M&A Tracker Q3 2018

Review of Irish M&A activity

M&A Tracker Summary, Q3 2018

Quarterly Value and Volume Trend

74

€10.bn €9bn

10 20 30 40 50 60 70 80

70

64

64

60

€8.0bn

58

€3bn €2bn €5bn €4bn €7bn €6bn €8bn

52

50

€5.1bn

€5.9bn

39

€4.8bn

€2.8bn

€2.3bn

€1.3bn €1.3bn

€0.9bn

€0.0bn €1bn

0

Q3 2018 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018

Values

Volumes

Most Active Sectors (by volume)

10

9

8

Support Services

Health & Pharmaceutical

Media & Publishing

Transaction Type (by volume)

29

7

34

Overseas

FI

Trade

Financial Investor

Trade Sales

Foreign Transaction

Investec Commentary

• 70 deals recorded with a total disclosed transaction value of €5.1bn. In terms of value this is signicantly above the previous two quarters but down on Q4’17 • Notable transactions include the c.€585m acquisition of Adapt Pharma by Emergent BioSolutions and the acquisition of the 24 hotel property portfolio of Tifco Hotel Group by Apollo Global Management for a reported €500m-€600m • Several transactions in excess of €100m took place many involving strategic buyers such as Applegreen, Irving Oil acquiring Top Oil and BTG’s acquisition of Galway based Novate Medical • There were 11 in-market transactions including acquisitions by Musgrave Group and BWG • There was a consistent spread of the 70 transactions across all sectors save for Building, Construction & Property and Print & Paper • Foreign acquisitions by Irish Companies amounted to 29, including acquisitions by Applegreen, DCC, Keyword Studios, United Drug and private companies such as Fexco and AMCS • Private Equity owned Irish businesses acquisitive during the quarter were Valeo Foods, Arachas Insurance Brokers, OASIS and Enva • Alucraft, BidX1 and Healthcare 21 Group were acquired by UK based private equity funds during the quarter

Notes: Trade Sale: Acquisition of an Irish corporate by Irish / overseas corporate Financial Buyers & Investors: Acquisition of or 20% or more investment in an Irish corporate by Irish / overseas financial investors including private equity Overseas Transaction: Acquisition or disposal of overseas corporate by Irish corporate / private equity Investec Bank plc (Irish Branch) is authorised by the Prudential Regulation Authority in the United Kingdom and is regulated by the Central Bank of Ireland for conduct of business rules. Investec Bank plc is member of the London Stock Exchange and the Irish Stock Exchange. Registered in England Number 489604. Registered Office: 2 Gresham Street, London EC2V 7QP. Registered in Ireland Number 904428. Registered Branch Office: The Harcourt Building, Harcourt Street, Dublin 2. Investec Capital & Investments (Ireland) Limited trading as Investec Wealth & Investment and Investec is regulated by the Central Bank of Ireland. A member of the Irish Stock Exchange and the London Stock Exchange. Registered in Ireland Number 223158.

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