M&A handbook BRAZIL BRAZIL. An analysis of transactions in 2012, including M&A, private equity and venture capital

Transcrição

1

2 M&A handbook BRAZIL 2013 BRAZIL An analysis of transactions in 2012, including M&A, private equity and venture capital

3 M&A handbook BRAZIL 2013 Note from the authors: The M&A Handbook is a result of local research and market analysis by TTR s Research and Business Intelligence team. Our team follows the transactional markets analysed in this Handbook at a local level, in local language, and on a daily basis researching transactional and financial data by contacting market players, collecting their input and crosschecking and analysing the data throughout the year. For full access to all of the transactional data on, Latin America, and the Iberian market (spanning Mergers and Acquisitions, Equity Capital Markets, Acquisition Finance and Project Finance) visit TTR at

4 CONTENTS Contents Definitions Introduction M&A OVERVIEW OF 2012 LARGEST TRANSACTIONS CROSS-BORDER DEALS MOST ACTIVE SUBSECTORS MOST ACTIVE COMPANIES Private Equity / Venture Capital 29 OVERVIEW OF 2012 LARGEST DEALS CROSS-BORDER DEALS MOST ACTIVE SUBSECTORS Sector and Subsector 39 ENERGY AND RENEWABLE ENERGIES REAL ESTATE AND CONSTRUCTION INDUSTRY INFRASTRUCTURE NATURAL RESOURCES SERVICES AND DISTRIBUTION TECHNOLOGY AND TELECOMS Index of Entities 83

5 INTRODUCTION M&A in A look on the near future of the sophisticated ian M&A industry Sponsoring the first edition of TTR s M&A Handbook - is an honor for Deloitte and it is an opportunity to endorse yet another important effort to portray the development of an industry which involves sophisticated market players, themselves connected to one of the most mature environments in the world of global business. The current market and economic scenario in offers companies and investors both challenges and opportunities that tend to be manifested from three different, interconnected angles: the influence of industry sector issues, the impacts of dependence from global economy, and the development of our domestic markets. At industry sector level, there has been noteworthy growth in some economic segments as a result of different types of transformations over the past few years, such as structural reforms and the increase in household consumption in. More recently, those segments involved in infrastructure have started to lead this expansion and will certainly in the near future be a center stage for mergers and acquisitions activities. On the other hand, our clear dependence on changes in the international economy raises doubts for the short and medium terms. After the boost driven by the global economic expansion, combined with positive macroeconomic indicators, currently faces an uncertain outlook. The upturn cycle is not exactly over, but we are not so sure if we will be able to grow as before and according to recently widely accepted growth forecasts. The feeling of uncertainty also spreads across the domestic market. There is still plenty of capital in the global M&A industry held by investors willing to come to, led by new funds always looking for opportunities in the new large emerging markets. Making these investments will depend, however, on a clear sign from the ian economy which allows for them to go ahead. In general, it is clear that the mergers and acquisitions market in will continue to attract the world s attention. It is no coincidence that the main international players already have a consistent operation in our midst. Going forward, however, we need to make progress and consolidate the position for which we fought so hard. To do so, the frequently volatile world of investments only waits for clear signs that local conditions will remain favorable. José Paulo Rocha Deloitte's Financial Advisory Lead Partner in 11

6 Mergers & acquisitions (M&A) Overview of 2012 Largest deals Cross-border deals Most Active Subsectors Most Active Companies

7 M&A BRAZIL M&A HANDBOOK 2013 Overview of 2012 Total Number of Deals throughout Total Number of Deals Total Number of Deals Total N Total Nof of Jan/12 Feb/12 Mar/12 Apr/12 May/12 Jun/12 Jul/12 Aug/12 Sep/12 Oct/12 Nov/12 Dec/12 Jan/12 Feb/12 Mar/12 Apr/12 May/12 Jun/12 Jul/12 Aug/12 Sep/12 Oct/12 Nov/12 Dec/12 Total Number and Value of Deals by Market Segment Total Number Total Number of Deals of Deals 8% 6% 8% 6% 33% 33% 53% 53% HIGH-END MARKET (> R$ 500m) HIGH-END MARKET (> R$ 500m) MID MARKET (> R$ 200m) MID MARKET (> R$ 200m) SMALLER MARKET (< R$ 200m) SMALLER MARKET (< R$ 200m) NON DISCLOSED VALUE NON DISCLOSED VALUE 869 deals 869 deals Total Value (R$m) Total Value (R$m) SMALLER MARKET MID MARKET SMALLER (< R$ 200m) MARKET MID (> R$ MARKET 200m) (< R$ 200m) (> R$ 200m) HIGH-END MARKET HIGH-END (> R$ 500m) MARKET (> R$ 500m) 14 TTR - Transactional Track Record - ( Total Number of Deals Total Number of Deals

8 M&A HANDBOOK 2013 M&A BRAZIL Overview of 2012 Total Number and Value of Deals by Stake Acquired % Total Number of Deals MAJORITY (>50%) MINORITY(<50%) 30% Dec/ ,56 Total Value (R$m) T (> R$ 500m) $ 200m) (< R$ 200m) ALUE ,93 MAJORITY STAKE (>50%) MINORITY STAKE (<50%) 15 TTR - Transactional Track Record - (

9 M&A BRAZIL M&A HANDBOOK 2013 Largest transactions in Largest Transactions involving ian Companies (Private Equity/Venture Capital not included)* TARGET COUNTRY SUBSECTOR BUYER SELLER Concessão Aeroporto Internacional de Guarulhos Airports ACSA - Airports Company; Invepar INFRAERO VALUE (R$m) ,61 Redecard Financial and Insurance Banestado Participações Private Shareholders Petrogal Brasil Oil and Gas Sinopec Galp Energia TAM Participações Amil Transports, Aviation and Logistics Healthcare, Hygiene, Medical Aesthetics and Cosmetics Lan Airlines Usiminas Mining Ternium; Tenaris Concessão Aeroporto Internacional Juscelino Kubitschek Concessão Aeroporto Internacional de Viracopos Airports Airports Comgas Oil and Gas Private Shareholders UnitedHealth Group Private Shareholders Corporación América; Infravix Participações Egis Airport Operation; UTC Participações; Triunfo Participações Provence Participações Previdência Usiminas, Votorantim Industrial, Camargo Corrêa INFRAERO INFRAERO Integral Investments 8.731, , , , Serasa Financial and Insurance Experian Banco Itaú Unibanco; Banco Bradesco; Banco Santander Brasil; HSBC Holdings * See page TTR - Transactional Track Record - (

10 SECTORS & SUBSECTORS Energy and renewable energies Real estate and construction Industry Infrastructure Natural Resources Services and distribution Technology and telecoms

11 M&A HANDBOOK 2013 SECTORS AND SUBSECTORS BRAZIL Energy and Renewable energies Biofuel Energy The biofuel energy subsector has received an increasing amount of government backing, such as the one generated by Law /2011 which has increased the quantity of ethanol in gasoline mixture a mandatory rule which has set a new level of 20% to 25% ethanol in gasoline mixture (up from 18% to 25%). Some of the more relevant deals were carried out by ian private equity firm DGF Investimentos, through its FIP Terra Viva fund. DGF Investimentos acquired a 12% stake in Tonon Bionergia for R$ 44m, increasing its previous 18% stake in the target company to 30%. The deal bringstonon Bionergia liquidity in order to carry out its investmet plans. DGF Investimentos also acquired a R$ 70m minority stake in Usina Alvorada. Usina Alvorada, based in Minas Gerais, has a capacity to process 1,77 million tons of sugar cane per crop. Other highlights in this subsector include Fibria Celulose USD 20m acquisition of a 6% stake in US-based Ensyn Corporation, a producer of renewable liquid fuels from wood biomass and agricultural residues. According to the terms of the deal, Fibria Celulose will designate a member to Ensyn Corporation s Board of Directors and has the option to increase its stake in the target company to 9%, for an additional USD 10m investment. Biomass Energy According to a study carried out by Empresa de Pesquisa Energética - EPE, called Plano Nacional de Energia 2030, as a source of generating electric energy, biomass is set to be one of the most successful in. The estimate is that until 2030, there will be an increase from 3% to 7% in electric energy which is generated by biomass. On the deals side for this subsector in 2012, highlights include CPFL Energias Renováveis s R$ 111,5m acquisition of SPE Lacenas Participações, previously owned by Usina Açucareira Ester. The deal value already includes the target company s R$ 56,3m debt. SPE Lacenas Participações owns the exploration rights to the energy derived from the biomass generated from the processing of sugar cane, in São Paulo. Following this acquisition, and together with its other three operating mills, CPFL Energias Renováveis has reached a biomass portfolio which is able to generate 175 MW. ENERGY AND RENEWABLE ENERGIES TTR - Transactional Track Record - ( 41

12 SECTORS AND SUBSECTORS BRAZIL M&A HANDBOOK 2013 Electric Energy This was one of 2012 s most active subsectors, having generated several important deals. One of the largest was Equatorial Energia s acquisition of a 61,37% stake in electric energy distributor Celpa. The deal was carried out for the symbolic value of R$ 1, with the buyer assuming a total debt from the target company of some R$ 2,32bn. Total Number of Deals throughout Jan/12 Feb/12 Mar/12 Apr/12 May/12 Jun/12 Jul/12 Aug/12 Sep/12 Oct/12 Nov/12 Dec/12 Total Number of Deals Private Equity/Venture Capital ENERGY AND RENEWABLE ENERGIES Other highlights include the agreement signed between MPX Energia and E.ON to form a joint venture aimed at leveraging growth in. According to the terms of this joint venture, MPX Energia increased its share capital in R$ 850m, the equivalent to a a 10% stake which was assumed by E.ON. The subsector was also a center stage for foreign investments. Japan-based companies Mitsui & Co and Energy Advance, a subsidiary of Tokyo Gás, acquired Ecogen, a ian company which develops and implements energy efficient projects, for approximately USD 100m. The deal was carried out through ME Serviços de Energia do Brasil, co-owned by Mitsui & Co (90% stake) and Energy Advance(10% stake). 42 TTR - Transactional Track Record - (

13 M&A HANDBOOK 2013 SECTORS AND SUBSECTORS BRAZIL Electric Energy Percentage of Total Number of Deals by Stake acquired N. No Deals 5% 18% Minority Stake Majority stake Public OPA takeover 77% Private Equity / Venture Capital with Investments made in 2012 PRIVATE EQUITY/VENTURE CAPITAL COUNTRY N. OF ACQUISITIONS Vinci Partners 3 Pátria Investimentos 2 Wind Energy GG Investimentos 1 The ian Federal Government has been keen to increase the quota of wind energy in s overall energy matrix. In the past two years some 141 new enterprises have been contracted and are expected to be producing between in Regarding M&A activity in this subsector, CPFL Energia and CPFL Energias Renováveis acquired Bons Ventos Geradora de Energia, for R$ 1,09bn, having paid 55,5% of the total value to the sellers and the remaining 44,5% was used to face the target company s outstanding debt. Bons Ventos Geradora de Energia explores the Taíba Albatroz (16,8 MW), Bons Ventos (50,4 MW), Enacel (31,5 MW) and Canoa Quebrada (58,8 MW) wind farms. ENERGY AND RENEWABLE ENERGIES TTR - Transactional Track Record - ( 43

14 INDEX OF ENTITIES Symbols A B 3i 78 A5 Investments 63, 69 Abril Educação 64 Accioly Fitness 62 Açofran Aços e Metais 52 Acon Investments 73 Acreditar Oncologia 70 ACSA - Airports Company 16, 17, 56 Actis 32, 33, 65 Advent International 74 Advent International Brasil 65 Aegea 59 AGCO Corporation 52 Akaer 49 Alfacon 64 Aliansce 26, 47 All Books 68 Alpargatas 52 Alpargatas Argentina 52 Altodot 68 Ambev 17 Amec 60 América Móvil 78 Amil 16, 17, 70 Android 77 Angra Infra 33 Argotec 76 Ascenty 33 Astella Investimentos 77, 79 A.T.I. Brasil 70 Atman Pessoas e Agronegócio 62 Atomico 75, 76 Axia Value Chain 60 Bacia Sedimentar do Solimões 45 Bain Capital 32 B&A Mineração 54, 58 Banco Bradesco 16 Banco BTG Pactual 17, 60, 62, 67 Banco Itaú Unibanco 16 Banco J. Safra 17 Banco Santander Brasil 16 Banestado Participações 16, 26 C Bank Sarasin 17 Barcas S/A 72 Baronesa 58 Batata Inglesa 74 Battistella Florestal 58 BebêStore 75 Betapack 54 BFC 59 Blue Interactive Group 78 BNDESPar 52, 59, 78 Bodytech Participações 62 Bolsa y Renta 67 Bons Ventos Geradora de Energia 43 BorghiErh/Lowe 68 Boulevard Shopping Campina Grande 47 Boulevard Shopping Campos 47 BrainNet 62 BrainNet Supply Management do Brasil 62 Brascasing Comercial 50 Brasil1 Esportes & Entretenimento 62 Brasilagro 58 Brasil Insurance 26, 64, 67 Brasquip Ambiental 67 Fast Food Corporation (BFFC) 59 ian Autometal 51 ian Farima 50 ian Federal Government 43 ian Institute of Geography and Statistics (IBGE) 51 Brevità 59 BR Investimentos 65, 73 BR Malls 26 Brookfield Brasil Shopping Centers 27 BR Opportunities - Growth Capital Investments 76 BR Partners 66, 73 BR Properties 48 BRZ Tech 33, 76 BTG Equity Investments 54 BTG Pactual 48, 57 Bunge Fertilizantes 52 CAB Ambiental 59 Cachoeiro Stone Fair 70 CAEP - Central Abril Educação 64 Camargo Corrêa 17, 27, 47, 52 CAMIL Alimentos 32 Campinas 48 Canoa Quebrada 43 Carioca Shopping 47 Carlyle 32, 33, 53, 54, 62, 63 Carraro 64 CasaPsi 68 C&A Shopping Carioca 48 Caxias Shopping 47 CCE 78 CCR 56, 72 CEEE -GT (Companhia Estadual de Geração e Transmissão de Energia Elétrica) 44 Celfin Capital 17, 67 Celpa 32, 42 Cementos Artigas 47 Cementos Molins 47 Cencosud 62 Centauro 64 Centro Universitário Cândido Rondo 64 Cestari 51 Chilli Beans 52 China in Box 59 CHS 62 Cibercall 77 Cidade Internet 68 Cielo 17 Cifunsa Diesel 51 Cimpor 47 Claro Brasil 78 Coelho dos Santos 64 Comgas 16 Comprocard 67 Concessão Aeroporto Internacional de Guarulhos 16, 17, 56 Concessão Aeroporto Internacional de Viracopos 16, 56 Concessão Aeroporto Internacional Juscelino Kubitschek 16 Confrapar 77 Connect Parts 75 Conpacel - Consórcio Paulista de Papel e Celulose 54 Construtora Queiroz Galvão 52 Coquelux 75

15 J Interativa Service 72 Invepar 16, 26, 56 Inveready Capital 79 Iochpe Holdings LLC 51 Iochpe-Maxion 51 Iochpe Sistemas Automotivos de México 51 ios 77 IRB Brasil Resseguros 48 Isolux Corsán 57 Isolux Infrastructure 57 Itaplan 70 Itax Corretora de Seguros de Vida 64 Jacaré and Senhora do Porto 44 Jadangil 49 J&C Delicias 74 Joy 52 JPL 70 K L Kalassa Corretora de Seguros 64 Karoon Gas Australia 45 Kaszek Ventures 76 Kayne Anderson Capital Advisors 69 Kinea Investimentos 71 Kirin 49 KPMG International 62 KPS Capital Partners 53 Kromav Engenharia 60 Kroton Educacional 64 KSR Distribuidora 54 Laboratório Alac 60 Laboratórios Hermes Pardini 72 Laço Management 59 Lan Airlines 16, 17, 72 Layne 47 Le Biscuit 64 Lenovo 78 Leo Burnett Publicidade 68 LF BAR 59 LF Franchising 59 Light Energia 44 Lov Interactive Communications 68 Lowe and Partners Worldwide 68 LPS Brasil 26, 48, 70 LPS Cappucci 48 LPS Foco Consultoria de Imóveis 48 LTD Transportes 72 M Magnaghi Aeronautica 49 Mala Pronta 74 Manaus Ambiental 59 Mandic 77 Mann+Hummel Brasil 59 Mantecorp 51 Marcas Comestíveis 74 Maria Valentina 52 Mariscal Sucre 56 Maxion Fumagalli 51 MBAC Fertilizer 54 MBL Participações 64 MC - International Meal Company 59 MDT Implantes 54 Medgrupo 70 Medise 70 Megatelecom 78 MEK Engenharia 60 Mercapital 54 Merchant e-solutions 17 ME Serviços de Energia do Brasil 42 Meu Shoppping 75 Milanez & Milaneze 70 Minas Park 60 Minerva 49, 50 Minerva Dawn-Farms 50 Mirvi Brasil 54 Mitsui & Co 42, 72 Mobasa 58 Moblife 77 Monashees Capita 76 Morena Rosa 52 Mountain do Brasil 76 MPX Energia 42 Multilab 51 N Nanjing Automobile 51 NascenTI 76, 77, 79 Negócios nos Trilhos 70 Neogama Bbh 68 Netshoes 62 Nordeste Segurança de Valores 72 NTT Data 60 O Oceana Offshore 52 O Globo 68 OGMA 49 Oktagon Games 77 One Equity Partners 50 One Properties 48 OpenGate Capital 79 Opersan Resíduos Industriais 67 P Orange Fantasy Lanchonetes 74 Osklen 52 Osório 44 Outotec 52 Owan 59 P2 Brasil 67 Pacific Rubiales 45 Palmares do Sul 44 Pargim Empreendimentos 27 Pars 77 Pátria Investimentos 43, 54, 61, 67, 71, 73 PDG Realty 32 Pearson 68 Pearson Brasil 68 Performa Partners 79 Permira 79 Petrobras 26 Petrogal Brasil 16, 17 Platinum Equity 53 Plural Capital 63, 66 Plural Indústria Gráfica 67 Populis 68 Previdência Usiminas 17 Prezunic Supermercados 62 Primav 57 Prime Polymer 54 Princesa 58 Probiótica 51 Produmaster 54 Progenética 72 Promon 67 Promon Logicalis 77 Prosegur 72 Prosegur Brasil 72 Proteínas y Grasas Gimeno (PGG) 50 Provence Participações 16 Prysmian Group 78 PSP Investments 57 Publicis Groupe 68 Q R Quad/Graphics Nordeste Indústria Gráfica 67 Queiroz Galvão Exploração e Produção 45 Quiport 56 Rabobank Group 17 Realtime 33 Red Balloon 64 Redecard 16 Rede D'Or São Luiz 26, 70 Rede Energia 27, 32 Redpoint e.ventures 66, 76

16 S T Reed Exhibitions Alcatara Machado 68 Revista Ferroviária 70 Rexel 62 Riata Corporate Group 59 Ri Happy Brinquedos 33, 62 Rio Negrinho Participações 58 Rio Verde Minerals 58 Rising Venture 76 Riverwood Capital 77, 79 RJCP Equity 61, 67, 79 Rocket Internet 76, 77 Rock In Rio 70 ru-net 76 Ryerson 52 Saab 49 Samsung Heavy Industries 52 Santal Equipamentos 52 SBX Corretora de Seguros de Vida 64 Schincariol 49 Serasa 16 Sete Brasil 27 SFDK 60 Shell 45 Shopping Taboão 48 Sinopec 16, 17, 45 Sociedade Educacional Atual da Amazônia 26 Sonae Sierra Brasil 27 Sonda 77 Sonepar 62 Southern Cross Group 55 SPE Lacenas Participações 41 Squadro Lanchonetes 74 SSE do Brasil 72 Stahlwerk Thüringen 52 Star Atlantic Waste Holdings 33, 67 Stefanini 77 Suzano Papel e Celulose 54 Suzlon 44 TAC Holdings 55 Taíba Albatroz 43 Tailor Made 68 Takeda 51 Takeda Farmacêutica Brasil 51 TAM Participações 16, 17, 72 Tarpon Investimentos 52, 53, 66 Taterka 68 TDM 78 Technocast 17, 51 Tegma Gestão Logística 72 Telcon Fios e Cabos 78 Temasek Holding 62 Tenaris 16, 17 Tenedora CND 17 Ternium 16 TerraForum 60 TGK Seguros 64 The Social+Capital Partnership 65 Three Amigos 74 Thrive Capital 76 Tiger Global Management 76 TNK-Brasil 45 Tok&Stok 32, 33, 54 Tokyo Gás 42 Tonon Bionergia 41 Top Systems 77 Tortuga 50 Total Systems Consulting Group 60 Transbank Segurança e Transporte de Valores. 72 Traversata 74 TrendFoods 59 Trindade Investimentos 66, 76 Triunfo 56 Triunfo Participações 16, 26 Triunfor Corretora e Administradora de Seguros 64 Truffle Capital 66 Tuev Sued 60 Tuilux 77 TUI Travel 74 Tupy 17, 51 U UBM 70 Ultrapar 54 Unik 67 Unirondon 64 UnitedHealth Group 16, 17, 70 Unopar 64 Uruguayan American Chemical 54 Usiminas 16, 17 Usina Açucareira Ester 41 Usina Alvorada 41 UTC Participações 16, 56 V V7 Viagens 74 Valeant 51 Vale - Companhia Vale do Rio Doce 27, 58 Vale Manganese France 58 Vale Manganese Norway 58 Valor Capital Group 76 Valor Econômico 68 Valtra do Brasil 52 Value Team Consultoria e Soluções 60 Vanguarda Segurança e Vigilância 72 Veloce Logística 72 Ventos do Sul 44 Veronafiere 70 Victoria Capital Partners 66 Vinci Capital Partners II 63, 64 Vinci Partners 32, 43, 48, 55, 62 Vision Capital 55 Vitória Stone Fair 70 Viva Bem Gestão de Saúsde 67 Votorantim Cimentos 27, 47 Votorantim Europe 47 Votorantim Industrial 17, 27 VRG Linhas Aéreas 72 Vtex 68 W Watercryl Química 54 Webjet 72 WEG 51 WestPlaza Shopping 48 Wings Travel 74 Wobben 44 Wraps 59 Wright Express 67 X Y Z XP Investimentos 32, 33 Yara Brasil Fertilizantes 52 Yoggi 59 Yoki 49 Zinco 52 ZPS/MW 64