australian m&a deal values major deals in q3 in quarter 3 2019 · as illustrated below, the top...
TRANSCRIPT
The third quarter of FY2019 has seen a decrease in the number of transactions completed in Australia and a slight decrease in the average deal value. Based on the published transaction data for Q3 FY2019, there were 195 deals completed compared to 301 in Q3 FY2018, a decrease of 35%1.
The average deal size decreased from $85 million in Q3 FY2018 to $73 million in Q3 FY2019 which may be attributed to a higher proportion of undisclosed trans-action sizes.
M&A by Sector As illustrated below, the top 3 sectors by quantity of deals in Q3 FY2019 were the consumer discretionary, industrials, materials and real estate sectors, while the top sectors by deal value are in the financials and industrials sectors.
Australian M&A Deal Values in Quarter 3 2019
Major Deals in Q3
The highest implied enterprise value / EBITDA Multiples achieved in Q3 2019 were:
The top deals by transaction value in Q3 FY2019 were:
Sector Target Acquirer Seller Stake Acquired (%)
Transaction Value ($ millions)
Real Estate Propertylink Group ESR Real Estate (Australia) Pty Limited
Centuria Capital Group 100 1,165.46
Consumer Discretionary
Greencross Limited TPG Asia VII SF Pte. Ltd; TPG Growth IV SF Pte. Ltd.; TPG Clarinet Co-Invest, L.P.
Global Alpha Capital Management Ltd.
100 1,015.49
Financials Suncorp Life & Superannuation Limited
TAL Dai-ichi Life Australia Pty Limited
Suncorp Life Holdings Limited
100 640.00
Sector Target Acquirer Seller Stake Acquired (%)
Implied TEV / EBITDA Multiple
Real Estate Propertylink Group ESR Real Estate (Australia) Pty Limited
Centuria Capital Group 100 15.5x
Industrials Dial a Dump Industries Pty Ltd
Bingo Industries Limited
Malouf Family 100 11.7x
Consumer Discretionary
Greencross Limited TPG Asia VII SF Pte. Ltd; TPG Growth IV SF Pte. Ltd.; TPG Clarinet Co-Invest, L.P.
Global Alpha Capital Management Ltd.
100 11.2x
Revenue($ millions) Sector Target Acquirer
Stake Acquired
(%)
Transaction Value ($ millions)
Implied TEV / EBITDA Multiple
39.4 Industrials Nubco Pty Ltd. Coventry Group Ltd
100 36.31 6.1x
24.5 Consumer Staples
The Bean Alliance Pty Ltd.
Massimo Zanetti Beverage Group S.p.A.
100 24.00 8.0x
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1 S&P Capital IQ
Deals occurring for companies with turnover between $20-50 million in Q3 FY2019 include: