Clairfield H1 2024 review: Top rankings and global expansion
Clairfield International has achieved remarkable success in the first half of 2024, closing 120 transactions YTD with a cumulative disclosed deal value exceeding US$5.4 billion, despite an industry-wide sluggish start to the year. As worldwide M&A activity increases, this performance has once again propelled Clairfield to the top of the LSEG league tables.
Worldwide, in Europe, and in LatAm, Clairfield secured a leading position in the top 20, while Australia, Eastern Europe, the Nordics, South Africa, and Spain placed in the top 10 for deals under US$50 million. Our exclusive Asian partner, Yamada Consulting, ranked 5th in Japan. Such leading positions covering a diversity of geographies are unique in the middle market and highlight Clairfield’s unparalleled global reach and sector expertise, which continue to drive client success.
In line with global trends, Clairfield’s H1 deals spanned a variety of sectors, with the consumer and technology sectors showing particularly noteworthy deals. Notable consumer transactions advised by Clairfield include:
The acquisition by Newlat Food SpA of Italy, a unit of Newlat Group SA, of Princes Ltd, a Liverpool-based grocery products wholesaler, from Mitsubishi Corp. of Japan.
The sale of Hruška, spol. s r.o., a grocery retailer, and its real estate arm Sempronemo s.r.o. to Central European Retail Holding, owned by private equity fund Oriens in Budapest and Prague.
The sale by The Rohatyn Group and Nedbank Private Equity of The Beverage Company, a major carbonated soft drink producer in Southern Africa, to Varun Beverages (NSE:VBL) of India.
In the innovative business space, an area where Clairfield also excels, we closed many notable deals in energy, software and technology including:
Investment by infrastructure investor Ichigo of Japan, listed on the Tokyo stock exchange, in a EUR 25 million capital raise by leading German solar business GigaGreen.
The acquisition by Royal Bafokeng Holdings and Actis of Swiftnet SOC from Telkom SA in South Africa, for an enterprise value of EUR 337 million.
The sale by GPI SpA, ultimately owned by FM Srl, of Argentea Srl, an Italian provider of financial transactions services, to Zucchetti Hospitality Srl, a unit of Zucchetti SpA, for a total EUR 105 million.
In the South African fintech sector, Lesaka Technologies’ acquisition of Adumo for EUR 80 million.
The sale of SoftProject Group, a German business process management software provider, to US-based Main Capital Partners.
We have also solidified our leadership in the rapidly consolidating dental sector, specialising in advising owner-operated clinics on their sales to larger groups, often backed by private equity. Four such deals were closed this quarter in Poland alone, bringing Clairfield’s global total to 28 closed transactions in the dental sector.
Looking at our H1 deals overall, private equity was involved in 43% of our H1 transactions, as we sell many assets on behalf of corporate clients to financial investors. The Clairfield multiple reached 8.1xEBITDA, approaching 9xEBITDA on the sellside. These metrics indicate healthy valuations across many sectors and sustained interest from our client base.
Internally Clairfield has expanded significantly through two major alliances. Firstly, the exclusive partnership with RMB, signed in January of 2024, gives us unparalleled access to South Africa and Nigeria, as well as other Sub-Saharan countries. Secondly, the exclusive partnership with First Capital, Argentina’s leading corporate finance firm, strengthens our coverage of Latin America, where we are present with strong operations in Mexico and Brazil. These partnerships allow us to offer access to complex yet interesting geographies together with the expertise to navigate the terrain.
We have also been able to attract top-quality graduates and professionals, building the talent base that is critical to our success. The Clairfield Academy held its third structured training in Antwerp in March and we congratulate the analysts who are poised to graduate after our upcoming Amsterdam session in November, having attended four rigorous sessions over the last two years.
“As we look ahead to the second half of 2024, we are optimistic about continuing our strong performance. Our recent partnerships, successful deals we’ve closed in H1, and a robust pipeline across the board position us well across diverse sectors and geographies. The alliances with RMB and First Capital provide comprehensive solutions to clients in emerging markets and enhance our sector expertise, as we continue to build Africa, APAC, and LATAM as strategic hubs. We are confident that these partnerships will drive significant value for our clients and stakeholders in the upcoming months,” says Alex Klemm, chair of Clairfield International.
