8/12/2019 Identifying Potential Acquisition Investment Banks Ir Case Study

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Aranca Investment Research Case Study | www.aranca.com | 2012, Aranca. All Rights Reserved.

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INVESTMENT BANKS

Identifying potential acquisition targets in the bakery segment in Europe

CLIENT

A mid-tier US investment bank wanted to prepare list of potential

acquisition targets in the bakery segments in Europe

SAMPLE ANALYSIS TEMPLATES

Products: Specialty bakery products with a focus on deep

frozen bakery products

Target Markets: Italy, Spain, Germany, Austria, Scandinavia.

Minimum revenue: EUR 50 Million

SEARCH CRITERIA

RESEARCH FRAMEWORK & DELIVERABLES

SHORTLISTING TARGETS

LIST OF POTENTIAL TARGETS

Various data sources were used to prepare a list of

companies

Aranca then short listed companies based on business

description

PHASE I

An excel based snapshot on shortlisted companies covering

business description, most recent revenues and EBITDA,

shareholding structure, key contacts , etc.

PHASE II

Based on revenue / profitability growth prospects as well as

ease of acquisition (based on shareholding structure) to

prepare a final short list.

PHASE III

EuropeanSpecialty Bakery Products Targets Back to IndexAcquisitionTarget Profiles(in EURO Millions)

Company Name Business Description Publ ic/Private Market Cap Revenues E BIT EBITDA Total Debt Cash Net Debt AssetsShareholders/Ultimate

ParentCompanywebsite

Austria

R udol f l z M e i st e rb c ke r G m bH R udol f l z M e i st e rb c ke r G m bH i s pr im a r il ye ng ag e d i n ma nuf ac t ur i ng f r e sh a nd

frozen bread and bread-type ro lls and otherfresh bakery(except cookies and crackers)

products.The company has export quota total:38.7% of 2009sale s product range

includes 100products +30seasonal products and Locations include 18warehouse

s ites in Austria, 5in Germanyand 4i n Switzerland.

Pri vate I ndependent NA 170.3 NA NA NA NA NA NA Bernhard, Martin,

Florian, Helmut lz

www.oelz.com

Success Marketing Unternehmensberatungs GmbH Success Marketing Unternehmensberatungs GmbH is primarilyengaged in

manufacturing fresh and frozen bread and bread-type ro lls and otherfresh bakery

(except cookies and crackers) products.PAN &CO provides consumers with tastybre ad

and pastries fortheirdailydemand as well as retailers .

Pri vate Subs idiary NA 83.0 NA NA NA NA NA NA Herr Mag. Wolfgang

Hofer

www.successmarketing.at

A nker bro t Akt i e ng e s el l s c ha f t A nker bro t AG i s pr i m ar i l ye nga g e d i n m a nuf a ct uri ng fr e s h a nd fr o ze n bre a d a nd br ea d-

type ro lls and otherfresh bakeryproducts .

Pri vate Subs idiary NA 78.0 NA NA NA NA NA NA Famos GmbH www.anker-brot.at

S tr c k Br ot G es m bH S tr c k Br ot G es m bH i s pr i ma ri l y e ng a ge d i n ma n uf a ct u ri n g f re s h an d fr oz e n b re a d an d

bread-type ro lls and otherfresh bakery(except cookies and crackers) products .

Pri vate Subs idiary NA 71.2 NA NA NA NA NA NA Wien (FN 155941) Strck

Logistik GmbH

www.stroeck.at

Denmark

L a ntm nne n U ni bake A /S L a ntm nne n U ni bake D e nma r k i s pr i m ar i l ye ng a g ed i n m a nufa c tur i ng f r es h a nd f r oz e n

bread and bread-type ro lls and otherfresh bakery(except cookies and crackers)

products.Prod ucts include: Pastry, Croissan ts, Cakes, Fast food, Bread, Savory, Retail

Packed Bread.

Pri vate Subs idiary NA 221.0 7.9 NA NA NA NA 428.4 Lantmnnen ek fr www.uni bake.dk

K o hb e rg Br d A/ S K oh b er g B r d A / S i s pr i ma ri l y e ng ag e d i n ma n uf a ct ur i ng fr es h an d fr o ze n br ea d an d

bread-type ro lls and otherfresh bakery(except cookies and crackers) products .

Pri vate Independent NA 143.6 6.9 NA 78.2 NA NA 87.8 NA www.kohberg.com

D an Ca ke A /S D an Ca ke A /S i s pr im ar il y en ga ge d in m an uf ac tu ri ng f re sh a nd f ro ze n br ea d an d br ea d-

type ro lls and otherfresh bakery(except cookies and crackers) products .Products

include Swiss Rolls, Half Moons, Cut Cakes, Truffles, Slab Cakes, Tartes, Seasonal

products, Brownie, Sponge Flan Base, Foil Cakes , Premium products, Dream Cakes.

Pri vate Independent NA 74.7 4.9 NA NA NA NA 31.9 NA www.dancake.dk

H CAndersen , Bagergarden A/S H.C.Andersen, Bagergrden A/S is primarily engaged in manufacturin g fresh and frozen

bread and bread-type ro lls and otherfresh bakery(except cookies and crackers)

products.

Pri vate Subs idiary NA NA 0.1 NA 53.3 NA NA 8.2 Koff A/S NA

Germany

B a hl s en G mb H & Co . KG B ah l se n Gm b H & C o. K G is p ri m ar i ly e n ga ge d i n m a nu f ac tu r e o f ru s ks a n d b i sc ui t s a n d

"dry" bakeryproducts ;manufacture of preserved pastrygoods and cakes;manufacture

of snack products whethersweet orsalted.

Pri vate Parent NA 595.1 7.6 24.1 0.0 30.7 -30.7 217.7 NA www.bahlsen.de

G r i es s o n de B euke l ae r G m bH & Co K G G r i es s o n - de B e uke l a er G m bH & Co . K G i s pri m a ri l ye ng ag e d i n m a nuf a ct ure o f r us ks

and biscuits and "dry" bakeryp roducts;man ufacture of preserved pastrygoods and

cakes;manufacture of snack products whetherswe et orsalted.DeBe ukelaers well-

establis hed brands include amon g others, Griesson, Prinzen Rolle, LEICHT &CROSS,

Tekrum, Caf Musica, TUC, Mikado, Wurzenerand the Mvenpick license .The company

has factoryoutle t in Polch, Kahla, Wurzen, Kempen, Ravensburg.

Partnership Parent NA 427.3 NA NA NA NA NA NA NA www.griesson-debeukelaer.de

Brandt Zwieback-Schokoladen GmbH Co.KG Brandt Zwieback-Schokoladen GmbH +Co.KG is primarilyengaged in manufacture of

rusks and biscuits and "dry" bakeryproducts ;manufacture of preserved pastrygoods

and cakes;manufacture of snack products whethersweet orsalted.Products include

rusks , chocolate and snacks .

Pri vate Parent NA 206.3 5.6 13.4 12.8 2.2 10.6 91.4 NA www.brandt-zwieback.de

ErlenbacherBackwaren Gmbh ErlenbacherBackwaren GmbH is primarilyengaged in manufacture of rusks and

biscuits and "dry" bakeryproducts ;manufacture of preserved pastrygoods and cakes;

manufacture of snack products whethersweet orsalted. I ts products portfo lio

stretches from high-qualitycream gateauxto cream s li ces , excellent traybakes and

tastyround cakes in a varietyof forms and slice si zes.And from lactose and gluten

free baked goods, di abeticproducts, American cheese cakes and international tarts ,

through to irres ist ible desserts, MiniGugls (small pieces of cake), sweet snacks and acomprehensive selection of small baked products including pretzels and cro issants .

Pri vate Subs idiary NA 130.1 NA NA NA NA NA NA Nestl SA www.erlenbacher.de

W i l hel m K i nka r tz G mbH & Co K G W i l hel m K i nka r tz G mbH & Co . K G i s pr i ma r i l ye ng a ge d i n m anuf a ct ure o f rus ks and

biscuits and "dry" bakeryproducts ;manufacture of preserved pastrygoods and cakes;

manufacture of snack products whethersweet orsalted.

Partnership Subs idiary NA 64.6 0.1 0.7 NA NA NA 22.3 Lambertz Betei li gungs

GmbH

NA

Gottena Keks- und Waffelfabrik GmbH Bisquiva GmbH &Co.KG is primarilyengaged in manufacture of rusks and biscuits and

"dry" bakeryproducts ;manufacture of preserved pastrygoods and cakes;manufacture

of snack products whethersweet orsalted.Products include Biscuits with chocolate;

Biscuits without chocolate;Wafers with chocolate;Soft Cakes/Sponges/Thins;Biscuit

and waferspecialt ies ;Puff PastryBiscuits ;Individual varieties and biscuits and wafers

formixed packs .The companyoffers a comprehensive range of capacit ies including:

more than 40different biscuit production li nes;5production s ites ;comprehensive

production capacities ;over40% export quota to the European market;supplyto more

than 60countries worldwide.

Pri vate S ubs idiary NA 52.2 NA NA NA NA NA NA Bahlsen G mbH & Co. KG www.gottena.com

CompanyMarket

Potential

Growth/

profitability

scenarios

Competitive

landscape

Regulatory

environment

Technical

feasibility of

acquisition

Overall

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