Post on 11-Feb-2018
2015YEAR IN REVIEWMiddle Market Advisory Update
“Advice is not one-size fits-all; we combine sector insight, judgment and global
relationships to provide ideas and solutions tailored to our clients’ needs.”
DAVID J. SOLOMONCEO, Lazard Middle Market
Dear Friends,
As we look back on 2015, we send our sincere gratitude to our clients for the honor of being your trusted advisor. We are proud of what we have accomplished together and treasure these relationships.
A GREAT YEARIn 2015, Lazard’s middle market advisory practice completed 169 middle market transactions worldwide, including 91 involving North American companies, with an aggregate value of more than $39 billion in disclosed value.
TRANSACTION SUMMARYMergers and acquisitions comprised 124 of our middle market transactions, including 92 sell-side and 32 buy-side. Our restructuring practice was quite busy with 12 assignments, reflecting the choppy environment in oilfield and commodities. We also completed 33 equity and debt placements.
A YEAR OF GROWTHLazard expanded our middle market advisory business in Europe with the addition of dedicated middle market professionals in Brussels, Frankfurt, London, Madrid, Milan, and Paris. We are also actively hiring at all levels in the U.S. to broaden our sector reach and support our growing practice.
NEW MANAGING DIRECTORS• Paris: Charles Andrez, formerly of Cannacord Genuity, joined the firm to lead our
middle market efforts in France. Our strategy in Europe is built around strong generalist M&A bankers, and Charles’ practice spans a number of sectors, including healthcare services, business services, and consumer products.
• Charlotte: Nathan Pund joined the firm as a managing director, focusing on the active/outdoor lifestyle sector within our Consumer & Retail group.
• New York: Marshall Phelps was promoted to managing director, focusing on media, marketing, and information services within our Business Services group.
• Chicago: Zack Shah was promoted to managing director, focusing on education technology and corporate training within our Education Services & Technology group.
ADDITIONAL PROMOTIONSWe are pleased to announce the following promotions, reflecting our commitment to develop our exceptional professionals:• Chris Geyer, Director - Industrials (Minneapolis)• Ryan Hays, Director - Consumer & Retail (Chicago)• Chris Simmons, Director - Business Services (Minneapolis)• Adam Wieden, Director - Food & Agriculture (Minneapolis)• Kosta Bourlas, Vice President - Education Services & Technology (Chicago)• Mo Gharib, Vice President - Food & Agriculture (Minneapolis)
Best wishes to you for a successful 2016. We look forward to working with you this year.
Sincerely,
Mergers &Acquisitions
CapitalAdvisory
Restructuring
73%
20% 7%
$39 billiondisclosed value globally
Lazard completed
transactions in the middle market
Mergers & Acquisitionsis our core focus. Capital
Advisory continues to represent a growing
segment of our practice. Our Restructuring group brings world-
leading expertise to the middle market.
StrategicFinancial 57%43%
A higher percentage of our clients are being sold to strategic buyers.
Lazard’s middle market advisory practice is tailored to serving the unique needs of mid-sized companies, while delivering the sophisticated services, global perspective and broad resources of Lazard.
54%All Sellers
18%U.S. Sellers
Lazard expanded our global middle market advisory in
6 officeswith dedicated teams in select major European cities
Foreign Buyer Nations
sell-side advisory transactions sold to foreign buyers
Paris, France
London, England
Madrid, SpainMilan, Italy
Frankfurt, Germany
Brussels, Belgium
169Worldwide
91North America
2015 Highlights Global Reach
2015 Select Middle Market Transactions
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on its sale to
a division of
on its sale to
on its acquisition
a portfolio company of
on its sale to
Library Systems Business
on the sale of itsgainesville,ga
manufacturing facility to
on its sale to
a portfolio company of
on its sale to secures $115 millionof financing
a portfolio company of
on its sale to
on its sale to
on its sale to
a portfolio company of
on its sale to
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a portfolio company of
on its sale to
a portfolio company of
on its sale to
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a portfolio company of
on its sale to
a portfolio company of
on its sale toon its partnership with
on its sale to
on its sale to
a portfolio company of
a portfolio company of
on its sale to
parent company of
on its sale to
a portfolio company of
McNeel International Corp.
a portfolio company of
on its sale to
on its partnership with
a subsidiary of
a portfolio company of
on its sale to
on its sale to
on its sale of
to
a portfolio company of
on its sale to
a portfolio company of
on its sale to
on its sale to
advisor to unsecuredcreditors committee
a portfolio company of
advisor on sale to
on its sale toa portfolio company of
on its sale to
™
on its sale to
M A S S A G E A N D F A C I A L S P A
on its chapter 11restructuring on its sale to
a portfolio company of
on its sale of theeast assets of
toon its sale to
to
on its sale to
United Ohana, LLC
has received a significantminority investment from
on its sale to
on its acquisition of on its sale to
on its sale of
to
on its sale of
to
on its out-of-courtrestructuring and
refinancing
a portfolio company of
on its sale to
on its sale to on its sale to
on its acquisition oftruetouch mobile
touchscreen business of
on its acquisition of
on the sale of itsveterinary division to
senior credit facilitiesrecapitalization on its sale to
a portfolio company of
senior convertible notes
senior convertible notes
Deep Sector Expertise
Lazard’s middle market advisory teams are organized around senior bankers who are nationally renowned domain experts, bringing to bear the hallmarks of Lazard’s legacy: independent advice, customized transaction craftsmanship, and global access to strategic relationships.
Technology
Mark Dolins*Software +1 617 342 8020mark.dolins@lazard.com
John Gnuse*Software+1 415 623 5016john.gnuse@lazard.com
Michael Murray*Hardware+1 617 342 8010michael.murray@lazard.com
Patrick Mastan*Software+1 617 342 8037patrick.mastan@lazard.com
Jason Tavano*Hardware+1 415 623 5055jason.tavano@lazard.com
EducationServices & TechnologyEd King, Group Head+1 312 928 7079ed.king@lazard.com
Zack Shah+1 312 928 7158zack.shah@lazard.com
Consumer & Retail
Sean DaughertyConsumer Products+1 312 928 7072sean.daugherty@lazard.com
Ryan HaysRetail & Direct Marketing+1 312 928 7159ryan.hays@lazard.com
Nathan PundActive, Outdoor & Tactical+1 704 719 5843nathan.pund@lazard.com
Eric Roth, Group HeadConsumer & Retail+1 212 418 3225eric.roth@lazard.com
David SolomonConsumer & Retail+1 312 928 7077david.solomon@lazard.com
Middle MarketAdvisory(Europe)Charles Andrez*+33 1 44 13 08 69 (France)charles.andrez@lazard.com
Giles Corner*+44 20 7187 2010 (United Kingdom)giles.corner@lazard.com
Belen del Valle-Iturriaga*+34 91 781 8491 (Spain)belen.delvalle@lazard.com
Thierry le Grelle*+32 2 627 13 81 (Benelux)thierry.legrelle@lazard.com
Michele Marocchino*+39 02 7231 2263 (Italy)michele.marocchino@lazard.com
SponsorCoverage
David Santoni+1 612 371 6529david.santoni@lazard.com
Steven Tipler+1 612 371 6559steve.tipler@lazard.com
Food & AgricultureDavid Iverson, Group Head+1 612 371 6503david.iverson@lazard.com
Adam Wieden+1 612 371 6536adam.wieden@lazard.com
Healthcare
Aashis MehtaHealthcare ProvidersPharma Distribution & Outsourcing+1 212 418 3239aashis.mehta@lazard.com
Michael Wiggins, Group HeadHealthcare ProvidersPharma Distribution, Outsourcing & Laboratories+1 212 418 3214michael.wiggins@lazard.com
Jeff SaxtonManaged Care Services +1 704 719 5846jeff.saxton@lazard.com
Restructuring & Recapitalization
Jason Cohen +1 212 418 3228jason.cohen@lazard.com
Andrew Torgove, Group Head+1 212 418 3211andrew.torgove@lazard.com
Dermott O’Flanagan +1 212 418 3229dermott.oflanagan@lazard.com
John BresnahanOilfield Products & Services +1 713 423 8615john.bresnahan@lazard.com
Jeff ChenChemicals+1 612 371 6596jeffrey.chen@lazard.com
Dave HallettOilfield Products & ServicesTransportation, Logistics & Distribution+1 612 371 6564david.hallett@lazard.com
Jim ClancyIndustrial Technology+1 612 371 6588james.clancy@lazard.com
Matt DaltonIndustrial Products & Services+1 612 371 6540matthew.dalton@lazard.com
Doug Fordyce*Oilfield Products & Services+1 713 236 4640doug.fordyce@lazard.com
Chris GeyerChemicals+1 612 371 6566chris.geyer@lazard.com
Stephen Henry*Aerospace & Defense+1 310 601 3452stephen.henry@lazard.com
Doug LawsonPackaging & Plastics+1 704 719 5844doug.lawson@lazard.com
Michael Richter*Aerospace & Defense+1 310 601 3444michael.richter@lazard.com
Jim ConniffEngineered IndustrialsIndustrial Products & Services+1 312 928 7074jim.conniff@lazard.com
Robert Frost, Group HeadChemicalsIndustrial Products & Services+1 612 371 6591robert.frost@lazard.com
Industrials
Joseph Conte, Group Co-Head+1 212 418 3201joseph.conte@lazard.com
John Lonnquist, Group Co-Head+1 612 371 6560john.lonnquist@lazard.com
Marshall Phelps+1 212 418 3204marshall.phelps@lazard.com
Chris Simmons+1 612 371 6579chris.simmons@lazard.com
BusinessServices
Deep Sector ExpertiseOur senior bankers are national leaders in their specific industry segments, bringing knowledge of sector dynamics and key participants.
Global Access to Decision MakersLazard maintains local relationships with CEOs, board members and sponsors on a worldwide basis, which provide unparalleled buyer access and strategic insight for our middle market clients.
Heritage as Trusted AdvisorsOur sophisticated deal professionals combine transaction craftsmanship with astute judgment to provide customized, analytically robust solutions.
42global offices
27countries
Our Differentiated Strategy
* Employees of Lazard Frères & Co. (United States), Lazard & Co., Limited (United Kingdom), Lazard Asesores Financieros S.A. (Spain), Lazard S.r.l. (Italy), Lazard Frères SAS (France), Lazard SPRL (Belgium). Other bankers named are employees of Lazard Middle Market LLC. References to “Lazard” include entities named above and other subsidiaries of Lazard Ltd.
MINNEAPOLISLazard Middle Market LLC80 South Eighth StreetSuite 2700Minneapolis, MN 55402+1 612 339 0500
CHICAGOLazard Middle Market LLC10 South Wacker DriveSuite 3300Chicago, IL 60606+1 312 928 0760
HOUSTONLazard Middle Market LLCJPMorgan Chase Tower600 Travis StreetSuite 2300Houston, TX 77002+1 713 423 8600
NEW YORKLazard Middle Market LLC600 Fifth AvenueSuite 800New York, NY 10020+1 212 758 8575
CHARLOTTELazard Middle Market LLC227 West Trade StreetSuite 1900Charlotte, NC 28202+1 704 208 5820
BRUSSELSLazard SPRLERTICO Blue Tower LouiseAvenue Louise 326, 9th FloorBrussels 1050+32 2 627 13 82
FRANKFURTLazard & Co., GmbHNeue Mainzer Strasse 69-75Frankfurt 60311+49 69 170073 0
LONDONLazard & Co., Limited50 Stratton StreetLondon W1J8LL+44 20 7187 2000
MADRIDLazard Asesores Financieros S.A.Edificio FortunyRafael Calvo 39 AMadrid 28010+34 91 781 8480
MILANLazard S.r.l.Via Dell’Orso 2Milan 20121+39 02 723121
PARISLazard Frères SAS121, Boulevard HaussmannParis Cedex 08Paris 75382+33 1 44 13 01 11