Heady Competition for Healthcare Assets May Change the Route to Returns

医疗保健资产的激烈竞争可能会改变回报路线

2019/04/25 04:38
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对照中文英文原文
本文最初出现在PE Hub Network上。

This article originally appeared on The PE Hub Network.

本文最初出现在PE Hub Network上。

Higher prices and more competition for deals—how can a healthcare-PE investor expect to make a decent return these days?

更高的价格和更多的交易竞争 - 如今医疗保健PE投资者如何能够获得可观的回报?

Consider the high-level tally for 2018 that Bain & Co recently compiled and analyzed for our annual report on the state of the industry.

考虑一下贝恩公司最近为我们关于行业现状的年度报告编制和分析的2018年的高级别统计数据。

  • Disclosed deal values from PE buyouts surged almost 50 percent to $63.1 billion, and deal count rose about 20 percent, to 316.
  • PE收购披露的交易价格飙升近50%至634亿美元,交易数量上升约20%,至316。
  • Average deal size rose on the back of 18 deals greater than $1 billion each, including the largest buyout in at least a decade: KKR’s purchase of Envision Healthcare for $9.9 billion.
  • 18笔交易的平均交易规模增加超过10亿美元,包括至少十年来的最大买断:KKR以99亿美元收购Envision Healthcare。
  • Corporate buyers also jumped in, nudging healthcare M&A to a record $435 billion.
  • 企业买家也纷纷加入,将医疗保健并购推至创纪录的4350亿美元。

To get deals done in this hot market, PE funds took more creative approaches.

为了在这个热门市场中完成交易,私募股权基金采取了更多创造性方法。

For large, complex assets, more buyers sought partners to help finance the deals or spread the risk. For instance, CVC Capital partnered with PSP Investments and StepStone Group to acquire Italian pharmaceutical company Recordati at a 20 percent discount for $7.4 billion.

对于大型复杂资产,更多买家寻求合作伙伴为交易融资或分散风险。例如,CVC Capital与PSP Investments和StepStone Group合作,以74亿美元的价格以20%的折扣收购意大利制药公司Recordati。

Some funds looked to public companies for carveout or take-private opportunities, as public valuations looked increasingly attractive compared with the private market. That was part of the logic behind the $5.7 billion acquisition of athenahealth by Veritas and Elliott Management’s Evergreen Coast Capital.

由于与私人市场相比,公共估值看起来越来越有吸引力,一些基金向上市公司寻求剥离或私有化机会。这是Veritas和Elliott Management的Evergreen Coast Capital以57亿美元收购athenahealth背后的逻辑的一部分。

What’s ahead for the rest of 2019?

2019年剩下的时间里还有什么?

With the economic and political winds swirling in new directions and global growth slowing, there is more uncertainty in the air.

随着经济和政治风向新的方向和全球增长放缓,空气中存在更多的不确定性。

Fortunately, healthcare’s fundamentals tend to be relatively immune to economic cycles, resulting in stable returns—an attractive trait to investors.

幸运的是,医疗保健的基本面往往相对不受经济周期影响,导致稳定的回报 - 这对投资者来说具有吸引力。

This advantage is most pronounced in North America, where analysis by CEPRES shows that multiples on invested capital on healthcare PE investments made during recessions meaningfully outperform those in other industries.

这一优势在北美最为明显,CEPRES的分析显示,经济衰退期间医疗保健PE投资的投资资本倍数明显优于其他行业。

Robust fundraising in 2018 added to dry powder, providing plenty of capital for healthcare investments. For all these reasons, competition for assets will not likely ease in the near future, and 2019 should be another banner year.

2018年的稳健筹款增加了干粉,为医疗保健投资提供了充足的资金。由于所有这些原因,资产竞争在不久的将来可能不会轻松,2019年应该是另一个标志性年份。

Given current high valuation levels, however, investors cannot rely on multiples continuing to expand the way they have. Instead, investors increasingly must derive returns from commercial and operational levers.

然而,鉴于当前的高估值水平,投资者不能依赖倍数继续扩大他们的方式。相反,投资者越来越必须从商业和运营杠杆中获得回报。

Savvy investors will begin developing their value-creation plans during due diligence.

精明的投资者将在尽职调查中开始制定他们的价值创造计划。

As multiple expansion becomes a smaller component of returns, the middle of the market will be a more difficult place to play. More funds may choose to focus instead on the two ends of the spectrum, where returns look more promising.

随着多重扩张成为回报的较小组成部分,市场中间将是一个更难发挥的地方。更多的资金可能会选择关注频谱的两端,其中回报看起来更有希望。

At one end, investing in large-scale category leaders will give funds a sturdy platform from which to invest. At the other end, buyouts of niche, differentiated companies that can benefit from capital infusion are another attractive option.

一方面,投资大型类别领导者将为基金提供一个坚实的投资平台。另一方面,收购可以从资本注入中受益的利基,差异化公司是另一个有吸引力的选择。

Wherever they compete along this spectrum, investors will not only have to execute airtight due diligence, value creation and integration playbooks but will also need to develop more creative approaches to building scale or category-leading assets.

无论他们在这个范围内竞争,投资者不仅要执行密不透风的尽职调查,价值创造和整合手册,还需要开发更具创造性的方法来建立规模或类别领先的资产。

For example, TPG Capital recently committed $300 million to build from the ground up an autism behavioral health services platform known as Kadiant.

例如,TPG Capital最近承诺投入3亿美元从头开始建立一个名为Kadiant的自闭症行为健康服务平台。

We expect to see more funds building and adding to platforms, especially in the provider and biopharma sectors, both of which benefit from scale but remain fragmented.

我们希望看到更多的资金建设和增加平台,特别是在提供商和生物制药领域,这两个领域都受益于规模,但仍然支离破碎。

The jury is out on whether this vintage of healthcare-deal returns will be as good as previous vintages. As uncertainty permeates public markets and returns driven by expanding multiples wane, some deals may become more difficult to justify.

评委会对这一年份的医疗保健交易回报是否会像之前的年份一样出色。随着公共市场的不确定性越来越大,以及多元化扩张所导致的回报减少,一些交易可能变得更难以证明。

Disciplined, data-driven funds will find their way to top-quartile investment returns not only by backing winning companies but also by deploying a systematic value-creation playbook well ahead of and through the life of their investments.

纪律严明的数据驱动型基金不仅可以通过支持获胜公司,而且可以在投资期限之前和之后部署系统化的价值创造手册,从而获得最高四分之一的投资回报。

Kara Murphy and Nirad Jain are partners with Bain & Company's global healthcare private equity practice.

Kara Murphy和Nirad Jain是贝恩公司全球医疗私募股权业务的合伙人。

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