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Zephyr Annual M&A ReportGlobal Private Equity, 2013
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: zephyreditorial@bvdinfo.com
Page 1 © Zephyr
Zephyr Annual M&A ReportGlobal Private Equity, 2013
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
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: zephyreditorial@bvdinfo.com
Page 2 © Zephyr
Zephyr Annual M&A ReportGlobal Private Equity, 2013
Deals by volume and value 2008 - 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: zephyreditorial@bvdinfo.com
Page 3 © Zephyr
Zephyr Annual M&A ReportGlobal Private Equity, 2013
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
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: zephyreditorial@bvdinfo.com
Page 4 © Zephyr
Zephyr Annual M&A ReportGlobal Private Equity, 2013
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 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: zephyreditorial@bvdinfo.com
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
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: zephyreditorial@bvdinfo.com
Zephyr Annual M&A ReportGlobal Private Equity, December 2013
Page 6 © Zephyr
Deals by volume and value in 2013
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Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13
Dea
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SD)
Total deal value (mil USD) Number of deals
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: zephyreditorial@bvdinfo.com
Page 7 © Zephyr
Zephyr Annual M&A ReportGlobal Private Equity, December 2013
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.
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: zephyreditorial@bvdinfo.com
Zephyr Annual M&A ReportGlobal Private Equity, December 2013
Page 8 © Zephyr
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
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: zephyreditorial@bvdinfo.com
Zephyr Annual M&A ReportGlobal Private Equity, December 2013
Page 9 © Zephyr
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
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: zephyreditorial@bvdinfo.com
Zephyr Annual M&A ReportGlobal Private Equity, December 2013
Page 10 © Zephyr
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
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: zephyreditorial@bvdinfo.com
Zephyr Annual M&A ReportGlobal Private Equity, December 2013
Page 11 © Zephyr
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
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: zephyreditorial@bvdinfo.com
Zephyr Annual M&A ReportGlobal Private Equity, December 2013
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