Deals in Focus

Deals in Focus | European Large Cap 3rd February 2020
3rd February 2020 Atheneum Team
3rd February 2020

Key Atheneum Experts

Former Managing Director – Steinhoff International
Former Director of Marketing – Pep&Co
Former Area Manager – Pep&Co

Key Information

Consumer Goods
HQ – South Africa
Operations – Global

The European retail division of Steinhoff International Holdings are attracting interest from buyout firms such as Partners Group Holding and Advent International. Steinhoff operates the Poundland and Pepco chains in Europe, with Pepco likely to fetch more than €4bn if sold. Steinhoff are currently assessing interest from suitors whilst also prepping the company for an IPO.

Key Atheneum Experts

Former Global Merchandising Director – Reiss
Non-Executive Director – French Connection (rival)
External Consultant – Jigsaw Clothing (rival)

Key Information

Consumer Goods
HQ – UK
Operations – Global

British fashion retailer Reiss are up for sale by Warburg Pincus. Rothschild have been appointed to explore options with an auction expected to launch during Q2 this year. Reiss have a presence in 15 countries with 69 stores. Their EBITDA rose over 20% YoY to £19.3m for year ending February 2019. Reiss was valued at £230m four years ago when sold to Warburg but should fetch a significant premium on that figure.

Key Atheneum Experts

Former Business Development Director – Citymapper
Former Head of Communications – Citymapper
Former Investor & Board Observer – Moovit (rival)

Key Information

Technology
HQ – UK
Operations – Global

Transport app developer, Citymapper, have hired Raine to advise on talks with potential buyers. Sources claim that this comes after receiving approaches from those interested in buying the company or acquiring licensing deals. A funding round in 2016 valued the firm at £250m, with existing shareholders such as Index Ventures and Balderton Capital to have made further investments in the company since.

Key Atheneum Experts

Former Director of Sales – Eugin
Former Head of Strategy – IVF Spain (rival)
Director of Clinical Embryology – IVI (rival)

Key Information

Healthcare
HQ – Spain
Operations – Global

Several large PE firms including KKR, Cinven and EQT are rumoured to be interested in Eugin. NMC Health, who own the Spanish clinics group, have not mandated a sale but are open to hearing offers. JP Morgan have been brought on board to advise on any potential acquisition proposals with Eugin being valued at between €400-500m. Eugin’s EBITDA is currently around €35m. The company provides assisted reproduction and fertility treatments.

Key Atheneum Experts

Former Account Manager – Idealista
Former Chief Commercial Officer – Nestpick (rival)
Former Account Manager – Fotocasa (rival)

Key Information

Consumer Goods
HQ – Spain
Operations – Spain

Apax Partners are looking to exit Spanish real-estate marketplace Idealista but could also opt for an IPO. The firm is likely to be valued at a multiple similar to firms such as Auto Trader or Rightmore, giving an approximate valuation of €1.3bn. According to sources Apax initially invested in Idealista for around €150m in 2015. Hellman & Friedman, Silverlake and Blackstone would be likely bidders for the firm given their previous experience in this sector.