"Zephyr Annual M&A Report: Global Private Equity, 2013" - … reports/Global... · Zephyr Annual...

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Zephyr Annual M&A ReportGlobal Private Equity, 2013

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Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.

You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”

Contact +44 161 838 9554 Zephyr Editorial: [email protected]

Page 1 © Zephyr


The following report details global private equity activity in December 2013 and FY 2013 using data from the Zephyr database.

It focuses on deal activity by target company.

Click here to access the raw data in an Excel spreadsheet.

FY 2013 Page 1

December 2013 Page 5

Value rises to the highest recorded since 2008

The value of global private equity (PE) investment rose for the fourth consecutive period in 2013 to a six-year high of USD 340,399 million, boosted by two megadeals each worth more than USD 20,000 million and which together accounted for 16 per cent of total value for the year.

While value advanced 18 per cent from USD 289,203 million in 2012, PE investment has only just returned to levels recorded five years ago, marginally improving on USD 332,061 million in 2008, and is still significantly down on the pre-financial crisis figure of USD 901,497 million recorded in 2007.

Meanwhile, the volume of PE dealmaking in 2013 fell back for the third consecutive year to 3,816 deals, the lowest recorded since 2009 (3,424 transactions). Volume weakened 6 per cent year-on-year from 4,074 deals in 2012 and marked the fastest rate of decline recorded for the three year period.

Deals by volume and value 2008 - 2013

Announced date No of dealsTotal deal value (mil USD)

2013 3,816 340,399

2012 4,074 289,203

2011 4,196 277,757

2010 4,247 256,037

2009 3,424 152,927

2008 5,197 332,061

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www.bvd.co.uk/zephyrreport\GlobalPrivateEquityFY2013.xls

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Deals by volume and value 2008 - 2013

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Top 20 private equity deals by value in 2013

Deal value (mil USD)

Deal type TargetTarget country

Equity provider Deal status

1. 28,000 Acquisition 100% HJ Heinz Company US Berkshire Hathaway Inc.; 3G Capital Partners Ltd Completed

2. 24,900 Acquisition 100% - Bid 3 - Increased Bid Dell Inc. US Silver Lake Partners LP; MSDC Management LP Completed

3. 8,714 IBO 100% Royal Park Investments SA/NV's assets BE Lone Star Funds Completed

4. 7,463 Acquisition 100% Orascom Construction Industries SAE EG Cascade Investment LLC; Southeastern Asset Management Inc.; Davis Selected Advisors LP

Pending

5. 6,800 IBO 100% BMC Software Inc. US GIC Special Investments Pte Ltd; Golden Gate Capital LP; Bain Capital LLC; Insight Venture Partners

Completed

6. 6,000 IBO 100% Neiman Marcus Group Ltd Inc. US Canada Pension Plan Investment Board; Ares Management LLC Completed

7. 4,400 IBO 100% Hub International Ltd US Hellman & Friedman LLC Completed

8. 4,375 IBO majority stake Springer Science+Business Media GmbH DE BC Partners Ltd Completed

9. 4,350 Minority stake 22% Uralkalii OAO RU Gruppa Oneksim OOO Completed

10. 4,092 IBO ista International GmbH DE CVC Capital Partners Ltd Completed

11. 3,900 IBO 100% Gardner Denver Inc. US Kohlberg Kravis Roberts & Company LP Completed

12. 3,550 IBO 100% Tele2 Russia Holding AB SE Bank VTB OAO Completed

13. 3,516 Acquisition Fortum Sähkönsiirto Oy; Fortum Espoo Distribution Oy FI; FI Borealis Infrastructure Management Inc. Pending

14. 3,333 IBO 66% Telefónica Czech Republic AS CZ PPF Group NV Pending

15. 3,300 IBO New Albertson’s Inc. US Cerberus Capital Management LP Completed

16. 3,182 Acquisition 100% Transport et Infrastructures Gaz France SA FR The Government of Singapore Investment Corporation Pte Ltd Completed

17. 2,900 Acquisition 100% Lender Processing Services Inc. US Thomas H Lee Partners LP Completed

18. 2,300 IBO 100% One Call Care Management Inc. US Apax Partners LLP Completed

19. 2,200 IBO 100% The Jones Group Inc. US Sycamore Partners LP Pending

20. 2,114 IBO 100% NET4GAS SRO CZ Borealis Infrastructure Management Inc. Completed








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Top 20 private equity providers in 2013

Equity provider Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)

1 3G Capital Partners Ltd 1 1 28,000 28,000

2 Berkshire Hathaway Inc. 1 1 28,000 28,000

3 Silver Lake Partners LP 5 5 27,180 5,436

4 MSDC Management LP 1 1 24,900 24,900

5 Kohlberg Kravis Roberts & Company LP 23 15 12,889 859

6 Bain Capital LLC 11 6 10,045 1,674

7 Lone Star Funds 3 3 9,629 3,210

8 CVC Capital Partners Ltd 7 6 8,414 1,402

9 Ares Management LLC 5 5 8,197 1,639

10 Cascade Investment LLC 2 2 7,632 3,816

11 Canada Pension Plan Investment Board 6 6 7,545 1,257

12 Insight Venture Partners 16 11 7,478 680

13 Southeastern Asset Management Inc. 1 1 7,463 7,463

14 Davis Selected Advisors LP 1 1 7,463 7,463

15 Golden Gate Capital LP 3 2 7,050 3,525

16 GIC Special Investments Pte Ltd 1 1 6,800 6,800

17 Hellman & Friedman LLC 3 2 6,416 3,208

18 BC Partners Ltd 4 3 6,349 2,116

19 Borealis Infrastructure Management Inc. 2 2 5,630 2,815

20 Thomas H Lee Partners LP 4 3 4,581 1,527








Zephyr Annual M&A ReportGlobal Private Equity, December 2013

Page 5 © Zephyr

Deals by volume and value in 2013

Announced date No of dealsTotal deal value (mil USD)

Dec-13 357 30,601

Nov-13 309 31,980

Oct-13 339 21,714

Sep-13 332 22,883

Aug-13 293 46,532

Jul-13 350 17,852

Jun-13 341 20,824

May-13 288 36,344

Apr-13 320 34,211

Mar-13 288 22,945

Feb-13 226 36,392

Jan-13 373 18,122









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Deals by volume and value in 2013

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US main target in December 2013

US companies were the main targets of private equity investment in December 2013 with 119 deals worth a combined USD 10,648 million, accounting for a third of the month’s total volume (357 deals) and 35 per cent of value (USD 30,601 million).

The value of deals targeting companies based in the US advanced 70 per cent month-on-month (November 2013: USD 6,252 million), boosted by four blockbuster transactions worth an aggregate USD 6,900 million and which featured Sycamore Partners, Silver Lake Partners, Madison Dearborn Partners and Platinum Equity. However, in a 12 month comparison the value of PE dealmaking in the US was down 30 per cent from USD 15,180 million and volume fell back 27 per cent from 164 transactions in December 2012.

The US was one of five top countries by value in which investment declined over the 12 months under review, though Norwegian companies were the worst off as value was stripped away at a rate of 86 per cent, from USD 1,538 million in December 2012 to just USD 218 million in December 2012.

Finland targeted in December 2013’s top deal

While companies in the US were the main targets of PE activity in December 2013, Finland was involved in the month’s largest deal by value. Fortum announced it is selling its Finnish electricity distribution business, comprising Fortum Espoo Distribution and Fortum Sähkönsiirto, for USD 3,516 million to a consortium backed by Borealis Infrastructure.

US targets accounted for the second- and third-largest deals by value over the four weeks, with Sycamore Partners leading a USD 2,200 million public takeover for Jones Group and Silver Lake Partners acquiring IMG Worldwide Holdings for USD 2,000 million.

All of the top ten deals by value in December topped USD 1,000 million and, together, represented half of the USD 30,601 million-worth of deals signed off over the four weeks.

The top 20 deals were backed by companies ranging from Onex, TPG and Bridgepoint Advisors to Ares Management, Fondo Strategico Italiano and Madison Dearborn Partners and featured targets in countries such as the UK, Italy and Switzerland.









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Top 20 private equity deals by value in December 2013

Deal value (mil USD)

Deal type TargetTarget country

Equity provider Deal status

1. 3,516 Acquisition Fortum Sähkönsiirto Oy, Fortum Espoo Distribution Oy

FI; FI Borealis Infrastructure Management Inc. Pending

2. 2,200 IBO 100% The Jones Group Inc. US Sycamore Partners LP Pending

3. 2,000 Acquisition 100% IMG Worldwide Holdings Inc. US Silver Lake Partners LP Announced

4. 1,931 Minority stake 20% Greenland Holding Group Co., Ltd CN CDH Investment; Shenzhen Ping'an Innovation Capital Investment Co., Ltd; China Universal Asset Management Co., Ltd; SDIC Fund Management (Beijing) Co., Ltd; Zhuhai Puluo Equity Investment Fund (LLP)

Completed

5. 1,637 Acquisition 70% The Co-operative Bank plc GB Silver Point Capital LP; Aurelius Capital Management LP Pending

6. 1,601 IBO 100% Unit4 NV NL Advent International Corporation Announced

7. 1,600 IBO majority stake Ikaria Inc. US Madison Dearborn Partners LLC Announced

8. 1,100 IBO 100% Volvo Rents Construction Equipment Inc. US Platinum Equity LLC Pending

9. 1,100 IBO 100% Emitel Sp zoo PL Alinda Capital Partners LLC Announced

10. 1,000 IBO 100% SAC Re Ltd BM Capital Z Partners Management LLC Completed

11. 892 IBO majority stake VAT Holding AG CH CapVis Equity Partners AG; Partners Group AG Pending

12. 616 Acquisition 59% SIA SpA IT Fondo Strategico Italiano SpA Pending

13. 500 Minority stake True Oil Company LLC US Ares Management LLC Completed

14. 483 IBO 100% Macromill Inc. JP Bain Capital Partners LLC Announced

15. 410 IBO 100% Arena Italia SpA IT CapVis Equity Partners AG Completed

16. 409 Acquisition increased 85% to 100% Enel Rete Gas SpA IT F2i Fondi Italiani per le infrastrutture SGR SpA; Ardian Pending

17. 400 IBO 100% Hofmann Menü Manufaktur GmbH DE Partners Group AG Pending

18. 394 IBO 100% Arden Group Inc. US TPG LLC Announced

19. 335 Acquisition 100% George Little Management Inc. US Onex Corporation Pending

20. 303 IBO 100% Cambridge Education Group Ltd GB Bridgepoint Advisers Ltd Announced









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Target sectors by volume

Target sector Dec-12 Nov-13 Dec-13

Other services 137 133 161

Machinery, equipment, furniture, recycling 54 53 39

Wholesale & retail trade 46 24 23

Chemicals, rubber, plastics 21 26 20

Education, health 14 10 19

Metals & metal products 16 5 11

Transport 17 5 11

Gas, water, electricity 6 12 10

Publishing, printing 6 3 10

Textiles, wearing apparel, leather 7 2 9

Banks 11 11 8

Food, beverages, tobacco 11 8 8

Construction 7 10 8

Hotels & restaurants 17 6 7

Insurance companies 4 2 4

Primary sector 6 2 3

Wood, cork, paper 5 1 3

Post and telecommunications 0 0 1

Public administration and defence 0 0 0

Target sectors by value

Target sectorDec-12 (mil USD)

Nov-13 (mil USD)

Dec-13 (mil USD)

Other services 14,040 11,925 11,953

Gas, water, electricity 2,063 2,429 4,151

Textiles, wearing apparel, leather 109 200 3,161

Banks 3,607 1,299 2,278

Construction 576 561 1,977

Machinery, equipment, furniture, recycling 2,234 1,236 1,875

Insurance companies 3,877 67 1,161

Transport 846 1,068 750

Chemicals, rubber, plastics 1,333 9,104 709

Education, health 17 64 663

Wholesale & retail trade 4,530 181 475

Food, beverages, tobacco 64 781 423

Metals & metal products 408 5 412

Primary sector 2,512 749 270

Hotels & restaurants 163 291 192

Publishing, printing 319 2,017 63

Post and telecommunications 0 0 0

Public administration and defence 0 0 0

Wood, cork, paper 0 0 0









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Top target countries by volume

Target country Dec-12 Nov-13 Dec-13

US 164 116 119

UK 43 37 42

India 10 8 21

Spain 6 6 15

Italy 16 5 12

Netherlands 7 7 12

Germany 20 11 11

France 29 21 11

Canada 6 13 11

China 10 6 10

Australia 3 6 9

Israel 6 6 6

South Korea 1 1 6

Russia 5 1 6

Denmark 3 4 6

Belgium 1 2 5

Japan 4 5 5

Brazil 2 5 5

Finland 6 1 4

Norway 6 2 4

Top target countries by value

Target countryDec-12 (mil USD)

Nov-13 (mil USD)

Dec-13 (mil USD)

US 15,180 6,252 10,648

Finland 1 85 3,528

UK 3,529 2,563 3,000

China 246 429 2,052

Italy 4,411 212 1,709

Netherlands 1,010 368 1,601

Poland 0 0 1,100

Bermuda 0 402 1,000

Switzerland 469 41 892

Japan 1 2 756

Australia 12 928 634

Germany 2,738 2,527 627

Spain 14 7 535

South Korea 0 76 520

Canada 131 2,776 480

Brazil 202 92 277

India 116 270 223

Norway 1,538 10 218

Mexico 52 32 170

Nigeria 0 0 138









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Top 20 private equity providers in December 2013

Equity provider Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)

1 Borealis Infrastructure Management Inc. 1 1 3,516 3,516

2 Sycamore Partners LP 1 1 2,200 2,200

3 Silver Lake Partners LP 3 3 2,080 693

4 Turkven Private Equity 1 1 2,000 2,000

5 CDH Investment 1 1 1,931 1,931

6 China Universal Asset Management Co., Ltd 1 1 1,931 1,931

7 Shenzhen Ping'an Innovation Capital Investment Co., Ltd 1 1 1,931 1,931

8 Zhuhai Puluo Equity Investment Fund (LLP) 1 1 1,931 1,931

9 SDIC Fund Management (Beijing) Co., Ltd 1 1 1,931 1,931

10 Advent International Corporation 2 2 1,858 929

11 Silver Point Capital LP 1 1 1,637 1,637

12 Aurelius Capital Management LP 1 1 1,637 1,637

13 Madison Dearborn Partners LLC 1 1 1,600 1,600

14 Alinda Capital Partners LLC 2 2 1,321 661

15 CapVis Equity Partners AG 2 2 1,303 651

16 Partners Group AG 2 2 1,292 646

17 Platinum Equity LLC 1 1 1,100 1,100

18 Performance Equity Management LLC 1 1 1,000 1,000

19 Capital Z Partners Management LLC 1 1 1,000 1,000

20 Two Sigma Investments LLC 1 1 1,000 1,000









Page 12 © Zephyr

Notes to editors

Activity is based on the activity of the target company

Deal status is announced within the time period

The sector breakdown uses targets’ activities as defined to be ‘Major Sectors’ by Zephyr





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