HORIZONS | BDO'S GLOBAL VIEWOF MID-MARKET DEAL ACTIVITY 25
BENELUX M&A ACTIVITY SLOWS DOWN IN SUBDUEDQUARTER
M&A activity in the Benelux mid-market slowed down compared to Q2 2021, with decreases in both deal volume (from 43 to 39) and deal value (fromUSD 4,173m to USD 3,847m). PE players were involved in 18 deals (as in the previous quarter), representing 46% of total deal volume (versus 35% over the last two years) and 51% of overall deal value (versus 30% over the last two years). Transactions involving PE in the quarter had an average deal value of USD 109.4m, significantly above the record 2020 figure of USD 83.8m. KEY DEALS AND SECTORS 15 deals were closed in TMT, making it the most active sector in Q3 2021, followed by Industrial & Chemicals (nine deals) and Financial Services and Pharma, Medical & Biotech (four deals each). The remaining deals took place in Consumer and Business
Services (two deals each), followed by Real Estate, Leisure and Energy, Mining & Utilities, all with one deal each. The total value of the quarter’s top 20 deals amounted to USD 3,486m, with deal value ranging from USD 45m to USD 475m. Out of the top 20, two deals involved a domestic buyer, while the remainder were global transactions. It’s also noteworthy that the top 10 deals accounted for 68% of total deal value. The region’s biggest deal in Q3 2021 involved CarNext, one of Europe’s leading online B2C and B2B used car marketplaces, which has been carved out from LeasePlan into a fully independent business owned by a consortium of investors including TDR Capital, a fully-owned subsidiary of Abu Dhabi Investment Authority (ADIA), GIC, PGGM, ATP and Goldman Sachs Asset Management, and raised USD 475m to further boost its growth.
BIG PICTURE
• Deal volume inQ3 2021 fell from 43 to 39 deals compared toQ2 2021 • 46%of deals involved PE firms, a significant increase compared to the last two years’ quarterly average of 35% • 68%of total deal value was related to the top 10 transactions • TMT, Industrials &Chemicals and Financial Services, with a combined 28 deals, accounted for 72%of all deal activity • Looking forward, there are 156 deals either planned or in progress in the Benelux.
PE/TRADE VOLUME &VALUE 60
6,000
50
5,000
40
4,000
30
3,000
20
2,000
10
1,000
0
0
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