In 2013 so far, there have been 597 private equity-backed buyout deals in Europe, valued at €40bn, fifteen of which were large-cap deals (those valued over $1bn). In this blog we take a look at the five largest private equity-backed buyout deals in Europe in 2013 so far.
#5 – Vue Entertainment
Vue Entertainment, a UK-based operator of multiplex cinemas, is on the list as the fifth largest private equity-backed buyout deal in Europe so far this year. In June 2013, OMERS Private Equity and Alberta Investment Management Corporation agreed to acquire Vue Entertainment from Doughty Hanson & Co and management for an enterprise value of £935mn.
#4 – Cerved
Cerved, a provider of credit and business information, represents the fourth largest transaction in Europe this year. CVC Capital Partners signed an agreement to acquire the Italy-based company for €1.13bn in January and later closed the acquisition in February. Approximately €780mn of debt was used to fund the deal committed by Credit Suisse, Deutsche Bank and HSBC.
#3 – CeramTec GmbH
This €1.49bn deal comes in third on the list of largest private equity-backed buyout deals made so far this year in Europe. This secondary buyout was recently completed, having been announced back in June this year. Cinven made the acquisition of this Germany-based company from its previous owners, Kohlberg Kravis Roberts and Rockwood Holdings.
#2 – ista
ista, a global energy service provider for the consumption-dependent billing of energy, water and ancillary costs, was agreed to be acquired for €3.1bn by CVC Capital Partners. The deal, the second largest in the region in 2013 YTD, has an entry revenue multiple of 4.4x. Legal advisor Hengeler Mueller advised CVC Capital Partners on the acquisition and it was reported that Charterhouse hired Deutsche Bank and Goldman Sachs to advise on the sale of their stake in ista.
#1 – Springer SBM
In June 2013, it was announced that BC Partners would acquire Springer SBM from EQT Partners and GIC Special Investments, following the cancellation of Springer SBM’s planned initial public offering. This €3.3bn private equity-backed buyout deal is the largest in Europe so far this year and ranks as the 13th largest private equity-backed buyout deal in the region in the period from 2006 to present. This is the third largest deal in the region since the financial crisis in 2008, just surpassed by the £3.15bn privatization of Tomkins plc and £3.2bn acquisition of Annington Homes.