M&A Barometer – S2 2023

Philippe Hottinguer Finance presents its half-yearly barometer of M&A activity for the 2nd half of 2023.

Over the past 6 months, the 1,400 transactions recorded by PHF have involved companies from a wide range of sectors.

However, compared with H1 2023, a significant drop in transaction volume affected the Software sector (-39.2%), Business Services and Consulting (-22.6%) and Building/Construction and Real Estate Services (-19.5%).

Top 4 most buoyant sectors :

1️⃣ Industrial products & services (10,3%)
2️⃣ Healthcare & pharmaceuticals (9,3%)
3️⃣ Business services & consultings (8,2%)
4️⃣ Consumer goods & services (8,0%)

Operations by deal type :

🏬 46.3% concerned M&A transactions between corporates (-15.8% in volume vs. H1 2023)

💡 26.6% were venture capital/growth capital transactions (-5.4% vs. H1 2023)

✅ 22,3% were about transmission such as OBOs, MBOs and MBIs (+4.7% vs. H1 2023)

📝 4,9% involved other operations (turnarounds, stock market transactions, etc.).

The smid deal of the half-year :

The veterinary clinic group Fovéa, backed as a minority shareholder by Family Office Cèdre since 2018, is operating a sponsorless LBO orchestrated by EMZ Partners, which will gradually roll out €150m of mezzanine debt.

These funds will accelerate Fovéa’s development, making the company a platform capable of consolidating the French veterinary services sector, by carrying out 25 to 30 operations a year.

Key figures Fovéa :
💰CA 2023 : +60 m€
🏥 +50 clinics within the group
📈  Sales target in 2027 : 120-150 m€