June 2012 - Standard & Poor's

Published by S&P Capital IQ Leveraged Commentary & Data 

LBOs promise stronger volume, richer pricing 

May brought a host of cross-border activity, including some large 

sponsor-backed transactions such as Misys and Formula One, but the 

key launch for the pure European LBO scene was the financing for 

Lion Capital’s buyout of Alain Afflelou. This deal was modest in size, 

at €350 million of senior debt, plus a €110 million mezzanine tranche. 

The TLB on this deal carries a margin of E+550, as does the TLB 

on the Global Blue transaction that launched at the start of June. Pets at 

Home paid the same on its new term loan to take out mezzanine, which 

syndicated during May. Average readings for institutional pricing can 

easily be weighed down by cross-border deals that have been much 

in evidence this year, and that tend to price slightly tighter, but these 

European transactions suggest average pricing is stepping up somewhat, 

despite decent demand from fund managers. 

In the six months to the end of May, LCD’s weighted average institu- 

LBO Transaction Volume* 

€175 

€150 

€125 

€100 

€75 

€50 

€25 

€0 

Average Sources of Proceeds of LBOs 

LTM 31/05/12 

Equity 

47.6% 

53.7 

110.0 

164.5 

2004 2005 2006 2007 2008 2009 2010 2011 Jan-May 

2012 

Other Sources 

1.7% 

Sub Debt 

2.1% 

June 2012 - Vol 5, No. 6 

LCDEuropeanPrivateEquity 

152.3 

*LBO refers to initial or secondary buyout and excludes recaps or refinancings. Source: S&P Capital IQ LCD 

69.3 

Second Lien 

0.3% 

39.4 

Copyright © 2012, Standard & Poor’s Financial Serivces LLC. All rights reserved. 

9.0 

43.9 

12.9 

Senior Debt 

48.3% 

Source: S&P Capital IQ LCD 

tional spread was E+526.25 for B+/B credits – and it is rare to see LBOs 

attain a double-B rating at launch. Looking at the subset of deals with 

OIDs (including non-sponsored transactions), the average issue price has 

been steady at roughly 98 all year, up from 96.5 in the fourth quarter. 

Many of the deals in the auction pipeline are relatively small – Birds 

Eye Iglo being the jumbo of the pack – so will stay within the European 

market rather than going to the U.S., and will therefore have to offer 

European pricing. Some will find local support from domestic banks, 

but investors are hoping to see some attractive, well-priced, sponsorbacked 

deals after a year of low volume. 

The first five months of the year have turned out only €10.07 billion 

of LBO paper in Europe, compared with €15.89 billion year on year. 

May was the strongest month of 2012, at €2.83 billion from 12 deals, 

although a chunk of this volume came from cross-border transactions. 

Now, the auction pipeline includes the likes of Kerneos, which is 

being sold by Materis as part of its disposal push, German chemicalsbusiness 

Ruetgers, French spreads-maker St Hubert, and vendingmachines 

maker Selecta. The latter is owned by Allianz Capital 

Partners, and is under pressure from covenants, sources said. 

As well as making disposals, sponsors are also trying to get the most 

out of certain credits by reducing subordinated debt. This reduces the 

interest burden on the business and ultimately should improve the IRR. 

Pets at Home raised £130 million as a new senior TLC, and also took 

cash off balance sheet, to repay its £150 million mezzanine and pay the 

call protection. Some senior lenders were unhappy with losing their 

sub-debt cushion and seeing their leverage rise to 4.5x, but the transaction 

went through. In early June, Kion issued an amend-to-extend that 

also included a request to increase flexibility around repayments to its 

second-lien facility and around dividends. 

Although sponsors may be set to pay higher margins on new issues 

in the coming months – especially if fears of a crush of launches in 

late June/July prove true – the spreads they are paying for amendments 

have fallen. In the first quarter, the average post-amendment spread was 

E+491.67, but in the three months to the end of May this eased back 

to E+457.8. 

Amend-to-extend activity continued during May, with four plain 

A-to-E requests, plus another three that asked for covenant relief as 

well. In the three months to the end of May, seven companies asked for 

combined covenant/extension packages. No other three-month period 

has been so active on this front, and one investor commented that they 

expect to see more requests from lower-rated companies too. The question 

is whether to extend and hope, or decline and face a restructuring. 

— Ruth McGavin 

Key Statistics — 3ME 31/05/12 

PPM 

Equity 

Contribution 

REPORT 

Debt/ 

EBITDA 

Senior Debt/ 

EBITDA 

9.34x 52.04% 4.20x 3.84x 

Source: S&P Capital IQ LCD

SPONSORED LEVERAGED LOAN NEW-ISSUE MARKET BUYOUT STATS 

LBO Loan Volume Average Equity Contributions 

€175 

€150 

€125 

€100 

€75 

€50 

€25 

€0 

www.lcdcomps.com 

Buyouts Other Sponsored Deals 

2004 2005 2006 2007 2008 2009 2010 2011 Jan-May 


Diversification - Jan-May 2012 

€10.07 Billion of Volume 

Netherlands 

2.9% 

Norway 

2.9% 

Czech Republic 

3.6% 

Germany 

4.0% 

USA 

8.2% 

Spain 

11.7% 

Food & Beverage 

4.8% 

Healthcare 

5.4% 

Chemicals 

7.3% 

Retail 

8.2% 

Country Diversification 

Industry Diversification 

Other 

12.5% 

Retail Food & Drug 

10.5% 

Other 

8.9% 

France 

11.8% 

Sweden 

12.0% 

Telecom 

17.9% 

UK 

34.2% 

Computers & Electronics 

10.8% 

Equity as a Percentage of Total Sources 

50% 

12.0x 

10.0x 

8.0x 

6.0x 

4.0x 

2.0x 

0.0x 

7.0x 

6.0x 

5.0x 

4.0x 

3.0x 

2.0x 

1.0x 

0.0x 

60% 

40% 

30% 

20% 

10% 

0% 

Contributed Equity 

Retained Equity/ 

Vendor Financing 

2004 2005 2006 2007 2008 2009 2010 2011 Jan-May 


Source: S&P Capital IQ LCD Source: S&P Capital IQ LCD 

Wholesale Trade 

11.5% 

Services & Leasing 

11.0% 


Average Purchase Price Multiple 

Debt/EBITDA Equity/EBITDA Other/EBITDA 

2004 2005 2006 2007 2008 2009 2010 2011 Jan-May 


Average Debt/EBITDA Ratio 

Based upon Pro Forma Financials 


First Lien/EBITDA Second Lien/EBITDA Other Debt/EBITDA 

2004 2005 2006 2007 2008 2009 2010 2011 Jan-May 



June 2012 European Private Equity Report 2

PRIVATE EQUITY FUNDING 

Europe Focused Fundraising Private Equity Dry Powder in Europe 

Aggregate Commitments 

LTM 

€150B 

€120B 

€90B 

€60B 

€30B 

€0B 

Sponsor Share 

CVC 5.56% 

Carlyle Group 5.56% 

Advent International 5.56% 

Bridgepoint Capital 5.56% 

Bain Capital 5.56% 

BC Partners 3.70% 

AXA Equity 3.70% 

Kohlberg, Kravis & Roberts 3.70% 

3i plc 3.70% 

Astorg Partners 3.70% 

Charterhouse Equity Partners 3.70% 

Apax Partners 3.70% 

Hellman & Friedman 3.70% 

Vista Equity Partners 3.70% 

Clayton, Dubilier & Rice 1.85% 

Caisse de depot placement de Quebec 1.85% 

J.C. Flowers & Co. LLC 1.85% 

Cinven Ltd 1.85% 

Eurazeo 1.85% 

Blackstone Group 1.85% 


420 

127.3 

377 

109.9 

237 

63.2 

191 

45.6 

178 

46.3 

2007 2008 2009 2010 2011 Jan-May 


MOST ACTIVE SPONSORS - TOP 20 


38 

14.6 

500 

400 

300 

200 

100 

0 

Number of Funds Raised 

Source: Preqin 

€250B 

€200B 

€150B 

€100B 

€50B 

€0B 

Last 3 Years 

2005 

2006 

2007 

2008 

2009 

2010 

2011 May-12 

Sponsor Share 

Bridgepoint Capital 4.91% 

CVC 4.29% 

Carlyle Group 4.29% 

Bain Capital 3.68% 

Apax Partners 3.68% 

Advent International 3.68% 

AXA Equity 3.07% 

Kohlberg, Kravis & Roberts 3.07% 

Charterhouse Equity Partners 3.07% 

Triton Managers 3.07% 

BC Partners 2.45% 

EQT Partners 2.45% 

Permira 2.45% 

Cinven Ltd 2.45% 

3i plc 2.45% 

Texas Pacific Group 1.84% 

Hg Capital 1.84% 

Nordic Capital 1.84% 

Astorg Partners 1.84% 

Altor Equity Partners 1.84% 

Note: The analysis reflects sponsors related to buyouts (initial and secondary) only and is based all sponsors named on a transaction. Share is based upon transaction count. 

Source: Preqin 


AUCTION CALENDAR 

Target Description 

Acteon Oil services £100M 

EBITDA 

Source: LCD News 


Facility 

Size Country Comments 

U.K. JP Morgan is advising. 

Alpiq Deutschland Power services c. €70M Germany Alpiq selling its German subsidiary. 

Bartec Industrial safety €50m Germany Commerzbank and William Blair 

advising. 

Bonita Retail N/A Germany Potential P-toP 

BSN Medical Medical devices N/A Germany Goldman Sachs and HSBC appointed 

to advise on sale. 

Canberra Nuclear testing N/A France Carve out from Areva. 

DinoSol Supermarket €60M debt Spain Lenders hired Rothschild to handle 

sales process. Expected to complete 

by end of 2011. 

Douglas Holding Retailer €241M 

EBITDA 

E.ON Energy-from-Waste Waste management €200M 

EBITDA 

Euskaltel Cable €130M 

EBITDA 

Germany Potential P-toP 

Germany Carve out from E.ON. Barclays and 

RBS advising. 

Spain Citigroup is advising. 

Global Energy Services Wind farm developer n/a Spain Citigroup conducting a strategic 

review for sponsor 3i 

Groupe IPH Industrial supplies N/A France Rothschild advising. 

HellermanTyton Cable-fastening n/a Luxembourg/ 

U.K. 

Doughty Hanson looking at options. 

Kerneos Aluminates maker. N/A France Carve out from Materis. 

KP1 Prefabricated concrete products 

Park Holidays Caravan Park operator £20M 

EBITDA 

N/A France Doughty Hanson looking at options. 

U.K. Graphite Capital looking to sell. 

Qioptic Photonic products N/A France Candover looking to sell. CS putting 

together a staple, likely to be US 

placed. 

Ruetgers Holdings Chemicals €100M 

EBITDA 

Germany Goldman Sachs advising. 

Selecta Vending machines N/A U.K. HSBC appointed as sales adviser. 

SHL Talent testing $700M EV 

talk 

U.K. Morgan Stanley appointed to sell. 

St. Hupert Spreads maker. N/A France Dairy crest looking to sell. 

Wehkamp Home shopping Netherlands Credit Suisse is advising. 

WMF Cook and tableware Germany Commerzbank and Macquarie advising 


EXISTING PORTFOLIO CHARACTERISTICS 

Based upon leveraged loans outstanding in the S&P European Leveraged Loan Index (ELLI) – LBO sub index 

Credit Quality 

100% 

80% 

60% 

40% 

20% 

0% 

4.0 

3.0 

2.0 

1.0 

0.0 


BB B CCC/CC Others NR 

2007 2008 2009 2010 2011 May-12 

Average Age Maturity Cliff 

As of 31/05/12 

2004 2005 2006 2007 2008 2009 2010 2011 May-12 

PORTFOLIO COMPANIES CONCENTRATION 

TOP 10 INDUSTRIES 

Industry Share 

Business Eq. 12.59% 

Healthcare 7.75% 

Retail (Non-Food/Drug) 6.95% 

Broadcast Radio & TV 6.81% 

Food Service 6.05% 

Cable TV 6.01% 

Publishing 5.54% 

Telecom 5.29% 

Drugs 4.81% 

Food Products 4.57% 

ELLI Average Bid 

96 

92 

88 

84 

80 

Average Bid Weighted Average Bid 

2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 31/05/12 

2017 

TOP 10 COUNTRIES 

2018 

2016 

2019 


2013 

2014 

2015 

Country Share 

UK 23.12% 

France 22.66% 

Germany 15.24% 

Netherlands 6.85% 

USA 5.96% 

Spain 5.24% 

Sweden 4.86% 

Ireland 4.25% 

Denmark 4.22% 

Italy 3.14% 


EXITS 

Full Repayment of Sponsored Deals Average Time to Repayment 

100% 

80% 

60% 

40% 

20% 

0% 


Re�nancing Recapitalization IPO Sec. LBO Other 

2007 2008 2009 2010 2011 Jan-May 


List of Recent Sponsor Exits 

Target Trans. Type Selling Sponsor(s) Buyer(s) 

Global Blue SA M&A Equistone Partners Europe Silver Lake Partners; 

Partners Group 

Holding AG 

Formula One 

Administration Ltd. 

Tele Columbus 

GmbH & Co. KG 

Fiat S.p.A. Follow-on 

Equity 

Offering 

M&A CVC Capital Partners Ltd. Waddell & Reed 

Financial Inc.; 

BlackRock, Inc.; 

Norges Bank 

Investment 

Management 

M&A Bank of Ireland; GoldenTree 

Asset Management; York 

Capital Group Limited 

SanPaolo IMI Private Equity 

SpA; Norvestia Oyj; Old Town 

S.A.; IMI Investimenti SpA 

Dako A/S M&A Intermediate Capital Group 

PLC; EQT Partners AB 

VNU Media B.V. M&A 3i Group plc; H.I.G. Capital, 

LLC 

NUKEM Energy 

GmbH 

M&A Advent International 

Corporation 

Months 

70 

60 

50 

40 

30 

20 

10 

0 

Kabel Deutschland 

Holding AG 

2007 2008 2009 2010 2011 Jan-May 


Total 

Transaction 

Value ($M) 

Announced/ 

Initial Filing 

Date 

Transaction 

Status 

1,259.37 24/05/2012 Announced 

1,600.00 22/05/2012 Closed 

789.02 21/05/2012 Announced 

N/A 11.38 17/05/2012 Announced 

Agilent Technologies 

Europe B.V. 

3,000.35 17/05/2012 Announced 

De Persgroep NV N/A 15/05/2012 Announced 

Cameco Corp. 300.00 14/05/2012 Announced 

Bravida ASA M&A Triton Bain Capital, LLC N/A 14/05/2012 Announced 

Dockwise Ltd Follow-on 

Equity 

Offering 

Source: S&P European Leveraged Loan Index Source: S&P European Leveraged Loan Index 

3i; HAL Investments; 

ODIN Forvaltning; Sankaty; 

European Capital; Skagen; 

Holberg Fondsforvaltning; 

Dyvi Invest; Project Holland 

Deelnemingen 

N/A 242.90 09/05/2012 Closed 

Source: S&P Capital IQ Note: Reflects only those deals which included a leveraged loan in the original transaction, as tracked by LCD. Excludes defaults/restructurings; includes partial exits. 


40 

30 

20 

10 

0 

40 

37 

30 

20 

10 

ALL SPONSORED AMENDMENTS 

Number of Requests 

40 

30 

20 

10 

37 

27 

37 

27 

23 

0 0 

0bp 0bp 0bp 

0bp 0bp 0bp 

2H09 2H09 1H102H09 1H10 2H101H101H11 2H10 2H10 1H11 2H111H11 

2H11 6ME2H116ME 

6ME 

31/05/12 31/05/12 31/05/12 

2H09 2H09 1H102H09 1H10 2H101H101H11 2H10 2H10 1H11 2H111H11 

2H11 6ME2H116ME 

6ME 

31/05/12 31/05/12 31/05/12 

2H09 2H09 1H102H09 1H10 2H101H101H11 

2H10 2H10 1H11 2H111H11 

2H11 6ME2H116ME 

6ME 

31/05/12 31/05/12 31/05/12 


27 


23 23 23 23 

Latest Sponsored Amendment Requests 

Issuer Name 

16 

35 

16 

16 

35 

35 

Original Deal 

Launch Date 

80bp 

60bp 

40bp 

20bp 

Average Amendment Fee Average Spread Increase 

80bp 80bp 

60bp 60bp 

60.0 60.0 60.0 

40bp 40bp 

20bp 20bp 

70.7 

Amendment 

Request Date 

70.7 70.7 

46.6 

49.6 49.6 49.349.649.3 

49.3 

46.6 46.6 

44.6 44.6 44.6 

Amendment 

Purpose 

Amendment 

Fee 

200bp 200bp 200bp 

150bp 150bp 150bp 

127.9 127.9 127.9 

100bp 100bp 

113.2 113.2 

100bp 

113.2 113.6 

100.7 100.7 100.7 

113.6 113.6 

50bp 

50bp 50bp 

Original WA 

Inst. Spread 

Spread 

Increase 

161.0 

161.0 161.0 

154.4 154.4 154.4 

New WA 

Inst. Spread 

Ideal Standard Apr-11 May-12 Cov Waiver N/A N/A N/A N/A 

PagesJaunes Groupe Jan-07 May-12 A-to-E 50.0 N/A N/A N/A 

New Look Group Jun-05 May-12 A-to-E 75.0 N/A N/A 475.0 

Camaieu SA Jun-07 May-12 

Parques Reunidos SA May-07 May-12 

A-to-E Cov 

Reset 

A-to-E Cov 

Reset 

100.0 279.6 100.0 379.6 

65.0 N/A N/A 450.0 

ProSiebenSat.1 Media AG May-07 May-12 A-to-E 30.0 100.0 100.0 200.0 

VWR Scientific Products 

Corp 

Telepizza SA Oct-06 May-12 

Vivarte SA Apr-07 Apr-12 

Jun-07 May-12 A-to-E 25.0 250.0 200.0 450.0 

A-to-E Cov 

Reset 

A-to-E Cov 

Reset 

50.0 225.0 225.0 450.0 

75.0 225.0 250.0 475.0 

Europcar Groupe SA May-06 Apr-12 Refi A-to-E N/A 350.0 25.0 375.0 

Source: LCD News 

Note: For a full list of amendments tracked by LCD back to 2005, please to go www.lcdcomps.com, under RESEARCH > EUROPE > DATA 


SPONSORED DISTRESSED DEALS 

Number of Defaults vs. Restructurings Volume of Defaults vs. Restructurings 

Based on Sr. Par Issue 

100 

80 

60 

40 

20 

0 


Defaults Restructurings 

2006 2007 2008 2009 2010 2011 Jan-May 


Recent Defaults and Restructurings 

€50 

€40 

€30 

€20 

€10 

€0 

Defaults Restructurings 

2006 2007 2008 2009 2009 2011 Jan-May 



Date Borrower Sponsor Industry Country Sr. Debt (M) D/R 

Mar-12 Findus Sverig AB Lion Capital Food & Beverage Sweden € 691.96 R 

Mar-12 Kloeckner Pentaplast Blackstone Chemicals Germany € 1,062.50 R 

Feb-12 Fitness First BC Partners 

Feb-12 Travelodge Hotels 

Dubai International 

Capital 

Entertainment and 

Leisure 

UK € 910.28 R 

Gaming & Hotels UK € 522.31 R 

Jan-12 PrimaCom AG ABN AMRO Media Germany € 275.00 R 

Dec-11 Marken Apax Partners 

Professional & Business 

Services 

UK € 365.00 D 

Dec-11 Endemol Goldman Sachs Media Netherlands € 2,475.00 R 

Dec-11 Alma Consulting Group Candover 

Professional & Business 

Services 

France € 405.30 R 

Nov-11 Peacocks Group Goldman Sachs Retailing UK € 419.14 R 

Nov-11 Desmet Ballestra Barclays Manufacturing Belgium € 218.00 R 

Sep-11 Travelport Inc Blackstone Personal Services USA N/A R 

Jul-11 Eircom Group plc Babcock & Brown Telecommunications Ireland € 3,650.00 R 

Jul-11 Groupe Novasep Gilde Investments Chemicals France N/A R 

Apr-11 Ideal Standard International Bain Capital Building Materials Belgium € 676.14 R 

Apr-11 SEAT Pagine Gialle SpA BC Partners Printing & Publishing Italy € 2,620.00 R 

Feb-11 Regency Entertainment BC Partners Gaming & Hotels Greece € 480.00 R 

Jan-11 Dinosol Supermercados Permira Retail Food & Drug Spain € 506.00 R 

Jan-11 

Cory Environmental 

Management Ltd. 

Source: S&P Capital IQ LCD and LCD News 


ABN AMRO Environmental Services UK € 717.56 R 


LATEST COMPLETED RESTRUCTURING OF A SPONSORED DEAL 

DESMET BALLESTRA Industry: MANUFACTURING Country: BELGIUM 

PREVIOUS RESTRUCTURING NEW RESTRUCTURING 

Launch Date 2/26/07 

Purpose LBO 

Sponsor(s) Barclays Private Equity France 

TFirst Lien Debt €200M 

€46.5 million, 7-year TLA, E+200 

€62.5 million, 8-year TLB, E+225 

€62.5 million, 9-year TLC, E+275 

€28.5 million, 7-year capex facility, E+212.5 

Second Lien Debt €18 million, 9.5-year, E+400 

Mezzanine €35 million, 10-year, E+850 

EQUITY (Publicly Reported) 

Contribution Amount Share: 

Barclays N/A N/A 

Enterprise Value N/A 

FINANCIALS (Publicly Reported) 

Debt/EBITDA Ratio 4.9 

Sr Debt/EBITDA Ratio 4 

EBITDA 

Revenues 

LCD News link: 

https://www.lcdcomps.com/lcd/n/article.html?rid=20&aid=3237804 


Completion Date 3/22/12 

Restructuring 

Equistone Partners Europe (formerly Barclays Private Equity France) 

Senior lenders remain whole, senior debt maturities have been 

deferred, and covenants have been reset. The second-lien has been 

converted into French-style convertible bonds, while the mezzanine 

has been equitised. 

New Debt 

€15 million equity investment from sponsor structured as a term loan 

€10 million in loans provided by senior lenders 

Lenders Write-off: Equity Share: 

Mezzanine 63% for N/A 

New Contribution Amount Share: 

Equistone Partners €15M 

Debt/EBITDA Ratio 

Sr Debt/EBITDA Ratio 

EBITDA 

Revenue 

LCD News link: 

https://www.lcdcomps.com/lcd/n/article.html?aid=12337757&rid=20 

Source: S&P Capital IQ Leveraged Commentary & Data; Summary is based on public information as reported by LCD News 

For a full list of completed restructurings tracked by LCD, please go to www.lcdcomps.com, under RESEARCH > EUROPE > DATA 


S&P Capital IQ Leveraged Commentary & Data www.lcdcomps.com • info@lcdcomps.com 

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Neslyn D’Souza, Director, (212) 438-2708, neslyn_dsouza@spcapitaliq.com 

Sucheet Gupte, Director, 44 (0)20 7176 7235, sucheet_gupte@spcapitaliq.com 

Anna Maria Cini, Sales Manager, 44 (0)20 7176 3997, anna_cini@spcapitaliq.com 

Lang Gibson, Manager - Sales, (212) 438-3298, langhorne_gibson@spcapitaliq.com 

Vanessa McShine, Sales Associate, (212) 438-2292, vanessa_mcshine@spcapitaliq.com 

Gail Dookie, Administrative Assistant, (212) 438-2705, gail_dookie@spcapitaliq.com 

Technology 

Tim Cross, Vice President, (212) 438-2724, tim_cross@spcapitaliq.com 

Mohan Challi, Director, (212) 438-2721, mohan_challi@spcapitaliq.com 

Steve Richardson, Associate, (212) 438-1986, steve_richardson@spcapitaliq.com 

Robinson Grullon,Senior Systems Analyst, (212) 438-0211, robinson_grullon@spcapitaliq.com 

Julia Lifton, Senior Systems Analyst, (212) 438-2713, julia_lifton@spcapitaliq.com 

Min Lu, Senior Systems Analyst, (212) 438-2718, min_lu@spcapitaliq.com 

Elena Goncharoff, Systems Analyst, (212) 438-2724, elena_risin@spcapitaliq.com 

Administration 

Ruth Yang Van de Castle, Vice President, (212) 438-2722, ruth_yang@spcapitaliq.com 

Lan Lecour, Administrative Assistant, (212) 438-2711, lan_lecour@spcapitaliq.com 

LCD European Private Equity Report is a publication of S&P Capital IQ LCD. Copyright 

© 2012 Standard & Poor’s Financial Services LLC. LCD has obtained data from 

sources believed to be accurate, but it does not guarantee their accuracy.

June 2012 - Standard & Poor's

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