Italy Private Equity Confidence Survey - Outlook per il primo semestre 2021 Outlook for the first semester 2021
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Italy Private Equity Confidence Survey Outlook per il primo semestre 2021 Outlook for the first semester 2021 Financial Advisory
A maggio 2018, Deloitte ha lanciato In May 2018, Deloitte officially launched in
ufficialmente in Italia Deloitte Private, una Italy Deloitte Private, a strategic business
business solution strategica che si colloca in solution that is part of a wide range of
un ampio spettro di iniziative dedicate alle initiatives dedicated to Mid-Market
aziende del Mid Market* ed agli investitori enterprises* and to investors interested or
interessati o coivolti in tale segmento, a operating in such segment, reflecting the great
testimonianza della grande attenzione e del attention and significant value that Deloitte
significativo valore che Deloitte riconosce a recognizes in this segment.
questo segmento.
By first listening to its customers’ needs,
Partendo dall’ascolto dei bisogni, Deloitte Deloitte supports entrepreneurs and aims to
affianca l’imprenditore posizionandosi come position itself as a Trusted Business Advisor,
Trusted Business Advisor. In tale contesto, è in providing tailored multi-disciplinary solutions
grado di fornire soluzioni multidisciplinari per: for:
• I Private Equity, nel loro approccio alle • Private equity firms, in their approach to
Piccole e Medie Imprese. SMEs.
• Le imprese familiari e gli imprenditori. • Family businesses and entrepreneurs.
• I Family Office e gli investitori privati con i • Family offices and private investors and
loro consulenti (private bankers e wealth their consultants (private bankers and
manager). wealth managers).
• Le Piccole e Medie Imprese quotate e non • Public and private SMEs.
quotate. • Micro-enterprises.
• Le micro-imprese.
Among the initiatives developed under Deloitte
Tra le varie iniziative sviluppate in ambito Private sub-brand, there is the thirty-eighth
Deloitte Private, si inserisce la trentottesima edition of the Italy Private Equity Confidence
edizione dell'Italy Private Equity Confidence Survey. The research, conducted by Deloitte
Survey che fornisce indicazioni in merito alle Financial Advisory S.r.l., with AIFI’s support,
attese dei principali operatori sull’andamento highlights the trends which should characterize
del settore per il primo semestre 2021, sulla the outlook of the sector for the months ahead,
base dell’analisi condotta da Deloitte from the view point of the PE operators
Financial Advisory S.r.l. con il supporto di AIFI. surveyed.
* Deloitte include in tale definizione le Piccole e * Deloitte includes in this definition the Small and
Medie Imprese (“PMI”) e tutte quelle imprese Medium-sized Enterprises ("SMEs") and all
che pur non essendo PMI ne posseggono i those companies that, although not SMEs,
requisiti qualitativi (struttura proprietaria e di possess the qualitative requisites (ownership
governance, mercati di riferimento, modelli structure and governance, reference markets,
organizzativi e manageriali, ecc.). organizational and managerial models, etc.).
Italy Private Equity Confidence Survey Outlook per il primo semestre 2021 | Outlook for the first semester of 2021
Contenuti
Contents
4 Andamento del settore del PE in Italia nel secondo semestre del 2020
A snapshot of the activity in the Italian PE industry during the second
semester of 2020
5 I risultati dello studio: Deloitte PE Index e le tendenze attese nel
settore in Italia per il primo semestre 2021
The Survey’s results: Deloitte PE Index and key trends expected in Italy
for the first semester of 2021
7 Quadro macroeconomico e mercato del PE
Macroeconomic environment and PE market
10 Prossime attività degli operatori
Forthcoming activities of operators
11 Attività d'investimento: caratteristiche delle aziende target
Investment activity: target company characteristics
13 Attività d'investimento: caratteristiche dell'investimento
Investment activity & characteristics
17 Financing delle acquisizioni
Acquisition financing
19 Attività di disinvestimento
Divesting activity
21 Valore e rendimento dei portafogli
Portfolio value and return
3
Italy Private Equity Confidence Survey Outlook per il primo semestre 2021 | Outlook for the first semester of 2021
Andamento del settore del PE in A snapshot of the activity in the
Italia nel secondo semestre del Italian PE industry during the
2020 second semester of 2020
Nel secondo semestre del 2020 sono state registrate In the second semester of 2020, 99 transactions have been
complessivamente 99 operazioni condotte dagli operatori performed in the Italian PE industry for a total deal value* of
del PE in Italia per un controvalore complessivo* pari a circa about € 9 bn.
€ 9 bn. Dopo un semestre fortemente impattato dalla crisi After a semester that was severely affected by the impact of
economico – sanitaria causata dalla pandemia di COVID-19, il the economical and healthcare crisis related to COVID-19
numero di operazioni è tornato a crescere attestandosi su pandemic, the number of deals got back on track on levels
livelli pari al secondo semestre del 2019, raggiungendo un similar to the second semester of 2019, reaching a peak.
picco.
PE transactions trend in Italy 2S 2011 – 2S 2020 98 99
100
14 17
75 76 75 75 78
12 74 34 80
67 69
10 59 61 61
21 26
29 60
# deals
48 34 32 32 48
28
€bn
8 41 42 30 22
27 32
6 33 17 82 40
28 22
16 21 64
4 14 46
54 52
12 42 43 42 41 39 20
32 37 31
2 25 26 29
19 21 16
- -
2S 1S 2S 1S 2S 1S 2S 1S 2S 1S 2S 1S 2S 1S 2S 1S 2S 1S 2S
2011 2012 2012 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 2020
# of acquisition # of divestments Total Deal Value*
*Only transactions with disclosed deal value * Source: Mergermarket
Il settore che ha visto gli operatori PE maggiormente The most active sector during the second semester of 2020
coinvolti nel secondo semestre del 2020 è stato Industrial was Industrial Products and Services, followed closely by
Products & Services, seguito da Consumer e TMT. Consumer and TMT.
Tra le operazioni che hanno generato il maggior deal value The deals that generated the highest deal value during the
nello scorso semestre sono da menzionare: last semester were:
• L’acquisizione da parte di KKR del 37,5% di Fibercop, • The acquisition by KKR of 37,5% of Fibercop, NewCo
NewCo creata dall’integrazione del network di fibra di created by integrating the fiber network of TIM and
TIM e FlashFiber (joint venture tra TIM e Fastweb) per FlashFiber (joint venture between TIM and Fastweb). The
un valore di €1,8 bn; acquisition was performed for a deal value of €1,8 bn;
• L’acquisizione di IMA S.p.A., produttore di macchinari per • The acquisition of IMA S.p.A., manufacturer of packaging
il packaging per i settori del food, pharma e cosmetica, machines for food, pharma and cosmetic sectors, by a
da parte di un consorzio formato da BC Partners Ltd e consortium formed by BC Partners Ltd and So.Fi.M.A.
So.Fi.M.A. (società controllante di IMA e di cui il fondo (controlling company of IMA and of which the fund owns
detiene circa il 20% del capitale), per un valore di €1,4bn; 20% of shares), for a total value of €1,4bn;
• L’acquisizione da parte di Partners Group Holding AG di • The acquisition by Partners Group Holding AG of
Telepass S.p.A., società che fornisce servizi per il Telepass S.p.A., provider of electronic toll collection
pedaggio autostradale elettronico. Atlantia S.p.A. ha services. Atlantia S.p.A. sold 49% of Telepass shares for
ceduto una quota del 49% di Telepass per €1,1 bn. €1,1bn.
Infine, si osservano in aumento, rispetto al passato, le Finally, compared to the past, it is possible to observe a
operazioni conclusesi nel settore Medical. higher number of transactions closed in the Medical sector.
30
25 PE transactions breakdown by industry in Italy 1S 2020 – 2S 2020
25 21
20
# of deals
15 12
10 7 8 7
6 6 6 5 6
4 4 3 3 4 4 3 3 3
5 2 1 1 1 0 0
0
Industrial Other Other Foods Other services Internet / TMT Utilities Transportation Chemicals and Automotive Medical Financial
products and consumer manufacturing ecommerce materials Services
services
1S 2020 2S 2020
4 Source: MergermarketItaly Private Equity Confidence Survey Outlook per il primo semestre 2021 | Outlook for the first semester of 2021
I risultati dello studio: Deloitte PE Index e le tendenze attese nel
settore in Italia per il primo semestre 2021
Il Deloitte PE Confidence Index, costruito sulla base dei dati raccolti nelle PE Survey condotte dalla prima edizione ad oggi,
mostra un forte miglioramento rispetto al semestre precedente grazie alle aspettative positive e di ripresa del ciclo economico,
attestandosi su un valore di 102.
125 127
130 120 117
130
114 116 114
110 107
110 102 102
79 110
94 97
91
90 78 81 75 76 75 75 80 90
74 99
68 72 67 69 98
61 61 64
70 59
78
70
48 48
50 41 42 44 50
33
28
30 30
10 10
Deloitte PE Confidence Index # of deals
Source: Deloitte PE Survey, Mergermarket
Dall’analisi delle aspettative degli operatori circa le variabili critiche che influenzeranno il mercato del PE durante il primo
semestre del 2021, si evincono aspettative fortemente positive rispetto al semestre precedente. Con la graduale ripresa delle
attività, il numero di operazioni è previsto in aumento e ci si attende altresì una crescita nei valori di exit.
Segnale Forza Segnale Forza
Outlook di mercato positivo e numero di
operazioni in forte aumento. Rinnovato interesse Si osserva un leggero aumento degli spread medi
per operazioni di LBO/Replacement, applicati nell’ambito di finanziamenti di operazioni
principalmente nei settori Manufacturing, Life di PE.
Sciences & Healthcare e IT.
Riduzione dell’interesse verso operazioni di
Continua l’attività di fundraising così come i nuovi
Expansion capital e startup financing .Si conferma
investimenti. Size degli investimenti in aumento,
il trend di allungamento dell’holding period
in particolare operazioni con deal value > €100m.
medio.
Ricorso ad una minore percentuale di equity nel In aumento le operazioni scartate a causa delle
financing delle operazioni. Confermato il supporto divergenze di prezzo tra venditore e acquirente..
da parte delle banche commerciali principalmente Livello di rischio in aumento nel settore a causa
tramite l’erogazione di Senior Debt. dell’incremento atteso del livello di competizione.
Opportunità abbandonate causa COVID verranno Focus su gestione dei flussi di cassa e
rivalutate entro 12 mesi. Limitato impatto sui pianificazione delle partecipate. Mercato
multipli di mercato atteso in media entro il 15%. influenzato da trend disruptive quali crescita dei
Oltre il 50% ha già pianificato processi di exit. consumi online e innovazioni nel settore tech.
5Italy Private Equity Confidence Survey Outlook per il primo semestre 2021 | Outlook for the first semester of 2021
The Survey’s results: Deloitte PE Index and key trends expected in Italy
for the first semester of 2021
The Deloitte PE Confidence Index, built by Deloitte based on the answers collected from the previous PE surveys, registers a
sharp rise compared to the previous semester, thanks to positive expectations regarding an upward turn in the economic cycle,
with a value of 102.
125 127
130 120 117
130
114 116 114
110 107
110 102 102 110
94 97
91
90 78 81 75 76 75 75 80 90
74 99
68 72 67 69 98
61 61 64
70 59
78
70
48 48
50 41 42 44 50
33
28
30 30
10 10
Deloitte PE Confidence Index # of deals
Source: Deloitte PE Survey, Mergermarket
Operators’ sentiment about the key factors influencing PE market in the first semester of 2021 shows strongly positive
expectations after the last semester. With the step-by-step re-opening of activities, the number of deals grows and a rise in exit
values is expected.
Signal Strength Signal Strength
Positive market outlook and number of deals
sharply increasing. Renewed interest for
Slight rise in spread applied to senior debt
LBO/Replacement transactions, mainly in
employed to finance acquisitions.
Manufacturing, Life Sciences & Healthcare and IT
sectors.
Both fundraising activity and new investments go Reduction of interest towards Expansion capital
on. Increasing investment size, in particular and startup financing transactions. Confirmed
transactions with deal value > €100m. trend of increase in the average holding period.
Rise in the number of transactions abandoned due
Lower utilization of equity for the financing of
to price divergence among seller and acquirer.
transactions is registered. Confirmed support of
Increasing level of risk in the industry, due to the
commercial banks mainly through Senior Debt.
expected increment in the level of competition.
Potential investments abandoned due to COVID-19 Focus on portfolio companies’ cash flow
will be reconsidered within 12 months. Limited management and planning. Market influenced by
impact on market multiples, expected up to 15%. disruptive trends such as online sales and tech
More than 50% already planned exits. innovations.
6Italy Private Equity Confidence Survey Outlook per il primo semestre 2021 | Outlook for the first semester of 2021
Quadro Macroeconomic
macroeconomico environment
e mercato del PE and PE market
Aspettative positive per una Positive expectations for recovery
ripresa entro 12 mesi e contesto di within 12 months and market
mercato influenzato dai consumi scenario influenced by online
online e da trend tech. consumption and tech trends.
Question 1 - During the next semester, Le aspettative degli operatori Operators’ expectations regarding
I expect the economic outlook to: riguardo lo scenario the macroeconomic scenario show
macroeconomico mostrano una a turnaround compared to the last
80%
66.7%
70.0% decisa inversione rispetto alla edition: 59,3% of respondents
63.2%
70% 60.5% 59.3% passata edizione: il 59,3% degli foresee an improvement, data that
60% 51.4%
50%
intervistati ne prevedono un tells the opposite of last semester’s
37.2%
40% 31.6% miglioramento, dato opposto 70,0% expecting a worsening
27.0% 26.7% 29.6%
30%
21.6% 22.2% rispetto al 70,0% delle preferenze macroeconomic environment. In
20%
5.3%
11.1% 11.1% espresse lo scorso semestre per un fact, only 11,1% of respondents
10% 2.3% 3.3%
peggioramento del contesto maintained their negative
0%
2S 2018 1S 2019 2S 2019 1S 2020 2S 2020 1S 2021 macroeconomico. Solo l’11,1% degli expectations.
intervistati, infatti, ha mantenuto la
Improve Remain stable Worsen
propria aspettativa negativa.
Question 2 - During the next semester, I expect
the most impactful economic trends on Intervistati in merito ai trend più When asked about the most
investment decisions to be: impattanti sulle decisioni di impactful trends on investment
0.5% 4.9%
investimento, il 20,3% degli decisions, 20,3% of respondents
13.2%
12.1% operatori considera l’incremento consider the increase in online
5.5%
dei consumi sul canale online come consumption as the most relevant
18.1%
4.9% il fattore più rilevante, seguito factor, followed by the acceleration in
dall’accelerazione dei principali the main tech trends. Investment
20.3% 15.9% trend tech. Le scelte d’investimento choices for the next 6 months will be
4.4% per i prossimi 6 mesi saranno also affected by the increased
Deceleration of globalization influenzate anche dalla diffusione diffusion of smart working (15,9%),
Faster transition towards digital payment methods dello smart working (15,9%), dal the green agenda revival (13,2%) and
Tighter rules for healthcare and hygene rilancio dell’agenda green (13,2%) e the transition towards digital
Progress in medical research dalla transizione verso i pagamenti payment methods (12,1%).
Smart working diffusion digitali (12,1%). Solo il 5,5% degli Finally, only 5,5% of respondents
Technological products and services perceived as publicly utility goods intervistati, infine, percepisce le perceive tighter rules for healthcare
Online consuming growth norme più stringenti per la sanità e and hygiene due to COVID-19 as a
Acceleration in the main tech trends (i.e. cloud, artificial intelligence) l’igiene come un fattore relevant factor.
Green agenda revival particolarmente influente.
Other
Question 3 - During the next semester, Anche con riferimento alle attese A turnaround in respondents’
I expect the number of deals in the PE sull’andamento del numero di choices compared to last semester
market to: operazioni nel mercato del PE si is registered also with regard to the
registra un’inversione di tendenza expectations for the number of
80% 72.4% rispetto allo scorso semestre: la transactions in the PE market: the
70% 63.2% 60.0% 63.0%
62.2% maggioranza degli operatori (63,0%) majority of operators (63,0%)
60% 50.0%
si aspetta un numero di deal in expects an increase in business
50%
40%
40.5%
35.2%
aumento. Se la porzione di volumes. While the portion of
30%
26.3%
22.2%
operatori con aspettative stabili operators with stable expectations
24.3%
20% 13.5% 17.8%17.2% cresce da 10,3% a 35,2%, il trend grows from 10,3% to 35,2%, the
9.5% 10.5%
10.3%
10% 1.9% positivo è ravvisabile nel crollo del positive trend can be found in
0%
2S 2018 1S 2019 2S 2019 1S 2020 2S 2020 1S 2021
numero di intervistati che ritiene particular in the drop in the number
che il numero di deal si ridurrà nel of interviewees expecting
Increase Remain stable Decrease prossimo semestre (-70,5 punti decreasing business activity (-70,5
percentuali). percentage points).
7Italy Private Equity Confidence Survey Outlook per il primo semestre 2021 | Outlook for the first semester of 2021
Per quanto concerne le aspettative Regarding expectations about Question 4 - I expect the effects of Covid-19
sugli effetti del COVID-19 sul COVID-19’s effects on the Italian to influence the Italian PE/VC market until:
mercato italiano del PE/VC, il PE/VC market, 64,8% of
11.1%
64,8% degli intervistati prevede che respondents foresee they will last 24.1%
avranno una durata di 12-18 mesi. for the next 12-18 months. While
Mentre solo l’11,1% ha una view più only 11,1% of operators has an even
pessimistica, che ne prevede una more pessimistic view, entailing a
durata maggiore, una cospicua larger duration, a substantial part of 33.3%
quota di intervistati (24,1%) invece, respondents (24,1%) considers the
considera più contenuta l’entità healthcare crisis to be of short term, 31.5%
della crisi sanitaria, attendendosi expecting its impact to last for the
impatti al più solo nei prossimi 6 next 6 months, at most. The next 6 months
mesi. The next 12 months
The next 18 months
Beyond the next 18 months
Intervistati sui principali trend attesi When asked about the key trends Question 5 - During the next semester, I expect
nel mercato del PE, le aspettative expected in the PE market, positive the most significant market trends to be:
2S 2020 1S 2021
positive sono ravvisabili nella forte expectations are visible from the 1.9%
0.9%
riduzione degli intervistati che drop in the number of respondents 10.3%
1.9%
18.7% 7.7% 1.1%
17.6%
indicano un rallentamento o mentioning a slowdown or 7.5%
18.7%
2.2%
interruzione delle attività di interruption in the investment
investimento (da 16,8% a 2,2%), così activity (from 16,8% to 2,2%), as 16.8%
11.0%
come nelle aspettative di ripresa well as an increase in fundraising 25.2% 9.3%
7.1%
delle attività di fundraising, indicate activity, indicated by 7,7% of 9.3%
dal 7,7% degli intervistati (+6,8 punti interviewees (+6,8 percentage 7.5% 25.3%
percentuali rispetto allo scorso points compared to last semester). Increase in the price divergence Slowdown or interruption of the
semestre). Oltre alla crescita del In addition to the increase in the investment activity due to
market condition
livello di partecipazione dei fondi nel level of involvement in the Interest for turnaround operations Limited choice of listing as exit strategy
management delle partecipate (da management of participated
10,3% a 18,7%), i trend attesi più companies (from 10,3% to 18,7%), Increase of the average holding period Decrease in use of financial leverage
in acquisitions
indicati rimangono l’allungamento the most mentioned expected Increase in the level of involvement Recovery of fundraising activity
dell’holding period degli investimenti trends remain the average holding in the management of the
participated companies
(25,3%) e l’aumento delle divergenze period increase (25,3%) and the Problems connected with committed Decrease in the number of small-medium
capital repayment operators and starting of
di prezzo tra venditore e acquirente increase in price divergence concentration phenomenon
(17,6%). Infine, cresce l’interesse per (17,6%). Finally, a growing interest Other
operazioni di turnaround (da 9,3% a for turnaround operations is
11,0%) registered (increasing from 9,3% to
11,0%).
Con riferimento al livello di Regarding the level of competition Question 6 - The current competition level
competizione per le nuove related to new investment related to the new investment
opportunità d’investimento, sono in opportunities, a severe drop is opportunities is:
forte riduzione gli intervistati che registered among respondents who
80% 73.3%
hanno aspettative di riduzione (dal expect a decrease (from 16,7% to 70.3%
70% 64.8%
16,7% al 5,6%), mentre la maggior 5,6%), while the majority of 59.5% 56.8%
parte degli operatori (64,8% - in operators (64,8% - decreasing by 8,5 60%
51.1%
diminuzione di 8,5 punti percentuali percentage points in comparison 50% 43.2%
46.7%
rispetto alla precedente Survey) si with the last Survey) foresees a 40%
29.7%
33.3%
29.6%
aspetta un numero di operatori PE stable level of competition in the PE 30%
stabile. Aumentano invece coloro market. On the other hand, those 20% 16.7%
10.0%
che hanno aspettative di maggior who have expectations of increased 10%
7.1%
2.2% 5.6%
competizione nel mercato (+16,6 competition in the market grow 0%
punti percentuali). (+16,6 percentage points). 2S 2018 1S 2019 2S 2019 1S 2020 2S 2020 1S 2021
Increasing Stable Decreasing
8Italy Private Equity Confidence Survey Outlook per il primo semestre 2021 | Outlook for the first semester of 2021
Question 7 - The differentiating factors Riguardo ai fattori di In terms of differentiating factors
among PE funds that, in case of differenziazione che, a parere degli which, in the view of PE operators,
competition, determine the choice of operatori di PE, determinano il determine their success in
one fund instead of another are: successo nel completamento delle completing deals, 46,3% of
operazioni, il 46,3% degli intervistati respondents confirmed that key
100%
13.9% 13.2% 11.1%
ha confermato come elementi elements are price and contractual
90% 18.6% 16.7%
80% 10.5%
23.3%
principali il prezzo e le condizioni terms offered by the counterparty,
13.9%
70% 23.3%
26.7% 18.5% contrattuali offerte alla controparte, back to the levels of 1S 2020. In
60%
26.7% tornando sui livelli del 1S 2020. A response to the consistent rise, we
50%
50.0% 52.6% fronte di tale crescita, si riducono il observe a reduction in “speed and
40% 46.3%
44.2%
44.4%
26.7% fattore "speed e flexibility" (-6,7 flexibility” (-6,7 percentage points),
30%
20% 5.6%
2.6%
6.7%
punti percentuali) e expertise nel and “expertise in the industry” (-8,1
4.4%
10% 16.7%
4.7%
21.1% 16.7%
5.6%
settore (-8,1 punti percentuali). In percentage points). A slight
9.3% 13.3% 13.0%
0% leggera diminuzione anche la reduction is registered also in the
2S 2018 1S 2019 2S 2019 1S 2020 2S 2020 1S 2021
porzione di intervistati che portion of respondents considering
Reputation Network considerano reputazione e network reputation and network crucial (-3,7
come determinanti (rispettivamente and -1,1 percentage points,
Prices & terms Expertise in the industry
-3,7 e -1,1 punti percentuali). respectively).
Speed and flexibility
9Italy Private Equity Confidence Survey Outlook per il primo semestre 2021 | Outlook for the first semester of 2021
Prossime Forthcoming
attività activities of
degli operatori operators
Focus sulla gestione dei flussi di Focus on cash flow management
cassa e digitalizzazione. In and digitalization. Fundraising and
aumento fundraising e nuovi new investments grow.
investimenti.
Nel prossimo semestre, il 50,0% In the next six months, 50,0% of Question 8 - During the next semester, I expect
degli intervistati (40,0% nella Survey respondents (40,0% in the previous to focus the most part of my time on:
precedente) ritiene di focalizzare la Survey) will focus most of their time 70% 66.7%
62.8%
60.5% 62.2%
maggior parte del proprio tempo on scouting for new opportunities. 60%
sull’attività di ricerca di nuovi The time dedicated to the 46.7%
50.0%
50%
investimenti. Il tempo dedicato management of their current 40.0%
40%
all’attività di gestione del portafogli portfolio decreases compared to the 29.6%
si riduce rispetto al periodo previous period (29,6% compared to 30%
18.4%
precedente (29,6% rispetto a 46,7%), as does the focus on disposal 20% 16.7% 11.6% 14.0% 15.8% 13.3% 14.8%
11.1% 11.6% 13.3%
46,7%), così come l’attività di processes, that is reduced from 6,7% 10%
11.1%
6.7% 6.7%
5.6% 5.3% 5.6%
dismissione, che cala dal 6,7% al to 5,6%. On the other hand,
0%
5,6%. D’altra parte, il focus degli operators’ focus on fundraising 2S 2018 1S 2019 2S 2019 1S 2020 2S 2020 1S 2021
operatori verso l’attività di raccolta activities more than doubles, from
Fundraising activity Scouting for new investment
di nuovi fondi più che raddoppia, da 6,7% to 14,8%. opportunities
6,7% a 14,8%. Exit Portfolio management
Sempre con riferimento all’attività In the next six months, regarding Question 9 - During the next semester, will
di fundraising, si segnala che il fundraising activity, 48,1% of the you be involved in fundraising activity?
48,1% degli operatori intervistati ha operators is planning to carry it out, 56.8%
60%
in programma di svolgere attività di a slightly higher number with 46.7% 48.1%
45.2% 46.7%
raccolta di nuovi fondi nel prossimo respect to the previous semester. Is 50%
38.9%
44.4% 42.9%
44.4%
42.6%
semestre, quota in leggero also increasing the portion of 40%
37.8% 36.7%
aumento rispetto al semestre respondents choosing not to carry it 30%
precedente. In aumento la porzione out, while those who will postpone 16.7% 16.7%
20%
dei “No”, a discapito di coloro che fundraising to a later period drop 11.9%
8.9% 9.3%
10% 5.4%
rinvieranno il fundraising a periodi (42,6% and 9,3%, respectively).
successivi (rispettivamente 42,6% e 0%
2S 2018 1S 2019 2S 2019 1S 2020 2S 2020 1S 2021
9,3%).
Yes No Later
Alla luce delle menzionate In light of the aforementioned Question 10 - Considering the financial and
aspettative positive riguardo agli positive expectations regarding the economic crisis due to Covid-19, in the next
sviluppi della crisi economico- development of the ongoing months i am planning to enter new investments:
sanitaria in corso, l’85,2% degli healthcare and economic crisis’
intervistati dichiara che effettuerà impacts, 85,2% of respondents 13.0%
nuovi investimenti nel corso dei claim that they will enter new 1.9%
prossimi mesi. Inoltre, un ulteriore investments throughout the
13,0% si mostra propenso ad upcoming months. Furthermore, an
investire capitale, sebbene additional 13,0% is prone to invest,
solamente in forma di add-on verso albeit only as add-ons to portfolio
società già presenti nel proprio companies. Only 1,9% of operators
portafoglio. Solo l’1,9% non will not perform any investment.
effettuerà alcun investimento. Yes
85.2%
No
Yes, but limited to add-ons to companies in my portfolio
10Italy Private Equity Confidence Survey Outlook per il primo semestre 2021 | Outlook for the first semester of 2021
Question 11 - While managing portfolio companies,
during the next semester, I expect the areas I will Intervistati sulle aree su cui When asked about the areas in
focus my management on to be: prevedono di focalizzare le which they foresee they will focus
4.9% 4.9% 14.7% attenzioni del management delle the management of companies in
2.0%
società nel proprio portafoglio, il their portfolio, 43,3% of operators
8.8% 34,3% degli operatori dichiara che claim that the main activity will be
l’attività principale sarà la gestione cash flow management. The second
6.9%
34.3%
dei flussi di cassa. La seconda area most mentioned area, with 22,5%,
1.0%
più selezionata, con il 22,5%, è la will be “Digitalization”, followed by
22.5% digitalizzazione, seguita dal focus “Supply Chain” (14,7%). Great
sulla Supply Chain (14,7%). Di importance will be given also to
Supply Chain Customer management
grande importanza anche le relationships with clients, on which
Human resources Security and environment
relazioni con i clienti, su cui l’8,8% 8,8% of respondents will focus its
Digitalization Cash flow management and monitoring degli intervistati concentrerà i efforts, as well as human resources
Debt instruments Risk assessment and planning propri sforzi, così come la gestione (6,9%).
Other delle risorse umane (6,9%).
Attività Investment
d’investimento: activity: target
caratteristiche company
delle aziende target characteristics
Attesa di aumento della Expectations of higher average size
dimensione media delle aziende in of portfolio companies. Growing
portafoglio. In aumento l’interesse interest for investments in Life
verso i settori Life Sciences & Sciences & Healthcare, Industrial
Healthcare, Industrial Products e Products and Manufacturing.
Manufacturing.
Question 12 - The average turnover of my Rispetto al semestre precedente, Compared to last semester,
portfolio companies is: aumentano gli intervistati che respondents who claim they have
dichiarano di avere investimenti in investments in their portfolio with
100%
11.1% 11.6% 7.9% 6.7% 3.3%
13.0% portafoglio con un fatturato medio an average turnover higher than
20.0%
80% 19.4% 31.6%
superiore a €50 milioni (46,3% €50 million rise (46,4% vs 23,3%),
37.2% 40.0% 33.3%
60% 36.7%
rispetto a 23,3%), di cui un’alta out of which a high percentage
36.1%
34.2% 22.2%
percentuale (13,0%) è superiore a (13,0%) is higher than €100 million.
40% 23.3% 27.8%
€100 milioni. In forte riduzione A strong reduction in fact is
22.2% 18.4% 24.4% 30.0%
20% 16.3%
7.0% 5.3%
16.7% infatti la porzione di coloro il cui registered in the portion of those
8.3% 6.7% 7.4%
0% 2.8% 4.7% 2.6% 6.7% 3.3% 1.9% portafoglio è concentrato su società whose portfolio is focused on
2S 2018 1S 2019 2S 2019 1S 2020 2S 2020 1S 2021
con fatturato medio tra €31 e €50 companies with average turnover
< € 5M € 5-15M € 16-30M milioni (da 36,7% a 27,8%) e tra €16 between €31 and €50m (from 36,7%
e €30 milioni (da 30,0% a 16,7%). to 27,8%) and between €16 and €30
€ 31-50M € 51-100M > € 100M
million (from 30,0% to 16,7%).
Question 13 - During the next semester, I expect Riguardo alle aspettative sulle Regarding the average size in terms
the average turnover of the future portfolio dimensioni medie in termini di of turnover of future investments,
companies to: fatturato degli investimenti attesi, 63,0% of the operators have stable
il 63,0% degli operatori ha expectations, while 33,3% of
70% 63.0%
57.1%
62.8%
57.9%
55.6%
60.0% aspettative di sostanziale stabilità, respondents expect the average
60%
50%
mentre il 33,3% dei rispondenti si turnover to increase (+16,7
40%
40.0% 37.2% 40.0%
33.3%
attende un aumento delle percentage points with respect to
30%
28.9%
23.3% dimensioni medie (+16,7 punti last semester). On the other hand,
16.7%
20% 13.2% percentuali rispetto allo scorso the percentage of operators that
10% 2.9% 4.4% 3.7% semestre). In diminuzione la expects a decrease in the average
0%
2S 2018 1S 2019 2S 2019 1S 2020 2S 2020 1S 2021
percentuale degli operatori che si investment size dropped, from
attende una riduzione delle 23,3% to 3,7%.
Increase Remain stable Decrease
dimensioni medie, da 23,3% a 3,7%.
11Italy Private Equity Confidence Survey Outlook per il primo semestre 2021 | Outlook for the first semester of 2021
In aumento, rispetto all’ultimo Compared to the previous Question 14 - My portfolio companies
semestre analizzato dalla Survey, gli semester, operators hold a higher operate mainly in the following industries:
investimenti nei portafogli degli amount of investments in portfolio 25%
operatori nei settori Life Sciences & operating in Life Sciences &
20%
Healthcare (da 7,4% a 11,2%) e Healthcare (from 7,4% to 11,2%)
Industrial Products (da 11,1% a and Industrial Products (from 11,1%
15%
14,3%), così come Agricoltura to 14,3%), as well as Agriculture
(+1,9%) e IT – Software & Hardware (+1,9%) and IT – Software & 10%
(+1,3%). Registrano invece una Hardware (+1,3%). A reduction is
riduzione le partecipazioni nel registered in investments in the 5%
settore Manufacturing (-3,6 punti Manufacturing (-3,6 percentage
0%
percentuali), Food & Wine (-2,4 points), Food & Wine (-2,4 points),
Automotive
Electronics
TLC
Apparel
Leisure & Hospitality
Manufacturing
Financial Services
Industrial products
Non Financial Services
Chemical
Retail
Food & wine
Life Sciences & Healthcare
Luxury
Utilities
Agriculture
Publishing
IT (Software & Hardware)
Media & Communication
Packaging
Construction
punti), Luxury e Financial Services Luxury and Financial Services (both -
(entrambi -1,8 punti percentuali). 1,8 percentage points) sectors.
2S 2020 1S 2021
Le aspettative per il prossimo Expectations for the next six Question 15 - During the next months, I will focus
semestre confermano un forte months confirm strong interest for my investments in the following industries:
interesse per i settori del sectors such as Manufacturing
20%
Manufacturing (18,5%), IT (14,6%) e (18,5%), IT (14,6%) and Industrial
18%
Prodotti Industriali (13,4%), Products (13,4%), despite the latter
16%
malgrado quest’ultimo si sia ridotto decreased by 2,5 percentage points 14%
di 2,5 punti percentuali rispetto allo compared to last semester. 12%
scorso semestre. I risultati della Moreover, Survey results show 10%
Survey indicano inoltre un aumento increasing preferences compared to 8%
delle preferenze rispetto al primo the first semester of 2020 towards 6%
semestre 2020 verso settori quali industries including Life Sciences & 4%
Life Sciences & Healthcare (+4,3 Healthcare (+4,3 percentage points) 2%
punti percentuali) e Non Financial and Non Financial Services (+0,9 0%
Chemical
Packaging
Industrial products
Agriculture
Apparel
Leisure & Hospitality
Food & wine
Manufacturing
Automotive
Electronics
TLC
Utilities
Construction
Publishing
Luxury
Financial Services
Media & Communication
Non Financial Services
IT (Software & Hardware)
Retail
Life Sciences & Healthcare
Services (+0,9 punti percentuali). Si percentage points). On the other
riduce invece l’interesse per i settori hand, evidence shows reduced
del Retail (-1,8 punti percentuali) e interest for sectors as Retail (-1,8
Leisure & Hospitality (-1,2 punti). percentage points) and Leisure &
Hospitality (-1,2 points).
2S 2020 1S 2021
Riguardo al posizionamento With regard to the geographical Question 16 - During the last semester, I
geografico delle operazioni positioning of transactions evaluated investment opportunities
valutate dagli operatori durante considered by the operators during mainly focused in:
l’ultimo semestre, il 90,7% di queste the last semester, 90,7% of them 100% 5.6% 7.0% 5.3% 2.2% 3.4% 3.7%
2.8% 2.6% 4.4% 3.4%
ha riguardato società nel Nord covered companies located in 90%
2.8% 11.6%
5.6%
Italia, con crescente attenzione Northern Italy, with growing focus 80%
70% 33.3%
verso il Nord Ovest (+9,7 punti in the North West (+9,7 percentage 57.9% 57.8% 62.1%
50.0%
60% 41.9%
percentuali rispetto allo scorso points compared to last semester). 50%
semestre). Sono in leggero aumento Preferences for companies located 40%
le operazioni nel Centro Italia (da in Central Italy have slightly 30%
3,4% a 5,6%), mentre quelle increased (from 3,4% to 5,6%), 20%
31.0%
40.7%
55.6% 34.2% 35.6%
all’Estero rimangono stabili (3,7%). while abroad remain fairly stable 10% 39.5%
0%
Infine le operazioni nel Sud Italia e (3,7%). Finally, transactions located 2S 2018 1S 2019 2S 2019 1S 2020 2S 2020 1S 2021
nelle isole sono ancora poco in Southern Italy and islands are still North West North East Center South Abroad
significative. negligible.
12Italy Private Equity Confidence Survey Outlook per il primo semestre 2021 | Outlook for the first semester of 2021
Attività Investment
d’investimento: activity &
caratteristiche characteristics
dell’investimento
Gli investimenti effettuati nel The majority of new investments
semestre appena trascorso e le completed in the last semester and
aspettative per i prossimi sei expectations for the next six
mesi mostrano prevalenza di months show predominance of
operazioni con deal value transactions with high deal value,
elevato, con rinnovato interesse with renewed interest for those
per dimensioni superiori a €100 with size higher than €100 million.
milioni. La tipologia di The preferred type of deal for the
investimento preferita per il next semester comes back to being
prossimo semestre torna quella LBO/Replacement, while a reduced
degli LBO/Replacement, a fronte interest for Expansion Capital is
di una riduzione dell’interesse observed.
per l’Expansion Capital.
Question 17 - The average size of Gli operatori di PE intervistati in PE operators interviewed in relation
investments (deal value) in my portfolio is: relazione al deal value delle to the deal value of participated
100% partecipazioni attualmente companies currently held in
5.6% 4.7% 5.3% 11.1% 10.0%
8.3%
20.9%
13.2%
4.4%
16.7% detenute in portafoglio hanno portfolio highlighted a sharp rise in
80% 16.7%
27.8% 13.2% 20.0%
14.8% evidenziato un forte aumento dei values higher than €30 million (from
16.3%
60%
33.3%
14.8% valori superiori a €30 milioni (da 26,7% to 46,3%), out of which 16,7%
27.8% 25.6% 42.1% 28.9%
26,7% a 46,3%), di cui il 16,7% sono are investments larger than €100
40% 27.8%
23.3%
investimenti superiori a €100 million. A severe drop is registered
24.4%
20% 25.0%
20.9% 13.2% 16.7% milioni. In forte riduzione le size più among investments of limited size,
16.7%
0% 5.6% 11.6% 13.2% 11.1% 9.3% contenute, in particolare tra €5 e particularly in those between €5
2S 2018 1S 2019 2S 2019 1S 2020 2S 2020 1S 2021 €15 milioni (-6,6%) ed inferiori a €5 and 15 million (-6,6%) and smaller
< € 5M € 5-15M € 16-30M milioni (-7,4%). than €5 million (-7,4%).
€ 31-50M € 51-100M > € 100M
Question 18 - The average size of investments Le attese degli operatori per il Operators’ expectations for next
(deal value) planned for the next six months is: prossimo semestre mostrano semester show growing interest
crescente interesse verso i deal con towards deals with value higher
100% 2.8% 9.3% 5.3% 8.9% 3.3%
16.7%
valore superiore a €30 milioni, con il than €30 million, with 50% of
90% 10.0%
15.8%
80%
22.2%
23.3%
15.6%
16.7%
50% delle preferenze. Crescono in preferences. In particular, an
18.5%
70%
22.2%
15.8% 11.1% particolare i deal di dimensioni increase in deals larger than €100
60% 16.3% 14.8%
50% 33.3%
30.0% maggiori ad €100 milioni (da 3,3% a million is registered (from 3,3% to
34.2%
40% 25.0%
30.2% 24.1% 16,7%), a discapito di una riduzione 16,7%), while at the expense of
30%
20% 18.4% 24.4%
30.0% delle preferenze per investimenti reduced preferences for
22.2% 18.5%
10%
5.6%
18.6%
2.3% 10.5% 6.7% 10.0% 7.4%
tra €5 ed €30 milioni, in crollo dal investments between €5 and €30
0%
2S 2018 1S 2019 2S 2019 1S 2020 2S 2020 1S 2021 60% al 42,6%. million, dropping from 60% to
< € 5M € 5-15M € 16-30M 42,6%.
€ 31-50M € 51-100M > € 100M
Question 19 - The most frequent type of Riguardo alle tipologie di In terms of types of transaction
deal in my current portfolio is: transazioni effettuate dagli carried out by PE operators,
intervistati di PE, le operazioni più strongly increasing since last
100% 2.8% 7.0% 3.4%
5.3% 2.2% 1.9%
frequenti nel semestre di semester, the most frequent deals
80%
52.8%
41.4%
55.6%
riferimento, restano remain LBO/Replacement,
55.6%
60% 60.5%
55.3%
LBO/Replacement, contando per il accounting for 55,6% of the total.
40%
17.2% 55,6% del totale. Al contrario, si On the contrary, a reduction is
13.9%
11.6%
13.2% 17.8% 16.7% riducono le operazioni di Expansion registered for transactions of
20% 34.5%
27.8%
16.3%
23.7% 20.0% 24.1% Capital (-10,4 punti percentuali), Expansion Capital (-10,4 percentage
2.8% 2.6% 4.4% 3.4% 1.9%
0% 4.7% Start up Financing e Turnaround points), Start up Financing and
2S 2018 1S 2019 2S 2019 1S 2020 2S 2020 1S 2021
(entrambe -1,5 punti percentuali), e Turnaround (both -1,5 percentage
Start up Financing Expansion Capital di supporto a MBO/MBI (-0,5 punti points), and Support to MBO/MBI (-
Support to MBO/MBI LBO/Replacement percentuali). 0,5 percentage points).
Turnaround
13Italy Private Equity Confidence Survey Outlook per il primo semestre 2021 | Outlook for the first semester of 2021
Riguardo alle aspettative degli With regard to operators’ Question 20 - During the next semester, I
operatori per i prossimi sei mesi, le expectations for the next six expect to focus my attention on the following
operazioni di LBO/Replacement months, LBO/Replacement type of deal:
tornano al primo posto con il 53,7% transactions get back to the first
100%
delle preferenze. In crescita anche il place with 53,7% of. A slight 90%
5.6% 9.3% 5.3% 2.2% 3.3% 1.9%
Supporto a MBO/MBI (+3,7 punti increase can be noticed also in 80% 33.3%
70% 44.4% 55.6% 53.7%
percentuali), mentre crollano le Support to MBO/MBI transactions 60%
48.8% 60.5%
16.7%
operazioni di Expansion Capital da (+3,7 percentage points), while 50%
40% 19.4%
43,3% a 22,2%. Una lieve Expansion Capital transactions drop 30% 16.3% 20.0% 20.4%
10.5%
43.3%
diminuzione si registra anche per le from 43,3% to 22,2%. A slight 20%
27.8% 18.4%
17.8%
23.3% 22.2%
10%
attività di Start up Financing (-1,4 downturn is also registered for Start 0%
2.8% 2.3% 5.3%
4.4% 3.3% 1.9%
punti percentuali). up Financing (-1,4 percentage 2S 2018 1S 2019 2S 2019 1S 2020 2S 2020 1S 2021
points).
Start up Financing Expansion Capital
Support to MBO/MBI LBO/Replacement
Turnaround
Aumenta l’interesse verso Rising interest for majority
investimenti di maggioranza. Le investments. The opportunities
opportunità abbandonate abandoned due to COVID-19
causa COVID-19 verranno will be revaluated within 12
rivalutate entro 12 mesi. months.
Riguardo alle tipologie di In terms of type of investments in Question 21 - The majority of the
partecipazioni nei portafogli degli the operators’ portfolios, investments in my current portfolio are:
operatori, le preferenze per gli preferences towards majority
90% 81.4% 79.6%
investimenti di maggioranza investments increase from 66,7% to 80%
76.3% 75.6%
71.4%
aumentano da 66,7% a 79,6%. 79,6%. On the other hand, co- 70%
66.7%
D’altra parte, diminuiscono investments with other funds 60%
sensibilmente i co-investimenti con substantially drop (from 10,0% to 50%
40%
altri fondi (dal 10,0% al 3,7%), così 3,7%), as well as minority 30% 21.1% 24.4% 23.3%
20.0%
come gli investimenti di minoranza investments (from 23,3% to 16,7%). 20% 14.0%
16.7%
8.6% 10.0%
(da 23,3% al 16,7%). 10% 4.7%
2.6%
3.7%
0%
2S 2018 1S 2019 2S 2019 1S 2020 2S 2020 1S 2021
Majority Minority Co-investment with other funds (Minority)
Le attese in merito alla Expectations about the make-up of Question 22 - During the next semester, I
composizione dei portafogli per il portfolios for the next six months expect to focus my attention on:
prossimo semestre sono are in line with the composition of 90%
85.7% 84.2% 81.8%
85.2%
sostanzialmente in linea con gli investments currently in portfolio. 80%
71.4%
72.4%
investimenti attualmente in Majority investments constitutes 70%
portafoglio. Quello in quote di the favorite typology of operators 60%
maggioranza costituisce la tipologia (85,2%), higher than both last two 50%
40%
di investimento verso cui gli semesters (81,8% and 72,4%,
30%
operatori mostrano il maggior respectively). A reduction is 20%
17.1%
14.3% 13.2% 13.6%
17.2%
13.0%
11.4% 10.3%
interesse (85,2%), in aumento registered in both minority 10% 2.6% 4.5% 1.9%
rispetto ai due semestri precedenti investments (from 17,2% to 13,0%) 0%
2S 2018 1S 2019 2S 2019 1S 2020 2S 2020 1S 2021
(81,8% e 72,4%, rispettivamente). Si and co-investments, that from
riducono sia gli investimenti di 10,3% drop to almost zero (1,9%). Majority Minority Co-investment with other funds (Minority)
minoranza (da 17,2% a 13,0%) che i
co-investimenti, che da 10,3%
scendono quasi a zero (1,9%).
14Italy Private Equity Confidence Survey Outlook per il primo semestre 2021 | Outlook for the first semester of 2021
Question 23 - In the last six months, the main La causa principale di abbandono The main reasons which have led
factors that led me to abandon potential di un’opportunità d’investimento è investors to abandon possible deals
opportunities were related to: riconducibile ai dubbi emersi in is primarily related to doubts on the
100% 5.7% 9.3% 2.6% 4.4% 3.3% 3.7% relazione alla potenzialità del business potential, which has been
80% business, indicata dal 55,6% degli stated by 55,6% of respondents,
42.9% 34.9% 52.6% 46.7%
66.7%
55.6% intervistati, seguita dalla followed by the resistance to sell by
60%
resistenza manifestata dai soggetti entrepreneurs (including
40% venditori (incluse divergenze in disagreement over the price),
48.8% 40.0%
20%
48.6% 39.5% 35.2% termini di prezzo) in aumento increased compared to last
26.7%
2.9% 7.0%
2.6%
2.6%
6.7%
2.2% 3.3%
rispetto allo scorso semestre dal semester from 26,7% to 35,2%.
0% 5.6%
2S 2018 1S 2019 2S 2019 1S 2020 2S 2020 1S 2021 26,7% al 35,2%. Se la quota di chi ha While the percentage of those who
indicato i dubbi sul management picked “Doubts on the management
Other Doubts on the management reliability
rimane costante (3,7%), le “Altre” reliability” remained constant
Resistance to sell by the entrepreneurs Doubts on the business potential cause raggiungono il 5,6%. (3,7%), Other causes rise up to
5,6%.
Excessive financial resources necessary Difficulties in debt funding for
to relaunch the business activity the specific deal
Question 24 - In the last 6 months, which Con riferimento alla crisi Regarding the economic and
is the number of potential investment economico-sanitaria legata al healthcare crisis related to COVID-
opportunities you abandoned due to the COVID-19 quale principale causa di 19 as primary abandonment cause
current Covid-19 emergency and the abbandono di potenziali of potential investment
relative economic consequences? opportunità di investimento, solo il opportunities, only 18,5% of
18,5% degli intervistati afferma di respondents claims to have given
18.5%
aver rinunciato a un numero up between 5 and 10 opportunities.
compreso tra 5 e 10 opportunità. Indeed, the uncertainty around this
Infatti, l’incertezza legata a questa circumstance and the difficulty in
circostanza e la difficoltà nel evaluating a business’ potential led
valutare le potenzialità di un the remaining 81,5% to abandon up
business hanno indotto il rimanente to 5 opportunities only.
81.5%
81,5% a rinunciare solo fino a 5
opportunità.
10
Question 25 - Regarding the potential Per quanto riguarda le opportunità With respect to investment
investment opportunities abandoned in the last di investimento abbandonate a opportunities abandoned due to
6 months due to Covid-19 emergency, are you causa dell’emergenza COVID-19, il COVID-19 emergency, 59,3% of
planning to reconsider them? 59,3% degli intervistati dichiara che respondents will reconsider such
riprenderà in considerazione tali opportunities in the future, in a
opportunità, in un periodo compreso period comprised between 6 and
20.4%
tra i 6 ed i 12 mesi (20,4% e 38,9% 12 months (20,4% and 38,9% of
delle preferenze, rispettivamente). Il preferences, respectively). While,
40.7%
rimanente 40,7%, al contrario, ha the remaining 40,7% has decided
deciso che non rivaluterà le not to re-evaluate the abandoned
opportunità di investimento investment opportunities.
abbandonate.
38.9%
Yes, within 6 months Yes, within 12 months No
15Italy Private Equity Confidence Survey Outlook per il primo semestre 2021 | Outlook for the first semester of 2021
Il COVID-19 e la relativa incertezza COVID-19 and the related Question 26 - Have the economic and financial
legata agli scenari futuri hanno uncertainty regarding future crisis related to COVID-19 and the related
avuto un impatto anche sulla scenarios also had an impact on uncertainty regarding future scenarios had an
struttura delle operazioni, che the structure of deals, that impact on the structure of deals? If yes, which
secondo la maggioranza degli according to the majority of instrument was used more frequently?
intervistati (44,4%) ha incluso più respondents (44,4%) included more 9.3%
frequentemente meccanismi di frequently Deferred consideration 5.6%
31.5%
deferred consideration quale mechanisms, such as earnouts.
l’earnout. Altri strumenti utilizzati Other instruments employed to
per bilanciare l’incertezza sono stati offset uncertainty were more
covenants più stringenti o aggiuntivi stringent or additional covenants
e preferred equity (entrambe 9,3%), and preferred equity (both 9,3%),
9.3%
mentre per il 31,5% degli while for 31,5% of respondents the 44.4%
intervistati la struttura delle structure of deals did not suffer any
operazioni non ha subito alcun impact. Preferred equity
impatto. Convertible debt
Deferred consideration mechanisms (e.g. earnout)
More stringent and/or additional covenants
No impact
16Italy Private Equity Confidence Survey Outlook per il primo semestre 2021 | Outlook for the first semester of 2021
Financing delle Acquisition
acquisizioni financing
In diminuzione la percentuale Decreasing percentage of
di equity sul valore totale degli equity on total acquisition
investimenti. value.
Più della metà degli operatori More than half of respondents (46,7%) Question 27 - The average equity
(51,9%) dichiara una percentuale declares that their investments have an percentage on the total acquisition value
media di equity sul valore totale average percentage of equity between of my portfolio companies is:
degli investimenti in PE compresa 41,0% and 60,0%, portion which 100%
7.0% 5.4%
11.4% 7.4%
14.3% 13.3%
90%
tra il 41,0% ed il 60,0%, quota in increased since last semester. A rise is 16.3%
80% 32.4% 25.9%
aumento rispetto all’ultimo registered also in the portion that 70% 31.4% 29.5%
23.3%
semestre. Superiore anche la claimed investments with average 60%
porzione che ha indicato percentage of equity between 61% and 50% 53.5%
investimenti con una percentuale 80% (25,9%), while decrease those with 40% 45.9% 43.2% 46.7% 51.9%
42.9%
media di equity compresa tra 61% e equity lower or equal to 40% (14,8%) 30%
20%
80% (25,9%), mentre si riducono and above 81% (7,4%). 8.6% 18.6% 8.1% 13.6% 13.3% 11.1%
10%
quella con equity minore o uguale al 0%
2.9% 4.7% 8.1% 2.3% 3.3% 3.7%
40% (14,8%) e superiore ad 81% 2S 2018 1S 2019 2S 2019 1S 2020 2S 2020 1S 2021
(7,4%). 0-20% 21-40% 41-60% 61-80% 81-100%
Le aspettative di struttura New deals’ capital structure Question 28 - I expect that the percentage
finanziaria dei nuovi deal mostrano expectations show a negative trend in of equity on the total value of the deals
un trend di riduzione della the equity portion employed, mainly that will be closed in the next six months
percentuale di equity utilizzata, due to a reduction in preferences for will be between:
principalmente a causa della transactions with equity higher than 100% 4.7% 5.4% 6.8% 13.3%
7.4%
90% 14.3%
diminuzione delle preferenze per 80% (from 13,3% to 7,4%). Moreover, a 20.9%
80% 27.0% 25.0% 27.8%
operazioni con equity superiore rise in transactions with debt portion 70%
20.0% 26.7%
all’80% (da 13,3% a 7,4%). above 60% is registered, from last 60%
Aumentano anche le operazioni con semester’s 10,0% to 13,0%. 50%
55.8%
48.6%
la quota di debito superiore al 60%, 40% 54.3%
52.3%
50.0%
51.9%
da 10,0% dello scorso semestre a 30%
20%
13,0%. 14.0% 10.8% 13.6%
10% 8.6% 11.1%
8.1% 2.3% 6.7% 1.9%
0% 2.9% 4.7% 3.3%
2S 2018 1S 2019 2S 2019 1S 2020 2S 2020 1S 2021
Operazioni realizzate Deals in the previous six months 0-20% 21-40% 41-60% 61-80% 81-100%
prevalentemente con una leva were executed
finanziaria tra 2 e 4 volte with a financial leverage between
l’EBITDA. Lo spread medio sul 2 and 4 times the EBITDA. Average
tasso Euribor che gli operatori spreads on Euribor for investors’
vedono applicato ai deal financing is growing,
finanziamenti richiesti per le generally between 200 and 300
operazioni di PE risulta in bp.
aumento, tra i 200 e i 300 bp.
Osservando il grado di leva Considering the financial leverage Question 29 - The financial leverage
finanziaria utilizzato nell’ambito used in deals closed during the last six (DEBT/EBITDA multiple) used in deals closed
delle operazioni concluse negli months, 61,1% of the acquisitions during the last six months was:
ultimi sei mesi, il 61,1% delle performed have been financed with a 100%
9.1% 2.4% 5.4% 4.7%
operazioni effettuate dal campione leverage between 2 and 4 times 90%
9.3%
sono state finanziate con una leva EBITDA, portion that has dropped since 80%
tra 2 e 4 volte l’EBITDA, in last semester (78,6%). In fact, extreme 70%
66.7% 62.8%
diminuzione rispetto al semestre values have increased: transactions 60% 63.6%
64.9% 78.6% 61.1%
precedente (78,6%). Aumentano with leverage lower than 2 grow from 50%
infatti gli estremi: le operazioni con 21,4% to 29,6%, while those with 40%
30%
leva inferiore a 2 salgono da 21,4% leverage higher than 4 times EBITDA
20%
a 29,6%, mentre passano da zero a rise from zero to 9,3%. 27.3% 31.0% 29.7% 32.6%
21.4%
29.6%
10%
9,3% quelle con leva superiore a 4 0%
volte l’EBITDA. 2S 2018 1S 2019 2S 2019 1S 2020 2S 2020 1S 2021
6x
17Italy Private Equity Confidence Survey Outlook per il primo semestre 2021 | Outlook for the first semester of 2021
Question 30 - The average spread on Euribor Gli operatori di PE intervistati A slight increase of the average
applied to Senior Debt in the acquisitions made in segnalano in generale un leggero spreads on Senior Debt to finance
the last six months was included between: aumento degli spread medi acquisitions is registered,
applicati rispetto al semestre compared to last semester.
100%
6.3%
11.9%
3.6% precedente. Decreases to 57,4% the portion of
90% 20.0% 17.1% 16.7%
Si riduce a 57,4% la quota degli respondents (75,0% in the last
80% 35.7%
31.3%
26.2% operatori intervistati (75,0% nella Survey) who financed their
70% 28.6% 25.9%
25.0% scorsa Survey) che ha finanziato le transactions with a spread of
60%
proprie operazioni con uno spread Euribor between 200 and 300 basis
50%
37.5% 35.7%
39.3% 31.5%
sull’Euribor compreso tra i 200 e i points. Moreover, a sharp rise is
40%
45.0% 42.9% 300 basis points. In forte aumento registered among those who
30%
20%
coloro che hanno ottenuto uno obtained a spread higher than
10% 25.0% 26.2% 21.4% 25.9% spread superiore ai 300bp (da 3,6% 300bp (from 3,6% to 16,7%).
0%
10.0% 11.4% a 16,7%).
2S 2018 1S 2019 2S 2019 1S 2020 2S 2020 1S 2021
300 bp
Operazioni finanziate Deals mostly financed with
prevalentemente tramite Senior debt by commercial
ricorso al Senior debt, erogato banks.
dalle banche commerciali.
Question 31 - The main debt facilities that I used Il Senior debt rappresenta anche nel Senior debt is once again the most
in the deals closed in the last six months were: corso dell’ultimo semestre la popular financing option,
100%
5.9% 7.1% 3.7% modalità di finanziamento più confirming the trend observed in
2.9% 11.6% 8.1% 2.4% 3.6% 3.7%
90% 2.9%
7.0%
2.7% 4.8% 7.1% 3.7%
1.9%
diffusa, confermando la tendenza the last semesters (83,3% of
80% 2.9% 2.7%
70%
2.3% 2.4% 3.7% emersa nelle precedenti edizioni responses). Except from Junior Debt
60% (83,3% dei casi). Eccetto il Junior (1,9%), other solutions have been
50%
86.5% 89.3% 83.3%
Debt (1,9%), le altre soluzioni sono picked equally by 3,7% of
40% 79.1% 83.3%
30%
85.3%
state scelte in proporzioni uguali, respondents each.
20% ciascuna dal 3,7% dei rispondenti.
10%
0%
2S 2018 1S 2019 2S 2019 1S 2020 2S 2020 1S 2021
Senior debt Mezzanine financing
Junior debt / high-yield bond Vendor’s note / convertible bonds
Shareholders loan Other
Question 32 - The main debt facilities that I'm Anche con riferimento alle attese Considering the expectations on
planning to use in the next six months for circa le principali tipologie di financing options to fund
acquisitions are: 1.9%
indebitamento utilizzate nel acquisitions during the next six
100% 3.0% 2.4% 4.8%
90%
3.0%
11.9%
8.1%
5.4%
4.8%
4.8%
11.1% 1.9%
3.7%
prossimo semestre, la maggioranza months, the majority of investors
3.0% 2.7%
80% 7.1% 4.8%
2.4%
9.3% degli operatori prevede di ricorrere still foresees to rely on Senior debt
70% 2.4%
60%
prevalentemente al Senior debt (79,6%), strongly reduced in
50%
90.9%
(79,6%), in forte riduzione rispetto comparison with last semester. The
83.8% 88.9%
40%
30%
76.2% 78.6% 79.6%
al semestre precedente. La remaining portion (20,4%) mainly
20% rimanente quota del 20,4% verte consists in the employment of
10%
0%
principalmente sull’utilizzo del mezzanine financing, that gathers
2S 2018 1S 2019 2S 2019 1S 2020 2S 2020 1S 2021 debito Mezzanino, che raccoglie il 9,3% of preferences.
Senior debt Mezzanine financing
Junior debt / high-yield bond Vendor’s note / convertible bonds
9,3% delle preferenze.
Shareholders loan Other
Question 33 - The main debt providers for the Leggermente in aumento al 75,6% The share of investors declaring to
deals closed in the last six months were: la percentuale di investitori PE rely mostly on commercial banks for
100% 6.3%
5.0%
5.0% 5.6% 7.1% 10.7% 9.3%
intervistati che individua nelle their financing needs slightly
5.6% 4.8%
80%
3.1% 2.5%
7.5% 4.8%
9.5%
9.3%
5.6%
banche commerciali la fonte increased up to 75,6%. On the other
9.4% 16.7% 17.9%
principale di finanziamento. La hand, the strong reduction in the
60%
forte riduzione del ricorso alle resort to investment banks from
40% 81.3% 80.0%
72.2% 73.8% 71.4% 75.9% banche di investimento dal 17,9% al 17,9% to 5,6% comes with a
20% 5,6%, invece, è controbilanciata dal comeback to the employment of
0%
ritorno all’impiego del debito mezzanine funds (from zero to
2S 2018 1S 2019 2S 2019 1S 2020 2S 2020 1S 2021 mezzanino (da zero a 9,3%). 9,3%).
Commercial banks Investment banks Mezzanine Funds
Syndication financing Other 18Puoi anche leggere
