EUROPEAN MIDDLE MARKET BRIEFING - Acquisitions Monthly
EUROPEAN MIDDLE MARKET BRIEFING - Acquisitions Monthly
EUROPEAN MIDDLE MARKET BRIEFING - Acquisitions Monthly
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Editorial<br />
Christopher Spink<br />
T: +44 (0)20 7369 7850<br />
chris.spink@thomsonreuters.com<br />
Henry Gibbon<br />
T: +44 (0)20 7369 7845<br />
henry.gibbon@thomsonreuters.com<br />
Sales<br />
T: +44 (0)207 369 7317<br />
cmp.emeasales@thomsonreuters.com<br />
Marketing<br />
Paul Holliday<br />
T: +44 (0)207 369 7855<br />
paul.holliday@thomsonreuters.com<br />
Wednesday January 20th, 2010<br />
<strong>EUROPEAN</strong> <strong>MIDDLE</strong> <strong>MARKET</strong> <strong>BRIEFING</strong><br />
JCDecaux completes UK billboard purchase<br />
Paris-listed JCDecaux, the largest provider of outdoor advertising hoardings across Europe with 224,500<br />
panels, has expanded its presence in the UK through the purchase of several assets of Titan Outdoor.<br />
The deal is effectively a pre-pack since Titan Outdoor Advertising Ltd is being placed in administration.<br />
Titan bought Maiden Outdoor in March 2006, giving it board locations across the UK’s transport network.<br />
Since then the combined group has set up several large digital boards in prominent positions at railway<br />
stations, for example.<br />
Titan UK chairman Bill Apfelbaum said: “Titan is pleased to put our great transit and retail assets in the<br />
capable hands of JCDecaux, who will add significant value to these businesses.”<br />
JCDecaux UK chief executive Jeremy Male said: “There is a great potential fit with our existing roadside and<br />
airport advertising business and with strong positions in retail and rail advertising, it is well placed for growth.”<br />
(Media; France, UK)<br />
E-Clear enters administration<br />
Credit card payment company E-Clear has been put into administration after an application to the High Court. The<br />
company, which processes credit card payments, was exposed by the collapse last month of Scottish tour operator<br />
Globespan, to which it owed more than £30m. E-clear had insufficient deposits to meet that bill as well as total debt<br />
of more than £100m. BDO has been appointed administrator by the court. PwC is acting for Globespan’s creditors.<br />
(Financials; UK)<br />
Enea privatisation looms<br />
Latest mid-market rumoured deals with any European involvement<br />
Following its recent successful sell-down in KGHM, the Polish government is now considering a Z1.4bn<br />
(US$504.5m) sale of shares in energy group Enea. This will be done using the longer timetable of a fully<br />
marketed transaction because of the company’s smaller scale and lower profile.<br />
Date Target Nation Acquiror Status<br />
18/01/10 Delta EMD South Africa South Africa Seeking Buyer<br />
15/01/10 AV-Servis Russian Fed Seeking Buyer<br />
15/01/10 BPRZiMB Sp zoo Poland Seeking Buyer<br />
15/01/10 Przedsiebiorstwo Geologiczne Poland Seeking Buyer<br />
15/01/10 PHU Metalzbyt SP zoo Poland Seeking Buyer<br />
15/01/10 Zespol Uzdrowisk Klodzkich SA Poland Seeking Buyer<br />
13/01/10 Ceylan Giyim Sanayi ve- Turkey Seeking Buyer<br />
13/01/10 Sanatoriy Belye Klyuchi Russian Fed Seeking Buyer<br />
13/01/10 VIR INZH Russian Fed Seeking Buyer<br />
12/01/10 ATTs Garant Russian Fed Seeking Buyer<br />
12/01/10 Donskoye Russian Fed Seeking Buyer<br />
12/01/10 Soyuzdornii Russian Fed Seeking Buyer<br />
12/01/10 Electricite de France SA-Distn France Seeking Buyer<br />
12/01/10 Likom-tsentr Russian Fed Seeking Buyer<br />
12/01/10 OMV Waerme VertriebsgmbH Austria Seeking Buyer<br />
12/01/10 Sal Oppenheim jr & Cie KGaA- Germany Seeking Buyer<br />
12/01/10 PRIM Szczecin Sp zoo Poland Seeking Buyer<br />
12/01/10 Trakt Sp zoo Poland Seeking Buyer<br />
11/01/10 BM-Battery Machines GmbH Austria Seeking Buyer<br />
11/01/10 Bancaja SA Spain Caja de Ahorros de Cantabria<br />
11/01/10 CAM Spain Caja de Ahorros de Cantabria<br />
11/01/10 La Caixa-Branch Network Spain Seeking Buyer<br />
11/01/10 Hexgo Construction SARL France Seeking Buyer<br />
11/01/10 Kabel Baden-Wurtemberg GmbH Co Germany Liberty Global Inc<br />
11/01/10 Moskinap Russian Fed Seeking Buyer<br />
10/01/10 TGI Friday's UK Ltd United Kingdom Seeking Buyer<br />
08/01/10 Foxtons Ltd United Kingdom Investor Group<br />
08/01/10 Wasserturm Bremen-WaterUtility Germany Seeking Buyer<br />
07/01/10 Cadbury PLC-Chocolate Business Poland Seeking Buyer<br />
07/01/10 P4 Sp zoo Poland Seeking Buyer<br />
07/01/10 Swiss Life Holding AG Switzerland Allianz SE<br />
06/01/10 Adana Cimento Sanayii TAS- Turkey Seeking Buyer<br />
06/01/10 Korporatsiya "ISD" Ukraine Undisclosed Acquiror<br />
06/01/10 Nilfisk-Advance A/S Denmark Seeking Buyer<br />
06/01/10 Reed Business-Magazines United States Seeking Buyer<br />
06/01/10 Telereal-Properties(55) United Kingdom Seeking Buyer<br />
06/01/10 Tbil GRES Georgia Seeking Buyer<br />
Source: Thomson Reuters<br />
© Thomson Reuters 2010<br />
The contents of this Briefing, either in whole or in part, may not be reproduced, copied, or distributed without prior<br />
written permission of the publishers. Action will be taken against companies who ignore this warning.
The government wants to do the deal in the first quarter and a banker said<br />
yesterday that it could be launched later this week. It will comprise up to<br />
16% of the stock, and the government intends to auction its remaining 51%<br />
holding to strategic investors later in the year. That suggests a full M&A<br />
transaction might be an alternative.<br />
Credit Suisse is global co-ordinator, with Citigroup and UniCredit as joint<br />
bookrunners.<br />
(Energy; Poland)<br />
Deal appetite at Finsbury Foods<br />
Wednesday January 20th, 2010<br />
UK cake maker Finsbury Foods, which was in offer talks last summer that<br />
were aborted, hopes to expand its activities, possibly through acquisitions,<br />
following the appointment of experienced finance director Stephen Boyd.<br />
Boyd has recently worked with private equity backers at Food Investors<br />
LLP, suggesting that the AIM company itself might consider going private.<br />
At Finsbury, he joins chief executive John Duffy, with whom he worked at<br />
WT Foods, Noon Products Golden Wonder and who said: “We will reap<br />
the benefits of his extensive industry experience.”<br />
European mid-market deals up to US$500m by sector: 8 Jan 2010 - 20 Jan 2010<br />
<strong>EUROPEAN</strong> <strong>MIDDLE</strong> <strong>MARKET</strong> <strong>BRIEFING</strong><br />
Duffy was appointed chief executive in September after the offer talks were<br />
ended. He was also a director of Food Investors. Since then the company has<br />
issued two disappointing trading updates. Panmure Gordon is Finsbury’s broker.<br />
(Consumer products; UK)<br />
Starwood seeking partner for Baccarat,<br />
Barry Sternlicht, chairman of private equity firm Starwood Capital, has said<br />
that the firm is looking to find partners for Baccarat, the manufacturer of<br />
fine crystal glassware.<br />
(France; Consumer)<br />
Azimut may make acquisitions<br />
Azimut, the listed Italian asset management group, may make acquisitions<br />
in Italy. Pietro Giuliani, chairman and chief executive officer, said the firm<br />
expected to make net profits of €500m over the next five years, some of<br />
which could be used to make acquisitions. Azimut expects to make net profits<br />
of €115m in 2009.<br />
(Financial Services; Italy)<br />
Date Target Acquiror Value (US$m) Status<br />
Consumer Products and Services 13/01/10 Dermofarm Laboratorios SA Istituto Ganassini SpA 12.97 Completed<br />
Consumer Staples 08/01/10 Dodo SA Investor Group 72.06 Completed<br />
Energy and Power 12/01/10 TXCO-Maverick Basin Asts Investor Group 310.00 Pending<br />
11/01/10 NY State Elec,Gas-Cert Asts Inergy Midstream LLC 65.00 Pending<br />
14/01/10 Scotvalve Services Ltd Petrofac Ltd 8.17 Completed<br />
08/01/10 REBAB AB Investor Group 1.78 Pending<br />
'Financials 08/01/10 RBS Asset Mgmt-Fund Mgmt Asset Aberdeen Asset Management PLC 135.70 Pending<br />
11/01/10 Oesterreichische Nationalbank Austria 70.37 Pending<br />
13/01/10 LaBranche-NY Stock Exchange Barclays Capital 25.00 Pending<br />
08/01/10 Sveland Sakforsakringar AB RSA Insurance Group PLC 19.36 Pending<br />
08/01/10 Sveland Sakforsakringar AB Trygg-Hansa Forsakrings AB 19.32 Pending<br />
08/01/10 Church House Trust PLC Virgin Money Holdings (UK) Ltd 16.64 Pending<br />
Healthcare 11/01/10 Standard Diagnostics Inc Inverness Med Innovations SK 216.57 Pending<br />
11/01/10 Groupe Proclif SAS Ramsay Health Care Ltd 125.41 Pending<br />
12/01/10 ESE GmbH Qiagen NV 19.00 Completed<br />
11/01/10 Humalys SAS Vivalis SA 15.09 Completed<br />
12/01/10 Metanium Thornton & Ross Ltd 3.54 Pending<br />
11/01/10 Bio-Check International S.A Alan Medical Clinic 0.65 Completed<br />
12/01/10 Bionor Immuno AS Nutri Pharma ASA 0.28 Intended<br />
High Technology 13/01/10 HamaTech APE GmbH & Co KG SUESS MicroTec AG 13.05 Completed<br />
14/01/10 Telerate Systems Ltd Interactive Data Corp 0.60 Completed<br />
Industrials 08/01/10 Etade SA Terna SA 60.83 Completed<br />
11/01/10 NordCargo Srl Railion Italia Srl 2.32 Completed<br />
Materials 11/01/10 CBH Resources Ltd Nyrstar NV 236.82 Pending<br />
14/01/10 Saint-Gobain Desjonqueres SA Oaktree Capital Management LLC 203.05 Pending<br />
08/01/10 Wolseley Ireland Holdings Ltd WIBHM Ltd 38.19 Completed<br />
14/01/10 Weatherly International PLC- Dundee Precious Metals Inc 33.00 Pending<br />
13/01/10 Sierra Leone Hard Rock Ltd Obtala Resources PLC 6.98 Pending<br />
12/01/10 HydraLogic Systems Inc-Ecolo & Samaritan Holdings Ltd 3.01 Pending<br />
13/01/10 Lotus Dai Uul LLC Lotus Minerals Mongolia LLC 0.10 Completed<br />
Media and Entertainment 12/01/10 Framon Hotel Group-Hotels (2) Orient-Express Hotels Ltd 117.41 Pending<br />
11/01/10 eCircle AG TA Associates Inc 87.06 Completed<br />
15/01/10 Chick Smith Trott Ltd Media Square PLC 0.70 Completed<br />
Real Estate 11/01/10 Mayland Sp Zoo-malls (2) MGPA Europe Fund III 271.33 Completed<br />
15/01/10 Qingdao Shangshi Ruiou Real Shanghai Shangshi City Invest 104.65 Pending<br />
15/01/10 UBS Triton Ppty Fund-Retail Pr NewRiver Retail Ltd 98.01 Pending<br />
13/01/10 Macquarie Office Trust-Frankfu Undisclosed Acquiror 57.29 Pending<br />
Retail 13/01/10 Ravad Ltd-Ppty Portfolio (60) Undisclosed Acquiror 118.78 Completed<br />
10/01/10 Debenhams Retail PLC-Dept Undisclosed Acquiror 117.18 Completed<br />
12/01/10 Boydslaw 103 Ltd Bristol St First Invest Ltd 4.28 Pending<br />
Telecommunications 13/01/10 Solwise Telephony Ltd Pinnacle Telecom Group PLC 0.78 Completed<br />
15/01/10 Elso Pesti Telefontarsasag Rt Magyar Telekom Nyrt 0.12 Pending<br />
Source: Thomson Reuters<br />
© Thomson Reuters 2010<br />
The contents of this Briefing, either in whole or in part, may not be reproduced, copied, or distributed without prior<br />
written permission of the publishers. Action will be taken against companies who ignore this warning.
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