SMALL CAP M&A REVIEW -...

SMALL CAP M&A REVIEW FINANCIAL ADVISORS First Half 2018

REUTERS / Pascal Rossignol

15

16

17

18

11

12

13

14

1

2

European Involvement Small Cap Rankings (MM3a)

19

German Involvement Small Cap Rankings (MM6a)

Italian Involvement Small Cap Rankings (MM7a)

Spanish Involvement Small Cap Rankings (MM8a)

Benelux Involvement Small Cap Rankings (MM10a)

Hochinma Involvement Small Cap Rankings (MM13a)

10

Indian Involvement Small Cap Rankings (MM21a)

Australia/New Zealand Involvement Small Cap Rankings (MM11a)

First Half 2018 | Mergers & Acquisitions | Financial Advisors

Small Cap M&A Review

Table of Contents

Worldwide Small Cap M&A Deals Intelligence

Worldwide Small Cap Rankings (MM1a)

US Target Small Cap Rankings (MM2a) 3

Canadian Involvement Small Cap Rankings (MM22a)

Hong Kong Involvement Small Cap Rankings (MM12a)

Singapore Involvement Small Cap Rankings (MM14a)

4

22

UK Involvement Small Cap Rankings (MM4a)

French Involvement Small Cap Rankings (MM5a)

Nordic Involvement Small Cap Rankings (MM9a)

Ranking Criteria Summary

Eastern Europe Involvement Small Cap Rankings (MM16a)

20

Latin America Involvement Small Cap Rankings (MM17a) 5

Japanese Involvement Small Cap Rankings (MM15a)

21

https://www.thomsonone.com

6

7

8

9

Chinese Involvement Small Cap Rankings (MM20a)

http://banker.thomsonib.com/

Jan 1 - Jun 30

WorldwideAmericas

United States of America

Worldwide Small-Cap M&A up to US$50m by Rank Value Range

122 -31.6 ▼

Worldwide announced Small-Cap M&A deals valued up to $50 million (including undisclosed value deals) totaled

US$82.5 billion in the first half of 2018 – a 2% decrease year-on-year.

The Asia-Pacific (ex Central Asia) region (by target domicile) led the Small-Cap market, with US$41 billion of

announced deal activity.

Americas (by target domicile) led the market in the number of deals announced, with 6,984 transactions for the first half

of 2018, representing 34.5% of the 20,326 deals announced worldwide.

The High Technology sector captured 19% of total announced Small-Cap value deals, followed by Industrials and Real

Estate, each respectively registering 11.9% and 10.6% of the overall market.

KPMG tops the worldwide Small-Cap rankings for deals valued up to $50 million for the first six months of 2018,

working on 140 deals with a combined value of US$625.7 million.

Worldwide Small-Cap M&A up to US$50m by Target Industry

▲

▲

Asia-Pacific (ex Central Asia) 10.1▼

Peru

640.6149.2

China

Africa/Middle East/Central Asia

40,965.8

335.3452.5Israel 57

Mexico

3,899.1Canada

263.7

6,984

546.5Brazil

16,155.7

▲

Denmark

Small-Cap Deals Intelligence

Argentina 182.9 44 216.7 56

25,020.1

Rank Value

US$m

South Africa

417.9

137

369.4 146

5,501

96


Germany

526.3270

Republic of Ireland

411.7

383401

Poland

Chile 170.6

Italy

30

1,17914,046.2

6841,925.9

206.7

United Kingdom 3,868.2

503

Sweden

93

Europe

478

661

148

1,194.5963.1

Spain

458.7Netherlands325.3

452.5643.3

805.5

757.6230

94

642

1,354.0 445 -40.5

32.9

▼-35.0

▼

282

2,246

2,899.1

20,465.9

277.9Norway

301.6

1,773.1 414

239.6Finland

Switzerland

121

120

598

339.9317.3

139495.9

1,1851,448

France

Russian Federation

820.3

7,347.3South Korea

854.4

607706

3,814.2

764.8

2,172.3

▲

57

▲

201207Malaysia1,040.8

181

Taiwan

1,054.8Singapore

Japan

Hong Kong

IndiaAustralia

4,092.8

291

711.7

3,136.92,947.5

First Half 2018

DEALS VALUED UP TO US$50 MILLION

SMALL-CAP M&A REVIEW

11.7

-18.3

▲

647346

278.8

61.8

▼

▼

-6.0-11.8

18.8

▲

▼▼

▼▲

-17.3

51

-14.776.725.1

252

39

1,395

888.2

1,620.9 9454,113.4

511

22,590

15,926.6

1,444.5

3,840.2 1,307

20,32682,469.3

# of

Deals

186

165.2

8,159

Rank Value

US$m

84,173.721,591.5

1,106

44

5,979

Region/Nation

1/1/2018 - 6/30/2018 1/1/2017 - 06/30/2017

5,395 6,265

79

19,093.4

63

Rank

Value

Change

(%)

1.5-15.4

-2.0

# of

Deals

▼▼

-13.7▼▲

▲▼

-38.8

712

7,276

-15.6

▼

8.4

▲

62162

1,003.6

5,372

2,199.4

390

181.6143

619.8

155

17,575.8

-12.2

312.4

6423,355.6

37,213.41,909

5,510.6

-45.9

3,482.5 ▼

▲

▲

▼

-9.9

16.4

-36.066.1

44.8

33.3

▲

▼

▼

▼-19.4

▲

-39.5

41.9▲

-9.0

174

M&A Rankings For Mid-Market Deals Valued Up To US$500m Are Also Available

▼

898.9

▲

7.3

33.5

17.3191

735

634

Jan 1 - Jun 30Announced Small-Cap M&A by Target Nation Up To US$50m

-

2,000

4,000

6,000

8,000

10,000

12,000

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

# o

f D

eals

Rank V

alu

e (

US

$b)

US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals

19.0%

11.9%

10.6%

9.8% 9.1%

8.3%

8.3%

6.9%

5.6%

5.0%

3.9% High Technology

Industrials

Real Estate

Financials

Healthcare

Materials

Consumer Products and Services

Media and Entertainment

Energy and Power

Consumer Staples

Retail

Telecommunications

1


Source: Thomson Reuters

*tie


15.8

52*

75.90

-54

Imputed Fees (US$m) †

# of Deals per Advisor

15

Change (%)

-24

-13

2

362.4

181.3

395.3-47

2

Rank

83.4

-

123.1

▲

▲

36.4

41.7

12.2

Fees

-

41.7

-

7.0

-

60.1

71.3

97.9

100.0

25.9

100.0

7.2

81.9

262*

85.3

-

49.2

54.5

92.8

100.0

21.0

118*

-

14

198* 80.0

12

44.8

100.0

68.0

11.1

34

15

97.6

46*

-

18.6

81.5

Worldwide Estimated Small Cap Investment Banking Fees by Quarter*

-

93.5

- -

1.0

29.5

8

305*

-

8.6

100.0

22.9

-

-▼

84

7.061*

30

36.3

4.4

19.1

59.1

5.2

▲

▲

31.7

54.6

18.1

56.6

65.0

6.0

43.5

▼

64.3

▼

▼

-

▼

▲

▼

▼

▼

39

-

▲

-29.5

▼

-32.3 ▼

69.6 1.8

10

Exp (%)

71*

1

50

108.7

▼

9.1

14.5

▲

42.2

▲

57.8

52.9

▼

-34.2

▼

625.70

100 ▼10

-52.6

-22.4

▼

274.5

1

272.0

▼

1

140

-1.0▼

▲

94

96 24 330.3

4

Rothschild & Co

Deloitte

PricewaterhouseCoopers 3 2

4

12

7

4

9Houlihan Lokey

1

Sumitomo Mitsui Finl Grp Inc

2

1KPMG

6

Mizuho Financial Group 9 11 70

8 8 76IMAP

9

-

-72.6

556.4

41.9

10 68

24*

▼

6415

59 17 ▲

20

-

▲ -

16

42.9

42.2

-64.1

▼

27.2

-58.4

401.3

Morgan Stanley

14

-94.3

-

▲

115.8

18 24*

▲

-78

59Lazard

▼

▼

14.2 ▲

▲

-5

115.5

25

3

38.0

26.3

-74.9

22.2

21-

-

-

3.0

-42.7

-

13

-27.7

-49.5

-22.8

-91.4

▼

-31.1

-

-54.0

-

▲

16

▲

157.1

▲

▲

Evercore Partners

2721 67*Barclays

23*

23*

▼

44

28*

48*

28*

35

33

3541*

75*

33

UniCredit

55*

Credit Suisse

28

24*

38

27 -1 ▼

28

▼

31

▲10

▲

▼

7

-8

12 268.9

0.0 41.5

▼ -

▲

-46.284.1 2.3

-

Grant Thornton

20,326

45* 26

Mitsubishi UFJ Financial Group 47 60* 25

RSM Corporate Fin LLP 48*

26

35

45*

27

KeyBanc Capital Markets Inc

GCA Corp

41*

55*39*

China Renaissance Partners

RBC Capital Markets

Baker Tilly International

39*

-12

36

37

-16

13

28

28

Harris Williams & Co 60*

72*

14

43*

75*

39*

Macquarie Group

39*

43*

Nomura

▲Plutus Consulting Co Ltd

32

30

▲29

82,469.3

** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region.

-2,264

† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.

▲ 12.0

-

▼

26-

2.7

4.0 122*

198*2.0

7.1

189*

133.8

-

▼

83.3


▼-

11

4,368.1

80.3

- 22.0

94*

▼ 175*

-22.9

-

43.70

44

56.6

100.0

88.5

22.1

-

75.6

6.0

-30.4

0.0

11

▲177.3

14

-53.3

42

0.0

-

▼

129.0

10.3

▼ -

162.1

20

0.00

-

13.0

19.7

-90

35

4

0

36

-5

7

36 ▼

20

280.5

0.0

-

8

22

20

-

-9Generational Equity 18

KBS Corporate Sales Ltd

19

27*

45*

▲

4141*

33*

-8

▼

▲8

-21

-25 ▼

▼

▼

-11

-91

86

77

573

6*

6*

▼

MM1a - Undisclosed Values & Values up to US$50m

11

4

33

6

Oaklins (FKA M&A Intl Inc)

94*

-23.1

7

--Raymond James Financial Inc

William Blair & Co 36*

▼

11

▼

16

53

▼

▲▼ 87.0

▼

▲

10

7

49

50

▲

4

-1

43

▼

Clairfield International

Ernst & Young LLP 5

12*

JP Morgan

Industrial & Comm Bank China

12*

Goldman Sachs & Co

20*

Lincoln International 102.7

72.7

-2

13

15*

55 137.4

5416

119

▼

10

Rank Value per Advisor (US$m)

2018

-0.2351.8 ▼

Rank

Jan 1 - Jun 30

First Half 2018 │ Small-Cap M&A Up To US$50m │ Financial Advisors

Advisor2017 ** Fee

Worldwide Small Cap M&A up to US$50m by Target Nation Region

2016

Financial Advisor

Change in

Deals

# of

55

19

17

15* 17

Rank

Moelis & Co

UBS

Citi

# of Deals

40 12

Piper Jaffray Cos

Stifel/KBW

29*

25* 30*

41

38

Kaede Group

29*

Benchmark International

29*

33*

11

25*

27*

27*

3538*

38* 38

Jefferies LLC

35

Bank of America Merrill Lynch 29* -

7

533*

Clearwater International

BDO

▼

65*

83.0

8

-41

22

▼

▲

88.0

92.2

-7 19

▲ 188.9 -45.5

286.5 7

-

▲

35.5

-67.2

▼

27

-

-

Rank Value

10.8

23.7

41.4

123.8

-

-58.9

27.8

150

- - -

2.0

-

19

-

47

40

37.0

24

- -

-

-76.6

101.4-

255.0

17.1

386.7 3

-38.4

9

5

18.8

82.1

-

Rank Value

-

2

US$m

2016

51

6

Worldwide Small-Cap Rankings (MM1a)

114.90

13

0.0

55

Rank

73.8

-

-

6 ▲

Global M&A 48* 30* 24 -15 ▼

33* 24 -12 ▼

-35.1 ▼

83.8 - 53.8 ▲

Cooperatieve Rabobank UA 48* 60* 24 5 ▲ 80.1

12.2 - -86.0 ▼ 22.3 24 100.0

10.0 - - - 14.1 42

Industry Total

$0 $10 $20 $30 $40 $50 $60 $70 $80 $90

2012

2013

2014

2015

2016

2017

2018

Rank Value (US$b)

Africa/Middle East Americas Asia-Pacific Europe Japan

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q

2011 2012 2013 2014 2015 2016 2017 2018

Pe

rce

nta

ge

of To

tal F

ee

s

Investm

ent B

ankin

g F

ees (

US

$b)

% of Total FeesSmall Cap I.B. Fees ($50mil or

2


*tie

40* 64* 7 3 ▲ 70 78.423.4 - -48.6 ▼

-7 6 ▲ -

2.9

-Daiwa Securities Group Inc 40* --

- -

-

-

100.0- -

1,600.9

-

0.0

7.0

▲

- -

28.5 - - -

-0.0 -

0.0 -

0.0 -

-15.4

Prairie Capital Advisors Inc 40* 31*

Industry Total

DA Davidson & Co Inc

34.3

1.8 115*

▼

72.0

89*

8.0

7.0

7

▲

0.00

-1 ▼

Macquarie Group 40*

7 -5

142*

5,400

▲

69.6

0.0

Deutsche Bank 40*

-25.2 75*

▼

▼-27.8

43

58

2.5

-

-

▼

- 31*

27.5

62*

-

-

▼

US Small-Cap M&A up to US$50m by Target Industry

0.0 -

-

-

100.0

29

▲

-

100.0

▲

▲

▼

-

3

▼

-

BMO Capital Markets

0.0

▲

▼

26*

▼

▼

Rothschild & Co

175.5

42.68.0

-

-

13.5-

-

19

3.0

-

34

6.3

5

5.8

12.0

3

4.8

24.0

15.7

42

12.0

13

11

10

24*

6

24.7

15

7

-


16,155.7

88.9

100.0

38.0

-

-

6.8

0.0 -

21

▲

24.6

5.2

-

15.0

▲

-

-

13.3

-

▲

Chartwell Financial Advisory

-

0.0

9.0

Jan 1 - Jun 30

The Braff Group

-15

5.0

38*

100.0



12.0

▲40* 7 3

7 0

64*

Signal Hill Capital Group LLC 40* 44* 7

Centerview Partners LLC

40* 44* 7

40* 51*

38*

- -7 4

445.530.0

▲6

58* 6 1

-2

64*

-1

8

0

10

36*

35*

Perella Weinberg Partners LP 50*

Sandler O'Neill Partners

KPMG

Hovde Group LLC 32*

89*8

-

75*

35*Capstone Headwaters LLC


-6

▼

▼

-13

9

9

Petsky Prunier LLC

51*

-8

3

810

15*

11129* ▲

Bank of America Merrill Lynch 32*

SunTrust Banks

94*

29*

10

101.3

146.7

43.7

-

-25.0

-

-

30.20

0.0

1 0.0 89*▲

Global M&A

0.0 -

35*

11

32*

AGC Partners

25*

Lazard 25*

34

29*

29*

35*

Cascadia Capital

IMAP

57.9

▼-1

1227*

▲

▲

14 ▼

0.0

▼

1521*

11

12

-123*

-2

14

2

-

-

-16.9

60

UBS 27*

0.0

0.0

37.0

842* 615

1

-

-

-

-

-

-

-

-

35*

35*

122*

5.0

1.5

38*

45*

12.0

-105* ▼

▼

19

29*

▲

1618*

5


▲

20

PJT Partners Inc

35*

-5

21*

-2 ▼

▲

48.0

15Benchmark International 0.0

15

Citi

Credit Suisse

Robert W Baird & Co Inc

31* 5

- --

17

-

-

-

89* -

-

-17.2

-

0.0

0.0

-

7.8▼

-

0.00

28.4 -

12

133.3

19.8

16

37.5

8*-

24*

20.0

-

-

17.2

-

-

16.0

▲

0.0

▲

- --

24.7

42.4

-

-

-

20

0.0

8 ▲

▲

42.0

45.5

-2

-0.011*

▲4

9

14*

Morgan Stanley

27

23* 24

15*

13

22

19

JP Morgan 14* 11

Duff & Phelps

RBC Capital Markets 17

KeyBanc Capital Markets Inc

21

18

Lincoln International 14*

Harris Williams & Co

8*

2218*

22

-

-

Evercore Partners 9*

Barclays

13*

11*

Jefferies LLC

-

9* 0.0 89* -

▲

3.0 -94.3

-

▼▲

-31.1

▼

▼

-

▲

12.0 80*

13

240.1

10*▲

85

1

50.00

9

10

13

20 30Moelis & Co

Stifel/KBW 7 7

8

5*

4

31

Goldman Sachs & Co 5* 132

6

8*

▲

William Blair & Co ▲124 36

Piper Jaffray Cos 35*

Generational Equity 3 -841

Financial Advisor

2

-12

Raymond James Financial Inc


2

2017

Change (%)

Rank Value

3

60

42

▼

Rank

1


Deals # of Deals


Jan 1 - Jun 30

108.30

2

2018

Rank Rank

29

32

7

▲4144.3

▼

▲

-

▲

1

29

21*

21*

21*

Houlihan Lokey

17

13*

38*

32* 10

64*

26*

15*

▼

-866

▲

-1

27

▼

▲

2018

▼

2

-

7

# of Change in

-73.4

5 ▼

Rank


-

Rank Value

US Small-Cap M&A up to US$50m by Rank Value Range

US Target Small-Cap Rankings (MM2a)

US$m

-39.9

-

2018

▼

55.7

Fees

69.5

-30.8


Exp (%)

-

13.4

42.2 23

67.3

78.6

93.9

58.024*

▼

24*

-

14

37

8.6

22.9

22.6

7.0

22 11.9

35.6

100.0

11.7

66.7

24.7

-

4 68.0

31.6

-

44.18*

-

100.0

-88.3

.8

28.9

1

Advisor

182.9

-17.8

36.3

19.7

36.1

0.0

59.7

** Fee

50.0

-

9.0 100.0

3.6

27.0

235*

65.8

5.3 4.8-

12

36* 8*

-

3

100.03.3

-

-

-

31*

-

100.0

44

-

-

Stephens Inc 40* 44* 7 -1

21*

5

3.1 61 19.5

68.4

16.9

100.0

100.0

11.3

-

3.5 59 22.9

Clairfield International 50* 94* 6 4 0.00 - - - - -

Quarton International 50* 58* 6 1 ▲ 0.0 - - - 6.0 40*

26.9%

12.3%

11.0% 9.4%

9.4%

7.9%

7.1%

4.4%

4.3%

3.3% 2.7% High Technology

Real Estate

Healthcare



Financials

Industrials

Retail

Energy and Power

Materials

Consumer Staples

Telecommunications

-

500

1,000

1,500

2,000

2,500

3,000

3,500

$0

$2

$4

$6

$8

$10

$12

# o

f D

eals

Rank V

alu

e (

US

$b)


3


*tie

- - -

- -

2.0 12* 18.9

1.1 34* 100.0

1.2 31* 100.0

2.0 12* 100.0

2.0 12* 100.0

1.0 38* 100.0

- - -

- - -

- - -

25 6.9

2.0 12* 74.1

1.0 38* 58.8

9.3 - -77.3 ▼

31.7 17 - -

0.0 - - -

22.2 24 - -

0.0 - - -

0.0 - - -

50.5 8 - -

0.00 - - -

0.0 42* - -

0.0 - - -

JP Morgan 24* 21* 2 -1 ▼

National Bank of Canada Fin'l 24* 10* 2 -3 ▼

Eight Capital 24* - 2 2 ▲

KBS Corporate Sales Ltd 24* 48* 2 1 ▲

INFOR Financial 24* 29* 2 0 -

RSM Corporate Fin LLP 24* 48* 2 1 ▲

CFI 24* 29* 2 0 -

Reznick Group PC 24* - 2 2 ▲

Bank of America Merrill Lynch 24* 48* 2 1 ▲

Sprott Inc 24* 48* 2 1 ▲

Spencer House Partners LLP 24* - 2 2 ▲

Macquarie Group 24* 29* 2 0 -

-

Moelis & Co 24* - 2 2 ▲

Citi 24* 29* 2 0 0.0 - - -

0.0 - - -

2.0

- -

1.8

-



-

-4.2 ▼ 263.9 33.9

52.9 7 -

0.0 42* - -

-169 ▼ 5,830.0



-10.0 - - - - -PI Financial Corp 24* 48* 2 1 ▲

-▲ 0.0 - - 12* 100.0Centerview Partners LLC 24* - 2 2

12* 100.0

- --

2.0Lincoln International 24* 29* 2 0 -

0.0

0.0 -

- - -UniCredit 24* - 2 2 ▲

- - - -Piper Jaffray Cos 24* 10* 2 -3 ▼ 33.00 16 -

- - .3 83* 100.0Lightyear Capital Inc 24* - 2 2 ▲ 6.9 -

AGC Partners 24* 48* 2 1 0.0 - -

- 2.0 12* 100.0 Canadian Small-Cap M&A up to US$50m by Target Industry Jan 1 - Jun 30- .7 75* 100.0

Cascadia Capital 24* - 2 2 ▲ 0.0 - -

- - - - -UBS 24* - 2 2 ▲ 0.0 -

4 - - 1.2 31* 3.0

100.0

RBC Capital Markets 24* 4* 2 -5 ▼ 75.6

55.6 6 - - .5 79*Roth Capital Partners Inc 24* - 2 2 ▲

- - - -Greenhill & Co, LLC 24* 48* 2 1 ▲ 0.0 42* -

- - 3.0 9 100.0Benchmark International 16* 29* 3 1 ▲ 0.0 -

- - - 4.0 6* 38.1

100.0

Jefferies LLC 16* 29* 3 1 ▲ 0.0

0.00 - - - .1 87*Deloitte 16* 48* 3 2 ▲

- 1.6 27* 43.2Canaccord Genuity 16* 21* 3 0 - 16.2 25 -

- - 2.1 11 100.0Generational Equity 16* 15* 3 -1 ▼ 1.5 -

- - - 2.0 12* 10.3

100.0

Morgan Stanley 16* 29* 3 1 ▲ 0.0

0.0 42* - - 4.0 6*Rothschild & Co 16* 21* 3 0 -

- 1.6 27* 10.5Scotiabank 16* 29* 3 1 ▲ 11.3 30* -

-71.7 ▼ - - -FMI Capital Advisors Inc 13* - 4 4 ▲ 11.5 -

28* - - - - -

91.7

GMP Capital Corp 13* 10* 4 -1 ▼ 11.5

104.4 2 - - 1.1 34*Haywood Securities Ltd. 13* 4* 4 -3 ▼

- 5.0 4 100.0Oaklins (FKA M&A Intl Inc) 8* 21* 5 2 ▲ 0.0 - -

- - 1.9 24 70.4Duff & Phelps 8* 4* 5 -2 ▼ 0.00 42*

42* - - 8.0 2 71.4

12.5

Lazard 8* 15* 5 1 ▲ 0.0

48.9 10 - - 1.1 34*CIBC World Markets Inc 8* 9 5 -1 ▼

- 6.0 3 49.2Barclays 8* 48* 5 4 ▲ 0.0 - -

- - 3.1 8 81.6IMAP 6* 15* 6 2 ▲ 23.9 22

1 310.6 ▲ - - -6* 4* 6 -1 ▼ 143.7

- 1.0 38* 100.0

5 59.7

7 -6 ▼ 36.1 13 -

▲ 48.3 11 - - 4.3

- - 8.3 1 16.6

Houlihan Lokey 4* 10* 7 2

75* 46.7

BMO Capital Markets 1* 2* 8 -1 ▼

27* 5.9

PricewaterhouseCoopers 1* 15* 8 4 0.0

2018 ** Fee

Fees Exp (%)

2* 8 -1 ▼ 102.20 3 49.4

▲ - -

US$m Rank Change (%)


Canadian Involvement Small-Cap Rankings (MM22a)

58.1 5

Advisor

▲ 1.6

- .7

TD Securities Inc 1*

4* 1

Financial Advisor


Industry Total 1,591

Rank Deals # of Deals

▲

20182017 Rank Value

Rank

Jan 1 - Jun 30

2018


Change in

Canadian Small-Cap M&A up to US$50m by Rank Value Range

# of Deals per Advisor Rank Value per Advisor (US$m) Imputed Fees (US$m) †

# of Rank Value

KPMG

Rank

17.9%

17.3%

16.6% 11.3%

8.7%

7.1%

6.8%

4.7%

4.6%

2.6% Materials

High Technology

Healthcare

Real Estate

Financials


Energy and Power


Industrials

Consumer Staples

Telecommunications

Retail

-

200

400

600

800

1,000

1,200

$0

$1

$1

$2

$2

$3

$3

$4

$4

# o

f D

eals

Rank V

alu

e (

US

$b)

US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m Total # of Deals

4


*tie

-0.0 11* - - - -

- 1.0 17* 100.0

Riza Capital Consultoria de 28* - 1 1 ▲

100.0

Capitalmind 28* - 1 1 ▲ 0.0 11* -

0.0 11* - - 1.0 17*

- - - -

The Food Partners LLC 28* - 1 1 ▲

-

Translink Corporate Finance 28* - 1 1 ▲ 0.0 11* -

0.0 11* - - - -

100.033*

17*

17*

0.0 11*

▼ 0.0 11* -

-

1.0

11*

-5

34*

Scotiabank 28* 21* 1 -1

Banco Fator SA 28*

KPMG 28* 4* 1

0 -

-

-

-

-

--

- -

0.1

--

Clairfield International 21*

0.0

▲

7

139.0

-

3.2

-

25.6

-

34.9

Latin American Small-Cap M&A up to US$50m by Rank Value Range

--

2018

US$m Change (%)

** FeeAdvisor

11*

2018Rank Value


0.0

1

3

1

7

2

- 1

100.01.0

0.0

▼

-

▼

-

-

RGS Partners

1

Itau Unibanco 9

21*

Banco BTG Pactual SA 3

5*

34*

1 17

-4

5

4

4

1

2

34*

-1

6

4

5

28.0

5

▲

▲

▼

Rank Rank

Jan 1 - Jun 30

0.4

36.8

-

-

34.0

-

0.0

▲

48.2 -

▲

2.0

5*

11*

-62.4

3

-

-


Jan 1 - Jun 30


11*

-

2.0-

-

Change in

7*

7

9*

Rank

10

11*

-

-

11*

Goodbody Corporate Finance

Davy Corp plc

Arab Banking Corporation

34*

14*

-

2.0

▲

-

100.02*

1

11*

0.1

PricewaterhouseCoopers

Goldman Sachs & Co


21*

Credit Suisse 14*

34* 3

-98

0.0

48.2

4

4

3

3

12*

0

4

▼

2.4

▲

▲

1.6

▲

▲

0.0

-

▲

▲

Rank Value

0.0

11*


6

0.0

Morgan Stanley


7*

1*

11*0.0

Deloitte

4

▲

0.07*

11

12* 17*

7* 1

-24*

# of 2018

▼

16.0

1

4

Latin America Involvement Small-Cap Rankings (MM17a)

Financial Advisor

2017

100.0

9*

30

2*

69.0

9*

-

Citi

INFUPA SA

-

Rothschild & Co

26.8

100.0

-

9*4

5*

12*

Lazard

12*

5

14*

Rank

7*

3Ernst & Young LLP

# of Deals

Artica Participacoes e Assesso

14*

4

12*

7*

15

Deals

14*

-

▲

▲

▲

21* 1

2

3

3

3

21*

-

2 2

2 1

3 3

34*

3

1

14*

Industry Total

JP Morgan 14* -

Bank of America Merrill Lynch 21*

HSBC Holdings PLC


-


▼

-

83.3

-

▲

488

34*21*

21*

-

2 0 0.0

11*

11*

▲

2*

-

-

2

11*

-

0.0

Latin American Small-Cap M&A up to US$50m by Target Industry

100.0

-

-


▲

-

33*

-54.7 26*

-

100.0

-

-

100.0

-14.1

11*


1

0.0

--

▼

- -

-

-

-

0.0

2.0

9 0.6

11*

11*

11* - -

- 4.0

-

-

91.1

-

-

4.0

2.0

-

2.0

▼

-

-

-

-

-

1*

-92.4 ▼

Fees

-

100.0

- -

-

--

11*

11*

- -

2.0

-

-

-

-

11*

9* 100.0

4.0

3.0

- -

8.0

9*

44.4

-

4.1

-

-

100.09*

11*

0.0

0.0

0.0

0.0

0.0

-7

▲

1,750.0

-

12* 2 -1 ▼

100.0

100.0

Exp (%)

26.0

0.0Banco Bradesco SA 21*

-

2 2

▲

▼

Evercore Partners 28* 1 ▲ 0.0

Greenhill & Co, LLC 21*

▲Cypress Associates 21* - 2 2

Alantra Partners SA

Alpax Inc 21*

11* - -

BBVA 28* 8* 1 -4 ▼ 42.3 3 96.7 ▲ 0.6 26* 100.0

Mizuho Financial Group 28* - 1 1 ▲ 0.0 11* - - - - -

BNP Paribas SA 28* 4* 1 -5 ▼ 0.0 11* - - - - -

RBC Capital Markets 28* - 1 1 ▲ 0.0 11* - - 2.0 9* 100.0

Nomura 28* - 1 1 ▲ 0.0 11* - - - - -

IMAP 28* 8* 1 -4 ▼ 0.0 11* - - 1.0 17* 100.0

Lincoln International 28* 21* 1 -1 ▼ 0.0 11* - - 1.0 17* 100.0

IGC Partners 28* 34* 1 0 - 0.0 11* - - 1.0 17* 100.0

Eurohold SL 28* - 1 1 ▲ 0.0 11* - - 1.0 17* 100.0

Valence Group 28* - 1 1 ▲ 8.3 8 - - 0.2 32 100.0

BR Partners 28* 8* 1 -4 ▼ 0.0 11* - - - - -

LionTree Advisors LLC 28* - 1 1 ▲

24.3%

13.3%

11.0% 10.9%

8.6%

8.1%

8.1%

7.5%

4.4% 3.8% Materials

Industrials

Financials

Real Estate

High Technology

Energy and Power

Consumer Staples

Retail


Telecommunications

-

50

100

150

200

250

300

350

400

450

500

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

# o

f D

eals

Ra

nk V

alu

e (

US

$b

)


5


*tie

ACXIT Capital Partners 51* 50* 10 -1 ▼ 0.0 0.0 - - - 9.0 30 100.0

▲ - - -

CFI 47* 20* 11 -15 ▼

▼ 3.0 79* 13.5

87.2- 4.1 62

Credit Agricole CIB 51* 40 10 -6 ▼ 0.2 0.2 -

10.2 - -

-98.8

Equita SIM SpA 51* 167* 10 8 ▲

- - -

78 100.0

▼

87.6 71.610 3 0.2 ▲

95* 100.0-19.543.6 35

45*


9.6

Liberum Capital 51* 47* 52.4

- 125.1 ▲ 3.3

41*

55*

Canaccord Genuity 51* 13

Deutsche Bank

56.998.2

Rank Value per Advisor

75*

Jan 1 - Jun 30

-16.0

1

-47

-14.2

European Small-Cap M&A up to US$50m by Target Industry

Rank

58.7

211.2

2018 2017

10

Numis

-3

4

2 ▲

▲

55* 12

13

17

15

30*

30*

19

21

330*

5

23*

23

13 ▼

-5

8

28

24

36*

25

10

RSM Corporate Fin LLP


213*

25

Grant Thornton

UniCredit

50

11* 14

Kon SpA 19*

▼

▼

Goldman Sachs & Co

Financial Advisor Rank

Lincoln International 33

4

12

7

9

54

5

Ernst & Young LLP


2

IMAP


76

3



Lazard

8

9

10

10

Deloitte

74

109

▼

1

-17

▼

6

5

Rank

4

1KPMG

Rothschild & Co

3

13*

11 -1110

28

-34

11*

39

33

15*

# of Deals

-57

70

103

-24

▲

62.1

▼

▲

121.0

European Small-Cap M&A up to US$50m by Rank Value Range

Deals

▼



Rank Value

57

# of Change in

59

-24

17

▼

▼

47

115.5

▲

50.8

115.3

Euro mil

European Involvement Small-Cap Rankings (MM3a)

Jan 1 - Jun 30

244.5

0.0

▼

0.0

8.3

0.0

▲

▲

0.0

▲

10.0

7.2

-

6.0

-

2.0

1.0

15.4

-89.8 ▼ 11.3

30.0

0.0

-90.0

-

36.6

-

▲

- -64.8▲

0.0 0.0

12.0

-

Citi

Arma Partners LLP

19

138*

13

13

Global M&A

Credit Suisse 36* 14

13

33

83.8

-10

-

-

▲

▲

▲

▲

▼

▼

45.4

9.1

17,400.5


15*

22

20

4

▼

▼

151.6

23.7

69.0

-

184.3

3

81.7

-4

-8

137.4

63.1

205.3

19.5

171.8

323.8

▼

▲

▼ ▼

7 ▲

76.3 -16.220

5

87.7

93.2134.7

40.2

5.0113.6

13.0

0.0

100.0-80 9

162.1

17

-6

1273.0▼

23*

55*

19*

17*

17*

▼17*

▲24

1

23

-10

23

36*

27

22

3

33*

16

23

111*30*

-

88*

28*

26* 20*

26*

17*

2

3

19

19

18

17

-2

-3

10

61*

-

0

2.0

51*


23* 11

Livingstone Partners

47* 75*

41*

11

69* 10 68.5

▼6,920

▼

61.0 49.3

12.3

Industry Total

47*

47*

0.075*

23*40*

45*

15 58.9

57.9 47.2

-

-

1145.9

-

8.0

9.5

--

64.9

▼

▲

▲

2.0▲1470.9

-

▼

9.8

4.4

20.0

-3

-1

▲

9.6

48.3

24.6

▼

▼

43*

36*

-4

16

11

15

17

17

▼

24.1

9.7

-7

11

▼

▼

-16

▼

▲19

15

-14

13

Cambon Partners 36*

96*

40*

36* 15

-4

40*

Mediobanca

30*

40*

35

30*

39

Banca IMI (Intesa Sanpaolo)

30*

Natixis 30*

Morgan Stanley

Cooperatieve Rabobank UA

26*

Globalscope

Alantra Partners SA

29

UBS

25

BNP Paribas SA

Evercore Partners

JP Morgan

GCA Corp

INFUPA SA

HSBC Holdings PLC

Macquarie Group

Bank of America Merrill Lynch

8*

19*

-

▲

38.1

19*

Capitalmind

ING

▼-64.3

54

4.0

39.2

22.3

269.7

307.9

33.7

-

13

-

▼

-85.9

▼76

1.3

-7

BDO

5

Barclays



Houlihan Lokey

Translink Corporate Finance

23

24

17

-8

11.0

11.4

▲

16

83.4

▼12

224.2

-12

▲

83.0

9

▼

11

73.6

-

9.9

-14

▼ -

0.0

▼

▲

106

111*

53.2

13.9 100

47.6

1

1010

7

67.8

-

134.5

▼

-

-

-

-

27

152*

-

54.6

-48.4

-

-63.1

-

-80.0

▼

3.9

-

24.2

▼

24.5

-75.5

-

▲

▲

-

49.2

Rank

1

2

2018


141.7 6

-59.2

▲

▲

Rank Value

US$m

392.5

-44.2

Change (%) Fees

0.0

▲

** Fee

Exp (%)


2018Advisor

4

▼

▼

▲

▲

42.9

▲

-

▲

0.0

-


39.4

46.1

▼

12.0

12.2

-62.5

-

0.0

23.0

2.3

23.0

15.3

31.7

131.8

-90.8

-61.6 ▼

▲

▼

▼

10.0

6.2

-77.7

-

-

57.1

1.0

4.0▼

2.0

13

-

6.9

20

4.0

44*

21*

39

59

15*

42

19.3

102*

15.2

4.3

63*

13.3

9.6

-18.6

7

79.6

63*

2.6

94.1

100.02.1

31*

100.0

15.0

21*

1,693.3

10.0

2.4

89.629

20.6

73.514

49 27.5

9.7

83.9

40.0

80.0

92.4

100.0

164*

60*

68.2

28.4

10.1

100.0

28.2

4.7

23

102* 12.8

34

26*

-1,494

-

-

101

11.3

- -

0.0

-

10.8

155.1

-65.0

-

-

0.0

39.1

103.1

0.0

38.8

0.0 0.0

-11.414,405.4

8

-

-

-

▼

368.2

-

-

▲

▼

-

▼

102*

1.9

17

10

164*

4.6

88.5

100.0

79.2

8*

100.0

5.5

12.0

1.0 164*

102*

22.8

19

93

12

70.2

41.8

3.9

41.7

26*

-

63*

100.0

56

41

20.0

52.9

-

100.0

100.0

8.0

0.0

24

-

0.0

39.0

0.0

11.3

37.7

-

-

-

85.1

0.0

25.7


100.0

100.0

100.0

93.5

76*

93*

97*

100.0

40*

10.5

2

46.0

25

26* 52.4

100.0

10.0

6.3

98.8

97.8

-

8.0

4

51*

56.5

5

3

150*

120

-50.3

12.6

12.0

106.0128.2

Cenkos Securities PLC 51* 69* 10 2 ▲

16.2%

14.5%

13.1%

10.2%

8.6%

8.1%

8.0%

5.9%

5.6%

4.4%


Industrials

Real Estate

Financials

Healthcare



Materials

Energy and Power

Consumer Staples

Retail

Telecommunications

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

$0

$2

$4

$6

$8

$10

$12

# o

f D

ea

ls

Ra

nk V

alu

e (

US

$b

)


6


*tie

Source: Thomson Reuters ** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region.

209* -

1.4 68* 100.0

41* 33.3

0.0 45* - -

0.0 0.0 45* - -

9.5 6.9 45* -37.9 ▼

0.0 45* -

DC Advisory 45* 72* 4 2 ▲

Duff & Phelps 45* 25* 4 -6 ▼

SPARK Advisory Partners Ltd 45* 53* 4 1 ▲

-HSBC Holdings PLC 45* 106* 4 3 ▲ 100.0

0.0

UniCredit 45* 106* 0.0 0.0 45*4 3 ▲

0.0

-- -

10.4

45* -

45* -72.0

20.3

- -

23*

-

▲

RBC Capital Markets 45* 53* 4 1 ▲

4 1 ▲

Beaumont Cornish 45* 106* 4 3 - -

4.0

Hoodless Brennan & Partners

0.0

0.0


53*

22.0

-

▼

US$m

0.0

61.0

▲

▲

-

15.7 45*

0.0

-1

7.5

▲3

0.0

▼

UK Small-Cap M&A up to US$50m by Target Industry Jan 1 - Jun 30

-

1.6

41*

3

21 50.6

▼

▼

4

▼

3

3

▲6

▲

5

10.0

27*

▲

▲

6

▲

-

6

9.3

29*

27.2

8

▼

29*33.1

29*

34*

5

▼

6 38.8

0.0

46.1

6

0.0-9

12.08 16.9

45.5

0.0

15.4

495.2

27*

29*0.0

11.1

29*

19*

19*

▲

19*

19*

5.0

52.4 38.4

7.0

19*

19*

0.0

13

▼

-6

19*

19*

72* 10

▼

3

11

11

10

8

12

-22

2

10

14

-17

1 ▲

0.0

23.6

0.0

0.05

43.2 19*

60.0

16.7

74.8

125.1

-

-

19*

14

15*

15*

▼

▲

15*

15*

72.8

▼

0.00.0

▲ 11*

52.5

▼

21.5

▲

6

7

9101.0

10

48.3

11*

7.1

72.9

8

40.4

-11

-12

▼

-10

38.1▼

29.0

-8

34.4

-2 28.9

9

3

-1

▼

17

# of Deals Fees

46.7

0.0

11*

13.0 ▲

117.3

27.8

0.0

0.0

-

-75.5

-

83.4


▼

149.8

23.7

4.5

23 ▼

11

2

12.0

1.8

-

0.3

5

2.6

1.3

-

4.6

9.0

1.3

-15

Change in # of


1

▼

8

▲

▲

6

61*

Goldman Sachs & Co 15* 33*

BDO

Houlihan Lokey 11

GCA Corp


15*

39*

53*Macquarie Group

15*

7

25*

15*

-11

14

11

1

7

13

1320*

11*

11*

8

10 3

Deloitte

10

9

Ernst & Young LLP 11*



20

8

Financial Advisor

9

24

44

59

16


Rothschild & Co ▲ 93.3


2

Rank Value

Jan 1 - Jun 30

2018

Rank

4

13

KPMG

5


▼

4*

15

23

6

Deals

2017

Rank

8.5

▼

7

4*

Grant Thornton

RSM Corporate Fin LLP 11.9


18

▲ 115.5

-86.2

4*

3

▲ 0.0

Change (%)

▲3

GBP m

Barclays


126.7 2

▲ 54.6

-

2018

45*

4*

205.0

0.0

-

-

▼

-

-82.6

-

-71.4

-

▼

▲

-43.9

106*

41*

-

34

71*

-

159.0

-22.0

4.0

6*

-

-

1.4

176*

54.2

** Fee

Numis 19*

12

1

47.1

▼

79*


2

Cenkos Securities PLC

Arma Partners LLP 72*

28*

Liberum Capital 19*

19*

IMAP

20*

▼

8

44*

19*

9

-8

-2

8

19

-1


19*JP Morgan

29*

34*

Canaccord Genuity

29*


BCMS Corporate Ltd

29*


53*

Sentio Partners LLP

-

34*

38*

34*

39*

Morgan Stanley

Alantra Partners SA

29*


34*

3 ▲William Blair & Co

Viel & Cie Finances

53*

14

Evercore Partners

28*

27*

17

Credit Suisse

-

38*

Industry Total

Dow Schofield Watts LLP

Peel Hunt LLP

Akur Ltd

-

Global M&A

72*

1,829

-

-

1.0

2.4

2.8

8.0

9.0

3.3

-

-

22.3

▼

2.0

-

▼

0.0

▼

▲

-

83.9

100.0

8*

100.0

100.0

34.6

35*

68*

23.0

8.7


Rank Value

UK Involvement Small-Cap Rankings (MM4a)

-35.2

4

2.0

Advisor

1

2018

167*

65

20

100.0

-

-

-

0.4

14*

7.8

8.2

30

2.3

5.0 17*

39*

0.0

71*

-

209*

-

100.0

87.6

8

-1

Rank

▲

0.0

34*

34*4

27*

0.0

10.8

0.0

▼

10

10

10

10

8

▲

0

9

-3

22*

15* 10

31*

Rank

-41.4

62.5

-

-72.4

-

-

▼

-

-

-

-

▼

▲

2.0

-

1.0

▼

28*

11

▲

38

10

-

23*

-

89.9

21.6

83.3

100.0

93.9

12

100.0

30.8

-

100.0

-

1.0

16

-

5.5

79*

4.0

6*

100.0

23*

17*

21.0

56.5

79*

100.0

96.0

UK Small-Cap M&A up to US$50m by Rank Value Range

49.1

Exp (%)

89.7

100.0

-

-24.6

-19.5

16.8

169.7

-

-

131.5

162*

-38*

975.9

▼

2.0

5.2

100.0

94.7

-

41*

20.0

12.9

2.1

100.0

100.0

100.0

-

107.8

38*

0.0

-

▲

▼

0.0

▼

-

▲

0.8

▼

5.0

0.0

-64.0

-

38*

-

38*

▲

27.7

5

38.5

7.0

0.0

0.0

38*

0.0

0.0

8.0

62.9

▲

6.0

5.0

52.6

37.2

14.0

34*

0.0

1.1

6,254.9

433*

5

5

29* 27

33*

39*

5

538*

33*

5

31*

38*

5

-1

2

-2

4

▲

▲ 38*

▲ 62.4

-2 5.7

-

4.7 19

38*

14.5

91.3

-

39.4

100.0

-

-89.2

25.0

46.2 38*

7.8

35.2

45*

-401 4,558.6

3.1

0.6 100.0▲

45*

▼-7.8 39.7

Citi

Moelis & Co

Equita SIM SpA

33*

38*

38*

▼

WH Ireland Ltd 100.0

631.4

1.4 68*

100.0

20.8%

15.0%

11.8%

9.7%

9.6%

8.1%

8.1%

6.1%

4.0%

3.1% 2.2%

Real Estate

High Technology

Financials

Industrials


Healthcare


Energy and Power

Materials

Retail

Telecommunications

Consumer Staples

-

200

400

600

800

1,000

1,200

1,400

$0

$1

$1

$2

$2

$3

$3

$4

$4

$5

# o

f D

ea

ls

Ra

nk V

alu

e (

US

$b

)


7


*tie


CM-CIC Conseil SAS 26* 55* 3 1 ▲ 20.8 17.0 16 - - 1.5 33* 100.0

21*

▼

0.0

RBC Capital Markets

Deutsche Bank

3Houlihan Lokey

329*

3

34.2

3

13.9

-324

26*

3

26*

26*

26*

2

0.0

26*

88.9

3*

19

Grant Thornton

11.3

0.5

11.0

0.0

10

-

-

-

-

-

--


-

0.0

0.0

-

-

0.0

108*

-90.0

-

-29.0

-

-

▲9

23*

3

82*

▼

-

-

-

20.0

-

1

▲

DC Advisory 0.0 61.2

-

3

100.0

2.0

▼


2,191.8

▼

0.0

343.5

-3 -

0.0

-

-

27.6

-

French Small-Cap M&A up to US$50m by Target Industry

JP Morgan

3

Industry Total

24.6

HSBC Holdings PLC - -

Jan 1 - Jun 30


0.6

17*-

108*

96

- -

3.0

17*

21* 100.0

100.0

105*

-

2,651.5

0.0

-

-

-

131.8

-25.2

8

2

-

▲

74.5

128.2

30.0

7.3

10*

1.0

5.0

33*

-

3.0

0.3

-

12

-

-

- -37*

0.8

39*

99

-

39*

-

▼

-

-

- -

37.8

-

-0.0

-

-

-

-

37*

-6

-

-

-85.7

9 -

-

-

-

▲

▼

-

▲

▼

20

11

6.07.3

0.2

-

▼

-63.7

-

23

50.2

21.1

-

106.0

69.0 3790.5

34.8

Rank Value

3

French Involvement Small-Cap Rankings (MM5a)

Change (%)

25.2


Exp (%)

1

Rank

Rank Value

0.4

6.3

-

5.0

1.0

1.0

▲

▲

47.5

0.2

7.2

0.2

1.2

-

4

5

11 ▼

-

-98.8

▼

-48.3

41.6

--

4

4

1


9

37.3

▲

7

6

3.0

▲

▼

11 4

-6

5

82*19*

15*

26*

55*

IMAP

BDO

Banque Degroof Petercam SA

Capitalmind

10*

1,055

▲

4

▼

Lincoln International

2018

1

3*

KPMG

6

7*

3*


Lazard 81.7

▼

Advisor

US$m

-7

2 192

6

1

4

29*

▼-5

Change in

-3

-2

15

15

5

12*

3

4

10

15

5

6

Rank

▼

Deals

36.8

▼

42

▲

100.0

3

0.0

▼

0.0

0.0

-1

▲

82*

0.0

4

▲

▲

5

0

-

40.0

0.0

-0.0

-16

5 0.0

-

▼

▼

▲

-9

▲

-

0

2

0.0

▼


Deloitte

-

82*


Mediobanca


19*

1

19*

-

34

19*

19*

41*

19*

4

4

French Small-Cap M&A up to US$50m by Rank Value Range

15* 10*

9

15*

Natixis

Rothschild & Co

Financial Advisor


19*

# of

19*


-6

Rank

2017

7*


Cambon Partners

13*Societe Generale 7*

13*

12

10*

15*

15*

23*

7

Credit Agricole CIB

Invest Corporate Finance SAS

BNP Paribas SA 7*

UBS

10*

6


6

19*

15*

Ernst & Young LLP

15*

6.0

8

-

100.0

97*

100*

35*

2018

100.0

68.2

124*

12

11.4

76.9

Rank

100.0

100.0

17.9

25.2

6.6

87.8

100.0

100.0

4.2

100.0

10*

100.0

Jan 1 - Jun 30

13.5

** Fee

67.4

100.0

41.7

-

4

17*

9

39*

100.0

45.0

29.1

100.0

0.0

41.6

19*

2.0

▲

14

-8

-6

9

-3

4

2

0.0

100.0

37*

2

▼

5

Fees

2.0

2018

1.5


-

0.0

45.2

0.0

0.2

Oloryn Partners 26*

2.3

▲

-7

-6

8.0

Euro mil

1

# of Deals

1

0.0

0.0

0.0

0.0

7

14.0

9.8

49.5

0.0

17.1

30.0

0.0

-0.7

▼

0.0

0.0

▼

24.7%

14.8%

10.0% 9.2%

8.5%

7.8%

7.3%

5.4%

4.7%


Healthcare

Industrials


Real Estate


Financials

Consumer Staples

Materials

Energy and Power

Retail

-

100

200

300

400

500

600

700

800

900

1,000

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

$1.4

$1.6

$1.8

$2.0

# o

f D

eals

Ra

nk V

alu

e (

US

$b

)


8


*tie

Source: Thomson Reuters ** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region.† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.

Clearwater International 27* 9* 3 -6 ▼ 44.8 38.0 1* - - 1.0 41* 100.0

Proventis Partners 27* 61* 3 2 ▲ 0.0 0.0 25* - - 2.0 24* 100.0

Drake Star Partners 27* 61* 3 2 ▲ 24.0 20.1 16 - - 1.4 39 100.0

JLL Capital Markets 27* 61* 3 2 ▲ 0.0 0.0 25* - - 3.0 13* 73.2

Sonntag Corporate Finance GmbH 27* - 3 3 ▲ 0.0 0.0 25*

5

- - 2.0 24* 100.0

25*

100.0

0.0 0.0

- -

13*25*

0.0

- 3.0

30.4 25.4

24* 100.0

13*

13*

100.0

100.0

0.0

--

-

- 2.0

-

- 3.0

25*

- -

-

25*

12 - -

-

-

-

0.0 -

25*

0.0

-

-25*

4

Saxenhammer & Co Corporate

20*

61*

25*

13*

-10

▲ 0.0

0.0

Fees

8.0

25*

Commerzbank AG

10*

Citi

20*

361*

9*

-

0.0

4

0.0 0.0

25*

0.0

▲ 0.0

▲

0.0

0.0

0.0

0.0

0.0

30.0

▲

0

▼

Change in

11.6

▼

0.0

0.0

4 0

-

-

24*

4.0

▲

100.0-

4

100.0

-

100.0

0.0

0.0 25*▼

20.0

2.0

1.1

-59.5

2018

41*

41*

Jan 1 - Jun 30

42.3

1.2

2.2

2.2

41*

** Fee

2

Jan 1 - Jun 30

3*

90*

3.0

100.0

4.0

▼

0.0

- 0.0

0.0

4

25*


17

Rank

-

-

-

German Small-Cap M&A up to US$50m by Target Industry

2.0

8.0

Exp (%)

21*

1

- -

Rank Value

44.0

Euro mil

-

-

-

10*

-

-

-

25*

25*

-18.1

21*

-

10*

-

-

100.0

-16.5

25*

11

25* -

-

-

25*

25*

0.0

-

34.0

18

-

13*

▼



Quarton International

-3

13*

13*


16*


Deutsche Bank

10.8

-▲

0.0

0.0

Globalscope

16*

6

5 2

-

-

-

0.0

0.0 -

-

-

-25*

-

-

-

▼

25*

-

--

-97.2

-

-

-

25*

25* -

-

-25*

13

5.0

4.0

8*

7*

▲

30.0

27.3

▼

10.0

▼

0.0 0.0

0.0

0.0

0.0

0.0

0.9

0.0

-

-

▼

8*

0.0

0.0

25*

-

8*

19

-

23.3

9.1

23

-

-

25*

0.0

8.0

15.0

1.3

36.1

7

8

6

6

0

3

-10

17

7*

Rank

13*

21*

25*

UniCredit 4*

2* 6

Financial Advisor

1


Rank

2*

16*

ACXIT Capital Partners

Deloitte


KPMG

Ernst & Young LLP


Rothschild & Co

▼

▼

-3

-8

US$m

# of


2017

16*

11

12

2

27.8

10*

15

Deals

16*

0.0

37.0

8

4

37*

GCA Corp


Alantra Partners SA

10*

Falkensteg GmbH

-

47*


37*

9*

25*

Concentro Management AG

5

-

0.0

4*

10

12

0

1

48

0.0

6

7*

16*

16* 5

7

5

4

21* ▼

▲

▲

▲

▲

0.1

1.0

0.0

98*

3.0

2.5 20

1.0

1.0

41*

2

Centuros GmbH

-1Global M&A

goetzpartners Corp Finance

27*

100.0

▼

2018

20*

20*

2

27*

-7

3

27.8

85*

67.5

100.0

100.0

-

- --

245.8

24*

21*

100.0

0.4

-

2.2

45.1

87 100.0

100.0

100.0

100.0

100.0

100.0

3*

100.0

10*

3* 100.0

100.0

2018Advisor

40

German Involvement Small-Cap Rankings (MM6a)

Rank

3*

100.0

German Small-Cap M&A up to US$50m by Rank Value Range

52.4

1.0

▼

Change (%)


100.0

100.025*

47*

20*

85.712.0

1,350.4

20*

-5

# of Deals

-3

2

2

▼

4

2

5

7

8

▲

0.0

-5

-3

6

2

1

24.6

4

-

▲

3

4

▲

-13

Capitalmind

▲

Macquarie Group


▼

37.0

25* -

-

0.0 -

8.5

0.0

Houlihan Lokey

20*


16*

11

-2

61*

3

1,640.0

▲

1

-

Rank Value

-

8.0

25*

9.0

0.8


Industry Total 1,000

27*

3

25* 3

Morgan Stanley 27* 61*

▼

3

27* 61*

-153


27* 5IMAP 3

3

▼

Ebner Stolz

27*

27* 13*

3

21*

▲

-1

0.0

▼ 15

28.5%

23.6%

11.3%

8.2%

7.0%

5.9%

5.0%

3.1%


Industrials

Real Estate

Healthcare

Financials

Materials

Energy and Power

Retail

Consumer Staples



-

100

200

300

400

500

600

700

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

$1.4

# o

f D

ea

ls

Rank V

alu

e (

US

$b)


9


*tie


-0.0 20* - - - -

- - -

JP Morgan 28* 30* 1 -1 ▼ 0.0

▼ 0.0 0.0 20* - -

- - - - -

GCA Corp 28* 20* 1 -2

-

Cooperatieve Rabobank UA 28* - 1 1 ▲ 0.0 0.0 20*

0.0 20* - - - -

1.0 21* 100.0

Societe Generale 28* 20* 1 -2 ▼ 0.0

▲ 0.0 0.0 20* - -

- - - - -

Finint Corporate Advisors Srl 28* - 1 1

100.0

Goldman Sachs & Co 28* 30* 1 -1 ▼ 0.0 0.0 20*

14.7 12 - - 0.3 47*

- - -

Lucciola & Partners Srl 28* - 1 1 ▲ 18.1

▲ 0.0 0.0 20* - -

- - 1.0 21* 100.0

Mit Fin Spa 28* - 1 1

100.0

Krall & Co Inc 28* - 1 1 ▲ 0.0 0.0 20*

0.0 20* - - 1.0 21*

1.0 21* 100.0

Brera Advisory Spa 28* 17* 1 -3 ▼ 0.0

▲ 0.0 0.0 20* - -

- - - - -

CVM Capital Value Mgmt GmbH 28* - 1 1

100.0

Alantra Partners SA 28* 20* 1 -2 ▼ 0.0 0.0 20*

27.2 8* - - 0.4 44*

1.0 21* 100.0

London Bridge Capital 28* - 1 1 ▲ 33.6

▼ 0.0 0.0 20* - -

- - - - -

Spada Partners 28* 14* 1 -4

100.0

Long Term Partners SpA 28* - 1 1 ▲ 0.0 0.0 20*

0.0 20* - - 1.0 21*

1.0 21* 52.6

Arma Partners LLP 28* - 1 1 ▲ 0.0

▼ 0.0 0.0 20* - -

- - 0.4 44* 100.0

Ethica Corporate Finance SpA 28* 30* 1 -1

-

finnCap Ltd 28* - 1 1 ▲ 33.6 27.2 8*

0.0 20* - - - -

- - -

Credit Agricole CIB 28* - 1 1 ▲ 0.0

▲ 14.8 12.5 13 - -

- - - - -

CoveView Advisors 28* - 1 1

-

Bank of America Merrill Lynch 28* 41* 1 0 - 0.0 0.0 20*

0.0 20* - - - -

1.0 21* 100.0

AT Kearney Corporate Finance 28* - 1 1 ▲ 0.0

▲ 0.0 0.0 20* - -

- - - - -

Petsky Prunier LLC 28* - 1 1

Credit Suisse 28* 11* 1 -5 ▼ 0.0 0.0 20* - - 1.0 21* 100.0

MANGOLD FONDKOMISSION AB 28* - 1 1 ▲ 8.6 7.0 17 - - 0.2 51* 100.0

Cambon Partners 28* - 1 1 ▲ 0.0 0.0 20* - - 1.0 21* 100.0

Natixis 28* 41* 1 0 - 0.0

10.7 9.01- -ICCREA 28*

1 0 -

▼

-

1,443.2 1,196.1

2

Fees

39.0

0.0

0.0

22.8


US$m

Jan 1 - Jun 30

1

20*

27.5

45.4

Rank Value

1.6

▼

7.0

0.5

155.1

-

3

Euro mil Change (%)

Rank Value

96.7


0.0 -

Advisor ** Fee

254.1

Rank

Italian Small-Cap M&A up to US$50m by Rank Value Range

Italian Involvement Small-Cap Rankings (MM7a)

-

▲

2

0.0

0.0

▼

-

0.0

0.0

42.1

-

6.2 -66.818

10.2 15

-

-

-

-

-

▲ 19

▲

-

7*

8.5

▲ 21*

1

▲

1.0

23.0

18

-

-

1.9

-

0.0

-

-

-

14

20*

20*

20*

35.7 2168.4

-

11.0

-▲

0.2

-

2.0

1.0

100.0

- --

-

21*

166.2

HSBC Holdings PLC

19*

28*

-29

Houlihan Lokey 28* 41*

1

12

-

▲

20*

-

▲

-

- -

0.0

6*

19*

-

20*

-

20*

19

-

4*

2

0.0

▲

▼

2

-Banca Popolare Emilia Romagna

2

0.01 ▲ 20*0.0

16

1.0

- -

-24.6

-

1.0

14*

Italian Small-Cap M&A up to US$50m by Target Industry

100.0


1.0

-

21*

▼

1

14*-

Jan 1 - Jun 30

8*

Equita SIM SpA

Ernst & Young LLP

2

2018

3

Mediobanca

4*

KPMG

4*

10

Lazard

Kon SpA

Financial Advisor

10


▲

▲

8* 1

7

1

2

8

-4

36.6

-

▼

0.0

▲

0.0

▼ 12.8

20*

7.4

20*

Rank

1.0

▲ 4

11

# of Deals

2.3

-

-

-

20*

0.0

12.3

0.0

2.0

2

5▲

3

▲

Banca IMI (Intesa Sanpaolo)

7

6

Rothschild & Co

UniCredit

4.1

-

-

▼

0.3

3.0

4.0

▲

23.0

2

20*

20

6

17*

4*

23

13

0.0

57.6

--

-

-

-63.7

20*

100.0

-

876.3

2.0

20*


4.0

4.0

47*

-

7*

-

4

6

7*

43

14*

54*

-

0.1

100.0

100.0

43.4

27.8

40.0

28.0

100.0

54.8

Exp (%)

12.5

87.2

100.0

100.0

34.0

85.7

51*

10*

-


39.2

-

100.021*


2018

1.7

Deals

13*

8*

12

13

10

41*

9

2

2

10

4

30*

-

14*

-

30*

13*

2017

Rank


Fineurop SpA

11*

4

13*

4

7

20*

17*

19*

Cassiopea Partners

13*

Marketing Management Group Inc

11*

IMAP

19*

11*

BNP Paribas SA 13*

4

19*Klecha & Co


Leonardo & Co

Deloitte

AGS Consulting Co Ltd 19*

New Deal Advisors SpA 19*

13*

Arkios Italy SpA

Globalscope

19*

0.0

0.0

▲ 0.0

▲

0.0

0.0

0.0

▼

117.2


# of

0.0

4

11

▼

-1

▲

-1

▲

-2

1

9

1 -

▲

21

14*

9

1

5.2

Change in

0

-9

3

-5

2

-1

616

8*

2

2

-

20*

0

-

0

▼


2

2 1

37.845.2

29.8

27.2

-

0.0

4

-1

-

100.0

-6*

20* -

0.0

8*

5

0.0

0.0

20*

33.6

43.1

0.0

47.1

100.0

100.0

100.019* ▲

2

36.641*

0.0

Industry Total

-

100.0

21*

20

-

-

-

100.0

30.0

20*

1.4

0.0

21*

0.0 20*

2018

0.0

9

Unione di Banche Italiane Scpa

-

▼

Rank


8*

3

30.5%

24.9%

16.0%

9.0%

6.6%

4.9%

2.8% 2.7% 2.6% Industrials

High Technology

Financials


Healthcare

Retail

Real Estate


Energy and Power

-

50

100

150

200

250

300

350

400

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

# o

f D

eals

Rank V

alu

e (

US

$b)


10


*tie


- - -- 0.0 0.0 9* - -

- - - - -

Bank of America Merrill Lynch 23* 32* 1 0

100.0

Societe Generale 23* 18* 1 -2 ▼ 0.0 0.0 9*

0.0 9* - - 1.0 18*

1.0 18* 100.0

Fidentiis Equities SV SA 23* - 1 1 ▲ 0.0

▲ 0.0 0.0 9* - -

- - 1.0 18* 100.0

Translink Corporate Finance 23* - 1 1

100.0

Quarton International 23* - 1 1 ▲ 0.0 0.0 9*

0.0 9* - - 1.0 18*

1.0 18* 100.0

Retail Partners Europe Ltd 23* - 1 1 ▲ 0.0

▲ 0.0 0.0 9* - -

- - - - -

KBS Corporate Sales Ltd 23* - 1 1

69.0

HSBC Holdings PLC 23* - 1 1 ▲ 0.0 0.0 9*

0.0 9* - - 2.0 8*

1.0 18* 100.0

Lazard 23* 24* 1 -1 ▼ 0.0

▲ 0.0 0.0 9* - -

- - - - -

IMAP Lynx 23* - 1 1

100.0

Globalscope 23* - 1 1 ▲ 0.0 0.0 9*

0.0 9* - - 1.0 18*

- - -

Ferber & Co GmbH 23* - 1 1 ▲ 0.0

▼ 0.0 0.0 9* - -

- - - - -

Citi 23* 10* 1 -4

-

Global M&A 23* 32* 1 0 - 0.0 0.0 9*

0.0 9* - - - -

- - -

UniCredit 23* - 1 1 ▲ 0.0

▼ 0.0 0.0 9* - -

- - - - -

Norgestion 23* 10* 1 -4

BBVA 23* 6 1 -8 ▼ 0.0 0.0 9*

1.8

- -

1.0 18* 100.0

- - --

0.0 0.0 9* - -

-

0.0 0.0 9* - -

0.0

1 -2

BNP Paribas SA

0.0 9* -

9* -0.0

GBS Finanzas SA 118*

2

Houlihan Lokey 23* 24* 1

16*

23* 10* 1 -4

▼

0.0

2

Morgan Stanley 23*


7

0.0▲ -

▲

0.6▲

▲

18*

-

-

-

- 8*

1.0

Jan 1 - Jun 30

16*

1 0.0

1

23* 1-

-

23*

1

Spanish Small-Cap M&A up to US$50m by Target Industry-2

▼

▼

68.5

▼

2 ▲

--

0

▼

-

-1


24*

Nomura

Danske Bank

IMAP

RSM Corporate Fin LLP

23*

Barclays


INFUPA SA

23*

Evercore Partners

Greenhill & Co, LLC

2

2 -1

16* 32*

DNB ASA

16* -

Deutsche Bank

16*

2

Banco de Sabadell 23*

16*

16* -

-

24* 1

Goldman Sachs & Co 9*

2

3

1

Alantra Partners SA 9*

24*

Deloitte

24

# of

Ernst & Young LLP

Rank # of Deals

8*

2

16

4

22

3

▼

7


9*

6

2017Rank Value

Exp (%)US$m Euro mil

Spanish Small-Cap M&A up to US$50m by Rank Value Range

34.0

3.0 42.9

** Fee

Change (%)

4

▲

4.2

Fees

54.4

84.2

42.0

2018

-

3

▼

3

3

10*

8*

4

1

3

15*

18*

32*

20.5

0.7

0.0

5

3

0

2 ▲

▲

4

0.0

0.0

0.0

1

-

-2

▼-1

0.0

▼

7*

5


9*Clearwater International

9*


UBS

9*

9*


Rothschild & Co

KPMG

CFI

4

7*

9*

Santander Global Corporate Bnk

-5

0.0

0.03

51.1

Spanish Involvement Small-Cap Rankings (MM8a)

Advisor

2

Rank

391.4 ▲

17-67.1

38▲

1.2▼

2

-

-

-

-

-

16.5

1

Rank

27.0

2

-

-

9*

5

36.73

-

-

-

9* -

-

-42.7

-

1

41.4

3*

-

100.0

85.7


-

100.0

-

100.0

3*

13* 23.7

100.0

8*

100.0

0.0

100.03.0

100.0

100.0

43.5

-

- -

-

0.0

9*

- -

100.018*

0.0 13*

15

-

100.0

-

1.0

92.3

1.8

9*

-

9*

- -

2.0

-

--

1.0

-

-

-

18*

-

0.0

3.0

-

-

9*

1.5

9*

-

2.4

0.0

1 30

2017


Eurohold SL

Rank


3

Financial Advisor

62.9

Change in

▼

24.1

-

-

2.0

0.0

6.1

2.0

-

0.0

-181

100.0

69.08*

-10

Deals

▼

▼

3


6

Rank Value

-13

8

1

-

0.0

0.0

-

-

-

0.0

▲

0.0

0.0

0.2

-

24*

0.0

▲

▲

▼

9*0.0

-

7

-0.0

-

-

2.0

-

-

-

-

-

-

18*

-

37.1

0.0

0.0

▲

▲

0.0

0.0 9*

9*

9*

0.0

44.6

7

▲ 0.0

2018

28.0


10

0.0

0.3

▲

18*

2

0.0

9* -

9*

-

Industry Total 509

0.0

0.0

9* -

0.0

873.8

-9*0.0

-

32* 1

2

32* 1 0

0.7

8*

3*

31.0

-

9*

Jan 1 - Jun 30

-

-

-96.1

9*

-

0 -

2

▼

2

0

32*

-61 1,054.8

17.4%

14.1%

11.9%

11.4%

9.1%

8.8%

7.6%

5.9%

4.9%

3.7% 2.9% 2.3%

Healthcare

Real Estate

Financials

Industrials

Materials

High Technology


Energy and Power

Retail

Telecommunications

Consumer Staples


-

50

100

150

200

250

300

350

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

# o

f D

eals

Rank V

alu

e (

US

$b)


11


*tie


- -0.0 0.0 24* - - -Goldman Sachs & Co 21* 25* 3 0 -

1 204.5 ▲ 0.8 59* 30.8

9* 100.0

Handelsbanken Capital Markets 21* 11* 3 -5 ▼ 74.3 61.3

0.0 0.0 24* - - 3.0UB Capital Oy 21* - 3 3 ▲

Credit Suisse 21* 22* 3 -1 ▼ 33.9 27.5 10 121.6 ▲ - - -

Grant Thornton 21* 25* 3 0 - 0.0 0.0 24* - - 0.3 62* 100.0

KBS Corporate Sales Ltd 21* - 3 3 ▲ 6.1 5.2 20 - - 2.2 12 100.0

Valentum Partners AB 21* 34* 3 1 ▲ 0.0 0.0 24* - - 3.0 9* 100.0

-24*

▼-1051,021

34*

34*

10

8

-

Change (%)

-

-

-

24*

24*

-

-

** Fee

Rank

-

Nordic Small-Cap M&A up to US$50m by Target Industry


25*

13*

JP Morgan

Advium Corporate Finance

13*


21*

13*

Lazard

13*

Global M&A 3

Citi

4

Morgan Stanley

13* 48*

25*

48*13*

7*

10* 5

5

DNB ASA

ABG Sundal Collier 13* 15* 4


202*

Deloitte 10* 17*

Rothschild & Co 69

5

Nordic Small-Cap M&A up to US$50m by Rank Value Range


Carnegie 8 13*

SEB 13*

Danske Bank 10* 5

22*

4

4

24*

Nordic Involvement Small-Cap Rankings (MM9a)

100.0

1.3

2.0

0.3

-

28*

-

8.0

8

-

4

-

2

30.0

0.0

▼

0.0

-

13*

-

Jan 1 - Jun 30

13*

-

100.0

51.6

189.8

50.0

-

100.0

2*

-

6.0

1.0

180.2

54.7

▼ 100.0

66.7

▲

33.6

8.0

0.0

38.5

0.0

0.0

44.92,500.2 -12.1

1

0.0

40.1

0.0

0.0

0.0

▲

-5

0.0

-12

1

-2

▲

▼

0.0

0.0

0.0

24*

24*

24*

24*

0.0

13.4

0.0

0.0

▲

7

66.0

16.4

0.0

97 11*

▼

0.0

2

▲

-0.0 24*

US$m

▼

16

31.5

▼

1


Industry Total 2,068.3 ▼

-

▲14

2017

0

3

4

4

4

13*

-0

-3

3

▲

IMAP

KPMG

7*

▲

2 ▲

▼

-2

▲1

6

Rank Deals

4* 4

Rank

100.0

1.3

Euro mil

2018

35.3

# of Deals

Rank Value

1

▼ 9 ▼-54.8

2018

100.0

1

23

1.2

# of

18 1.4

Rank

2▲

-4

0.0

Exp (%)

Change in Advisor

100.0

17.0

28.7



12

-3

4*

3 1725*

14

414

▼

80.8

-

36.1

4.0

24*

162.1

14

2018

27


Fees

24.9

Rank Value

Jan 1 - Jun 30


Financial Advisor

24*

-

Translink Corporate Finance

Ernst & Young LLP

-1

-

2.0

-

-

-

8

-

4

▲

6.3

57.4

62*

-

-

- -

-

▼

64.6

-

158.4

2*

-

-

-

-

3.0

-

-

6

-

▲

24*

-54.9

3

5

-

-

▲

-

-

-

-

5

7.0

100.0

-

36.1


9*

-

-

-

24*

4

57.7 49.1

66.6

0.0

54.0


0.0

20.3

-4

2*


6

70.6

35.8

16.4%

13.7%

13.3%

12.1%

9.3%

9.1%

7.2%

5.7%

5.7%

3.8% 3.7% Industrials


High Technology

Real Estate

Healthcare


Telecommunications

Energy and Power

Materials

Retail

Consumer Staples

-

100

200

300

400

500

600

700

800

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

$1.4

$1.6

$1.8

# o

f D

eals

Ra

nk V

alu

e (

US

$b

)


12


*tie

25* - - 1.0 38* 100.0

19* 100.0

GCA Corp 30* 30* 3 1 ▲ 0.0 0.0

0.0 0.0 25* - - 2.0Banque Degroof Petercam SA 30* 30* 3 1 ▲

25* - - - - -

- -

Jefferies LLC 30* - 3 3 ▲ 0.0 0.0

0.0 0.0 25* - - -Bank of America Merrill Lynch 30* - 3 3 ▲

25* - - 2.0 19* 100.0Livingstone Partners 30* - 3 3 ▲ 0.0 0.0

0.0

33.9

0.0

- - -

-

- 1.0

-

38* 100.0

35

25*

- -

-

- -

- - 3.0

25* -

0.0

0.0

0.0

25*

0.0 0.0 25*

8*

1.0-0.0

-

0.0

0.0

- 1.8

6.0

38* 100.0

25* -

19* 6.1

0.2 85* 1.1

61.9

2.2

6.0 8*

- -

72.3

5.518

--

0.0 0.0 - -

5.2 4.2 22

BNP Paribas SA 30* 55* 3 2 ▲

BBVA 30* - 3 3 ▲

Deutsche Bank 30* 55* 3 2 ▲

Goldman Sachs & Co 21* 18* 4 -1 ▼

William Blair & Co 21* 30* 4 2 ▲

Alantra Partners SA 21* 23* 4 1 ▲

Macquarie Group 21* 30* 4 2 ▲

Credit Suisse 21* 30* 4 2 ▲

Citi 21* 23* 4 1

Morgan Stanley 21* 55* 3

4

7

2 7

8

23*

Deals

30* 4

10*

7*

9*

-

10

- -

Benelux Small-Cap M&A up to US$50m by Rank Value Range

100.0

25*

Jan 1 - Jun 30

-

18

3.0

- -

25*

25* -

-

-77.2 ▼

-

16*

12.0

-

100.0

-

UBS 20


4

Jan 1 - Jun 30

▲

0.0

Benelux Small-Cap M&A up to US$50m by Target Industry

100.0


47.6

5

1

▼

-4

10

7

9

7*

9*

9

12

# of Deals

4

17

20

-2

13

8

10

9

-

25*

-

97.7

▼

527.5

Rank Value

6

▲

▲

▼

▼

2


Rank

10

6

# of

-15

-2

10 6*

100.0

18.2

3

20.5

Change in

-9

▼

25.7

100.0

100.0

** Fee

100.0

52.4


28.8

Rank

3 60.6


Benelux Involvement Small-Cap Rankings (MM10a)

--

11

-

86.4

0.8

6*25*0.0

-

-

▲

-

-

-

0.0

-0.0

4.8

2018

Euro mil

21*

7

0.0

5.7

1*

▼

-16

4

8

5

0.0

0.0

25*

-

0.0

11

15*


-4

1

-1

2017


21.9

14.0

▲

▲

▼

▲

25*

20

0.0

13.7

6 4

201*

Oaklins (FKA M&A Intl Inc) 3



US$m

3 ▼

▼

PricewaterhouseCoopers 10*

ING

Financial Advisor

4*

4*

4*

Lazard

8*

8*

4*


14*

JP Morgan

RBS

Baker Tilly International 10*

Globalscope

IMAP 14*

14*

18*


55*

21*

-

▲

▲

6

30*

Houlihan Lokey 21* 55*

Barclays

5

0.0

-4

0.0

▲

3

▼

8

▲

0.0

24.7

10*

0.0

24.7

11.3

Deloitte

Kon SpA

Ernst & Young LLP

BDO

KPMG

Rothschild & Co

20.0

-73.3

16

0.0

Change (%)

0.0

11.2

-

-

-76.0

▲

▼

▼

4

0.0

0.0

11.4

0.0

9.3

▲

▲

0.0

25*

25*

0.0

25*

8

25*

0.0 -

8.0

10.0

0.0

0.0

15

25*

0.0

16.5

17.6

0.0

2

25*

25*0.0 -

-

0.1

17.0

Fees

▼

7.0

-

2018

25*

6


13.00.0

2018

-

-68.2

-

▼

▼

-

-54.4

-

1.5 36

1.1

-

- -

Rank

-

100.0

Exp (%)

100.0

100.0

40.3

100.0

37

75*

1

740.9

0.8

Advisor

-

8*

4

90*

-

6.0

7.0

5

-

100.0

75*

-

5.4

-

-

-13.4

Rank Value

Industry Total 851

-11

Rank

-99

-

▼

100.0

0.0 0.0 25*

0.0

- 2.0

252.7

- 2.0

1* -

19* 15.5

38.8

Capitalmind

1,642.82,000.5

18* 11 6 -5 ▼

16*

18.5%

14.4%

14.1%

10.2%

8.0%

7.8%

7.0%

6.8%

5.0%

4.6% 2.5% Industrials

Real Estate

High Technology


Financials


Materials

Retail

Healthcare

Consumer Staples

Energy and Power

Telecommunications

-

100

200

300

400

500

600

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

$1.4

$1.6

$1.8

# o

f D

eals

Ra

nk V

alu

e (

US

$b

)


13


*tie


- - -- 0.0 0.0 17* - -

- - - - -

JP Morgan 11* 14* 2 0

- -

Lazard 11* 19* 2 1 ▲ 0.0 0.0

0.0 0.0 17* - - -Goldman Sachs & Co 11* - 2 2 ▲

1,040 -508

▲

97.9

21* 100.0

2.0 5*2 ▲

54.9

LionTree Advisors LLC 11* - 2

2

Industry Total

2

HSBC Holdings PLC 11* - 2

Eastern European Small-Cap M&A up to US$50m by Rank Value Range

9.0

-

-

17*

-

17*

-

1

** Fee

▼

11.0

7

▲

0.0

47.2

-

0.0

-

17*

-

▼

CMT Advisory Sp zoo 11* -

- -


0.0


10*

Deals

23*

Euro mil

-

# of Deals

-

-2

Eastern European Small-Cap M&A up to US$50m by Target Industry Jan 1 - Jun 30

-

-

8.7

7*

-

2

47.2

2

0.0

0.0

Eastern Europe Involvement Small-Cap Rankings (MM16a)

Fees

Clairfield International 11*

-

Rank

21.5

-24.5

-

-

-

-

2*

17*

17*

17*

0.0

Rank Value

11

11*

▲

2

0.0

57.9

▲Citi

Advisor

▼

▼

1.0

- -

0.7

-

1,470.4

-

-

17*

-

-

-

-

-

-

0.7

1,784.6

100.0

100.0-

17*

-


-15

-4

6

1

3

9

3

5

7*

3

3

14*

-


RankFinancial Advisor Rank

IMAP

▼

2018 2017

4

-152

▼

▼

# of

-9

0.0

4

▼

▲

-1

0

57.9

10

3

6

42.4

57.9

41.349.5

25.5

49.5

0.0

▲

▲

47.2

52.2

2

▲

Akis Bagimsiz Denetim ve

Morgan Stanley

-

UBS

-

2

2

2

-

11*

-

1*

Globalscope

10*

19*

1

3

7*

Blackwood Capital Pty Ltd

Rothschild & Co

Credit Suisse

11*

5*

5*

Barclays

7*CFI

11*

7*

11*

Equity Advisors Sp zoo sk

Mediobanca

7*

1*

KPMG

4

11*


Deloitte

3

0.0

2018

7.0

8.7

0.0

33.9

13.3


10.4

10

14 -

-64.5

15

17*

0.0

60.9

5

2*

17*

0.0

2*

0.0

0.0

1

-

-

100.0

100.0

0.3

33.2

1.0

-

-

▲

0.5

-


-

-

21*

-

-

100.0

100.0

-

100.0

-

100.0

-

-

-

-

100.0

2018

-

7*

-

Rank

25

-

-

Change (%)

-

0.0

0.0

27.5

Rank Value

US$m

Jan 1 - Jun 30

Exp (%)

4- 3.0


-

-

-

-

40.3 ▲ -

▼

-

0.0

2

2

2

-5

3

3

4

2

Change in

▲

▲

▼

▲

-

-

2075.0

-

-

-

-

10 -


2

2

17.7%

17.1%

15.7% 11.2%

9.2%

7.2%

7.0%

4.3%

4.0%

3.1%

Financials

Materials

Industrials


Energy and Power

Real Estate

Consumer Staples


High Technology

Healthcare

Retail

Telecommunications

-

200

400

600

800

1,000

1,200

1,400

1,600

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

# o

f D

eals

Ra

nk V

alu

e (

US

$b

)


14


*tie


- 2.6 8* 27.1

-

Lazard 26* 14* 5 -3 ▼ 32.5 - -

38.2 - -5.7 ▼ - -

▼ 2.0 12* 100.0

Citi 26* 14* 5 -3 ▼

-

Avendus Capital Pvt Ltd 26* 37* 5 1 ▲ 12.0 - -65.7

79.1 11 -50.3 ▼ - -

▼ - - -

RHB 26* 14* 5 -3 ▼

-

Minsheng Securities Co Ltd 26* 72* 5 3 ▲ 12.1 - -51.2

- 17.6 96 -81.0 ▼ -

- - 4.0 4* 9.0

Guotai Junan Securities 26* 28* 5 0

Morgan Stanley 26* 12* 5 -4 ▼ 0.0

30.0▲ 488.3Industry Total 2533,913

130*

-

Haitong Securities Co Ltd


Goldman Sachs & Co

-

12*

32.1

Daton Securities Co Ltd

16*

26*

26*

7

7

5

6

0.0▲ -

CITIC

40.1▲

-

-5.6

-

-

11.3

-

Hochinma Small-Cap M&A up to US$50m by Rank Value Range

83.3

-

100.0

-

-

268.9

2.0

0.2

1.0

--

82.9

265.9

1.0

0.1

Hochinma Small-Cap M&A up to US$50m by Target Industry

20.8

-

-

-

5

▼

▲


Jan 1 - Jun 30

9

31.5

▲

▼

106*21*

21*

21* 6

100.35

4

72* 4

6

Ballas Capital Ltd

72*

9* -4

6

6GF Securities 21*

21* 5Guangzhou Securities Co Ltd 106*

0.0

-

-

-▲

▲

▲

7

7

7

16* - 7

16* 56* 4

7

62.0

7 0

3 ▲

0.0

0.0

▲

-

2

Tianfeng Securities Co Ltd 130*

22*

▲

43

8

6140.0▼

912*

14* 106*

37*UBS

16* 72*

Huaxi Securities Co Ltd

8

14

▲ 4

9 0.0

9.48

9 ▲

▲

10

1010

-8

-2

-

6*Veda Capital Ltd

KPMG 9

106*

4

14*

12*

Kingston Corporate Finance Ltd

6

-4 ▼

25

▲917

14

20*

15

27

▲

13

21

Rank

2018

Change (%)

▼

4 ▲

▼

-20

5

130*

1

China Renaissance Partners

3

6*

Huatai Securities Co Ltd

1

2 5


16*

14*

3

5

Euto Capital Partners Ltd

JP Morgan

Deutsche Bank

106*

-

Great Wall Securities Co Ltd


20*

Ernst & Young LLP

12*

4

0.0 -

-

61

-24.8

-

31.5

0.0

11


Advisor

Gram Capital

46.9

1

133.2

46.2


22*


52.3

33

-

-

22.0

▲

▼

-

148.4

▲

155.8

-

6.8

-

30.5 ▲

-

-

-80.2

▼

-


▲

10*

Deloitte

2017

23*

▲

China International Capital Co

10*

Sinolink Securities Co Ltd

Financial Advisor

8

5

Deals

Rothschild & Co -1

13

▲

-77

▲

7

▼


-58.4386.7

-

▼

-50.2 ▼

133.8 ▲

-49.4

-19.0

-

-

▼

-

-79.9

▼-47.4

-

▼

▼

-

57

# of Deals Rank

Hochinma Involvement Small-Cap Rankings (MM13a)

Rank

82*

-

1.0

-

-

-

▼

Jan 1 - Jun 30

-

2018

282.0

-

325.6

6.0

82*

-

11

-

2.1

-

0.2

3

-

30*

-

-

33.3

-

▲

-36.8

3

7

2868.0

▼

▲

10

5

16.5

Change in

▲

2

2018

12

Fees

21.0

4*4.0

Exp (%)

10

-

63.1

-

2.5

1

18.1

10.0

-

- -

-

16.1

-

12*

30*

100.0

-

30,350.3

62.0

Rank Value

-

-

33.3

0.0

30*

2

** Fee

- -

100.0

# of

71.3

-

-

66.7

-

91.2

-

26.3

3.0

96*

2.0

-

US$mRank

500.6 ▲

-

-


Rank Value

16.6%

13.4%

11.2%

10.7% 9.3%

9.0%

8.2%

7.2%

5.7%

4.4%


Industrials

Financials

Materials

Healthcare

Real Estate


Energy and Power

Consumer Staples


Retail

Telecommunications

-

500

1,000

1,500

2,000

2,500

$0

$5

$10

$15

$20

$25

# o

f D

ea

ls

Ra

nk V

alu

e (

US

$b

)


15


Industry Total

*tie


▼ 0.2 41* 100.0

-

Messis Capital Ltd 19* 17* 2 -1 ▼ 4.4 64 -93.3

17.1 - - - - -

- - - -

China Af Corporate Fin Ltd 19* - 2 2 ▲

-

Oceanwide Capital Ltd 19* - 2 2 ▲ 36.4 - -

62.3 11 - - - -

▲ 0.7 19* 100.0

Frontier Financial Group Ltd 19* - 2 2 ▲

-

Grand Harbour Corporate Fin 19* 55* 2 1 ▲ 35.4 29 61.6

67.2 9 - - - -

▲ 0.4 28* 100.0

Zhongtai Securities Co Ltd 19* - 2 2 ▲

47.6

Grand Moore Capital Ltd 19* 30* 2 0 - 72.3 6* 402.1

17.5 56* -63.3 ▼ 1.0 11*

- - - -

Somerley 19* 2* 2 -6 ▼

100.0

Tianfeng Securities Co Ltd 19* 55* 2 1 ▲ 0.0 - -

0.0 - - - 1.0 11*

- - - -

Moelis & Co 19* - 2 2 ▲

-

Bank of America Merrill Lynch 19* - 2 2 ▲ 0.0 - -

35.0 - - - - -

▼ - - -

Goldin Equities Ltd 19* - 2 2 ▲

100.0

Citi 19* 30* 2 0 - 38.2 - -5.7

28.7 37 -59.5 ▼ 0.2 41*

▲ - - -

Nuada Ltd 19* 10* 2 -2 ▼

72.0

Crescendo Capital 19* 10* 2 -2 ▼ 72.5 5 571.3

0.0 - - - 1.8 9*

- 0.4 28* 44.4

Houlihan Lokey 19* - 2 2 ▲

-

Ernst & Young LLP 19* 30* 2 0 - 0.0 - -

67.7 8 168.7 ▲ - -CIBC World Markets Inc 19* 55* 2 1 ▲

-

12

4*

500.6

-72.3

4*

17*

10*

699

-

14*

Industry Total -55

4*

-

8*

17*

17*

55*

2

4

4

4

3

19*

-

14*

6*

8*

19*

8*

14*

Kingston Securities Limited ▲

Red Sun Capital Ltd

-

First Shanghai Investments

3

30*

-

2

▼

10

2

2018

30.5

100.0

141.6

28*

100.0

▲

Advisor

282.0

-

Hong Kong Small-Cap M&A up to US$50m by Rank Value Range

Jan 1 - Jun 30Hong Kong Small-Cap M&A up to US$50m by Target Industry

-


72.3

0.0

▲ -

42.1

3

6*

0.0 -

▲

-

14

0.0

121.0

-

--

--

-

-

-

- -

▲

3

3

▲

-

3 7.6

-3

-

▲

-4

▼

49.9

61.6

▲

0.0

▼

2018

-

2

-3

4

5

3

UBS

China Construction Bank

Morgan Stanley

Ballas Capital Ltd

Gram Capital

Euto Capital Partners Ltd

2017

3

4

Jan 1 - Jun 30

Deloitte

Veda Capital Ltd

▼

Change (%)

Rank Value

▼

-

8*

8*

China Great Wall Asset Mgmt

China International Capital Co 14*

Shinco Capital Ltd

JP Morgan

-


▲

Optima Capital Ltd 14*

59.3

Daton Securities Co Ltd

21

16

13

65.6

Amasse Capital Ltd 8*

2*

▲

4

4

1

▼

62.0

22.0

▲

3

33.0

2

7

100.3

-

-80.6

▲

▲

▲

2

50

-

1

▲

5

5 5

10

6

5

5

-14

2

1 14

2*


Financial Advisor


30*

Rank


Hong Kong Involvement Small-Cap Rankings (MM12a)

Fees

2018

RankRank

-

▼

-


8.3 -


-

Rank Value

1


▲

Deals

# of

-56.7

4

# of Deals

1946.2

320

265.9

2

142.9

▲

4

1

▼

55*

4*

-

1

-67.6

▲

▼

▲4

0.0

91.2

Exp (%)Rank

-

41.7

2

1.0

0.2

-

2.0

100.0

-

** Fee

11*


-

-

100.0

100.0

0.2 41*

0.4

-

0.7

-

-60.4

- -

3.1

0.1 47*

2.1

-

-

0.3

-


114.8

0.7

4.0

-

▲

Change in

US$m

-2.7 96.0

-

4*

36*

-

100.0

-

100.0

▼

-

▲ -

-

34.1

-

100.0

19* 21.2

100.0

-

-

19*

1

41*

3

▲

6,983.2

3

16.0%

15.0%

10.9%

9.0% 8.2%

8.0%

7.5%

7.3%

7.1%

6.1% 2.4%

Financials

Real Estate

High Technology

Industrials

Materials

Energy and Power

Healthcare

Consumer Staples



Retail

Telecommunications

-

50

100

150

200

250

300

350

400

450

500

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

$4.0

$4.5

$5.0

# o

f D

ea

ls

Ra

nk V

alu

e (

US

$b

)


16


*tie


- - - -

-

CIT Group Inc 20* - 1 1 ▲ 0.0 - -

0.7 - - - - -

- 0.7 25 100.0

Crowe Horwath International 20* - 1 1 ▲

-

Ocean Reach Advisory 20* - 1 1 ▲ 48.1 7 -

0.0 - - - - -

- - - -

MVP Capital LLC 20* - 1 1 ▲

100.0

Luminis Partners Pty Ltd 20* - 1 1 ▲ 47.6 9 -

0.0 - - - 1.0 14*

- 1.0 14* 100.0

KBS Corporate Sales Ltd 20* - 1 1 ▲

-

Novo Capital 20* - 1 1 ▲ 0.0 - -

0.0 - - - - -

- 0.4 31* 100.0

Hovde Group LLC 20* - 1 1 ▲

100.0

Canterbury Partners Pty Ltd 20* - 1 1 ▲ 23.1 18 -

21.7 19 - - 0.4 31*

- 0.2 34* 100.0

TMT Partners Pty Ltd 20* - 1 1 ▲

-

Cairn Financial Advisers Ltd 20* - 1 1 ▲ 14.0 23 -

47.9 8 - - - -

- - - -

Amidas Partners Inc 20* - 1 1 ▲

100.0

HSBC Holdings PLC 20* - 1 1 ▲ 0.0 - -

4.0 - - - 0.1 39*

- - - -

Arlington Group Management Ltd 20* - 1 1 ▲

100.0

BDO 20* 8* 1 -4 ▼ 0.0 29* -

0.0 - - - 1.0 14*

- - - -

Record Point 20* - 1 1 ▲

100.0

Miles Advisory Partners 20* 17* 1 -1 ▼ 32.5 14* -

18.9 21 - - 0.5 27*Atlas Technology Group LLC 20* - 1 1 ▲

- - - 1.0 14* 100.0

- - -

ICECAPITAL Securities Ltd 20* - 1 1 ▲ 0.0

- -

Murray & Co 20* - 1 1 ▲ 0.0 -

▼ 0.0 29* - - -

Nordea 20* - 1 1 ▲ 0.0 - - - 1.0 14* 100.0

Greenstone Partners 20* 26* 1 0 - 0.0 - - - - - -

Grant Samuel 20* 17* 1 -1 ▼ 0.0 - - - - - -

Citi 20* 10* 1 -3

Houlihan Lokey 20* 5* 1 -5 ▼ 0.0

▲

876

1 1

-Evercore Partners -

-17.3

-

-

29*

- -

- -

- -

0.0

20* 26* 1 0 - -

1 ▲China International Capital Co 20* - 1

-

0.0 -

Jan 1 - Jun 30

3,917.3

20* - 1 1

26*

▲

1 0

- 1 ▲

-

-

--

1EC Hambro Rabben 20*

11*

6

Huatai Securities Co Ltd 20* -

20*

Beaumont Cornish

Industry Total

4

-

3

9*

2018

17*

11*

2017


7*

4

5

9*

7*

-7

3*

5

Deals

# of

# of Deals

Change in

Goldman Sachs & Co

-11

0.0

40.8

US$m

0.0

▲

▲

▲

-62

29*

Rank Value

▼

1

135.2

100.0

100.0

Jan 1 - Jun 30Australia/New Zealand Small-Cap M&A up to US$50m by Target Industry


13

7*

Rank

60.8

66.7

100.01.2

4*

Change (%)

88.0 ▲

3

4.0

-

83.7

0.0

Financial Advisor

▼


Advisor

▲

4.3

▲

FeesRank

2

Australia/New Zealand Small-Cap M&A up to US$50m by Rank Value Range

Exp (%)

2.0

21.1

Rank Value ** Fee

--


Rank

4 -39.0

8

0.5

Greenhill & Co, LLC

Rothschild & Co

4

17*

5*

▼

- 3

3 3

3

3-

▼

3

3

▲

5

0.0▲

▲

-1

2447.4

0.0▲

1 32.5

648.4▼

3

17

2

▲

▲

▼

0.0

12

23.2

29*

-

2018

Australia/New Zealand Involvement Small-Cap Rankings (MM11a)


-

▲

74.1

66.2

Macquarie Group


Rank

92

1 ▲15 7

▲83*

0.2

0.2

▲

-


-

-

- -

-

33

25.0

35.5

34*

-

-

43.5

-

100.0

-

34*

23*

16

1.0

-

2.0

-

▼

6

4.3

-

1.8

-

-

5

0.8

0.3

-

Hartleys Ltd

- 3.0

-

--

14*

69.7

10

-

- -

-

▼-29.9

Deloitte

52.5

-

10

65.6

-

3

26*

CIBC World Markets Inc

Lazard

26*

Allier Capital

13*

5*

26*


KPMG

Investec 17*

-

2

UBS

Argonaut Ltd

11*

11*

3


2

Oaktower Partnership Pty Ltd

-711*

Barclays

Ernst & Young LLP

5*

6

1

5*

-

3

▼

▲

2 2

Euroz Securities Ltd

2

11*

4.9

33.9

23*

11

2 39.7

1.6

-

20.5

-

4.6

4*4.0

-

47.1

0.8

22.7


51.83

- ▲

2

-1

1

7

13

11

45.3

▲

27*

0.6

30.5

50.4

14.8-1

0 -

- - -

17*

2

1

Taylor Collison Ltd

22

-

0.0 -

-

0.0 -

-

-

-

25.6

14.1

39.0

-

-

20

-

0.0

9.3

-

0.0 -

▲

2.1 - -

-

10*

Nomura 20*

-

0.0 -

0.0 - - -

25

0.1

-

24 - -

26.7

-

- -

2018

26

- -RBC Capital Markets 20* 26* 1

5.5

3 41.4

21.4

▼

17*

100.0

-

-

16.5

-

100.0

100.0

-

-Azure Capital 20* 26* 1 0 -

First NZ Capital 20* 26* 1 0 -

Morgan Stanley 20* 13* 1 -2 ▼

Deutsche Bank 20* - 1 1 ▲

Credit Suisse 20* 26* 1 0 -

Cameron Partners Ltd 20* 26* 1 0 -

-

0.0 - - -

14*

- -

0.2 34*

7*

39*

-

1.0 14* 34.5

- -

- -

- -

- - -

- - -

14.7%

13.0%

10.4%

9.4%

9.1%

8.9%

7.9%

7.4%

7.2%

7.1%

5.2% Materials

Real Estate

Industrials


Healthcare

Energy and Power

Financials


High Technology

Consumer Staples

Retail

Telecommunications

-

100

200

300

400

500

600

700

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

# o

f D

ea

ls

Ra

nk V

alu

e (

US

$b

)


17


*tie


- - - -

100.0

JP Morgan 15* 6* 1 -2 ▼ 0.0 17* -

3.0 14 900.0 ▲ 0.1 21*

- - - -

Plutus Consulting Co Ltd 15* 21* 1 0 -

-

Zico Holdings Inc 15* 6* 1 -2 ▼ 12.7 9 -

0.0 17* - - - -

- - - -

BDA Partners 15* 21* 1 0 -

-

Crowe Horwath Advisory Sdn Bhd 15* - 1 1 ▲ 28.3 7* -

47.6 1* - - - -

- 1.0 6* 100.0

Tata Capital Ltd 15* - 1 1 ▲

-

The Raine Group LLC 15* - 1 1 ▲ 0.0 17* -

0.0 17* - - - -

- - - -

Daiwa Securities Group Inc 15* - 1 1 ▲

100.0

Lazard 15* - 1 1 ▲ 0.0 17* -

3.3 12 - - 0.1 21*

- - - -

Xandar Capital Pte Ltd 15* - 1 1 ▲

100.0

Kaede Group 15* - 1 1 ▲ 1.4 16 -

0.0 17* - - 0.1 21*

- 1.0 6* 100.0

Maxus Corporate Advisory Inc 15* - 1 1 ▲

-

Equiteq LLP 15* - 1 1 ▲ 0.0 17* -

0.0 17* - - - -

- 1.0 6* 100.0

Deloitte 15* 6* 1 -2 ▼

-

Woodside Capital Partners LLC 15* - 1 1 ▲ 0.0 17* -

47.6 1* -31.6 ▼ - -

- - - -

RHB 15* 2* 1 -4 ▼

-

Asia Plus Securities PCL 15* - 1 1 ▲ 43.6 3* -

43.6 3* - - - -

- 1.0 6* 100.0

Far East Asset Corp Co Ltd 15* - 1 1 ▲

100.0

Growin Partners Inc 15* 21* 1 0 - 0.0 17* -

0.0 17* - - 1.0 6*

- - - -

o3 Capital Advisors Pvt Ltd 15* - 1 1 ▲

-

Goldstate Securities Co Ltd 15* - 1 1 ▲ 0.0 17* -

0.0 17* - - - -

- - - -

Avendus Capital Pvt Ltd 15* 21* 1 0 -

-

Greenstone Partners 15* - 1 1 ▲ 0.0 17* -

0.0 17* - - - -Sumitomo Mitsui Finl Grp Inc 15* - 1 1 ▲

- 1 1 ▲ 0.0Frontier Management Inc 17* 100.0

-

41.0

17*

-

2

0.0

1

▲

8*

21*

4*

-

15*

15*

▲



-

2

# of Deals

4

Ernst & Young LLP

1

15*

411

15*

Industry Total

-

-17 ▼

▲

21*

4

2

Morgan Stanley

-

Deutsche Bank

17*

17*

Rank

0.0

-

-

0.0

▲

1

5

-

-

Fees

-

US$m

3

6

0

0.0

0.0

Change (%)

-

--

Financial Advisor

100.0

-

50.0

100.0

100.0

--

17*

-

17*

Singapore Small-Cap M&A up to US$50m by Target Industry

32.8

100.0

-

-

100.0

6*

6*

5

-

29*

-

-

100.0

-

0.1

Jan 1 - Jun 30

-

6*

3

3

▲

-

21*

-

-

-

-

-

-

17*

- -


-

100.0

** Fee

0.0

-

0.1

-

Exp (%)

-

1.0

-

0.4

0.4

-

1

-32.2

1.0

-

▼

-

Rank Value

2.0

-

-

-

Advisor

17*

1.4

-

-17*

5 -

17*

-

1*

Rank

-

11

10

0.0

Rank

21*

21*

6*

5

6*

3*

1*


-

-

1*

-

81.0

- 1.0 6*

-

21*

2.0

17*

2,344.5

-

-

100.0

4*

-

Deals

6

4

-

▲

Rank Value

-17*

--

-

1*

▲


Change in 2017

-

-

Jan 1 - Jun 30

2.0

2

29.5

2018

▲

-

0.0

1

17*

▼

2

ING 15*

▲

-

15*

0.0

Rothschild & Co

2018

Singapore Involvement Small-Cap Rankings (MM14a)

Singapore Small-Cap M&A up to US$50m by Rank Value Range

0.0

40.43

China International Capital Co 6

5

▲-

3*

3*

5

Rank

1*

2018 # of

▲Tianfeng Securities Co Ltd

10*

3

KPMG

4

1 ▲

▲

-

Huatai Securities Co Ltd

Signal Hill Capital Group LLC

15*

▲

Goldman Sachs & Co

-8

2

1

-2

-


4.3

Kingston Securities Limited


8*

10*

6*

WH Ireland Ltd

15*

DBS Group Holdings

Veda Capital Ltd


15*

Development Bk of Philippines

10*

10*

10*Mizuho Financial Group

Mercury Securities

Evercore Partners

SAC Capital Private Ltd 15*

▼

▲

1

13*

-

1

1

1

-1

0

0

1

2

1 -1

21* 1 0

21* -

2.0

0 -

0.0

17*

17*0.0

6.5

3.7

0.0


-85.0

-

0.0

3.2

▼

-

17*

17*

-

0.0

-

▲

-

13


2

▼

0.0

-

-

15

17*

-

-

▲

117.7

- -

28.3

-

0.0

17* - -

-

7*

-

-


6

-

-

-

-

20.6%

17.1%

15.6%

11.6%

8.0%

6.3%

6.1%

5.3%

3.9%


Financials

Real Estate

Industrials



Healthcare

Energy and Power

Consumer Staples

Materials

Retail

Telecommunications

-

50

100

150

200

250

300

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

$1.4

$1.6

$1.8

# o

f D

eals

Ra

nk V

alu

e (

US

$b

)


18


*tie


-7

0.020*

Japanese Small-Cap M&A up to US$50m by Target Industry Jan 1 - Jun 30

-

22*

15

24*

24*

-11

3

2

-1

▲

-112

5

3

0

-2

3


2

▲

2

2

33.5

-2

2 2

2

▼

-

0.0

47.9

▲

38.2

-

-

12

18

▲

-

1.0

19.3

-

0.0 -

16.7

20

▲

2.0

185.2

1.5

6.0

▼

-17.0

▼

9.2

3.1

-79.6

-27.9

23

17

▼

▼

▼

13*

-

▼

39.5

▲

-28.4

2257.1

1 51.7

0.6

-

31*

-

13*

50*

6.0

-

21*

-

49

19

13*

-

1.1

-

100.0

-

2

0.5

-

-

-

6

▼-53.815

-

Daiwa Securities Group Inc -14

-24.1

10 -14

Frontier Management Inc

92.9 8

51.5

Mitsubishi UFJ Morgan Stanley

GCA Corp 15*

5

0

9

-

-

-

-0.0

-

▼-47.8

-87.3

-

▼

48* 2

Sumitomo Mitsui Trust Holdings

-0.0

▲

-

Lazard

1

▼

20*

-1

1

▼

20*

16*

20* 34* 3

▼

-

6

-8

IMAP 20* 29*

Ernst & Young LLP

es Networks Co Ltd 19

1511* 16*

Professional Partners 18

17


48*

15*

9

11*

11* 4

12*13

9

6

5

188.9

73.8

▼

▲7

11

70

31

25

9* 11*

8

Mizuho Financial Group

7

Maxus Corporate Advisory Inc

1

13

95

24

20*

3

2017

21

RankFinancial Advisor


2

Corporate Advisers

6Nomura

40

10

58.3

7

2

53*▲

▼

-

97.6

100.0

56.6

100.0

▲

▲ 12.0

0.3

-

100.0

14.1

100.0

-


-

-

330.3 ▲

Rank

Jan 1 - Jun 30

Advisor


2018

Japanese Involvement Small-Cap Rankings (MM15a)

7

-

** Fee2018

-

-

--

16

-▼

2018

10.7

-

# of

100.0

100.0

▲

84.4

▲

▼

322.8165.3

35*

96.2

-


93.8

9.7

-

Japanese Small-Cap M&A up to US$50m by Rank Value Range

Exp (%)

0.0

5

109.5

3

CLARIS CAPITAL 24*


Plutus Consulting Co Ltd

Citi

Kaede Group

4

Amidas Partners Inc

KPMG

AGS Consulting Co Ltd

9*

Yamada Consulting Group Co Ltd

Mitsubishi UFJ Financial Group 5

Deloitte

Asahi Zeirishi Hojin 24*

22*

24* -

1

6

Rank Value


127*

-8


-0

7

▲

27.2

43.9▼-9

16

46.0

7*

30

4.7

▼

▼ 9

1.8

-35.1

20

Change in

Rank

▲23

9

▲

▲

351.8

25

3

9

1

39.9

# of Deals

286.5

▲

15

-0.2

18.8

16

▲ 10

0.0

-44.5

134.5

-

16.5

6.3

24

-

4

▼

▲

-

47.2

-

21*

16

-

2.0

369.2

-

21*

-4

-

-

- - 0.2 58*

-

-

-

100.0

100.0

2.0 21*

-

-

-

23.8

-

-

-

-

34

1.0▼

Rank

-

496.4

Sumitomo Mitsui Finl Grp Inc

US$m FeesChange (%)

Rank Value

Deals

Godo Kaisha MDM 2

-12

▲

▼

▲

Benedi Consulting

29*24*

83.32.0Oaklins (FKA M&A Intl Inc) 24* 48* 2 1

47.65.5

24*

-

-

100.0

-

▲


Industry Total 1,848 249 ▲ 5,415.1

-

▲

-2 ▲ 2.6

8

-

-

-

Goldman Sachs & Co 24* - 2 2

-

3.1 - - - 0.1 61*

-

0.2

-

26.8%

10.8%

9.9%

9.1%

8.6%

7.9%

6.9%

6.1%

6.0%



Retail

Real Estate

Industrials


Financials

Materials

Consumer Staples

Energy and Power

Healthcare

-

200

400

600

800

1,000

1,200

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

# o

f D

ea

ls

Ra

nk V

alu

e (

US

$b

)


19


*tie



-

6

-

55.1

31.5

-

36.2

38*

38*

-

▼

0.2

5

-

-

-24.8 ▼

Chinese Involvement Small-Cap Rankings (MM20a)

Guotai Junan Securities

Ernst & Young LLP

-

21* -

-

China Construction Bank 21*

China International Capital Co 4

0.0

-

21*Shenwan Hongyuan Securities Co

Great Wall Securities Co Ltd 8

7*

62.0

40.4

9.4

8* 14*

0.0

Deloitte


-4

1

62*

7

Huaxi Securities Co Ltd 7

917

▼

-

-

▼

30

9 8

119.8

32.1

-

▲ -

46.9

▲

14.22.0

-25.44 0.2

-

4 4Goldstate Securities Co Ltd

-

▼ 33.3

-

- 0.5

-

12.1

▲

-

-51.2

-14.6

6.8

0.0

-

-

Chinese Small-Cap M&A up to US$50m by Target Industry

69

--

-

-

50.0

-

-

-24

▲

74*

▲ 0.0

-93.3

▼

-

-

- -

-

-

--

-

-

4

4 4 ▲

-

0.0

▲

-1 ▼ -

-

-

▲

-

22*-

014* 4

Deutsche Bank 21* 62* 4 3

21* 11*

- - -

---▼China Merchants Securities Co 21* 5* 4 -7 70.0

▼

- -

-

▲

0.0 74*

-

4*

-30* 5 3

▲Goldman Sachs & Co 18*

Daton Securities Co Ltd 18* - 5 5

114* 5

Minsheng Securities Co Ltd 18*

-

▼ 2.0 100.0

▼

4*

-

12* 3 6 -15 ▼

-49.922.4

139.1

4 -

-75.1 ▼ - - -

Gram Capital

Haitong Securities Co Ltd 12* 7* 6 -2

Euto Capital Partners Ltd 12* 30* 6

Veda Capital Ltd 12* 5* 6 -5

-

19

0.0▲

-82.4 ▼ 2.0 4* 100.0

- - -

30* 6 4 ▲

Guangzhou Securities Co Ltd 12* 62* 6 5


-

-- -

-GF Securities 12*

Tianfeng Securities Co Ltd 10* 30* 7 5 ▲

- 7 7 ▲

74*0.0

0.0 -

- -

-

33.3

- --

-

-

6.8

-

▲

- -

-

▲8* 62*

8 4

22.0

▲ --

10 - -3155.8▲ -Sinolink Securities Co Ltd -

52.362* 15 14 -

6 - 10

▲

2.5

-

-

Huatai Securities Co Ltd 5

▲

-

3

CITIC

268.9 133.82

-50.2 ▼

15 -5.6

▲

-

-

83.3

8

▼ 10.0

3 2 21

4 27China Renaissance Partners 2

-58.4

2017

US$m

2018

Deals # of DealsRankRank


386.7Industrial & Comm Bank China 1


Change in

Rank

57 18.1▼

Advisor

Jan 1 - Jun 30

Change (%) Exp (%)

2

Rank

Chinese Small-Cap M&A up to US$50m by Rank Value Range

2018

75.7

Rank Value

▲


21*

4 3

16.5

11.9

2018

-

-0.0

1

21.0

-19.0

1

-

229.9 -

4 4

10▲

▲


** Fee

-

-

Jan 1 - Jun 30Ballas Capital Ltd 21* 62*

12

▲

Fees


Industry Total 2,559 269


Financial Advisor

10*

▲

JP Morgan 21* -

Rank Value

4 4

-76

# of

▼

12

▼

27.6297.523,223.5 ▲

18.5%

14.6%

10.1%

9.9%

9.6%

9.0%

8.2%

7.9%

5.4%

3.5% 2.6%

High Technology

Industrials

Healthcare

Materials

Financials

Real Estate


Energy and Power

Consumer Staples


Retail

Telecommunications

-

200

400

600

800

1,000

1,200

1,400

1,600

1,800

$0

$2

$4

$6

$8

$10

$12

$14

$16

$18

# o

f D

ea

ls

Ra

nk V

alu

e (

US

$b

)


20


*tie


Goldman Sachs & Co 12* 8* 1 -2 ▼ 0.0 16* - - 2.0 3* 29.9

GCA Corp 12* 19* 1 0 - 0.0 16* - - 1.0 10* 100.0

Proventis Partners 12* - 1 1 ▲ 0.0 16* - - 1.0 10* 100.0

# of Change in


MM21a - Undisclosed Values & Values up to US$50m Jan 1 - Jun 30

Singhi Advisors Ltd 4*

2018 2017

20 100.00.3▲ 6.0 12* - -

15

Metta Capital Advisors LLP 12* - 1 1

-71.4 ▼ - -0.2

5.0

Mark Corp Advisors Pvt Ltd 12* 19* 1 0 - -

6.0 12* - - 0.1 22*Arpwood Capital 12* - 1 1 ▲

8 - - - -

5* -

Baker Tilly International 12* 19* 1 0 - 24.5 -

32.5 - - - -Miles Advisory Partners 12* - 1 1 ▲

- -- -0.0 16* -Equirus Capital Pvt Ltd 12* 14* 1 -1 ▼

Rank Value 2018 Rank Value Advisor


2018 ** Fee

Fees Rank Exp (%)Financial Advisor Rank Rank Deals # of Deals US$m

2 18 8 ▲

Rank Change (%)

KPMG 2 1 9 -3 ▼ ▼

84.6 1 170.3

82.9 66.7

26.12.9

Avendus Capital Pvt Ltd 3 5* 5 1 ▲ 12.0 10 -65.7 ▼ 2.0

1.02 -31.8

5* 4 0 - 16.3 9 2.6

▲ -134.4 --

2-11.9

- -4DBS Group Holdings 6* - 2 2 ▲ - -

Globalscope 4* 5* 4 0 - 60.7 3

-

100.0

- 3* 100.0

-

2.0

Deutsche Bank 6* - 2 2 1.0▲ 16* -

o3 Capital Advisors Pvt Ltd 6* 19* 2 1 ▲

5*

Axis Bank Ltd 6* 19* 2 1 7▲

37.5

▼

31.1 -

-

-

Mizuho Financial Group 12* - 1 1

Evercore Partners 12* - 1 1

▲ 0.0 -

-▲ -16*

-

--

--

-

-

-

100.0

-

-

100.0

-

-

Jan 1 - Jun 30




10*

10*

-

-

-Deloitte 6*

100.0

8* 2

5.5

6* -1 18▼

3* 2 -3

40.4

0.0

10.014

-

-16.4

0.0

Ernst & Young LLP 1


Lazard

▲

▼

100.0

3*

-

▼

1

0.0

32.5

0.2

-

16*

-

-

-

-

0.6

-

-

-

0.0

-

-

16*

-0.0

-

12* - 1

▲

1

- 1 1

0.0▲

Barclays

Intellecap Pvt Ltd -

0.0

8.7 111

Bank of America Merrill Lynch 12* - 1 1

1

1.0

Indian Small-Cap M&A up to US$50m by Target Industry

Indian Small-Cap M&A up to US$50m by Rank Value Range

-

▲


▲12*

16*

16*

12*

16* -

Credit Suisse 12* - 1 1

28.9 ▲

16*

21

-

10*

Indian Involvement Small-Cap Rankings (MM21a)

Industry Total 796 3,226.0

▲Global M&A

▲

405.360 ▲ 3,226.0

16.4%

15.3%

12.9%

9.7%

9.1%

9.0%

7.9%

7.7%

5.4%

3.7% 2.9%

Financials

Materials

Industrials

High Technology

Healthcare



Retail

Consumer Staples

Energy and Power

Real Estate

-

50

100

150

200

250

300

350

400

450

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

Rank V

alu

e (

US

$b)


# o

f D

ea

ls

21


-

-

-

-

-

Asia-PacificGold VelasquezTel: +632 459 1525E-mail: [email protected]

Japan -

Kaori Motohashi Tel: +813 6441 1142

-

Tel: +1 646 223 5682


While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its

third party content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third

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Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.

E-mail: [email protected]

Any Involvement league tables include deals where the target, acquiror, or either ultimate parent are domiciled (nation of headquarters) in the specified region or nation.

Financial and legal advisors receive full credit for each deal on which they provide financial or legal advisory services, unless they represent minority sellers or advise on only a portion of the

transaction or Thomson Reuters has not been made aware of their participation in that transaction. For pending transactions, advisors to targets of multiple bids receive credit for the transaction

agreed to or, in the absence of an agreement, the value of the highest offer.

League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, and unconditional

transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction.


Ranking Criteria Summary

Deals with undisclosed dollar values are rank eligible but with no corresponding Rank Value. Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of

announcement of terms.


Announced league tables include all deals that were announced between January 1, 2018 and Jne 30, 2018 and of which Thomson Reuters was made aware. All current data and previous year's

data is as of 6:00 pm EST on July 6, 2018.

Ewelina JareckaTel: +44 (0) 207 542 2246

If you would like to participate in the submission

process, receive quarterly press releases, or have

questions about league table criteria please

contact:

A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declared wholly unconditional.

Europe, Middle East & Africa

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Americas

League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, minority stake purchases and debt restructurings.


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SMALL CAP M&A REVIEW -...

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