EMEA Private Equity Market Snapshot JULY 2017 │ Issue 14 All Eyes on UK PE Targets Sector Selection Critical to Success in Germany and Switzerland Healthcare Sector Diagnosis: Chronic Arrhythmia Private Equity Firms: Throwing Gas (and Oil) On A Potential Fire?
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EMEA Private Equity All Eyes on UK PE Targets Market ... · Shifting gears to the venture capital (VC) world, the EMEA region recorded a 59% increase in capital inflows from global
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1
EMEA Private Equity
Market Snapshot
JULY 2017 │ Issue 14
All Eyes on UK PE Targets
Sector Selection Critical to Success in Germany and Switzerland
Healthcare Sector Diagnosis: Chronic Arrhythmia
Private Equity Firms: Throwing Gas (and Oil) On A Potential Fire?
2
EMEA Private Equity Market Snapshot
Editor’s Note
Welcome to the 14th
issue of the EMEA Private Equity Market Snapshot, a quarterly publication focusing on the private equity [PE] market in Europe, the
Middle East & Africa [EMEA] from S&P Global Market Intelligence.
This issue launches with a look at the UK PE landscape and explores the attractiveness of EMEA targets to foreign PE buyers – the latter of which has
shown a continuation of positive activity.
We then look at how Germany and Switzerland’s strong and stable economies are increasing their appeal as the safest bet for European Private Equity
investors. With the British government at the initiating stages of Brexit negotiations and Macron still to affect meaningful reforms in France, European PE
investors are looking for their returns in low-risk economies with relatively more predictable political leadership.
Our sector focus takes a deep dive into Healthcare, whose attractiveness to the global private equity industry has bounced back. Despite going through a
few ups and downs over the last few years, investments into the sector climbed up to €46.1bn invested capital in 2016, the highest amount since 2008.
2017 YTD (1 January to 31 May) isn’t showing any signs of a slowdown, with €12.7bn of new capital allocated into Healthcare targets, only 25% less
compared to 2016.
Finally, we turn our attention to private equity firms as they shore up many recent defaulters in the oil and gas sector who struggled with falling revenue
due to lower oil prices. However, adding more debt to these firms’ existing loads may prove costly if interest rates rise.
At the heart of our analysis is the S&P Capital IQ platform, an offering of S&P Global Market Intelligence. The platform incorporates a database capturing
more than 3.1 million historical transactions, including deal values and transaction multiples, target company fundamental data, sector-level financials
and comprehensive private equity manager and fund information.
We look forward to receiving feedback and suggestions on regions or sectors of interest for future analysis. To subscribe or comment on the EMEA Private
of all capital allocated into Healthcare targets in the UK, Germany and
France. This comes as no surprise as the life expectancy in those
countries continues to grows15
, so will the demand for assisted living
facilities16
. S&P Global Market Intelligence’s data shows that over the
last 5 years (2012 – 2016) there were 156 new assisted living facilities
established in EMEA, a number which kept growing through the study
period (Fig. 6).
For illustrative purposes only. S&P Global Market Intelligence as at 31/05/2017
15
Lif e expectancy in the UK is 81.4 y ears; France – 82.8 y ears; Germany – 81.2 y ears, https://data.oecd.org/healthstat/life-expectancy-at-birth.htm 16
Suggested Reading: “Global Aging 2016: 58 Shades of Gray ”, S&P Global Ratings,
For bonds and loans which defaulted. Sources: S&P LossStats and S&P Global Fixed Income Research.
14
EMEA Private Equity Market Snapshot
Despite the Fed’s recent announcement to reduce its asset holdings in
a slow process beginning late this year, Treasury yields have thus far
remained low. Given the administration’s tax plan’s reliance on
stronger than normal economic growth to keep the plan revenue-
neutral, the Fed’s reduced principal reinvestment could pose a major
headwind for the economy and financial markets in 2018.
Ultimately, while the lending environment appears to be currently
favorable to increased borrowing, the question remains of how long
will a low-interest rate environment last? Fears of rising rates are still
relatively low, and as Japan has shown, a low-rate environment can
persist for a very long time. Nonetheless, it is unlikely that interest
rates and lending standards will ease much more, if at all, in the
coming year.
Figure 11: Indicators Of Financing Conditions: U.S.
*Data through May 31. **Through the f irst-quarter. ¶Federal Reserv e Senior Loan Of f icer Opinion Surv ey on Bank
Lending Practices For Large And Medium-Sized Firms. Source: IHS Global Insight; Federal Reserv e Bank of New York; S&P LCD; S&P Global Fixed Income Research.
As in the U.S., the lending environment in Europe is also especially
favorable to corporations (Fig. 12). Given the region’s slowly improving
economic performance, there is some anticipation of higher interest
rates coming out of the ECB in the near-future. This is not
unreasonable considering the ECB’s monetary stimulus may be losing
its efficacy (as our economists believe19
) as economic conditions
improve, and interest rates faced by corporations are generally even
S&P Global Ratings expects the 12-month default rate for
speculative-grade European financial and nonfinancial corporate
issuers that we rate to remain at about 2% by the end of March 2018,
close to recent lows (Fig. 16). Based on credit-related and
macroeconomic factors, we believe the default rate should remain low
over the coming months, although there are some potential risks on
the horizon. However, the proportion of speculative-grade issuers that
we rate in the 'CCC/C' category remains high by recent standards,
reading 6.3% at the end of March 2017, up from 5.9% a year earlier
and 4.8% two years ago. Segmentation by sector reveals significant
polarization, though, with the oil and gas sector in particular still
exhibiting a high negative ratings bias, well above its long-term
average, in contrast with most other sectors.
1For illustrative purposes only. Source: S&P Global Market Intelligence. As of May 31, 2017.
EMEA – Based Targets
0
50
100
150
200
250
April - 31 May 2016 April - 31 May 2017
Number of Private Equity Entry Transactions by RegionApril - 31 May 2016 vs. April - 31 May 2017
Africa
BeNeLux
France
Germany
Middle East
Nordics
RoE
Southern Europe
United Kingdom 0
10
20
30
40
50
60
70
April - 31 May 2016 April - 31 May 2017
Number of Private Equity Exit Transactions by Region April - 31 May 2016 vs. April - 31 May 2017
Africa
BeNeLux
France
Germany
Middle East
Nordics
RoE
Southern Europe
United Kingdom
0
1
2
3
4
5
6
7
8
April - 31 May 2016 April - 31 May 2017
Aggregate Private Equity Entry Transaction Values by Region (€bn)
April - 31 May 2016 vs. April - 31 May 2017
Africa
BeNeLux
France
Germany
Middle East
Nordics
RoE
Southern Europe
United Kingdom 0
2
4
6
8
10
12
April - 31 May 2016 April - 31 May 2017
Aggregate Private Equity Exit Transaction Values by Region (€bn)
April - 31 May 2016 vs. April - 31 May 2017
Africa
BeNeLux
France
Germany
Middle East
Nordics
RoE
Southern Europe
United Kingdom
Data Pack
0
50
100
150
200
250
300
350
400
April - 31 May 2016 April - 31 May 2017
Average Entry Transaction Size by Region (€mn)April - 31 May 2016 vs. April - 31 May 2017
Africa
BeNeLux
France
Germany
Middle East
Nordics
RoE
Southern Europe
United Kingdom 0
200
400
600
800
1000
1200
1400
April - 31 May 2016 April - 31 May 2017
Average Exit Transaction Size by Region (€mn) April - 31 May 2016 vs. April - 31 May 2017
Africa
BeNeLux
France
Germany
Middle East
Nordics
RoE
Southern Europe
United Kingdom
0
50
100
150
200
250
300
350
April - 31 May 2016 April - 31 May 2017
Number of Private Equity Entry Transactions by Industry April - 31 May 2016 vs. April - 31 May 2017
Consumer Discretionary
Consumer Staples
Energy
Financials
Healthcare
Industrials
Information Technology
Materials
Real Estate
Telecommunication Services
Utilities 0
10
20
30
40
50
60
70
80
April - 31 May 2016 April - 31 May 2017
Number of Private Equity Exit Transactions by Industry April - 31 May 2016 vs. April - 31 May 2017
Consumer Discretionary
Consumer Staples
Energy
Financials
Healthcare
Industrials
Information Technology
Materials
Telecommunication Services
Utilities
Real Estate
Data Pack
EMEA – Based Targets (continued)
2For illustrative purposes only. Source: S&P Global Market Intelligence. As of May 31, 2017.
3For illustrative purposes only. Source: S&P Global Market Intelligence. As of May 31, 2017.
0
1
2
3
4
5
6
7
April - 31 May 2016 April - 31 May 2017
Aggregate Private Equity Entry Transaction Values by Industry (€bn)
April - 31 May 2016 vs. April - 31 May 2017
Consumer Discretionary
Consumer Staples
Energy
Financials
Healthcare
Industrials
Information Technology
Materials
Telecommunication Services
Utilities
Real Estate0
1
2
3
4
5
6
7
8
April - 31 May 2016 April - 31 May 2017
Aggregate Private Equity Exit Transaction Values by Industry (€bn)
April - 31 May 2016 vs. April - 31 May 2017
Consumer Discretionary
Consumer Staples
Energy
Financials
Healthcare
Industrials
Information Technology
Materials
Real Estate
Telecommunication Services
Utilities
0
100
200
300
400
500
April - 31 May 2016 April - 31 May 2017
Average Entry Transaction Size by Industry (€mn)
April - 31 May 2016 vs. April - 31 May 2017
Consumer Discretionary
Consumer Staples
Energy
Financials
Healthcare
Industrials
Information Technology
Materials
Real Estate
Telecommunication Services
Utilities0
200
400
600
800
1000
1200
April - 31 May 2016 April - 31 May 2017
Average Exit Transaction Size by Industry (€mn)
April - 31 May 2016 vs. April - 31 May 2017
Consumer Discretionary
Consumer Staples
Energy
Financials
Healthcare
Industrials
Information Technology
Materials
Real Estate
Telecommunication Services
Utilities
Data Pack
EMEA – Based Targets (continued)
4For illustrative purposes only. Source: S&P Global Market Intelligence. As of May 31, 2017.
EMEA – Based GPs1
1. The entry transaction averages have been calculated after removing the following regions to avoid over-estimating the trend on the back of a single deal: Asia - Macquarie Infrastructure and Real Assets Pty Limited, The Retail Employees Superannuation
Trust, British Columbia Investment Management Corporation and Qatar Investment Authority acquired Endeavour Energy for €8bn.
0
20
40
60
80
100
120
140
160
180
April - 31 May 2016 April - 31 May 2017
Number of Private Equity Entry Transactions by Region April - 31 May 2016 vs. April - 31 May 2017
Africa
Asia
BeNeLux
France
Germany
Indian Sub-Continent
Latin America
Middle East
Nordics
North America
RoE
Southern Europe
United Kingdom0
10
20
30
40
50
60
April - 31 May 2016 April - 31 May 2017
Number of Private Equity Exit Transactions by Region April - 31 May 2016 vs. April - 31 May 2017
Africa
Asia
BeNeLux
France
Germany
Indian Sub-Continent
Latin America
Middle East
Nordics
North America
RoE
Southern Europe
United Kingdom
0
2
4
6
8
10
12
14
April - 31 May 2016 April - 31 May 2017
Aggregate Private Equity Entry Transaction Values by Region (€bn)
April - 31 May 2016 vs. April - 31 May 2017
Africa
Asia
BeNeLux
France
Germany
Indian Sub-Continent
Latin America
Middle East
Nordics
North America
RoE
Southern Europe
United Kingdom0
1
2
3
4
5
6
7
April - 31 May 2016 April - 31 May 2017
Aggregate Private Equity Exit Transaction Values by Region (€bn)
April - 31 May 2016 vs. April - 31 May 2017
Africa
Asia
BeNeLux
France
Germany
Indian Sub-Continent
Latin America
Middle East
Nordics
North America
RoE
Southern Europe
United Kingdom
Data Pack
5For illustrative purposes only. Source: S&P Global Market Intelligence. As of May 31, 2017.
0
100
200
300
400
500
600
April - 31 May 2016 April - 31 May 2017
Average Entry Transaction Size by Region (€mn)
April - 31 May 2016 vs. April - 31 May 2017 3
Africa
Asia
BeNeLux
France
Germany
Indian Sub-Continent
Latin America
Middle East
Nordics
North America
RoE
Southern Europe
United Kingdom
0
200
400
600
800
1000
1200
1400
April - 31 May 2016 April - 31 May 2017
Average Exit Transaction Size by Region (€mn)
April - 31 May 2016 vs. April - 31 May 2017
Africa
Asia
BeNeLux
France
Germany
Indian Sub-Continent
Latin America
Middle East
Nordics
North America
RoE
Southern Europe
United Kingdom
0
50
100
150
200
250
300
350
April - 31 May 2016 April - 31 May 2017
Number of Private Equity Entry Transactions by IndustryApril - 31 May 2016 vs. April - 31 May 2017
Consumer Discretionary
Consumer Staples
Energy
Financials
Healthcare
Industrials
Information Technology
Materials
Real Estate
Telecommunication Services
Utilities 0
10
20
30
40
50
60
70
80
April - 31 May 2016 April - 31 May 2017
Number of Private Equity Exit Transactions by Industry April - 31 May 2016 vs. April - 31 May 2017
Consumer Discretionary
Consumer Staples
Energy
Financials
Healthcare
Industrials
Information Technology
Materials
Real Estate
Telecommunication Services
Utilities
Data Pack
EMEA – Based GPs1 (continued)
1. The entry transaction averages have been calculated after removing the following regions to avoid over-estimating the trend on the back of a single deal: Asia - Macquarie Infrastructure and Real Assets Pty Limited, The Retail Employees Superannuation
Trust, British Columbia Investment Management Corporation and Qatar Investment Authority acquired Endeavour Energy for €8bn.
6For illustrative purposes only. Source: S&P Global Market Intelligence. As of May 31, 2017.
0
2
4
6
8
10
April - 31 May 2016 April - 31 May 2017
Aggregate Private Equity Entry Transaction Values by Industry (€bn)
April - 31 May 2016 vs. April - 31 May 2017
Consumer Discretionary
Consumer Staples
Energy
Financials
Healthcare
Industrials
Information Technology
Materials
Real Estate
Telecommunication Services
Utilities0
1
2
3
4
5
6
7
8
April - 31 May 2016 April - 31 May 2017
Aggregate Private Equity Exit Transaction Values by Industry (€bn)
April - 31 May 2016 vs. April - 31 May 2017
Consumer Discretionary
Consumer Staples
Energy
Financials
Healthcare
Industrials
Information Technology
Materials
Real Estate
Telecommunication Services
Utilities
0
20
40
60
80
100
120
140
160
180
April - 31 May 2016 April - 31 May 2017
Average Entry Transaction Size by Industry (€mn)
April - 31 May 2016 vs. April - 31 May 2017
Consumer Discretionary
Consumer Staples
Energy
Financials
Healthcare
Industrials
Information Technology
Materials
Real Estate
Telecommunication Services
Utilities0
500
1000
1500
2000
April - 31 May 2016 April - 31 May 2017
Average Exit Transaction Size by Industry (€mn)
April - 31 May 2016 vs. April - 31 May 2017
Consumer Discretionary
Consumer Staples
Energy
Financials
Healthcare
Industrials
Information Technology
Materials
Real Estate
Telecommunication Services
Utilities
Data Pack
EMEA – Based GPs1 (continued)
1. The entry transaction averages have been calculated after removing the following regions to avoid over-estimating the trend on the back of a single deal: Asia - Macquarie Infrastructure and Real Assets Pty Limited, The Retail Employees Superannuation
Trust, British Columbia Investment Management Corporation and Qatar Investment Authority acquired Endeavour Energy for 8bn EUR.
7For illustrative purposes only. Source: S&P Global Market Intelligence. As of May 31, 2017.
VC EMEA – Based GPs2
0
10
20
30
40
50
60
70
80
April - 31 May 2016 April - 31 May 2017
Number of Venture Capital Entry Transactions by Region April - 31 May 2016 vs. April - 31 May 2017
Africa
Asia
BeNeLux
France
Germany
Indian Sub-Continent
Latin America
Middle East
Nordics
North America
RoE
Southern Europe
United Kingdom0
50
100
150
200
250
April - 31 May 2016 April - 31 May 2017
Number of Venture Capital Entry Transactions by Industry April - 31 May 2016 vs. April - 31 May 2017
Consumer Discretionary
Consumer Staples
Energy
Financials
Healthcare
Industrials
Information Technology
Materials
Real Estate
Telecommunication Services
Utilities
0
100
200
300
400
500
600
700
800
April - 31 May 2016 April - 31 May 2017
Aggregate Venture Capital Entry Transaction Values by Region (€mn)
April - 31 May 2016 vs. April - 31 May 2017
Africa
Asia
BeNeLux
France
Germany
Indian Sub-Continent
Latin America
Middle East
Nordics
North America
RoE
Southern Europe
United Kingdom0
100
200
300
400
500
600
700
800
900
April - 31 May 2016 April - 31 May 2017
Aggregate Venture Capital Entry Transaction Values by Industry (€mn)
April - 31 May 2016 vs. April - 31 May 2017
Consumer Discretionary
Consumer Staples
Energy
Financials
Healthcare
Industrials
Information Technology
Materials
Real Estate
Telecommunication Services
Utilities
Data Pack
1. The entry transaction averages have been calculated after removing the following transaction to avoid over-estimating the trend on the back of a single deal: Mime Petroleum AS announced that it has received €267mn in funding led by new investor Blue
Water Energy LLP. Energy Deal in 2017
8For illustrative purposes only. Source: S&P Global Market Intelligence. As of May 31, 2017.
0
5
10
15
20
25
30
April - 31 May 2016 April - 31 May 2017
Average Entry Transaction Size by Region (€mn)
April - 31 May 2016 vs. April - 31 May 2017Africa
Asia
BeNeLux
France
Germany
Indian Sub-Continent
Latin America
Middle East
Nordics
North America
RoE
Southern Europe
United Kingdom0
5
10
15
20
25
30
April - 31 May 2016 April - 31 May 2017
Average Entry Transaction Size by Industry (€mn)
April - 31 May 2016 vs. April - 31 May 2017Consumer Discretionary
Consumer Staples
Energy
Financials
Healthcare
Industrials
Information Technology
Materials
Real Estate
Telecommunication Services
Utilities
Data Pack
VC EMEA – Based GPs2 (continued)
1. The entry transaction averages have been calculated after removing the following transaction to avoid over-estimating the trend on the back of a single deal: Mime Petroleum AS announced that it has received €267mn in funding led by new investor Blue
Water Energy LLP. Energy Deal in 2017
Data Pack
9For illustrative purposes only. Source: S&P Global Market Intelligence. As of May 31, 2017.
VC EMEA – Based Targets2
0
10
20
30
40
50
60
70
80
90
April- 31 May 2016 April - 31 May 2017
Number of Venture Capital Entry Transactions by Region April - 31 May 2016 vs. April - 31 May 2017
Africa
BeNeLux
France
Germany
Middle East
Nordics
RoE
Southern Europe
United Kingdom 0
50
100
150
200
250
April- 31 May 2016 April - 31 May 2017
Number of Venture Capital Entry Transactions by Industry April - 31 May 2016 vs. April - 31 May 2017
Consumer Discretionary
Consumer Staples
Energy
Financials
Healthcare
Industrials
Information Technology
Materials
Real Estate
TelecommunicationServicesUtilities
0
100
200
300
400
500
600
700
April- 31 May 2016 April - 31 May 2017
Aggregate Venture Capital Entry Transaction Values by Region (€mn)
April - 31 May 2016 vs. April - 31 May 2017
Africa
BeNeLux
France
Germany
Middle East
Nordics
RoE
Southern Europe
United Kingdom 0
200
400
600
800
1000
April- 31 May 2016 April - 31 May 2017
Aggregate Venture Capital Entry Transaction Values by Industry (€mn)
April - 31 May 2016 vs. April - 31 May 2017
Consumer Discretionary
Consumer Staples
Energy
Financials
Healthcare
Industrials
Information Technology
Materials
Real Estate
Telecommunication Services
Utilities
1. The entry transaction averages have been calculated after removing the following transaction to avoid over-estimating the trend on the back of a single deal: Mime Petroleum AS announced that it has received €267mn in funding led by new investor Blue
Water Energy LLP. Energy Deal in 2017
10For illustrative purposes only. Source: S&P Global Market Intelligence. As of May 31, 2017.
0
5
10
15
20
25
30
April- 31 May 2016 April - 31 May 2017
Average Entry Transaction Size by Region (€mn)
April - 31 May 2016 vs. April - 31 May 2017
Africa
BeNeLux
France
Germany
Middle East
Nordics
RoE
Southern Europe
United Kingdom 0
2
4
6
8
10
12
14
16
18
April- 31 May 2016 April - 31 May 2017
Average Entry Transaction Size by Industry (€mn)
April - 31 May 2016 vs. April - 31 May 2017
Consumer Discretionary
Consumer Staples
Energy
Financials
Healthcare
Industrials
Information Technology
Materials
Real Estate
Telecommunication Services
Utilities
Data Pack
VC EMEA – Based Targets2 (continued)
1. The entry transaction averages have been calculated after removing the following transaction to avoid over-estimating the trend on the back of a single deal: Mime Petroleum AS announced that it has received €267mn in funding led by new investor Blue
Water Energy LLP. Energy Deal in 2017
11For illustrative purposes only. Source: S&P Global Market Intelligence. As of May 31, 2017.
EMEA Private Equity Market Snapshot
Multiples Table
Implied Enterprise Value/EBITDA
EMEA Private Equity Exits 01/04/2016–31/05/2017
M&A01/04/2016–31/05/2017
Consumer Discretionary 12.2 11.2
Consumer Staples 11.3 10.1
Energy 11.6 8.1
Financials 20.2 12.2
Healthcare 13.2 12.4
Industrials 10.4 9.7
Information Technology 15.2 13.1
Materials 7.7 8.3
Telecommunication Services 9.3 7.7
Utilities 9.4 9.6
Real Estate 26.6 19.9
Implied Equity Value/LTM Net Income
EMEA Private Equity Exits 01/04/2016–31/05/2017
M&A01/04/2016–31/05/2017
Consumer Discretionary 17.1 16.5
Consumer Staples 18.8 17.1
Energy 21.3 9.5
Financials 17.1 15.4
Healthcare 30.3 18.9
Industrials 20.1 17.9
Information Technology 21.5 20.3
Materials 14.8 14.7
Telecommunication Services 26.7 18.7
Utilities 15.5 16.1
Real Estate 11.1 15.1
*Multiples highlighted in bold & italics represent the sector average over a 2 year time horizon in order to provide a more comprehensive sector average.
12For illustrative purposes only. Source: S&P Global Market Intelligence. As of May 31, 2017.
EMEA Private Equity Market Snapshot
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13For illustrative purposes only. Source: S&P Global Market Intelligence. As of May 31, 2017.
EMEA Private Equity Market Snapshot
Previous Issues
Issue 1, March 2014
• EMEA-Based Private Equity Market Settles into a New Normal Post-Financial Crisis
• Information Technology Remains Attractive for PE and VC Firms
Issue s2, June 2014
• Healthy Start to 2014 for EMEA GPs, Despite April Hiccup
• Healthcare: Resilient or Overheating? We examine PE activity pre and post-financial crisis
Issue 3, September 2014
• Pressure from Strategic Buyers Slowing EMEA GPs’ Pace of Investment in Q2
• Asia Capital Sun Rising over Europe: Asian PE investors show growing interest in EMEA-
based targets
Issue 4, January 2015
• 2014: EMEA Still Attractive to Global Private Equity
• IT & Finance heat up - The IT sector attracted the most deals over the course of 2014, with
1701 investments worth €12bn of capital. €33.2bn was invested into the Financial sector in
2014, a 29% increase in deal volume compared to 2013
• Germany: Has the Mittelstand lost its quintessentially strong profile?
Issue 5, April 2015
• UK North-South Divide: Who is Benefitting from UK Private Equity Investments?
• Fall of Oil & Gas Prices: Potential PE Dealmaking Territory
• Private Equity: What’s the Deal with Tax Havens?
Issue 6, July 2015
• European Leveraged Lending: How are PE Firms Taking Advantage of Conditions in the
European Leveraged Finance Market?
• Consumer Confidence Conundrum – EMEA PE Skeptical about Consumer Confidence
Outlook?
• Middle East Sovereign Wealth Funds – Perfect Partners for Mega-Deals
Issue 7, September 2015
• Investment into EMEA Wanes as Regional Issues Accumulate
• Private Equity Shifts Focus Towards Internet Retailers
• Private Equity Exits: Secondaries and IPOs – Buffers and Bull Markets
Issue 8, February 2016
• EMEA Becomes Increasingly Attractive to Global GPs
• EMEA Healthcare Checkup
• The Rise of Cyber Power in Germany
• Have Buyout Holding Periods Reached their Peak?
Issue 9, April 2016
• 2016: Slow Start for EMEA Entries but Exits Skyrocketing
• France: La Belle Vie for Private Equity
• Spanner in the Works for Industrials
• Will Private Equity Push through High-Yield Bond Market Volatility?
Issue 10, July 2016
• Is Investment into EMEA Running Out of Steam?
• Sweden: Still ahead in the Nordic Private Equity Market?
• IT in EMEA Losing Ground to the U.S. and Asia
• Private Equity Sponsors Tap Powerful Direct-Lenders in Bid to Raise Larger Unitranches
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