2015 Mergers & Acquisitions First Quarter Revie … · 2015 Mergers & Acquisitions Q1 Market Review...

DISCLOSURE: Raptor Partners LLC is a registered broker-dealer with the U.S. Securities Exchange Commission and a member of the Financial Industry Regulatory Authority. This document is not a “research report”, as such term is defined by applicable laws and regulations. The information in this report has been obtained from third-party sources deemed to be reliable, but is not represented to be complete. This document has been prepared for general information purposes only and does not represent a complete analysis of any specific security, industry or issuer. This information contained in this document does not represent an offer or a solicitation of an offer to buy or sell securities of any form or to participate in any particular trading strategy. This document does not consider the investment objectives or financial situation of any individual or entity. Raptor Partners has provided, may continue to provide, or may seek to provide investment banking services for companies included in this document.

2015 Mergers & Acquisitions First Quarter Review

ONE NORTH SHORE CENTER | 12 FEDERAL STREET, 2ND FLOOR | PITTSBURGH, PA 15212

MERGERS & ACQUISITIONS | CORPORATE FINANCE | FAIRNESS OPINIONS

VISION INTEGRITY EXPERIENCE

Spring 2015

2015 Mergers & Acquisitions Q1 Market Review

2015 M&A Activity off to a strong start: After a year that delivered the largest global M&A aggregate

value announced since 2006 ($3.2 trillion announced in 2014), the deal making boom has continued into the first three months of 2015 with $776 billion announced, up 17% from Q1 2014.

Earnings Growth Estimates Decline: Following eight consecutive quarters of earnings growth, S&P

500 earnings are estimated to decline 2.8% in Q1 2015 versus Q1 2014. The strong dollar has impacted earnings of multinational companies, while lower commodity prices are negatively impacting the energy and materials sectors.

Sluggish Organic Growth Continues to Drive M&A: The M&A market has remained strong during

the start of 2015 as strategic acquirers continue to try to offset slow organic growth with acquisitions.

$1 Billion+ Deal Volume Climbs: In Q1 2015, the number of large ($1 billion+) transactions in the U.S.

was 53, up 26.1% from 42 in Q1 2014. The aggregate transaction value increased 48.7% from $219.7 billion in Q1 2014 to $326.6 billion in Q1 2015. The quarter also saw 12 mega deals (each valued in excess of $10 billion) announced in several different sectors, which accounted for a significant amount of announced transactions. Deals included Heinz/Kraft $55.0 billion, AbbVie/Pharmacyclics $19.9 billion, Pfizer/Hospira $17.1 billion, and OptumRx/Catamaran $14.2 billion.

Valuation Multiples Remain Strong Across Industry Sectors: Valuation multiples paid by acquirers

continued to be strong in Q1 2015. The Industrials and Materials, Healthcare, Software and Technology, and Consumer Products and Services Industries all saw takeover multiples remain near or above six-year highs.

Private Equity Volume/Aggregate Value Flat for Q1: The number of private equity-backed

transactions held steady on an LTM basis. The pace of PE fundraising slowed in Q1 2015 following a strong end to 2014. The number of fund closes was at a ten-year low in the quarter, although the average fund size to close was up 20% in the quarter. PE activity is expected to remain strong in 2015 with a significant number of funds in the market.

10,691

11,513

10,0038,928

12,729

14,662

16,468 16,477

18,558 18,583

4,424 4,449

$0

$400

$800

$1,200

$1,600

$2,000

0

4,000

8,000

12,000

16,000

20,000

2006 2007 2008 2009 2010 2011 2012 2013 2014 LTM Q12014

Q12015

Aggre

gate

Valu

e (

$ B

illio

ns)

Tra

nsactions A

nnounced

Transactions Announced Aggregate Value


M&A Market Monitor

Spring 2015

1

Source: Standard & Poor’s CapitalIQ Excludes minority interest purchases and share buybacks.

U.S. Merger & Acquisition Activity

In This Report:

1 M&A Commentary & U.S.

Activity

2 Global M&A Activity

3 U.S. M&A Statistics

4 Industrials & Materials

5 Healthcare & Life Sciences

6 Business Services

7 Software & Technology

8 Consumer Products &

Services

9 Private Equity Activity

44.5%

31.0%

19.5%

5.0%

44.2%

33.2%

17.7%

4.9%

45.9%

30.5%

18.2%

5.4%

46.4%

31.2%

17.7%

4.7%

32,143

35,568

31,668

27,509

36,612

40,78341,853 41,122

45,748 45,893

10,424 10,569

$0

$800

$1,600

$2,400

$3,200

$4,000

0

10,000

20,000

30,000

40,000

50,000

2006 2007 2008 2009 2010 2011 2012 2013 2014 LTM Q12014

Q12015

Aggre

gate

Valu

e (

$ B

illio

ns)

Tra

nsactions A

nnounced



M&A Market Monitor

Spring 2015

2

Global Merger & Acquisition Activity

Source: Standard & Poor’s CapitalIQ Excludes minority interest purchases and share buybacks.

Merger & Acquisition Activity by Geography

45.7%

30.6%

19.9%

3.9%

North America Europe Asia/Pacific Other

Source: Standard & Poor’s CapitalIQ and Raptor Partners

2014 2013 Q1 2015 Q1 2014

8.9x

10.3x

8.1x 8.2x

9.7x9.1x

11.1x 11.6x

10.1x

10.9x10.7x 10.8x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

2010 2011 2012 2013 2014 LTM

<$100mm $100mm - $500mm

Transaction Volume Aggregate Transaction Value ($B)

TransactionValue Q1 2015 Q1 2014 % Change Q1 2015 Q1 2014 % Change

$1 Billion + 54 42 28.6% $326.6 $219.7 48.7%

$500M - $1B 26 25 4.0% $17.8 $17.90 -0.3%

$250M - $500M 59 53 11.3% $20.5 $18.6 9.9%

$100M - $250M 114 135 -15.6% $17.6 $21.2 -17.1%

$75M - $100M 59 61 -3.3% $5.1 $5.4 -5.8%

$50M - $75M 122 124 -1.6% $7.4 $7.6 -2.0%

$25M - $50M 249 244 2.0% $9.1 $8.8 4.1%

>$0M - $25M 1,003 1,234 -18.7% $7.9 $9.7 -17.8%

Undisclosed 2,763 2,506 10.3% NA NA NA

Total 4,449 4,424 0.6% $412.0 $308.8 33.4%

Median Enterprise Value/EBITDA


M&A Market Monitor

Spring 2015

3

U.S. Transaction Volume by Deal Size


U.S. Merger & Acquisition Control Premiums and Minority Discounts

Median M&A Control Premiums Median M&A Minority Discounts


U.S. Middle Market Merger & Acquisition Valuation Multiples


Years Ended December 31, Years Ended December 31,

2010 2011 2012 2013 2014 LTM

One Day Premium 31.3% 30.9% 37.8% 28.7% 28.2% 26.1%

One Week Premium 32.6% 31.8% 37.2% 33.2% 28.5% 28.4%

Four Week Premium 36.8% 33.9% 38.7% 38.1% 31.0% 30.4%

Years Ended December 31,

2010 2011 2012 2013 2014 LTM

One Day Discount -23.8% -23.6% -27.4% -22.3% -22.0% -20.7%

One Week Discount -24.6% -24.1% -27.1% -24.9% -22.2% -22.1%

Four Week Discount -26.9% -25.3% -27.9% -27.6% -23.7% -23.3%


M&A Market Monitor

Spring 2015

4

Sector Spotlight: Industrials & Materials U.S. Deal Statistics

Source: Standard & Poor’s CapitalIQ & Raptor Partners *Represents group median

Recent U.S. Industrials & Materials Transactions

0.8x 0.9x 0.9x 0.9x1.1x 1.1x 1.0x

7.1x

8.6x9.2x

8.7x 8.6x

9.7x9.9x

0

700

1,400

2,100

2,800

0x

3x

6x

9x

12x

2009 2010 2011 2012 2013 2014 LTM

EV/Sales* EV/EBITDA* Volume

2009 2010 2011 2012 2013 2014 LTM

EV/Sales* 0.82x 0.89x 0.93x 0.86x 1.10x 1.09x 1.04x

Revenue $M* $22.6 $54.8 $47.1 $100.0 $104.7 $80.0 $68.8

Observations (93) (144) (172) (149) (95) (173) (150)

EV/EBITDA* 7.1x 8.6x 9.2x 8.7x 8.6x 9.7x 9.9x

EBITDA $M* $10.2 $35.0 $13.7 $26.7 $35.0 $33.4 $41.1

Observations (18) (46) (56) (51) (33) (61) (50)

Volume 1,211 1,573 1,765 1,850 1,538 1,868 1,803

Value $B $39.8 $91.8 $122.0 $99.0 $79.0 $180.6 $194.6

EV/

Date Target Acquiror EV Sales EBITDA

11/04/2014 Baker Hughes Incorporated (NYSE:BHI) Halliburton Company (NYSE:HAL) $38.3 B 1.6x 9.0x

7/10/2014 TRW Automotive Holdings Corp. (NYSE:TRW) ZF Friedrichshafen AG $13.6 B 0.8x 7.3x

1/26/2015 MeadWestvaco Corporation (NYSE:MWV) Rock-Tenn Company (NYSE:RKT) $10.9 B 1.9x 11.2x

9/21/2014 Dresser-Rand Group Inc. (NYSE:DRC) Siemens Energy, Inc. $7.5 B 2.7x 18.8x

3/11/2015 ITR Concession Company LLC IFM Investors Pty Ltd $7.5 B NA NA

7/15/2014 Rockwood Holdings, Inc. (NYSE:ROC) Albemarle Corporation (NYSE:ALB) $6.9 B 4.9x 22.2x

7/13/2014 URS Corporation (NYSE:URS) AECOM Technology Corporation (NYSE:ACM) $5.6 B 0.5x 7.6x

3/27/2015The Dow Chemical Company, Chlor-Alkali and

Downstream Derivatives Businesses Olin Corp. (NYSE:OLN) $5.1 B NA 8.0x

4/29/2014 Orbital Sciences Corp. (NYSE:ORB) Alliant Techsystems Inc. (NYSE:ATK) $3.6 B 2.7x 24.6x

2/06/2014 ITW Industrial Packaging Group The Carlyle Group LP (NasdaqGS:CG) $3.2 B NA NA

2/23/2015 Polypore International Inc. (NYSE:PPO) ESM Holdings Corporation $3.2 B 4.8x 21.4x

9/11/2014 Taminco Corporation (NYSE:TAM) Eastman Chemical Co. (NYSE:EMN) $2.7 B 2.1x 10.5x

1/28/2014 Texas Industries Inc. Martin Marietta Materials Inc. (NYSE:MLM) $2.7 B 3.4x 31.5x


M&A Market Monitor

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Sector Spotlight: Healthcare & Life Sciences U.S. Deal Statistics


Recent U.S. Healthcare & Life Sciences Transactions

1.2x 1.6x 1.8x 2.0x 1.8x2.8x 3.0x

7.7x

10.4x9.6x 9.2x

9.6x

12.9x13.6x

0

400

800

1,200

1,600

2,000

0x

3x

6x

9x

12x

15x

2009 2010 2011 2012 2013 2014 LTM


2009 2010 2011 2012 2013 2014 LTM

EV/Sales* 1.21x 1.59x 1.83x 2.03x 1.83x 2.79x 3.01x

Revenue $M* $20.7 $39.0 $36.4 $53.1 $59.9 $44.1 $57.8

Observations (94) (162) (157) (115) (75) (104) (100)


EBITDA $M* $25.3 $21.3 $23.4 $21.3 $28.5 $16.7 $20.0

Observations (25) (49) (46) (45) (19) (47) (46)

Volume 847 1,182 1,099 1,197 1,262 1,450 1,421

Value $B $190.0 $119.4 $166.2 $110.1 $112.2 $264.0 $300.8

EV/


11/17/2014 Allergan Inc. (NYSE:AGN) Actavis plc (NYSE:ACT) $65.3 B 9.3x 28.0x

6/15/2014 Covidien plc (NYSE:COV) Medtronic, Inc. (NYSE:MDT) $46.9 B 4.5x 16.8x

2/18/2014 Forest Laboratories, Inc.(NYSE: FRX) Actavis plc (NYSE: ACT) $22.4 B 6.7x 53.6x

3/04/2015 Pharmacyclics Inc. (NasdaqGS:PCYC) AbbVie Inc. (NYSE:ABBV) $19.0 B 26.1x NM

9/22/2014 Sigma-Aldrich Corporation (NasdaqGS:SIAL) Merck KGaA (DB:MRK) $16.5 B 6.0x 19.8x

2/05/2015 Hospira Inc. (NYSE:HSP) Pfizer Inc. (NYSE:PFE) $16.3 B 3.7x 21.9x

5/06/2014 Merck & Co. Consumer Care Business Bayer AG (DB:BAYN) $14.2 B NA NA

4/24/2014 Biomet, Inc. Zimmer Holdings, Inc. (NYSE:ZMH) $13.9 B NA NA

2/22/2015 Salix Pharmaceuticals Ltd. Valeant Pharmaceuticals International $13.5 B 12.0x NM

3/30/2015 Catamaran Corporation (TSX:CCT) OptumRx, Inc. $13.2 B 0.6x 15.6x

10/05/2014 CareFusion Corporation (NYSE:CFN) Becton, Dickinson and Company (NYSE:BDX) $12.1 B 3.1x 13.6x

12/08/2014 Cubist Pharmaceuticals Inc. (NasdaqGS:CBST) Merck & Co. Inc. (NYSE:MRK) $8.4 B 7.2x 41.3x

1/11/2015 NPS Pharmaceuticals, Inc. Shire Pharmaceutical Holdings Ireland Limited $4.9 B 21.7x NA


M&A Market Monitor

Spring 2015

6

Sector Spotlight: Business Services U.S. Deal Statistics


Recent U.S. Business Services Transactions

1.1x 1.2x 1.2x0.9x 1.0x 1.3x 1.5x

8.8x

10.2x9.7x

9.0x8.4x

9.8x9.0x

0

700

1,400

2,100

2,800

3,500

0x

3x

6x

9x

12x

15x

2009 2010 2011 2012 2013 2014 LTM


2009 2010 2011 2012 2013 2014 LTM

EV/Sales* 1.12x 1.20x 1.16x 0.88x 0.97x 1.26x 1.49x

Revenue $M* $59.3 $42.0 $44.6 $40.5 $40.0 $27.4 $27.4

Observations (68) (99) (119) (89) (105) (145) (141)


EBITDA $M* $17.9 $22.0 $10.7 $27.2 $28.1 $14.0 $18.0

Observations (15) (30) (37) (31) (36) (53) (53)

Volume 1,817 2,517 2,538 2,051 2,285 3,065 3,053

Value $B $79.9 $63.9 $57.9 $50.8 $71.5 $100.4 $85.4

EV/


2/05/2015 Verizon Wireline Assets in CA, FL, and TX Frontier Communications Corporation (NasdaqGS:FTR) $10.5 B 1.8x 6.6x

2/05/2015 Wireless Communication Sites of Verizon American Tower Corporation (NYSE:AMT) $5.1 B NA NA

11/03/2014 Sapient Corp. (NasdaqGS:SAPE) Publicis Groupe SA (ENXTPA:PUB) $3.4 B 2.4x 19.2x

9/11/2014 Conversant, Inc. (NasdaqGS:CNVR) Alliance Data Systems Corporation (NYSE:ADS) $2.4 B 4.0x 12.0x

7/31/2014 ViaWest, Inc. Shaw Communications, Inc. (TSX:SJR.B) $1.2 B NA 13.0x

1/06/2014 Stream Global Services, Inc. Convergys Corporation (NYSE:CVG) $0.8 B 0.8x 7.2x

7/31/2014 Jacobson Holding Company Norbert Dentressangle S.A. (ENXTPA:GND) $0.8 B 0.9x NA

1/22/2015 Symphony Teleca Corp. Harman International Industries (NYSE:HAR) $0.8 B 2.1x 13.0x

1/30/2014 Haas Group International Inc. Wesco Aircraft Holdings, Inc. (NYSE:WAIR) $0.7 B 1.2x 19.1x

7/21/2014 Van Wagner Communications, LLC CBS Outdoor LLC $0.7 B 3.3x 21.6x

7/29/2014 New Breed Holding Co. XPO Logistics, Inc. (NYSE:XPO) $0.6 B 1.0x 8.0x

1/20/2015 Fairway Outdoor Advertising, LLC GTCR, LLC; Adams Outdoor Advertising, Inc. $0.6 B NA NA

8/04/2014 Pike Corporation Court Square Capital Partners $0.6 B 0.7x 8.4x


M&A Market Monitor

Spring 2015

7

Sector Spotlight: Software & Technology U.S. Deal Statistics


Recent U.S. Software & Technology Transactions

1.5x 1.6x 1.9x 1.7x 1.7x2.3x 2.4x

9.2x

11.0x12.0x

10.8x 11.2x

15.3x 16.1x

0

600

1,200

1,800

2,400

3,000

0x

4x

8x

12x

16x

20x

2009 2010 2011 2012 2013 2014 LTM


2009 2010 2011 2012 2013 2014 LTM

EV/Sales* 1.46x 1.57x 1.90x 1.66x 1.68x 2.30x 2.43x

Revenue $M* $44.2 $38.5 $31.6 $39.9 $52.9 $35.2 $48.6

Observations (149) (225) (216) (165) (119) (178) (166)


EBITDA $M* $40.7 $18.0 $20.2 $15.3 $25.8 $19.7 $28.4

Observations (43) (65) (78) (48) (33) (70) (70)

Volume 1,573 2,115 2,057 2,064 2,052 2,437 2,457

Value $B $90.3 $136.6 $128.4 $103.4 $124.5 $172.7 $190.9

EV/


2/19/2014 WhatsApp Inc. Facebook, Inc. (NasdaqGS:FB) $19.7 B NA NA

3/01/2015 Freescale Semiconductor, Ltd. (NYSE:FSL) NXP Semiconductors NV (NasdaqGS:NXPI) $16.6 B 3.6x 16.1x

3/31/2015 Bright House Networks, LLC CCH I, LLC $10.4 B NA NA

9/18/2014 Concur Technologies, Inc. (NasdaqGS:CNQR) SAP America, Inc. $7.7 B 11.5x NA

6/16/2014 TW Telecom Inc. (NasdaqGS:TWTC) Level 3 Communications, Inc. (NYSE:LVLT) $7.4 B 4.6x 14.2x

6/23/2014 MICROS Systems, Inc. (NasdaqGS:MCRS) Oracle Corporation (NYSE:ORCL) $4.6 B 3.4x 17.5x

9/29/2014 TIBCO Software Inc. (NasdaqGS:TIBX) Vista Equity Partners $4.2 B 3.9x 24.8x

12/15/2014 Riverbed Technology, Inc. (NasdaqGS:RVBD Thoma Bravo, LLC & OTPP $3.5 B 3.2x 18.7x

4/15/2014 Motorola Solutions, Inc., Enterprise Business Zebra Technologies Corp. (NasdaqGS:ZBRA) $3.5 B NA 10.9x

7/28/2014 Trulia, Inc. (NYSE:TRLA) Zillow, Inc. (NasdaqGS:Z) $3.1 B 14.8x NM

1/28/2015

TE Connectivity Ltd., Telecom, Enterprise and

Wireless Business

CommScope Holding Company, Inc.

(NasdaqGS:COMM) $3.1 B 1.6x 10.0x

1/29/2014 Motorola Mobility Lenovo $2.9 B NA NA

8/20/2014 International Rectifier Corporation (NYSE:IRF) Infineon Technologies AG (XTRA:IFX) $2.4 B 2.2x 13.9x


M&A Market Monitor

Spring 2015

8

Sector Spotlight: Consumer Products & Services U.S. Deal Statistics


Recent U.S. Consumer Products & Services Transactions

0.9x 1.3x 1.3x 1.0x 1.2x 0.9x 0.9x

9.5x 8.9x

8.4x9.3x

9.9x

12.1x11.7x

0

700

1,400

2,100

2,800

3,500

0x

3x

6x

9x

12x

15x

2009 2010 2011 2012 2013 2014 LTM


2009 2010 2011 2012 2013 2014 LTM

EV/Sales* 0.90x 1.26x 1.33x 0.98x 1.18x 0.88x 0.88x

Revenue $M* $53.0 $55.2 $40.9 $100.9 $133.2 $90.9 $100.0

Observations (100) (155) (165) (180) (106) (143) (135)


EBITDA $M* $44.9 $30.4 $27.0 $28.2 $65.7 $29.2 $39.4

Observations (32) (64) (50) (76) (53) (68) (59)

Volume 1,868 2,319 2,463 2,904 2,741 3,021 3,021

Value $B $115.6 $115.0 $84.1 $189.6 $169.7 $364.2 $327.6

EV/


2/13/2014 Time Warner Cable Inc. (NYSE:TWC) Comcast Corporation (NasdaqGS:CMCS.A) $68.7 B 3.1x 8.9x

5/18/2014 DIRECTV (NasdaqGS:DTV) AT&T, Inc. (NYSE:T) $65.9 B 2.1x 8.1x

3/25/2015 Kraft Foods Group, Inc. (NasdaqGS:KRFT) H.J. Heinz Holding Corporation $53.7 B 3.0x 22.6x

7/15/2014 Lorillard, Inc. (NYSE:LO) Reynolds American Inc. (NYSE:RAI) $27.6 B 5.5x 12.8x

1/13/2014 Beam, Inc. (NYSE:BEAM) Suntory Holdings Limited $15.7 B 6.2x 19.8x

7/28/2014 Family Dollar Stores Inc. (NYSE:FDO) Dollar Tree, Inc. (NasdaqGS:DLTR) $9.2 B 0.9x 11.3x

12/14/2014 PetSmart, Inc. (NasdaqGS:PETM) BC Partners $8.8 B 1.3x 9.0x

5/29/2014 The Hillshire Brands Company (NYSE:HSH) Tyson Foods, Inc. (NYSE:TSN) $8.5 B 2.1x 15.8x

3/06/2014 Safeway Inc. (NYSE:SWY) Albertsons, LLC $7.1 B 0.2x 4.4x

2/04/2015 Office Depot, Inc. (NasdaqGS:ODP) Staples, Inc. (NasdaqGS:SPLS) $6.9 B 0.4x 12.9x

8/01/2014 Bally Technologies, Inc. (NYSE:BYI) Scientific Games Corporation (NasdaqGS:SGMS) $5.1 B 4.2x 12.1x

3/16/2015 Life Time Fitness, Inc. (NYSE:LTM) Leonard Green & Partners, L.P. $4.1 B 3.2x 10.9x

9/08/2014 GE Appliances Business Electrolux AB (OM:ELUX B) $3.3 B 0.6x 9.4x

1,303

1,032

841

1,013914

1,026

929 932 942

215 225

$0

$100

$200

$300

$400

$500

0

300

600

900

1,200

1,500

Aggre

gate

Valu

e (

$ B

illio

ns)

Tra

nsactions A

nnounced


2,782

2,264

1,795

2,5742,745

3,053 3,174

3,524 3,512

794 782

$0

$125

$250

$375

$500

0

1,000

2,000

3,000

4,000

Aggre

gate

Valu

e (

$ B

illio

ns)

Tra

nsactions A

nnounced



M&A Market Monitor

Spring 2015

9

U.S. Private Equity Activity

Source: Standard & Poor’s CapitalIQ and Raptor Partners. *Includes platform acquisitions and acquisitions made by existing private equity sponsored portfolio companies.

Private Equity Sponsored Acquisitions*

Private Equity Platform Acquisitions

Source: Standard & Poor’s CapitalIQ and Raptor Partners.

One North Shore Center 12 Federal Street, 2nd Floor Pittsburgh, PA 15212

Phone: (412) 281-5151 Fax: (412) 564-9900 E-Mail: [email protected]

Specialty Manufacturing | Business Services | Software & Technology Healthcare, Life Sciences & Safety | Consumer Products & Services

For the last 30 years, our professionals have assisted private and public companies navigate the turbulent terrain of mergers, acquisitions and private

capital, with over $35 billion in transactional experience.

For a confidential discussion on how Raptor Partners can serve your company’s needs, please call Craig A. Wolfanger,

Executive Managing Director, at (412) 281-1101.

$35+ Billion in Experience

Advisory Services:

Mergers & Acquisitions

Corporate Carve-outs & Divestitures

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Fairness Opinions

Valuations

Strategic Alternatives

Corporate Finance

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Restructuring

Private Capital Raising

Takeover Defense

www.RAPTORLLC.com

has been acquired by

CHART INDUSTRIES

Raptor Partners acted as financial advisor to SeQual Technologies and

rendered a fairness opinion.


Raptor Partners acted as financial advisor to Summit Data

Communications.

LAIRD TECHNOLOGIES PLC

has sold its Watertown Deep Drawn Products Division

to

HARWOOD CAPITAL LLP

Raptor Partners acted as financial advisor to Accellent.

has acquired the Creosote Distribution Business

from

KMG CHEMICALS

Raptor Partners acted as financial advisor to Koppers and assisted in the

negotiations.

Raptor Partners acted as financial advisor to Aris Corporation.


ASSETMARK

2015 Mergers & Acquisitions First Quarter Revie … · 2015 Mergers & Acquisitions Q1 Market Review...

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