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The Deals Pipeline

Unquote team
23 March 2020

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A fortnightly highlight of deal processes underway and involving private equity, either on the buy- or sell-side, across Europe.

Advent International is set to explore the sale of Williams Lea Tag's business support services unit once it completes the ongoing split of the portfolio company, Mergermarket reported on 12 March. An auction could be launched before the end of this year. Williams Lea generates around €35m in EBITDA.

TDR Capital, Lone Star Funds and Apollo Global Management have submitted offers for Asda, a UK-based supermarket chain, and have been invited to the second round, Bloomberg reported on 16 March. Walmart is selling its majority stake in Asda after receiving offers from the three and could command more than £7bn.

France

CapVest has decided to defer the sale of Curium due to "extreme volatility and uncertainty in global financial markets" related to the coronavirus outbreak, Mergermarket reported on 17 March. Bids for the French nuclear medicine business came in at around €2.6bn-2.7bn. CapVest's price expectation had been around €3bn, with annual EBITDA at close to €200m.

Nursery operator Bright Horizon is competing in the second round of the auction of French nursery group Babilou, Mergermarket reported on 18 March. Antin Infrastructure, Omers, Partners Group and Blackstone are also shortlisted. However, some of the shortlisted bidders doubt that the sale will continue given the impact of Covid-19 on the French education system.

DACH

Advent International has put its plans to exit industrial coating resins manufacturer Allnex on the back burner, Mergermarket reported on 20 March, as deal-makers and financiers across Europe grapple with the effects of Covid-19 on global M&A. Advent denied the sale process, adding that no advisers have been mandated and no teasers have been sent out. Advent was expected to launch a formal process later this year for the Frankfurt-headquartered speciality chemicals firm. Advent is expected to market Allnex based on €400m EBITDA and is looking to fetch as much as €4bn for the asset.

Air Liquide's request for higher offers for its hygiene products subsidiary Schuelke has raised a few eyebrows among final bidders concerned with the increased execution risk of a deal that could be valued at around €1bn, Mergermarket reported on 18 March. At least one of the final round bidders has already left the auction. PAI, Ardian and EQT Partners made it to the last leg of the sale process. The recent coronavirus outbreak and subsequent panic buying has led Air Liquide to solicit higher offers for Schuelke, which sells hand sanitisers.

Southern Europe

One Equity Partners has appointed JP Morgan to guide it in the sale of portfolio company USCO, Mergermarket reported on 13 March. With preparations still ongoing, the auction of the Italy-based supplier of aftermarket parts and original equipment manufacturer to the earth-moving machinery industry could be launched at end of the year, when the coronavirus crisis is expected to more under control. In 2018, USCO generated €55m in EBITDA from €515m in revenues.

Nordic

The sale of Swedish transport management software company Unifaun is still active despite coronavirus-related market turbulence, Mergermarket reported on 19 March. First round bids for the Vitruvian Partners-owned company are due in early April. While initial buyer interest has been solid and the process is scheduled to go ahead as planned, uncertainty caused by the pandemic could still mean the Goldman Sachs-led process gets delayed or pulled altogether.

Benelux

The sale of Netherlands-based TenCate Protective Fabrics is being conducted by Jefferies, Mergermarket reported on 13 March. Textile manufacturer Royal TenCate has been angling to launch the divestment of its secure workwear manufacturing arm in H1 2020. Gilde Buy Out Partners, Parcom Capital Management and Capital A Investment Partners have owned TenCate since 2016.

The sale process of Sentia, a Netherlands-based software company, has been stopped by owner Waterland, Het Financieele Dagblad reported on 9 March. Several foreign private equity companies showed interest, but they all believed the asking price was too high. Although the sale process has now formally been halted, talks with a few suitors are still ongoing. The company is valued at €400m.