609E: [email protected]
Denmark
Thomas KrantzT: +45 3 945 3140E: [email protected]
France
Yves PelleT: +33 (0) 299 231 705E: [email protected]
Germany
Norbert NiedenhofT: +49 (0) 541 330 4330E: [email protected]
India
Ajay KakraT: +91 124 330 6029E: [email protected]
Sunjay VST: +91 124 330 6171E: [email protected]
Indonesia
Rizal SatarT: +62 21 5289 0350E: [email protected]
Ireland
Jimmy MaherT: +353 (0) 1 792 6326E: [email protected]
Japan
Matthew J WybornT: +81 (3) 3546 8570E: [email protected]
Taizo IwashimaT: +81 (3) 6266 5572E: [email protected]
MENA
Mark WebsterT: +966 (11) 211 0400 (Ext. 1555)E: [email protected]
Netherland
Ruud KokT: +31 (0) 88792 6382E: [email protected]
Guido EmanuelsT: +31 (6) 2042 0533E: [email protected]
New Zealand
Craig ArmitageT: +64 (3) 374 3052E: [email protected]
Justin LiddellT: +64 (9) 355 8330E: [email protected]
Romania
Anca ScurtescuT: +40 21 22 53 871E: [email protected]
Singapore
Richard SkinnerT: +65 9823 3771E: [email protected]
South Africa
Frans WeilbachT: +27 (21) 815 3204E: [email protected]
Switzerland
Dr. Martin FreyT: +41 58 792 15 37E: [email protected]
Ukraine
Olena VolkovaT: +38 (0) 56 733 5010E: [email protected]
UK
Mark JamesT: +44 (0) 7803 858721E: [email protected]
Thomas SengbuschT: +44 (0) 7725 069448E: [email protected]
USA
Thomas JohnsonT: +1 612 596 4846E: [email protected]
Christopher NolanT: +1 646 4717387E: [email protected]
Sean GaffneyT: +1 216 875 3275E: [email protected]
Agribusiness network Global Agribusiness Deals reportElisha NuttallE: [email protected]
PwC
June 2016
Section 4 – Our team
17
Global Agribusiness • Deal Activity
Global Leader
Craig ArmitageE: [email protected]
Australia
Clare PowerE: [email protected]
Andrew WilsonE: [email protected]
Christopher DaniellE: [email protected]
Rick CretharE: [email protected]
Belgium
Marc DaelmanE: [email protected]
Yogesh NayakE: [email protected]
Brazil
Ana MalvestioE: [email protected]
Daniela CocoE: [email protected]
China
Shirley XieE: [email protected]
Janice LeeE: [email protected]
Catherine BarieE: [email protected]
Michelle MengE: [email protected]
France
Baptisete BannierE: [email protected]
Kader GarnierE: [email protected]
Sabine Durand-HayesE: [email protected]
Germany
Hendrik FinkE: [email protected]
Barbara Johanna WielerE: [email protected]
Gerd BovensiepenE: [email protected]
Marcus MesserschmidtE: [email protected]
India
Ashok VarmaE: [email protected]
Ajay KakraE: [email protected]
Italy
Gianluca SacchiE: [email protected]
Japan
Kazu MiyamuraE: [email protected]
Yukinori MorishitaE: [email protected]
Yoshiaki YoneyamaE: [email protected]
Malaysia
Josephine PhanE: [email protected]
Khoon Yean Soo HooE: [email protected]
Netherlands
Hans SchooldermanE: [email protected]
Onno NillesenE: [email protected]
Tom BerendsenE: [email protected]
New Zealand
Bruce BaillieE: [email protected]
Mark BramleyE: [email protected]
Scott MitchellE: [email protected]
Richard PolsonE: [email protected]
Norway
Per RøhnebækE: [email protected]
Food Supply & Integrity Services team
Qatar
Michael FergusonE: [email protected]
Russia
Tim CloughE: [email protected]
Singapore
Julia LeongE: [email protected]
Desiree BeerenE: [email protected]
Richard SkinnerE: [email protected]
Switzerland
Michael RubleE: [email protected]
Turkey
Tumin GultekinE: [email protected]
Taiwan
Paul LiuE: [email protected]
Garry KingE: [email protected]
United Kingdom
Marco AmitranoE: [email protected]
Fran MarwoodE: [email protected]
Madeleine ThompsonE: [email protected]
United States
Sally BernsteinE: [email protected]
Kelvin HarrisE: [email protected]
Thomas Johnson
Don ReedE: [email protected]
Vietnam
Xavier PotierE: [email protected]