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Der deutsche Beteiligungskapitalmarkt 2014 und Ausblick auf 2015

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Der Bundesverband deutscher Kapitalbeteiligungsgesellschaften stellt die Jahreszahlen 2014 vor und gibt einen Ausblick auf die Entwicklung des Private-Equity Marktes 2015.

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Der deutsche Beteiligungskapitalmarkt 2014 und Ausblick auf 2015

  1. 1. Der deutsche Beteiligungskapitalmarkt 2014 und Ausblick auf 2015 Bundesverband Deutscher Kapitalbeteiligungsgesellschaften (BVK) Berlin, 23. Februar 2015
  2. 2. Seite 2 Zusammenfassung: Der Markt im Jahr 2014  Investitionen  Anstieg der Investitionen auf 7,06 Mrd. € (+40 %)  Venture Capital knapp unter Vorjahresniveau; deutliches Plus bei Buy-Outs und Minderheitsbeteiligungen  Anzahl finanzierter Unternehmen stabil bei ca. 1.300  Divestments  Volumen erreicht mit 5,81 Mrd. € aufgrund großer Verkäufe nahezu das Vorjahresniveau (-6 %)  Verkäufe an Finanzinstitutionen, an andere Beteiligungsgesellschafte und Trade Sales dominieren  Fundraising  Zuwachs an neuen Fonds feststellbar  Neu eingeworbene Mittel mit 1,67 Mrd. € ein Viertel über dem Vorjahr
  3. 3. Seite 3 Höchstes Investitionsvolumen seit 2008 Investitionen in Deutschland Quelle: BVK-Statistik/PEREP Analytics, Datenstand: Februar 2015 Marktstatistik = Investitionen in Deutschland unabhängig von der Herkunft der finanzierenden Beteiligungsgesellschaft 9.584 3.024 4.895 6.667 6.626 5.055 7.060 1.342 1.216 1.359 1.291 1.288 1.322 1.335 0 200 400 600 800 1000 1200 1400 0 2.000 4.000 6.000 8.000 10.000 12.000 2008 2009 2010 2011 2012 2013 2014 Investitionsvolumen (Mio. €) finanzierte Unternehmen
  4. 4. Seite 4 Halbjährliche Investitionen Halbjahresergebnisse 2014 übertreffen jeweilige Vorjahreszeiträume deutlich 2.533 2.362 3.420 3.247 2.049 4.577 2.038 3.017 2.811 4.249 H1 10 H2 10 H1 11 H2 11 H1 12 H2 12 H1 13 H2 13 H1 14 H2 14 Private Equity-Investitionen (Mio. €) Quelle: BVK-Statistik/PEREP Analytics, Datenstand: Februar 2015 Marktstatistik = Investitionen in Deutschland unabhängig von der Herkunft der finanzierenden Beteiligungsgesellschaft
  5. 5. Seite 5 0-9 35% 10-19 21% 20-99 25% 100-199 7% 200-499 5% 500+ 7% 0-<1 Mio. € 69% 1-<9 Mio. € 10% 10-<50 Mio. € 9% 50-<100 Mio. € 3% >100 Mio. € 7% Private Equity ist vor allem Instrument der KMU-Finanzierung Finanzierte Unternehmen 2014 nach Größe Unternehmen nach Beschäftigten Unternehmen nach Umsatz Quelle: BVK-Statistik/PEREP Analytics, Datenstand: Februar 2015 Marktstatistik = Investitionen in Deutschland unabhängig von der Herkunft der finanzierenden Beteiligungsgesellschaft. Berücksichtigt wurden nur Unternehmen mit bekannten Umsatz- (380) und Mitarbeiterzahlen (716).
  6. 6. Seite 6 Buy-Outs machen drei Viertel des Volumens, aber nur jedes zehnte finanzierte Unternehmen Venture Capital 53% Wachs- tums- finanzie- rungen 36% Replace- ment/ Turn- around 2% Buy-Outs 9% Venture Capital 9% Wachs- tums- finanzie- rungen 10% Replace- ment/ Turn- around 2% Buy-Outs 79% Investitionen 2014 nach Finanzierungsanlass Investitions- volumen: 7.060 Mio. € Finanzierte Unternehmen: 1.335 Quelle: BVK-Statistik/PEREP Analytics, Datenstand: Februar 2015 Marktstatistik = Investitionen in Deutschland unabhängig von der Herkunft der finanzierenden Beteiligungsgesellschaft
  7. 7. Seite 7 56 48 42 32 42 31 346 387 400 335 385 350 257 294 276 201 290 265 2009 2010 2011 2012 2013 2014 Seed (Mio. €) Start-up (Mio. €) Later Stage-Venture Capital (Mio. €) Stabiles Investitionsniveau Venture Capital-Investitionen Quelle: BVK-Statistik/PEREP Analytics, Datenstand: Februar 2015 Marktstatistik = Investitionen in Deutschland unabhängig von der Herkunft der finanzierenden Beteiligungsgesellschaft 2009: 659 Mio. €, 929 Unternehmen 2010: 729 Mio. €, 966 Unternehmen 2011: 717 Mio. €, 884 Unternehmen 2012: 567 Mio. €, 780 Unternehmen 2013: 716 Mio. €, 740 Unternehmen 2014: 646 Mio. €, 712 Unternehmen
  8. 8. Seite 8 519 667 576 712 351 683 195 258 298 81 79 133 1.651 3.241 5.075 5.266 3.908 5.597 2009 2010 2011 2012 2013 2014 Wachstum/Growth (Mio. €) Replacement Capital / Turnaround (Mio. €) Buy-Outs (Mio. €) Starkes Wachstum gegenüber Vorjahr in allen Segmenten Buy-Outs und Minderheitsbeteiligungen Quelle: BVK-Statistik/PEREP Analytics, Datenstand: Februar 2015. Marktstatistik = Investitionen in Deutschland unabhängig von der Herkunft der finanzierenden Beteiligungsgesellschaft. Als Minderheitsbeteiligungen werden Wachstumsfinanzierungen, Replacement Capital und Turnaround-Finanzierungen zusammengefasst. 2009: 2.365 Mio. €, 297 Unternehmen 2010: 4.166 Mio. €, 401 Unternehmen 2011: 5.950 Mio. €, 410 Unternehmen 2012: 6.059 Mio. €, 515 Unternehmen 2013: 4.338 Mio. €, 588 Unternehmen 2014: 6.414 Mio. €, 628 Unternehmen
  9. 9. Seite 9 Größte im Jahr 2014 abgeschlossene und angekündigte Transaktionen Buy-Outs in Deutschland Beteiligungs- gesellschaft Unternehmen/Branche Verkäufer Transaktions- volumen/ Kaufpreis in Mio. € EQT, Santo Holding Siemens Audiology Solutions / Medizintechnik Siemens AG 2.150 ICG Intermediate Capital Group, Kirkbi Family Office Minimax Viking / Brandschutz IK Investment Partners 1.370 Hellman & Friedman Scout24 Holding / Online-Marktplatz Deutsche Telekom 1.360 Triton HX Holding (Gea Wärmetauscher-Sparte) / Anlagenbau GEA 1.300 CD&R MAUSER AG / Industrieverpackungen DIC 1.230 Waterland Private Equity MEDIAN Kliniken / Rehabilitationskliniken Advent International, Marcol 1.000 Permira TeamViewer GmbH / Software GFI Software 870 Permira CABB / Chemie Bridgepoint Capital 819 Triton Alstom-Sparte thermische Kraftwerke / Anlagenbau Alstom 730 Quelle: Pressemitteilungen, Unternehmensmeldungen. Stand: Februar 2015 Nur Transaktionen mit bekanntem Transaktionsvolumen wurden berücksichtigt. Transaktionen werden zum Teil erst 2015 abgeschlossen.
  10. 10. Seite 10 Investitionen nach Bundesländern 1.587 1.365 1.178 937 707 463 253 129 105 85 34 27 13 2 1 1 Private Equity-Investitionen in Mio. € Bayern und Baden-Württemberg überflügeln NRW Quelle: BVK-Statistik/PEREP Analytics, Datenstand: Februar 2015 Marktstatistik = Investitionen in Deutschland unabhängig von der Herkunft der finanzierenden Beteiligungsgesellschaft.
  11. 11. Seite 11 476 731 1.921 861 1.473 1.324 30 534 760 917 875 816 178 899 1.260 1.213 1.573 3.027 367 439 442 426 815 269 898 633 954 461 1.432 375 2009 2010 2011 2012 2013 2014 Trade Sales (Mio. €) IPO/Aktienverkäufe (Mio. €) Verkäufe an andere BGs/Finanzinstitutionen Sonstige (Mio. €) Totalverluste (Mio. €) Stabiles Niveau im Vergleich zum Vorjahr Divestments Quelle: BVK-Statistik/PEREP Analytics, Datenstand: Februar 2015 Marktstatistik = Divestments bei deutschen Unternehmen unabhängig von der Herkunft der finanzierenden Beteiligungsgesellschaft 1.948 3.237 5.336 3.877 6.168 5.811
  12. 12. Seite 12 Fundraising deutscher Fonds Fundraising mit leichtem Zuwachs; neue Buy-Out-Fonds dominieren Quelle: BVK-Statistik/PEREP Analytics, Datenstand: Februar 2015 1.983 2.875 2.820 4.532 2.561 1.191 1.217 3.303 1.974 1.329 1.668 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Fundraising in Mio. € Venture Capital 18% Buy-Out 78% Mezza- nine / Genera- listen 4% Fundraising 2014 nach Art der Fonds
  13. 13. Seite 13 Ausblick 2015 „Private Equity-Prognose 2015“ Befragung der Beteiligungsgesellschaften zu ihren Erwartungen für das Jahr 2015
  14. 14. Seite 14 Erwartungen 2015: Investitionen (I) Gut jede zweite Gesellschaft plant ihre Investitionen zu steigern, … Quelle: BVK, Private Equity-Prognose 2015 Erwartungen bzgl. der eigenen Investitionen 2015 im Vergleich zu 2014 3% 3% 13% 6% 43% 34% 40% 36% 47% 40% 18% 3% 13% Growth/Buy-Out Venture Capital Alle Gesellschaften Deutlicher Rückgang Leichter Rückgang Unverändert Leichte Zunahme Deutliche Zunahme
  15. 15. Seite 15 Erwartungen 2015: Investitionen (II) … und die Mehrheit erwartet unveränderte Unternehmensbewertungen. Quelle: BVK, Private Equity-Prognose 2015 Erwartungen bzgl. der Bewertung der Zielunternehmen 2015 im Vergleich zu 2014 5% 3% 4% 49% 50% 49% 39% 47% 42% 7% 4% Growth/Buy-Out Venture Capital Alle Gesellschaften Deutlicher Rückgang Leichter Rückgang Unverändert Leichte Zunahme Deutliche Zunahme
  16. 16. Seite 16 Erwartungen für 2015: Buy-Outs Secondary Buy-Outs weiterhin an der Spitze, aber Carve-Outs holen auf Quelle: BVK, Private Equity-Prognose 2014 und 2015 Befragt wurden die Gesellschaften nach den ihrer Meinung nach drei wichtigsten Transaktionsquellen. Erwartungen hinsichtlich der wichtigsten Dealflow-Quellen im Jahr 2014/2015 5% 7% 20% 55% 50% 59% 75% 5% 15% 28% 45% 65% 70% 75% Beteiligungen an börsennotierten Unternehmen Übernahme insolventer Unternehmen Übernahme von Unternehmen von anderen Finanzinvestoren (Banken, etc.) Minderheitsbeteiligungen bei Familienunternehmen Mehrheitsbeteiligungen bei Familienunternehmen Übernahme von Konzernteilen/Carve-Outs Secondary Buy-Outs Anteil der Nennungen 2015 Anteil der Nennungen 2014
  17. 17. Seite 17 Kontakt Vielen Dank für Ihre Aufmerksamkeit! Dr. Peter Güllmann Wilken von Hodenberg Sprecher des Vorstandes Sprecher des Vorstandes Bundesverband Deutscher Kapitalbeteiligungsgesellschaften – German Private Equity and Venture Capital Association e.V. (BVK) Reinhardtstraße 29b, 10117 Berlin Tel +49 30 306982-0 Fax +49 30 306982-20 E-Mail bvk@bvkap.de

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