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M&A update
Spring 2014
Increasing consumer
base is supporting
growth globally
M&A update
2.0%
0.5
1.0%
0.0%
Go
lf
Te
nn
is
m
Sw
i
Participation
% population (RHS)
3.0%
1.0
Participation (%)
1.5
Sa
ilin
g
4.0%
Sn
ow
sp
or
Mo
t
un
tai
ne
er
ing
5.0%
2.0
Ba
dm
int
on
6.0%
2.5
Cy
cli
ng
7.0%
3.0
Fo
otb
all
At
hle
tic
s
3.5
m
ing
Participation (millions)
Figure 1:
M&A update
Western Europe
US$53 billion (4.0%)
Eastern Europe
US$16 billion (13.6%)
Asia Pacific
US$56 billion (8.9%)
North America
US$91 billion (3.7%)
Middle East/Africa
US$15 billion (10.1%)
Latin America
US$28 billion (16.6%)
Australasia
US$4 billion (3.1%)
Industry is fragmented
Despite the presence of a handful of
large international and regional players,
the sportswear market generally
remains relatively fragmented in key
regions of the world.
Figure 3:
Company
Headquarters Market
Total
Capitalisation Revenue
(US$m)
(US$m)
EBITDA
(US$m)
TEV/LTM Geographic
EBITDA Segments
Number of
Acquisitions
(past 5
years)
Nike
US
62,515
26,286
4,093
15.6
14.3x
Global
Adidas
Germany
23,503
19,465
1,864
9.6
12.6
Global
V.F. Corporation
US
24,653
11,163
1,872
16.8
14.1
US/Europe
PUMA
Germany
4,201
4,185
148
3.55
25.6
Global
Amer Sports
Finland
2,405
2,942
271
9.23
11.2
Global
Under Armour
US
11,078
2,332
316
13.5
34.4
US
Lululemon Athletica
Canada
6,456
1,556
456
29.3
13.0
North America
ANTA Sports
China
3,408
1,149
245
21.3
11.1
China
Li Ning
China
1,061
943
(268)
(28.4)
China
Geox
Italy
1,084
995
41
4.1
26.7
Western Europe
Xtep International
China
1,091
821
159
19.4
4.4
China
Moncler
Italy
5,033
751
241
32.1
22.3
Global
361 Degrees
China
541
664
88
13.3
1.9
China
EBITDA
Margin %
Product innovation is
key to maintaining
demand
M&A update
M&A by large
corporates has a
strategic focus
M&A update
Record valuations
are supporting
further M&A
M&A update
Date
Target
Country Description
Acquirer
Country Deal
value (m)
UK
UK
nd
Dec-13 Metro Sportswear Ltd Canada Manufactures and sells cold weather
outerwear
USA
nd
USA
USA
93.8
UK
UK
nd
UK
YFM Equity
Partners LLP
UK
nd
USA
Authentic Brands
Group LLC
USA
nd
New
Manufactures and markets sportswear
Zealand
UK
22.5
Teachers' Private
Capital
Canada 158.2
Jun-12 Halti Oy
USA
28.7
UK
UK
nd
USA
31.2
Bridgepoint Capital
Group Ltd
UK
180.0
Source: Capital IQ
UK
Figure 4:
M&A update
PE attracted to
platform investments
Deal background
International experience
Through our international partnership, Mergers Alliance, we provide:
Access to overseas buyers
Local knowledge of M&A culture and tactics
International M&A research
Identification of overseas targets and acquisition execution
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