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October 2021 Valuation Barometer
Highlights from our October 2021 Valuation Barometer, covering deals and valuation multiples in UK M&A in September 2021. Request the Executive Summary below.
Deal volumes continued to track at elevated levels in September 2021, with gambling and software deals making headlines.
We calculated that M&A deals valued at a total of £27.5 billion were executed or announced during the month of September. This compares to a prior month total of £26.4 billion.
It was a buoyant month for shareholders of gambling companies. The largest transaction recorded was Draftkings’ £16.4 billion bid for Entain plc (the holding company of Ladbrokes, Coral and PartyPoker).
The other newsworthy deal in the sector is the £2.9 billion takeover of William Hill’s European operations. 888 plc has fought off stiff competition from Apollo Global to win a hard-fought auction.
Other deals during September included:
- Luke Johnson’s Risk Capital Partners’ (RCP) exit of Gail’s Bakery in a £200 million deal which sees majority ownership transfer to Bain and EBITDA Investments.
- Vista Funds’ acquisition of Blue Prism Group for £1.1 billion.
- The acquisition of a 10% stake in Farm Foods, the frozen grocery retailer, in a deal valuing the business at an estimated enterprise value of £73 million
The smaller end of the market witnessed the following deals:
- The sale of a 20% stake in Rainford Group, a designer and manufacturer of telecoms cabinets, at an estimated enterprise value of £14 million.
- The exit of Antenova, an antennae designer, to DiscoverIE for £18.2 million.
- Australia-based education SaaS provider Technologyone’s acquisition of Scientia, a software provider focused on higher education, for £12 million.
SAMPLE COMPLETED AND ANNOUNCED m&a MULTIPLES – September 2021
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For the full list of previous 2020 / 2021 Barometers – visit our reports page.
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