Page 4 - IPO Analysis - Private Equity Exits 2017_Final

Private equity exits via IPO in

2017

Private Equity
IPO Sell Down as a Price Aggregate Total Estimated Private Equity Sponsor Sponsor lock-up
Private Equity Market Cap Size proportion of Change Sponsor + Orderly
Date Company Sector Banks Underwritten Commission / Fee Structure Expenses (incl. Relationship Agreement
Sponsor(s) at IPO (£m) 1 (£M) 2 IPO (%) 3 Since IPO Retained Stake Market Periods
(%) 4 at IPO (%) 5 Commissions) (£m) (Key Terms) (Months from
IPO)
Xafinity plc Financial CBPE Capital 190.3 171.1 56.93 11.0 Nil Deloitte CF, No Commission of 2% payable by 8.5 N/A N/A
16.02.17
Zeus Capital the company to Zeus Capital
Arix Pharmaceuticals, Woodford funds, 187.0 91.0 No sell down -3.0 20.0 Jefferies No - Commission of 3% payable to
22.02.17 9.0 N/A 6+0
Bioscience plc biotechnology & The Elcot Fund International, Jefferies
healthcare Scott Harris
- Discretionary commission of up
to 1.5% payable to Jefferies
- Corporate finance fee of £1m
payable to Jefferies conditional
on amount raised being in excess
of £100m.
- The company may at its
direction pay an amount up to
£1m of the corporate finance fee
if the £100m hurdle is not met.
Ten Travel & Leisure Harwood Capital, 107.25 26.1 38.99 56.0 69.5 Numis No - Documentation fee of £250,000
19.04.17 3.2 - Transactions conducted 12+6
Entertainment North Atlantic Smaller payable by the company on arm's length terms
Group plc Companies Investment
Trust, Oryx - Commission of 2% payable by - Harwood Capital can
International Growth the company and the selling
Fund, Trident PE Fund shareholders nominate one director for
so long as it holds at
least 10% of the issued
share capital
- Terminates once
Harwood Capital holds
less than 10% of the
issued share capital
1. Assuming no exercise of an over-allotment option (if any). Such option, if exercised following the IPO, typically involves the sale of shares representing up to a further 10-15% of the offer.
2. This includes the amount raised by any selling shareholders and assumes no exercise of an over-allotment option (if any). Note that funds raised by the company through the IPO in many instances are used to repay debt or to redeem other instruments in the capital structure.
3. As at 5 January 2018.
4. Assuming no exercise of an over-allotment option (if any).
5. This includes an estimate of the expenses payable by any selling shareholders (if known).
Private & Confidential. Not for distribution.
© DWF LLP 2018 4