CapMan Buyout update

Transcription

CapMan Buyout
Markus Sjöholm
Senior Partner, Deputy Head of CapMan Buyout
Forward-looking statements and disclaimer
Certain statements included in this material, including, without limitation, statements regarding
future performance of the company, expectations regarding market growth and trend projections
as well as any statements preceded by the words ”expect”, ”believe”, ”foresee” or similar
expressions are forward-looking statements. By their nature, forward-looking statements involve
risks and uncertainties because they relate to events and depend on circumstances that will
occur in the future. Therefore, actual results may differ materially from the results that are
expressed or implied by these forward-looking statements. CapMan Plc assumes no obligation to
update such forward-looking statements except as required by mandatory law. Nothing in this
presentation constitutes investment advice or an offer to sell or the solicitation of an offer to buy
any securities or otherwise to engage in any investment activity.
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31 March 2011
CapMan CMD 2011 - CapMan Buyout
The Buyout team
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Contents
• Team development and focus
• Business and market review
• Case Design-Talo
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The role of the buyout partnership
15
Partners and Senior Partners
Overall responsibility
for the Buyout investment operations and strategy
Nominates
Head of Team and Deputy Head of Team
Appoints the members
of Investment Committee and Value Creation Committee
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Investment focus on middle market buyouts
Middle Market: EV €50-250 million
Nordic Presence
Control Investments
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New team leadership
Kai Jordahl
Head of
CapMan Buyout
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Markus Sjöholm
Deputy Head of
CapMan Buyout
Small Investment Committee for increased agility
6 Partners and Senior Partners
– Investments, add-ons and exits
– Investment strategy
Head: Heikki Westerlund
Senior Partner, Chairman of CapMan Plc Board
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Value Creation Committee for case team support
5 members
– Challenges and supports case teams
– Fund and Portfolio management focus
– Verify value creation measures
Head: Tuomo Raasio, Senior Partner
– VCC is an informal and non-decision-making committee
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Continuous improvement of performance
Active Ownership Initiative
– Best Practices
– Lectures and Seminars
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Contents
• Market and business review
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Buyouts in the Nordic region nearly doubled in 2010
Number of buyout deals
in Nordic region
#
100
80
61
60
33
40
20
0
2005
2006
2007
2008
2009
2010
Source: unquote’’ European Buyout Review 2011 and Private Equity Barometer Q4 2010, Preliminary quarterly data.
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31 March 2011
Debt-to-EBITDA ratios slightly increasing
Equity contribution
60 %
50.6%
50 %
40 %
33.6%
30 %
20 %
10 %
0%
2006
2007
2008
2009
2010
Average equity contributions as of total EV in European buyouts
* European buyouts (EV<250MEUR)
Source: S&P LCD European Leveraged Buyout Review 2010. 2010 EVCA Buyout Review October 2010
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Leverage ratios increasing
Leverage ratios in small & mid-sized transactions
6,0x
5,0x
4,0x
5,6x
4,9x
4,7x
4,0x
4,7x
3,8x
3,6x
3,2x
4,0x
3,5x
3,0x
2,0x
1,0x
0,0x
2006
2007
Debt/EBITDA
2008
2009
Senior Debt/EBITDA
2010
* European buyouts (EV<250MEUR)
Source: S&P LCD European Leveraged Buyout Review 2010. 2010 EVCA Buyout Review October 2010
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Proactive Nordic deal flow generation
Deal flow by source
48 %
CapMan or entrepreneur/management
*Over
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52 %
Intermediary*
760 Finnish, Swedish or Norwegian investment opportunities analysed by CapMan Buyout between 2003–2010.
Source through auction, advisor and other private equity investor.
Proactive Nordic deal flow generation
Deal flow by country
33 %
35 %
32 %
Finland
Norway
Sweden
Over 760 Finnish, Swedish or Norwegian investment opportunities analysed by CapMan Buyout between 2003–2010.
Source through auction, advisor and other private equity investor.
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5 new Buyout investments in 2010 and 2011
Heavy crane &
transport
Care services
Bathroom
equipment
+ 6 add-on investments
made by four buyout portfolio
companies
AV equipment rental
and events organiser
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Pre-fabricated
houses
7 Buyout exits in 2010: €201m, 2.4x, 20.3%
Travel retail
Partial exit from Lumene and Farmos
Cosmetics and chemicals
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Clothing retail
Partial exit (IPO)
Suit
producer
+ Sale of Norsk Kylling
Financial management
& payroll services
Medical supplies
Strong growth in portfolio profitability
Median change in Net Sales and EBITDA*
40 %
30 %
20 %
10 %
0%
-10 %
-20 %
-30 %
Net Sales
2008-09
EBITDA
2009-10
* Based on 22 out of 27 CapMan Buyout portfolio companies, with 5 excluded due to a holding period of less than 18 months.
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CapMan Equity VII (2002)
• Focus on exits
Portfolio
Exits and partial exits
Partially exited.
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Portfolio development in CapMan Equity VII
31 December 2010
Net sales development
EBITDA development
(indexed, aggregate for unrealised investments*)
250
175
225
150
200
+55%
125
175
+129%
150
100
125
75
100
75
50
50
25
25
0
0
Entry
2011E
Entry
2011E
*7 unrealised investments that have been in CapMan Equity VII funds portfolio over one year. Lumene and Ordyhna have been excluded from the current portfolio
due to major part of the business has been divested or shareholding in the company has significantly decreased. Average holding period 4.4 years.
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CapMan Buyout VIII (2005)
• Focus on value creation
Portfolio
Exits
Partially exited.
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Portfolio development in CapMan Buyout VIII
31 December 2010
Net sales development
EBITDA development
150
150
125
125
+30%
100
100
75
75
50
50
25
25
0
0
Entry
2011E
+37%
Entry
2011E
*9 unrealised investments that have been in CapMan Buyout VIII funds portfolio over one year.
Curato figures are not available. Average holding period 4.4 years.
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CapMan Buyout IX (2008)
• Focus on value creation
• Still room for 2-3 new investments
Portfolio
+
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Contents
• Market and Business Update
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Strong growth fundamentals
Turn-key’s share of prefabricated detached houses*
12,0
35 %
30 %
30 %
10,0
25 %
8,0
20 %
6,0
15 %
4,0
10 %
2,0
5%
0,0
0%
2003
2004
2005
Prefabricated houses, '000
2006
2007
2008
Turn-key houses, '000
2009
2010
2011E
Turn-key %-share of prefab
* Turn-key’s (”Ready-to-move-in”) share of prefabricated detached houses starts per annum. Source: CapMan analysis.
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Market leader in turn-key segment
Design-Talo
20 %
Others 35 %
Älvsbytalot
18 %
Muurametalot
10 %
Kastelli 17 %
* Market shares in turn-key house starts in units, estimated in June 2010. Source: CapMan analysis.
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Increasing market share
30 %
27 %
28 %
24 %
25 %
20 %
23 %
20 %
20 %
15 %
15 %
15 %
2008
2009
10 %
5%
0%
2003
2004
2005
2006
2007
2010
Design-Talo %-turn-key market share
* Elements delivered from Nivala factory, 2010 figure estimated in June 2010
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Best in class profitability
M€
90
25 %
80
20 %
70
60
15 %
50
40
10 %
30
20
5%
10
0
0%
2008A
2009A
Net sales
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2010A
EBITDA %-margin
2011E
Value creation plan
Excellent platform for organic growth
Upside potentials identified during BDD
– Leisure homes
– Additional services
– Area development
– Market consolidation
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Way forward
Closing on 28 February 2011
Case Team
Tuomo Raasio, Markus Sjöholm and Antti Karppinen
Management
New CEO (Saku Sipola) and interim CFO
100 Days Programme initialized
–
Corporate Governance
– Final Business plan
– Action plan
Value Creation Committee review within 12 months
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31 March 2011
Buyout summary
Unique Nordic position
Most extensive track record
Partnership commitment to continuous
performance improvement
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31 March 2011
Thank you!

CapMan Buyout update

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