Review of Irish trade sales, buyouts and acquisitions 2019 · 2019. 6. 4. · Review of Irish trade sales, buyouts and acquisitions 1. Introduction 2. Quarterly Commentary 3. Significant

Prepared by Investec Corporate Finance

Corporate Finance

Review of Irish trade sales, buyouts and acquisitions

2019


1. Introduction

2. Quarterly Commentary

3. SignificantTransactionsDuring2019–ByDealValue

4. TransactionValues

5. Sector Analysis

6. TypeofTransactions

7. Outlookfor2020

Appendix1:2019TransactionsbySector

Contents


1. Introduction Following a slow start to the year in terms of value, we saw almost €15bn in M&A activity in Ireland in the latter half of 2019, bringing the total disclosed deal value for the year to €17.2bn. This was a marked improvement on 2018, with an increase of over €7bn Year-on-Year (YoY). This is mainly influenced by gaming giant Flutter Entertainment’s acquisition of Stars Group, at a €9.5bn reported valuation. Excluding the top transactions in each year gives us a better understanding of progression in the Irish M&A market in 2019. Excluding the above transaction and Goshawk’s 2018 acquisition of Sky leasing for €2.4bn, disclosed deal value remained constant YoY, with an increase of a mere 1% over the period.

There were a total of 320 transactions announced in the 12 months to December 2019, aided by a record high of 98 transactions in Q4’19. This represents the highest quarterly number of recorded transactions since the beginning of the tracker for both the full year and the final quarter of 2019. It equates to an increase of 19% in 2019 when compared to the previous year and a 23% increase for the quarter when compared to Q4’18.

In a year in which there were a number of headwinds to M&A activity in the country, 2019 recorded noteworthy levels of activity and values across all sectors, particularly in the latter half. Brexit-related uncertainty continued to persist albeit perhaps less evident than in prior years, however cross border activity continued throughout the period. In total there were 31 transactions recorded involving a UK company acquiring an Irish company, with the opposite being the case in 33 transactions.

€5.4bn

€16.2bn

€11.4bn

€28.6bn

€7.9bn

€19.6bn

€10.0bn

50

100

150

200

250

350

300

-

5.0

10.0

15.0

20.0

25.0

30.0

35.0

2012 2013 2014 2015 2016 2017

€17.2bn

20192018

Deal

s

€bn

Values Volumes

Annual Value and Volume Trend

-

Deal

s

€bn

Values Volumes

Quarterly Value and Volume Trend

€0.6bn€1.0bn

€4.3bn

€11.4bn

10

-

20

30

40

80

70

60

50

110

90

100

120

-

2.0

4.0

6.0

8.0

10.0

12.0

Q1 2019 Q2 2019 Q3 2019 Q4 2019

62

94

66

98



2. Quarterly CommentaryQ1’19 was a tempered beginning to the year, with a total of 62 transactions announced during the three month period, equating to a value of €559m, well down on Q4’18 which recorded 80 transactions with a disclosed value of €2.3bn. Notable deals during the quarter included the acquisition of a 51% stake in Adjarabet, a leading online Georgian gambling company, by Paddy Power Betfair (since renamed Flutter Entertainment) for a reported €115m and the acquisition of IFG plc by Epiris for a value of over €200m. In-market transactions accounted for c. 30% of the quarterly total, with financial buyers and investors also being relatively active during the quarter (10 transactions). The IT & Telecoms and Financial Services sectors were the most active in the quarter, with a deal count of 16 and 9 respectively.

Q2’19 saw a 55% increase in volumes to reach a quarterly high of 94 transactions announced. Similarly, disclosed deal value increased significantly in Q2’19 to c. €1bn, bringing the total for H1’19 to €1.5bn. This was significantly behind H1’18, which recorded deal values totalling €2.6bn in the six months. CRH disposed of its Shutter & Awnings business to Stella Holdings for €300m, with other significant transactions including Grafton’s €131m acquisition of Netherland’s based Polvo B.V. and Mediahuis NV’s acquisition of INM plc for a reported €102m. Irish trade buyers dominated activity in the quarter, with foreign acquisition volume (Irish trade buyer acquiring a foreign business) more than doubling in the quarter (34 transactions). Meanwhile all-Irish trade acquisitions constituted 18 of the 94 deals. The Health & Pharmaceuticals sector recorded 15 transactions during the quarter, second only to the IT & Telecoms sector which led the pack with 23 announced deals.

Headline transactions were to the fore in Q3 with CRH’s disposal of its European distribution business to Blackstone (€1.64bn) and Henderson Park’s take private of Green REIT (€1.55bn) being announced in the quarter, both of which represented 74% of total disclosed deal value for the quarter. Irish companies continued to be active acquirers overseas in the period, with 17 foreign acquisitions following the 34 recorded in Q2. The IT & Telecoms sector was the top performer for the quarter, with 19 deals recorded. In total, the quarter recorded a deal count of 66 deals, representing a disclosed deal value of €4.3bn. 19 of the 66 deals took place in the IT & Telecoms sector, with the Health & Pharmaceuticals sector being a distant second, announcing 8 transactions in the period.

Q4’19 was defined by the very large announced takeover, merger of the Stars Group by Flutter Entertainment for a reported €9.5bn, which accounted for 84% of the quarter’s disclosed deal value and 55% of the total deal value for the year. Q4’19 concluded the year with a very strong quarter, with a deal count of 98 and deal value of €11.4bn. IT & Telecoms was again an active sector with 18 transactions, followed closely by Support Services with 17. There were a total of 61 deals involving an Irish trade buyer, whether in-market or choosing to acquire abroad. Cross border activity with the UK remained strong in the quarter. 26 deals were recorded with an Irish buyer of a UK based company or vice versa. This includes any financial buyer activity between the nations.

A summary of deal values and volumes by quarter for 2019 is provided below:

€5.4bn

€16.2bn

€11.4bn

€28.6bn

€7.9bn

€19.6bn

€10.0bn

50

100

150

200

250

350

300

-

5.0

10.0

15.0

20.0

25.0

30.0

35.0

2012 2013 2014 2015 2016 2017

€17.2bn

20192018

Deal

s

€bn

Values Volumes


-

Deal

s

€bn

Values Volumes


€0.6bn€1.0bn

€4.3bn

€11.4bn

10

-

20

30

40

80

70

60

50

110

90

100

120

-

2.0

4.0

6.0

8.0

10.0

12.0

Q1 2019 Q2 2019 Q3 2019 Q4 2019

62

94

66

98



3. Significant Transactions During 2019 – By Deal ValueThe ten most significant disclosed transactions during 2019 by deal value are listed in the table below.

Flutter Entertainment took the number one spot with its aforementioned acquisition of, merger with Stars Group Inc. The all-share deal, valued at €9.5bn at the date of announcement, accounted for 55% of the total 2019 reported deal value. CRH features twice in the ten largest deals of the year, with its disposal of its Shutters & Awnings business to Stella Holding SAS in Q2’19, followed by the disposal of its European distribution business to the Blackstone Group in Q3’19. The 3 largest deals of the year amounted to c. 74% of the annual total, with the top 10 deals representing c. 84% of the annual total.

8 out of the top 10 transactions involved Irish businesses or divisions of Irish businesses as targets, with Irish companies taking the buyer role in the remaining two transactions. 4 transactions involved trade buyers, with the remaining 6 being Private Equity buyouts or Private Equity backed buyers. Noteworthy transactions in the Financial Investor space include the aforementioned Blackstone acquisition in addition to Sovereign Capital’s exit from Arachas Corporate Brokers for a reported €250m. The sale of the company to funds controlled and managed by US based Madison Dearborn partners and HPS Investment Partners realised a significant return for Sovereign Capital over a holding period of less than 3 years.

4 of the top 10 transactions took place in the Financial Services sector, with the Building, Construction & Property sector being on level par with the Industrial sector, both of which recorded 2 deals. The remaining deals reported took place across the Leisure &Travel and IT & Telecoms sectors.

4. Transaction ValuesAs expected, transaction values were not disclosed for the majority of deals. c. 75% of all reported deals in 2019 were not disclosed. Of those which we have transaction value data for, deals under €20m were the most prevalent during the year, making up 13% of total deal volume. In excess of 80% of all deals with disclosed values were less than €100m in value. Deals above €500m accounted for c. 74% of deal value but less than 1% of overall deal volume.

Rank Acquiror Country Target Country €m Date1 Flutter Entertainment Plc Ireland Stars Group Inc Canada 9,507.0 Oct-192 The Blackstone Group USA Europe Distribution Business of CRH plc Ireland 1,640.0 Jul-193 Henderson Park UK Green REIT plc Ireland 1,551.0 Aug-194 Stella Holding SAS France CRH - Shutters & Awnings Ireland 300.0 Apr-195 Aptiv Plc Ireland gabo Systemtechnik GmbH Germany 283.0 Oct-196 EML Australia Prepaid Financial Services Ireland 263.0 Nov-197 Avenue Capital Group USA Castlehaven Finance (25%) Ireland 250.0 Aug-198 Madison Dearborn Partners; HPS Investment Partners USA Arachas Corporate Brokers Limited Ireland 250.0 Dec-199 Cellnex Telecom Spain Cignal Ireland 210.0 Sep-1910 Epiris LLP UK IFG Group Plc Ireland 208.0 Mar-19

Total 14,462.0

2.0%

3.4%

4.8%

8.2%

7.8%

73.8%

74.4%

13.1%

4.7%

3.1%

2.8%

0.9%

0.9%

Non-Disclosed

< €20m

€20m - €50m

€51m - €100m

€101m - €250m

€251m - €500m

> €500m

- 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0%

Value Volume

2019 Transaction Sizes


5. Sector AnalysisFrom a value perspective, the Leisure & Travel sector was the top performer, with a disclosed value of c. €9.75bn during the period. The Flutter Entertainment acquisition of, merger with Canadian based Stars Group was the primary contributor to the total. The Industrial sector recorded a combined transaction value of c. €2.2bn, constituting 12.6% of the total annual value recorded. Notable transactions in the sector included Aptiv’s €283m acquisition of German micro duct system manufacturer gabo Systemtechnick and Kingspan’s €150m cross border acquisition of Group Bacacier. However it was CRH’s European Distribution business disposal that moved the dial for the sector, at a €1.6bn valuation.

Unsurprisingly, IT & Telecoms recorded the highest number of transactions during the year with 76 in total, accounting for 24% of total deal volume. This is up from 49 in the previous year, signifying the strength of the sector. 16 of the 76 transactions reported a value for the transaction, with 60 undisclosed transactions announced during the year. As such, the sector accounts for a mere 3.3% of total value. The largest disclosed transaction in the sector was Spanish wireless telecoms infrastructure operator Cellnex’s €210m purchase of Cignal from InfraVia.

The IT & Telecoms sector was followed by the Health & Pharmaceutical sector in terms of deal volume, with 38 transactions announced throughout the period. Historically an active sector in Ireland, in 2019 it constituted 11.9% of total volume but only 2.4% of value. It is important to note that deal value concentrations are heavily distorted by Flutter Entertainment’s acquisition of, merger with Stars Group Inc. Excluding this, IT & Telecoms reported 7.3% of transaction values while Health & Pharmaceuticals was responsible for 5.4% of the total tally for deal value.

The Financial Services sector recorded 33 transactions during the period, with a large proportion of activity centred on Insurance, Wealth Management and Payments companies, as consolidation trends continued in 2019. UK Broker Aston Lark made two Irish acquisitions as it sought to gain Irish market share, buying Robertson Low Insurances in quarter one and Wright Group Brokers in quarter four. Payments activity over the period included the sale of Payzone to the AIB & First Data JV as well as EML’s acquisition of e-money payments company Prepaid Financial Services for €263m. Bank of China acquired, subject to various regulatory approvals, Goodbody Stockbrokers for a reported €150m.

5.3%

11.9%

23.8%

7.5%

4.7%

10.3%

9.7%

2.2%

3.4%

9.7%

4.4%

7.2%

0.9%

2.4%

3.3%

1.9%

56.6%

7.3%

0.4%

0.6%

11.4%

12.6%

1.9%

0.7%

- 10% 20% 30% 40% 50% 60%

Media & Publishing

Health & Pharmaceutical

IT & Telecoms

Food/Food Services

Leisure & Travel

Financial Services

Support Services

Print & Paper

Building, Construction & Property

Professional & Technical

Value Volume

Industrial

Retail

2019 Activity by Sector Type


6. Type of TransactionsIn line with both 2017 and 2018, foreign acquisitions by Irish Companies were the most prevalent deal type in 2019, with 98 transactions recorded in the category amounting to a total value of €11.0bn. This equates to c. 31% of total deal volume in the year and c. 64% of the value recorded. Irish plcs played an active role acquiring abroad, with Accenture, Kerry Group, Kingspan, UDG Healthcare and Keyword Studios all contributing to the count. Accenture announced 23 transactions during the period, far surpassing its peers. The largest disclosed transactions in the category were the Flutter Entertainment acquisition of Stars Group, Aptiv plc’s acquisition of gabo Systemtechnik and Kingspan’s purchase of Groupe Bacacier. The story might have been very different had Kerry Group succeeded in the $26bn race for Dupont Nutrition, losing out to US rival International Flavors & Fragrances.

In-market activity was strong during the year too. A total of 79 in-market deals were announced in 2019, c. 25% of the total. This was an increase of 22% on the 2018 in-market deal count. Many of the transaction values were not disclosed, with the sector reporting a mere €231m in disclosed value, a small fraction of what we anticipate actual values to have been in the period. The period saw Zeus Packaging’s acquisition of Essential Supplies Ireland, Pallas Foods’ acquisition of Classic Drinks as well as the AIB & First Data joint venture acquisition of Payzone for €86m.

In total during 2019, there were 48 buyouts or financial buyer acquisitions / investments, representing €2.8bn of disclosed deal value. This shows a significant increase on the 25 deals and c. €570m reported in 2018. The largest transaction in this category was the acquisition of CRH’s European distribution business by US giant The Blackstone Group.

15.0%

24.7%

9.7%

9.7%

10.0%

30.6%

0.3%

16.5%

1.3%

9.9%

0.5%

5.9%

64.2%

1.7%

- 10% 20% 30% 40% 50% 60% 70%

Value Volume

Buyouts

Irish Deals

UK

USA

Other

Foreign Acquisitions

Foreign Sales

2019 Activity by Transaction Type


7. Outlook for 2020As measured by deal count 2019 has been the strongest year to date since our quarterly survey commenced. Quarters 2 and 4 are the highest ever quarters by deal count. Furthermore, very sizable transactions such as the Flutter Entertainment acquisition of, merger with, Stars Group Inc took place during the year. This is one of the largest transactions ever involving an Irish company alongside the likes of CRH’s acquisition of certain Lafarge-Holcim assets in 2015 and Paddy Power’s acquisition of Betfair plc, also in 2015. Looking ahead into 2020 we would note that valuations have been strong and capital freely available for several years now and the Brexit process will need to be concluded in 2020 which, as with all things Brexit to date and similar type macro issues, there will be the typical period of uncertainty and impact thereof on deal activity in the run up to the final withdrawal negotiation. Hence, we would, not surprisingly, expect deal activity levels in 2020 to fall back on those of 2019.


About and Key Contacts at Investec Corporate FinanceInvestec is the leading provider of independent corporate finance advisory services in Ireland. We have a highly experienced team of professionals working in our Dublin office. With a track record spanning some of Ireland’s highest profile deals, Investec Corporate Finance has become an advisor of choice within the Irish Market for leading companies, private equity funds and entrepreneurs.

Liam BoothManaging DirectorTel: +353 (1) 421 0345 [email protected]

Jonathan SimmonsDirectorTel: +353 (1) 421 0351 [email protected]

Eoin KennedyDirectorTel: +353 (1) 421 [email protected]

Shane LawlorDirector, Head of Corporate BrokingTel: +353 (1) 421 [email protected]

Tommy ConwayDirector, Head of Equity Capital MarketsTel: +353 (1) 421 [email protected]


2019TransactionsbySector

Appendix 1


Appendix 1: 2019 Transactions by Sector (1/6)

Media and PublishingAcquiror Country Target Country €m Date

Q1Radio Kerry Ireland Clare FM & Tipp FM Ireland 2.7 Jan-19Gill Education Ireland The Collins Press Limited Ireland n.d. Feb-19Keywords Studios Ireland GetSocial BV Netherlands n.d. Feb-19Causeway Capital Partners Ireland Group GTI UK n.d. Mar-19The Sunday Business Post Ireland iQuest Limited Ireland n.d. Mar-19

Q2Keywords Studios Ireland Wizcorp Inc. Japan 1.0 Apr-19Mediahuis NV Belgium Independent News & Media Ireland 101.8 Apr-19Scopely, Inc. USA Digit Game Studios Ireland n.d. May-19Toonz Animation India Telegael Media Group Ireland n.d. May-19One Zero Sports Conference Ireland Irish Sponsorship Summit & Fan Engagement Conference Ireland n.d. Jun-19Keywords Studios Ireland Descriptive Video Works Canada 2.2 Jun-19

Q3Independent News & Media plc Ireland Inm Events DAC (49%) Ireland n.d. Jul-19SKY Network Television Limited New Zealand RugbyPass Limited Ireland 36.1 Aug-19Keywords Studios Ireland TV+SYNCHRON Berlin GmbH Germany 3.7 Sep-19

Q4Post Publications Limited Ireland Irish Magazines of Irish Studio Media Publishing Ltd Ireland n.d. Nov-19Clanwilliam Group Ireland Pulse IT Communications Australia n.d. Nov-19Keywords Studios Ireland Ichi Holdings Limited UK 3.8 Dec-19

Total 151.2

Health and PharmaceuticalAcquiror Country Target Country €m Date

Q1ICON plc Ireland MolecularMD USA n.d. Feb-19CCI Private Equity USA Sports Surgery Clinic (38%) Ireland n.d. Mar-19

Q2Northgate Public Services (UK) Limited UK EMIS Group - Eye Business UK & Ireland 17.0 Apr-19Dental Care Ireland Ireland Abbeytrinity Dental Practice Ireland n.d. Apr-19Jazz Pharmaceuticals Ireland Onera Health, Inc. Netherlands,USA 8.0 Apr-19Brindley Healthcare Limited Ireland Maynooth Lodge Nursing Home Ireland 10.0 Apr-19Brindley Healthcare Limited Ireland Millbrae Lodge Nursing Home Ireland 5.0 May-19Galt Medical Corp. USA Arrotek Medical Ireland n.d. May-19UDG Healthcare Ireland Incisive Health Ltd UK 9.0 May-19UDG Healthcare Ireland Putnam Associates, LLC USA 54.0 May-19ReproMed Ireland BabyScan Ltd Ireland n.d. May-19ICON plc Ireland Medinova Lakeside Clinical Research UK n.d. May-19Duke Street UK Athlone Pharmaceuticals Ireland n.d. Jun-19Uniphar plc Ireland Durbin plc UK 26.0 Jun-19Spectrum Plastics Group Ireland Earnán Biomedical Ireland n.d. Jun-19Codex Beauty USA Bia Beauty Skincare Ireland n.d. Jun-19Winston Capital Group Canada Lake Health (Ocean Healthcare) Ireland n.d. Jun-19

Q3Bon Secours Mercy Health USA Bon Secours Health Systems Ireland n.d. Jul-19Jazz Pharmaceuticals plc Ireland pan-RAF inhibitor programme UK 3.1 Jul-19LloydsPharmacy Ireland Limited Ireland Median Healthcare Services Ireland n.d. Jul-19Waterland Private Equity Investments BV Netherlands Silver Stream Healthcare Management Limited Ireland n.d. Jul-19Jazz Pharmaceuticals plc Ireland Cavion USA 47.0 Aug-19Connected Health Limited UK Home Care Plus Limited Ireland n.d. Aug-19Lucid Group Communications Limited UK Healthcare 21 Group Ireland n.d. Sep-19Merieux NutriSciences Corporation USA Advanced Laboratory Testing Limited Ireland n.d. Sep-19

Q4MML Capital Partners UK RelateCare Ireland, USA 12.0 Oct-19ICON plc Ireland Symphony Clinical Research USA 28.0 Oct-19Medtronic plc Ireland AV-Medical Israel n.d. Oct-19Graphic Controls Holdings Inc. USA Advant Medical Limited Ireland, Costa Rica n.d. Nov-19Elsevier B.V. Netherlands 3D4Medical Technologies Limited Ireland 46.0 Nov-19Uniphar plc Ireland M3 Medical Limited Ireland n.d. Nov-19Uniphar plc Ireland EPS Group Sweden 40.0 Nov-19Alkermes Inc. Ireland Rodin Therapeutics Inc USA 90.0 Nov-19UDG Healthcare plc Ireland Canale Communications Inc. USA 18.0 Nov-19Fiducia Healthcare Limited Ireland Sora Healthcare Limited / Caringangels Limited Ireland n.d. Nov-19Arthopoda Limited Cyprus TLC Group Ireland n.d. Dec-19Healthcare 21 Group Ireland Xograph Healthcare Limited UK n.d. Dec-19Kando Medical Limited Ireland Fleetwood Healthcare Ireland n.d. Dec-19

Total 413.1



IT and TelecomsAcquiror Country Target Country €m Date

Q1Taoglas Group Ireland ThinkWireless, Inc. USA n.d. Jan-19Accenture Ireland Orbium Switzerland n.d. Jan-19Susquehanna Growth Equity USA Poppulo Ireland 30.0 Jan-19Ideagen plc UK Scannell Solutions Ltd Ireland 4.5 Jan-19ActionPoint Technology Ireland P2V Systems Ltd UK n.d. Jan-19Tracsis plc UK Compass Informatics Ltd Ireland 6.3 Jan-19AMCS Group Ireland Recy Systems AG Germany n.d. Jan-19Paddy Power Betfair Ireland Adjarabet (51% Stake) Georgia 115.0 Feb-19Secret Escapes Limited UK Empathy Marketing Limited Ireland n.d. Feb-19Natero, Inc. United States CustomerLink Ireland n.d. Feb-19Accenture Ireland ?What If! Holdings UK n.d. Mar-19Accenture Ireland Hjaltelin Stahl K/S Denmark n.d. Mar-19Accenture Ireland Enterprise System Partners Ireland n.d. Mar-19Cognizant Technology United States Meritsoft Ireland n.d. Mar-19Accenture Ireland Storm Digital Netherlands n.d. Mar-19Magnet Networks Ireland IT Rollout Consultancy Ltd Ireland n.d. Mar-19

Q2Broadway Technology, LLC USA Barracuda FX Ireland n.d. Apr-19Rapid7, Inc. USA NetFort Technologies Ireland 10.0 Apr-19Accenture Ireland Droga5 LLC USA n.d. Apr-19Universe Group plc UK Celtech Software Group Ireland 6.0 Apr-19Accenture Ireland Cirruseo France n.d. Apr-19Accenture Ireland Shackleton Group Spain n.d. Apr-19Integumen plc Ireland Rinocloud Limited Ireland 4.3 Apr-19Vision Blue Ltd Ireland SamePage Group UK n.d. Apr-19The Slovenian Automobile Association Slovenia Nervtech Ltd. Ireland n.d. Apr-19Accenture Ireland Zielpuls GmbH Germany n.d. Apr-19j2 Cloud Services Ireland StrongVPN, IPVanish & Encrypt.me USA n.d. Apr-19Anglepoint Group, Inc. USA BlackRock Technologies Ireland n.d. Apr-19DCC (Exertis) Ireland COMM-TEC GmbH Germany n.d. May-19DCC (Exertis) Ireland Amacom Netherlands n.d. May-19Radius Technologies Ireland Fortuity Ireland n.d. May-19Accenture Ireland Bridge Energy Group USA n.d. Jun-19Strencom AS Ireland Baker Security & Networks Ireland n.d. Jun-19Accenture Ireland Deja Vu Security United States n.d. Jun-19Great Point Partners USA SteriPack Ltd Ireland n.d. Jun-19Cognizant Technology USA SteriPack Ltd Ireland n.d. Jun-19PlanNet21 Communications Ireland Hutchinson Networks (Business & Assets) UK n.d. Jun-19Accenture Ireland BCT Solutions Australia n.d. Jun-19Centro HL Distribuzione Italy Rubelite Technologies Ireland n.d. Jun-19

Q3Terra S.p.A. Italy Rubelite Technologies Limited Ireland 4.0 Jul-19Pico Quantitative Trading LLC USA Corvil Limited Ireland n.d. Jul-19Blancco Technology Group plc UK YouGetItBack Limited Ireland 5.3 Jul-19Johnson Controls International Ireland Aspro Crest Limited UK n.d. Jul-19Accenture Ireland Fairway Technologies, Inc. USA n.d. Aug-19Accenture Ireland Parker Fitzgerald Limited UK n.d. Aug-19Accenture Ireland Analytics 8 LP Australia 15.0 Aug-19Accenture Ireland Insitum Consultoria Europa SL Mexico n.d. Aug-19Hibernia Services Limited Ireland Sabeo Technologies (Enterprise Tech Division) Ireland n.d. Aug-19Accenture Ireland Northstream AB Sweden n.d. Aug-19Taoglas Limited Ireland Firmwave Limited Ireland n.d. Aug-19OASIS Ireland Archive Document Data Storage UK n.d. Aug-19Accenture Ireland Pragsis Technologies SL Spain n.d. Sep-19Cellnex Telecom Spain Cignal Ireland 210.0 Sep-19The Sage Group plc UK Ocrex Limited Ireland 55.0 Sep-19TransPerfect Translations International USA MoGi Group Ireland n.d. Sep-19MarketStar Corporation USA Product2Market Ireland n.d. Sep-19Xenon Venture Equity USA Metricfire Limited Ireland n.d. Sep-19Xpring USA Logos Network Ireland n.d. Sep-19

Q4Westermo Teleindustri AB Sweden Virtual Access (Ireland) Limited Ireland 18.0 Oct-19ZephyrTel Inc. USA Accuris Networks Ireland n.d. Oct-19Advanced Manufacturing Control Systems Ireland Pieter-Bas Holding B.V. Netherlands n.d. Oct-19ServiceMaster Global Holdings Inc. USA Pest Pulse Limited Ireland n.d. Oct-19Accenture Ireland Happen Ltd UK n.d. Oct-19Advanced Computer Software Group UK CareWorks Limited Ireland n.d. Nov-19Sharp Group Fire and Security Services Limited Ireland Integrated Electronic Solutions and Security Ireland n.d. Nov-19Macro Evolution Services Limited Ireland BConnected Limited Ireland n.d. Nov-19Granite Digital Ireland Apps Made Easy Limited Ireland n.d. Nov-19PageUp People Limited Australia Clinch Ireland n.d. Nov-19Arkphire Group Ireland Trilogy Technologies Limited Ireland n.d. Dec-19Playrix Entertainment Ireland Eipix Entertainment Serbia n.d. Dec-19Accenture Ireland Clarity Solutions Group USA n.d. Dec-19Open Orphan plc Ireland hVIVO Plc UK 18.2 Dec-19Coolnagour Limited Ireland Mobile Knowledge Systems Inc. Ireland n.d. Dec-19Keywords Studios plc UK Xcelerator Machine Translation Solutions Limited Ireland 7.1 Dec-19Keywords Studios plc Ireland Syllabes Canada 0.3 Dec-19Undisclosed - Artomatix Limited Ireland 54.0 Dec-19

Total 562.9



Food/Food ServicesAcquiror Country Target Country €m Date

Q1Nolans Quality Seafood Ireland Carr & Son Seafood Ireland n.d. Jan-19Clydaville Investments Ireland Sammy's Bar and Restaurant Ireland n.d. Jan-19Pallas Foods Ltd. Ireland CLASSICdrinks Ltd. Ireland n.d. Jan-19Domino's plc & Bronfman family USA & UK Shorecal Ltd (49% Stake) Ireland 41.0 Feb-19Causeway Capital Partners Ireland Patisserie Valerie UK n.d. Feb-19AarhusKarlshamn AB Sweden Barbarrie Duckling Ltd Ireland n.d. Feb-19Blue Giant Consortium Ireland Green Isle Brands and Donegal Catch Ireland n.d. Mar-19Fane Valley Co-Op UK Silver Hill Foods Ireland n.d. Mar-19

Q2C&C Group Ireland Jubel Ltd UK n.d. Apr-19Grupo Cafento Spain Java Republic Ireland 30.0 May-19

Q3Dawn Farm Foods Limited Ireland Haas GmbH Germany n.d. Sep-19Fane Valley Co-op UK Robert Smyth & Sons Ireland 17.3 Jul-19Goode Partners LLC USA Strong Roots (Undisclosed Stake) Ireland n.d. Aug-19Greencore Group plc Ireland Freshtime UK Limited UK 62.0 Sep-19ISIF, Management Ireland West Cork Distillers Limited (62%) Ireland 18.0 Sep-19The Hershey Company USA Fulfil Nutrition (Undisclosed stake) Ireland n.d. Aug-19Valeo Foods Ireland Yellow Chips B.V.; Kettle Foods Limited Netherlands, UK 73.0 Sep-19

Q4Valeo Foods Ireland Matthew Walker UK 75.0 Oct-19BWG Foods Ireland Heaney Meats Catering Company Ireland n.d. Nov-19Kerry Group plc Ireland Pevesa Biotech SA Spain n.d. Nov-19Kerry Group plc Ireland Symrise (chicken-based food ingredients business) USA n.d. Nov-19Mark Anthony Brands International Company Ireland Glendalough Irish Whiskey Limited (60% Stake) Ireland 12.0 Dec-19Musgrave Group Ireland Drinks Inc. UK n.d. Dec-19Timac Agro Ireland Limited Ireland Grassland Agro Ltd (Undisclosed Stake) Ireland n.d. Dec-19

Total 328.3

Leisure & TravelAcquiror Country Target Country €m Date

Q1The Castle Collection Ireland Scotland Hotel & Leisure Club Scotland n.d. Jan-19iNua Hospitality Ireland Tullamore Court Hotel Ireland n.d. Jan-19Ryanair Holdings Ireland Laudamotion Austria n.d. Jan-19MHL Hotel Collection Ireland The Powerscourt Hotel Ireland 50.0 Mar-19

Q2Boyle Sports Ireland Wilf Gilbert Staffs UK n.d. Jun-19World Travel Centre Holdings Limited Ireland Core Travel Ireland n.d. Jun-19Ryanair Ireland Malta Air Malta n.d. Jun-19Press Up Limited Ireland The Clarence Hotel Dublin Ireland n.d. Jun-19Buckley Family (FX Buckley) Ireland McSwiggans Restaurant & Cafe-Bar Galway Ireland 3.6 Jun-19Neville Hotels Ireland Druids Glen Hotel & Golf Resort Ireland 45.0 Jun-19

Q3Extreme Event Ireland Ltd. Ireland CityScape Ireland n.d. Jul-19

Q4Flutter Entertainment plc Ireland Stars Group Inc Canada 9,507.0 Oct-19CVC Capital Partners UK Celtic Rugby DAC (27% Stake) Ireland 140.0 Nov-19BoyleSports Ireland GT Retail Limited Ireland n.d. Nov-19Club Travel Limited Ireland Atlas Travel Services Ireland n.d. Dec-19

Total 9,745.6



Financial ServicesAcquiror Country Target Country €m Date

Q1Mertal Limited Ireland TAG Financial Planning Ltd. Ireland n.d. Jan-19Aston Lark UK Robertson Low Insurances Ireland n.d. Jan-19Marex Spectron UK Energy Broking Ireland Ireland n.d. Jan-19Invesco Limited Ireland City Life Ltd. Ireland n.d. Feb-19PIB Group UK Optis Insurance Ireland n.d. Feb-19ARAG Group Germany Irish operations of DAS Insurances Ireland n.d. Feb-19St. James's Place plc UK Harvest Financial Services Limited Ireland n.d. Feb-19FinCAS Ltd Ireland BKK Ireland n.d. Mar-19Epiris LLP UK IFG Group plc Ireland 208.0 Mar-19

Q2Stripe, Inc. USA Touchtech Payments Ireland n.d. Apr-19AIB & First Data Joint Venture Ireland Payzone Ireland Limited Ireland 86.0 Apr-19Broadridge Financial Solutions USA Rockall Technologies Ireland n.d. May-19Brewin Dolphin Wealth Management UK Investec Ireland - Wealth Management Ireland 44.0 May-19Davy Group Ireland Metis Ireland Financial Planning (50% Stake) Ireland n.d. May-19White Oak Global Advisors USA Growcap Finance Limited Ireland n.d. May-19Hauck & Aufhäuser Fund Services Germany Crossroads Capital Management Ireland n.d. Jun-19

Q3Arachas Corporate Brokers Limited Ireland Murray & Spelman Limited Ireland n.d. Jul-19Avenue Capital Group USA Castlehaven Finance (25%) Ireland 250.0 Aug-19Bluechip Financial USA Arachas Financial Planning Ireland 4.5 Aug-19Element Global USA Clarinova Limited Ireland n.d. Aug-19Invesco Limited Ireland Acumen & Trust Designated Activity Company Ireland n.d. Aug-19DMS Governance Limited Ireland Host Capital Limited UK n.d. Sep-19Baker Tilly Chartered Accountants Ireland Barr Pomeroy Limited Ireland n.d. Sep-19

Q4Irish Life Assurance plc Ireland APT Wealth Management Ireland n.d. Oct-19Meitav Dash Investments Israel Lotus Investment Group Ireland n.d. Oct-19EML Australia Prepaid Financial Services Ireland 263.0 Nov-19Bank of China China Goodbody Stockbrokers Ireland 150.0 Nov-19CSP IM Limited Ireland White Horse Insurance DAC Ireland n.d. Nov-19Madison Dearborn Partners; HPS Investment Partners USA Arachas Corporate Brokers Limited Ireland 250.0 Dec-19Aston Lark UK Wright Group Brokers Ireland n.d. Dec-19Sheridan Insurances Ireland Wexford Financial Services Ireland n.d. Dec-19Sunsuper Pty Ltd Australia Macquarie AirFinance Limited (25% Stake) Ireland n.d. Dec-19Mullingar Credit Union Ireland Longford Credit Union Ireland n.d. Dec-19

Total 1,255.5

Support ServicesAcquiror Country Target Country €m Date

Q1Convergint Technologies USA MTS Security Ireland n.d. Jan-19STAR Capital Partnership UK ASL Aviation Holdings DAC Ireland n.d. Feb-19Kerrs Tyres Ltd UK Ratoath Vulcanising Services Ireland n.d. Feb-19Carousel Logistics UK BDA Logistics Ireland n.d. Mar-19

Q2Samsic Group France Cagney Maintenance Services Ireland n.d. Apr-19APCOA Parking Germany NCPS Ltd Ireland n.d. May-19Duke Capital Vi Ireland Independent Express Cargo Ltd Ireland 7.0 May-19OASIS Ireland Dataspace Nederlands Netherlands n.d. May-19OASIS Ireland De Graaf Archiefbeheer Netherlands n.d. May-19OASIS Ireland Store-Rite Ltd UK n.d. May-19Automatic Data Processing, Inc USA Softcom (Ireland) Limited Ireland n.d. Jun-19

Q3Spencer Stuart USA MERC Partners Ireland n.d. Jul-19Indeed Ireland Operations Limited Ireland Blackstone Point Limited UK n.d. Jul-19Meptagon Group Israel BMD & Co. Limited (75% Stake) Ireland n.d. Sep-19

Q4ECI Partners UK KB Associates Ireland n.d. Oct-19Infosys Limited India Eishtec Limited Ireland n.d. Oct-19Neuberger Berman Group; Vance Street Capital USA Eirtech Aviation Limited Ireland n.d. Oct-19The Fitzgerald family Ireland Abtran Unlimited Company Ireland n.d. Oct-19DMS Governance Limited Ireland MDO Management Company SA Luxembourg n.d. Oct-19OASIS Ireland ArchiDoc S.A. Poland 20.0 Oct-19MASCO GROUP Italy Brewery Chemical & Dairy Engineering (Holdings) Ltd Ireland n.d. Oct-19MindRocket Media Group Inc. USA Educate4health Limited Ireland n.d. Oct-19OASIS Ireland Box-it South East Ltd. UK n.d. Oct-19Davies Group UK Thornton Group Ireland n.d. Nov-19MML Capital Partners UK DMS Governance Limited (59% Stake) Ireland n.d. Nov-19Twin Group UK Alpha College of English Ireland n.d. Nov-19Flogas Natural Gas Limited Ireland Just Energy Ireland 0.7 Nov-19OASIS Ireland Niche Health UK n.d. Nov-19Noonan Services Limited Ireland Future Cleaning Services Limited UK n.d. Nov-19TELUS International Inc. Canada,Singapore Voxpro Limited (45% Stake) Ireland 43.0 Dec-19RWL Security Solutions Limited Ireland ezCCTV.com Limited UK n.d. Dec-19

Total 70.7



Print and PaperAcquiror Country Target Country €m Date

Q1Zeus Packaging Ireland Essential Supplies Ireland Ireland n.d. Feb-19Smurfit Kappa Group Ireland Balkanpack Ltd.; Elzem Bulgaria Ltd. Bulgaria n.d. Mar-19Smurfit Kappa Group Ireland Cartón de Colombia (30% Stake) Colombia 90.0 Mar-19

Q2Zeus Packaging Ireland VaioPak Limited UK 6.0 May-19Crystal & Son Ltd UK Playprint Ltd. Ireland n.d. Jun-19Elliott Baxter and Co. UK UniBoard Limited Ireland n.d. Jun-19

Q4Zeus Packaging Ireland Van der Windt Verpakking BV; Smith & Bateson Ltd UK, Belgium, Netherlands 12.0 Oct-19

Total 108.0

Building, Construction and PropertyAcquiror Country Target Country €m Date

Q1BAM Ireland Ireland Modern Homes Ireland Ireland n.d. Jan-19BGF Growth Fund UK Winterbrook Ltd Ireland n.d. Mar-19John McNally & JP Hilliard (MBO) Ireland WK Nowlan Real Estate Advisors Ireland n.d. Mar-19

Q23i Group UK DirectRoute (Limerick) - Toll Road Ireland n.d. Apr-19CRH Ireland Concrete Divisions of Pomponio SRL Romania n.d. Apr-19Stella Holding SAS France CRH - Shutters & Awnings Ireland 300.0 Apr-19CRH Ireland Filoform BV Netherlands n.d. May-19

Q3Pramerica Real Estate Capital USA Core Industrial REIT plc Ireland 94.0 Aug-19Henderson Park UK Green REIT plc Ireland 1,551.0 Aug-19John Sisk & Son Limited Ireland Vision Built Limited Ireland n.d. Aug-19Kingspan Group plc Ireland WeGo Floortec GmbH Germany 13.0 Jul-19

Total 1,958.0

IndustrialAcquiror Country Target Country €m Date

Q1Mincon Group Ireland Pacific Bit Of Canada Inc. Canada n.d. Jan-19Process Sensing Technologies Ltd. UK Ntron Limited Ireland n.d. Jan-19Enva Group UK Bio Industries Ltd Ireland n.d. Jan-19The Blackstone Group United States Beauparc Utilities Ireland n.d. Jan-19Beauparc Utilities Ireland Littleton Composting Ireland 4.6 Feb-19James Latham plc UK Abbey Wood Agencies Ltd Ireland 2.2 Feb-19SUNRESIN Hong Kong Ionex Engineering & PuriTech Ireland 5.0 Feb-19

Q2Enva Ireland Associated Reclaimed Oils UK n.d. Apr-19Niedax CMS Limited Ireland Excel Electric Group Ireland n.d. Apr-19ATA Group Ireland Karnasch Professional Tools Germany n.d. May-19DCC Ireland Pacific Coast Energy in The North-West of The US USA n.d. May-19Egeria B.V. Netherlands MAAS Aviation (76% Stake) Ireland n.d. May-19Carlyle Cardinal Ireland Ireland The City Bin Co Ireland n.d. May-19East Cork Oil Co. Ireland Vale Oil Ireland n.d. May-19DIF Management B.V. Netherlands Dublin Waste to Energy Limited Ireland n.d. Jun-19Beauparc Utility Group Ireland Mid UK Recycling UK n.d. Jun-19

Q3AxFlow Sweden Induchem Components Limited Ireland n.d. Jul-19The Blackstone Group USA Europe Distribution Business of CRH plc Ireland 1,640.0 Jul-19AxFlow Ireland Irish Pumps & Valves Limited Ireland n.d. Jul-19OQEMA AG Germany Fusion Bespoke Manufacturing Limited Ireland n.d. Aug-19Beauparc Utilities Limited Ireland WERS Waste Limited Ireland n.d. Aug-19EP UK Investments Limited Czech Rep. Tynagh Energy Ltd (80% Stake) Ireland n.d. Sep-19

Q4Aptiv plc Ireland gabo Systemtechnik GmbH Germany 283.0 Oct-19Astronics Corporation USA Diagnosys Test Systems Limited Ireland 6.0 Oct-19Kingspan Group plc Ireland Building Solutions (National) Limited UK 42.0 Oct-19Hanley Energy Limited Ireland Flexitech Limited Ireland n.d. Oct-19Kingspan Group plc Ireland Groupe Bacacier France 150.0 Nov-19Magna International Autolaunch Ireland Limited Ireland BAIC Blue Valley Magna Automobile Co. (49% Stake) China 39.0 Dec-19Elysian Capital UK Mergon International Ireland n.d. Dec-19DuPont de Nemours Inc. USA OxyMem Limited Ireland n.d. Dec-19eEnergy Group plc Ireland Alexander Mining plc UK n.d. Dec-19

Total 2,171.9



Professional & TechnicalAcquiror Country Target Country €m Date

Q1Version 1 Ireland Business Assets of TE4B Advisory Pvt. Ltd. India n.d. Mar-19

Q2Investor Consortium Ireland Shaw Academy Limited (48% Stake) Ireland 7.0 Apr-19Byrne Looby Partners Ireland TerraConsult UK n.d. Apr-19Willow Salix Limited Ireland Carglass Limited (Allglass) Ireland n.d. Apr-19Saffery Champness UK Grant Thornton - Media & Entertainment Practice Ireland n.d. Apr-19Fieldfisher LLP UK McDowell Purcell Solicitors Ireland n.d. Apr-19Independent Vetcare Limited UK Sunbeam Veterinary Hospital; Value Vets Ireland 9.0 May-19Phenna Group UK Building Envelope Technologies Ireland n.d. May-19Evoke Group USA KYNE Communications Limited (85% Stake) Ireland 16.0 May-19Dussmann Stiftung & Co Germany STS Group Ireland 50.0 May-19Mazars Ireland OBI Accountants Ireland n.d. Jun-19

Q3John O'Connor Solicitors Ireland Peter Morrissey & Company Ireland n.d. Jul-19

Q4MML Capital Partners UK Eastland Engineering Supply Co Limited Ireland 7.0 Oct-19Accenture Ireland Nytec Inc. USA n.d. Oct-19Flynn O'Driscoll Ireland Fanning and Kelly Solicitors Ireland n.d. Oct-19Bayes & Becker Ireland OPINIONS Market Research Ireland n.d. Oct-19Accenture Ireland Silveo France n.d. Nov-19C & J Black Solicitors Ireland Culbert & Martin Ireland n.d. Nov-19Exchange Accountants Ireland Fitzmaurice Mcconville & Co Limited Ireland n.d. Nov-19Accenture Ireland Apis Group Australia 28.0 Dec-19Deutz AG Germany DPS Engineering Ireland n.d. Dec-19Indigo Telecom Group Limited UK 4site Telecoms Ireland n.d. Dec-19Xocean Limited Ireland 4D Ocean Limited UK n.d. Dec-19

Total 117.0

RetailAcquiror Country Target Country €m Date

Q2Grafton Group Ireland Polvo B.V. Netherlands 131.0 Apr-19O'Briens Wines Ireland Philglas & Swiggot UK n.d. May-19

Q3Gowan Group Limited Ireland Opel Automobile Ireland Limited Ireland n.d. Jul-19Connolly Bros. Car Sales Ireland Langtonville Limited t/a Hyundai Galway Ireland n.d. Jul-19Dunnes Stores Ireland J.C. Savage Supermarket Ireland n.d. Jul-19Investor Consortium incl. Applegreen plc Ireland Project Services LLC USA 204.0 Aug-19Eason and Son Limited Ireland Trading Businesses of Six Franchised Stores Ireland n.d. Aug-19BoyleSports Ltd Ireland Reva Racing Limited (5 shops) Ireland n.d. Aug-19Flavour Warehouse Holdings Limited UK Total Vapour Limited Ireland n.d. Aug-19

Q4Klox Technologies Inc. Canada FB Dermatology Limited Ireland n.d. Oct-19Windsor Motors Ireland Holcroft Motors Ireland n.d. Oct-19Connolly Bros. Car Sales Ireland J.J. Reid Motors Ireland n.d. Nov-19B.Iconic Ireland Stormfront Retail Limited UK n.d. Dec-19Certas Energy Ireland Limited Ireland Motor Fuel Service Stations of Tesco Ireland Ireland n.d. Dec-19

Total 335.0


MethodologyThe information in this report relates to transactions announced during the calendar year 2019. Financial consideration is shown in EURO (€), and is based on disclosed figures or market or media estimates at the time each deal was announced. In cases where the deal consideration was in a foreign currency, the equivalent amount in EURO (€) has been calculated using the exchange rate that was in force at the time of the original transaction announcement. Certain transactions which have been announced but which are subject to approval by the Competition Authority are shown on the assumption that approval will be forthcoming.

Disclaimer

Investec Europe Limited (Investec Europe) has issued and is responsible for production of this publication. Investec Europe Limited trading as Investec Europe is regulated by the Central Bank of Ireland. Registered in Ireland Number 222173. Registered office The Harcourt Building, Harcourt Street, Dublin 2, D02 F721.

This publication should be regarded as being for information only and should not be considered as an offer or solicitation to sell, buy or subscribe to any financial instruments, securities or any derivative instrument, or any other rights pertaining thereto (together, “investments”). Investec Europe does not express any opinion as to the present or future value or price of any investments referred to in this publication. This publication may not be reproduced without the consent of Investec Europe.

The information contained in this publication has been compiled from sources believed to be reliable, but, neither Investec Europe, nor any of its directors, officers, or employees accepts liability for any loss arising from the use hereof or makes any representations as to its accuracy and completeness. The information contained in this publication is valid as at the date of this publication. This information is subject to change without notice, its accuracy is not guaranteed, it may be incomplete or condensed and it may not contain all material information concerning the matters discussed herein.

This publication does not constitute investment advice and has been prepared without regard to individual financial circumstances, objectives or particular needs of recipients. Readers should seek their own financial, tax, legal, regulatory and other advice regarding the appropriateness or otherwise of investing in any investments or pursuing any investment strategies. Investec Europe operates exclusively on an execution only basis.

An investment in any of the investments discussed in this publication may result in some or all of the money invested being lost. Past performance is not a reliable guide to future performance. To the extent that this publication is deemed to contain any forecasts as to the performance of any investments, the reader is warned that forecasts are not a reliable indicator of future performance. The value of any investments can fall as well as rise. Foreign currency denominated investments are subject to fluctuations in exchange rates that may have a positive or adverse effect on the value, price or income of such investments. Certain transactions, including those involving futures, options and other derivative instruments, can give rise to substantial risk and are not suitable for all investors.

Investec Europe (or its directors, officers or employees) may to the extent permitted by law, own or have a position in the investments (including derivative instruments or any other rights pertaining thereto) of any issuer or related company referred to herein, and may add to or dispose of any such position or may make a market or act as a principal in any transaction in such investments or financial transactions.

Investec’s conflicts of interest policy is available at https://www.investec.com/en_ie/legal/IE/terms-and-policies.html


Prepared by Investec Corporate Finance

ContactDetails:[email protected]+35314210000ToviewthefullrangeofInvestecResearch&Insightsgo to www.investec.ie/research

Documents

Review of Irish trade sales, buyouts and acquisitions 2019 · 2019. 6. 4. · Review of Irish trade sales, buyouts and acquisitions 1. Introduction 2. Quarterly Commentary 3. Significant