Alantra Investment Banking Global Deals Round-Up From Lockdown to Recovery - Q1 2021
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POSSIBILIT Y IS IN THE A SCENT Alantra Investment Banking Global Deals Round-Up From Lockdown to Recovery Q1 2021
Investment Banking | Q1 2021
The past few months have renewed our belief that finding independent partners Noteworthy Transactions Advised in 2021
that combine a global perspective and highly specialized capabilities are essential
to finding the right solutions across economic cycles. 2021 2021 2021
Sell-side advisory
Sell-side advisory Buy-side advisory
30+ €5Bn 270
Debt advisory
DEALS ADVISED TRANSACTED IN M&A DEDICATED PROFESSIONALS
IN 2021 IN 2021 Advisor to ARYZTA on Advisor to Inflexion on Advisor to Equistone on
the sale of its North the acquisition of Digital the sale of Oikos to
American business to Wholesale Solutions for Goldman Sachs
Lindsay Goldberg for £1Bn
$850Mn
Q1 2021 league tables results
1
2021 2021 2021
Sell-side advisory Sell-side advisory Sell-side advisory
Advisor to Provalliance Advisor to Medik8 and Advisor to Aspyr Media
on its sale to Core Equity Pangaea on their sale to on its sale to Embracer
Holdings Inflexion Group for up to $450Mn
2021 2021 2021
#3 #4 Buy-side advisory Sell-side advisory
INDEPENDENT ADVISOR INDEPENDENT EUROPEAN & UK Debt advisory Debt advisory
Sell-side advisory
TO PRIVATE EQUITY ADVISOR IN CORPORATE FINANCE HOUSE
2
HOUSES IN EUROPE EUROPE OF THE YEAR – FINALISTS
Advisor to L Catterton on Advisor to the Advisor to Bee Health
the acquisition and shareholders of KLAFS on its sale to INW
financing of JOTT on the sale to Egeria
1
Source: Mergermarket league table. The ranking includes only independent advisory firms.
2
Award winners to be announced on the 10th of September 2021.
2 3
Investment Banking | Q1 2021
Case study: Case study:
Sale of a leading European Acquisition of a high
provider of prefabricated STEFAN MASER
PARTNER | EQUISTONE growth software platform EDWARD LYNCH
INVESTMENT DIRECTOR | INFLEXION
houses to Goldman Sachs In the past three years, Oikos
business Deal description Appointing Alantra to advise
has achieved an outstanding us on this transaction was a
Alantra advised Inflexion on its minority
development. We thank the straightforward choice given
investment in Digital Wholesale Solutions, an
CLIENT
Deal description Alantra team for their excellent CLIENT independent IT, communications and cloud their knowledge of the sector
Equistone / Oikos Alantra advised funds advised by Equistone support in positioning Oikos to Inflexion wholesale platform, which is currently part of and specific knowledge of all
Partners Europe and the management team the investor community and Daisy Group. As part of the transaction, DWS key parties involved following
on the sale of Oikos Group, a leading European achieving an excellent outcome for will be demerged from Daisy Group to help the Giacom deal. This, coupled
TRANSACTION TYPE provider of prefabricated houses, to West management and us. TRANSACTION TYPE accelerate future growth as a standalone entity. with their excellent execution
Sell-side advisory (M&A and debt) Street Capital Partners VIII, a fund managed by Buy-side advisory The existing shareholders retained a stake in the
business with the majority of the shareholders
capability, gave us great
Goldman Sachs.
of Daisy Group reinvesting directly into DWS. confidence they could support us
ACQUIRER COMPANY ACQUIRED The transaction values DWS at an enterprise in delivering the transaction within
Goldman Sachs A successful outcome DWS valuation of £1 billion. a six-week timeframe.
• Alantra structured a competitive auction A successful outcome
Client description process and approached international Client description
• Once exclusivity was granted, Alantra
Oikos Group, which combines the brands strategic and financial acquirers Digital Wholesale Solutions (DWS) is a took control of managing the different
Hanse Haus, Bien-Zenker and Living • Alantra conducted virtual pre-marketing high growth software platform business workstreams through to completion
Haus, is one of the leading B2C providers meetings with interested parties to convey MARCO HAMMER providing IT, communications and cloud
CEO | OIKOS • Given the tight timetable and the high
of single and two-family houses with the equity story, which was followed-up by products and services on a wholesale
number of items required to complete this
a focus on creating future-oriented, virtual coffee chats with highly interested basis to over 6,000 UK partners, from
complex transaction, it was key that regular
sustainable living spaces. The multi- parties held by the CEO vendors including Vodafone, O2, BT/EE,
touch points were maintained with all
brand strategy provides the group with Microsoft and Virgin Media Business. Its
• An extensive banking exercise was Together with Equistone, we parties
an excellent position in the market for services are targeted at resellers serving
conducted by Alantra’s debt advisory team, have been able to strengthen our • Alantra provided Inflexion with key sector
prefabricated houses and enables it to SMEs in the 10-250 employee range.
resulting in attractive bank and private debt
serve a wide variety of customer groups.
packages
leading position across Europe, DWS has delivered strong organic
knowledge, prior knowledge of Giacom and
From shell construction to turnkey-ready targeting important areas such as led on all buy-side deal execution
growth and executed a series of strategic
housing solutions, Oikos Group offers its • Alantra maintained competition throughout
customers houses across all completion
digitalization as well as expanding acquisitions, including the acquisition of • Inflexion completed the transaction
the entire process resulting in a significant within the proposed timetable and have
our competence in ESG and a Giacom (sold to DWS in November 2020,
stages in accordance with the highest number of binding offers
also advised by Alantra). It is well-placed invested in a marquee deal in the IT and
quality and sustainability standards. The sustainable marketing strategy.
• Achieved a value-maximizing exit for our to capitalise on market disruptions communications sector
group, which beyond its core market
client in combination with finding the right
We made the right choice in including 5G, fibre to the premises, and
Germany is active in Austria, Switzerland mandating Alantra to assist us • This transaction further demonstrates
partner for management to continue Oikos’ cloud services, largely driven by the
and the UK, currently employs around Alantra’s strong specialism in the cloud
growth strategy once again in this important continued encouragement for remote
1,300 people and increased its turnover to services and communications market and
more than EUR 400 million in 2020. project given their enthusiasm and working which is driving SMEs to
the strong interest from investors in this
understanding of our business. increasingly invest in digital technology.
buoyant sector
4 5
Investment Banking | Q1 2021
Case study: Case study:
Sale of Europe’s leading Sale of a fast-growing
provider of haircare services MARC AUBLET
CEO | PROVALLIANCE global premium beauty ELLIOT ISA ACS
FOUNDER AND CHAIRMAN | PANGAEA
and products With Franck Provost and his family,
business Get ready to have your socks
we have been building a strong knocked off, as you’ll have
European group in the hairdressing trouble keeping up with Alantra’s
Deal description services and professional haircare Deal description dedication and work ethic – the
CLIENT CLIENT
Provalliance Alantra advised the shareholders of Provalliance, product distribution since the 90’s. Pangaea Alantra advised the shareholders of global kind of precision that you as a
Europe’s leading provider of haircare services We have been very satisfied by beauty business Pangaea on the investment from business owner expect from
and products, on the sale of a majority stake to Inflexion
Alantra’s involvement along our yourself. When the time for
TRANSACTION TYPE private equity investor Core Equity Holdings. TRANSACTION TYPE
side over the last decade. Alantra take-off came, we had the full
Sell-side advisory has always been supportive in Sell-side advisory A successful outcome support of the team in preparing
A successful outcome our development and expansion • Alantra led across several key workstreams:
for diligence and there was not a
ACQUIRER • Despite the current context, with most of its abroad and committed to our ACQUIRER exit options, bidder negotiation, project single aspect of the deal process
Core Equity Holdings salons and PoSs closed for half year during success. The latest operation, the Inflexion management, as well as execution support which they had not dealt with
2020, the high quality of its brands and its acquisition of a majority stake • Exclusivity was granted to Inflexion based before. Their financial expertise
Client description retail network raised some interest towards in Provalliance by Core Equity Client description was invaluable not just to us,
on a successful bid which realised all of the
Provalliance at the beginning of September
Founded in 1975 by Franck Provost, Holding, is a major milestone in Founder-led since 1999, Pangaea is an shareholder’s objectives but to our new partners who
2020. Alantra managed to organize a
Provalliance is Europe’s leading provider limited but intense competition for this the Group’s history. innovative and fully vertically integrated • Transaction delivered within two months of want you to have experienced
of haircare services and products and is unique asset and negotiated a transaction firm with two facilities in Hertfordshire, UK, Term sheet being agreed, with completion advisors. If you have a consumer
the second largest hairdressing company preserving the development capacity of where Medik8’s products are developed reflecting the agreed timetable goods business and are thinking
worldwide. The company has a global the Group while satisfying the patrimonial and manufactured in-house. Medik8 is
• Alantra managed all parties to deliver a deal of exiting in full, raising capital
network of over 3,200 salons operating interests of the Provost family and the a premium skincare brand focused on
under 17 separate, leading brands, science-based, skin-ageing products. With at the same headline terms, which reflects for growth or simply de-risking a
managers associated with the capital
including Franck Provost and Jean-Louis a strong heritage in the international one of, if not the highest multiple ever paid minority – and especially if this is
David. It also operates Bleu Libellule, a • This transaction is the outcome of a long professional channel and a growing in skincare your first deal – you need the very
fast-growing omnichannel distributor term relationship with Provalliance and online presence, Medik8 is committed to • Alantra significantly exceeded the client’s best people in your corner. I simply
of professional haircare products. its shareholders, which Alantra’s team ethical manufacturing and sustainability. high expectations cannot recommend Alantra more
Provalliance generates revenues under members have supported over the last ten Medik8 is focused on enhancing its strong
its brands of approximately €1.5bn. The years relationships within the professional
highly.
group employs nearly 7,000 people. • This transaction also demonstrates the beauty industry while growing digital
benefits of Alantra’s full service offering to channels in new international markets.
clients, including M&A, financing, and MIP Medik8’s expertise has enabled them
advisory with different teams mobilized to develop a range of high performance
skincare products focused on Vitamin
C, Sunscreen and Vitamin A, their “CSA”
philosophy.
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Investment Banking | Q1 2021
Case study: DR. THOMAS FAISST
Case study:
Sale of the world market Sale of a leading
CHAIRMAN OF THE ADVISORY BOARD
leader of saunas, pools and We would like to thank the
entire Alantra team for their
professionalism, precision
independent video game MICHAEL ROGERS
CO-FOUNDER | ASPYR
TED STALOCH
CO-FOUNDER | ASPYR
spas to Egeria and their charming customer
orientation. Over the course of
this project, they have been much
developer and publisher Our situation was unique as we
more than just a consultant to had a financing option on the table
us and we have made the right when the guys at Alantra reached
Deal description Deal description out to us. Understanding the
CLIENT decision in entrusting Alantra with CLIENT
KLAFS Alantra advised the shareholders of KLAFS, the this important project. Aspyr Media Alantra advised Aspyr Media, an independent timing sensitivity, Alantra pushed
world market leader for saunas, pools and spas, video game developer and publisher, on its sale extremely hard and got the deal
to Embracer Group AB for up to $450m
on the sale to Egeria Capital Management as part with Embracer signed in only 75
TRANSACTION TYPE of a structured succession solution. TRANSACTION TYPE
days! They worked around the
Sell-side advisory (M&A and debt) Sell-side advisory A successful outcome clock, across multiple time zones
A successful outcome • Alantra completed fast but thorough
– early mornings, late nights,
ACQUIRER ACQUIRER preparation to best position the company weekends – they did it all. I’m not
• Alantra structured a targeted auction
Egeria process with hand-picked European financial Embracer Group for bilateral negotiation with Embracer sure we’ve ever had a partner that
and global strategic investors focused on Group: a world-class independent video was as committed to the success
Client description finding the right partner for a successful Client description game publisher / developer with a long of our relationship as Alantra.
track-record of consistent, profitable growth,
KLAFS is the world’s largest succession solution for KLAFS Founded in 1996, Aspyr Media is an These guys are top notch…I would
and huge potential future upside brought by
manufacturer of high-quality integrated • An extensive banking exercise was STEFAN SCHÖLLHAMMER
independent developer and publisher the commercialization of unique tent-pole recommend them any day.
sauna systems, steam baths and conducted by Alantra’s debt advisory team, MANAGING DIRECTOR | KLAFS with more than 24 years’ experience in IPs that the Company recently acquired
complementary products and services. resulting in attractive bank and private debt connecting established IPs with new
The company focuses on customized packages audiences on all platforms. Aspyr has • Alantra established a competitive deal
and premium saunas and spas, worked with 2K Games since 2006 and structure with a highly attractive upfront
• With Egeria, Alantra found the right partner and earnout consideration structure which
addressing the main key purchasing I am convinced that with Egeria, has ported over 20 of 2K’s games and
for KLAFS’ journey. Egeria will provide the rewards seller for the steadily growing base
criteria of buyers: quality and comfort. expansion packs to various devices and
KLAFS wellness and spa systems can be
company with the financial backing and we have found the ideal partner consoles, including the Borderlands publishing business and guarantees upside
found in private households as well as
operational support to accelerate growth to continue our expansion in franchise and Sid Meier’s Civilization for the potential commercial success of
through further international expansion and the international sauna and spa pipeline titles
in hotels, fitness studios, leisure areas series.
acquisitions, while simultaneously enabling
and on cruise ships. Besides the KLAFS markets. Headquartered in Austin, Texas, • The deal team operated under a highly
continuity of operations with a minority
brand, the group also comprises Röger, compressed timeline: less than three
investment of the management team and Aspyr boasts a team of 140 seasoned
a brand focused on the medium-price months from project kick-off to the signing
the sellers developers led by its original founding
sauna segment, and SSF, a premium of definitive documents
team. In 2020, Aspyr posted revenues
swimming pool integrator.
of $40.6 million and $11.4 million of • The deal team anticipated and resolved
Operational EBIT. highly complex due diligence and
transaction issues and negotiated a highly
optimal tax structure and preferential cash/
stock mix for the sellers
8 9
Investment Banking | Q1 2021
Case study:
Acquisition of a famous
French fashion brand EDUARDO VELASCO
PARTNER | L CAT TERTON
Alantra’s advice and right balance
between market knowledge and
technical skills throughout the
CLIENT
Deal description deal were vital. Their execution
L Catterton Alantra advised the consumer-focused private excellence was invaluable in
equity house, L Catterton, on the acquisition of a completing the transaction so
majority stake in French fashion brand JOTT. quickly, given the tremendous
TRANSACTION TYPE
time pressure we had. Despite
Buy-side advisory (M&A and debt) a challenging environment, the
A successful outcome
Alantra team outperformed from
• Despite the difficulty of raising acquisition start to finish. They were with
COMPANY ACQUIRED
financing for a group operating in the
JOTT retail sector during the pandemic, Alantra
us at every step of the way and
structured a competitive financing process helped us achieve the outcome
Client description including banks, mezzanine lenders and we had all hoped for on this
Just Over The Top (“JOTT”) one of private debt funds proprietary project. We want to
the most successful French casual • Alantra also helped raise an additional RCF thank the entire team for their
outerwear brands. Founded in Marseille financing in parallel with the acquisition continued support.
in 2010, JOTT offers functional, financing process
comfortable, and versatile clothes,
• At the end of the process, L Catterton
most notably its distinct line of light
had two choices: senior + mezzanine or
down jackets. The brand has been a
unitranche. The latter structure was chosen
forerunner in the advent of the premium
urban casualwear concept. JOTT is • Alantra’s debt financing team worked
distributed through 100 concept stores closely with L Catterton’s execution team
across France, Spain, Portugal, Benelux, through all the financing modelling aspects
Switzerland and China and is present in and the legal documentation negotiation to
more than 1,000 point of sales globally. get the best terms for our client
The pandemic has had a very limited
impact and in 2020 the brand generated
turnover of over €70m.
10 11
Credit Portfolio Advisory | Q1 2021
Alantra’s Credit Portfolio Advisory team is the leading portfolio advisory unit in
Europe, having strong local presence across the UK, Spain, Ireland, Italy, Portugal,
Greece, Brazil and China. The team is dedicated to transaction execution, structuring,
pricing, modelling and data enhancement in relation to credit portfolios and banking
platforms. They advised on more than 90 transactions for a total volume of over
€62bn in the last two years.
6 c.€20Bn 170 Case study:
DEALS ADVISED DEALS ADVISED DEDICATED PROFESSIONALS
IN 2021 TOTAL FACE VALUE
Second largest rated NPE
Noteworthy transactions advised in Q1 2021
securitization in Europe FRANCESCO DISSERA ,
MANAGING DIRECTOR &
HEAD OF SECURITISATION | ALANTRA
Deal description
CLIENT
Project Galaxy, the second largest rated NPE
Alpha Bank securitization in Europe, with a total GBV of
Project Galaxy Project Vega €10.8bn comprises non-performing multi-asset
loans at varying stages of restructuring and This transaction confirms
TRANSACTION TYPE
Securitization enforcement processes. This is also the first Alantra’s unique position as the
NPE securitization Mezzanine securitization securitisation for Alpha Bank that is enrolled to the
leading advisor in supporting
Hellenic Asset Protection Scheme (“Hercules”).
ACQUIRER
European issuers and investors
Davidson Kempner in structured NPL trades,
A successful outcome
Co-arranger and financial lead advisor to the deal, Project Galaxy is the second Co-arranger and financial lead advisor to the deal, Vega’s portfolio consists of including securitisations. It
• The Galaxy SPVs issued 3 classes of Notes’
largest rated NPE securitization in Europe three special purpose vehicles, with a total gross book value of c.€4.9bn
notional amounts as per following: Senior is also a great testament to
Client description
€10.8 billion €4.9 billion Notes of €3.8 billion, Mezzanine and Junior the benefit of having APS
2021 2021 The Alpha Bank Group is one of the Notes of €7 billion, with Alpha Bank retaining
leading Groups of the financial sector
support schemes in place to
100% of the Senior securitization notes
in Greece. The Group offers a wide deleverage European NPEs, and
• 51% of the Mezzanine and Junior
range of high-quality financial products
securitization notes will be sold to an entity the continued interest of global
and services, including retail banking,
SMEs and corporate banking, asset managed and advised by Davidson Kempner investors in these exposures.
management and private banking, the for a consideration payable in cash, at an
distribution in the financial insurance aggregate valuation for 100% of those notes
of €40 million. The total proceeds for Alpha
Project Dakar Project Monza products, investment banking, brokerage
Bank including the Senior notes and the
and real estate management. The parent
company and main bank of the Group is sale price of the Mezzanine and Junior notes
Alpha Bank, which was founded in 1879 correspond to c.35% of the total gross book
Sell-side advisory – NPL Private Securitization
by J.F. Costopoulos. value of the portfolio sold
Alpha Bank constitutes a consistent point • Alpha Bank will retain 5% of the Mezzanine
CONFIDENTIAL of reference in the Greek banking system and Junior securitization notes, to comply
with one of the highest capital adequacy with risk retention rules and intends to
Lead financial advisor to BBVA on the sale process of a mixed portfolio with €700 Private securitisation of long-term car rental services ratios in Europe, and today it operates distribute 44% of the remaining notes to
million of Face Value to KKR & Co. Inc.. shareholders
in Greece, Cyprus, Romania, Albania,
€700 million N/A Luxembourg and the UK. It employs more
2021 2021 than 10,500 employees internationally.
12 13
About Alantra
Alantra is a global alternative asset management, investment banking, and credit
portfolio advisory firm providing high value-added services to companies, families,
and investors operating in the mid-market segment.
24 35+ 525+
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P OSSIBILIT Y IS IN THE A SCENT China Ireland Portugal United Kingdom
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France
Alantra is a global investment banking, credit portfolio advisory and alternative asset management firm focusing on the mid-market
with offices across Europe, the US, Latin America and Asia.
© COPYRIGHT 2021 alantra.com
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