The Deals Pipeline

Unquote team
29 June 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.

Autovista, a UK-based automotive data provider, has hired Jefferies to advise on a renewed sale process that is expected to kick off early next year, following inbound interest from private equity firms, Mergermarket reported on 25 June. The mandate was awarded a few weeks ago, and private equity firms are showing interest. Autovista abandoned a sale process last year after it was put on the block by owner Hayfin Capital Management, a European specialist debt investor. Houlihan Lokey was the sell-side adviser. The vendor had been seeking a valuation of around 13x EBITDA at the time.

Southern Europe

Bridgepoint's €1bn sale of Rovensa has entered a new, post-Covid-19 final phase with three out of four suitors that had passed into its pre-coronavirus binding bid stage, Expansion reported on 26 June. Partners Group, Pamplona Capital and AEA have again entered the late-stage bidding for the Spain-based crop protection company formerly known as Sapec Agro.

Colegio Universitario de Estudios Financieros (Cunef) has attracted the interest of CVC and Permira following the private equity firms' acquisitions of other Spanish private universities, including Universidad Alfonso X (UAX), and Universidad Europea, El Confidencial reported on 19 June. Cunef's owners include Spanish banking foundation AEB. Cunef depends in part on Madrid's Universidad Complutense, Santander and BBVA, with all participants having a voice on a decision to sell or not.

Nordic

Nordic Capital will likely wait a bit longer to sell the Swedish fruit and vegetable supplier Greenfood, Dagens Industri reported on 17 June. The asset posted a 2019 turnover of more than SEK 5bn (€475m). Nordic Capital has appointed Jefferies to advise.

Benelux

Several parties, including the owner of retail chain Blokker and toy chain store Intertoys, are interested in the acquisition of Dutch retail chain Hema, NRC Handelsblad reported on 21 June. The current owners of Hema expect the selling process to take about three months. Earlier this month, Hema was taken over by its creditors, including Carlyle, Credit Suisse, CarVal, GMO, Sona, Invesco and Capital Four. Hema has an annual turnover of almost €1.3bn and employs 11,600 staff.

DACH

Avaloq, a Swiss core banking software and services company backed by Warburg Pincus, will review its H1 2020 results before deciding when to launch its expected sale process, Mergermarket reported on 19 June. A sale could kick off towards the end of this year if the business – which counts wealth managers, boutique banks and global finance groups as clients – shows it has performed well during the worst phase of the pandemic so far. Permira and EQT are among the large-cap sponsors that have been eyeing the asset. Other interested parties include TPG, Advent, Astorg, Cinven, Hg, Partners Group, KKR and Bain.

Adevinta, the Norwegian classified business that was spun out from Schibsted, has fallen behind its two main rivals for the acquisition of eBay's classifieds division, Mergermarket reported on 16 June. The process is expected to turn into a bidding war between Naspers' Dutch-listed vehicle Prosus and a consortium of Hellman & Friedman, Blackstone and Permira. Apax and General Atlantic have been in talks about teaming up with Prosus. Before the coronavirus outbreak, analysts estimated that the classifieds business could fetch between $8-12bn.

France

Arkema is engaging in early talks with potential suitors for its polymethyl methacrylate (PMMA) business Altuglas International after the French chemicals producer appointed Morgan Stanley to sell the unit, Mergermarket reported on 26 June. The company, headquarted in Colombes, France, has distributed teasers to prospective bidders, but discussions remain at an early stage with no date set as to when it will solicit first-round offers. The sell side has begun holding a series of informal coffee meetings with interested parties and the process is pegged for H2 2020. Altuglas, whose plastic-based components are used in car parts like headlights, is attracting the interest of Advent International, Rhone, SK Capital and Triton.

German automotive manufacturer Volkswagen is deliberating buying Europcar Mobility, the France-based car rental company, Reuters reported on 24 June. Europcar has been struggling from the after-effects of the Covid-19 pandemic. PE firms including Apollo Global Management have expressed interest in Europcar, with a market cap of €390m and more than €1bn in debt as of the end of March.