Mergers and Acquisitions in the European Leisure & Hotels Sector - An Analysis of Deals, Valuations, Trends and Prospects

  • ID: 2861220
  • Report
  • Region: Europe
  • 1000 Pages
  • M&A Monitor
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FEATURED COMPANIES

  • 21 Centrale Partners
  • Caledonia Investments Plc
  • Fernando Sanz
  • Jolly St.Ermin Hotel
  • Playtech Limited
  • Starlife Sa
  • MORE
“Mergers and Acquisitions in the European Leisure & Hotels Sector – An Analysis of Deals, Valuations, Trends and Prospects” is a comprehensive guide to recent M&A activity in the Leisure & Hotels sector in Europe (including Turkey) and to the prospects for future M&A activity. The report provides an in-depth analysis of 128 transactions announced over 2008 to 2013 in the European Leisure & Hotel sector with a disclosed valuation for the target of not less than €10 million, including all Leisure & Hotel sector public takeovers (irrespective of size).

The report starts by looking at the key variables relevant to Leisure & Hotel sector M&A activity in Europe over 2008-2013, including deal volumes and sizes, the types of deals being done, the geographic spread of these transactions and the identification of the 7 segments of the Leisure & Hotels sector which together account for substantially all M&A activity covered by the report, namely Gaming, Hotels, Travel Agents and Tour Operators, Sports Clubs/Facilities, Leisure Resorts, Cinemas/Theatres/Exhibition Halls and Amusement Parks & Tourist Attractions. Key trends and developments are highlighted and explained, and individual transactions identified, wherever relevant. Each of the 128 transactions covered by the report is individually hyperlinked in whatever context it appears within the report, enabling readers to access the detailed PDF-form reports (5 to 10 pages long) on each of these transactions.

The report then moves on to an in-depth study of the company valuation data generated by the deals being analysed – average transaction multiples (on both an equity value and enterprise value basis) are calculated for the 128 strong “universe” of transactions. These transaction multiples express the value of a merger or acquisition as a multiple of the target company's sales, profits or other financial metric and, as such, represent one of the core techniques used in corporate valuation. The report compares and contrasts the different multiples generated by transactions across each of the principal segments of the Leisure & Hotels sector detailed above.

Next, the report exhaustively highlights and categorises the nature and extent of any synergies claimed in relation to every transaction in which the existence of synergies is claimed by the parties. A distinction is drawn between those transactions containing only generalised non-specific claims about potential synergies and those transactions in which the parties precisely financially quantify the synergies identified. All transactions referring to the existence of synergies are individually identified, with all corresponding synergy-related information provided on a transaction-by-transaction basis. This analysis allows for a detailed appreciation and understanding of the key drivers of synergy gains in Leisure & Hotel sector M&A transactions.

The middle section of the report looks separately and in much greater detail at each of the four principal types of M&A transaction, namely public bids, private equity transactions, disposals and private deals. As well as analysing deal volumes/sizes and the geographic spread of transactions within each of these four categories, these chapters include an analysis of the strategic rationale underlying these deals based on the disclosed intentions of the parties at the time of the transaction, and at how the rationale differs between each of the principal different deal-types. Various differing sub-categories of transaction emerge within each of the four principal deal-types, and all individual transactions are listed/categorised accordingly – this categorisation allows for detailed comparisons to be made between strategically similar transactions, facilitating a detailed understanding of the key drivers of industry transactions and consolidation.

In a final Chapter, the outlook for future European Leisure & Hotel sector M&A is assessed. More specifically, the differing prospects for M&A across the principal segments of the Leisure & Hotels sector and across the principal deal-types are discussed and analysed in detail.

Product Length:

100 pages (1000 pages including hyperlinked transaction reports)
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FEATURED COMPANIES

  • 21 Centrale Partners
  • Caledonia Investments Plc
  • Fernando Sanz
  • Jolly St.Ermin Hotel
  • Playtech Limited
  • Starlife Sa
  • MORE
1. Executive Summary

2. Summary of European Leisure & Hotel M&A over 2008-2013

2.1 – Introduction
2.2 – Chronological Distribution of Transactions
2.3 – Geographic Distribution of Transactions
2.4 – Transactions Categorised by Deal-Type
2.5 – Transactions Categorised by Size
2.6 – Transactions Categorised by Leisure & Hotel Sector Segment

3. Valuation & Synergies Data

3.1 – Introduction

3.2 – Valuation Data

3.2.1 – Equity & Enterprise Value Multiples

3.2.1.1 – Equity Value Multiples
3.2.1.2 – Enterprise Value Multiples

3.2.2 – Transaction Multiples For Individual Segments of the Leisure/Hotels Sector

3.3 – Synergies Data

3.3.1 – Introduction
3.3.2 – Transactions with unspecified Synergies
3.3.3 – Transactions with specific Synergies identified but not quantified
3.3.4 – Transactions with specific Synergies identified and quantified

4. Public Takeover Bids In The European Leisure & Hotel Sector

4.1 – Introduction

4.2 – Bid Premia Analysis

4.3 – Geographic Distribution of Deals

4.4 – Transaction Size Analysis

4.5 – Reasons For Transaction

5. Private Equity & Other Financial Transactions

5.1 – Introduction

5.2 – Geographic Distribution of Deals

5.3 – Transaction Size Analysis

5.4 – Analysis of Types of Private Equity Transaction

6. Disposals

6.1 – Introduction

6.2 – Geographic Breakdown of Transactions

6.3 – Transaction Size Analysis

6.4 – Strategic Rationale Underlying Transactions

6.4.1 – Analysis of Reasons for Disposal
6.4.2 – Analysis of Reasons for Acquisition

7. Private Transactions

7.1 – Introduction

7.2 – Geographic Distribution of Deals

7.3 – Transaction Size Analysis

7.4 – Analysis of Reasons for Transaction

8. Outlook for Future M&A Activity in European Leisure & Hotel Sector

8.1 – Introduction

8.2 – Outlook for M&A Broken Down by Leisure & Hotel Sector Segment

8.2.1 – Outlook for M&A in the Gaming Sector
8.2.2 – Outlook for M&A in the Hotel Sector
8.2.3 – Outlook for M&A in Travel Agency and Tour Operator Segments
8.2.4 – Outlook for M&A in Other Leisure Segments

8.3 – Outlook for Hotel/ Leisure Sector M&A Across Different Deal Types

8.3.1 – Outlook for Public Takeovers
8.3.2 – Outlook for Private Equity Transactions
8.3.3 – Outlook for Disposals
8.3.4 – Outlook for Private Transactions

Appendix A - Schedule of 128 Transactions in Descending Order of Size
Appendix B - Schedule of Tables

1. European Leisure & Hotels Sector M&A Deal volumes over 2008 to 2013
2. Distribution of deals over 2008 to 2013 in Descending Enterprise Value Order for each Geography
3. Overview of Deal-types in European Leisure/Hotels Sector M&A over 2008 to 2013
4. European Leisure/Hotels Sector M&A Deals 2008-2013 Categorised by Size
5. Leisure/Hotels sector M&A Deals Categorised by Type of Leisure/Hotel Activity (in descending Equity Value Order)
6. Average Transaction Multiples for the Leisure/Hotels Sector on a Segment-by-Segment Basis
7. Transaction Multiples for Companies Active in Gaming
8. Transaction Multiples for Hotel Owners and/or Operators
9. Transaction Multiples for Sports/Fitness Clubs
10. Transaction Multiples for Travel Agents & Tour Operators
11. Transaction Multiples for Holiday Resorts/Parks
12. Transaction Multiples for Cinemas/Theatres/Exhibition Halls
13. Transaction Multiples for Amusement Parks & Tourist Attractions
14. List of European Leisure/Hotel sector target companies acquired on the basis of unspecified Synergies
15. List of Leisure/Hotel Sector Transaction with Details of Specific (but unquantified) Synergies
16. List of Leisure/Hotel Sector Transactions with Quantified Synergies
17. Public Deals Volumes in the European Leisure & Hotels Sector over 2008 to 2013
18. Public Deals in the European Leisure & Hotels Sector Categorised by Segment
19. Selected Bid Premia Data for Public Deals in the European Leisure/Hotels Sector over 2008 to 2013
20. Public Takeovers in the European Leisure/Hotels Sector Categorised by Target Location
21. Public Takeovers in the European Hotels/Leisure Sector categorised in Descending Order of Deal Value
22. Chronological List of “Trade” Change of Control Public Takeovers in the European Leisure/Hotels Sector 2008-13
23. Private Equity Deal Volumes in the European Leisure/Hotels Sector over 2008 to 2013
24. Private Equity Deals Categorised by Target Location
25. Private Equity Transactions in the European Leisure/Hotels Sector in Descending Order of Deal Value
26. Private Equity Transactions in the European Leisure/Hotels Sector Categorised by Transaction Type
27. Volume of Disposals in the European Leisure & Hotels Sector over 2008 to 2013
28. Disposals Categorised by Target Location
29. Disposal Transactions Categorised in Descending Order of Deal Value
30. Disposal Transactions Categorised according to Reasons for Transaction
31. “Private” Minority Stake Transactions in the European Leisure & Hotel Sector over 2008 to 2013
32. Private” Transactions Categorised by Target Location
33. Private” Transactions in the European Hotel & Leisure Sector in Descending Order of Deal Value
34. Annual M&A Deal Volumes in the European Leisure/Hotel Sector and Non-Leisure/Hotel sectors over 2005 to 2013
35. Public Takeover Volumes (excl. delistings and squeeze-outs) across all sectors in UK, Germany, France, Italy and Spain
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- 21 Centrale Partners
- 3I Group Plc
- Abu Dhabi National Exhibitions Company Pjsc
- Accor Group Sa
- Accor Sa
- Aevis Holding Ag
- Agenzie Scommesse Srl
- Agora Sa
- Alberta Investment Management Corporation
- Aldersgate Investments Limited
- Aldgate Capital Plc
- Alpitour Spa
- Altavista Hotelera Sl
- Amaya Gaming Group Inc.
- Ambassador Theatre Group Limited
- Amber Travel Holdings Limited
- Amf Bowling
- Aqua Sol Hotels Public Company Limited
- Arcandor Ag
- Arena Atlantida Sa
- Arena Leisure Plc
- Arsenal Holdings Plc
- As Roma Spa
- Asg (Andy Spyrou Group) Public Ltd
- Atahotels Spa
- Atlantico Pavilhao Multiusos De Lisboa Sa
- Axa Private Equity
- B&B Hotels Groupe
- Baleday Limited And Restcare Limited (Agora)
- Baqueira Beret Sa
- Barcrest Group Limited
- Basic Fit Nederland Bv
- Beacon Entertainments Limited
- Bet24 (Nordic Betting Ltd)
- Bet-At-Home.Com Ag
- Betdaq - Global Betting Exchange Alderney Limited
- Betfred Limited
- Betsson Ab
- Bilyoner Interaktif Hizmelter As
- Birmingham City Plc
- Bowmark Capital Llp
- Brainspark Plc
- Bwin.Party Digital Entertainment Plc
- Caisse Centrale Des Activites Sociales Des Ieg
- Caledonia Investments Plc
- Camelot Group Plc
- Carlyle Group (The)
- Carpe Diem Claros Hotel And Spa
- Casino Merkur Spielothek Gmbh
- Casinos Poland Limited
- Catalana Occidente Sa (Grupo)
- Centrum Filmowe Helios Sa
- Centurion Holiday Group Limited
- Century Casinos Inc
- Cherry Ab
- Chiurazzi Internazionale Srl/Ci Holdings Inc
- Chow Tai Fook Enterprises Limited
- Cinemaxx Ag
- Cineworld Group Plc
- Clc World Resorts & Hotels
- Clear System Recycling Inc
- Club Med Gym
- Club Mediterranee Sa
- Cogemat Spa
- Colony Capital Llc
- Compagnia Italpetroli Spa
- Compagnie Des Alpes Sa (Seven Leisure Parks)
- Compagnie Internationale Andre Trigano Sa
- Conte Rosso & Partners Srl
- Cox & Kings Ltd
- Credit Suisse Group
- Crerar Management Limited (Swallow Hotels)
- Cts Eventim Ag
- Cvc Capital Partners Group Sicav-Fis Sa
- De Agostini (B&D Holding Di Marco Drago E C. S.A.P.A)
- Delo Prodaja D.D.
- Dms2 Limited
- Dnb Nor Asa
- Doughty Hanson & Co
- Dubai Holding Llc
- Eci Partners Llp
- Education & Adventure Travel
- Egmont As
- Electra Partners Llp
- Emma Delta
- Epic Goldscheider & Wurmbock Unternehmensberatungs-Gmbh
- Escorting Casinos & Entertainment Ag
- Esporta Racquets And Non-Racquets Holdings Limited
- Etruvian Holdings Limited
- Eurazeo Sa
- Exor Spa
- Fernando Sanz
- Fimalac Sa
- Finnkino Oy
- Fondiaria-Sai Spa/ Milano Assicurazioni Spa
- Futuroscope
- Gala Casinos Limited (19 Casinos)
- Gala Coral Group Limited
- Gaming Realms Group
- Gamingking Plc
- Genting Berhad
- Genting Malaysia Berhad
- Gold Medal International Limited
- Goldman Sachs Group Inc.
- Grandtop International Holdings Limited
- Graphite Capital Management Lp
- Groupama Sa
- Grupo Iberostar
- Grupo Onyria Sgps
- H.I.G. Capital Llc
- Hafjell Alpinsenter Ab
- Hammersmith Apollo Limited
- Hellenic Football Prognostics Association Sa- Opap
- Hendriks Beheermaatschappij Bv
- Highlight Communications Ag
- Hjm Caterers Ltd And E&J Hall Investments Ltd
- Hmv Group Plc
- Holidaybreak Plc
- Hollywood Bowl
- Homeaway Inc
- Hong Leong (Company) Malaysia Berhad
- Hoseasons Holdings Ltd
- Hotel Blanche Fontaine Sas
- Hotel Formula 1
- Hoteles Y Clubs De Vacaciones Sa
- Hotels4U.Com Limited
- Imobiliaria Construtora Grao Para Sa
- Inflexion Private Equity Partners Llp
- Inspired Gaming Group Plc
- International Game Technology
- Interval Leisure Group
- Intralot Sa
- Investindustrial Partners Limited
- Isis Equity Partners Llp
- James Villa Holdings Limited
- Jaxx Se
- Jet Tours Sa
- Jjb Sports Plc
- Jolly St.Ermin Hotel
- Kawan Group Sas
- Krokus Private Equity Sp Zoo
- Labet Srl
- Ladbrokes Plc
- Liberty Capital
- Liburnia Riviera Hoteli Dd
- Live Nation Inc
- Liverpool Football Club
- London International Exhibition Centre Holdings Plc
- Lottomatica Spa
- Lucien Barriere Sas (Groupe)
- Magic Life Gmbh & Co Kg
- Malaga Club De Futbol Sad
- Mangas Gaming Sas
- Marfin Investment Group Holdings Sa
- Marwyn Gaming Limited
- Marwyn Management Partners Plc
- Mcgranaghan Racing (D. Mcgranaghan Limited)
- Meininger Holding Gmbh
- Melia Hotels International Sa
- Merlin Entertainments Group Luxembourg Sarl
- Mitchells & Butlers Plc
- Modern Times Group Mtg Ab
- Mountain Capital Llp
- Murray International Holdings Limited
- Neilson Active Holidays Ltd
- New England Sports Ventures
- New World Development Company Limited
- Nh Hoteles Sa
- Nordic Gaming Group
- Oger Tours Gmbh
- On The Beach Limited
- Ongame Network Ltd
- Ontario Teachers' Pension Plan
- Orb Holdings Limited
- Oslo Kino As
- Paddy Power Plc
- Park Holidays Uk Limited
- Park Plaza Hotels Limited
- Pasaba Property As
- Patron Capital Limited
- Penta Hotels Germany Gmbh
- Picturehouse (City Screen Limited)
- Playtech Limited
- Playtech Plc
- Pokerstrategy.Com Limited
- Powerleague Group Plc
- Praesepe Plc
- Preston North End Plc
- Primary Capital Limited
- Promeo Sa
- Pursuit Dynamics Plc
- Rangers Football Club Plc
- Rank Group Plc
- Ratos Ab
- Redefine International Plc
- Risk Capital Partners Llp
- Royal Caribbean Cruises Ltd
- Royal Gold Srl
- Saas Fee Bergbahnen Ag
- Safepay Malta Limited
- Sanoma Oyj
- Scanworld Travelpartner Ab
- Scientific Games Corporation
- Segulah Advisor Ab
- Sigma Corporate Management Inc
- Sistema (Jsfc)
- Sn Holding Dd
- Snai Servizi Spa
- Snai Spa
- Snowworld Leisure Nv
- Societe Fermiere Du Casino Municipal De Cannes Sa
- Societe Generale Sa
- Sodexo Sa
- Sol Melia Sa
- South Lakeland Parks Limited
- Southern States Sign Company
- Splendid Hotel Group, The
- Sportingbet Plc
- St Enodoc Holding Ltd
- Starlife Sa
- Stein Group International
- Sunce Koncern Dd
- Sunshine Cruises Ltd
- Televerbier Sa
- Terme Catez D.D.
- The Tote (The Horserace Totalisor Board)
- Thomas Cook Group Plc
- Thomas Dibenedetto And Other Individuals
- Ticket Travel Group Ab
- Tlt Tempo Libero E Turismo Spa (Ondaland)
- Top Rural Sl
- Toto Carovigno Spa
- Totosi Holding
- Trevor Hemmings
- Tsogo Sun Holdings Limited
- Tui Ag
- Tui Travel Plc
- Unibet Group Plc
- Valamar Grupa Dd Za Razvoj Turizma
- Value8 Nv
- Vao Intourist
- Vespa Capital Llp
- Viajes Marsans Sa (Grupo)
- Victoria Jungfrau Collection Ag
- Virgin Group
- Vitruvian Partners Llp
- Vri Europe Limited
- Vue Entertainment International Limited
- West Bromwich Albion Holdings Limited
- Whitbread Plc
- William Hill Plc
- Wise Sgr Spa
- Wm/Dmref Bora Nv
- Wyndham Worldwide Corp.
- Yachts De Paris
- Yapi Merkezi Group
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