羅蘭貝格（Roland Berger）：2018私募股權投資報告（英文版）(9頁).pdf

1、PRIVATE EQUITY NewsletterQUARTERLY SPECIAL | EDITION 4/2018 CLOSED DEALS in 2018 within the German-speaking region NEW DEAL FLOW January - December 2018 in German-speaking region MOST RECENT STUDIES by Roland Berger Private Equity Newsletter Quarterly Special | Edition 4/2018 Roland Berger 2 We hope

2、 you had a good start to 2019, closing recent deals and investigating new opportunities. This edition of the Newsletter provides an overview of the deal flow in the fourth quarter of 2018 and examines various developments influencing the private equity market. Additionally, it provides an overview o

3、f recent Roland Berger studies. PE-related deal activity within the German-speaking region was again very strong in 2018 with 205 closed deals, matching the level of 2017. New deal flow held up well throughout the entire year. In terms of industries, deal activity was highest in Engineered products

4、and Consumer goods, fol- lowed by IT/Telecommunication and Healthcare; in comparison, Transportation, Chemicals and Energy displayed a lower deal activity while Automotive remained solid. During 2018, macroeconomic indicators across Europe developed slightly unfavorably. Grow- ing political worries

5、and related implications for the global economy resulted in a few clouds on the horizon. Although, the US reached an all-time peak thanks to buoyant consumer spending, growth in the rest of the world appeared to be slowing down. China and the US risked a trade war as the US imposed tariffs on Chines

6、e products and China responded with tariffs of its own. Addi- tionally, the US imposed duties on various import products (e.g., steel) from Europe, Canada, Mex- ico and other countries. And the outcome of the ongoing Brexit negotiations still remains unclear. Political instability in Italy further i

7、mpacted the global markets and may also raise the concerns of investors going forward. The most recent study by Roland Bergers Operations Practice addresses the hot topic “Adaptive Operations Why the Next Crisis shouldnt be a Crisis”. Companies appear to increasingly lose the ability to react organi

8、cally and adaptively to external changes and trends. Therefore, they lose their agility, the skill to co-evolve with their environment. Often enough, a crisis does not have to be a crisis if a permanent adaptation becomes the imperative trend and “Operations” is used as the backbone. With this study

9、, decision makers obtain concrete recommendations to drive profitabil- ity and to mitigate risks tailored to the specific industrys trends. Other recent studies address topics around the mega trends of artificial intelligence. Publica- tions include “10 theses about AI A companies eye view of the fu

10、ture of AI” and “Riders on the storm: Procurement as a driving force of AI” as well as digitalization with “Business ecosystems Partnership of equals for corporates, SMEs and startups”. The study “On a wing and a prayer? Challenges and opportunities in the aerostructure supplier industry” takes a vi

11、ew on consolidation opportunities via a buy-and-build strategy and investment options in the aerospace market. The Roland Berger Investor Support Practice wishes you a good flow of leads and successful transactions in 2019, with which we are looking forward to supporting you wherever we can. Yours s

12、incerely Dear Friends, dear Clients, Dr. Thorsten Groth Dr. Gerd Sievers Marc Hesse Dr. Sascha Haghani Christof Huth Sven Kleindienst Sebastian Haine Christof Huth Dr. Gerd Sievers Marc Hesse Dr. Sascha Haghani Dr. Thorsten Groth Sven Kleindienst Sebastian Haine Private Equity Newsletter Quarterly S

13、pecial | Edition 4/2018 Roland Berger 3 CLOSED DEALS IN GERMAN-SPEAKING REGION 2001 - 2018 # closed PE-relevant deals Source: Roland Berger 2001 40 2002 74 2003 81 2004 104 2005 100 2017 2018 204 205 2006 163 2007 166 2008 122 2010 136 2011 113 2012 125 2015 161 2016 168 2013 110 2014 119 2009 79 Cl

14、osed deals for 2018 The number of closed deals in 2018 amounted to 205, which is at the previous years level. In 2018, the leading deal makers in terms of number of deals were Waterland Private Equity Invest- ments with seven deals, AFINUM and AUCTUS Capital Partners with six deals each, followed by

15、 capiton, H.I.G. Capital and Triton Partners with five deals each. AURELIUS and Nordic Capital record- ed four deals each. Deal activity in 2018 remains strong 32 Private Equity Newsletter Quarterly Special | Edition 4/2018 Roland Berger 4 118118122140 JunSepDec 22 13 11 3 3 14 14 18 18 39 34 30 Mar

16、 10 8 3 17 35 MayAugNov 18 13 10 8 14 15 40 28 46 Feb 35 6 26 67 AprJulOct 10 25 14 26 30 27 39 56 46 Jan 11 26 38 1 5 DEAL FLOW PER MONTH IN GERMAN-SPEAKING REGION Jan - Dec 2018 # deals by status Source: Roland Berger 2018 saw a continuously strong deal flow with 498 deals in total compared to 464

17、 deals in 2017 and was characterized by a stable deal flow, with peaks in the months of February and July. Following the strong activities of Q1 with 140 new deals coming onto the market, the deal flow slightly reduced during the second, third and fourth quarter with around 120 deals in each quarter

18、. Nevertheless, 2018 again represents another year with a very high level of PE activity in the German-speaking region. CurrentWithdrawnRumoredDormantClosed1 2018 1 The difference in “closed” deals in the deal flow statistic (on this page) compared to the “closed deals” statistic (on the preceding p

19、age) is due to the time delay between announced deals (in deal flow statistic) and legally closed and signed deals (in closed deals statistic) Private Equity Newsletter Quarterly Special | Edition 4/2018 Roland Berger 5 118118122140 7 77 14 6 9 6 10 15 39 56 3 7 AprJul 3 7 6 6 10 38 1 2 3 Jan 2 1 6

20、1 5 2 8 8 8 12 11 40 28 2 1 1 5 4 5 MayAug 8 5 4 1 14 21 1 67 4 9 Feb 6 1 4 3 10 39 Jun 7 1 1 2 3 7 4 9 34 Sep 8 6 2 3 6 16 46 Oct 9 1 4 5 8 13 46 Nov 6 3 1 10 10 30 Dec 7 2 2 7 14 35 2 Mar 1 1 3 DEAL FLOW PER MONTH IN GERMAN-SPEAKING REGION Jan - Dec 2018 # deals by industry Source: Roland Berger 5

21、 6 2018 IT/Telecoms Transportation OtherConsumer goods Chemicals AutomotiveEnergy Engineered products Healthcare The PE market in the DACH region once again saw the highest level of activity in the indus- tries Engineered products and Consumer goods (151 and 90 deals, respectively), followed by IT/T

22、elecommunication and Healthcare with 60 and 54 deals. Furthermore, Automotive recorded a very solid level of deal activity with 53 deals, while the Transportation, Chemi- cals and Energy industries showed a more moderate deal flow. Private Equity Newsletter Quarterly Special | Edition 4/2018 Roland

23、Berger 6 TARGETTARGET Deutsche Fachpflege doctari Dornier Consulting International DPG Deutsche Pflegegruppe ebm Maschinenbau EES Scholz Elatec elements.at New Media Solutions Elgato Systems EMDE Industrie-Technik EMS Elektro Metall Schwanenmuehle ESIM Chemicals ETC - Enterprise Training Center evit

24、ria ewit (123makler) FairConnect FEBA Automation FLS Forte Warmebehandlug Franke Industries Futura Retail Solutions Gerhard Mutschler GermanFlavours GermanPersonnel e-search GfS GIATA Giesserei Albbruck Gmyrek Fleisch- und Wurstwaren Gothaer Fahrzeugtechnik Greif-Velox GS Star Gundlach Automotive Co

25、rporation Gutekunst H. Vollmer Halex Holding Hansefit Heimomed Heinze Heizkurier IBYKUS IKB Leasing Infoniqa Payroll INNIO (formerly GE Industrial Engines) Inomed Technology IPAN ISPIN Itertalklinik Seniorenzentrum KADI KAMA KBL KGS Software Klapper Autoteile Klinikzentrum Muehlengrund Bad Wildungen

26、 KMLS Knauer-Uniplast Kyto Langer 2. In the age of AI, corporate strategy makes the difference; 3. In the short run, AI will further increase the dominance of internet giants and platforms; 4. Portable AI could render the likes of Google irrelevant; 5. AI will replace company silos with pow- erful v

27、alue networks; 6. AI drives systemic risks; 7. When AI algorithms collude, companies pay the price; 8. Hu- mans and AI will team up to innovate; 9. Managers will be held accountable for AIs wrongdoings; 10. A new balance in data privacy must be found. Private Equity Newsletter Quarterly Special | Ed

28、ition 4/2018 Roland Berger 9 For further information, questions or remarks please contact: ROLAND BERGER GMBH Investor Support, Sederanger 1, 80538 Munich, Germany Josipa Gotovac, Phone +49 89 9230-8250, Fax +49 89 5485-8250, Riders on the storm: Procurement as a driving force of AI The disruptive d

29、evelopments that accompany digitalization mean that the question of how to strategically and operationally reinterpret the strategic role of purchasing needs to be asked. In the operational arena, the combined use of RPA (robotic process automation) and AI (artificial intelligence) in particular can

30、 prove to be an important efficiency lever. That is because there is large potential for automation in highly integrated, complex and globe-span- ning value chains. Software robots can perform particularly repetitive and standardized tasks (such as verifying invoices), which works by mimicking human

31、 interaction with user interfaces without needing any comprehensive architectural changes in IT. In Roland Bergers survey of 87 CPOs of Global Fortune 500 companies, 67% of the CPOs ranked AI as one of their top 3 priorities for the next 10 years. The Executive Vice President & Chief Procurement Off

32、icer of Philips Electron- ics, Fredrick Spalcke, summarized the key rationale for AI as follows: The CPO is the CEO of spend and needs to think end-to-end, from the consumers to the suppliers. AI is the only way to manage this end-to-end because it is overwhelming for individuals to manage that amou

33、nt of data without these tools.“ Business ecosystems Partnership of equals for corporates, SMEs and startups Digitalization is more than just a technological revolution, it is a revolution in transaction costs within and between com- panies. Sharp boundaries between industries and companies are disa

34、ppearing in its wake. What are emerging are business ecosystems that can respond to customer needs in a brand-new way. New customer needs are no longer sat- isfied by innovations from within a companys own value chain but by a network of partnerships. Business ecosystems cut the Gordian knot that bi

35、nds many a failed innovation project. They make it possible to overcome the barriers and obstacles of internally driven innovation projects by developing the value proposition for the customer not from within the supply chain alone but by establishing a partnership of equals within the framework of

36、an ecosystem. And transforming a companys value chain into a value network of multiple partners. The study has been developed together with ITEM Institute of Technology Management of the University St. Gallen. More than 40 case studies and 200 interviews with orchestrators and complementors served a

37、s basis for the analysis and conclusions. On a wing and a prayer? Challenges and opportunities in the aerostructure supplier industry Commercial aerostructures industry is a promising market but growth will slow after 2020 driven by a lack of new aircraft programs, the slow down or end of life of ex

38、isting programs (e.g., A380, B747) as well as the increases in production rates but also sights of reduced shipset prices (e.g., A320neo, B737max). As growth slows, OEMs and aerostructure suppliers must rethink their strategies. Thus, OEMs are looking to cut costs, control the market by leveraging d

39、ual sourcing strat- egies and insourcing some work packages. Suppliers must embrace change and reinvent themselves to become indis- pensable by excelling with respect to production cost (e.g., automation) and technology leadership (e.g., use of advanced materials). Aerostructure suppliers need to ta

40、ke a proactive role in shaping consolidation (vertical and horizontal) to optimize their position in the value chain to stay on the winning side. The study has been enhanced by the findings from more than 20 interviews conducted with key aircraft OEMs and aerostructure suppliers in Europe as well as the Americas.