multiple european pe watch issue 1 - ernst & young european pe watch private equity transaction...

MultipleEuropean PE watch

Private Equity Transaction Advisory Services

Issue 1 — 2016European buyout market cooling down after a peak year

Following a strong 2015 year for the European buyout market and record levels of exit activity, higher-end deals have become scarce and the IPO exit route has gradually frozen during the first quarter of 2016. While deal expectations have shifted toward more stability, a healthy pipeline and solid deal fundamentals remain supportive of a positive outlook.

1 Multiple European PE watch

Headlines in 2015 ............................................................ 2

Outlook for 2016 .............................................................. 4

Current conditions ........................................................... 5

Q1 2016 snapshot ............................................................ 6

Deal dynamics ................................................................. 8

Country spotlight ............................................................. 9

Contacts ......................................................................... 10

About MultipleMultiple is a publication summarising trends in European buyouts* across Europe.

The following analysis and commentary on completed buyouts is largely based on data recorded by CMBOR in April 2016 while analysis and commentary on announced buyouts is based on data from Mergermarket.

Countries covered: Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the UK.

Transactions that are funded from other types of funds, such as real estate and infrastructure, are not included.

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* Buyouts: CMBOR defines buyouts as over 50% of shares changing ownership, with management or private equity, or both, having a controlling stake upon deal completion. Equity funding must primarily be from private equity funds and the bought-out company must have its own financing structure.

Cont

ents

1Multiple European PE watch

“ After the peak of the recent buyout cycle in 2015, global volatility, macro concerns and political uncertainties have taken their toll on market sentiment and the start of the year has seen lower levels of European buyouts completing. Although activity was subdued in Q1 2016 and private equity houses have faced greater challenges due to European market conditions, a number of mega-deals have been announced during the first quarter of the year, which should complete later.

The pace of exits has also slowed after a record year in 2015 but the top 10 exits announced this quarter show the resilience of trade sale activity and it is positive to see corporates finding large, strategic businesses to acquire. Deal intentions remain strong and overseas strategic and PE investors will continue to help shape the European deal market.”

Sachin DateEurope, Middle East, India and Africa (EMEIA) Private Equity Leader, EY


Headlines in 2015European PE-backed buyout activity at highest level since 2007

In 2015, the European PE deal market achieved its highest total value for a given year since 2007. Total 2015 deal value was at €88.9b compared to 2014’s total of €70.4b and 2007 total of €173b. Last year ended on a high note with a Q4 value of €27.6b, the highest quarterly value since Q3 2007. At 693 deals, volume in 2015 was slightly up on the 689 recorded in 2014. Improved macroeconomic conditions, strong fundamentals and debt and capital markets brought PE executives to the deal table.

Megadeals drive value

The average deal value of new PE-backed buyouts (€128m) in 2015 was also the highest since 2007 (€171m). In 2015 there was €38.7b worth of €1b+ deals. €1b+ deals accounted for 43% of total deal value in 2015, compared to 30% in 2014 and 25% in 2013. While the lower end mid-market deals were at the fore of the European buyout market in 2014, value and volume for deals between €100m–€250m were down in 2015 (respectively –37% and –38%). On the other hand, value and volume for deals between €250m–€500m continued to increase.

Record high for European exits

At €345.6m, the average value of European exits in 2015 was the highest ever. Total PE-backed buyouts exit value of €159.3b surpassed the €122.6b of total value in 2007. Trade sales values increased sharply (+61% compared to 2015) while IPO exit value

continued to increase (+12%) to set a new record in value at €49.6b. Secondary buy-out exits value were also sharply up in 2015 (+47%) after a decline in 2014, demonstrating the robust environment for PE exits.

UK continues its dominant market position

The UK accounted for deals totaling €28.7b in 2015 out of the €88.9b total for Europe — this equates to 32% of all European buyout deal value. On the exit front, the UK market also reached a record for total value at €65.5b. Germany was the second biggest European buyout market by value (€12.5b) and France the second by volume (102 deals compared to 216 in the UK and 82 in Germany).

Retail and leisure make progress, strong activity in TMT

With €9.7b of total deal value in 2015, retail was the fourth placed sector and reached its highest total since 2007. Leisure has also performed well at €9.4b, the highest deal value since 2006. TMT had a strong year in terms of deal volume with 108 new buyouts and the trend is set to continue as TMT accounted for an increasing share of total buyouts in Q1 2016. PE investors will likely continue to increase their investments in technology, which is becoming ubiquitous in the daily operations of businesses across many sectors. We expect disruptive cloud, mobile, social and big data analytics technologies to drive financial sponsored-backed M&A opportunities.

“ The speed of technology innovation means even today’s disruptors will face their own disruption tomorrow. The trend this phenomenon is driving right now involves PE firms taking private large incumbent enterprise technology vendors. And we expect to see many more of these deals in the coming year.”

Jeff Liu, Global Technology Industry Leader for EY Transaction Advisory Services

Completed PE-backed buyouts in Western Europe — value and volume

Total value (€m)

Total value (€m)

Total number

Total number

1,73,033

1,0142007

72,075

7772008

20,959

4372009

59,542

6182010

65,094

6282011

55,955

6152012

59,911

5762013

70,399

6892014

88,954

6932015

12,388

146Q1 2016

TMT accounts for an increasing share of the buyout market

2007 2008 2009 2010 2011 2012 2013 2014 2015 Q1 2016

150

100

50

0

20%

15%

10%

5%

0%

Source: EY analysis of data from cmbor/Equistone Partners Europe

TMT — number of deals

TMT % of totla buyout value


Largest PE-backed buyout deals completed in Western Europe, full year 2015

Company name Country Deal month

Buyer Sector Value (€m)

SIG Combibloc Group Switzerland 3 Onex Corporation Manufacturing 3,750

Nordic Aviation Capital/NAC

Denmark 10 EQT Partners AB, Kirkbi Invest A/S Aerospace 3,000

Verallia France 10 Apollo Global Management, LLC; BPI France SA

Manufacturing 2,945

Douglas Holding Germany 8 CVC Capital Partners Limited Retail and consumer products 2,800

New Look UK 6 Brait Private Equity Retail and consumer products 2,613

Securitas Direct Verisure Group

Sweden 10 Hellman & Friedman LLC Industrial products and services 2,500

Orange Communications Switzerland 3 NJJ Capital Telecommunications 2,327

Constantia Packaging Austria 3 Wendel SA Manufacturing 2,300

ICBPI Italy 12 Bain Capital, Advent International, Clessidra SGR SpA

Financial Services 2,150

Sivantos/Siemens Audiology Solutions

Germany 1 EQT Partners AB Health care 2,150

Source: cmbor/Equistone Partners Europe

Largest exits completed in Western Europe, full year 2015

Company name Entry year

Country 2016 exit month

Vendor Exit type Value (€m)

Worldpay 2010 UK 10 Advent International Corporation, Bain Capital LLC

Flotation 6,480

Grandvision 2004 France 2 HAL Investments B.V. Flotation 5,000

Springer Science & Business Media 2013 Germany 5 BC Partners Trade sale 5,000

Omega Pharma 2012 Belgium 3 Waterland Private Equity Investments B.V., Coucke Invest

Trade sale 3,800

TDF 2006 France 3 Charterhouse Capital Partners LLP, TPG Capital LP, BPI France SA, Ardian

Trade sale 3,560

Autobahn Tank & Rast 2005 Germany 9 Terra Firma Capital Partners Limited, RREEF Infrastructure

Trade sale 3,500

Center Parcs (UK) 2006 UK 8 Blackstone Group LP Trade sale 3,408

Auto Trader/Trader Media 2014 UK 3 Apax Partners LLP Flotation 3,267

Scout24 Holding 2014 Germany 10 Hellman & Friedman LLC, Blackstone Group LP

Flotation 3,230

AMCo/Amdipharm Mercury Company 2012 UK 10 Cinven Partners LLP Trade sale 3,105

Source: Mergermarket, cmbor/Equistone Partners Europe


Outlook for 2016Callable reserves on a six-year high

Global callable capital reserves (dry powder) of buyout funds rose from $448b in December 2014 to $486b in Q3 2015 — the highest level on record — to end up at $460 billion as of 2015 year end. The pace of fund closings continues to exceed the industry’s ability to put capital to work, which is contributing to continued high levels of buyout dry powder.

The strategic buyers are out there in great numbers

On the exit front, trade sales deal activity reached a new high in 2015 with €66.1b of total value. According to EY April 2016 Capital Confidence Barometer, 50% of companies expect to actively pursue acquisition in the next 12 months. While deal intentions have slipped back, they still remain above the long term Barometer. In an entrenched low-growth economy, corporates are using deals to generate their own tailwinds. The need to respond positively to technology disruption is also spurring deal making intentions. In many sectors, buying rather than building innovation is a better and faster option.

Broadening Eurozone recovery but …

Heading into 2016, the Eurozone recovery was becoming broader-based and more self-sustaining. After initially being led by consumer spending in 2014–2015, conditions were right for the rebound in capital investment that should underpin a steady (if unspectacular) recovery into the medium term. While European growth is being boosted by cheap oil, central bank action and lower austerity, fears of the unknown economic consequences of a possible Brexit have affected the transaction and post-close regulatory environment in the first quarter of 2016.

Supporting factors in the debt and equity markets

Debt markets have been providing lots of cheap money. The European Central Bank (ECB) remains committed to doing everything necessary to encourage spending, and on 10 March, the ECB introduced a new package of measures including further quantitative easing (QE), further interest rate cuts and incentives to banks to increase lending. Although equity markets have recently cooled, the high earnings multiples of public company buyers allowed them to make accretive acquisitions at high multiples.

Source: Private equity growth capital council and EY

500

400

300

200

100

0 Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Global callable capital reserves (dry powder) of buyout funds — $b

“ We are seeing debt funding appetitive from the private markets — banks and credit funds — remaining strong; helped by a back drop of limited deal flow and continued repayments of loans in their books. With the public markets continuing show signs of fragility and more exposed to the global macro economic pressures.”

Christopher Lowe Partner, Capital & Debt Advisory | Chief Operating Officer, Corporate Finance, UK&I

Top Private Equity Trends for 2016

► The high-valuation landscape will be the main challenge for firms looking for investment opportunities

► Although valuations will remain high, they will stabilize or dip slightly

► Investment strategies of larger and smaller firms will continue to diverge

► LP/GP relationships will be bolstered by an increase in co-investments

► Exit volume will plateau, with the number of IPOs falling significantly

of companies expect to actively pursue acquisition in the next 12 months.

50%


Current conditionsCorporate divestments to PE

The value of foreign divestments in 2015 as a source to completed European buyouts stood at €11.6bn, a higher number than all other yearly totals between 2008–2014. Large foreign divestments completed in 2015 include Reynolds Group’s (New Zealand) €3.8b disposal of SIG Combibloc Group and Suzlon Energy’s (India) disposal of Senvion in a €1.1b deal. Overall, local and foreign divestments were a deal source for 8 of the 20 largest completed European buyouts in 2015. Among the EY 2016 Global Divestment Study 900 corporate executives respondents, 49% are planning to divest within the next two years.

In addition to this improved primary buyout activity, the secondary buyout market was also on the rise in terms of value, with a total of value of €41.8b of completed deals in 2015, representing 47% of the total 2015 buyout value.

Trade sales boost the exit market

Increased trade sales value (+61% compared to 2014) boosted the exit market while the IPO exit value increased by 12% in 2015 but was sharply down in Q1 2016 in the context of market volatility making some businesses reluctant to go public. The exception to this comes from the UK. While the number of

PE-backed IPOs in the coming quarters is likely to be significantly lower than the levels seen in 2015, they should continue to be a key driver behind the majority of capital raised on the London exchanges.

With €8.1b of completed deals out of a total buyout value of €12.4b, the first quarter of 2016 saw the return to dominance of secondary buyouts.

Sales to corporates offered the dominant exit route in 2015 across the European market and the trend is set to continue with 6 of the top 10 largest exits announced so far in 2016. Completed trade sales exit value in Q1 2016 totaled €11.3b compared to secondary buyout value of €7.8b and IPO exit value of €3.7b. Strategic buyers have demonstrated strong interest for the bigger assets, as the average trade sale value reached a record in 2015 at €305m and has been holding up in Q1 2016 at €291m. With the strategic buyers out in force, the average months to exit for buyouts decreased to 71 in 2015 and 68 in Q1 2016 after having reached an all-time high of 76 in 2014.

Of the 17 listings on London Main Market and AIM in Q1 2016, two PE-backed IPOs made it to the top 10 largest European exits announced this quarter.

Private sales to PE also increased in Europe in 2015, recording the highest value since 2007, at

€15.7b

2007 2008 2009 2010 2011 2012 2013 2014 2015

Breakdown of completed exits total value by type100%

80%

60%

40%

20%

0%Q1

2016

Trade sale

Secondary Buy-out

Flotation


28%

53%

54% 61%

29%

29%44%

27%

42%

31%46% 25%

14%0%

19%

38%

38%49%

33%

1% 7%

36%

26%

38%

41% 51%

27%35%

31%15%

Breakdown of completed buyouts total value by source100%

90%80%70%60%50%40%30%20%10%

0%Q1

2016

22% 24% 18% 13% 8% 8% 4% 5% 5% 6%

40% 31%

19%48%

48% 49% 59%42% 47%

65%

11%

27% 25%36%

21%

20%

21%

17%14% 13%

11%

13%18%

18%28% 26%

25%39% 30%

11%

Other (public to private, privatization)

Secondary Buy-out

Private

Divestment

Insolvency


2007 2008 2009 2010 2011 2012 2013 2014 2015


Q1 2016 snapshot

Deal activity slowing down as uncertainty spreads into new year

The PE deal market has started the year rather slowly as a combination of volatile capital markets, low oil prices and the Brexit referendum put off potential buyers. The aggregate value of this quarter’s deals was €12.4b. Although this is down on the €27.6b recorded in the previous quarter and on the €20.9b seen in Q3 2015, it is more in line with the opening quarters of 2014 (€15.1) and 2013 (€14b). Unsurprisingly, deals below €10m have accounted for the most deals, while deals between €10–100m and over €100m have been few compared to previous quarters.

The exit volume declined also sharply in Q1 with only 91 exits completed, the lowest quarterly number since Q3 2010. This was largely down on the previous quarter (131 exits) and on the same quarter last year (123 exits).

While the strong public markets of the previous two years allowed many to sell long-held investments, market conditions will likely mean less exits and an industry shift towards more investments in 2016, as deal multiples may come down and allow PE to buy assets at lower prices in areas such as energy and financial services, among other areas.

Of the quarter’s 146 deals completed, 42 came courtesy of the UK — exactly double the contribution of France (21 deals), the next-best performer.

UK, France and Netherlands the most active markets

Netherlands completed the top 3 with 16 deals completed. On value, the UK’s position was similar, with its €3.8b representing 30% of European buyout value in Q1 2016. Deal value in Germany totaled only €121m this quarter, with 15 deals. France started the year with a total quarterly value of €1.7b.

A number of other local European markets hit the €1b mark in total quarterly value: Italy (€1.9b, almost half the total value of 2015), Belgium (€1.2b) and Switzerland (€1b).

Pipeline prospects

We anticipate a number of completions and exits during the coming months. For example, InvestIndustrial, the UK-based private equity firm, has agreed to acquire a 60% stake in Artsana S.p.A., the Italy-based producer of baby products, health, cosmetics and beauty care products, from the Catelli family, the Italian private investors, for an estimated minimum consideration of €756m (source: InvestIndustrial press release, 12/04/2016). Kohlberg Kravis Roberts & Co. (KKR) has agreed to acquire the defense electronics business of Airbus Group, the listed France-based aerospace company, at an enterprise value of approximately EUR 1.1b (source: Airbus press release, 18/03/2016).

On the exit front, EQT along with other investors and the management of Sitecore Corporation A/S, the Denmark-based provider of customer experience management software, have agreed to acquire the company from Technology Crossover Ventures, in a secondary buyout transaction for an approximate consideration of €1b (source: EQT press release, 01/04/2016). The Yokohama Rubber Co. Ltd., the listed Japan-based company engaged in manufacturing and selling of tires and wheels has agreed to acquire Alliance Tire Group, the Netherlands-based company, from KKR and other parties for an equity value of $1,2b (source: Yokohama Rubber press release, 25/03/2016). Sysco Corporation, North America’s leading foodservice distributor, has signed a definitive agreement to acquire Brakes Group, the UK-based food service distributor from Bain Capital in a transaction valued at approximately $3.1b (source: Sysco press release, 22/02/2016).

While deal activity in Q1 has been subdued, a series of major buyouts have been recently announced and are currently pending, so the pipeline for the upcoming months of 2016 looks solid.

Completed PE-backed buyouts in Western Europe by quarter — value and volume

30,000

25,000

20,000

15,000

10,000

5,000

02013 I 2013 II 2013 III 2013IV 2014 I 2014 II 2014 III 2014 IV 2015 I 2015 II 2015 III 2015 IV 2016 I

Value (€m)

Volume


200180160140120100806040200

146deals

Q1 2016183 deals

Q1 2015

deals165Q4 2015


Q1 2016 snapshotLargest buyout deals announced in Western Europe, YTD 2016

Company Name Country Deal month

Buyer Sector Value (€m)

Kuoni Travel Holding Ltd Switzerland 2 EQT Partners AB Leisure 1,300

Airbus Group (defense electronics business)

Germany 3 Kohlberg Kravis Roberts & Co. L.P. Defence 1,100

Sitecore Corporation A/S Denmark 4 EQT Partners AB; Sampension KP Livsforsikring A/S; Danica Pension

Technology 1,000

Artsana S.p.A. Italy 4 InvestIndustrial Retail and consumer products 756

DOC Generici s.r.l. Italy 3 CVC Capital Partners Limited Pharmaceuticals 650

Novacap SAS France 4 Eurazeo SA Chemicals and materials 605

GLID Wind Farms Topco Ltd UK 2 A consortium led by BlackRock, Inc. & UK Green Investment Bank plc

Energy 557

Grainger Plc (Retirement Solutions Business)

UK 1 Electra Private Equity PLC; Patron Capital Limited

Financial Services 441

Tinsa Tasaciones Inmobiliarias, S.A.U.

Spain 4 Cinven Partners LLP Business support services 350

Glion Institute of Higher Education; Les Roches School of Hotel Management

Switzerland 3 Eurazeo SA Education 347

Company Name Entry year

Country 2016 exit month

Vendor Exit type Value (€m)

Brakes Group 2007 UK 2 Bain Capital LLC Trade sale 2,786

The Priory Group Limited 2011 UK 1 Advent International Corporation Trade sale 1,968

EEW Energy from Waste GmbH 2012 Germany 2 EQT Partners AB Trade sale 1,438

Countryside Properties Plc 2013 UK 2 Oaktree Capital Management LP Flotation 1,303

Alliance Tire Group 2013 Netherlands 3 Kohlberg Kravis Roberts & Co. L.P.; Yogesh Agencies, Investments Private Limited

Trade sale 1,055

Ascential Group Limited 2008 UK 2 Apax Partners LLP Flotation 1,032

Senvion 2015 Germany 3 Centerbridge Partners, L.P., Arpwood Capital

Flotation 1,020

Sitecore Corporation A/S 2011 Denmark 4 Technology Crossover Ventures Secondary buyout

1,000

Icopal a/s 2007 Denmark 2 Investcorp Trade sale 1,000

Punch Powertrain nv 2010 Netherlands 3 Gimv NV, LRM nv, Capricorn Venture Partners, New Horizon Capital

Trade sale 1,000

Largest exits announced in Western Europe, YTD 2016

Source: EY analysis of data from Mergermarket

Source: EY analysis of data from Mergermarket


Deal dynamicsEuropean buyouts deals over €100m was 58.5 % in 2015, up on the 56.4% recorded in 2014 and close to the 58.7% in the 2007 boom year.

Debt ratio close to 2007 level

In terms of structure, the average proportion of debt used to finance European buyouts deals over €100m was 58.5 % in 2015, up on the 56.4% recorded in 2014 and close to the 58.7% in the 2007 boom year, while the level of mezzanine financing used in €100m-plus deal structuring remained subdued at 1.3%. At the same time, the equity ratio in this bracket decreased from 39.9% in 2015 to 38.6% in the first three months of 2016. Overall market sentiment remains strongest for the best credits — particularly those with a good story and yield. All-in debt funding costs for M&A remains at or close to historic lows across Europe and the US. It remains a very positive borrower market although there has been early evidence in 2016 of banks toughening their stance.

Debt accounted for 61.4% of the deals in the €100m-plus range in Q1 2016.

As a result of these high levels of liquidity and strong competition, there has been momentum from financial sponsors to push toward covenant-lite or loose packages. The average number of covenants per transaction in the European leveraged loan market had decreased from 2.5 in 2014 to 1.4 in 2015.The trend for covenant-lite or loose transactions is expected to continue into 2016, filtering down into the European mid-market.

Refinancing down

2015 has seen lower refinancing value of European buyouts with €35.9b compared to €59.3b in 2014 and €46.8b in 2013.

The last two years have seen robust refinancing and dividend recapitalization activity. Financial sponsors have been opportunistically taking advantage of strong credit market conditions as an alternative to exiting investments. However, the opportunities for refinancings and recapitalizations in financial sponsor portfolios decreased in 2015.

Completed PE-backed buyouts in Western Europe by quarter — value and volume

Up to 100m 100m–500m 500m–1b 1b plus

2015

2014

2013

2012

507

96

27

20

20

13

13

920

11112

9178

456534

550

Buyout volume by deal size, Q1 2016

Up to 100m 100m–500m 500m–1b 1b plus

21

7 1

117

Value ranges — higher end deals

Within each of the €0m–100m, €100m–500m and €500m–1b+ ranges, the higher end deals were driving the market in 2015.

€50m–€100m

2014 €2.9b

2015 €3.9b

€250m–€500m

2014 €13.4b

2015 €13.9b

> €1b

2014 €20.9b

2015 €37.5b


Country spotlight

Buyouts Exits

2015 €28.7b from 216 deals

€65.5b from 203 exits

Q1 2016 €3.7b from 42 deals


Buyouts Exits

2015 €12.5b from 82 deals


Q1 2016 €121m from 15 deals


Germany

Buyouts Exits

2015 €11.5b from 102 deals




France

Buyouts Exits





Netherlands

Buyouts Exits


€585m from 9 exits


€8m from 2 exits

Denmark

Buyouts Exits





Italy

Buyouts Exits



Q1 2016 €1b from 4 deals


Switzerland

Buyouts Exits


€10b from 28 exits


€161m from 5 exits

Sweden

UK

ContactsPoland

Brendan O’Mahony Warsaw

T: + 48 22 557 8924 E: [email protected]

Russia

Leonid Saveliev Moscow


South Africa

Graham Stokoe Johannesburg


Spain

Juan Lopez Madrid


Turkey

Demet Ozdemir Istanbul


Global

Jeff Bunder


Michael Rogers


Marketing

Pierre Vigouroux

T: + 33 1 55 61 01 33 E: [email protected]

Netherlands

Maurice van den Hoek Amsterdam


Nordics

Michel Eriksson Stockholm


Italy

Umberto Nobile Milan

T: + 39 02 80 669 744 E: [email protected]

Luxembourg

Olivier Coekelbergs Munsbach


Middle East

Matthew Benson Dubai

T: + 971 4 312 9 395 E: [email protected]

Germany

Michael Kunz Frankfurt


India

Rajiv Memani New Delhi


Mayank Rastogi Mumbai


France

Herve Jauffret Paris


Laurent Majubert Paris


EMEIA

Sachin Date London


Harry Nicholson London


UK

John van Rossen London


Belgium

Marc Guns Brussels


Czech Republic

Peter Wells Prague



Notes


EYACCOUNTANCY FIRM OF THE YEAR WINNER 2015

EY | Assurance | Tax | Transactions | Advisory

About EYEY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

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How EY’s Global Private Equity Sector can help your business Value creation goes beyond the private equity investment cycle to portfolio company and fund advice. EY’s Global Private Equity Sector offers a tailored approach to the unique needs of private equity funds, their transaction processes, investment stewardship and portfolio companies’ performance. We focus on the market, sector and regulatory issues. If you lead a private equity business, we can help you meet your evolving requirements and those of your portfolio companies, from acquisition to exit, through a Global Private Equity network of 5,000 professionals around the world. Working together, we can help you meet your goals and compete more effectively.

© 2016 EYGM Limited. All Rights Reserved.

EYG no. 01941-164GBL

EY-000002149.indd (UK) 07/16. Artwork by Creative Services Group Design.

ED None

This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice.

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multiple european pe watch issue 1 - ernst & young european pe watch private equity transaction...

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