Identifying Potential Acquisition Investment Banking Analytics Ir Case Study

INVESTMENT BANKING ANALYTICS
Identifying potential acquisition targets in the bakery segment in Europe

CLIENT A mid-tier US investment bank wanted to prepare list of potential SAMPLE ANALYSIS TEMPLATES
LIST OF POTENTIAL TARGETS
European Specialty Bakery Products Targets Acquisition Target Profiles
(in EURO Millions) Back to Index Company Name Austria
Rudol f l z Me i s te rb cke r GmbH Rudol f l z Me i s te rb cke r GmbH i s pri ma ri l y e nga ge d i n ma nufa cturi ng fre s h a nd froze n bre a d a nd bre a d-type rol l s a nd othe r fre s h ba ke ry (e xce pt cooki e s a nd cra cke rs ) products . The compa ny ha s e xport quota tota l : 38.7% of 2009 s a l e s product ra nge i ncl ude s 100 products + 30 s e a s ona l products a nd Loca ti ons i ncl ude 18 wa re hous e s i te s i n Aus tri a , 5 i n Ge rma ny a nd 4 i n Swi tze rl a nd. Succe s s Ma rke ti ng Unte rne hme ns be ra tungs GmbH i s pri ma ri l y e nga ge d i n ma nufa cturi ng fre s h a nd froze n bre a d a nd bre a d-type rol l s a nd othe r fre s h ba ke ry (e xce pt cooki e s a nd cra cke rs ) products . PAN & CO provi de s cons ume rs wi th ta s ty bre a d a nd pa s tri e s for the i r da i l y de ma nd a s we l l a s re ta i l e rs . Anke rbrot AG i s pri ma ri l y e nga ge d i n ma nufa cturi ng fre s h a nd froze n bre a d a nd bre a dtype rol l s a nd othe r fre s h ba ke ry products . Strck Brot Ge s mbH i s pri ma ri l y e nga ge d i n ma nufa cturi ng fre s h a nd froze n bre a d a nd bre a d-type rol l s a nd othe r fre s h ba ke ry (e xce pt cooki e s a nd cra cke rs ) products . Pri va te I nde pe nde nt NA 170.3 NA NA NA NA NA NA Be rnha rd, Ma rti n, Fl ori a n, He l mut l z www.oe l z.com
acquisition targets in the bakery segments in Europe RESEARCH FRAMEWORK & DELIVERABLES
SEARCH CRITERIA
Business Description
Public/Private
Market Cap
Revenues
EBIT
EBITDA
Total Debt Cash
Net Debt
Assets
Shareholders/Ultimate Parent Company
website
Succe s s Ma rke ti ng Unte rne hme ns be ra tungs GmbH
Pri va te Subs i di a ry
NA
83.0
NA
NA
NA
NA
NA
NA
He rr Ma g. Wol fga ng Hofe r
www.s ucce s s ma rke ti ng.a t
Anke rbrot Akti e nge s e l l s cha ft Strck Brot Ge s mbH
Pri va te Subs i di a ry Pri va te Subs i di a ry
NA NA
78.0 71.2
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
Fa mos GmbH Wi e n (FN 155941) Strck Logi s ti k GmbH La ntm nne n e k fr
www.a nke r-brot.a t www.s troe ck.a t
Products: Specialty bakery products with a focus on deep frozen bakery products
Denmark
La ntm nne n Uni ba ke A/S La ntm nne n Uni ba ke De nma rk i s pri ma ri l y e nga ge d i n ma nufa cturi ng fre s h a nd froze n Pri va te Subs i di a ry bre a d a nd bre a d-type rol l s a nd othe r fre s h ba ke ry (e xce pt cooki e s a nd cra cke rs ) products . Products i ncl ude : Pa s try, Croi s s a nts , Ca ke s , Fa s t food, Bre a d, Sa vory, Re ta i l Pa cke d Bre a d. Kohbe rg Brd A/S i s pri ma ri l y e nga ge d i n ma nufa cturi ng fre s h a nd froze n bre a d a nd Pri va te I nde pe nde nt bre a d-type rol l s a nd othe r fre s h ba ke ry (e xce pt cooki e s a nd cra cke rs ) products . Da n Ca ke A/S i s pri ma ri l y e nga ge d i n ma nufa cturi ng fre s h a nd froze n bre a d a nd bre a d- Pri va te I nde pe nde nt type rol l s a nd othe r fre s h ba ke ry (e xce pt cooki e s a nd cra cke rs ) products . Products i ncl ude Swi s s Rol l s , Ha l f Moons , Cut Ca ke s , Truffl e s , Sl a b Ca ke s , Ta rte s , Se a s ona l products , Browni e , Sponge Fl a n Ba s e , Foi l Ca ke s , Pre mi um products , Dre a m Ca ke s . H.C. Ande rs e n, Ba ge rg rde n A/S i s pri ma ri l y e nga ge d i n ma nufa cturi ng fre s h a nd froze n Pri va te Subs i di a ry bre a d a nd bre a d-type rol l s a nd othe r fre s h ba ke ry (e xce pt cooki e s a nd cra cke rs ) products . Ba hl s e n GmbH & Co. KG i s pri ma ri l y e nga ge d i n ma nufa cture of rus ks a nd bi s cui ts a nd "dry" ba ke ry products ; ma nufa cture of pre s e rve d pa s try goods a nd ca ke s ; ma nufa cture of s na ck products whe the r s we e t or s a l te d. Gri e s s on - de Be uke l a e r GmbH & Co. KG i s pri ma ri l y e nga ge d i n ma nufa cture of rus ks a nd bi s cui ts a nd "dry" ba ke ry products ; ma nufa cture of pre s e rve d pa s try goods a nd ca ke s ; ma nufa cture of s na ck products whe the r s we e t or s a l te d. De Be uke l a e rs we l l e s ta bl i s he d bra nds i ncl ude a mong othe rs , Gri e s s on, Pri nze n Rol l e , LEI CHT & CROSS, Te krum, Ca f Mus i ca , TUC, Mi ka do, Wurze ne r a nd the Mve npi ck l i ce ns e . The compa ny ha s fa ctory outl e t i n Pol ch, Ka hl a , Wurze n, Ke mpe n, Ra ve ns burg. Bra ndt Zwi e ba ck-Schokol a de n GmbH + Co. KG i s pri ma ri l y e nga ge d i n ma nufa cture of rus ks a nd bi s cui ts a nd "dry" ba ke ry products ; ma nufa cture of pre s e rve d pa s try goods a nd ca ke s ; ma nufa cture of s na ck products whe the r s we e t or s a l te d. Products i ncl ude rus ks , chocol a te a nd s na cks . Erl e nba che r Ba ckwa re n GmbH i s pri ma ri l y e nga ge d i n ma nufa cture of rus ks a nd bi s cui ts a nd "dry" ba ke ry products ; ma nufa cture of pre s e rve d pa s try goods a nd ca ke s ; ma nufa cture of s na ck products whe the r s we e t or s a l te d. I ts products portfol i o s tre tche s from hi gh-qua l i ty cre a m ga te a ux to cre a m s l i ce s , e xce l l e nt tra y ba ke s a nd ta s ty round ca ke s i n a va ri e ty of forms a nd s l i ce s i ze s . And from l a ctos e a nd gl ute n fre e ba ke d goods , di a be ti c products , Ame ri ca n che e s e ca ke s a nd i nte rna ti ona l ta rts , through to i rre s i s ti bl e de s s e rts , Mi ni Gugl s (s ma l l pi e ce s of ca ke ), s we e t s na cks a nd a compre he ns i ve s e l e cti on of s ma l l ba ke d products i ncl udi ng pre tze l s a nd croi s s a nts . Pri va te Pa re nt NA 221.0 7.9 NA NA NA NA 428.4 www.uni ba ke .dk
Kohbe rg Brd A/S Da n Ca ke A/S
NA NA
143.6 74.7
6.9 4.9
NA NA
78.2 NA
NA NA
NA NA
87.8 31.9
NA NA
www.kohbe rg.com www.da nca ke .dk
H C Ande rs e n, Ba ge rga rde n A/S
NA
NA
0.1
NA
53.3
NA
NA
8.2
Koff A/S
NA
Target Markets: Italy, Spain, Germany, Austria, Scandinavia.

Minimum revenue: EUR 50 Million
PHASE I
Germany
Ba hl s e n GmbH & Co. KG NA 595.1 7.6 24.1 0.0 30.7 -30.7 217.7 NA www.ba hl s e n.de
Gri e s s on de Be uke l a e r GmbH & Co KG
Pa rtne rs hi p Pa re nt
NA
427.3
NA
NA
NA
NA
NA
NA
NA
www.gri e s s on-de be uke l a e r.de
Bra ndt Zwi e ba ck-Schokol a de n GmbH Co. KG
Pri va te Pa re nt
NA
206.3
5.6
13.4
12.8
2.2
10.6
91.4
NA
www.bra ndt-zwi e ba ck.de
Erl e nba che r Ba ckwa re n Gmbh
Pri va te Subs i di a ry
NA
130.1
NA
NA
NA
NA
NA
NA
Ne s tl SA
www.e rl e nba che r.de
Wi l he l m Ki nka rtz GmbH & Co KG
Various data sources were used to prepare a list of companies

Aranca then short listed companies based on business description
PHASE II
Gotte na Ke ks - und Wa ffe l fa bri k GmbH
Wi l he l m Ki nka rtz GmbH & Co. KG i s pri ma ri l y e nga ge d i n ma nufa cture of rus ks a nd Pa rtne rs hi p Subs i di a ry bi s cui ts a nd "dry" ba ke ry products ; ma nufa cture of pre s e rve d pa s try goods a nd ca ke s ; ma nufa cture of s na ck products whe the r s we e t or s a l te d. Bi s qui va GmbH & Co.KG i s pri ma ri l y e nga ge d i n ma nufa cture of rus ks a nd bi s cui ts a nd Pri va te Subs i di a ry "dry" ba ke ry products ; ma nufa cture of pre s e rve d pa s try goods a nd ca ke s ; ma nufa cture of s na ck products whe the r s we e t or s a l te d. Products i ncl ude Bi s cui ts wi th chocol a te ; Bi s cui ts wi thout chocol a te ; Wa fe rs wi th chocol a te ; Soft Ca ke s /Sponge s /Thi ns ; Bi s cui t a nd wa fe r s pe ci a l ti e s ; Puff Pa s try Bi s cui ts ; I ndi vi dua l va ri e ti e s a nd bi s cui ts a nd wa fe rs for mi xe d pa cks . The compa ny offe rs a compre he ns i ve ra nge of ca pa ci ti e s i ncl udi ng: more tha n 40 di ffe re nt bi s cui t producti on l i ne s ; 5 producti on s i te s ; compre he ns i ve producti on ca pa ci ti e s ; ove r 40% e xport quota to the Europe a n ma rke t; s uppl y to more tha n 60 countri e s worl dwi de .
NA
64.6
0.1
0.7
NA
NA
NA
22.3
La mbe rtz Be te i l i gungs GmbH Ba hl s e n GmbH & Co. KG
NA
NA
52.2
NA
NA
NA
NA
NA
NA
www.gotte na .com
SHORTLISTING TARGETS
Market Potential Growth/ profitability scenarios Competitive landscape Regulatory environment Technical feasibility of acquisition Overall
Unternehmen
An excel based snapshot on shortlisted companies covering business description, most recent revenues and EBITDA, shareholding structure, key contacts , etc.
PHASE III
ABC ABC ABC ABC ABC
ABC
Based on revenue / profitability growth prospects as well as ease of acquisition (based on shareholding structure) to prepare a final short list.
ABC ABC ABC
Aranca Investment Research Case Study | www.aranca.com | 2012, Aranca. All Rights Reserved. Disclaimer: This case study is provided for informational purposes only. Aranca does not warranty the accuracy or completeness of the information presented here.

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INVESTMENT BANKING ANALYTICS

Identifying potential acquisition targets in the bakery segment in Europe

Total Debt Cash

Shareholders/Ultimate Parent Company

Succe s s Ma rke ti ng Unte rne hme ns be ra tungs GmbH

He rr Ma g. Wol fga ng Hofe r

www.s ucce s s ma rke ti ng.a t

Anke rbrot Akti e nge s e l l s cha ft Strck Brot Ge s mbH

Pri va te Subs i di a ry Pri va te Subs i di a ry

Fa mos GmbH Wi e n (FN 155941) Strck Logi s ti k GmbH La ntm nne n e k fr

www.a nke r-brot.a t www.s troe ck.a t

Kohbe rg Brd A/S Da n Ca ke A/S

www.kohbe rg.com www.da nca ke .dk

H C Ande rs e n, Ba ge rga rde n A/S

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

Gri e s s on de Be uke l a e r GmbH & Co KG

www.gri e s s on-de be uke l a e r.de

Bra ndt Zwi e ba ck-Schokol a de n GmbH Co. KG

www.bra ndt-zwi e ba ck.de

Erl e nba che r Ba ckwa re n Gmbh

www.e rl e nba che r.de

Wi l he l m Ki nka rtz GmbH & Co KG

Various data sources were used to prepare a list of companies

Gotte na Ke ks - und Wa ffe l fa bri k GmbH

La mbe rtz Be te i l i gungs GmbH Ba hl s e n GmbH & Co. KG

ABC ABC ABC ABC ABC

ABC ABC ABC

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