Introduction to NOAH Advisors - NOAH Conference
Introduction to NOAH Advisors - NOAH Conference
Introduction to NOAH Advisors - NOAH Conference
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<strong>Introduction</strong> <strong>to</strong> <strong>NOAH</strong> <strong>Advisors</strong><br />
May 2012<br />
Strictly Private and Confidential
<strong>NOAH</strong> <strong>Advisors</strong> - Europe’s Leading Internet Corporate Finance Boutique<br />
Unique Industry Know-How<br />
• 100% focused on Internet companies, covering<br />
over 25 sub-verticals in this highly complex<br />
industry<br />
- 15+ years active coverage of leading European<br />
Internet companies and inves<strong>to</strong>rs<br />
• Deep understanding of industry dynamics and<br />
thinking of industry leaders<br />
• Ability <strong>to</strong> add value beyond banking advice<br />
- Facilitates overall process and minimizes<br />
management distraction<br />
Unmatched Network and Relationships<br />
• <strong>NOAH</strong> <strong>Advisors</strong> is globally very well connected<br />
and has direct access <strong>to</strong> virtually all key players in<br />
the industry<br />
- Knowledge of and strong relationships with<br />
potential buyers’ key decision makers<br />
- Coverage of over 500 companies and 4,000<br />
individuals<br />
- Proactively finds and unlocks attractive<br />
investment opportunities for leading<br />
inves<strong>to</strong>rs (e.g. Bigpoint)<br />
• Annual <strong>NOAH</strong> <strong>Conference</strong><br />
Marco<br />
Rodzynek<br />
Managing Direc<strong>to</strong>r<br />
and Founder<br />
The <strong>NOAH</strong> <strong>Advisors</strong> Core Team<br />
Core Investment Banking Competence<br />
• The <strong>NOAH</strong> team has 25+ years of media<br />
investment banking experience<br />
- Routine execution of M&A and financing<br />
transactions with sizes of several billion euros<br />
• The team has been working <strong>to</strong>gether closely for 7<br />
years (including 6 years at Lehman Brothers)<br />
• 8 successfully completed <strong>NOAH</strong> <strong>Advisors</strong><br />
transactions underline successful transfer of<br />
competencies <strong>to</strong> the Internet sec<strong>to</strong>r<br />
Full Commitment - We Are Entrepreneurs!<br />
• The <strong>NOAH</strong> team are entrepreneurs and focused<br />
on growing the business and establishing a<br />
reputation for excellence<br />
• Full commitment <strong>to</strong> deliver <strong>to</strong>p quality results in<br />
short time frames<br />
• Highly success-based compensation structures<br />
align interests of clients and <strong>NOAH</strong> <strong>Advisors</strong>, and<br />
demonstrate conviction <strong>to</strong> deliver <strong>to</strong>p results<br />
Yoram<br />
Wijngaarde<br />
Direc<strong>to</strong>r<br />
Jan<br />
Brandes<br />
Direc<strong>to</strong>r<br />
Selected Completed <strong>NOAH</strong> Transactions<br />
have acquired a majority stake in<br />
for $350m from<br />
Exclusive Advisor <strong>to</strong><br />
Summit Partners and TA Associates<br />
Partial sale of<br />
April 2012<br />
150 million growth equity investment from<br />
for a 50% stake alongside Fo<strong>to</strong>lia’s Founders and<br />
Additional $150 million senior debt financing<br />
Total $300 million investment<br />
Financial Advisor <strong>to</strong> Toprural and its Shareholders<br />
Sale of a majority stake in<br />
November 2011<br />
<strong>to</strong><br />
Quants Financial Services AG<br />
Exclusive Financial Advisor <strong>to</strong><br />
grupfoni and its Shareholders<br />
Sale of a 100%-stake in<br />
Sale of a majority stake in<br />
Advisor <strong>to</strong> EnGrande<br />
July 2011<br />
April 2011 April 2011<br />
December 2009 April 2009<br />
<strong>to</strong><br />
<strong>to</strong><br />
Sale of a majority stake in<br />
<strong>to</strong><br />
Advisor <strong>to</strong> Yatego<br />
$80m partial sale of<br />
April 2012<br />
Financial Advisor <strong>to</strong> Toprural and its Shareholders<br />
Contact Details<br />
marco.rodzynek@noah-advisors.com<br />
UK Mobile: +44 77 85 330 330<br />
Swiss Mobile: + 41 79958 1512<br />
Contact Details<br />
yoram.wijngaarde@noah-advisors.com<br />
UK Mobile: +44 79 17 084 784<br />
Contact Details<br />
jan.brandes@noah-advisors.com<br />
German Mobile: +49 174 2010 984<br />
<strong>to</strong><br />
Valuing Sof<strong>to</strong>nic at €175m<br />
Advisor <strong>to</strong> Sof<strong>to</strong>nic<br />
<strong>to</strong><br />
Advisor <strong>to</strong> Fo<strong>to</strong>lia
<strong>Introduction</strong> <strong>to</strong> the <strong>NOAH</strong> <strong>Conference</strong> Overview of the <strong>NOAH</strong> <strong>Conference</strong> 2011<br />
• The <strong>NOAH</strong> <strong>Conference</strong> is an annual Internet event taking place once a<br />
year in London, focused on <strong>to</strong>p management from Internet start-ups <strong>to</strong><br />
global media companies as well as senior investment professionals<br />
• <strong>NOAH</strong>’s goal is <strong>to</strong> create a marketplace for the European Internet ecosystem<br />
<strong>to</strong> discuss key trends, generate business and facilitate<br />
investment transactions<br />
• Over the past 3 years numerous high-profile speakers presented at<br />
<strong>NOAH</strong>, including over 100 CEOs<br />
• The <strong>NOAH</strong> <strong>Conference</strong> was founded in 2009 by Marco Rodzynek and is<br />
organised by the <strong>NOAH</strong> <strong>Advisors</strong> team with sponsorship from some of<br />
the world’s leading financial inves<strong>to</strong>rs<br />
<strong>NOAH</strong> ‘12 on 6-7 November – Save the Date<br />
• The conference will again take place at Old Billingsgate in London<br />
• Registration will open in early 2012<br />
• For updates, please check: www.noah-conference.com<br />
Summary Overview<br />
• <strong>NOAH</strong> ‘11 <strong>to</strong>ok place on 9-10 November 2011 at Old<br />
Billingsgate in London<br />
• Fantastic line-up of 90 speakers from 20 countries in keynotes,<br />
presentations and panels over 2 full days<br />
• 1,150 attendees from 35 countries – 57% from Internet<br />
companies, 26% from inves<strong>to</strong>rs, 15% from corporates (media<br />
companies, advisors, PR and recruiting) and 2% press<br />
representatives from leading on- and offline publications<br />
• <strong>NOAH</strong> party with additional guests from London and a great<br />
live band on the evening of the first day<br />
• Extremely positive feedback from numerous attendees, on<br />
twitter and in the press<br />
Selected <strong>Conference</strong> Impressions<br />
<strong>Conference</strong> Program<br />
Event Sponsors<br />
Strategic Sponsors
<strong>NOAH</strong> San Francisco‘12 on 25-26 June – Save the Date<br />
• <strong>NOAH</strong> San Francisco takes on 25-26 June 2011 at Four seasons<br />
hotel in San Francisco<br />
• Fantastic line-up of 500+ internet and media executives as well<br />
as financial inves<strong>to</strong>rs<br />
• Currently, 55 CEOs from leading European Internet companies<br />
have confirmed their participation as speakers<br />
• For a detailed program and updates, please check: www.noahconference.com<br />
Main Ideas Behind the <strong>NOAH</strong> San Francisco <strong>Conference</strong><br />
• To enable European Internet companies <strong>to</strong> establish or<br />
improve relationships with their US counterparts, media<br />
executives and inves<strong>to</strong>rs<br />
• To provide US attendees with an opportunity <strong>to</strong> meet the<br />
leaders of European Internet in one place<br />
• To facilitate mutual learning in presentation sessions about the<br />
European and US Internet marketThe <strong>NOAH</strong> <strong>Conference</strong> was<br />
founded in 2009 by Marco Rodzynek and is organised by the<br />
<strong>NOAH</strong> <strong>Advisors</strong> team with sponsorship from some of the<br />
world’s leading financial inves<strong>to</strong>rs<br />
Overview of the <strong>NOAH</strong> San Francisco <strong>Conference</strong> 2012<br />
• Full day of presentations by CEOs of a selection of the most successful European internet<br />
companies<br />
• We expect approximately 500+ guests<br />
- Mix of senior executives from US Internet and media companies and corporates and<br />
leading Internet finance companies<br />
Confirmed European Companies
The <strong>NOAH</strong> <strong>Advisors</strong> Team<br />
A team of highly experienced professionals focused on Internet corporate finance advisory<br />
Marco Rodzynek<br />
Managing Direc<strong>to</strong>r and<br />
Founder of <strong>NOAH</strong> <strong>Advisors</strong><br />
(April 2009)<br />
Yoram Wijngaarde<br />
Direc<strong>to</strong>r<br />
With <strong>NOAH</strong> <strong>Advisors</strong> since<br />
November 2009<br />
Jan Brandes<br />
Direc<strong>to</strong>r<br />
With <strong>NOAH</strong> <strong>Advisors</strong> since<br />
August 2010<br />
Previous Experience<br />
• Lehman Brothers, 1998 - April 2009<br />
(acquired by Nomura end 2008)<br />
- Head of Internet, Media Investment<br />
Banking<br />
- 30 announced M&A deals with a <strong>to</strong>tal<br />
value of over $95bn, including :<br />
Previous Experience<br />
• Lehman Brothers, 2004 – November<br />
2009 (acquired by Nomura end 2008)<br />
- Media Investment Banking<br />
- 10+ announced M&A deals, including:<br />
Previous Experience<br />
• Lehman Brothers, 2005 – May 2010<br />
(acquired by Nomura end 2008)<br />
- Media Investment Banking<br />
- 10+ announced M&A deals, including :<br />
• Deals at <strong>NOAH</strong> <strong>Advisors</strong><br />
• Deals at <strong>NOAH</strong> <strong>Advisors</strong>:<br />
• Deals at <strong>NOAH</strong> <strong>Advisors</strong>:<br />
Contact Details<br />
• marco.rodzynek@noah-advisors.com<br />
• UK Mobile: +44 77 85 330 330<br />
• Swiss Mobile: + 41 79958 1512<br />
Contact Details<br />
• yoram.wijngaarde@noah-advisors.com<br />
• UK Mobile: +44 79 17 084 784<br />
5<br />
Contact Details<br />
• jan.brandes@noah-advisors.com<br />
• German Mobile: +49 174 2010 984
Why <strong>NOAH</strong> <strong>Advisors</strong><br />
<strong>NOAH</strong> <strong>Advisors</strong> combines unparalleled expertise in European Internet with bulge bracket investment banking<br />
competence<br />
Unique Industry Know-How<br />
100% focused on Internet companies, covering over<br />
25 sub-verticals in this highly complex industry<br />
- 15+ years active coverage of leading European<br />
Internet companies and inves<strong>to</strong>rs<br />
Deep understanding of industry dynamics and<br />
thinking of industry leaders<br />
Ability <strong>to</strong> add value beyond banking advice<br />
- Facilitates overall process and minimizes<br />
management distraction<br />
Unmatched Industry Network and Relationships<br />
<strong>NOAH</strong> <strong>Advisors</strong> is globally very well connected and has<br />
direct access <strong>to</strong> virtually all key players in the industry<br />
- Knowledge of and strong relationships with<br />
potential buyers’ key decision makers<br />
- Coverage of over 500 companies and 4,000<br />
individuals<br />
- Proactively finds and unlocks attractive investment<br />
opportunities for leading inves<strong>to</strong>rs (e.g. Bigpoint)<br />
The annual <strong>NOAH</strong> <strong>Conference</strong> helps strengthening<br />
and expanding the network<br />
Core Investment Banking Competence<br />
The <strong>NOAH</strong> team has 25+ years of media investment<br />
banking experience<br />
- Routine execution of M&A and financing<br />
transactions with sizes of several billion euros<br />
The team has been working <strong>to</strong>gether closely for 8<br />
years (including 6 years at Lehman Brothers)<br />
14 successfully completed <strong>NOAH</strong> <strong>Advisors</strong><br />
transactions underline successful transfer of<br />
competencies <strong>to</strong> the Internet sec<strong>to</strong>r<br />
Full Commitment - We Are Entrepreneurs!<br />
The <strong>NOAH</strong> team are entrepreneurs and focused on<br />
growing the business and establishing a reputation for<br />
excellence<br />
Full commitment <strong>to</strong> deliver <strong>to</strong>p quality results in short<br />
time frames<br />
Highly success-based compensation structures align<br />
interests of clients and <strong>NOAH</strong> <strong>Advisors</strong>, and<br />
demonstrate conviction <strong>to</strong> deliver <strong>to</strong>p results<br />
6
Unique Access <strong>to</strong> a Wide Range of Internet Inves<strong>to</strong>rs<br />
Long lasting relationships with strategic and financial inves<strong>to</strong>rs<br />
Internet<br />
Large Cap<br />
Coverage of over 4,000 industry leaders: 400 target companies and 150 inves<strong>to</strong>rs<br />
Traditional<br />
TMT & Retail<br />
Angels /<br />
Family<br />
Offices<br />
VC and<br />
Growth<br />
Funds<br />
Private<br />
Equity<br />
Hedge Funds<br />
Maryland<br />
Klaus Hommels<br />
Armira<br />
7
Financial Inves<strong>to</strong>rs Present at the <strong>NOAH</strong> <strong>Conference</strong> 2011<br />
Fund<br />
Venture Capital (€5-20m)<br />
Attendees Key Contact<br />
11<br />
9<br />
3<br />
3<br />
2<br />
2<br />
2<br />
2<br />
2<br />
2<br />
2<br />
Harry Nelis<br />
Sonali de Rycker<br />
Adam Valkin<br />
Dominique Vidal<br />
Ben Holmes<br />
Jan Hammer<br />
(hnelis@accel.com)<br />
(sderycker@accel.com)<br />
(avalkin@accel.com)<br />
(dom@indexventures.com)<br />
(benh@indexventures.com)<br />
(jan@indexventures.com)<br />
Hans-Jürgen Schmitz (hans-juergen.schmitz@mangrove-vc.com)<br />
Eugene Mizin (eugene.mizin@mangrove-vc.com)<br />
Guillaume Durao (guillaume.durao@mangrove-vc.com)<br />
Pawel Chudzinski<br />
(pawel@pointninecap.com)<br />
Lukasz Gadowski<br />
(lukasz@teameurope.net)<br />
Kolja Hebenstreit<br />
(kolja@teameurope.net)<br />
Rober<strong>to</strong> Bonanzinga (rbonanzinga@balder<strong>to</strong>n.com)<br />
Dharmash Mistry (dmistry@balder<strong>to</strong>n.com )<br />
Marcel Rafart (marcel.rafart@nautacapital.com)<br />
Javier Rubio<br />
(javier.rubio@nautacapital.com)<br />
Pär-Jörgen Pärson<br />
(pjp@northzone.com)<br />
Hans Otterling<br />
(hans@northzone.com)<br />
Andrin Bachmann (andrin.bachmann@pi<strong>to</strong>ncap.com)<br />
Greg Lockwood (greg.lockwood@pi<strong>to</strong>ncap.com)<br />
Alexander Ribbink (alexander@primeventures.com)<br />
Rogier Taphoorn<br />
(rogier@primeventures.com)<br />
Hubert Deitmers (hubert.deitmers@endeit.com)<br />
Martijn Hamann (martijn.hamann@endeit.com)<br />
Alex Gonthier (gonthier@@welling<strong>to</strong>n-partners.com)<br />
Christian Thaler-Wolski (thaler@welling<strong>to</strong>n-partners.com)<br />
1 Emanuele Levi (emanuele.levi@360capitalpartners.com)<br />
1 Mike Chalfen (mike.chalfen@adventventures.com)<br />
1 Mattias Ljungman (mattias@a<strong>to</strong>micoinvestments.com)<br />
1 Michael Eisenberg (michael@benchmark.com)<br />
1 Alon Lifshitz (alon@blumbergcapital.com)<br />
1 Ian Noel (iannoel@bonsaigrupo.com)<br />
1 Nic Brisbourne (nic@dfjesprit.com)<br />
1 Ben Tompkins (bt@edenventures.co.uk)<br />
1 Bernard Vogel (bv@endeavourvision.com)<br />
1 Davor Hebel (davor@fgpe.com)<br />
1 Stephen Lowery (stephen.lowery@frogcapital.com)<br />
1 Torsten Kreindl (t.kreindl@grazia.com )<br />
1 Laurel Bowden (lbowden@greylock.com)<br />
1 Martin Weber (martin.weber@holtzbrinck.net)<br />
1 Johan Englund (johan.englund@industrifonden.se)<br />
1 Baris Aksoy (baris.aksoy@intel.com)<br />
1 Tomasz Czechowicz (czechowicz@mci.eu)<br />
1 Thomas Preuss (preuss@neuhauspartners.com)<br />
1 Phillippe Collombel (pcollombel@partechventure.com)<br />
1 Tony Askew (<strong>to</strong>ny.askew@reedelsevier.com )<br />
1 Olivier Sichel (osichel@sofinnova.fr)<br />
1 Mauro Pre<strong>to</strong>lani (mauro.pre<strong>to</strong>lani@tlcom.co.uk)<br />
Fund<br />
Expansion Capital<br />
Mercury<br />
Growth Capital (€20-250m)<br />
Attendees Key Contact<br />
7<br />
5<br />
5<br />
3<br />
3<br />
2<br />
2<br />
2<br />
2<br />
2<br />
2<br />
John Meeks<br />
(jmeeks@ta.com)<br />
Ajit Nedungadi<br />
(ajit@ta.com)<br />
Morgan Seigler<br />
(mseigler@ta.com)<br />
Scott Collins<br />
(scollins@summitpartners.com)<br />
Christian Strain (cstrain@summitpartners.com)<br />
Vincent Lambert (vlambert@summitpartners.com)<br />
Konrad S<strong>to</strong>ebe (konrad.s<strong>to</strong>ebe@warburgpincus.com)<br />
Steven Klooster (steven.klooster@warburgpincus.com)<br />
Johannes Korp (johannes.korp@warburgpincus.com)<br />
Frank Seehaus<br />
(fs@ac<strong>to</strong>ncapital.de)<br />
Jan-Gisbert Schultze<br />
(jgs@ac<strong>to</strong>ncapital.de)<br />
Benedikt Sudbrock<br />
(bs@ac<strong>to</strong>ncapital.de)<br />
Fabio Giuseppetti (giuseppetti@palamon.com)<br />
Daniel Mytnik<br />
(mytnik@palamon.com)<br />
Ricardo Caupers<br />
(caupers@palamon.com)<br />
Marco Brockhaus<br />
Jan Daniel Neumann<br />
Chris Caulkin<br />
David Lisewski<br />
Sarah Pin<strong>to</strong><br />
Peter Garran<br />
Jim Quagliaroli<br />
Jeff Haywood<br />
8<br />
(brockhaus@brockhaus-pe.com)<br />
(neumann@brockhaus-pe.com)<br />
(ccaulkin@generalatlantic.com)<br />
(dlisewski@generalatlantic.com)<br />
(spin<strong>to</strong>@greathillpartners.com)<br />
(pgarran@greathillpartners.com)<br />
(jim@spectrumequity.com)<br />
(jeff@spectrumequity.com)<br />
Daniel O’Keefe (dokeefe@tcv.com )<br />
Woody Marshall<br />
(wmarshall@tcv.com)<br />
Stephen Byrne (stephen.byrne@vitruvianpartners.com)<br />
Jussi Wuoris<strong>to</strong> (jussi.wuoris<strong>to</strong>@vitruvianpartners.com)<br />
1 Fabian Wasmus (fabian.wasmus@eqt.de)<br />
1 Sebastien Briens (sebastien.briens@hgcapital.com)<br />
1 Harley Miller (HMiller@insightpartners.com)<br />
1 Chris<strong>to</strong>ph Haschka (chris<strong>to</strong>ph.haschka@macquarie.com)<br />
1 Mark Joseph (mark.joseph@oakleycapital.com)<br />
1 Pueo Keffer (pkeffer@redpoint.com)<br />
1 Richard Yen (ryen@saban.com)<br />
1 Morgan Callagy (callagym@vss.com)<br />
Fund<br />
Private Equity (€250-1,000+m)<br />
Attendees Key Contact<br />
9<br />
4<br />
4<br />
3<br />
3<br />
3<br />
2<br />
2<br />
2<br />
2<br />
2<br />
Stefan Götz<br />
Zita Saurel<br />
Blake Kleinman<br />
Philipp Freise<br />
Lucian Schoenefelder<br />
Vania Schlogel<br />
(sgoetz@hf.com)<br />
(zita@hf.com)<br />
(bkleinman@hf.com)<br />
(freip@kkr.com)<br />
(lucian.schoenefelder@kkr.com)<br />
(vania.schlogel@kkr.com)<br />
Dominik Stein (dominik.stein@eqt.de )<br />
Christian Schuette (christian.schuette@eqt.de)<br />
Anil Hansjee<br />
(anil@hansjee.net)<br />
Kai Romberg<br />
Dan Groen<br />
Sascha Kaumann<br />
(kai.romberg@hgcapital.com)<br />
(dan.groen@hgcapital.com)<br />
(sascha.kaumann@hgcapital.com)<br />
Karim Tabet<br />
(karim.tabet@provequity.co.uk)<br />
Bruno Mourgue d'A. (bruno.mourguedAlgue@provequity.co.uk)<br />
Andrew Tisdale (andrew.tisdale@provequity.co.uk)<br />
Karl Peterson<br />
Anand Tejani<br />
Jean Baptiste Brian<br />
Tripp Lane<br />
Frank Ehmer<br />
Andrea Valeri<br />
Lance Toler<br />
Stefan Franssen<br />
Natalie Tydeman<br />
Hinrich Stahl<br />
Helge Luetzen<br />
Michael Korzins<strong>to</strong>ne<br />
John Flynn<br />
(kpeterson@tpg.com)<br />
(atejani@tpg.com)<br />
(jbbrian@tpg.com)<br />
(tripp.lane@apax.com)<br />
(frank.ehmer@apax.de)<br />
(valeri@blacks<strong>to</strong>ne.com)<br />
(lance.<strong>to</strong>ler@blacks<strong>to</strong>ne.com)<br />
(stefan.franssen@gmtpartners.com)<br />
(natalie.tydeman@gmtpartners.com)<br />
(hs@maryland-gmbh.de)<br />
(hl@maryland-gmbh.de)<br />
(michael.korzins<strong>to</strong>ne@silverlake.com)<br />
(john.flynn@silverlake.com)<br />
1 Jan-Olivier Fillols (jan-olivier.fillols@3i.com)<br />
1 Jens Hagen (jhagen@uk.adventinternational.com)<br />
1 Jörg Mohaupt (jmohaupt@accind.com)<br />
1 Michael Black (michael.black@bridgepoint.eu)<br />
1 Jason Khaksar (jason.khaksar@carlyle.com)<br />
1 Andrew Young (andrew.young@permira.com)
Holtzbrinck<br />
15<br />
2<br />
Welling<strong>to</strong>n<br />
25<br />
5<br />
Ac<strong>to</strong>n<br />
30<br />
5<br />
Endeit<br />
25<br />
5<br />
Intel Capital<br />
25<br />
2<br />
Kennet<br />
20<br />
5<br />
Fidelity<br />
25<br />
10<br />
Index<br />
60<br />
5<br />
Peacock<br />
25<br />
5<br />
Accel<br />
70<br />
5<br />
Bessemer<br />
35<br />
10<br />
Balder<strong>to</strong>n<br />
50<br />
10<br />
Sequoia<br />
70<br />
5<br />
50<br />
15<br />
R Capital<br />
80<br />
20<br />
Silverlake Growth<br />
60<br />
20<br />
Carlyle Growth<br />
Battery<br />
75<br />
10<br />
Palamon<br />
70<br />
10<br />
Oak<br />
120<br />
15<br />
Investcorp<br />
100<br />
25<br />
GMT<br />
70<br />
20<br />
Vitruvian<br />
70<br />
30<br />
Insight<br />
70<br />
20<br />
Cyrte<br />
100<br />
10<br />
Spectrum<br />
100<br />
30<br />
Great Hill<br />
150<br />
40<br />
General Atlantic<br />
200<br />
20<br />
Warburg Pincus<br />
200<br />
25<br />
TCV<br />
200<br />
40<br />
Summit<br />
150<br />
25<br />
Francisco Partners<br />
200<br />
50<br />
Veronis<br />
150<br />
30<br />
HG Capital<br />
200<br />
40<br />
Exponent<br />
200<br />
60<br />
TA<br />
200<br />
50<br />
Silverlake<br />
300<br />
75<br />
Carlyle<br />
300<br />
100<br />
Permira<br />
300<br />
100<br />
3i<br />
250<br />
50<br />
CVC<br />
500<br />
100<br />
Apax<br />
400<br />
100<br />
Providence<br />
400<br />
100<br />
TPG<br />
300<br />
100<br />
Blacks<strong>to</strong>ne<br />
500<br />
100<br />
Bain<br />
500<br />
75<br />
Advent<br />
600<br />
120<br />
Cinven<br />
300<br />
150<br />
KKR<br />
750<br />
100<br />
H&F<br />
500<br />
75<br />
The Universe of Financial European Internet Inves<strong>to</strong>rs<br />
<strong>NOAH</strong> <strong>Advisors</strong> maintains close contact with key inves<strong>to</strong>rs in all major categories<br />
Venture Capital Growth Funds Buyout Funds<br />
(€ million)<br />
EU Office ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔<br />
US Office ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔<br />
Internet Deals 1 1 1 1 1 1 1 1 2 1 1 1 1 2 2 1 2 2 2 2 2 2 1 2 2 2 1 1 1 1 2 2 2 2 1 1 2 2 1 3 2 1 3 3 3 2 3 3 1<br />
800<br />
800<br />
700<br />
Equity Investment Size<br />
700<br />
600<br />
Control Investments Only<br />
600<br />
500<br />
Sweet Spot<br />
500<br />
400<br />
400<br />
300<br />
300<br />
200<br />
200<br />
100<br />
100<br />
0<br />
0<br />
Note: Number of previous European Internet deals: 1 - many, 2 - a few, 3 - new <strong>to</strong> the segment.<br />
9
Internet is a Complex Parallel Economy<br />
300 European public/private Internet companies valued at about €100 billion, of which over 150 worth over €100m<br />
Segment<br />
Market Size<br />
(€bn)<br />
Maturity<br />
Selected Leading European Companies<br />
Est. Aggregate<br />
Value (€bn)<br />
Consolidation Play<br />
E-Commerce 173 Advanced<br />
123 TV, Allopneus, art.com, Artnet, Artprice, ASOS, Black Circles.com, Bodaclick, Brack, Brandalley, Brille 24, CDiscount.com,<br />
CentralPoint.nl, ComputerUniverse.net, Cool Blue, CTS Eventim AG, Cyberport, Deal United, Delticom, Digitec, ditech.at,<br />
eBuyer, Elbee, e-shop.gr, Euronics, Glasses Direct, Glassesusa, Hawesko, HepsiBurada.com, Hofmann, Hut Group, iBOOD,<br />
Justeat, KupiVIP, Laithwaites, LDLC, Leguide.com, M and M, MediaShopping.it, microspot.ch, Mind Fac<strong>to</strong>ry AG,<br />
MisterGoodDeal.com, Mydeco, mylemon.at, MyTheresa, Notebook.de, Notebooksbilliger.de, NRHolding, Ocado, Ofertix,<br />
15.7 <br />
Offerum, paydro, PCP.ch, Pearl.de, Pho<strong>to</strong>ways, Pixmania, Privalia, Rue du Commerce, Seatwave, See Tickets International,<br />
Showroomprive, Smart & Co, Spreadshirt, Steg Computer, Studio Moderna, Teknosa, Tgo.it, The eTailers, Tipp24,<br />
TPOInformatica.com, Vente Privee, Viagogo, Wiggle, Wikimart, Wonderbox, Worlds<strong>to</strong>res, Worldticketshop, Yatego, Yoox,<br />
YouBuy.it, Zalando, Zooplus<br />
Online Classified 12 Advanced<br />
Au<strong>to</strong>.ru, Au<strong>to</strong>track, au<strong>to</strong>vit.ro, bakeca.it, car.gr, Casa.it, Easyroommate, Experteer, Funda, Idealista, Immobiliare.it, Jaap.nl,<br />
Jobs.ch, Kariyer.net, meinestadt.de, milanuncios.com, Mo<strong>to</strong>.it, quoka.de, Qype, ria.ua, Rightmove, Sahibinden, Schibsted,<br />
9.3 <br />
Scout24, standvirtual.com, Steps<strong>to</strong>ne, <strong>to</strong>taljobs, Trader Media Group, Yakaz, Zoopla<br />
Online Travel 58 Mature<br />
Availpro, BCD Holdings, bravofly, Cheapflights, easy voyage, eDomizil, eLeisure, Expotel, Fastbooking, Holidaycheck,<br />
Hoseasons, Hostelbookers, HRS, i:FAO, INTER CHALET, Interhome, Low Cost Travel Group, Oc<strong>to</strong>pusTravel.com, odigeo, Pierre &<br />
Vacances, Rumbo, Seat24, Skyscanner, spareroom.co.uk, TheTrainline.com, Travel Republic, TravelHorizon, Trivago,<br />
8.0 <br />
VoyagePrive, Webres<br />
Portals/Diversified 10 Mature Begreat, Interia, Onet, Rambler, RosBusinessConsulting, Seznam, Sof<strong>to</strong>nic, Unister, United Internet, Yandex 6.3 <br />
Lead Generation 6 Advanced<br />
Babylon, Check24, Companeo, Conduit, Confused.com, Courtier Meilleurtaux.com, Educaedu, Emagister, Interhyp,<br />
Moneyexpert, Moneysupermarket, MutuiOnline SpA, PagesJaunes, Perform Group, SEAT, Skyscanner, Trovit, Truvo, Twenga<br />
5.5 <br />
Betting 2 Advanced Betfair, Bwin 5.0 <br />
Online Gaming 6 Early<br />
1C Company, Alaplaya, Ankama, Astrum, Bigpoint, CCP hf, Crytek, eRepublik, Game Insight, GameDuell, Gameforge, Gamigo,<br />
Innogames, Jagex, King.com, MindCandy/Moshi, Miniclip, Playagames, Spil Games, Travian Games<br />
4.6 <br />
Info Services 2 Advanced Acturis, Boursorama, Bureau van Dijk, Call Credit, dunnhumby, Hometrack, Juris, Mendeley, Netvibes, vlex, Zylab 3.0 <br />
Online Advertising 23 Advanced<br />
Adconion, Adscale, Aedgency, Afilo, Antevenio, Astramedia, Criteo, Cube Group / Netsales, eCircle, Hi Media, lbi international,<br />
Maxymiser, Metrixlab, Mythings, Netaffiliation, Sponsorpay, TradeDoubler, Zanox<br />
2.9 <br />
Anti-Virus 2 Early AVAST, AVG, Avira, eset, Kaspersky, Panda Security, Sophos 2.7 <br />
Online Payment 2 Advanced Adyen, ChronoPay, Clear2Pay, icepay, Moneybookers, ogone, Rentabili Web, Retail Decisions, Wire Card 2.2 <br />
Financial Services 5 Early eToro, IG Group, Oanda, Saxo Bank, Wonga, Zulutrade 2.2 <br />
Marketplace 6 Early<br />
BullionVault, Fo<strong>to</strong>lia, Justgiving, Lieferheld, Livebooking Network, Res<strong>to</strong>politan.com, Teleroute, Timocom, Tradingpartners,<br />
TRANS European, Transporeon, Wtransnet<br />
1.7 <br />
Social Networks 1 Early Badoo, Nasza Klasa, Stardoll, StudiVZ, Sulake, Viadeo, vkontakte.ru, WAYN, Xing 1.7 <br />
E-commerce Infrastructure 3 Arsys, Bertelsman Services Group, D+S, docdata, Euroweb, Hermes, Kiala, YCD Multimedia 1.6 <br />
Paid Services/Content 3 Advanced Be2, ElitePartner, NTR Global, Parship, Spinvox, TeamViewer, Template Monster, United Maps, Wix 1.5 <br />
Content 3 Advanced Beaufort Media, Best Of Media, CCM Benchmark, Glam, Populis, VRWAY 1.3 <br />
SaaS 5 Advanced ePages Software, Huddle, IBX Group, Neteven, Rate Tiger, SOHO OS, Tagman, Veeam 1.0 <br />
Mobile Internet 1 Early 24-7 Entertainment, Acotel, Netsize, Vitaminic, Zed 0.5 <br />
Online Music
Europe’s Largest Internet Companies<br />
A significant number of companies valued above €200 million<br />
Estimated Valuation of €500m+ (Selection)<br />
Estimated Valuation of €200-500m (Selection)<br />
11
Selected Inves<strong>to</strong>r References<br />
The best trust us and work with us<br />
Name Background and Deal Experience Name Background and Deal Experience<br />
Dom Vidal<br />
(Partner Index<br />
Ventures)<br />
Martin Weber<br />
(Holtzbrinck Ventures,<br />
Managing Partner)<br />
Harry Nelis<br />
(Partner Accel<br />
Partners)<br />
• Index Ventures is one of Europe’s leading Internet VC group<br />
• Joined Yahoo! from Kelkoo, when Yahoo! acquired the company<br />
in March 2004<br />
• CEO of Yahoo! Europe from 2004 <strong>to</strong> 2007<br />
• Deals: Kelkoo, Adconion, Be2, Criteo<br />
• Accel is a leading globally active VC<br />
• Before joining Accel, was at Perry Capital, a $10bn hedge fund<br />
• Spent a decade in Silicon Valley and was founder of E-motion<br />
• Deals: Gameforge, Check24, Kayak, Netvibes, Onforce, Double<br />
Fusion, Spreadshirt<br />
Greg Lockwood<br />
(Partner Pi<strong>to</strong>n Capital)<br />
• More than 14 years of experience in the private equity<br />
industry<br />
• Has invested in more than 80 companies, built several<br />
category leading businesses in consumer internet<br />
• Deals: Brands4Friends, Parship, Experteer, GameDuell, My-<br />
Hammer, Adscale, Zalando<br />
• Involved in early stage internet investing as a partner with UBS<br />
Capital and as an angel inves<strong>to</strong>r since 1996<br />
• Recently founded Pi<strong>to</strong>n Capital <strong>to</strong> invest in marketplace<br />
• Sunrise, Betfair (and former Chairman of betfair)<br />
Klaus Hommels<br />
(Klaus Hommels<br />
Capital)<br />
Jonathan Meeks<br />
(Partner TA<br />
Associates)<br />
• Klaus is Europe's most successful and respected angel inves<strong>to</strong>r<br />
• Joined AOL in 1995<br />
• Deals: AOL, Freenet, Skype, King.com, Stardoll, XING, Spotify,<br />
Xing<br />
• TA Associates is a leading European growth capital inves<strong>to</strong>r<br />
• Deals: M&M, eCircle, Micromax, AVG, Fo<strong>to</strong>lia, eDreams,<br />
GlobeOp, OpenLink, Radialpoint, Datek Online Holdings, Idea<br />
Cellular and The Island EC<br />
Nicolas Massard<br />
(Principal, Abry<br />
Partners)<br />
Tomas Diago<br />
(Founder/CEO<br />
Sof<strong>to</strong>nic)<br />
• Principle at leading U.S. growth capital fund, joined in 2010<br />
• Joined Spectrum in January 2002 from Continuum Group, a<br />
London-based communications venture capital firm<br />
• Deals: Demand Media, Riskmetrics, Eutelsat, Classic Media,<br />
etc.<br />
• Founder of Sof<strong>to</strong>nic.com, one of the most visited sites in Spain<br />
with 70m monthly unique visi<strong>to</strong>rs<br />
• European leader in software downloading<br />
• Second client of <strong>NOAH</strong> <strong>Advisors</strong><br />
• Sold a
Completed Transactions<br />
May 2012<br />
April 2012<br />
July <strong>to</strong> December 2011<br />
December 2011<br />
November 2011<br />
$150 million growth equity investment<br />
from<br />
Sale of 100% in<br />
Identifying European Acquisition<br />
Targets for<br />
Fund raising for<br />
Sale of a majority stake in<br />
for a 50% stake alongside Fo<strong>to</strong>lia’s<br />
Founders and TA Associates<br />
Additional $150 million senior debt<br />
financing<br />
Exclusive Financial Advisor <strong>to</strong><br />
Fo<strong>to</strong>lia and its shareholders<br />
<strong>to</strong><br />
Financial Advisor <strong>to</strong><br />
Toprural and its Shareholders<br />
Advisor <strong>to</strong> Reach Local<br />
from various inves<strong>to</strong>rs including<br />
Angel Inves<strong>to</strong>rs<br />
Advisor <strong>to</strong> Work4 Labs<br />
<strong>to</strong><br />
Quants Financial Services AG<br />
Exclusive Financial Advisor <strong>to</strong><br />
grupfoni and its Shareholders<br />
August 2011<br />
July 2011<br />
April 2011<br />
April 2011<br />
April 2011<br />
Fund raising for<br />
Sale of a majority stake in<br />
have acquired a majority stake in<br />
Fund raising for<br />
Sale of a majority stake in<br />
<strong>to</strong><br />
from various inves<strong>to</strong>rs<br />
for $350m from<br />
from various inves<strong>to</strong>rs<br />
<strong>to</strong><br />
Advisor <strong>to</strong> RankAbove<br />
Advisor <strong>to</strong> EnGrande<br />
Exclusive Advisor <strong>to</strong> Summit Partners<br />
and TA Associates<br />
Advisor <strong>to</strong> AdTelligence<br />
Advisor <strong>to</strong> Yatego<br />
March 2011<br />
Oc<strong>to</strong>ber 2010<br />
June 2010<br />
December 2009<br />
April 2009<br />
Call option agreement<br />
for an investment in<br />
Investment in<br />
Investment in<br />
Partial sale of<br />
$80m partial sale of<br />
by<br />
by<br />
<strong>to</strong><br />
<strong>to</strong><br />
by an undisclosed party<br />
Valuing Sof<strong>to</strong>nic at €175m<br />
Advisor <strong>to</strong> EnGrande<br />
Advisor <strong>to</strong> JamesList<br />
Advisor <strong>to</strong> BullionVault<br />
Advisor <strong>to</strong> Sof<strong>to</strong>nic<br />
Advisor <strong>to</strong> Fo<strong>to</strong>lia<br />
13
$300m Fo<strong>to</strong>lia Investment is EU’s Largest Internet LBO in 2012<br />
<strong>NOAH</strong> <strong>Advisors</strong> has been working with Fo<strong>to</strong>lia since early 2009 and introduced KKR <strong>to</strong> the deal opportunity<br />
$150 million growth equity investment from<br />
for a 50% stake alongside Fo<strong>to</strong>lia’s Founders and<br />
Additional $150 million senior debt financing<br />
Total $300 million investment<br />
Exclusive Financial Advisor <strong>to</strong><br />
Fo<strong>to</strong>lia and its shareholders<br />
Deal Teams<br />
Oleg Tscheltzoff, Thibaud Elziere<br />
John Meeks, Timo Kienle<br />
May 2012<br />
Philipp Freise, Lucian Schonefelder, Vania<br />
Schlogel, Thijs van Remmen, Justin Lewis-<br />
Oakes, Valeria Rebulla<br />
Marco Rodzynek, Yoram Wijngaarde,<br />
Jan Brandes<br />
Overview of Fo<strong>to</strong>lia<br />
• Fo<strong>to</strong>lia is the leading European crowd-sourced market place for micros<strong>to</strong>ck images and video content<br />
where over 3 million members <strong>to</strong> buy and license micro-s<strong>to</strong>ck images<br />
• The Company was founded in Oc<strong>to</strong>ber 2005 by Oleg Tscheltzoff and Thibaud Elziere. Management selffunded<br />
the company <strong>to</strong> become a major internet player, with market leading positions across Europe, and<br />
strong brand recognition (known as leader and crea<strong>to</strong>r of micro-s<strong>to</strong>ck in Europe)<br />
• Over 145,000 professional and amateur pho<strong>to</strong>graphers license their images via Fo<strong>to</strong>lia<br />
• With over 17 million digital images and videos <strong>to</strong> choose from, Fo<strong>to</strong>lia offers one of the largest image<br />
databases of quality, for SMEs, individuals, graphical professionals, and corporates. Fo<strong>to</strong>lia websites are<br />
operated in 15 countries in 11 languages (English, French, German, Spanish, Italian, Portuguese, Polish,<br />
Russian, Japanese, Turkish, and Korean)<br />
• High structural market growth, attractive B2B online marketplace characteristics, predictable revenue<br />
streams and strong Fo<strong>to</strong>lia leadership position driven by best-in-class management team make Fo<strong>to</strong>lia a<br />
highly attractive growth investment for KKR<br />
• The company has a global organization of about 80 employees, headquartered in New York<br />
Transaction Summary<br />
• KKR is making a $150 million growth equity investment in Fo<strong>to</strong>lia for a 50% stake. In addition, KKR, TA<br />
Associates and Management worked with KKR Capital Markets, who acted as sole arranger, HSBC, Lloyds,<br />
GE Capital, IKB and Mizuho <strong>to</strong> put in place a senior $150 million senior financing for the Company. KKR's<br />
ability <strong>to</strong> raise this amount of debt in a challenging European financing market, clearly differentiated KKR<br />
in this transaction<br />
• Although Fo<strong>to</strong>lia is not raising new funds as part of the deal, the new partners will help it <strong>to</strong> expand<br />
internationally, accelerate business development, and fund future acquisitions<br />
• Fo<strong>to</strong>lia received is first growth investment from TA Associates in April 2009<br />
<strong>NOAH</strong> <strong>Advisors</strong>’ Role<br />
• Fo<strong>to</strong>lia has been a close relationship of <strong>NOAH</strong> <strong>Advisors</strong> for over 3 years<br />
• In April 2009, <strong>NOAH</strong> <strong>Advisors</strong> advised the Fo<strong>to</strong>lia founders in their sale of a majority stake <strong>to</strong> TA Associates<br />
• <strong>NOAH</strong> had worked intensively with Fo<strong>to</strong>lia and its shareholders on various strategic opportunities and<br />
introduced the deal <strong>to</strong> KKR, with whom <strong>NOAH</strong> has as long-standing institutional relationship<br />
• <strong>NOAH</strong> <strong>Advisors</strong> acted as exclusive M&A financial advisor <strong>to</strong> Fo<strong>to</strong>lia and its shareholders, and facilitated a<br />
fast execution based on in-depth knowledge the company, and intelligence around the best potential<br />
inves<strong>to</strong>r candidates<br />
14
Toprural Transaction Case Study<br />
<strong>NOAH</strong> <strong>Advisors</strong> advised on the sale of the leading Spanish vacation rental website<br />
Sale of 100% in<br />
<strong>to</strong><br />
April 2012<br />
Overview of Toprural<br />
• Toprural is a rural accommodation search engine focused on independently owned rental<br />
properties in rural France, Spain, Italy and Portugal<br />
- Clear market leadership in Spain<br />
• The company has ~12k paid and ~30k free listings for bed-and-breakfast properties and<br />
vacation rentals<br />
• The Toprural website operates in 8 languages, including English Spanish, Portuguese, French,<br />
Catalan and Dutch and features accommodations varying from farmhouses in Tuscany <strong>to</strong> fincas<br />
in Mallorca<br />
• The company was founded in 2000, has 46 employees and is based in Madrid<br />
Financial Advisor <strong>to</strong> Toprural and its Shareholders<br />
Deal Team<br />
Francois Derbaix, Founder and CEO<br />
Rafael Pérez-Olivares Hoepfl, COO<br />
Marco Rodzynek, Yoram Wijngaarde,<br />
Jan Brandes<br />
Transaction Overview<br />
• On 2 April 2012, HomeAway Inc., the world’s largest online marketplace for vacation rentals<br />
based in Austin, Texas, USA, acquired a 100% of Toprural for an undisclosed amount in an allcash<br />
transaction<br />
• The acquisition broadens HomeAway’s reach in Europe and adds inven<strong>to</strong>ry that appeals <strong>to</strong> a<br />
seekers of long weekend getaways <strong>to</strong> small <strong>to</strong>wns or countryside destinations<br />
• Following the acquisition, COO Rafael Pérez-Olivares Hoepfl will serve as General Manager and<br />
replace François Derbaix, who will stay on as a consultant during the transition.<br />
• Toprural is the 18th acquisition for HomeAway<br />
<strong>NOAH</strong> Advisor’s Role<br />
• <strong>NOAH</strong> <strong>Advisors</strong> has been working with Toprural and its shareholders since early 2010<br />
• Toprural and <strong>NOAH</strong> <strong>Advisors</strong> worked <strong>to</strong>gether intensively, exploring options with a number of<br />
strategic and financial inves<strong>to</strong>rs<br />
• <strong>NOAH</strong> <strong>Advisors</strong> acted as financial advisor <strong>to</strong> Toprural and its selling shareholders<br />
15
grupfoni Transaction Case Study<br />
<strong>NOAH</strong> <strong>Advisors</strong> advised on the majority sale of the market leading group buying company in Turkey<br />
November 2011<br />
Overview of grupfoni<br />
Sale of a majority stake in<br />
• The company operates Turkey’s leading group buying site with 1.4 million members, over 300k<br />
followers on Facebook and up <strong>to</strong> 150k daily visi<strong>to</strong>rs<br />
• To date, the company has sold over 1.4 million coupons in over 7,000 deals in the categories<br />
restaurants, beauty, travel, nightlife amongst others<br />
<strong>to</strong><br />
Quants Financial Services AG<br />
Exclusive Financial Advisor <strong>to</strong> grupfoni and its Shareholders<br />
Deal Team<br />
Burak Hatipoglu, Co-founder and CEO<br />
Münteha Mangan, Co-founder and CSO<br />
• grupfoni was founded in June 2010 in Istanbul by Burak Hatipoğlu and Münteha Mangan<br />
• grupfoni has established a market leading position in the Turkish group buying market despite<br />
competition, mainly from Grupanya and SehirFirsati (Groupon)<br />
• Turkey is one of the most exciting e-commerce markets in Europe with Internet penetration of<br />
~45% and e-commerce usage only 5% of the population the last 12 months<br />
<br />
Young, emerging Internet population (40% are below 24, over 70% under 34) with relatively<br />
low, but increasing purchasing power<br />
Transaction Overview<br />
• On 9 November 2011, Quants Financial Services AG, a Swiss investment company acquired a<br />
majority stake in grupfoni for an undisclosed amount<br />
• For majority shareholder Group Buying Global (GBG), a Zurich-based holding company run by<br />
Klaus Hommels and Oliver Jung, the transaction represents the latest in a series of highly<br />
successful exits from its portfolio of global group buying and private sales opera<strong>to</strong>rs, following<br />
e.g. Markafoni and DeinDeal<br />
• Management shareholders will continue <strong>to</strong> lead the company, backed by its new inves<strong>to</strong>rs<br />
<strong>NOAH</strong> Advisor’s Role<br />
Sellers<br />
GBG: Klaus Hommels, Oliver Jung, Manu<br />
Gupta<br />
AlterInvest: Samih Toukan, Hussam Khouri<br />
Emre Kurttepeli<br />
Marco Rodzynek, Jan Brandes,<br />
Yoram Wijngaarde<br />
• <strong>NOAH</strong> <strong>Advisors</strong> has maintained a close relationship with Group Buying Global for two years and<br />
has worked with Klaus Hommels and Oliver Jung on multiple occasions<br />
• <strong>NOAH</strong> <strong>Advisors</strong> was mandated following inbound interest <strong>to</strong> acquire the grupfoni<br />
• grupfoni and <strong>NOAH</strong> <strong>Advisors</strong> worked <strong>to</strong>gether intensively, exploring options with a number of<br />
strategic and financial inves<strong>to</strong>rs<br />
• <strong>NOAH</strong> <strong>Advisors</strong> acted as exclusive financial advisor <strong>to</strong> grupfoni and its selling shareholders<br />
16
EnGrande Transaction Case Study<br />
<strong>NOAH</strong> <strong>Advisors</strong> partnered with EnGrande, exploring a range of strategic alternatives, resulting in a highly<br />
successful outcome for all parties<br />
Sale of a majority stake in<br />
the owner of<br />
<strong>to</strong><br />
Exclusive Financial Advisor <strong>to</strong> EnGrande S.L.<br />
Deal Team<br />
John Erceg (founder and CEO)<br />
Fabio Massimo Giuseppetti, Jaime-Enrique<br />
Hugas, Ricardo Caupers<br />
Sponsor: Louis Elson<br />
Marco Rodzynek, Yoram Wijngaarde, Jan<br />
Brandes<br />
July 2011<br />
Overview of EnGrande<br />
• EnGrande S.L. ("EnGrande" or "the Company") was established in 2003 by founder and CEO John Erceg <strong>to</strong><br />
generate bookings for budget hotels and apartments<br />
• Following a period of rapid expansion across Europe and selected cities in America and Asia-Pacific, the<br />
Company now has more than 7,000 establishments worldwide directly contracted <strong>to</strong> its service and<br />
processes more than €80 million of bookings per annum<br />
• EnGrande's websites, which include www.budgetplaces.com, and a network of dedicated 30's city<br />
websites, such as www.london30.com and www.amsterdam30.com, are aimed at cost-conscious, mostly<br />
European leisure and business travellers<br />
• The Company employs 85 staff and is headquartered in Barcelona with offices in New York and Dublin<br />
• The EnGrande team is passionate about finding new well-located, cheap and clean establishments,<br />
partnering with hoteliers <strong>to</strong> fill their rooms profitably with a unique easy-<strong>to</strong>-use backoffice system which<br />
offers maximum administrative efficiency<br />
Transaction Rationale<br />
• The online accommodation bookings market has proven <strong>to</strong> be a massive opportunity. Gross bookings of<br />
the European hotel sec<strong>to</strong>r are estimated <strong>to</strong> <strong>to</strong>tal about €85 billion per annum, of which online bookings<br />
currently account for around €14 billion<br />
• The European budget accommodation sec<strong>to</strong>r itself is currently worth approximately €15 billion per annum<br />
and is rapidly growing, in part due <strong>to</strong> the expansion of low cost carriers<br />
• The fragmented nature of accommodation suppliers and their low online penetration presents EnGrande<br />
with a strong opportunity <strong>to</strong> accelerate the growth of its network of providers<br />
• A key part of the growth plan is a shared commitment <strong>to</strong> grow the platform <strong>to</strong> become the leader in the<br />
budget accommodation category<br />
• Palamon Capital Partners is a leading European mid-market private equity firms<br />
• The terms of the transaction were not disclosed<br />
<strong>NOAH</strong> Advisor’s Role<br />
• EnGrande decided <strong>to</strong> partner with <strong>NOAH</strong> <strong>Advisors</strong>, following inbound interest <strong>to</strong> acquire the Company<br />
• EnGrande and <strong>NOAH</strong> <strong>Advisors</strong> worked <strong>to</strong>gether intensively on exploring a wide range of strategic<br />
alternatives, while the Company grew from strength <strong>to</strong> strength was able <strong>to</strong> scale its platform rapidly<br />
• <strong>NOAH</strong> <strong>Advisors</strong> acted as exclusive M&A financial advisor <strong>to</strong> EnGrande<br />
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Bigpoint Transaction Case Study<br />
<strong>NOAH</strong> <strong>Advisors</strong> identified the Bigpoint opportunity early on, and re-introduced the deal <strong>to</strong> Summit Partners and<br />
TA Associates based on superior insight in<strong>to</strong> the situation<br />
and<br />
April 2011<br />
are jointly investing $350m <strong>to</strong> acquire a majority stake in<br />
from<br />
Exclusive Financial Advisor <strong>to</strong><br />
Summit Partners and TA Associates<br />
Deal Team<br />
Heiko Hubertz, Arthur Bastings, Simon Guild,<br />
Nils Holger Henning, Philip Reisberger, Tobias<br />
Reisberger, Michael Gutsmann, Jan Wergin<br />
Scott Collins, Christian Strain, Vincent Lambert,<br />
Nicolas Slim, Ronan Gouello<br />
John Meeks, Morgan Seigler, Khaled Heliouli<br />
Marco Rodzynek, Yoram Wijngaarde,<br />
Jan Brandes<br />
Overview of Bigpoint<br />
• Bigpoint was founded in 2002 by Heiko Hubertz (co-CEO) in Hamburg and has become a globally leading<br />
online gaming company, with over 185m registered users in over 150 countries, 250,000 daily<br />
registrations, millions of paying users, and 1 million+ concurrent users<br />
• Its 60 active browser games in 25 languages include core games such as Seafight and DarkOrbit, nextgeneration<br />
3D games such Battlestar Galactica Online, and casual-social games such as Farmerama and<br />
Zoomumba. A strong pipeline includes The Mummy and RamaCity<br />
• Bigpoint’s games are free-<strong>to</strong>-play, with paid virtual items. Paying users spend an average of circa €20 ($29)<br />
per month and purchase over a billion virtual items every day<br />
• Bigpoint is one of the best-positioned online gaming platforms, in the sweet-spot of a market with several<br />
structural growth dynamics (fast growing $15b+ online gaming market, the $2.5b+ free-<strong>to</strong>-play model<br />
outgrowing the market) and better developer risk-return characteristics<br />
• Bigpoint has built an industry-leading platform in terms of user analytics, virtual items sales, a diversified<br />
portfolio of strong games in different segments, coupled with a strong pipeline<br />
• The company’s strong growth track-record, industry-leading profit margins, and high-quality management<br />
team made it a highly attractive investment opportunity for TA and Summit<br />
Transaction Summary<br />
• TA Associates and Summit Partners are jointly investing $350 million for a majority stake. Heiko Hubertz,<br />
Bigpoint’s founder and co-chief executive, will retain his 30% stake<br />
• Comcast Interactive Capital, GMT Communications and General Electric sell down their stakes. GMT and<br />
GE will retain a minority stake. GMT and NBC Universal acquired a 70% stake in June ‘08 at a $110m<br />
valuation. They have made a fivefold return on their investment<br />
• Although Bigpoint is not raising new funds as part of the deal, the new partners will help it <strong>to</strong> expand<br />
internationally, make acquisitions and develop software<br />
• Completion is subject <strong>to</strong> regula<strong>to</strong>ry approval and other standard conditions<br />
<strong>NOAH</strong> Advisor’s Role<br />
• Bigpoint has been a close relationship of <strong>NOAH</strong> <strong>Advisors</strong> for close <strong>to</strong> two years<br />
• <strong>NOAH</strong> had intensively followed Bigpoint as a potential transaction opportunity and re-introduced the deal<br />
<strong>to</strong> Summit Partners and TA Associates based on superior insight in<strong>to</strong> the situation<br />
• <strong>NOAH</strong> <strong>Advisors</strong> acted as exclusive M&A financial advisor <strong>to</strong> Summit and TA, bringing in-depth knowledge<br />
of the online gaming sec<strong>to</strong>r, the company, and intelligence around the opportunity<br />
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