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M&A in theretail and consumer products industryValuation multiplesMay 2017
2 | EY mergers and acquisitions in the retail and consumer products industry
Introduction 3
Main conclusions 4
Scope of our analysis 6
Industry and macroeconomic highlights 8
M&A valuation multiples 12
Listed company valuation multiples 22
Equity market sentiment in Spain 30
Appendices 31
Contents
3EY mergers and acquisitions in the retail and consumer products industry |
IntroductionEY is pleased to present the fourth edition of its global analysis of the valuation multiples trend for the 2005—16 period in the retail and consumer products industry (R&CP) industry, with special emphasis on the Spanish market.
Our report analyzes, by subindustry and geographic location, the deal volumes, EBITDA valuation multiples paid, and stock prices for 2005—16, as well as current equity analyst recommendations.
Our R&CP industry analysis for 2005—16 covers:
• In Spain: 1,395 transactions
• In Europe: 15,201 transactions
• In North America (US and Canada): 8,569 transactions
• In Spain, Europe and North America, a total of 219 listed companies
4 | EY mergers and acquisitions in the retail and consumer products industry
Executive summary• The year 2016 was characterized by a volatile climate as a result
of several factors, including uncertainty in the general elections in Spain, the result of the referendum on the United Kingdom’s withdrawal from the European Union, the impact of the United States presidential election and the persistence of geopolitical tensions.
• Despite these events, consumption growth remained positive in 2016. We predict this upward trend will continue in 2017, supported by favorable economic sentiment and expectation indicators, and economic and employment recovery.
• Given the turnaround in industry fundamentals and valuation multiples, we expect a gradual rise in deal volumes in the medium term, supported by current market fragmentation and the ever-present competitive pressure caused by private labels.
• Spanish M&A transaction prices within the R&CP sector continue to rise. In 2016, the enterprise value paid for R&CP companies averaged 11.4x EBITDA, up from 11.1x EBITDA in 2015. These results incorporate the prior leap from the 2011 average of 8.0x EBITDA and places prices during 2016 above the pre-crisis years (2004—07).
• The slowdown in deal volume (measured in euros) in 2016
in the prior year by major transactions such as Anheuser-Busch InBev, Coca-Cola and Koninklijke Ahold.
Main conclusions
5EY mergers and acquisitions in the retail and consumer products industry |
M&A valuation multiples(1)
• In Europe, the 2016 average valuation multiple was 9.0x, somewhat lower than the 2005—16 historical average of 9.9x enterprise value to EBITDA ratio (EV/EBITDA), standing at similar levels to the average multiple of 9.3x EV/EBITDA observed during the crisis period of 2009—12.
• In North America, the average valuation multiple during 2016 was 10.2x EV/EBITDA, higher than the 2005—16 average multiple of 9.6x, showing a gradual increase from 8.5x EBITDA in 2011.
• In Spain, the historical average valuation multiple (2005—16) is 10.1x EV/EBITDA. In 2016, the average valuation multiple was 11.4x, slightly higher than the 2015 average valuation multiple of 11.1x.
• valuation multiples can be observed, with higher multiples on the larger deals.
• The number of transactions in the various markets in 2016 compared with the previous year highlights the degree of reduction within the three geographic locations analyzed. The
2016, reverting to normalized levels observed during 2012—14. The decrease is primarily attributable to the lower number of transactions in the food and beverage industry compared to 2015, in which there was an atypically high number of
(1)
Listed company valuation multiples• At the end of 2016, R&CP public companies in Spain traded at
11.7x EV/EBITDA, similar to their North American (11.9x) and European (11.6x) counterparts.
• Nevertheless, in the three geographic locations, valuation multiples of R&CP companies traded above the historical average. For 2016, Spain’s multiple was 11.6x EV/EBITDA vs. the 11.2x average for 2005—16; Europe’s multiple was 11.7x vs. the 10.6x average for 2005—16; and North America’s was 12.4x vs. 10.6x.
• Among the 16 Spanish companies analyzed, only 11 were followed by equity research analysts, without a clear consensus recommendation on wether to buy, sell or hold the stock. At the
share prices at the end of 2016.
6 | EY mergers and acquisitions in the retail and consumer products industry
The purpose of this report is to analyze the R&CP industry in Spain from a valuation perspective, covering multiples paid in transactions that took place between 2005 and 2016, as well as the trend in the listed companies’ valuation multiples during the same period.
A similar valuation analysis has been performed for the European and North American (US and Canada) markets for comparison.
Our analysis is broken down into the following subindustries:
• Food and beverage
• Household and personal care products
• Retail (food, clothing and apparel)
• Restaurants
M&A valuation multiples
• Our analysis covers transactions that took place in the Spanish market between 2005 and 2016 in the R&CP industry. We
subindustries listed.
• industry for 2005—16, and 8,569 transactions in North America during the same period.
• estimate the valuation multiple for more than 1,000 deals, distributed in the three geographic locations analyzed.
Listed company valuation multiples
• For the listed companies’ valuation multiples analysis, we covered 16 Spanish R&CP listed companies, although it is important to note the limited presence of these companies on the Spanish stock market. Important companies, such as El Corte Inglés or Mercadona, are not listed, whereas others (e.g., Carrefour) are listed outside of Spain. In addition, there are some subindustries (restaurants and household and personal care products) that have no presence on the Spanish stock market.
• Due to the size of the European and North American markets, we covered a greater number of listed companies for these regions (92 in Europe and 111 in North America).
Scope of our analysis
7EY mergers and acquisitions in the retail and consumer products industry |
Source: EY analysis based on Capital IQ.
Selected listed companies in the Spanish market for valuation purposes
Subindustry Number of selected companies 2016
Number of selected companies 2015 Criteria for the selection of companies
Food and beverages 11 10 Selection of companies included in the Bolsas and Mercados Españoles stock exchange (BME) food and beverage subindustry and EY selection
Retail (food, clothing and apparel)
5 5 Selection of companies included in the BME's apparel and retail subindustry and EY selection
Household and personal care products
- - There are no listed companies in this subindustry
Restaurants - - There are no listed companies in this subindustry
Total 16 15
Selected listed companies in the European market for valuation purposes
Subindustry Number of selected companies 2016
Number of selected companies 2015 Criteria for the selection of companies
Food and beverages 21 22 Companies included in the STOXX Europe 600 Food & Beverage Index Retail (food, clothing and apparel)
29 31 Companies included in the STOXX Europe 600 Retail Index
Household and personal care products
36 33 Companies included in the STOXX Europe 600 Personal & Household Goods Index
Restaurants 6 9 EY selection from main companies in this subindustry
Total 92 95
Selection of listed companies in Spain and market capitalization as of 31 December 2015 and 31 December 2016 (based on the
Food and beverages Market capitalization Market capitalization
Coca-Cola European Partners 14.502 - Ebro Foods 3.063 2.793 Viscofan 2.183 2.593 Baron de Ley 514 477 Telepizza Group 455 - Naturhouse Health 285 - Deoleo 266 266 Borges Agricultural & Industrial Nuts
65 13
Natra 32 15 Bodegas Riojanas 22 22 Bodegas Bilbaínas 19 18
Retail (food, clothing Market capitalization 31 Market capitalization 31
Inditex 100.959 98.656
DIA 2.865 3.389 Dogi International Fabrics 280 65 Adolfo Domínguez 30 32 Liwe Española 21 19
Selected listed companies in the North American market for valuation purposes
Subindustry Number of selected companies 2016
Number of selected companies 2015 Criteria for the selection of companies
Food and beverages 27 26 Companies included in the STOXX North America 600 Food & Beverage Index Retail (food, clothing and apparel)
43 43 Companies included in the STOXX North America 600 Retail Index
Household and personal care products
32 33 Companies included in the STOXX North America 600 Personal & Household Goods Index
Restaurants 9 26 EY selection from main companies in this subindustry
Total 111 128
Source: EY analysis based on Capital IQ.
8 | EY mergers and acquisitions in the retail and consumer products industry
After exceeding 600 basis points (bp) in July 2012, and largely as a result of the expansionary monetary policy promoted by the European Central Bank (ECB), the sovereign risk premium stood at 116bp at the end of December 2016. However, 2016 has been characterized by a volatile climate due to various factors, including uncertainty in the general elections in Spain, the result of the referendum on the United Kingdom’s withdrawal from the European Union, the impact of the United States presidential election and the persistence of geopolitical tensions.
The Spanish gross domestic product (GDP) growth in 2016 was
data as at December 2016, according to the Spanish Ministry of Economy, Industry and Competitiveness). This highlights the continuity of the Spanish economic recovery, which began in 2013. This recovery has been driven mainly by the national demand, which is motivated by private consumption and productive
in disposable income and the availability of new credit in a lower interest rate environment. Consumption experienced a continual
from the previous year (latest revised data as at December 2016). Also, in the same month, the average occupancy rate in the retail
100.7 points, the index maximum during 2016, although below the historic maximum reached in 2015 (6.7 points below December 2015). This slight improvement is due to a better valuation of
the present situation, and despite the 0.9-point decrease in the Expectations Index in December 2016. The CCI recovered and, in December 2016, exceeded the decrease experienced, closing with the highest values of the year. On the other hand, the Present Situation and the Expectations indices register an interannual
The Present Situation Index was 92.2 points in December 2016,
evolution is a consequence of the decrease in the perception of the employment conditions and the general economy of 3 and 6.1
valuation of family income has remained steady, with no change in the year.
The Expectations Index shows unfavorable evolution in interannual terms, reaching 109.3 points in December 2016, 10.3 points below the previous year in absolute terms. This is the result of an aggregate annual decline in expectations for the general economy, employment conditions and family income economic situation of
It should be noted that the Spanish economy expansion has been
reforms carried out in previous years. With respect to the Eurozone, this has meant an improvement in competitiveness coupled with
prices decrease has led to a lower level of tax revenues.
Industry and macroeconomic highlights
9EY mergers and acquisitions in the retail and consumer products industry |
Real GDP, private consumption growth and unemployment rate in Spain
Source: EY analysis based on IMF, INE and EY Eurozone Forecast as of December 2016.
15%
0
4%
3%
2%
6%
5%
1%
-1%
-2%
-3%
-4%
-5%
-6%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Rea
l GD
P a
nd p
riva
te c
onsu
mpt
ion
grow
th
Une
mpl
oym
ent
rate
20%
28%
30%
10%
5%
Real GDP growth (%) Private consumption growth (%) Unemployment rate (%)
Source: EY analysis based on IMF and EY Eurozone Forecast as at December 2016.
4.5%
4.0%
3.0%
2.0%
1.0%
3.5%
6.0%
5.5%
5.0%
2.5%
1.5%
0.5%
-0.5%
0.0%
-1.0%
-2.0%
-1.5%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
CPI growth (%)
10 | EY mergers and acquisitions in the retail and consumer products industry
Private consumption growth and consumer sentiment index in Spain
Source: EY analysis based on Ministry of Economy, Industry and Competitiveness and Centro de Investigaciones Sociológicas (CIS), as of 2016.
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%6%
4%
2%
-2%
-4%
-6%
0%
Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan 16 Jan 17 Jan 18 Jan 19
Pri
vate
con
sum
ptio
n gr
owth
Con
sum
er s
enti
men
t in
dex
Private consumption growth (%) Consumer sentiment index. Annual variation (%)
Source: EY analysis based on CIS.
0%
120%
100%
80%
60%
40%
20%
Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan 16 Jan 17
CCI Present situation index Expectations index
11EY mergers and acquisitions in the retail and consumer products industry |
Consumer spending in Spain is mainly driven by the home and supplies, hotels and restaurants, food and beverages, transportation, and other goods and services subindustries.
Since 2006, average expenditure per household has been increasing, reaching its maximum level in 2008. Since then and until 2014, the average expenditure decreased gradually. This decline was followed by an increase in average expenditure per household in 2015, reaching the maximum seen in the past three years. Despite the trend change, the average expenditure
The year 2015 shows an improvement in the average
2008. Increases in the average expenditures are measured in both current and constant terms.
Regarding the structure and the different groups of expenditure, education has experienced the greatest growth since 2006,
supplies is where households have increased their proportion
group whose weight has been mostly reduced since 2006 (from
Final consumption growth at current prices
Real GDP
Source: EY analysis based on INE.
Source: EY analysis based on Eurostat. Source: EY analysis based on INE.
Alcohol and tobaccoApparel and footwear
Home renovation Health care
Transportation
Communications
Leisure and culture
Education
Hotels and restaurants
Other goods and services
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
-6% -5% -4% -3% -2% -1% 0% 1% 2% 3% 4% 5% 6%
Hou
seho
ld c
onsu
mpt
ion
(€ m
illio
n)
CAGR 06-15 (%)
Food and non-alcoholicbeverages
21,000
21,500
22,000
22,500
23,000
23,500
24,000
24,500
25,000
25,500
23,30023,200
22,900
22,20021,900
22,300
23,000
2013 2014 20152012201120102009575,000
580,000
585,000
590,000
595,000
600,000
605,000
610,000
615,000
595,010
607,981 608,153
600,532
587,697
597,918
613,760
2013 2014 20152012201120102009
Real GDP per capita
12 | EY mergers and acquisitions in the retail and consumer products industry
M&A valuation multiples in the European market
during 2005—16 in the following subindustries:
• �
• �
• �
• �
data to calculate valuation multiples for 569 deals. Outliers have been excluded in order to avoid distortions in our analysis.
In Europe, the EV/EBITDA average multiple during the 2005—16 period was 9.9x. In 2016, the average multiple experienced a decline to 9.0x. This implies an end to the three-year period of average
multiples above 10.0x and reverts back to those observed in the 2009—12 period.
seen, with larger transactions showing greater multiples from 2013 to 2015.
The following graph shows completed R&CP deals from 2005 to 2016, as well as reported deal volume. Figures are shown for the industry as a whole, as well as by subindustries. There is a greater number of transactions in the food and beverage subindustry, which
of the total amount in the period from 2005 to 2016. The number of transactions has decreased in all the subindustries compared with the previous year, with the exception of retail, which increased in the last two years.
M&A valuation multiples
498
867999
827
577698 757 688
559 570
61
79
105
78
65
7771
78
62 69257
306
343
311
308
344348
328
223
134
202
212
191
206
283300
227
183 183
614
97
260
194
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Vol
ume
(€m
)
Num
ber
of t
rans
acti
ons
950 1,454 1,659 1,407 1,156 1,402 1,0271,3211,476 1,059 1,165 1,125
237
608
71
273
173
Food and beverages Household and personal care products Retail Restaurants Total volume (€m)
Number and reported volume of R&CP transactions in Europe
(1) Volume correponds to transactions with public available information.
Source: EY analysis based on Capital IQ and Bloomberg.
13EY mergers and acquisitions in the retail and consumer products industry |
The following graphs show the annual average EV/EBITDA multiple for the deals considered (i.e., those with available information, excluding outliers) for 2005—16. Figures are also shown for the industry as a whole as well as by the subindustries analyzed. The highest multiple of the analyzed subindustries in 2016 is retail at 10.7x, despite being the subindustry with the lowest multiple the previous year. The lowest multiple is household and personal care products at 8.3x.
9.2x
10.1x
11.4x10.7x
9.2x 9.0x9.7x 9.5x
8.7x
11.3x10.0x 10.1x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 20160.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
Total R&CP Historical average
EV/EBITDA transactions in Europe Total R&CP
EV/EBITDA transactions in Europe Total R&CP
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Transactions > 1,000 €m 10.9x 11.4x 12.6x 11.8x 15.6x 16.6x 11.3x 8.4x 11.9x 11.0x 11.6x 7.7x
Transactions < 1,000 €m 9.1x 9.9x 11.2x 10.7x 9.0x 9.3x 9.3x 8.7x 11.2x 9.8x 10.0x 8.9x
Source: EY analysis based on Capital IQ and Bloomberg.
Source: EY analysis based on Capital IQ and Bloomberg.
14 | EY mergers and acquisitions in the retail and consumer products industry
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
2014 2015 2016201320122011201020092008200720062005
9.5x10.2x
10.8x 11.0x
9.0x 8.8x 8.7x9.3x
8.4x
12.0x
10.0x 10.2x
Food and beverages
9.0x9.5x
10.3x
13.7x
6.5x
14.7x
11.5x12.7x
8.3x
10.6x 10.2x9.7x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
16.0x
20142013 2015 201620122011201020092008200720062005
Household and personal care products
9.2x10.2x
12.9x
10.7x 10.7x10.1x
8.7x 8.5x9.4x 9.3x 9.0x
12.1x
Retail
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
20142013 2015 201620122011201020092008200720062005
8.2x
9.9x10.7x
9.7x9.3x
10.2x9.4x 9.4x 9.5x
11.0x
10.0x
8.9x
Restaurants
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
20142013 2015 201620122011201020092008200720062005
(1) 2012 multiple is the same as 2011, since there were no transactions available.(1) 2009 multiple is not meaningful (related to one single transaction).
EV/EBITDA transactions in Europe Food and beverages
EV/EBITDA transactions in Europe Household and personal care products
EV/EBITDA transactions in Europe Retail
EV/EBITDA transactions in Europe Restaurants
Source: EY analysis based on Capital IQ and Bloomberg.
Source: EY analysis based on Capital IQ and Bloomberg. Source: EY analysis based on Capital IQ and Bloomberg.
Source: EY analysis based on Capital IQ and Bloomberg.
15EY mergers and acquisitions in the retail and consumer products industry |
M&A valuation multiples in the North American market
industry between 2005 and 2016, which can be broken down into the following subindustries:
• �
• �
• �
• �
calculate valuation multiples for 393 deals. Outliers have been excluded in order to avoid distortions in our analysis.
The average EV/EBITDA multiple for the transactions completed in North America in 2016 is 10.2x, above the historical average during 2005—16 of 9.6x.
seen, with larger transactions exhibiting greater multiples since 2012.
The following graph shows completed R&CP deals from 2005 to 2016 as well as reported deal volume. Data is shown for the aggregate industry as well as the four analyzed subindustries. The North American market decreased its activity (in volume) for the
continues with the downward trend of the last three years, as
compared with the previous year. The food and beverages, and household and personal care subindustries remain stable and increase their relative percentage of the total number of transactions.
Number and reported volume of R&CP transactions in North America
230 278 304 268199
259 306 304348
63
7676
59
80 93 6797
125
156177
110
149163
21479
142156
155
131
140184
197248
244
352
108
205
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
0
100
200
300
400
500
600
700
800
900
1,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Num
ber
of t
rans
acti
ons
497 659 713 624 499 626 811810723 871 895 841
Vol
ume
(€m
)
353
163
215
83 78
125192
182
230
110
296
Food and beverages Household and personal care products Retail Restaurants Total volume (€m)
(1) Volume corresponds to transactions with public available information.(2) Voume in 2015 increases because of transactions bigger than the ones of the historical years.
Source: EY analysis based on Capital IQ and Bloomberg.
16 | EY mergers and acquisitions in the retail and consumer products industry
For the period 2005—16, the following graphs show the annual average EV/EBITDA multiple for the deals considered (i.e., those with available information, excluding outliers). Data is also shown for the aggregate industry and the four analyzed subindustries.
In 2016, the North American market showed a different growth trend from the European market, with retail showing the lowest multiple (at 6.8x). Household and personal care products was the subindustry with the largest multiple (at 11.5x), despite the fact that, together with retail, it is a subindustry with decreasing multiples.
9.6x10.1x 10.2x 10.2x
9.4x8.6x 8.5x
9.8x 9.7x
10.9x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
9.2x 8.9x
Total R&CP Historical average
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Transactions > 1,000 €m 10.9x 11.1x 11.6x 11.4x 9.9x 9.7x 6.9x 10.3x 10.6x 12.1x 10.9x 12.3x
Transactions < 1,000 €m 9.2x 9.9x 9.9x 8.7x 9.0x 8.2x 8.8x 8.6x 9.3x 9.7x 9.1x 9.9x
EV/EBITDA transactions in North America Total R&CP
EV/EBITDA transactions in North America Total R&CP
Source: EY analysis based on Capital IQ and Bloomberg.
Source: EY analysis based on Capital IQ and Bloomberg.
17EY mergers and acquisitions in the retail and consumer products industry |
(1) 2011 multiple is not meaningful (related to a single transaction).
(2) 2015 multiple is not meaningful (related to a single transaction).
(1) 2013 multiple is not meaningful (related to one single transaction).
(2) In 2015, there are only two multiples of 7x whereas in 2014, there were seven multiples.
(1) 2016 multiple is affected by a multiple 4x transaction (Coinstar, LLC).
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
20142013 2015 201620122011201020092008200720062005
11.7x
10.5x 10.5x10.9x
9.4x10.2x
8.8x9.3x
9.7x
11.7x 11.9x
8.2x
Food and beverages
8.5x
10.2x
9.3x
8.2x
6.8x7.5x
9.2x
7.4x
9.3x 9.5x9.1x
10.1x
Retail
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
20142013 2015 201620122011201020092008200720062005
EV/EBITDA transactions in North America Food and beverages
9.0x
9.9x10.3x 10.5x
11.0x
7.9x 7.7x 7.5x 7.3x7.9x
4.4x
9.4x
Restaurants
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
20142013 2015 201620122011201020092008200720062005
EV/EBITDA transactions in North America Restaurants
EV/EBITDA transactions in North America Retail
18.0x
9.2x
11.8x 11.5x
10.0x8.8x
9.6x
19.1x
9.3x 9.6x
13.0x14.8x
Household and personal care products
0.0x
5.0x
10.0x
15.0x
20.0x
20142013 2015 201620122011201020092008200720062005
EV/EBITDA transactions in North America Household and personal care products
Source: EY analysis based on Capital IQ and Bloomberg.
Source: EY analysis based on Capital IQ and Bloomberg. Source: EY analysis based on Capital IQ and Bloomberg.
Source: EY analysis based on Capital IQ and Bloomberg.
18 | EY mergers and acquisitions in the retail and consumer products industry
M&A valuation multiples in the Spanish market
from 2005 to 2016 in the following subindustries:
• �
• �
• �
• �
From the total of completed transactions, we obtained information for calculating valuation multiples for 149 operations. Outliers have been excluded in order to avoid distortions in the conclusions of the analysis.
what happened in 2015, when the number of transactions reached
the pre-crisis levels (period 2005—07), in 2016, the number of transactions fell back to the levels observed during 2012—14. This was explained by the competition of the sector due to a rise in private labels and industry fragmentation, which resulted in the consolidation of operators of a certain size.
The historical average multiple for completed transactions in 2005—16 is 10.1x EV/EBITDA and, for 2016, it is 11.4x, the highest data from the period 2005—16.
The following graph presents completed R&CP deals from 2005—16 as well as the reported deal volume. Data is shown for the aggregate industry and the four analyzed subindustries. As
to 2015. Deals in the food and beverages subindustry exhibited the largest multiple in 2016 (13.5x).
02005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Vol
ume
(€m
)
Num
ber
of t
rans
acti
ons
92 169 176 141 125 121 8568104 73 160 81
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
Food and beverages Household and personal care products Retail Restaurants Total volume (€m)
9
0
20
40
60
80
100
120
140
160
180
200
52
2
29
9
130
8489 82
7661
6
6
9 66
2
96
3
4721
33 23 28
21
20
1010
19
118
11
1615
7 5
5
8
12 13
13
47 48
15
103
49
2
Number and reported volume of R&CP transactions in Spain
(1) Volume corresponds to transactions with publicly available information.(2) Volume in 2015 increases because of bigger transactions than those of the historical years.
Source: EY analysis based on Capital IQ, Capital & Corporate, Mergermarket and Bloomberg.
19EY mergers and acquisitions in the retail and consumer products industry |
The following graphs show the annual average EV/EBITDA multiple for the deals considered (i.e., those with available information, excluding outliers) for 2005—16. Data is also shown for the aggregate sector as well as for the four analyzed subindustries. Transactions in 2016 in Spain are subjected to special circumstances, and those limitations should be considered when comparing by subindustries (see notes in subindustries graphs).
Note: in Spain, the transactions breakdown by size has been carried out assuming the €500m limit (instead of €1,000m), due to the smaller size of the market.
9.7x10.8x 10.6x
8.0x
10.4x
11.7x11.1x 11.4x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
8.3x
10.8x
9.3x 9.4x
Total R&CP Historical average
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Transactions > 500 €m 10.6x 15.5x 19.0x 10.5x na 9.4x na 13.7x 9.5x na 17.4x na
Transactions < 500 €m 9.5x 10.1x 10.1x 9.2x 8.3x 9.4x 8.0x 10.3x 10.6x 11.7x 8.7x 10.5x
EV/EBITDA transactions in Spain Total R&CP
EV/EBITDA transactions in Spain Total R&CP
Source: EY analysis based on Capital IQ, Capital & Corporate, Mergermarket and Bloomberg.
Source: EY analysis based on Capital IQ, Capital & Corporate, Mergermarket and Bloomberg.
20 | EY mergers and acquisitions in the retail and consumer products industry
10.2x
12.6x 12.5x11.9x
5.3x
9.4x 9.4x 9.4x
8.0x
9,3x
9.3x 9.1x
17.1x
Retail
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
16.0x
18.0x
20142013 2015 201620122011201020092008200720062005
11.4x 11.4x
8.7x
10.7x 10.9x
7.0x6.5x 6.4x
8.6x 8.6x 8.6x 8.3x
Restaurants
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
20142013 2015 201620122011201020092008200720062005
9.5x 9.5x 9.5x
6.0x
11.0x9.9x 9.9x
8.7x 8.7x
13.7x 13.7x
9,3x
19.9x
Household and personal care products
0.0x
5.0x
10.0x
15.0x
20.0x
20142013 2015 201620122011201020092008200720062005
EV/EBITDA transactions in Spain Household and personal care products
9.6x
10.5x 10.6x
9.3x 9.0x9.6x
7.9x
10.3x11.0x 11.3x
13.5x
9.9x
Food and beverages
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
20142013 2015 201620122011201020092008200720062005
EV/EBITDA transactions in Spain Food and beverages
EV/EBITDA transactions in Spain Retail
EV/EBITDA transactions in Spain Restaurants
Source: EY analysis based on Capital IQ, Capital & Corporate, Mergermarket, Sabi and Bloomberg.
Source: EY analysis based on Capital IQ, Capital & Corporate, Mergermarket, Sabi and Bloomberg.
(1) In the years with no transaction multiple available, the previous year’s multiple has been used.(2) Multiple analysis for 2014 and 2015 is limited, since there was only one transaction.
Source: EY analysis based on Capital IQ, Capital & Corporate, Mergermarket, Sabi and Bloomberg.
(1) In the years with no transaction multiple available, the previous year’s multiple has been used.(2) 2015 multiple is due to two transactions with higher multiple than previous years.(3) Multiple analysis for 2016 is limited, since there was only one transaction.
Source: EY analysis based on Capital IQ, Capital & Corporate, Mergermarket, Sabi and Bloomberg.
21EY mergers and acquisitions in the retail and consumer products industry |
22 | EY mergers and acquisitions in the retail and consumer products industry
When comparing Spanish listed companies with international R&CP listed companies (measured by their corresponding indices), we see that North American companies outperformed European and Spanish companies.
70
75
80
85
90
95
IBEX 35 EUROSTOXX 50 S&P 500
31 Dec 15
30 Jan 16
30 March 16
29 April 16
29 May 16
28 June 16
28 July 16
27 Aug 16
26 Sept 16
26 Oct 16
25 Nov 16
25 Dec 16
29 Feb 16
100
105
110
115
Stock market indices performance
Source: EY analysis based on Bloomberg.
Listed company valuation multiples
23EY mergers and acquisitions in the retail and consumer products industry |
IBEX 35 vs. selected listed R&CP companies in Spain
International R&CP indices vs. selected listed R&CP companies in Spain
70
80
90
100
110
120
130
31 Dec 15
30 Jan 16
31 March 16
30 April 16
31 May 16
30 June 16
31 July 16
31 Aug 16
31 Sep 16
30 Oct 16
30 Nov 16
31 Dec 16
28 Feb 16
Selected listed R&CP companies in Spain STOXX North America 600 Retail
STOXX North America 600 Food & Beverage STOXX North America 600 Personal & Household Goods
STOXX Europe 600 Retail STOXX Europe 600 Food & Beverage
STOXX Europe 600 Personal & Household Goods
Source: EY analysis based on Bloomberg.
60
70
80
90
100
110
120
130
140
31 Dec 15
30 Jan 16
30 March 16
29 April 16
29 May 16
28 June 16
28 July 16
27 Aug 16
26 Sep 16
26 Oct 16
25 Nov 16
25 Dec 16
29 Feb 16
IBEX 35 Selected listed R&CP companies
Source: EY analysis based on Bloomberg.
24 | EY mergers and acquisitions in the retail and consumer products industry
Listed companies historical multiples
Analyzing the period 2005—16, the 2016 LTM’s EV/EBITDA multiple in the last 12 months (LTM) for the selected Spanish R&CP companies is higher than the historical average. The same occurs in the European and North American markets.
5.0x
6.0x
7.0x
8.0x
9.0x
10.0x
11.0x
12.0x
13.0x
14.0x
Jan 05Jan 06
Jan 07Jan 08
Jan 09Jan 10
Jan 11Jan 12
Jan 13Jan 14
Jan 15Jan 16
Jan 17
EV/EBITDA LTM — Europe Historical average
EV/EBITDA LTM for listed R&CP companies in Europe
Source: EY analysis based on Bloomberg and Capital IQ.
10.6x historical average
25EY mergers and acquisitions in the retail and consumer products industry |
5.0x
6.0x
7.0x
8.0x
9.0x
10.0x
11.0x
12.0x
13.0x
14.0x
15.0x
Jan 05Jan 06
Jan 07Jan 08
Jan 09Jan 10
Jan 11Jan 12
Jan 13Jan 14
Jan 15Jan 16
Jan 17
EV/EBITDA LTM — Spain Historical average
5.0x
6.0x
7.0x
8.0x
9.0x
10.0x
11.0x
12.0x
13.0x
14.0x
Jan 05Jan 06
Jan 07Jan 08
Jan 09Jan 10
Jan 11Jan 12
Jan13Jan 14
Jan 15Jan 16
Jan 17
EV/EBITDA LTM — North America Historical average
EV/EBITDA LTM for listed R&CP companies in North America
EV/EBITDA LTM for listed R&CP companies in Spain
10.6x historical average
11.0x historical average
Source: EY analysis based on Bloomberg and Capital IQ.
Source: EY analysis based on Bloomberg and Capital IQ.
26 | EY mergers and acquisitions in the retail and consumer products industry
Listed companies vs. M&A multiples
Based on a comparative analysis between listed companies and M&A multiples from 2005 to 2016, the trading multiples paid for listed companies are higher than those paid in private acquisitions. The conclusion we drew from this analysis is that the theoretical control premium underlying transactions is often outweighed by the illiquidity
The European R&CP industry has, on average, traded in 2016 at 11.7x EV/EBITDA, very similar to the annual average trading multiple in the Spanish market, which is 11.6x EV/EBITDA.
5.0x
6.0x
7.0x
8.0x
9.0x
10.0x
11.0x
12.0x
13.0x
20142013 2015 201620122011201020092008200720062005
9.2x
9.8x 10.1x10.7x
11.4x 11.2x10.7x
9.0x 9.0x9.2x8.7x
9.7x 9.8x9.5x
9.6x
8.7x
9.9x
11.3x 11.2x
10.0x 10.1x
12.3x11.7x
11.1x
EV/EBITDA transactions EV/EBITDA listed companies Average transactions Average listed companies
Annual average EV/EBITDA LTM listed companies vs. transactions in Europe
9,9x average transactions 10.6x average listed companies
Source: EY analysis based on Capital IQ, Mergermarket and Bloomberg.
27EY mergers and acquisitions in the retail and consumer products industry |
Annual average EV/EBITDA LTM listed companies vs. transactions in North America
Annual average EV/EBITDA LTM listed companies vs. transactions in Spain
5.0x
6.0x
7.0x
8.0x
9.0x
10.0x
11.0x
12.0x
13.0x
20142013 2015 201620122011201020092008200720062005
10.5x 10.1x 10.3x 10.2x10.8x
8.9x8.5x 8.6x
9.3x
8.5x
9.6x8.9x
10.2x
9.8x 9.7x
10.2x
11.4x10.9x
12.0x
12.6x 12.4x
9.6x 9.4x9.2x
EV/EBITDA transactions EV/EBITDA listed companies Average transactions Average listed companies
5.0x
6.0x
7.0x
8.0x
9.0x
10.0x
11.0x
12.0x
13.0x
20142013 2015 201620122011201020092008200720062005
11.7x10.8x
11.9x
10.6x
12.2x 12.4x
11.6x11.2x 10.8x
9.4x
10.0x
8.0x
9.4x
10.8x
10.5x 10.4x
10.8x11.7x11.4x 11.1x 11.4x
9.7x 9.3x
8.3x
EV/EBITDA transactions EV/EBITDA average listed companies Average transactions Average listed companies
9,6x average transactions 10,6x average listed companies
10,1x average transactions 11,0x average listed companies
Source: EY analysis based on Capital IQ, Mergermarket and Bloomberg.
Source: EY analysis based on Capital IQ, Capital & Corporate, Mergermarket and Bloomberg.
28 | EY mergers and acquisitions in the retail and consumer products industry
Current trading multiples for R&CP companiesThe selected R&CP companies in Spain traded, on average, at 11.7x EV/EBITDA and 18.1x price-to-earnings ratio (P/E) in 2016. By subindustry, retail traded at a premium compared with food and beverages (12.9x vs. 11.3x EV/EBITDA), mainly due to the inclusion of the high Inditex multiple (18.9x).
After its best performance in 2016, the North American industry trades, on average, at a small premium compared with the European market (12.4x on annual average and 11.9x at the year end).
EV/ sales 2016
EV/ sales 2017
EV/ sales 2018
EV/EBITDA
2016
EV/EBITDA
2017
EV/EBITDA
2018
EV/ EBIT 2016
EV/ EBIT 2017
EV/ EBIT 2018
P/E 2016
P/E 2016
P/E 2017
CAGR EBITDA 2016—18
EBITDA margin 2016
Food and beverages 2.1x 2.0x 2.0x 11.3x 11.1x 10.5x 16.2x 14.2x 13.2x 15.8x 14.9x 14.2x
Retail na na na 12.9x 11.2x 10.1x 17.0x 15.2x 13.7x 21.7x 19.3x 17.0x
R&CP Spain 2.1x 2.0x 2.0x 11.7x 11.8x 11.0x 17.1x 15.0x 13.8x 18.1x 16.4x 15.5x 29.3% 10.3%
Food and beverages 2.0x 1.9x 2.0x 12.8x 11.3x 10.7x 16.5x 14.6x 13.6x 20.0x 17.0x 16.2x
Retail 1.9x 1.6x 1.5x 10.6x 9.5x 8.7x 13.9x 13.0x 12.1x 18.2x 15.8x 15.3x
Household and personal care products
1.8x 1.7x 1.7x 11.7x 10.0x 9.3x 14.1x 12.6x 11.5x 21.0x 17.2x 15.5x
Restaurants 1.4x 1.4x 1.3x 10.5x 9.3x 9.9x 14.2x 13.4x 12.5x 17.7x 16.5x 15.2x
R&CP Europe 1.8x 1.7x 1.7x 11.6x 10.1x 9.5x 14.6x 13.2x 12.3x 19.6x 16.7x 15.6x 15.5% 13.4%
Food and beverages 2.4x 2.4x 2.4x 14.0x 12.9x 12.1x 16.7x 15.1x 14.1x 22.4x 19.6x 18.5x
Retail 1.6x 1.4x 1.3x 10.3x 9.1x 8.6x 12.5x 11.8x 11.4x 17.8x 16.3x 15.7x
Household and personal care products
2.0x 1.8x 1.8x 12.5x 10.6x 10.4x 13.7x 12.5x 12.1x 18.2x 16.5x 15.6x
Restaurants 2.0x 1.8x 1.7x 11.9x 10.6x 11.0x 15.8x 14.4x 13.7x 22.4x 18.8x 18.1x
R&CP North America 1.9x 1.8x 1.7x 11.9x 10.5x 10.1x 14.1x 12.9x 12.4x 19.3x 17.3x 16.5x 14.5% 14.0%
(1) Outliers have been excluded in order to avoid distortion.
Source: EY analysis based on Capital IQ as at 31 December 2016.
29EY mergers and acquisitions in the retail and consumer products industry |
30 | EY mergers and acquisitions in the retail and consumer products industry
Of the 16 companies listed on the Spanish stock market, only 11 are actively covered by analysts.
recommended to buy, while the remaining recommendations were to
Analyzing the evolution of the recommendations over the past
recommendation, i.e., buy), we see that there has been a slight increase in the average recommendation from 3.14 to 4.
closing price as at 31 December 2016 (based on the median of the selected companies with active coverage).
Premium target price vs. current price
Food and beveragesRetail
Total R&CP 18.6%
Source: EY analysis based on Bloomberg as of December 2016.
Source: EY analysis based on Bloomberg.(1)
Equity market sentiment in Spain
Buy56%
Hold29%
Sell15%
Analysts’ recommendations
1.50
2.00
2.50
3.00
3.50
4.00
4.50
January 2015
January 2016
April 2015April 2016
July 2016October 2016
July 2015October 2015
31EY mergers and acquisitions in the retail and consumer products industry |
BME Bolsas y Mercados Españoles
b.p. Basis points
CAGR Compound annual growth rate
CIS Centro de Investigaciones Sociológicas
CCI
CPI Consumer Price Index
€ Euro
EBITDAEarnings before interest, taxes, depreciation and amortization
EBITDA margin
EBITDA / sales
ECB European Central Bank
e.g. Exempli gratia (for example)
EV Enterprise value
EY Ernst & Young Servicios Corporativos S.L.
i.e. Id Est (for example)
GDP Gross domestic product
IMF International Monetary Fund
INE Instituto Nacional de Estadística
LTM Last 12 months
M&A Mergers and acquisitions
m Million
na not available
P/E Price to earnings ratio
R&CP Retail and consumer products
US United States
vs. versus
Appendices
32 | EY mergers and acquisitions in the retail and consumer products industry
Source: EY analysis based on Bloomberg, Capital IQ and Mergermarket.
Selected main R&CP transactions in the European market
A selection of the main transactions that took place in 2016 in the European market:
EuropeDate Acquiror Acquiree Industry Deal value
2016 InvestIndustrial Artsana, S.p.A. Household and personal care products
1,200
2016 J Sainsbury, P.C.L. Home Retail Group, P.C.L. Retail 1,138
2016 Steinhoff International Holdings, N.V. Darty, P.C.L. Retail 1,066
2016 Sumitomo Co. Fyffes, P.C.L. Food and beverages 876
2016 Steinhoff International Holdings, N.V. Poundland Group, P.C.L. Household and personal care products
563
2016 Leonard Green & Partners, L.P. Signet Jewelers Ltd. Retail na 554
2016 KL-Kepong International, Ltd. M.P. Evans Group, P.C.L. Food and beverages na 535
2016 Cott Co. Eden Springs (Europe), S.A. Food and beverages 470
2016 Wesfarmers, Ltd. Homebase, Ltd. Household and personal care products
445
2016 Finaccess México, S.A. de C.V. AmRest Holdings, S.E. Restaurants na 430
2016 Amplify Snack Brands Inc. Tyrrells Potato Crisps, Ltd. Food and beverages 354
2016 PATRIZIA Immobilien AG Real estate portfolio with 21 specialized stores (Edeka Zentrale A.G. & Co.,
& Co., K.G.;Bauhaus International Holdings, Ltd.)
Food and beverages 250
2016 Bridgepoint Advisers, Ltd. Smyk Sp z oo of Empik Media & Fashion, S.A. Retail 247
2016 D'ieteren, S.A./N.V. Moleskine, S.p.A. Retail 209
2016 Caisse de dépôt et placement du Québec Elior S.C.A. Restaurants n.d. 200
2016 Ningbo Joyson Electronic Co. Automobile information branch of TechniSat Digital GmbH
Retail 180
2016 Shanghai Jahwa (Group) Co., Ltd. Mayborn Group, Ltd. Retail 174
2016 Ascendis Health, Ltd. Scitec International, S.a.r.l. Food and beverages 170
2016 Lenta, Ltd. Food retail stores (Kesko Oyj) Food and beverages 166
2016 Vivendi, S.A. Groupe Fnac, S.A. Retail 159
2016 JD Sports Fashion, P.C.L. GO Outdoors Topco, Ltd. Retail 150
2016 Caledonia Investments, P.C.L./ Management Group (fund)
Liberation Group, Ltd. Restaurants 144
2016 Famous Brands, Ltd. Gourmet Burger Kitchen Limited Restaurants 143
2016 Marshall Motor Holdings, P.C.L. Ridgeway Garages Newbury, Ltd. Retail 140
2016 na Grieg Seafood, A.S.A. Food and beverages 122
2016 Lerøy Seafood Group, A.S.A. Food and beverages na 99
2016 B.S.A. International, S.A. S.C. Albalact, S.A. Food and beverages 92
2016 Cherokee Inc. Hi-Tec Sports, Ltd. Retail 90
33EY mergers and acquisitions in the retail and consumer products industry |
Source: EY analysis based on Bloomberg, Capital IQ and Mergermarket.
Selected main R&CP transactions in the North American market
A selection of the main transactions that took place in 2016 in the North American market:
United States and CanadaDate Acquiror Acquiree Industry Deal value
2016 Danone, S.A. The WhiteWave Foods Company
Food and beverages 11,333
2016 Steinhoff International Holdings, N.V. Mattress Firm Holding Co. Household and personal care products
3,379
2016 Henkel Consumer Goods Inc. The Sun Products Co. Household and personal care products
3,238
2016 Wal-Mart Stores Inc Jet.com Inc/NJ Household and personal care products
2,979
2016 Johnson & Johnson Consumer Companies Inc. Vogue International, L.L.C. Household and personal care products
2,958
2016 McKesson Canada Co. Rexall Pharma Plus , Ltd. Household and personal care products
2,057
2016 Lowe's Cos Inc. RONA Inc. Household and personal care products
1,864
2016 Mott's, L.L.P. BAI Brands, L.L.C. Food and beverages 1,602
2016 The Estée Lauder Companies Inc. Too Faced Cosmetics, L.L.C. Household and personal care products
1,352
2016 Apollo Global Management, L.L.C. The Fresh Market Inc. Food and beverages 1,252
2016 Onex Corporation Moran Foods, L.L.C. Food and beverages 1,241
2016 Apollo Global Management, L.L.C. Coinstar, L.L.C. Retail 1,212
2016 JAB Holding Co., S.a.r.l. Krispy Kreme Doughnuts Inc. Restaurants 1,138
2016 L'Oreal, S.A. It Cosmetics, L.L.C. Household and personal care products
1,093
2016 Charoen Pokphand Foods Public Co., Ltd. Bellisio Foods Inc. Food and beverages 1,008
2016 Thai Union Group, P.C.L. Red Lobster Seafood Co. Restaurants n.d. 516
2016 Empresas COPEC, S.A. MAPCO Express Inc. Food and beverages 479
2016 Cara Operations, Ltd. Groupe St-Hubert Inc. Restaurants 364
2016 Vista Outdoor Inc. Action Sports division of Easton-Bell Sports, L.L.C. Retail 362
2016 Seven & i Holdings Co, Ltd. Stores operations (CST Brands Inc.) Retail 358
2016 MTY Food Group Inc. Kahala Brands, Ltd. Restaurants 268
2016 Clorox Co. Renew Life Formulas Inc. Food and beverages 252
2016 Caleres Inc. Allen Edmonds Co. Retail 240
2016 Hudson's Bay Co. Gilt Groupe Holdings Inc. Retail 230
2016 Private investor; Harvest Partners, L.L.C. (Fund: Harvest Partners Structured Capital Fund, L.P.)
Otg Management Inc. Restaurants 223
2016 CT Real Estate Investment Trust Distribution center (OH of Canadian Tire Co., Ltd.)
Retail 213
34 | EY mergers and acquisitions in the retail and consumer products industry
Source: EY analysis based on Bloomberg, Capital IQ and Mergermarket.
Selected main R&CP transactions in the Spanish market
A selection of the main transactions that took place in 2016 in the Spanish market:
SpainDate Acquiror Acquiree Industry Deal value
2016 Vente-Privee.com, S.A. Privalia Venta Directa, S.A. Retail 500
2016 Carrefour, S.A.36 supermarkets (Eroski Sociedad Cooperativa Limitada De Consumo)
Food and beverages 205
2016 JUST EAT, P.L.C. Hellofood Brasil; La Nevera Roja; Pizzabo.it; Hellofood Mexico; Hellofood Italia
Food and beverages 125
2016 Investcorp Bank B.S.C. Agromillora Catalana, S.A. Food and beverages 125
2016 Ibersol, S.G.P.S., S.A. The Eat Out Group, S.L. Restaurants 117
2016 Private investor Blancoshop, S.L. Retail 83
2016 Shanghai Kaichuang Marine International Co., Ltd. Hijos de Carlos Albo, S.L. Food and beverages 69
2016 Nazca Capital, S.G.E.I.C., S.A. Biogran, S.L. Food and beverages 67
2016 Esprinet, S.p.A. Vinzeo Technologies, S.A.U. Retail 58
2016 Private investor; O'Hara Financial Services, Ltd. Play Hawkers, S.L. Retail 50
2016 Carnicas Toni Josep, S.L. Piensos Costa, S.A. Food and beverages 41
2016 ProA Capital de Inversiones, S.G.E.I.C., S.A. Go Fruselva, S.L.U. Food and beverages 40
2016 Patron Capital, Ltd. 43 retail units in Spain (The Blackstone Group, L.P.)
Retail 35
2016 Black Toro Capital, L.L.P. Marypaz of Indushoes, S.L. Retail 30
2016 Grupo Vips Sigla, S.A. Starbucks Coffee Espana, S.L.
Restaurants 28
2016 Arenal Perfumerias, S.L. Household and personal care products
21
2016 Grupo Empresarial Palacios Alimentación, S.A. Elore Enterprises, L.L.C. Food and beverages 19
2016 ProA Capital de Inversiones, S.G.E.I.C., S.A. Grupo Vips Franchising, S.L. Restaurants 13
2016 Dogi International Fabrics, S.A. Generos de Punto Treiss, S.L. Retail 12
2016 General de Relojeria, S.A. Eurocrono, S.L. Retail 8
2016 Dcoop S.Coop.And. Antequera facilities (Deoleo, S.A.)
Food and beverages 8
2016 Industrias Cárnicas Tello, S.A. Embutidos Frial, S.A. Food and beverages 7
2016 Ebro Foods, S.A. Santa Rita Harinas, S.A. Food and beverages 5
2016 Private investor Festa Moda, S.L. Retail 3
2016 Axon Partners Group, S.L. Grupo Coco & Lola, S.L. Retail n.d. 1
35
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@EY_Spain
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