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DACH deal pipeline: live, expected and pulled sale processes

Rosa Dsouza (Mergermarket), with analytics by Rishabh Chaudhary
21 September 2020

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A round-up of sale processes ongoing or expected to launch in the coming months in the DACH region, as well as auctions that have been paused or cancelled since the beginning of the year, courtesy of Unquote sister publication Mergermarket

Deals involving private equity firms in Germany, Switzerland and Austria this year are at a five-year low in terms of volume, with 182 transactions announced and €39.93bn changing hands in deals with value disclosed. Intelligence compiled by Mergermarket shows a total of 52 ongoing and expected sale processes, in which financial investors are either selling or looking to buy DACH-based targets. Another seven sale processes were paused, cancelled or have had sponsors opting for an IPO since the beginning of the year.

Click here for a full list of live, expected and paused/cancelled deals.

Top 5 live deals
Ongoing sale processes in the region

Sector	Target	Vendor	Sell-side Adviser	Financials	Latest Intel
Industrials and chemicals	Solvay assets Strontium carbonate, barium and sodium percarbonate unit	Solvay	Lazard	€30m EBITDA 2019	28/07/2020 – Mergermarket reported that IMs for the assets were circulated on 15 July.
Industrials and chemicals	Steag Power Minerals German provider of power plant by-product management services and blasting abrasives	Steag	Macquarie	€11m EBIT 2019, €110m revenues	14/08/2020 – Mergermarket reported that indicative bids are due at the beginning of October.
Pharma, medical and biotech	Real Eyes Germany-based ophthalmology chain		Unicredit	€25m revenues 2019, €5m EBITDA 2019	11/05/2020 – Mergermarket reported that IMs have been distributed.
Pharma, medical and biotech	WindStar Medical Germany-based over the counter healthcare unit	ProSiebenSat.1	Macquarie	€18m EBITDA 2019, €200m potential deal value	02/09/2020 – Mergermarket reported that management presentations would be taking place in the first week of September, with indicative bids due at the end of the month.
Transportation	DPL Deutsche Paletten Logistik Germany-based pallet distributor		Network Corporate Finance	€70m revenues 2019, €14m EBITDA 2019	08/07/2020 – Mergermarket reported that the auction had entered round 1B.

Top 5 expected sales processes
Auctions yet to launch in the region

Sector	Target	Vendor	Sell-side Adviser	Financials	Latest Intel
Industrials and chemicals	Lonza's Specialty Ingredients unit	Lonza	Bank of America, UBS	€300m EBITDA 2019, €1.58bn revenues 2019, €3.2bn potential deal value	24/07/2020 – Lonza announced its decision to divest the unit, according to a company press release, with the sale set to commence in H2 2020.
Industrials and chemicals	Lanxess' Leather chemicals division	Lanxess	JP Morgan	€500m revenues 2019	19/02/2020 – Mergermarket reported that carve-out preparations were ongoing.
Pharma, medical and biotech	Neuraxpharm Germany-based speciality pharmaceutical company	Apax Partners		€1.2-1.4bn potential EV, €95m EBITDA	10/07/2020 – Reuters reported that a sale of the asset is being explored.
Technology	Datamars Switzerland-based agricultural technology firm	Caisse de dépôt et placement du Québec		CHF 50m EBITDA 2019	28/07/2020 – Mergermarket reported that the sale could launch at end of 2020 or Q1 2021.
Technology	Leoni wire and cable business	Leoni	UBS, Deutsche Bank	€2bn revenues 2019, enterprise value €2bn 2019	13/08/2020 – Company said in a press release that individual parts of its cable division had seen investor interest and a partial sale was under consideration, with sub-units being carved out.

Paused/cancelled sales/IPOs
Situations on hold and auctions reported to be cancelled, or where seller has made an announcement about cancellation. Also includes sponsors opting for an IPO

Sector	Target	Vendor	Sell-side Adviser	Financials	Latest Intel
Automotive	Knaus Tabbert Germany-based campervan supplier	HTP Investments		€580m revenues 2019, €64m EBITDA 2019, €800m potential deal value	04/09/2020 - Mergermarket reported that Knaus Tabbert has appointed legal advisers for an IPO.
Business services	Springer Nature Germany-based academic publisher	BC Partners, Holtzbrinck		€1.72bn revenues 2019, €575m EBITDA 2018, enterprise value €8bn 2019	07/09/2020 – Mergermarket reported that Springer Nature was planning to list.
Consumer	D&B Audiotechnik Germany-based loudspeaker and amplifier manufacturer	Ardian	Macquarie	€50m EBITDA 2018, €600m potential deal value	17/03/2020 – Mergermarket reported that the sale was put on hold due to uncertainty around demand for its products amid the pandemic.
Industrials and chemicals	Schur Flexibles Austria-based packaging company	Lindsay Goldberg	Goldman Sachs	€520m revenues 2019, €80m EBITDA 2019, €750m potential deal value	24/01/2020 – Mergermarket reported that the sale was shelved after negotiations with auction frontrunner Partners Group collapsed.
Pharma, medical and biotech	Orgentec Germany-based diagnostics company	Water Street Healthcare Partners	William Blair	€17m EBITDA 2019	27/03/2020 – Mergermarket reported that the sale was paused due to market conditions affected by coronavirus.