ernst & young m&a quarterly q3 2013

Third Quarter 2013

October 2013 edition

Mergers & Acquisitions Quarterly Switzerland

All rights reserved — EY 2013

Contents

Mergers & Acquisitions Quarterly Switzerland – Q3 2013 1

1. Introduction 2

2. Swiss M&A market Q3 2013 and outlook 2013/2014 3

3. Private equity statistics: Germany, Switzerland and Austria 6

4. Industry overview

► Chemicals, Construction and Materials 7

► Energy, Transportation and Utilities 9

► Financial Services 11

► Healthcare 13

► Industrial Goods and Services 15

► Media, Technology and Telecommunications 17

► Retail and Consumer Products 19

5. Deal of the quarter 21

6. EY M&A credentials 22

7. EY selection of M&A opportunities 23

8. Your EY M&A team in Switzerland 24

9. Event calendar 25

10. Subscription/Registration form 26


Introduction


Dear Reader,

We are proud to provide you with the latest edition of our M&A Quarterly Switzerland – the 20th edition of our publication, which was launched in January 2009. We would like to thank you for your support and interest in the Swiss M&A market over the last five years.

This brochure gives you a general overview of Swiss M&A and European private equity market activity in the third quarter of 2013, as well as an outlook for the remainder of 2013 and calendar year 2014.

It was a mixed picture in the Swiss M&A market in the third quarter of 2013, with a significant increase in the number of announced deals compared to the previous quarters on the one hand, but lower deal volume compared to the previous quarter on the other.

Looking ahead, M&A activity is expected to respond positively to the confirmation of continued expansionary monetary policies by Swiss National Bank and US Fed, as well as improving economic fundamentals in Switzerland and the Eurozone. Despite encouraging signs, some corporate leaders may still be cautious in light of ongoing challenges, e.g. the current US fiscal cliff and, hence, be hesitant to undertake business expansions.

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► If you prefer, we will gladly continue to provide you with a printed version in the usual form.

► Please direct your feedback to [email protected] for both matters.

The next edition of Mergers & Acquisitions Quarterly Switzerland will be available in January 2014.

For more information or to download this publication, visit us online at:

www.ey.com/CH/de/Services/Transactions/Lead-Advisory

Sincerely,

Your Swiss EY M&A Team


Swiss M&A market Q3 2013 and outlook 2013/2014


Number of announced deals and transaction volumes with target, buyer or seller in Switzerland

Relative stock performance of selected industries over the past 12 months

M&A market Q3 2013

► With disclosed deal volume of CHF 5.2b in Q3 2013, the Swiss M&A market continued to perform on a low level, confirming the trend of the previous quarters in 2013. In comparison to Q2 2013 and Q3 2012, total deal volume decreased by 4% and 6%, respectively.

► Low market volume is explained by the limited number of large deals in the third quarter, with just seven transactions valued above CHF 250m. The largest deal of the quarter was the exit of AHT Cooling Systems by Partners Group and Quadriga Capital to Bridgepoint Advisers, valued at CHF 721m.

► In contrast, the number of Swiss M&A transactions gained momentum, with 162 deals announced in Q3 2013. This reflects an increase of 22 transactions compared to the previous quarter, and an increase of 20 deals compared to the same quarter of the previous year.

► After a slight decrease in Q2 2013, the Swiss Market Index (SMI) picked up its pace again and rose by approximately 4% in the third quarter of 2013.

► The SMI development was underpinned by unexpectedly strong economic data for Europe on one hand and by political issues, such as the threat of an US military attack on Syria, on the other.

► Over the last twelve months ended 30 September 2013, the SMI increased by about 23%, which is five percentage points lower than in the previous quarter.

► As in Q2 2013, all equally-weighted industry indices trended upward over the last twelve-month period.

Rank Announcement date Target Acquirer SellerDeal Volume

(in CHF m)1 05-Jun-2013 Hybris AG SAP AG Greylock Partners; HGGC, LLC;

MeriTech Capital Partners1’414

2 14-Jan-2013 Harry Winston, Inc. Swatch Group AG Harry Winston Diamond Corporation

917

3 22-Apr-2013 Power-One Inc. ABB Ltd. Silver Lake; Security Investors; Stephens Capital

896

4 03-Sep-2013 AHT Cooling Systems GmbH Bridgepoint Advisers Ltd. Partners Group; QuadrigaCapital Beteiligungsberatung

721

5 04-Feb-2013 Ausfuel Pty. Ltd. Puma Energy International B.V. Archer Capital Pty Ltd. 591

The five largest transactions in 2013

Data as of 30 September 2013Source: S&P Capital IQ, other external data providers and EY Research

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Q3 12 Q4 12 Q1 13 Q2 13 Q3 13

No. o

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Volume No. of deals


Transactions by industry

► With 21% of all announced deals stemming from Media, Technology and Telecommunications, this sector accounted for the largest share of deal activity in the third quarter of 2013, followed by the Industrial Goods and Services sector, contributing 16%.

► The largest disclosed deal within Media, Technology and Telecommunications was BottomlineTechnologies’ acquisition of SF21 SA (Sterci) for approximately CHF 111m.

► The divestment of AHT Cooling by Partners Group and Quadriga Capital represented the largest transaction within the Industrial Goods and Services sector.

► Compared to the previous quarter, Swiss M&A activity in Q3 2013 was more diversified across different industries, resulting in smaller shares of the aforementioned top sectors.

► The Industrial Goods and Services sector recorded the largest loss, falling nine percentage points in Q3 2013, whereas the biggest gain with a plus of seven percentage points was recorded in Other Industries.


Number of Swiss M&A transactions by industry in Q3 2013 (in %)

Number of Swiss M&A transactions by deal size(in %)



Transactions by size

► The third quarter of 2013 was characterized by a significant increase in mid-market transactions and a concurrent drop in small transactions, when compared to Q2 2013.

► Although the shift from small to mid-market deals contributed to higher total market volume, this positive development was outweighed by the limited volume of large deals. Thus, total market volume in Q3 2013 declined.

► In Q3 2013, deal size was disclosed in approximately one quarter of all announced transactions, similar to figures from previous quarters.51%

34%

31%47%

18% 19%

0%

20%

40%

60%

80%

100%

Q2 13 Q3 13

< CHF 50m CHF 50-250m > CHF 250m

*Arrows indicate change from previous quarter

21%

16%

11%10%

10%

9%

9%

14%

Media, Technology and Telecommunications Industrial Goods and Services▲

▼

▼▲

▲

Media, Technology and Telecommunications Industrial Goods and ServicesHealthcare Retail and Consumer ProductsChemicals, Construction and Materials Financial ServicesEnergy, Transportation and Utilities Other Industries

▼▼

▲

All rights reserved — EY 2013 Mergers & Acquisitions Quarterly Switzerland – Q3 2013 5

Outlook 2013/2014► The Swiss State Secretariat for Economic Affairs (SECO) increased its annual GDP growth forecast for

2013 by 0.4 percentage points to 1.8% in September 2013, compared to its forecast in June 2013; the upwards adjustment was mainly attributable to persisting strong domestic demand.

► SECO’s annual GDP growth outlook for 2014 was adjusted to 2.3% in September 2013 (previously 2.1%); the positive outlook is especially underpinned by an anticipated recovery of the Eurozone economy, which experienced the first positive quarterly GDP growth in Q2 2013, after six consecutive negative quarters.

► Announcements by the US Fed as well as the Swiss National Bank in September 2013 to continue their expansionary monetary policies might spur Swiss M&A activity in the mid-term. However, uncertainty around the impact of persisting with expansionary monetary policy and increasing interest rates, together with ongoing challenges in regards to the US fiscal cliff, might dampen M&A activity.

► Business owners that had been holding back disposals due to weak economic conditions and low valuations are expected to gear up for transactions as market confidence increases.

► Even though signs of an economic recovery in the Eurozone are getting stronger, some corporate leaders may still be cautious in light of recent and in some cases ongoing downsizing, which could make them reluctant to undertake business expansions.

► All in all, the outlook on Swiss M&A activity is cautiously optimistic, based on improving economic fundamentals and increased market confidence in recent months, but also taking into account high market volatility and selected macroeconomic risk factors in the European Union, especially with regard to southern European countries.



Change in industry multiples from Q2 2013 to Q3 2013

Industry TEV/EBITDA (LTM)

Chem./Constr./Mat. ▲

Eng./Trans./Utilities ▲

Healthcare ▲

Industrial Goods ▲

Media/Tech./Tel. ▼

Retail/Consumer ▲

P/E (LTM)

Financial Services ▲

EBITDA = Earnings Before Interest, Taxes, Depreciation and AmortizationTEV = Total Enterprise ValueLTM = Latest Twelve MonthsP/E = Price-to-Earnings Ratio


Private equity statistics: Germany, Switzerland and Austria


80%69% 67%

78% 74%

16%22% 25% 10% 10%

4% 9% 8% 12% 16%

0%

20%

40%

60%

80%

100%

2009 2010 2011 2012 2013*

< EUR 50m EUR 50-250m > EUR 250m

Private equity Q3 2013

► In the third quarter of 2013, a total of 13 private equity deals have been recorded in Germany, Switzerland and Austria (GSA). This represents a decrease of six deals compared to Q2 2013 and four deals compared to the same quarter of the previous year.

► Total disclosed PE deal volume amounted to EUR 9.0b for GSA, which is almost ten times the volume seen in the previous quarter and reflects an increase of 113% in comparison to Q3 2012.

► The significant increase in terms of disclosed deal volume was mainly attributable to three German buy-outs: the largest deal in GSA was the divestment of Springer Science+Business Media, which was sold by EQT Partners AB and GIC Special Investments Pte Ltd. to BC Partners Ltd. for about EUR 3.3b. The second largest transaction was CVC Capital Partners Ltd.’s acquisition of ista International GmbH, which was purchased from Charterhouse Capital Partners LLP for EUR 3.1b. The third largest deal was CinvenLtd.’s acquisition of CeramTec GmbH, which was bought from Rockwood Specialties Group Inc. for EUR 1.5b.

► The completion of several large deals resulted in a significant increase in the share of large transactions, with 16% of all PE deals in GSA being valued above EUR 250m in the first nine months of 2013. This represents the highest share of large deals within the last five years.

► In terms of number, buy-outs and buy-ins in GSA in Q3 2013 accounted for approximately 10% of all completed transactions in Europe, reflecting a decrease of six percentage points compared to Q2 2013.

► By contrast, PE deals from GSA contributed about 45% to the total disclosed European deal volume compared to 11% in the previous quarter. This is mainly attributable to the increase in large transactions as described above.

Number and volume of buy-outs and buy-ins completed with targets based in GSA

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No. o

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Deal volume No. of deals

Number of buy-outs and buy-ins by deal size within GSA (in %)

Data as of 30 September 2013Source: S&P Capital IQ, other externaldata providers and EY Research

*2013 figures are for the first nine months only


90

100

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120

130

140

Sep 12 Oct 12 Nov 12 Dec 12 Jan 13 Feb 13 Mar 13 Apr 13 May 13 Jun 13 Jul 13 Aug 13 Sep 13

Chemicals, Construction and Materials


Relative performance charts

12-month relative performance (in %) * Multiples (LTM) *

Margins (LTM) * Companies included in the Chemicals, Construction and Materials Index

Legend

EBITDA = Earnings Before Interest, Taxes, Depreciation and AmortizationEBIT = Earnings Before Interest and TaxesP/E = Price-to-Earnings RatioLTM = Latest Twelve MonthsTEV = Total Enterprise ValueRev. = Revenue* = Industry is equally weighted

Chemicals, Construction and Materials Index Swiss SMI Index (value weighted)

AFG Arbonia-Forster-Holding AGBelimo Holding AGBossard Holding AGClariant AGDottikon Es Holding AGEMS-Chemie Holding AGForbo Holding AG Geberit AG Givaudan AGGlencore Xstrata Plc

Gurit Holding AGHolcim (Schweiz) AGImplenia AGSchmolz + Bickenbach AGSika AGSyngenta AG


1.8x

12.3x

15.9x18.6x

2.7x

10.0x12.4x

16.9x

0x

5x

10x

15x

20x

25x

30x

TEV/Rev. TEV/EBITDA TEV/EBIT P/E

43.0%

13.3%5.9% 5.6%

32.3%

23.0%14.0% 13.4%

0%

10%

20%

30%

40%

50%

60%

70%

80%

Gross margin EBITDA margin Earnings from continuedoperations margin

Net income margin


Selected key developmentsDate Company Event type Headline

22-Aug-2013 Clariant AG Strategic alliance Clariant entered into a long-term agreement with Lummus Novolen Technology to combine their R&D efforts to develop improved polypropylene catalyst and donor technologies; the companies will invest CHF 65m in the new production line at the US production hub

13-Aug-2013 Bossard Holding AG Business expansion Bossard opened its new headquarters and distribution center in Cheonan City, South Korea, enabling the company to lay a foundation for further growth in Asia

13-Aug-2013 Implenia AG Product-related announcement

Implenia received contracts worth almost CHF 120m in total to build homes for senior citizens and cross-generational living in Muttenz,Islikon and Geneva

02-Aug-2013 Schmolz + Bickenbach AG

Executive/board change Schmolz + Bickenbach announced the resignation of the current board members Hans-Peter Zehnder, Marc Feiler, Gero Büttiker, Roland Eberle, Carl Michael Eichler, Benoît D. Ludwig and Roger Schaack, effective from the extraordinary GM on 13 September 2013

24-Jul-2013 Holcim (Schweiz) AG Business reorganization Holcim announced that it will streamline the ownership structure through intragroup restructuring of its Indian operations Ambuja and ACC; this will allow for closer back-end cooperation between the companies and simplify the group structure

24-Jul-2013 Syngenta AG Buyback Syngenta announced that it will repurchase a maximum of 9.3 million shares with a face value of CHF 0.10, or 10% of the company’s share capital, under a new share repurchase program for the purpose of capital reduction

22-Jul-2013 Implenia AG Client announcement Implenia signed a contract to build the Eidanger Tunnel on behalf of Norwegian National Rail Administration for approx. CHF 100m by June 2016; the tunnel is a part of the new 23 km line between the southern provinces of Vestfold and Telemark

Chemicals, Construction and Materials


Selected mergers & acquisitions transactions/private placementsAnnouncement date Size (CHF m) Percent sought Target Seller Buyer/Investor

30-Sep-2013 N/A 100% Jiangsu Multicolor Fine Chemical Co., Ltd., organic pigment business

Jiangsu Multicolor Fine Chemical Co., Ltd. Clariant AG

28-Aug-2013 N/A 100% CEMEX, S.A.B. de C.V., assets in Western Germany CEMEX, S.A.B. de C.V. Holcim Ltd.

27-Aug-2013 38 100% Atkore International Indústria e Comércio de Aço e Materiais Elétricos Ltda.

Allied Switzerland GmbH Panatlantica S.A.

08-Aug-2013 320 100% Akzo Nobel NV, building adhesives business Akzo Nobel NV Sika AG

05-Aug-2013 44 75% Clariant Pakistan Limited Clariant International AG SK Capital Partners

31-Jul-2013 N/A 100% INVADO Sp. z o.o. N/A Looser Holding AG

15-Jul-2013 107 100% Cham Paper Group Holding AG, Italian paper mills located in Carmignano and Condino

Cham Paper Group Holding AG delfortgroup AG

15-Jul-2013 N/A 100% JMTexsa, S.A. de C.V. and Texsa India Ltd. SOPREMA SAS Sika AG



Energy, Transportation and Utilities




Margins (LTM) * Companies included in the Energy, Transportation and Utilities Index


Energy, Transportation and UtilitiesSwiss SMI Index (value weighted)

Alpiq Holding AGBKW AGFlughafen Zuerich AGKuehne & Nagel International AGPanalpina Welttransport (Holding) AG

Repower AG Transocean Ltd. Weatherford International Ltd.

Legend


90

100

110

120

130

140


1.3x

9.5x

16.3x 15.4x

2.7x

10.0x12.4x

16.9x

0x

5x

10x

15x

20x

25x

30x


28.3%

15.3%

2.5% 1.3%

32.3%

23.0%14.0% 13.4%

0%

10%

20%

30%

40%

50%

60%

70%

80%


Net income margin


Energy, Transportation and Utilities


Announcement date Size (CHF m) Percent sought Target Seller Buyer/Investor

23-Aug-2013 N/A 90% Kruger Mpumalanga International Airport ABB Equity Ventures Inc. The Ball Family Trust

19-Aug-2013 45 100% Foster Wheeler AG, Camden Resource Recovery Facility

Foster Wheeler AG Covanta Holding Corporation

15-Aug-2013 N/A 100% Edisun Power AG Edisun Power Europe AG BE Netz AG

12-Aug-2013 N/A 70% ENERTRAG AG, wind farm in Caix ENERTRAG AG EKZ Renewables AG

02-Aug-2013 555 100% Servisair GmbH Derichebourg SA Swissport International Ltd.

30-Jul-2013 N/A 66% Trans Adriatic Pipeline AG Axpo Trading AG; E.ON SE; Statoil ASA Total SA; BP plc; Fluxys Belgium SA and others

03-Jul-2013 49 100% Chi.Na.Co S.r.l. A2A S.p.A. BKW AG


24-Sep-2013 Kuehne + Nagel International AG

Product-related announcement

Kuehne + Nagel launched ‘KN EngineChain’, its new end-to-end supply chain solution, designed specifically for aircraft engines logistics; this is expected to satisfy the growing requirements of the company’s aerospace clients, e.g., eliminating delays and damages

23-Sep-2013 Alpiq Holding AG Client announcement Alpiq entered into a multi-year electricity supply contract with Swiss Steel, a Switzerland-based producer of high-grade steel for the automobile, machinery and equipment industries; the contract will become effective from 01 January 2014

11-Sep-2013 Weatherford International Ltd.

Executive/board change Weatherford announced that John H. Briscoe, Senior Vice President and CFO, resigned effective as of 12 September 2013, to pursue other opportunities; he will continue to support Weatherford on a consultancy basis

15-Aug-2013 Kuehne + Nagel International AG

Executive/board change Kuehne + Nagel appointed Dr. Detlef Trefzger, Member of the Management Board and in charge of Contract & Integrated Logistics since March 2013, as the company’s new CEO with immediate effect

22-Jul-2013 Alpiq Holding AG Business expansion Alpiq announced that its subsidiary Alpiq Generation (CZ) has signed a contract of about CHF 5m for the modernization of its power plant in Kladno (CZ); this modernization allows to comply with the Industrial Emissions directive from the EU effective from 2016

08-Jul-2013 Transocean Ltd. Product-related announcement

Transocean announced that the ultra-deepwater drillship Dhirubhai Deepwater KG1 has set a new world record for the deepest water depth by an offshore drilling rig (3,174 meters) while working for ONGC off the East coast of India

05-Jul-2013 Panalpina Welttransport(Holding) AG

Strategic alliance Panalpina Welttransport announced its expansion of the existing cooperation with Arcese Espana, the groupage and fleet operator specialist; this expansion leads to a strategic partnership in road freight in Belgium, Italy and Spain

Selected mergers & acquisitions transactions/private placements



Financial Services




Margins (LTM) *+ Companies included in the Financial Services Index

Legend

P/BV = Price-to-Book-Value RatioP/Tang BV = Price-to-Tangible-Book-Value RatioP/E = Price-to-Earnings RatioLTM = Latest Twelve MonthsTEV = Total Enterprise ValueRev. = Revenue* = Industry is equally weighted+ = Banks only (insurance companies excluded)

Bâloise Holding AGBank Coop AGBanque Cantonale Vaudoise SACredit Suisse Group AGEFG International AGGAM Holding AGHelvetia Schweizerische Versicherungsgesellschaft AGJulius Baer Gruppe AGLeonteq AGLiechtensteinische Landesbank AGPartners Group Holding AG

St. Galler Kantonalbank AG Swiss Life Holding AGSwiss Reinsurance AG Swissquote Group Holding SA UBS AG Valiant Holding AG Vontobel Holding AG VZ Holding AG Zurich Insurance Group AG

Financial Services IndexFinancial Services Index (previous quarter)Swiss SMI Index (value weighted)


90

100

110

120

130

140


2.0x 2.6x

17.1x

1.7x 2.1x

15.2x

0x

5x

10x

15x

20x

25x

30x

P/BV P/Tang BV P/E

15.8% 15.2%

8.1%

14.0% 13.4%

11.1%

0%2%4%6%8%

10%12%14%

16%18%

Earnings from continuedoperations margin

Net income margin Return on equity


Financial Services


Date Company Event type Headline

23-Sep-2013 UBS AG Product-related announcement

UBS launched Impact Investing SME Focus Fund, a fund of fund focused on investing in SMEs located in emerging and frontier markets that operate in sectors that drive social or environmental change

29-Aug-2013 Zurich Insurance Group AG Executive/board change Zurich Insurance Group announced the resignation of its Chairman, Josef Ackermann, from all his functions as a Board Member with immediate effect; he will be succeeded by Tom de Swaan, the current Vice-Chairman

08-Aug-2013 Valiant Holding AG Client announcement Valiant signed a letter of intent with Swiss Life for a strategic partnership which will enable the company to offer a comprehensive set of investment and pension solutions

29-Jul-2013 Credit Suisse Group AG Product-related announcement

Credit Suisse launched the Trend Master Index series in collaboration with Cass Business School to enable investors to gain exposure to a multi-asset class investment strategy, offering equity-like returns with significantly reduced volatility

15-Jul-2013 Helvetia Group Strategic alliance Helvetia extended its partnership with Bank Vontobel until at least the end of 2018; the partnership includes the areas of asset management, investment banking and insurance

11-Jul-2013 Swiss Life Holding AG Strategic alliance Swiss Life formed a strategic partnership with Aetna, a US-based healthcare solutions company, to offer the latter’s international and domestic health care benefits and services to its multinational customers


25-Sep-2013 N/A 100% MIG BANK Ltd. Mansour family Swissquote Group Holding Ltd.

04-Sep-2013 N/A 100% Liechtensteinische Landesbank (Switzerland) AG, Lugano branch

Liechtensteinische Landesbank(Switzerland) AG

PKB Privatbank AG

22-Aug-2013 N/A 100% Mountain do Brasil SCA Mountain Partners AG Bolt General Partners SA

19-Aug-2013 N/A 100% Banque de Dépôts et de Gestion SA Unione di Banche Italiane ScpA Banque Cramer & Cie SA

12-Aug-2013 N/A 100% SVG Investment Managers Ltd. SVG Capital plc Hansa Aktiengesellschaft

12-Aug-2013 N/A 100% Trinova Invest AG N/A Sallfort Privatbank AG

06-Aug-2013 N/A 100% UBS AG, OTC commodity derivatives business UBS AG JPMorgan Chase & Co.

01-Aug-2013 N/A 100% Customized Fund Investment Group Credit Suisse Group AG Grosvenor Capital Management LP

04-Jul-2013 N/A 100% Bearbull Degroof Banque Privee S.A. Banque Degroof SA Landolt & Cie SA

Selected key developments




Healthcare




Margins (LTM) * Companies included in the Healthcare Index

Legend


Healthcare Index Swiss SMI Index (value weighted)

Acino Holding AGActelion Ltd.Bachem Holding AGBasilea Pharmaceutica AGCOLTENE Holding AGCytos Biotechnology AGGalenica AGLifeWatch AGLonza Group AG

Nobel Biocare Holding AG Novartis AG Roche Holding AG Siegfried Holding AG Sonova Holding AG Straumann Holding AG Tecan Group AGYpsomed Holding AG


90

100

110

120

130

140


2.6x

13.1x

18.6x

22.2x

2.7x

10.0x12.4x

16.9x

0x

5x

10x

15x

20x

25x

30x


45.4%

19.0%9.5% 9.4%

32.3%

23.0%14.0% 13.4%

0%

10%

20%

30%

40%

50%

60%

70%

80%


Net income margin


Healthcare



20-Sep-2013 Ypsomed Holding AG Client announcement Ypsomed announced that China-based Tonghua Dongbao Pharmaceutical will source its new pen system from the company; the ‘SulinPen’ will be based on the YpsoPen® technology platform and is to be sold in the Chinese market

16-Sep-2013 Roche Holding AG Executive/board change Roche announced that it would propose Christoph Franz for election as Chairman of the Board at its forthcoming AGM on 4 March 2014; Franz’s current contract as CEO of Lufthansa expires on 31 May 2014

03-Sep-2013 Novartis AG Product-related announcement

Novartis received EU approval for Ilaris® regarding the treatment of active systemic juvenile idiopathic arthritis (SJIA) in patients aged two years and over who have responded inadequately to previous therapy

12-Aug-2013 Actelion Ltd. Buyback Actelion completed its share repurchase program initiated in November 2010; the company bought back shares worth approx. CHF 800m, reflecting 13.3% of the issued shares at the time the program was launched

07-Aug-2013 Lonza Group AG Strategic alliance Lonza signed a research license agreement with Sorrento Therapeutics for access to Lonza’s GE Xceed™ Gene Expression System tobe used in Sorrento’s therapeutic antibodies in oncology, inflammation and infectious diseases

05-Aug-2013 Roche Holding AG Client announcement Roche signed a supply agreement with Medicines Patent Pool to increase access to Valcyte in 138 developing countries for the treatment of CMV, a viral infection causing loss of vision; it allows the medicine to be offered up to 90% cheaper in these countries

26-Jul-2013 Galenica AG Product-related announcement

Galenica received the US Food and Drug Administration (FDA) approval for Injectafer®, developed in partnership with LuitpoldPharmaceuticals, for the treatment of iron deficiency anaemia (IDA) in adult patients

10-Jul-2013 Bachem Holding AG Product-related announcement

Bachem successfully developed, in partnership with Japan-based GlyTech, a chemical synthesis of ‘Interferon β-1a’, an approved drug substance to treat multiple sclerosis with a worldwide market volume of more than USD 4b


10-Sep-2013 12 50% PharmaFocus AG N/A NOWEDA eG Apothekergenossenschaft

19-Aug-2013 309 100% Endosense SA GIMV NV; NeoMed; VI Partners AG; DEFI Gestion SA and others

St. Jude Medical, Inc.

14-Aug-2013 22 100% Klinik Villa im Park AG N/A Genolier Swiss Medical Network SA

31-Jul-2013 N/A 100% Neocutis S.A. Genevest Consulting Group S.A.; VI Partners AG; Endeavour Vision SA

Merz North America, Inc.

16-Jul-2013 N/A 100% LIFEBRIDGE Medizintechnik AG Mountain Partners AG ZOLL Medical Corporation

03-Jul-2013 379 100% 36-property senior housing communities N/A Formation Capital, L.L.C.; SAFANAD Ltd.

01-Jul-2013 N/A 100% Ginsana SA Pharmaton SA Soho Flordis International Pty Ltd.

01-Jul-2013 N/A 100% Dualsystems Biotech AG, yeast 2-hybrid activities Dualsystems Biotech AG Hybrigenics Services SAS




Industrial Goods and Services




Margins (LTM) * Companies included in the Industrial Goods and Services Index

Legend


Industrial Goods and Services Index Swiss SMI Index (value weighted)

ABB Ltd.Adval Tech Holding AGBobst Group SABucher Industries AGBurckhardt Compression AGCarlo Gavazzi Holding AGCicor TechnologiesComet Holding AGDaetwyler Holding Inc.DKSH Holding AGFeintool International Holding AG

Georg Fischer AGINFICON Holding AG Interroll Holding AG Kaba Holding AG Kardex AG Komax Holding AG LEM Holding AGLooser HoldingMeyer Burger Technology AG Mikron Holding AG OC Oerlikon Corporation AG

Phoenix Mecano AGRieter Holding AGSchaffner Holding AGSchindler Holding AGSchweiter Technologies AGSGS SASulzer Ltd.Tornos Holding SAVon Roll Holding AGWalter Meier AG


90

100

110

120

130

140


1.2x

9.9x

13.9x

19.9x

2.7x

10.0x12.4x

16.9x

0x

5x

10x

15x

20x

25x

30x


41.4%

11.9%4.5% 4.8%

32.3%

23.0%

14.0% 13.4%

0%

10%

20%

30%

40%

50%

60%

70%

80%


Net income margin


Industrial Goods and Services


03-Sep-2013 721 100% AHT Cooling Systems GmbH Partners Group Holding AG; QuadrigaCapital Beteiligungsberatung GmbH

Bridgepoint Advisers Ltd.

03-Sep-2013 239 100% Fläkt Woods Group SA, Group's global infrastructureand industry business

Fläkt Woods Group SA Colfax Corporation

30-Aug-2013 N/A 100% Kaiser Optical Systems, Inc. Rockwell Collins Inc. Endress + Hauser Holding AG

28-Aug-2013 38 100% Piezotech, LLC N/A Meggitt Sensing Systems

13-Aug-2013 N/A 100% PT Primatek Technologies N/A DKSH Holding Ltd.

30-Jul-2013 N/A 100% Alstom SA, ring motors activities Alstom SA ABB Ltd.

25-Jul-2013 N/A 100% Omni Manufacturing Services S.A. de C.V. and Adval Tech Medical Co. Ltd.

Adval Tech Holding AG Phillips-Medisize Corporation

23-Jul-2013 N/A 100% Autoneum Italy S.p.A. Autoneum Holding AG mutares AG

17-Jul-2013 N/A 100% OMV Machinery S.r.l ISAP Packaging S.p.A. WIFAG-Polytype Holding AG


16


23-Sep-2013 Schindler Holding AG Executive/board change Schindler appointed Silvio Napoli as the Group’s new CEO with effect from 01 January 2014; he will replace Jürgen Tinggren who is proposed for election to the board of directors on 17 March 2014

26-Aug-2013 ABB Ltd. Product-related announcement

ABB installed the world’s highest-voltage (320 kilovolts) offshore converter station in the North Sea off the coast of Germany, with an 800MW power transmission capacity

21-Aug-2013 SGS SA Client announcement SGS was awarded an eight-month contract by Linde Vietnam Limited (LGV) to provide third-party inspection and certification services for an industrial gas supplying system in the Phu My II Industrial Zone in Vietnam

14-Aug-2013 Georg Fischer AG Fixed income offering Georg Fischer raised CHF 300m by placing two bonds of CHF 150m each, issued through a bank syndicate led by UBS and ZürcherKantonalbank, in order to refinance its existing CHF 300m bond, maturing in mid 2014

31-Jul-2013 Sulzer Ltd. Product-related announcement

Sulzer developed a new diamond-like carbon coating for the automotive industry; the product will allow to increase engine performance and extend component life expectancy while lowering emissions and fuel consumption

29-Jul-2013 OC Oerlikon Corporation AG

Business expansion OC Oerlikon announced that it will further expand in the US market through opening a new center in Oklahoma City; it is Oerlikon’s14th coating center in the US and is underpinned by its strategy to take advantage of expected growing demand in the US

25-Jul-2013 DKSH Holding AG Business expansion DKSH announced that it will open a new innovation center in Guangzhou and a fifth sales office in Chengdu, China, as part of its ongoing strategy to grow in the region

Mergers & Acquisitions Quarterly Switzerland – Q3 2013



Media, Technology and Telecommunications




Margins (LTM) * Companies included in the Media, Technology and Telecommunications Index

Legend


Media, Technology & Telecomm. Index Swiss SMI Index (value weighted)

Advanced Digital Broadcast Holdings SAAlso Holding AGAscom Holding AGCrealogix Holding AGGoldbach Media AGHuber+Suhner AGKudelski SALogitech International SAMicronas Semiconductor Holding AG

Myriad Group AG Orell Füssli Holding AG PubliGroupe SA Swisscom AG Swisslog Holding AGTamedia AG Temenos Group AG u-blox Holding AG


90

100

110

120

130

140


1.2x

9.1x

13.5x

16.8x

2.7x

10.0x12.4x

16.9x

0x

5x

10x

15x

20x

25x

30x


35.8%

11.9%6.0% 5.7%

32.3%23.0%

14.0% 13.4%

0%10%20%30%40%50%60%70%80%

Gross margin EBITDA margin Earnings fromcontinued operations

margin

Net income margin


Media, Technology and Telecommunications


18Mergers & Acquisitions Quarterly Switzerland – Q3 2013


20-Aug-2013 Ascom Holding AG Strategic alliance Ascom entered into an agreement with Fideltronik Group to outsource its last remaining assembly activities in its factory in Herrljunga, Sweden; the outsourcing activity is in line with Ascom’s asset-light strategy

11-Aug-2013 Logitech International SA

Buyback Logitech announced the successful completion of its share buyback program of approx. USD 250m, initiated in August 2010; the company repurchased more than 26 million shares, which corresponds to about 13.6% of the initial share capital

07-Aug-2013 Crealogix Holding AG Executive/board change Crealogix appointed Rolf Lichtin as the company’s new CFO and Member of the Executive Management with effect as of 1 September 2013; he will replace Jean-Claude Philipona

05-Aug-2013 u-blox Holding AG Business expansion u-blox opened its fourth LTE RF (Radio Frequency) design center in Cork, Ireland, focusing on chip design for embedded 4G wireless communications; this will offer LTE chips and modules serving the automotive, industrial and consumer markets

23-Jul-2013 Swisscom AG Executive/board change Swisscom announced that Urs Schäppi, Deputy CEO and Head of Swisscom Switzerland, will take over as CEO ad interim, following Carsten Schloter

11-Jul-2013 Temenos Group AG Product-related announcement

Temenos launched ‘SocialComply’, which enables financial services firms to monitor social media channels and to engage more actively with their social media audience, whilst at the same time managing and mitigating the associated risks

04-Jul-2013 Advanced Digital Broadcast Holdings SA

Client annoucement ADB supplied the Polish cable operator Vectra with its advanced systems solution, that enables the operator to launch new interactive features including ‘STB Remote Monitoring’, ‘Advertisement Control System’ and ‘User Messaging System’


12-Sep-2013 107 100% II-VI Laser Enterprise GmbH Oclaro Technology Ltd. II-VI Holdings B.V.

10-Sep-2013 N/A 100% Newvem Insight Ltd. Greylock Partners; Index Ventures; Innovation Endeavors

Datapipe, Inc.

29-Aug-2013 N/A 100% HStreaming LLC Atlas Venture L.P. Adello Group AG

27-Aug-2013 50 71% Ziegler Druck- und Verlags-AG N/A Tamedia AG

20-Aug-2013 66 100% SAPERION AG ViewPoint Capital Partners; TrigintaCapital GmbH; Sobera Capital GmbH

Perceptive Software, Inc.

20-Aug-2013 111 100% SF21 SA (Sterci) N/A Bottomline Technologies Ltd.

29-Jul-2013 N/A 100% Ortel Mobile Switzerland GmbH Treternity AG Sunrise Communications AG

12-Jul-2013 N/A 51% xentive AG PubliGroupe AG Mediaspectrum, Inc.

01-Jul-2013 N/A 75% Starticket AG Peter Hürlimann; Urs Brunner; Hans Syz; Brino-Holding AG

Tamedia AG



Retail and Consumer Products




Margins (LTM) * Companies included in the Retail and Consumer Products Index

Legend


Retail and Consumer Products Index Swiss SMI Index (value weighted)

ARYZTA AGBarry Callebaut AGCalida Holding AGCharles Voegele Holding AGCompagnie Financière Richemont SADufry AGEmmi AGHuegli Holding AG

Kuoni Reisen Holding AG Metall Zug AG Mobilezone Holding AG Nestlé SA Orior AG Swatch Group AG Valora Holding AG


90

100

110

120

130

140


1.3x

9.7x

13.8x16.1x

2.7x

10.0x12.4x

16.9x

0x

5x

10x

15x

20x

25x

30x


44.2%

12.2%6.8% 6.5%

32.3%

23.0%

14.0% 13.4%

0%

10%

20%

30%

40%

50%

60%

70%

80%


Net income margin


Retail and Consumer Products



12-Sep-2013 N/A 100% gategroup Holding AG, Gate Gourmet Brussels operation

gategroup Holding AG LSG Sky Chefs, Inc.

06-Sep-2013 N/A 100% Artek Oy Ab Proventus AB Vitra AG

30-Aug-2013 N/A 100% Louis Golay International SA N/A Norinvest Holding SA

05-Aug-2013 315 100% Joe White Maltings Ltd. Glencore Xstrata plc Cargill Australia Ltd.

22-Jul-2013 N/A 100% TechnoMarine SA Cobepa S.A.; Credit Agricole (Suisse) SA, asset management arm

Jacques-Philippe Auriol (CEO) and management

11-Jul-2013 278 100% Ten Kaufland retail centres Even Capital SA Cerberus Capital Management, L.P.

01-Jul-2013 N/A 100% Rachelli N/A Emmi AG

01-Jul-2013 N/A 100% Zopag AG Oettinger IMEX AG Ch. Margot & Cie SA



25-Sep-2013 Kuoni Reisen Holding AG Fixed income offering Kuoni Travel has successfully placed a bond of CHF 200m with a duration of 6 years and a coupon of 1.5%; the proceeds will be used for refinancing the existing bond of CHF 200m maturing on 28 October 2013

03-Sep-2013 Barry Callebaut AG Strategic alliance Barry Callebaut opened a new cocoa processing facility in Makassar, Indonesia, in a joint venture with P.T. Comextra Majora, a diversified soft commodities trader and cocoa exporter, in order to meet the growing cocoa demand in Asia

20-Aug-2013 Nestlé SA Business expansion Nestlé opened additional facilities to complement its Wagner frozen pizza factory in Nonnweiler, Germany, worth EUR 50m; the new investment is underpinned by the company’s strategy to strengthen its expertise in frozen and chilled foods

09-Aug-2013 Dufry AG Business expansion Dufry signed a master concessionaire agreement to operate duty free spaces at Mattala Rajapaksa International Airport (MRIA), Sri Lanka, through a joint venture with Perpetual Capital Holdings; Dufry now operates in 47 countries

31-Jul-2013 Nestlé SA Product-related announcement

Nestlé launched its premium-portioned capsule tea system ‘Special.T’ in Japan, marking the first introduction outside Europe; Nestlé considers Japan to be an important tea market as per-capita tea consumption is significantly higher than in western Europe

17-Jul-2013 Compagnie FinancièreRichemont SA

Executive/board change Richemont announced that Dominique Rochat will not be available for re-election to the board due to health reasons; the company nominated Jean-Blaise Eckert for election to the board of directors at the next annual general meeting on 12 September 2013

15-Jul-2013 Huegli Holding AG Executive/board change Huegli announced the retirement of Alexander Moosmann, Managing Director of Huegli Germany and Head of the Consumer Brands Division; he will be succeeded by Endrik Dallmann and Matthias Grün for the respective roles in 2014

01-Jul-2013 Valora Holding AG Product-related announcement

Valora launched a new range of sandwiches based on its own recipes in more than 300 ‘k kiosks’; the company is placing greater emphasis on food offering to change the perception of the brand as primarily a seller of press, tobacco and lottery products



Deal rationale

► Swissport intends to take advantage of Servisair’s complementary service offering as well as its diversified client portfolio.

► In addition, the two companies expect to leverage cost synergies through efficiency gains at overlapping airports.

► Derichebourg indicated that it was seeking to dispose of Servisair in order to lower its debt. The company announced that the transaction will reduce its debt by EUR 330m, reflecting half of Derichebourg’s net debt position.

Deal of the quarter


Transaction overview

Deal summary

For our deal of the quarter in Q3 2013, we outline the takeover of Servisair SAS by Swissport Group. To finance this acquisition from Derichebourg, Swissport has issued a USD 390m senior secured add-on note. The deal is expected to be closed in the fourth quarter of 2013, subject to regulatory approval. In recent months, Swissport completed several transactions including the acquisition of Costa Rican Interairport Services in April 2013 as well as the acquisition of Flightcare Spain and Belgium from FCC Versia SA in September 2012.

Servisair is a French provider of aviation ground services, operating at 118 stations in 20 countries. Servisair employs approx. 15,000 people and offers services including ground handling, cargo, fueling, load control and airport services.

Relative stock performance (in %)

Deal timeline Consideration details

# Date Event1 10-Dec-2012 Derichebourg indicated a possible divestment of Servisair, its airport services

unit2 22-Jul-2013 Swissport disclosed its intention to acquire Servisair and was granted

exclusivity by Derichebourg3 02-Aug-2013 Swissport officially announced the signing of a definitive agreement to acquire

Servisair

% sought 100%

Total cash 100%Total stock -

708090

100110120130140150160170


Derichebourg Swiss Market Index

in %

1

2

3

LTM = Latest Twelve MonthsTEV = Total Enterprise ValueRev. = Revenuen.a. = not available

Valuation analysis (LTM)



EY M&A credentials


Recent transactions with EY‘s involvement

This announcement appears as a matter of record only

Die Mobiliarhas acquired a 37.5% stake in

Sharoo AGa company established by m-way AG, a subsidiary of Migros-Genossenschafts-Bund.

EY acted as lead financial advisor to Sharoo AG.


ECM Equity Capital Management GmbHhas signed a contract to sell

Kadi AGto

Paragon Partners GmbHfor an undisclosed amount.

EY provided transaction support services for ECM Equity Capital Management GmbH.


Johan G Olsen A/Shas merged its subsidiary

Boen ASwith

Bauwerk Parkett AG.

EY provided transaction support services for Johan G Olsen A/S.


Dufry AGhas acquired a stake of 51% in

Hellenic Duty Free Shops S.A.for EUR 201 million.

EY provided transaction support services for Dufry AG.


EY acted as lead financial advisor to Unilever.

Unileverhas sold

Uniproto

AarhusKarlshamn (“AAK”).

UTChas divested

Angus Fire Products, Angus Fire Engineering, National Foam and Eau et Feu (to be known as Angus Fire)to

LDC

for GBP 62 million.


EY acted as lead financial advisor to UTC.


EY selection of M&A opportunities


Selected M&A opportunities

Industry Country Transaction (sale of)/private placement Project Approx. deal size (in USD m)

<50 50-150 >150

Chemicals, Construction and Materials Austria Construction equipment rental company Drumroll √

Chemicals, Construction and Materials Switzerland Company within the building automation industry Heaven * * *

Energy, Transportation and Utilities Israel An unique opportunity to acquire a leading chemicals distributor and logistics provider Boat √

Energy, Transportation and Utilities Netherlands Logistics services provider: International transportation and conditional warehousing Central √

Healthcare Austria Healthcare services Venice √

Healthcare Italy Italian leader in the medical imaging and laboratory diagnostics services industry Sun √

Financial Services Austria Mezzanine portfolio and bank license Sacher √

Industrial Goods and Services Israel Manufacturer and supplier of engine bearings to the automotive and aviation industry Prince √

Industrial Goods and Services Israel Developer of a new electrochemical technology for fuel cell-based backup power solutions Future √

Industrial Goods and Services Italy Diversified industrial products Chelsea √

Industrial Goods and Services Italy Italian manufacturer of plastic films mainly for the food and pharmaceutical industries Hollywood √

Industrial Goods and Services Netherlands Leather trader and finisher R3 √

Industrial Goods and Services Netherlands Reseller of heaters and air climate products Fuel √

Industrial Goods and Services Netherlands Producer of high quality packaging solutions for food and soft drink industry Iris √

Industrial Goods and Services Turkey Innovative steel pipe manufacturer Pipe √

Industrial Goods and Services UK Materials handling business Vector √

Industrial Goods and Services Ukraine Fundraising for a plastic goods manufacturer Veles √

Retail and Consumer Products Australia Fundraising in the form of a convertible note for a US gaming opportunity Jaws √

Retail and Consumer Products Turkey Dessert producer and retailer in the premium sector Sweet √

Retail and Consumer Products UK Regional travel agency business Columbus √

Retail and Consumer Products Ukraine Operator of grain elevators, crop growing, sugar production and flour milling Xilonen √

Retail and Consumer Products Ukraine Meat producing and processing company Adam √

* Deal size is available upon request

Note: A high number of additional local and global opportunities are available. Please contact us for more information on these opportunities.


Your EY M&A team in Switzerland


Beat Dolder Partner | Head M&A

Tel +41 58 286 31 23Mobile +41 58 289 31 23Email [email protected]

Require assistance in finding targets?

Our sophisticated, global network gives us direct access to highly qualified sector experts and potential buyers and sellers. We are looking forward to matching your acquisition profile within our network and identifying potential acquisition targets for you.

If you would like to benefit from this offering, please do not hesitate to contact us.

Christian SieberManager+41 58 286 32 99+41 58 289 32 [email protected]

Sabrina Zahn Manager+41 58 286 32 86+41 58 289 32 [email protected]

Thomas KorzecManager+41 58 286 37 91+41 58 289 37 [email protected]

Manuel RuschConsultant

Niki SchulerConsultant

Marc ReinhardtSenior Manager+41 58 286 42 89+41 58 289 42 [email protected]


Event calendar


Events from November 2013 to January 2014

Upcoming EY corporate finance seminars*

D = German; E = English

Date Day Time Event topic Host Location

05/06-Nov-2013 Tuesday/Wednesday All day The Family Office Forum Zurich Prestel & Partner Zurich

08/09-Nov-2013 Friday/Saturday All day SECA Private Equity Workshop (first block) SECA Zug

13-Nov-2013 Wednesday 12.00 – 17.00 1st Swiss Venture Day in Lausanne CTI Invest Lausanne

20-Nov-2013 Wednesday 17.00 – 20.00 SECA Evening Event: Going Private SECA Zurich

19-Nov-2013 Tuesday All day Swiss M&A and Private Equity Forum 2013 Mergermarket Zurich

22/23-Nov-2013 Friday/Saturday All day SECA Private Equity Workshop (second block) SECA Zug

28-Nov-2013 Thursday All day CFO-Forum: Standortoptimierung aus finanzieller Perspektive Handelszeitung Zurich

03-Dec-2013 Tuesday 12.00 – 14.00 Business Lunch with Daniel Frutig, CEO, AFG Management AG ZfU International Business School Zurich

11-Dec-2013 Wednesday 14.00 – 17.30 43rd Swiss Venture Day CTI Invest Zurich

* Registration details can be found on page 26.

Date Day Time Event topic Host Location

25-Oct-2013 Friday 09.00 – 17.00 Financial Modeling in Excel (E) EY Geneva

07-Feb-2014 Friday 09.00 – 17.00 Financial Modeling in Excel (D) EY Basel

27/28-Feb-2014 Thursday/Friday 09.00 – 17.00 Mergers & Acquisitions (D) EY Berne

10/11-Apr-2014 Thursday/Friday 09.00 – 17.00 Mergers & Acquisitions (D) EY Zurich

25-Apr-2014 Friday 09.00 – 17.00 Valuation (D) EY Zurich

09-May-2014 Friday 09.00 – 17.00 Financial Modeling in Excel (D) EY Zurich


NameKathrin Wagenhofer Ernst & Young AGMaagplatz 18010 ZürichTel +41 58 286 30 79Fax +41 58 286 30 [email protected]

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If you would like to register for or receive more information regarding our Mergers & Acquisitions, Valuation or Financial Modeling seminars, please fill out the form below and return it to Kathrin Wagenhofer or contact her directly.

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EY | Assurance | Tax | Transactions | Advisory

About the global EY organizationThe global EY organization is a leader in assurance, tax, transaction and advisory services. It makes a difference by helping its people, its clients and its wider communities achieve their potential. Worldwide, 167,000 people are united by shared values and an unwavering commitment to quality.

The global EY organization refers to all member firms of Ernst & Young Global Limited (EYG). Each EYG member firm is a separate legal entity and has no liability for another such entity’s acts or omissions. EYG, a UK company limited by guarantee, does not provide services to clients.

In Switzerland and Liechtenstein, Ernst & Young AG is a leading audit and advisory firm with some 2,100 people at 11 locations. The firm also provides tax, legal, transaction and accounting services. In this publication, “EY” and “we” refer to the Ernst & Young AG, the Swiss member firm of EYG. For more information, please visit www.ey.com/ch

© 2013Ernst & Young AG All rights reserved.

Confidential and protected by copyright. Publication or reproduction by any means only with written approval by EY.

Additional InformationThe information in this booklet is based on data provided by S&P Capital IQ, other external data providers as well as EY research. Whilst we have carefully selected and reviewed the data, M&A statistics are strongly dependent on the source providers. We do not assume any liability for the accuracy of the information provided. Statistics presented in this booklet should only be regarded as estimates.

For the purposes of this booklet, transactions were defined by the following criteria:

− Swiss-based seller, buyer or target

− announcement in a given quarter, but transaction might have not yet closed

− minority or majority stakes, as long as change of control results from the transaction.

Furthermore, transactions are:

− included irrespective of their size, including deals with undisclosed transaction volume

− allocated to the respective industry based on the target’s industry classification.

ernst & young m&a quarterly q3 2013

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