Testing, Inspection and Certification - Acquisitive consolidators create a seller s market -
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1 Testing, Inspection and Certification - Acquisitive consolidators create a seller s market -
2 TIC companies have an attractive business model with strong fundamental growth drivers Strong fundamental growth drivers... Global trade increases Migration of manufacturing companies asks for compliance with international standards fuel the rapidly growing TIC market The global (in-house and outsourced) TIC market has a total value of approximately EUR 144bn Expected growth of 10% per year in the coming 3 years¹ Protectionism increases standard and testing requirements Regulations and standards are imposed by governments Total TIC market: EUR 144bn Health and safety issues ask for high standards Outsourced TIC Market EUR 14bn EUR 29bn Top 10 players Product variety and shorter product life cycles result in more frequent testing and certification Quality requirements are boosted by the risk of reputation loss and social media Increasing outsourcing... bolsters growth in the outsourced TIC market Focus on core competences increases Technical complexity increases TIC companies are used as consultants to decrease the probability of malfunctions Quality and safety, external verification is seen as an asset to corporate transparency The outsourced part of the TIC market only accounts for around 20% (EUR 29bn)² The growth of the outsourced TIC market is driven by two different effects Increasing outsourcing The fundamental growth drivers which effect the total TIC market Outsourced Increasing outsourcing Fundamental growth drivers 1) Source: Neue Zűrcher Bank 2) Source: Goldman Sachs research estimates 1
3 Industry players are very acquisitive and consolidation is expected to continue Quotes by industry leaders In line with its strategy of consolidating and taking leading position in its markets, Eurofins continued to reinforce its presence in various regions in the first half of 2012 Eurofins Half Year Report 2012 We continue to invest in the TIC sector as it is a highly fragmented and growing global market, driven by globalization of trade movements and increasing quality verification The TIC market is still fragmented and is consolidating ABN AMRO SGS is targeting SFr 8b of revenue by 2014 to be reached via a combination of mostly organic growth, but also small/medium bolt-on acquisitions UBS 1) Source: Goldman Sachs 3i (Private equity firm) Targeted acquisitions belong to the Group's growth initiatives as set out in the BV2015 plan Bureau Veritas Half Year Report strategic p2012 Fragmented outsourced market is expected to consolidate further 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Top10 (EUR 14 bn) Outsourced mkt (EUR 29bn) The top 10 companies only have a combined market share of approximately 50% Consolidation is expected to continue: Others Socotec Apave TUV Nord DNV M&A activity has been geared towards small and medium sized bolt-on acquisitions in specific subsegments and geographies Financial sponsors have increasingly driven the acquisition landscape TUV Rheinland Intertek TUV Sud Dekra The top three TIC companies spend on average 30% of EBITDA per year ( ) on acquisitions¹ BVI SGS 2
4 1/03/10 1/05/10 1/07/10 1/09/10 1/11/10 1/01/11 1/03/11 1/05/11 1/07/11 1/09/11 1/11/11 1/01/12 1/03/12 1/05/12 1/07/12 1/09/12 1/11/12 1/01/13 Industry players are very acquisitive and consolidation is expected to continue Active M&A environment Date announced Target Acquirer Socotec Cobepa, Five Arrows Laboratorium Zeeuws-Vlaanderen B.V. Eurofins Scientific NDT Services Intertek Sercovam Tests Laboratory Group SGS Unicar GmbH Bureau Veritas Tecnicontrol S.A. Bureau Veritas Behavioral Science Technology, Inc Dekra Bytest Tüv Sud Stewart Group Limited ALS Laboratory Group Moody International Intertek TIC companies have vastly outperformed the market Double digit trading multiples Company names EBITDA EBIT 2012A 2013E 2012A 2013E Bureau Veritas 15,9x 14,3x 19,0x 16,6x Eurofins Scientific 13,7x 11,0x 20,5x 14,9x ALS Group 11,1x 11,4x 12,7x 13,4x Intertek Group PLC 14,9x 13,4x 18,2x 16,3x SGS Societe Generale de Surveillance SA 15,4x 13,3x 19,8x 17,0x STOXX GLOBAL 1800 Bureau Veritas Eurofins Scientific SGS Societe Generale de Surveillance Intertek Group Campbell Brothers Multiple average 14,2x 12,7x 18,1x 15,6x Multiple median 14,9x 13,3x 19,0x 16,3x High trading multiples of TIC companies allow value creating through acquisitions In the past three years all major listed TIC companies have outperformed the market This reflects the TIC market s strong profitability and growth potential 3
5 M&A International has ample experience in this industry Selection of recent M&A deals in the TIC market Case study buy-and-build of Alcontrol Laboratories M&A International partner Holland Corporate Finance executed several acquisitions for Alcontrol Laboratories as part of a buy-and-build strategy to become the leading environmental and food in Europe They initiated the sale of Alcontrol Laboratories to Bridgepoint Capital and advised the ultimate in this transaction Pavement testing and Safety and environmental monitoring Railway engineering the in-house environmental of Food and environmental Food and environmental Environmental The environmental activities of Anatomic testing Industrial inspections Food safety and quality management Environmental Food and environmental Food and environmental 4
6 M&A International has high level and frequent contacts at all major players 5
7 - Acquisitive consolidators create a seller s market - TIC companies have an attractive business model with strong fundamental growth drivers Industry players are very acquisitive and consolidation is expected to continue Small and medium sized TIC companies are operating in a seller s market and M&A International has ample experience in this industry M&A International is the right partner to assist the owners of these TIC companies in a sale process M&A International has high level and frequent contacts at all major players 6
8 M&A International, the world s leading alliance of independent advisory firms specialised in mid-market M&A Key facts on M&A International Meet our global TIC expert team The largest independent global M&A alliance Established in 1985 Operating in every major financial centre of the world 41 countries 47 firms Over 600 M&A professionals Currently working on more than 400 mandates Global sharing of expertise and information through intranet, databases, conferences and client events In 2012, M&A International closed 275 deals (70 crossborder) worth US$10.9 billion Global coverage Maarten Wolleswinkel President of M&A International Inc. Managing Partner Holland Corporate Finance Jonas P. Knudsen Managing Director Audon Partners, Denmark Head of Business Support Services Group Arjen Kostelijk Associate Director Holland Corporate Finance Hans Bethge Managing Partner Angermann Germany 7
9 Local address Holland Corporate Finance Strawinskylaan ZZ Amsterdam Local contact Arjen Kostelijk akostelijk@hcfinance.nl
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