1. Art and Diseño

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About ASCRI and the PE&VC sector in Spain
Voice of the Spanish
PE&VC GPs
GP Members
95
Founded in
1986
Team based in Madrid
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Public Affairs
Investor Relations,
Events and Communication
Venture Capital
Statistics and Training
Scope
The full range of PE&VC
activities from early stage
to the largest private
equity firms
ASCRI is the sector
reference in Spain with
the mission to create a
more favorable
environment for equity
investment &
entrepreneurship
2014 First Half Highlights:
Number of portfolio
companies 2,350
Number of Entities with
activity in the spanish market
•
•
•
104 Domestic private entities
80 International private
entities
17 Public entities
Volume invested: €1.1bn
Fundraising: €2.1bn
Exits: €1.1bn
Number of investments: 231
Number of exits: 70
2
Introduction
•
2014 – the year of the sector recovery.
•
In the second half of 2013 there was a change in trend, supported by a
gradual improvement in the key macro-economic indicators and the change
of perception by foreign investors regarding Spain.
•
This new cycle is reflected by the year-on-year growth in key variables, back
to 2010 levels.
•
The international investors’ commitment to Spanish companies and Venture
Capital/Private Equity funds is key for the sector growth.
3
Summary – Main Variables
1H 2013
€ MN
Seed / Start up
Replacement
Growth
LBO
Investment
(# Deals)
43.3 (103)
82.5 (1)
271.2 (158)
120.9 (6)
1H 2014
€ MN (# Deals)
31.4
241
484.5
417
(77)
(4)
(145)
(7)
1H 2013/
1H 2014
- 28%
+ 191%
+ 79%
+ 246%
€517.2MN
€1,173.7MN
+ 127%
268
231
- 14%
New Funds Raised(*)
€514MN
€1,936MN
+ 276%
 Divestment
€655MN
€1,769MN
+ 170%
Number of Deals
*Includes funds raised by private Spanish entities (€980MN), investments made by international investors (€880MN) and public resources (€76MN).
Source: ASCRI / Webcapitalriesgo
4
Investment
•
H1 2014 is characterized by the large investment appetite sparked by the many opportunities
offered by the Spanish market, at risk adjusted prices and some improvement in availability
of bank financing.
•
Total amount invested stands at 1,174 million Euros (+127% from H1 2013), spread out over a
total of 231 transactions (-14% from H1 2013).
•
Growth capital investment stands out (41% of total volume invested).
•
Progressive reopening of bank-supported financing. Buyout volume increased to €417MN
from €120MN in the first half of 2013. However, the number of buyouts closed remained
steady (5 in H1 2014).
•
90% of the investment transactions were directed towards SME financing at initial and growth
stages.
•
4 transactions exceeding €100MN, as compared to 1 in H1 2013, explain the H1 2014 YoY
growth.
•
Slight recovery of the Middle Market (€10 – 100MN). 11 transactions during the year as
compared to 5 in the first half of 2013. Of those 11 transactions, 8 were led by private
domestic funds.
5
Investment
354
316
232
1,500
1,142
1,136
675
289
307
889
241 1,399
270
300
287
231
1,174
1,102
250
200
150
517
500
100
Volume (€MN)
H2 2012
H1 2012
H2 2011
H1 2011
H2 2010
H1 2010
H2 2009
50
H1 2009
0
350
1,858
H1 2014
1,000
327
# Transactions
293
400
2,092
H2 2013
2,000
2,299
H1 2013
Volume (€MN)
2,500
0
# Transactions
The investment volume reached 1,174 million Euros (+127% from H1 2013), similar
to 2010 levels.
6
Source: ASCRI /webcapitalriesgo
Investment by Type of Investor
Investment Volume by Type of Investor
# Transactions by Type of Investor
2,500
400
350
Number of Deals
1,500
1,000
500
250
200
150
100
International Entity
Domestic Private Entity
Domestic Public Entity
International Entity
Domestic Private Entity
Domestic Public Entity
The activity of international investors in 20 transactions accounted for 75% of
investment volume in H1 2014.
7
Source: ASCRI /webcapitalriesgo
H1 2014
H2 2013
H1 2013
H2 2012
H1 2012
H2 2011
H1 2011
H2 2010
H1 2010
0
H2 2009
H1 2014
H2 2013
H1 2013
H2 2012
H1 2012
H2 2011
H1 2011
H2 2010
H1 2010
H2 2009
50
H1 2009
0
300
H1 2009
€MN
2,000
Investment by stage (Volume)
3,000
€MN
2,000
1,000
H1 2009 H2 2009 H1 2010 H2 2010 H1 2011 H2 2011 H1 2012 H2 2012 H1 2013 H2 2013 H1 2014
Seed and Start Up
Growth
Replacement
LBO
By investment volume, growth capital stands out (41% of total invested volume).
8
Source: ASCRI /webcapitalriesgo
Investment by Stage (# Transactions)
# Transactions
500
400
300
200
100
H1 2009 H2 2009 H1 2010 H2 2010 H1 2011
Seed and Start Up
H2 2011 H1 2012 H2 2012 H1 2013 H2 2013 H1 2014
Growth
Replacement
LBO
Financing of companies at seed, start up and growth phases remains
predominant.
9
Source: ASCRI /webcapitalriesgo
Investment by Size of Transaction (# Transactions)
# Transactions
400
294
300
254
254
217
209
200
100
11
0
6
5
H1 2012
3
13
10
10 6
4
H2 2012
0 - 5 (€MN)
5-10 (€MN)
15
2
3
H1 2013
10 - 25 (€MN)
1
11 3
4
H2 2013
25 - 100 (€MN)
7
9
2
4
H1 2014
+100 (€MN)
Investments in SMEs remain predominant (90% of transactions were lower than
€5MN).
10
Source: ASCRI /webcapitalriesgo
Investment by Sector – H1 2014
Volume
40%
19%
16%
8%
4%
4%
3%
2%
Healthcare
4.8% Biotecnolo
Biotechnology
6,1%
6.1%
Otro
Other Services
6.1%
IT
41.6%
C
Communications
6.5%
# Transactions
Prod
Consumer
Goods
10.0%
Fuente: ASCRI /webcapitalriesgo
Industrial Products and Services
10.4%
11
Source: ASCRI /webcapitalriesgo
Technology Investment
Venture Capital/Private Equity Transactions
H1 2014
Venture Capital/Private Equity Investment Volume
H1 2014
Total VC&PE Sector
Technology
NON-Technology
Total VC&PE Sector
VC Only (seed + start up +
other initial phases)
Technology
NON-Technology
Total Venture Capital
2013
Volume (MN)
%
1,002
43%
1,355
57.50%
2,357
100%
2013
Volume (MN)
170
38.5
208.5
H1 2014
Volume (MN)
%
169
14.40%
1004.9
86%
1,173.9
100%
2013
# Deals
388
155
543
H1 2014
%
82%
18.50%
100%
Volume (MN)
94
5.1
99.1
%
95%
5%
100%
%
72%
29%
100%
2013
#Deals
323
54
377
H1 2014
# Deals
%
162
70%
69
30%
231
100%
H1 2014
%
86%
14%
100%
# Deals
141
21
162
%
87%
13%
100%
12
Source: ASCRI /webcapitalriesgo
Investment by Region – H1 2014
Volume
€5.8
€13.7 MN
€0
€217
MN €2.5
MN
0
€1.9 MN
€517 MN
€5 MN
€214
MN
€0.5MN
€3MN
0
€1.1 MN
€1.2 MN
€132.6 MN
The regions with the highest investment volume were Catalonia (46%), Madrid
(19%), and the Basque Country (19%). By number of transactions Catalonia (56),
Madrid (55), and Galicia (16) led the rankings.
13
Source: ASCRI /webcapitalriesgo
Main Private Equity Investments (published)
Eurazeo
PORTFOLIO
COMPANY
Desigual
Consumer Goods
TYPE OF
TRANSACTION
Growth
KKR
Port Aventura
Hospitality/Leisure
Replacement
Arclight Capital
Bizkaia Energía
Energy
Buyout
CVC
Deoleo
Consumer Goods
Buyout
Magnum
Nace
Services
Buyout
Springwater
Aernova
Replacement
Springwater
Adveo (Unipapel)
Industrial Products
and Services
Consumer Goods
Buyout
Magnum
Geriatros
Healthcare
Buyout
Springwater
Hospitality/Leisure
Buyout
Nazca
PullmanturNautalia
Gestair
Transportation
Growth
Diana Capital
Gocco Confec
Consumer Goods
Growth
Proa Capital
Rotor
Componentes
tecnologicos
Forus
PE FIRM
BPEP
SECTOR
Consumer Goods
Services
Growth
Buyout
14
Source: ASCRI /webcapitalriesgo
Main Venture Capital Investments (published)
VC FIRM
PORTFOLIO
COMPANY
SECTOR
Accel / Active
Venture Partners
TYPE OF
TRANSACTION
Packlink
Internet
VC Growth
Inveready
Bilua
Internet
VC Growth
Seaya
Maxi Mobility Spain
(Cabify)
Internet
VC Growth
Partech / Idinvest
/Cabiedes
Kantox
Internet
VC Growth
Ysios
Kala Farma
Biotechnology
VC Growth
Axon
Iyogi
IT
Start up
Internet
VC Growth
Onza / Kibo /Qualitas Eshop
Source: ASCRI /webcapitalriesgo
Nauta
Forcemanager (Tritium
IT
Software)
VC Growth
CR Biotech
Mecwins
Biotechnology
VC Growth
Adara
Stratio Big Data
IT
Start up
CR Biotech
Nuubo (Smart
Solutions
Technologies)
Healthcare:
Instruments/
Equipment
Start up
Axon / Caixa CR
Byhours
Internet
VC Growth
Repsol New Ventures
Scutum Logistic
/ Caixa CR
Energy
VC Growth
Axon
Akamon
Internet
Start up
Iberdrola VenturesPerseo
Qbotix
Energy
VC Growth
Caixa Capital Riesgo Gigas
Internet
Start up
Kibo
Promofarma
Internet
Seed
Riva y Garcia
Nlife
Biotechnology
Start up
Axon
Pidefarma
Internet
Start up
Active
Percentil
Internet
Start up
Caixa Capital Riesgo /
Start Up Capital
Getting Robotik
Industrial Products
and Services
Start up
15
Fundraising
•
Total fundraising in Spain in the first half of 2013*: €1,9BN (+276% from H1 2013).
•
International investor interest together with the opening of the public fund of funds FOND
ICO Global, holding €1.2BN**, has been the push that the sector needed to spark private
national fundraising.
•
In the first half of 2014 the funds raised by private national firms were €980MN, which meant
year-on-year growth of +666% from the €128MN raised in H1 2013; back to 2006-2008 levels,
when all-time highs were reached.
•
A majority of the national private fundraising focused on Growth/ Buy-out Capital funds
(Corpfin Capital, Portobello, Miura, Suma Capital and Sherpa).
•
…Although new Venture Capital funds are still being raised (Caixa Innvierte Biomed, Onza
Capital, Axon ICT II, Inveready First Capital II...)
•
In total there are 201 active firms in the Spanish VC&PE market, 104 of which are national
firms with a majority of private capital, 17 are national with a majority of public capital, and 80
are international, 18 of which have office in Spain.
*Total funds raised by private Spanish entities (€980MN), total investments made during the year by international investors (€880MN), and public resources
from Public National and Regional Budgets for public VCs&PEs entities (€76MN).
** In its two first allocations, Fond ICO Global contributed a total of €437MN to 14 Venture Capital & Private Equity firms.
16
Fundraising of domestic VC&PE entities
€980MN - Funds raised by Private Spanish Venture Capital & Private Equity firms.
Fundraising for financing companies in Growth and Consolidation stages has
returned.
17
Source: ASCRI /webcapitalriesgo
Fundraising by type of investor- national VC&PE private entities
Public sector, Corporate investors and pension funds were the main contributors
of the resources.
53% of new funds raised by domestic private entities came from international
LPs.
18
Divestment
•
Foreign investor appetite, both from industrial and financial players, opening up
of debt and securities markets, and attractive company valuations for both
sellers and buyers increased divestment activity.
•
Divestment in Spain throughout the first half of 2014 (at cost price) reached
€1,769MN (+170% from H1 2013), spread out over 102 transactions.
•
Most divestments were made by international firms, totaling €1,114MN in 16
transactions. The mechanisms most frequently used by these entities were, in
terms of volume, “Trade sale” (52%) and “IPO” (32.9%).
•
Private national investors divested a total of €621MN in 56 transactions, with
“Trade sale” (48%) and “Post IPO sale of trade shares” (19.7%) standing out.
Finally, public national investors divested a total of €34MN in 30 transactions.
19
Divestment
Semi-Annual Divestment (Full & Partial)
2,500
1,989
1,167.2
H1 2014
655.1
H2 2013
H2 2012
H1 2012
H2 2011
H1 2011
569.9
H1 2013
706.6
938.2
H2 2010
0
H1 2010
500
1,034.93
408.8
282.8
H2 2009
1,000
1,769.85
583.3
1,500
H1 2009
€MN
2,000
The most commonly used divestment method (based on volume) was “Trade
sale” (56%, e.g. Mivisa, Inaer, Everis, Cunext Copper Industries, El Tenedor,
and MasMovil), followed by “Stock Market” (27.6%, e.g. eDreams, Applus), and
“Sale to VC&PE entity” (8%, e.g. Port Aventura, Nace, Rotor).
20
Source: ASCRI /webcapitalriesgo
Outlook
•
Fundraising will remain steady, driven by the upcoming calls of Fond ICO Global,
international investors’ interest in Spain, and by good divestment figures.
•
The investment pace has been slow but surely recovering thanks to the increase
in resources available for investment, progressive reopening of loans, and
opportunities in the national market.
•
In June 2014, a Bill on the regulation of Venture Capital & Private Equity Entities
was passed, giving the sector a renewed framework for action, which provides
investors with greater security, new and more flexible legal forms and
transposing the Community Directive on alternative investment fund managers
(AIFMD), which will allow for use of the “European Passport” as well as for funds
to be marketed and managed across the entire European Union.
21
Entities covered by statistics (1)
DOMESTIC PRIVATE ENTITIES
VC&PE Management Companies (S.G.E.C.R.)
52)
AC Desarrollo, SGECR
53)
Activa Ventures, SGECR, SA
VC&PE Companies (S.C.R)
Active Venture Partners, SGECR, SA
54)
Adara Venture Partners
55)
Addquity Growth Capital, S.A.
56)
1) Activos y Gestión Empresarial, SCR, SA
Ahorro Corporación Infraestructuras
57)
2) ADE Gestión Sodical SCR SA
Ambar Capital y Expansión SGECR S.A.
58)
3) Aldebarán Riesgo SCR de régimen simplificado
Artá Capital SGECR, SA
59)
4) Arico 99 SCR
Atitlan Capital, SGECR, SA
60)
5) Arnela Capital Privado SCR de Régimen Simplificado
Atlas Capital Private Equity SGECR, SA
61)
6) BBVA Ventures
AXIS Participaciones Empresariales, SGECR, SAU.62)
7) Cabiedes & Partners SCR, de régimen simplificado, S.A.
Axón Capital e Inversiones SGECR, SA
63)
8) CMC XXI SA, SCR Sociedad de Régimen Simplificado
Banesto SEPI Desarrollo F.C.R.
64)
9) Compas Private Equity
Bankinter Capital Riesgo, SGECR (Intergestora) 65)
10) Corporación Empresarial de Extremadura, SA
Baring Private Equity Partners España, SA
66)
11) Fides Capital, SCR, SA
16) BS Capital
67)
12) FIT Inversión en Talento SCR de Régimen SimplificadoL S
17) Bullnet Gestión, SGECR, SA
68)
13) Grupo Intercom de Capital, SCR, SA
18) Caixa Capital Risc SGECR, SA
69)
14) Grupo Perseo (Iberdrola)
19) Cajastur Capital
70)
15) Infu- capital SCR de Régimen Simplificado
20) Cantabria Capital SGECR, S.A
71)
16) Innova 31, SCR, SA
21) Capital Grupo Santander SGECR, SA
72)
17) Inversiones ProGranada, SA
22) Clave Mayor SGECR, SA
73)
18) INVERTEC (Societat Catalana d'Inversió en Empreses de Base Tecnològica, SA) 23) Cofides
74)
19) Investing Profit Wisely
24) Corpfin Capital Asesores, SA, SGECR
75)
20) Landon Investment
25) CRB Inverbío SGECR
76)
21) Madrigal Participaciones
26) Cross Check
22) Murcia Emprende Sociedad de Capital Riesgo, SA
23) Najeti Capital, SCR, SA
24) Navarra Iniciativas Empresariales, SA (Genera)
25) Repsol New Energy Ventures
26) Ricari, Desarrollo de Inversiones Riojanas S.A
27) Sadim Inversiones
28) SEPI Desarrollo Empresarial, SA (SEPIDES)
29) Sinensis Seed Capital SCR, S.A
30) Sociedad de Desarrollo de las Comarcas Mineras, S.A (SODECO)
31) Sociedad de Desarrollo Económico de Canarias, SA (SODECAN)
32) Sociedad de Desarrollo de Navarra, SA (SODENA)
33) Sociedad para el Desarroll
o Industrial de Aragón, SA (SODIAR)
34) Sociedad para el Desarrollo Industrial de Castilla
-La Mancha, SA (SODICAMAN)
35) Sociedad para el Desarrollo Industrial de Extremadura, SA (SODIEX)
36) Sociedad de Fomento Industrial de Extremadura, SA
37) Sociedad Regional de Promo
ción del Pdo. de Asturias, SA (SRP)
38) Soria Futuro, SA
39) Telefónica Ventures
40) Torreal, SCR, SA
41) Unirisco Galicia SCR, SA
42) Univen Capital, SA, SCR de Régimen Común
43) Up Capital
44) Vigo Activo, S.C.R. de Régimen Simplificado, S.A.
45) VitaminaK Venture Capital SCR de régime
n común, S.A.
1)
2)
3)
4)
5)
6)
7)
8)
9)
10)
11)
12)
13)
14)
15)
27)
28)
29)
30)
31)
32)
33)
34)
35)
36)
37)
38)
39)
40)
41)
42)
43)
44)
45)
46)
47)
48)
49)
50)
51)
Diana Capital, SGECR, SA
EBN Capital SGECR, SA
Eland Private Equity SGECR SA
Espiga Capital Gestión SGECR, SA
Finaves
GED Iberian Private Equity, SGECR, SA
Gescaixa Galicia, SGECR, SA
Gestión de Capital Riesgo del País Vasco, SGECR, SA
Going Investment Gestión SGECR
Highgrowth, SGECR, SA
Hiperion Capital Management, S.G.E.C.R., S.A.
Institut Català de Finances Capital SGECR (ICF)
Invercaria Gestión
Inveready
Kibo Ventures
Magnum Industrial Partners
MCH Private Equity, SA
Miura Private Equity
Nauta Tech Invest
Nazca Capital, S.G.E.C.R, SA
Neotec Capital Riesgo
Next Capital Partners, SGECR, S.A
Nmás1 Capital Privado, SGECR, SA
Nmas1 Eolia SGECR, SA
Ona Capital
Oquendo Capital
PHI Industrial Acquisitions
Portobello Capital
Proa Capital de Inversiones SGECR, SA
Qualitas Equity Partners
Realza Capital SGECR, SA
Riva y García Gestión, SA
Seaya Ventures
Santander Central Hispano Desarrollo, SGECR, SA
Seed Capital de Bizkaia, SA
SES Iberia Private Equity, SA
Sherpa Capital Gestión
SI Capital R&S I SA,SCR de Régimen Simplificado
Suanfarma Biotech SGECR
Suma Capital Private Equity
Taiga Mistral de Inversiones
Talde Gestión SGECR, SA
Thesan Capital
Torsa Capital, SGECR, S.A.
Uninvest Fondo I+D
Valanza
Venturcap
Vista Capital de Expansión, SA
XesGalicia SGECR, SA
Ysios Capital Partners
22
Entities covered by statistics(2)
DOMESTIC PUBLIC ENTITIES
1. AXIS Participaciones Empresariales, SGECR, SAU.
2. Cofides
3. Gestión de Capital Riesgo del País Vasco, SGECR, SA
4. Invercaria Gestión
5. INVERTEC (Societat Catalana d'Inversió en Empreses de Base Tecnològica, SA)
6. Sadim Inversiones
7. Seed Capital de Bizkaia, SA
8. SEPI Desarrollo Empresarial, SA (SEPIDES)
9. Sociedad de Fomento Industrial de Extremadura, SA
10. Sociedad de Desarrollo de Navarra, SA (SODENA)
11. Sociedad de Desarrollo de las Comarcas Mineras, S.A (SODECO)
12. Sociedad de Desarrollo Económico de Canarias, SA (SODECAN)
13. Sociedad para el Desarrollo Industrial de Aragón, SA (SODIAR)
14. Sociedad para el Desarrollo Industrial de Castilla-La Mancha, SA (SODICAMAN)
15. Sociedad para el Desarrollo Industrial de Extremadura, SA (SODIEX)
16. Sociedad Regional de Promoción del Pdo. de Asturias, SA (SRP)
17. XesGalicia SGECR, SA
23
* Entidades internacionales con oficina abierta en España
Entities covered by statistics (3)
WITH OFFICE IN SPAIN
1)
2)
3)
4)
5)
6)
7)
8)
3i Europe plc (Sucursal en España)
Advent International Advisory, SL
Blackstone
Bridgepoint
CVC Capital Partners Limited
Demeter Partners
Doughty Hanson
Ergon Capital
10)
11)
12)
13)
14)
15)
16)
17)
18)
Investindustrial Advisors, S.A.
Kohlberg Kravis Roberts (KKR)
L Capital
Oaktree Capital Management, L.P
PAI Partners.
Permira Asesores
Riverside España Partners, S.L.
Springwater Capital
The Carlyle Group España, SL
9) Harvard Investment Group Capital (HIG)
WITHOUT OFFICE IN SPAIN
1)
2)
3)
4)
5)
6)
7)
8)
9)
10)
11)
12)
13)
14)
15)
16)
17)
18)
19)
20)
Accel Partners
Apax Partners España, SA
Argos Soditic
Arle Capital Partners
Atomico
Avalon Ventures
Bain Capital
Balderton Capital
Bertelsmann SE & Co
Boehringer Ingelheim
Boston Seed Capital
Bruckmann, Rosser, Sherrill & Co
CCMP Capital Advsors
Coral Group
Correlation Ventures
Costanoa Venture Capital
Crédit Agricole Private Equity
Data Collective VC
DLJ South American Partners
Elaia Partners
INTERNATIONAL ENTITIES
21)
22)
23)
24)
25)
26)
27)
28)
29)
30)
31)
32)
33)
34)
35)
36)
37)
38)
39)
40)
41)
42)
43)
44)
45)
46)
47)
48)
49)
50)
51)
52)
53)
54)
55)
56)
57)
58)
59)
60)
61)
62)
First Reserve
General Atlantic
GGM Capital
GGV Capital
Goldman Sachs
Greylock Partners
G Square
HG Capital
Highland Capital Partners
Horizon Ventures
Hutton Collins
Idinvest Partners
Index Ventures
Insight Venture Partners
Intel Capital
Javelin Venture Partners
JZ International
Kennet Partners
Kleiner Perkins C&B
Kurma Partners
Magenta Partners
Maveron
Open Ocean
Oxford Capital Partners
Palamon Capital Partners
Partners Group
Providence Equity Partners
QED Investors
Quadrangle Group LLC
Scope Capital Advisory
Sequoia Capital
Sigma Partners
Smart Ventures
Spark Capital Partners
Sun Capital
Thomas H. Lee Partners
Tiger Global Management
Top Tier Capital
Trident Capital
Trilantic Partners
Triton Investment Advisers
Warburg Pincus
24
Thanks to Corpfin Capital for sponsoring this presentation
25
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28006 Madrid
Telf. 91 411 96 17
www.ascri.org
26