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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 Q2 2019
September 2019
Recent European debt advisory transactions
2
Advised the sponsor on an
acquisition financing
Value undisclosed
August 2018
Advised the company on a refinancing and recapitalisation
Value undisclosed
August 2018
Advised the company on a
refinancing
Value undisclosed
July 2018
Advised on a staple financing
Value undisclosed
December 2018
Advised elivie on a refinancing
EUR 360m
November 2018
Advised the company on a
refinancing
GBP 146m
August 2018
Project Siri
Advised the shareholders and
the company on its sale
process and lender education
Value undisclosed
September 2018
Advised a sponsor on an
acquisition financing
Value undisclosed
June 2018
Project White
Advised the company on an
amendment and refinancing
Value undisclosed
May 2018
Advised on the acquisition financing of Neoxam
Value undisclosedMay 2018
Advised HQ Equita on the
acquisition financing of r2p and
Open Access
Value undisclosedJuly 2018
Advised Evernex on a refinancing
Value undisclosedJuly 2018
Advised a sponsor on an
acquisition financing
GBP 80m
July 2018
Project Harrow
Advised a sponsor on an
acquisition financing
Value undisclosed
July 2018
Project Broadleaf
Advised the sponsor on an
amendment
EUR 160mApril 2018
Advised the sponsor on acquisition facilities
EUR 125mApril 2018
Advised the sponsor on acquisition facilities
Value undisclosedApril 2018
Advised the company on a
refinancing
Value undisclosed
January 2019
Advised the company on a
debt raise
Value undisclosed
January 2019
Project Pint
Advised a family office on a
refinancing
GBP 60m
December 2018
Project Eclipse
Advised on a staple financing
Value undisclosed
March 2019
Advised the sponsor on an
acquisition financing
Value undisclosed
February 2019
Advised the company on a
debt raise
Value undisclosed
January 2019
Project River
Advised the company and
sponsor on an add-on
acquisition financing
Value undisclosed
January 2019
Advised the company on a
refinancing
Value undisclosed
April 2019
Project Façade
Advised the company on a
debt raise
Value undisclosed
March 2019
Advised the largest
shareholder
GBP 900m
March 2019
Advised the sponsor on an
acquisition financing
Value undisclosed
July 2019
Project Trident
Advised on a staple financing
Value undisclosed
June 2019
Advised on a staple financing
Value undisclosed
May 2019
Advised Novum on the
recapitalisation of C.C Group
Value undisclosed
May 2019
Advised ICG Infrastructure on
acquisition financing
Undisclosed
Pending
Smart metering
Advised Naxicap on an
acquisition financing
Undisclosed
Pending
Campsites
Advised Ergon Capital on
acquisition financing
EUR 115m
July 2019
Specific food products distribution
Advised Uperio on its
refinancing
EUR 80m
July 2019
Cranes rental services
Q2 2019 – Executive summaryEuropean mid-market activity dipped in Q2 as the market was impacted by geopolitical factors
The Spanish leveraged loan market remained strong with
several large M&A transactions such as UAX, CEPSA and
Telepizza, supported by large underwriting appetite
In terms of domestic liquidity, the top 3 Spanish banks
continue to dominate, however private credits fund gradually
increasing their market share
Amidst a weakening economic backdrop, we expect to see
tightening credit conditions and reduced lender appetite
resulting in falling average leverage ratios and lower loan
volumes in the second half of the year
Highlights – Spain
The DACH mid-cap leveraged debt market has
experienced a rather quiet Q2 2019, with senior banks
and direct lending funds competing for a very limited
number of opportunities, with a mixed quality M&A
pipeline
Notable primary buyouts closed in the healthcare sector
Acquisition financing activity is expected to drive volumes
in the second half of the year, with direct lenders
increasing their market share as banks reduce their LBO
exposure
Highlights – DACH
In the first half of the year, volumes remained stable but
below record highs of the prior year
Direct lenders continue to gain market share, delivering
sizeable, flexible financing solutions to issuers
Issuers are willing to pay a credit fund premium to
secure requisite flexibility to support ambitious
development plans
Competition among lenders is predicted to remain high,
supported by a relatively strong macro backdrop
Highlights – France
The UK mid-market has seen a spike in refinancing activity in
the first half of the year compared to the prior year
Sponsors continue to take advantage of opportunistic market
conditions
With Brexit uncertainty continuing into H2, we expect to see
further flight to quality. We see exceptionally strong investor
demand for ‘resilience’ and a limited bid (if any) for more
challenged issuers
Highlights – UK
Highlights Europe
Opportunistic activity helped boost loan issuance in H1 2019 with a large uptick in the number of refinancings, accounting for 46% of mid-market sponsored loan
transactions by deal count for the YTD, compared to 38% in 2018
The UK mid-market has seen the highest number of sponsored loan transactions in the first half of the year, taking 36% of the share based on the deal count as
sponsors take advantage of opportunistic market conditions
We expect the second half of the year to be a period of further volatility with continued bifurication between good and bad credits. Good credit stories such as highly
recurring revenues will become increasingly valued with difficult credit stories (e.g. seasonal and consumer focused companies) being penalised
DC Advisory’s European Capital Advisory team explores the activity for Q2 2019 >
Debt Market Monitor Q2 2019: UK
4
Multi-banked LBOs and refinancings completed Q2 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
Llo
yds
Santa
nder
Investe
c
SM
BC
Bank o
f Ir
ela
nd
Cre
dit A
gri
cole
NIB
C
ING
Cly
desdale
Bank
Cre
dit S
uis
se
SV
B
BN
P P
ari
bas
DN
B
RB
C
Am
egy
AT
B
Butt
erf
ield
Iberi
aB
ank
Sie
mens
Unic
redit
Wells
Farg
o
IMI
Uls
ter
Bank
Com
merz
bank
Banco d
e
Sabadell
Rabobank
Are
s
Perm
ira
Alc
entr
a
Pem
bert
on
Apollo
Bari
ngs
Fiv
e A
rrow
s
M&
G
AIG
Bain
Capital C
redit
CV
C
Bla
ckR
ock
KK
R
Park
Square
ICG
Aviv
a
Hayfin
Herm
es
Apera
Asset
Managem
ent
Bri
dgepoin
t
GIC
Gold
man S
achs
LG
T E
uro
pean
Capital
Pri
coa
Alv
in P
art
ners
Cre
scent
Deuts
che B
ank
Golu
b C
apital
Muzin
ich
Natu
re o
f d
eal
LB
O
EBITDA > £25m
Acturis Astorg CL
Study Group Ardian CL
EBITDA < £25m
Aston Lark Goldman Sachs Private Equity Uni
Away Resorts Freshstream / LDC * Uni
Business Network International Pamlico Capital Uni
Care Fertility Silverfleet * Uni
CH&Co Equistone * Uni
Equiom Värde Capital Partners / LDC * * * * 1 O / 2 O
Excellence Logging (ExLog) Blue Water Energy CL
FirstPort Epiris 1 O / 2 O
Lovehoney Telemos CL
Parker Building Supplies Cairngorm Capital Partners Uni
Pirum Systems Bowmark Capital 1 O / 2 O
Scott Dunn Inflexion CL
SMP Group Palatine Private Equity * Uni
Refi
nan
cin
g
EBITDA > £25m
Centurion Group SCF Partners CL
Dobbies Garden Centres Midlothian Capital Partners * Uni
Kee Safety Investcorp CL
PIB Group Carlyle Group * CL
Princess Yachts LVMH CL
Six Degrees Charlesbank Capital Partners * Uni
EBITDA < £25m
AgriBriefing Horizon Capital Uni
Arlington Industries Cartesian Capital Uni
Blue Motor Finance Cabot Square Uni
David Brown Santasalo Clyde Blowers * Uni
Fastflow Elysian 1 L / 2 L
Inspired Thinking Group Equistone CL
Kynetec Inflexion Private Equity * Uni
Laine Pub Company Patron Capital / May Capital Uni
Node4 Bowmark Capital 1 O / 2 O
OAG Vitruvian Partners Uni
Private Equity International Bridgepoint Development Capital Uni
Summit Medical Group Apposite Capital CL
Swanton Care & Community Apposite Capital CL
Total Q2-19 10 13 4 2 6 3 2 3 1 1 1 0 3 1 0 1 0 0 1 1 1 1 1 1 1 0 0 0 0 0 6 2 1 1 3 1 1 1 0 2 2 0 2 2 1 0 0 0 1 1 1 1 1 1 0 0 0 0 0
LT
M #
of
deals 34
Total Q1-19 14 9 5 4 1 5 1 0 2 1 0 1 0 0 2 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 5 4 1 2 1 1 3 2 1 1 0 1 0 0 1 2 0 0 0 0 0 0 0 0 1 1 1 1 0 38
Total Q4-18 11 11 7 6 5 4 1 2 1 2 2 1 0 2 0 0 2 1 0 0 0 0 0 0 0 0 0 1 0 0 4 3 5 1 1 2 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 30
Total Q3-18 11 10 3 3 2 1 3 1 0 0 1 2 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 1 1 6 1 1 3 0 1 0 1 3 0 1 2 0 0 0 0 1 2 0 0 0 0 0 0 0 0 0 0 1 26
Total LTM 46 43 19 15 14 13 7 6 4 4 4 4 3 3 3 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 21 10 8 7 5 5 4 4 4 3 3 3 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 128
Debt Market Monitor Q2 2019: France
5
Multi-banked LBOs and refinancings completed Q2 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
BN
P P
ari
bas
CIC
Socié
té G
énéra
le
CA
Régio
nale
s
Banque P
ala
tine
Banque P
opula
ire
Cais
se d
'Eparg
ne
HS
BC
Cre
dit M
utu
el A
rkea
Bank o
f Ir
ela
nd
CA
-CIB
Cre
dit d
u N
ord
ING
Natixis
La B
anque P
osta
le
SM
BC
KB
C
BE
SV
CM
-CIC
Pri
vate
Debt
Idin
vest
CA
PZ
A / A
rtem
id
Lyxor
Alc
entr
a
LG
T P
rivate
Debt
Bari
ngs
Pem
bert
on
Tik
ehau
Cere
a
Ard
ian
Bri
dgepoin
t P
rivate
Debt
Bpifra
nce
Investissem
ent
Indig
o C
apital
Perm
ira
Zencap
AM
Gold
man S
achs
BN
P P
ari
bas S
ME
Debt
Fund
Blu
eB
ay
Axa
Investm
ent M
anagers
Scor
Investm
ent P
art
ners
CV
C
ICG
Allia
nz G
lobal In
vesto
rs
Natu
re o
f d
eal
LB
O
EBITDA > €25m
Sabena Technics Sagard Uni
EBITDA < €25m
Landanger 21 Invest France Uni
Consultim BlackFin Capital Partners CL
Atlas for Men Latour Capital CL + Mezz
Recocash IK Investment Partners Uni
Eurotab Tabletting LBO France Uni
Léon Vincent 21 Invest France CL
Amaya Vendis Capital UW
Vitale Assistance Weinberg Capital Partners CL
CWF
Arkea Capital, Raise
Investissement, Dzeta Private
Equity
CL
SphereaAndera Partners, Omnes
Capital UW
Moustache Bike LBO France CL
Nord CoffrageInitiative et Finance, Turenne
Capital CL
ADIT Parquest Capital Uni
Re
fin
an
cin
g
EBITDA > €25m
Stelliant Naxicap Partners CL
Orca Developpement IDI CL
Groupe CIRBridgepoint Development
Capital Uni
Photonis Ardian CL + PIK
EBITDA < €25m
Redspher Eurazeo PME CL
Buffet Crampon Trail Capital CL
Isla Delice Perwyn Uni
Mecatherm Unigrains CL
Questel IK Investment Partners Uni
2RH Eurazeo PME 1 Out/ 2
Out
La Compagnie des Desserts Argos Wityu Uni
IRO Fosun International CL
Vitaprotech Eurazeo PME Uni
Total Q2-19 9 10 9 4 4 4 2 5 4 3 2 1 4 1 1 1 0 0 0 6 5 3 3 2 2 1 3 1 1 1 2 1 1 0 1 1 0 0 1 1 0 0 0 27
Total Q1-19 8 8 10 8 4 1 3 2 3 3 1 2 0 2 2 0 1 0 0 8 3 2 1 0 0 0 1 2 2 2 0 2 1 1 0 0 1 1 0 0 1 0 0
LT
M #
of
deals 24
Total Q4-18 13 9 6 10 4 5 7 4 2 2 0 1 1 0 0 0 0 0 0 3 6 1 2 1 0 1 0 1 0 0 1 0 0 1 1 1 1 1 0 0 0 1 0 26
Total Q3-18 12 5 3 4 6 4 2 1 3 0 4 3 1 2 0 1 1 1 1 1 2 4 0 3 4 3 0 0 1 1 0 0 1 1 0 0 0 0 0 0 0 0 1 27
Total LTM 42 32 28 26 18 14 14 12 12 8 7 7 6 5 3 2 2 1 1 18 16 10 6 6 6 5 4 4 4 4 3 3 3 3 2 2 2 2 1 1 1 1 1 104
Debt Market Monitor Q2 2019: DACH
6
Multi-banked LBOs and refinancings completed Q2 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 Com
merz
bank
OLB
Bere
nberg
Nord
LB
SE
B
LB
BW
IKB
DZ
Bank
Unic
redit
Bayern
LB
NIB
C
Bank o
f Ir
ela
nd
HS
BC
Deuts
che B
ank
UB
S
RB
I
Cre
dit S
uis
se
Ham
burg
Com
merc
ial
Bank
Spark
asse
ING
AB
N A
mro
SM
BC
Gold
man S
achs
Mig
ros
Oddo B
HF
BN
P P
ari
bas
ApoB
ank
Bank P
ekao
Ers
te G
roup
Ard
ian
Pem
bert
on
Blu
eB
ay
Are
s
Perm
ira D
ebt M
anagers
Bari
ngs
idin
vest
Cre
scent
Bla
ckro
ck
HayF
in
EQ
T C
redit
Beechbro
ok
Kart
esia
Muzin
ich
Apollo
Apera
Oth
ers
Natu
re o
f d
eal
LB
O
EBITDA < €25m
Xovis Capvis CL
PikeTec ECM UW
Söhngen Steadfast CL
Cloudflight DBAG Uni
Blikk Holding / Ranova DBAG CL
Sanoptis Telemos Capital Uni
Sendmoments ARCUS & BE UW
Massenberg DPE CL
ZG Zentrum Gesundheit Nord Holding CL
AllDent Castik Capital Uni
Rehacon Waterland CL
Covestro Polyurethane System HIG Uni
Ebertlang HQ Equita UW
Refi
na
nc
ing
EBITDA < €25m
Intelligent Repair Solutions Ufenau * Uni
aspire education Quadriga UW
CC Group Novum Uni
BTV Multimedia DBAG CL
Embassy Bregal UW
KD Pharma Capiton Uni
Rhenoflex Findos UW
Fernao Auctus UW
Total Q2-19 3 6 2 2 3 2 2 1 1 0 0 1 0 2 2 0 3 0 1 0 0 0 0 2 0 0 1 0 0 0 0 0 1 0 1 0 0 1 0 0 0 1 0 1 1 0
LT
M #
of
deals
21
Total Q1-19 2 0 3 2 1 2 0 2 1 1 0 0 0 0 0 0 0 2 0 0 0 0 0 0 0 1 0 1 0 1 1 2 0 3 0 0 0 0 0 0 0 0 1 0 0 4 16
Total Q4-18 7 2 4 4 3 2 2 1 2 2 2 1 2 1 2 2 0 0 0 1 1 2 1 0 0 0 0 0 0 3 2 1 2 0 1 1 1 0 0 0 0 0 0 0 0 5 27
Total Q3-18 1 2 0 0 0 1 2 2 1 2 2 2 2 1 0 1 0 0 1 1 1 0 1 0 1 0 0 0 1 2 1 1 1 0 1 1 1 1 1 1 1 0 0 0 0 2 19
Total LTM 13 10 9 8 7 7 6 6 5 5 4 4 4 4 4 3 3 2 2 2 2 2 2 2 1 1 1 1 1 6 4 4 4 3 3 2 2 2 1 1 1 1 1 1 1 11 83
Debt Market Monitor Q2 2019: Spain
7
Multi-banked LBOs and refinancings completed Q2 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) Universities Superannuation Scheme, ATP Group and CNIC Corporation have acquired c. 50% of Redexis from Goldman Sachs
Target Sponsor Sa
nta
nd
er
Caix
aB
an
k
BB
VA
Ba
nkia
BN
P P
ari
ba
s
Cré
dit
Ag
rico
le
ING
Ba
nkin
ter
Sa
ba
de
ll
Ba
nk o
f Ir
ela
nd
HS
BC
So
cié
té G
én
éra
le
Deu
tsch
e B
an
k
Citig
rou
p
UniC
red
it
Ba
rcla
ys
Mo
rga
n S
tan
ley
Caja
Rura
l d
e N
ava
rra
Rab
ob
an
k
Miz
uh
o
Ba
nk o
f A
me
rica
ML
JP
Mo
rga
n
Caja
ma
r
Ta
rgo
Ba
nk
Natixis
Go
ldm
an
Sa
ch
s
Me
dio
ba
nca
Natio
na
l W
estm
inste
r B
an
k
Fir
st A
bu
Dha
bi B
an
k
Mitsu
bis
hi U
FJ
Ba
nca
IM
I
HS
H N
ord
ba
nk
Ku
txa
ba
nk
Ba
nca
Ma
rch
EB
N
Cre
dit
Ind
ustr
ial e
t C
om
me
rcia
l
Caja
de
Arq
uite
cto
s
Ba
nco
Pic
hin
ch
a
Ibe
rca
ja
Ala
ntr
a(A
lte
ralia
)
Oq
ue
nd
o
Tik
eh
au
Pe
mb
ert
on
LG
T
Ka
rte
sia
Idin
ve
st
Ba
in C
ap
ita
l
Che
yn
e C
ap
ita
l
Mu
zin
ich
ICG
CV
C
Natu
reo
f d
ea
l
LB
O
EBITDA > € 25m
Neolith Investindustrial Uni
Igenomix EQT CL
Universidad Alfonso X CVC CL
Palacios MCH, Ardian CL
TelepizzaKKR, Torreal, Artá,
Safra CL
Data Centers Telefónica Asterion Partners CL
Cepsa Carlyle CL
EBITDA < € 25m
Diater Nazca Uni
Refi
na
nc
ing
EBITDA > € 25m
Redexis Several pension funds(1) CL
Idealista Apax CL
Hotelbeds Cinven, CPPIB CL
EBITDA < € 25m
Foodbox Nazca Uni
Compañía del Trópico HIG Uni
Total Q2-19 8 5 4 1 4 2 2 1 1 2 2 2 1 3 2 1 1 0 0 2 1 0 0 0 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 0 1 1 1 1 1 0 0 0 0
LT
M #
of
de
als
13
Total Q1-19 6 2 3 3 2 2 2 2 1 2 1 0 1 0 1 1 1 2 0 0 1 1 1 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 1 0 1 0 0 0 0 1 1 1 0 12
Total Q4-18 2 1 2 0 1 2 1 0 1 0 1 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 1 0 0 0 0 0 0 6
Total Q3-18 11 11 10 7 0 0 1 3 3 0 0 1 2 0 0 1 1 1 2 0 0 1 1 2 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 2 1 2 0 0 0 0 0 0 0 0 1 18
Total LTM 27 19 19 11 7 6 6 6 6 4 4 4 4 3 3 3 3 3 3 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 4 3 3 2 2 2 1 1 1 1 1 1 49
Debt Market Monitor Q2 2019: Benelux
8
Multi-banked LBOs and refinancings completed Q2 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 ING
AB
N A
mro
Investe
c
Rabobank
SM
BC
Deuts
che B
ank
Bank o
f Ir
ela
nd
HS
BC
Com
merz
bank
NIB
C
BN
P P
aribas
Unic
redit
Natixis
Natw
est
IKB
Jefferies
AP
G
AX
A
DN
B
SC
OR
Varm
a
Llo
yds
Baye
rische L
andesbank
CA
-CIB
JP
M
KB
C
Neufliz
e
Socie
teG
enera
le
Gold
man S
achs
Belfiu
s
Citi
UB
S
Are
s
Tik
ehau
Robeco
CV
C
Idin
vest
Pem
bert
on
Barings
Cre
scent
HP
S
Part
ners
Gro
up
Aim
Co
Alc
entr
a
Perm
ira
Natu
re o
f d
eal
LB
O
EBITDA > €25m
DORC Eurazeo CL
Euroports
Monaco Resources Group,
Federal Government of
Belgium
PIK
Kodak Flexographic / Miraclon Montagu * Uni
EBITDA < €25m
247TailorSteel Parcom CL
Refi
EBITDA < €25m
Duomed G Square Uni
Total Q2-19 2 1 0 0 1 0 2 1 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1
LT
M #
of
deals
5
Total Q1-19 1 2 1 0 0 1 1 0 2 0 0 0 1 0 0 0 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 8
Total Q4-18 4 3 0 3 1 2 0 0 1 2 1 0 1 1 0 0 0 0 0 0 0 1 1 1 1 1 1 1 0 0 0 0 1 0 2 2 0 0 0 0 0 0 1 0 0 12
Total Q3-18 3 2 4 2 2 1 0 2 0 1 2 1 0 1 2 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 8
Total LTM 10 8 5 5 4 4 3 3 3 3 3 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 3 2 2 2 1 1 1 1 1 1 1 1 1 33
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
T: +34 (0) 91 5241 124E: joaquí[email protected]
Manuel Zulueta
T: +34 (0) 91 5241 124E: [email protected]
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5 King William Street - London EC4N 7DA
Tel.: +44 207 856 0999
Manchester, United Kingdom
DC Advisory
One New York Street - Manchester M1 4HD
Tel.: +44 161 362 6800
Frankfurt, Germany
DC Advisory
Neue Mainzer Str. 1 - 60311 Frankfurt
Tel.: +49 (69) 97 20 04 00
Warsaw, Poland
DC Advisory
Rondo ONZ 1 - Pl 00124 Varsovie
Tel.: +48 22 46002 00
Paris, France
DC Advisory
17, rue de Surène - 75008 Paris
Tel.: +33 1 42 12 49 00
Madrid, Spain
DC Advisory
c/ Montalbán 9 - Madrid 28014
Tel.: +34 91 524 11 23
