HORIZONS | BDO'S GLOBAL VIEWOF MID-MARKET DEAL ACTIVITY 25
BENELUX DEAL VOLUME UP AND PE ACTIVITY ACCOUNTS FOR BIGGER SHARE
M&A activity in the Benelux mid‑market showed a slowdown in deal value in Q1 2022 compared to Q4 2021 (fromUSD 3,338m to USD 2,891m), but deal volume rose to 36 from 31 in the previous quarter. PE players were involved in 18 deals (versus only six in Q4 2021), representing 50% of the quarter’s total deal volume (versus 36% over the last two years) and 43% of overall deal value (versus 34% over the last two years). Transactions involving PE in Q1 2022 had an average deal value of USD 68.4m, significantly below 2021’s quarterly average of USD 97.8m. KEY SECTORS AND DEALS In Q1 2022, 14 deals were closed in TMT, making it the quarter’s most active sector, followed by Industrial & Chemicals (seven deals), Financial Services (five) and Pharma, Medical & Biotech (four). The six remaining deals took place in Business Services (three deals), Consumer (two) and Energy, Mining & Utilities (one).
The total value of the Top 20 deals in Q1 2022 amounted to USD 2,554m, ranging fromUSD 50m to USD 290m, with an average deal value of USD 128m. In the Top 20, only four deals involved a domestic buyer, with the rest all being cross-border transactions. Another noteworthy fact was that the Top 10 deals accounted for 66.7% of total deal value. The quarter’s biggest deal in the Benelux involvedWalker & Dunlop, Inc., who acquired GeoPhy, a leading commercial real estate technology company, for a total price of approximately USD 290m. GeoPhy’s data analytics and development capabilities will dramatically accelerate the growth of Walker & Dunlop’s lending, brokerage and emerging businesses.
• Deal volume inQ1 2022 increased from 31 to 36 deals compared to Q4 2021 • 50%of deals involved PE firms, a significant increase compared to the last two years’ quarterly average (36%) • 67%of total deal value was related to theTop 10 transactions • TMT, Industrials &Chemicals and Financial Services accounted for 72%of all volume (26 deals) • Currently, there are 203 deals planned or in progress in the Benelux.
PE/TRADE VOLUME &VALUE 120
Total Value (USD M)
PE Value (USD M)
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