REUTERS / Jean-Paul Pelissier SMALL CAP M&A...

SMALL CAP M&A REVIEW FINANCIAL ADVISORS First Half 2016

REUTERS /Jean-Paul Pelissier

krizviTypewritten Text




krizviClairfield

Source: Thomson Reuters/Freeman Consulting

*tieSource: Thomson Reuters/Freeman Consulting

58 60.052* 71* 20 7 ▲ 69.4

94.5

-

13.4

13.3

100.0

18.8

22.9

-

--17.4

298.9

15.7

Houlihan Lokey

Lazard▼

2015

7.2

Imputed Fees (US$m) †

# of Deals per Advisor

11

Worldwide Small-Cap Rankings (MM1a)

MM1a - Undisclosed Values & Values up to US$50m Jan 1 - Jun 30

▼

Exp (%)

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

US$m

13.1

100.0

15.9Fees

93.5

Advisor

100.033.6

62.9

92.060.118.6

66.9

42.565*

307

13 99.1

2

6.7

13.6

60142.5 112.2

8.5

35

33.6

371*

24.3

91.0

14

40

2374*

14.0

3648

12.4

12.4

6

20*

▼

48.2

12.710.4

-62.6 47.7

41

100.0100.0

Worldwide Estimated Small Cap Investment Banking Fees by Quarter*4.0▲ 37.7

6.5817.0 100.0

5▼

33

38

26.3

41.7

54*

1217

▲

▼

37.6

▼

▼

166*

15.861.375.0

14.2176.9

32.32832

62.8

--55.8

-92.3

-27.5

0.0

- -

113.90

▼

▲

-6

263

8

▼

▼

▼

-2.4

5

-77.7

20.1141.4 63.6

21.8

9.288.0

-43.522.1

▼

▲

18.8▲

-

-32.3

▲ 9.538.1

▼62.7

-

.6

44.9

6.5

-27.9

▼▼-20.7

-74.1

▼

▼

10.6

92.9

7106.7

23 -72.9▼

30.424.3

40.429.8

Rank

46*

# of

-108-6

418.748

** Fee

43

2016

-44.0

43▼

▼

▼

-76.2▼

▼

9 ▼-45.4246.1

4

3

-30.7

▼

-63

11 65

▼67

100.8222.3

7

4-3

176.6106.0

-4910

6Ernst & Young LLP

11

74

2

638 9 60 -19 ▼ 14204.3

-9.9▼IMAP 9 12 53

7 51

27

-14 - -1.581.2▼179.6 22

▼-55 ▼ 198.0▲

BDO 10*22 ▲ 149.20

33.5 162*

JP Morgan 10* 32* 51

13M&A International 49

-

55.5 9-51.1

2657

-82.8 ▼

311049.6

▲▲

11.4 ▲ 21.4 29

3.7

467.0

25

3

57.8068.6

312*4

9.5

73.2-5.5

381.7117.4

-2.7▼

-

717.289.6

▲ -0

▲ -▲

165.1-

32.5-

▲

▲ 1

▲

164.3-

18196.6

▲RSM Corporate Fin LLP 24* 475*

▼26*

▼35

Nomura33

-15

-13

▼32*

Raymond James Financial Inc

16* 33

▼-11BCMS Corporate Ltd

-1

▼

38*

27 -8

Global M&A

-626

7

Piper Jaffray Cos 2424

-724

26

10.2

40.0-8

27

▼

- -37.9

0

▼

16.30

72,023.1

▲

-3.2

▲▼

12.6 --94.7

▼

22.7

19165.7▼

32.511.0

3.0

▲

- 9.0

534647*

UniCredit

Kon SpA

Clearwater International

Citi

42*

42* 2424*

RBC Capital Markets 57*104*

44*

22

-11

13

23

21

54*

9

27*

49*2149*

Livingstone Partners 52*

Natixis

47*

305.1▲▼

-10

147.332 -2

38*

34*

38*

10.7130.70

29

24* 27

1424*34*

34*48*

3130

37

71*22

42

32*

Stifel/KBW

Plutus Consulting Co Ltd

32*52

N+1

41

Macquarie Group

34*

54*29

-5

42*30

2232*

26

6

62542*

▲

-17

▼-13

▼-

20

23

18,935Industry Total

** 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.

Industrial & Comm Bank China

21DC AdvisoryMitsubishi UFJ Financial Group

49*

Deutsche Bank

6

3,050.9

180.2▲

3

-6

29.3-21 -75.4

▼▼

7.9

▲-5.9

-83.7

▲

41

13.2

2230.0

54*

15

13.5

30.521.8

69.3

https://www.thomsonone.com

100.045

3740.9

9.2

100.0

104.2

51.0-

53.0

78.8 16

-0

72.6

Credit Suisse

Evercore Partners

12.910.515.2

20

▲

6.2CFI

7

▲

▼

▼

45

42

▲

14

3220

-18

40

UBS

BNP Paribas SA

Barclays

▼

21Daiwa Securities Group Inc

31 ▼

245.6

-6.6

▼118.9 ▲

24

18*

36

39*

41

22*24*

36

18*104*

-113721

15

54*

39*

44*1716 18*

Moelis & Co 44

42

44

12 5Lincoln International

20

13 45

-85

▼-3

▲

-38

-44 ▼-6 ▼

▼

Gram Capital

Sumitomo Mitsui Finl Grp Inc 14* 814*

Deloitte

Clairfield InternationalBaker Tilly International

Mizuho Financial Group 5

238

2

First Half 2016 │ Small-Cap M&A Up To US$50m │ Financial Advisors

1

41

32*

▲

4PricewaterhouseCoopersKPMG

96

146105

Rothschild 3 6

2016 Change in

Financial Advisor Rank Deals # of DealsRank

10

22*

7

▲4319

1

215.1125.7

-

Morgan Stanley

26*

3426*

▼

-

▼

▲ ▲

-

KBS Corporate Sales Ltd 61*10

29

38

2235

33Goldman Sachs & Co27*

Jefferies LLC

GlobalscopeBank of America Merrill Lynch

16*30

Generational Equity

272828

131.1

-330 ▼

▼-

-

92.4

-66.8

-

-48.4

273.8

--84.7-

-

Change (%)

2Rank

Rank Value

Rank Value per Advisor (US$m)

-

2016 Rank Value

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

38.7

7.9▼

21.6

▼

-

▼

114*16.365*

503.80

-220.7

18.5

100.0

▼

39.0

17.4

1.8

17

49.8

39.0

13

102.3 76.1

204.5

10.6 46* 68.4▲ 40.9 - -9.1 9.8 52* 86.7

-83.7 ▼

123* 20 1352*PJT Partners LP 64.548.4 1157.7 - -

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

2012

2013

2014

2015

2016

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%

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

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

Per

cent

age

of T

otal

Fee

s

Inve

stm

ent B

anki

ng F

ees

(US

$b)

Small Cap I.B. Fees ($50mil or less) % of Total Fees

2

http://banker.thomsonib.com/krizviHighlight

*tie

3.5

8 5.3 ▲ 2.431.534.8

19-

▲

100.036*

0 - - - 16.9- -

-3

Macquarie Group 38* 36* 7 -122* 7 -6

64* 7 3

4 ▲

▼

776*28*

38* 107.5

Greene Holcomb & Fisher LLC 38*

Jan 1 - Jun 30

88.0 11 -9.4 ▼

-13.4-

▼

54.0

57

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

0 --

7.6100.06.0

-08 1

79.1 13

-

▲

31.1

0

11.04

Cain Brothers Co. -

45

41*

27.5 12

10.0

27.7

1621.93.6

7.8

43.0

1.3

9

6.468.0

40.1

15.4

-▲-

39*


Credit Suisse

16.5


0AGC Partners 38*

4,106 -515Industry Total

▼

Canaccord Genuity

7


▼


Bank of America Merrill Lynch -

1,152.4▼-34.2

0 -

▼

38*

9,390.6

32* 64* 832*

Global M&A

32* 41*

▲

-71.88 7

36*-

8

-

-

▲Alvarez & Marsal 32*Signal Hill Capital Group LLC

159*5320.08 -0-

0

▼▲

28*9

36*32*32*

-18DA Davidson & Co Inc 28*

PricewaterhouseCoopers 84*76*

Duff & Phelps36*

9-19.4 -

-95.673 ▼-

6.306

21*50.0

188.5 4-119

-28.7

40.0

-1.2

0 -

-

-

-27.0

117.4KeyBanc Capital Markets Inc

24*Prairie Capital Advisors Inc 24*

-36*

17*

11*Chartwell Financial Advisory

Deutsche Bank 34*10448* -0-6

3.0▲6

928*

▼

▼10 ▲

-

24*

-6

▲

70.0

▲

1064*

9

10

19*

▲31* 211

1314

9

15-

8.0-

-5.1

--

▼

2.2

4.0

▼▲

4.5

-▼

▼-

.84.0

4.7

4.3

2.5

30*

57*

46*4.7

17*Stout Risius Ross Inc

79*-3-4

-12

Sandler O'Neill Partners

28*

24*

-

Jefferies LLCPJT Partners LP 16* 14

William Blair & Co▼

0-40.5

Wells Fargo & Co

11Cascadia Capital

-

21*

The Braff Group106*

22*22*

▲

▼ 29.216*

7

▼

19.0

▲

--

-53.7

▲▲

14

41*

18.3

-13.1

0

40.0

44

-3.3

-418 6

-14

13- -

0

▼---

- 10-

23.33

32.7

2

-0

30.4

▼14.0

50.0

0

89.8

-

10

11* 135.2

▲ --

25*13 11*

28*17

0

Morgan Stanley 16* 19*

▲▼

6

JP Morgan

-1

18

1614

15*

1514

14

20▼

19*

RBC Capital Markets 15Robert W Baird & Co Inc

31*

PNC Financial Services Group

12

6

Stifel/KBW 9*

Goldman Sachs & Co

4*

11*Lazard 9*

▼ 20

▼31.1 42* -29.8▼242.8 -10.5

-

-

▼-3 ▼

-4

6 -

-53.0▼

▼127.2Raymond James Financial Inc 4*

-3

-

33.5

-▼

1

Evercore Partners 4* 19*

8 8*

Barclays

Piper Jaffray CosLincoln International 7 4*

231*

-15

▼▲

Generational Equity 3 -18264* ▲1625

▼

-

Change in

US$m

2016

35.5

Rank

100.0▲

Change (%)

2016

US Target Small-Cap Rankings (MM2a)

10.7 9.8

▼

-75.834.7

45.92

98.6

424.3

35.7

3▼

146.5505.9 ▲

Moelis & Co1Houlihan Lokey

2 209.7

Deals

2015 # of


MM2a - Undisclosed Values & Values up to US$50m

215.1

26

Rank Value


25

2016

▲

Financial Advisor Rank

15*47

10

19

253

24

19

▲

106*

1

21 ▼

-8-5-213

8*

# of DealsRank


11291 162.50

5

4 17.8

28.3

14.4

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

5 77.7Exp (%)

Rank Value

▼ 1 65.9

** FeeAdvisor

Fees

7

9

40

82*

22.4

2562*

22.651.6

5.0

8

3816.2

11.428

11

4.219.3

49.212.3

20

2232.9

17

17.6

32.4

54.9

18

-5.1

11.5

13

29.7

24.0


9.8

29

39*100.0

100.0

-62.9-35.1

Rank

▲

93.5

51.6

7.4

4.3

36*

3.8

6

Jan 1 - Jun 30

40.6

34.4

73.1

7

33*

43.1

100.0

100.0

72.0

100.0

120*

17.1

15

52*

100.0

KPMG

18.8%

15.8%

13.6%

11.3%

7.4%

7.3%

6.8%

6.8%

4.3%

4.3% 2.1%

High Technology

Financials

Healthcare

Real Estate

Energy and Power

Consumer Products and Services

Industrials

Media and Entertainment

Retail

Materials

Telecommunications

Consumer Staples

-

500

1,000

1,500

2,000

2,500

$0

$1

$2

$3

$4

$5

$6

$7

$8

$9

# of

Dea

ls

Ran

k Va

lue

(US

$b)

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

3


*tie

38*24.8 10 - -

100.00.9 27 100.0

▲ 0.1APOYO Consultoria SAC 19* - 2 2 ▲CFI 19* 19* 2 0 - 7.8 15*

0.5

--

9.9

2.94Rank

-83.2


46.3

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

▼27.5

-43.7

2016

US$m

11-6

33

19*

15 13.7

10*

Greenhill & Co, LLC 3*

-

▲

5

7*

10*4

-1-

Lazard

1

Itau Unibanco 8

3

124

27*3*55

3* 74.917*

13

1

▼

-317*

33.3

1▲ 0

▲

▲

0

17*

6*20.0

17*

▲

6*

9*

▲

4

21 ▲

Rank

-

33.0

0

17*

0

-

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

17*17*


▼ Jan 1 - Jun 30

100.0

1.3

-0.8

5.01.3

-

▼

▼

6

22*Banco Bradesco SAMorgan Stanley

9*

5

4

JP Morgan

-

5.3

-

KPMG

6*

M&A International

19*

Bank of America Merrill Lynch27*

--

0

3Moelis & Co

0

2

20*

-

0

▲00

33

0

32.4

▲

2

9*

IMAPBBVA

--

Change (%)

# of

9*2

-327*10*9*

▲2

Rank

Latin America Involvement Small-Cap Rankings (MM17a)

Rank Value


2016 Change in

2

** Fee2016 AdvisorRank Value


Financial Advisor

2015


30*

8

28

100.0

17.7

20*

12.16.6

92.6

7

11*

11▼

14*

-8.3

Jan 1 - Jun 30

-22.0Credit Suisse

Banco BTG Pactual SA8.4

MAGMA Brasil Consultoria Ltda 3

9*

Artica Participacoes e Assesso

27*


0UBS

7*9*

Rank

9*

3▲

▼

# of Deals

9*

3

10*

6*

1Deals

9*

BNP Paribas SA

3

3

19*-11

▼

22

-96

2 -42 2

470

19*

Industry Total

10*Deutsche Bank 19*

-

▲

-

106.9

18*

- 1.0



▼ 17*0-1

▼

7.8

--

-

17*

17*15*

37.4

4

0.7 3.129

70.3

14*

11*

92.0

-78.8 ▼

-

-

18*13

-

17*

▼

-

-

--8

-27.1-

2.0

Fees

16.5

1.0

22*

1.0

-

-


69.0

-

▼

-

1.62.6

▲

-

100.0

0

- 7.8

1,648.4

90.9

3

0.2

17* -

100.0

8.54.0

7.9

-

-34.2

6.0

2.9100.022*

- -

20.814.3

Exp (%)

13.017.311.445.5

-

-

-37 3.7

-32.0 ▼ 1.6Santander 19* 33.0PricewaterhouseCoopers 19* 6 2 -3 ▼ 0

-

4*15.3▲ 12

17*6*

0 17*2

0 17* -BR Partners 19* 7* 2 -2 ▼22*Clairfield International 19* - 2 2 ▲ 0 - 1.0

Citi 19*

Arab Banking Corporation

21.4%

15.9%

11.9% 10.3%

10.0%

8.3%

7.9%

6.1%

4.0% 3.1%

Materials

Financials

Consumer Staples

Retail

Energy and Power

Industrials

Healthcare


Real Estate

High Technology


-

50

100

150

200

250

300

350

400

450

500

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

# of

Dea

ls

Ran

k Va

lue

(US

$b)


4


*tie

64 70.17.2 6.7

77 100.03.7 74 58.7

- - -

3.4- -

4.7▼

Canaccord Genuity 53* 31* 9 -5 ▼Vitale & Co SpA

25.8 23.09 8 ▲ - -81.1

ACXIT Capital Partners 53* 47* 9 -2

2.5

-

37 37.1Goldman Sachs & Co 42* 19* 12 -8 ▼

12 -4 -▼ -

▼ 31.3 27.7

-00ING 42* 25*

53* 251*


Rank

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

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

Fees

-35.0PricewaterhouseCoopers

39.9

12

11 -7 ▼

45*

-

30.0 27.7

0

0 010 -0

25*38*

30*

▼-

14▲

1651*

0

UBS

11.0

21

51*

14*-12

▲

-7

▲

22* 50.013.2▼-82.8▼

123.81

-18

55.9▼-2

5 ▼160.6 144.82

86Rothschild

57*

US$m

▼

4166.7

17*

56

6

3

Globalscope16*

22*

8

Lincoln International

12 22

2425


5110.7

# of Deals

Deloitte

BNP Paribas SA

2

6

Financial Advisor Rank

9

2016 2015

Rank

▼4

Deals

63

-341 118

-73

-38

251*

8

36

3422

35M&A International

41

10*KBS Corporate Sales Ltd 3631*

910*

RSM Corporate Fin LLP

IMAP

Baker Tilly International25*

Lazard

BDO36Ernst & Young LLP

7

KPMG

10*

47

39

12

10*14 -539*

3215

23

-2

European Involvement Small-Cap Rankings (MM3a)

Rank Value per Advisor

▼

6

282.2

Jan 1 - Jun 30

-57.5

# of Change in

49-64-22 107.6

▼

61.2

112.6▲▲

14

22

150.3▼

66.396.9

▼▲

25.7

10.0▼

16.2

9.0

10.6

-


Houlihan Lokey

Deutsche Bank30

Citi

-

-

Evercore Partners

27.9


16.535.9Morgan Stanley

6.2

48

-


109.5 10

▼

1

100.54

44

Euro mil

-70.7

-48.481.2 -

18

▼

▼

Change (%)

Rank Value2016

-24.026

▲9

Rank

251.1

31.9▲▼

▲

-

-▼

15-66.4

-19.2-1 10.4

23 87.661.411.5

17.0

68.6

71.5▼74.9

▼12.7

▼-65.8-

▼ 71.3

86.5

57*

19

26

7

25

▼

14

-29

13

34

21*

6

13

14*21

1322

219

21

23*

40*

30*

251*

45*16

21

39*

38*

23* 13

39*

30*

31*29

26

25*31*

Altium Capital Limited

Global M&A

39*19*30*

Benchmark International 37

5.4

16.6

11.7

3

Credit Agricole CIB

105*

Industry Total

42*

46* 31*

Carnegie

1,587.17,793 ▼ -9.0 ▼

-6

-

35

41*0

- 4-

10.4

19

20

17

1616

▲

5

16

▲

0▲

▲

4

4 ▲

9

12.214.6

▲

193*

217

72.5

12.6

96.5

-

-

-30▲

122

11

23.9

▲

64.5

▼

18.8 -

2

▲

-

112.8

-83.7

-

-

-

-

-

-

▼-58.6

113

▼

-

▲

22.08.2

6.6

-2.2-

▲

▲▼

75* 16 -47.818.88.1

10154* -96.8

▲

Jones Lang LaSalle Inc

30*

42*

Panmure Gordon & Co Ltd

30*

40*

Translink Corporate Finance

27*

21*JP Morgan 20

23*

La Compagnie Financiere

DC AdvisoryBCMS Corporate Ltd

CFI

27*

Natixis

Jefferies LLC

Numis

Kon SpA

Bank of America Merrill LynchClearwater International

Credit Suisse

46*46*

Rabobank NV

16*6 8

25

4.9

11.0

11

32.1

9

12

13

5

-

-

-15

14

13

-

16105.6

Clairfield International

Livingstone Partners

-12

30*Financiere Cambon

Barclays

UniCredit

N+1

864*

16,986.4 15,211.7

9

6.424 11 ▼

6.6-

4.4

--

-9.1

-

▼

65

30*

0

33*

-83.7

113.2

38.1

29

-85.3

▼


100.0

-

5.0

-

▲

▼

▲

19

-

16*

-41.2

-

-27.5▲

-

4.1

31*

▼

-

** Fee2016Advisor

62.8

Rank Value

1


28.7

Exp (%)

546.07.1

7

▼

14.8

▲

-

148.5

0

167.076.8

113.9

- -

▼

0 0

0

▼

102.9▲

0

▲16.3

61.5

7.39.9

27-▼ 53-

8

-65.9

-12.0

-

100.0

66.9

-

7.9 42.5

60

13.2

28.1

-2

▲

37.0

69.4

107.9

▲

66.3

▼

12

12.9

25.2

-

13.2

9.8

10.7

-53.1

49*

100.0

64.7

19.4

36

66

100.093*

100.0

5

68.4

62

33*

63

68.0

14.97

10

32

4428

7.2

11.5

87.7

18.4

40*

30*

100.049*

16.7

15.9

31.3

17.0

47.1

51.2


100.0

595.5

48.9

68*95

17

15

4.520.011.0

100.0

28.3

15

▼

▲

▲

-132

Capitalmind

-10

16

▼

7.20

42

7.8

100.022*

23.0

45

43

34.2

64.39.4

▼3

11

93.7

-

100.0

100.0

-4

5

13.8

25.7

64.42

13

100.0

19*

28.4

14

12

26

170.3

16.7

148.1

5.2

26.04.729.6

12.00

16.6

16.9

30.5

77.2

-

26.2

36.2 -60.2

-

100.0

65.7100.0

9.014.2

100.0

125.7 100.0

5.714.2

25-62.8

40*19*

100.0

0

480.9

-

-

53.5

137*

28.1-

038.4

-5.4

164.3

43.7

30.5

191.8

40.9

11 -3 ▼

-72.9 ▼

▲ 4.2

-▼-93.6▲

48.435.0

24.027.3

525.4

0 -

50* 57* 10 1 ▲46*

47*

Fineurop SpA 50* 69* 10

22*

0

0

-

10.6112*1.7

55*5.7

-83.7 13

193*

▼ 2.1-48.73

53.939.4▲

▲-

953* 39*William Blair & Co 50*

94.1064* ▲

-4 ▼10 2

78.9-

6.5 51 13.24.2 68* 26.4-

▼0

18.2 16.1 106 -82.0--

Macquarie GroupBanca IMI (Intesa Sanpaolo)

31*57*

53*53*

9 -50

14.1%

12.3%

10.9%

10.1%

8.7%

8.1%

8.1%

7.6%

7.2%

6.1%

5.0%

High Technology

Industrials

Real Estate

Financials


Energy and Power

Healthcare


Retail

Materials

Consumer Staples

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

# of

Dea

ls

Ran

k Va

lue

(US

$b)


5


*tieSource: Thomson Reuters/Freeman Consulting ** 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.

US$m

26.0

24.2

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

19.7

▼


▲ 0

33.00

7

38*7

38* 7 3

2

▲ 1.9

0

24* -

24*

24*

0.4

-

▲

0.5▲

-

-10.619.4

-504.1

-

-

24*

10.2

24*

-

--

6

▲

416.0

29.6 20.8

0

18.8

0

▲

1

▲-1

4

16*99

88

▲

▲

▼-6

15

-11

3

215

6-3

-4

17▼

106.2

72.5▼

1.4

48.7

-

▲

▲19*

▼

▼

16*

13.8

11

117

6.1

8.029.4

45.4

24

2

43

1.7

53*

9.2 15*

274.5

1.7

2

17.9

-20

14.00

13.7▲

20.5 16* ▲

-

▲-▲

-

-58.6

9*11

9*

▲ 00

9.60

12*12*

-16.612* -

-

--

48.4 33.7

13.0

43.9

19*

19*

23.0

62.9

19*

Rank

8

11.7

0

6749.8

73.2-7

18

19*

2016# of

36

9

2

11 ▼

1 16*

88.2

DealsRank

2211*RankGBP m Change (%) Fees

27 3 ▲90.9-

130.5

034


6.1

35 100.0

26

-▲

-3

274.9

2.8

Advisor

▲

9.034

# of Deals

17.012.7

25

58*1.5

5.8

53*

6

2016

-2 ▼

3,754.35,389.4 25.6

3 ▲56

4

0

32*

8

6

WH Ireland Ltd77*

▲3

27

▲

7

▼59.2

Deloitte 16* 16

M&A International 12*

DC Advisory21*Altium Capital Limited25*

25*

2

9*

11

10

1

1197*

1114

24

16*

9*


-0732*

0

15

12*JP Morgan39.5

Benchmark International 17*

11*

BCMS Corporate Ltd

14

▼

▲158.1

PricewaterhouseCoopers

Ernst & Young LLP 12*

KBS Corporate Sales Ltd

8

Financial Advisor

2

5

3

Baker Tilly InternationalKPMG

5

97*

13Lazard

2015

7

4

1

6

BDO

6

Rothschild

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

Rank

4 32.9

19*

RSM Corporate Fin LLP

Hoodless Brennan & Partners

finnCap Ltd

Panmure Gordon & Co Ltd

Rank Value

-

▼-81.8

-

-

-

-

65.1

-

3.0▼

95.5

-

▼

11.2

Jan 1 - Jun 30

▲675.2

Rank Value

087.2

▲

17.0

4.2

15

1

- -

5▼

▼▲

2016

Exp (%)


5

-53.9

-

-


8

-16


38*25*19*20Numis

23

Bank of America Merrill Lynch

32*

19*

19*Livingstone PartnersCiti

19*

Barclays 24*

24*24*Deutsche Bank

24*

UBS32*

N+1

50*

32*

Macquarie Group 32*

Credit Suisse

Catalyst Corporate Finance

Industry Total

14*

17*9*

-

97*

Natixis

BNP Paribas SA

-110

24*Clairfield InternationalHoulihan Lokey 6

6

24*

32*

7

24*

7

25*

77*50*

17*

24*

32*

32* 25*

50*

-50*

32*


1,734

-

659.3

1.50.8

65 29.8

9

19.858.6

** Fee

100.0

100.0


-

19*

125.7 -

5.3

100.018.2

100.0

36.4


93.8

100.0

100.056.7

4.869*26

8.318.8

1.0

29*5

101.6

48.1

51.6

574.6

100.041.0

41* 39.5

5711.37.5

18.02

0

UniCredit

4

0

-6

▼-1

▲

6 -1

▲

▼

97*

▲

31

-4

38*621*

7

6

0

38.5

▲47.8

0

18.2

Change in

4

-

▲ 26.724*

24*

40.9

▲

58* 68.2

25.8

-32*

▼

41*

▼

0

3.0

100.0

32*00

139.6

2.7

4.0

81*

15.7

100.0165*

▲

169*0.3▲

04418

2.58.5

10.0

32* 78.7 ▲

100.015.0

3.0

-448.124*

22.2

100.014.0

81.3

92*

1351

4

7

12

32*3929*

0 -▲32*

100.0

86.3

UK Involvement Small-Cap Rankings (MM4a)

0

8

36.2

32*

10.9

012.9

-

56.8

3.2

276.40

0110.7

0

4.0

12.8

16.132* - - 46.4

4

▼44 -114 -6 ▼

4 ▲

14* 4 -8 ▼

8

▲

▲

97* 4 3 ▲50*

4 1 ▲

▲

97*

4 3 ▲38* 4 0 -

▲- 4 4 ▲

▲3

38* 5 1

38* 5 177*

Cairn Financial Advisers LtdFTI Consulting IncGrant ThorntonJefferies LLCGoldman Sachs & CoCanaccord Genuity

Bain & CoShore Capital GroupPiper Jaffray CosCenkos Securities PLCRBC Capital MarketsGP Bullhound Ltd

Evercore PartnersMorgan StanleyFenchurch Advisory PartnersHSBC Holdings PLCCFIInvestec

44*44*44*

44*44*44*44*44*44*

39*39*44*44*44*44*

0

39*39*39*

32* 5 0▲

38* 5

- -

-82.0 ▼

39* - -

39*

-14.8 ▼

- -5 3

1

-13

4

4 4

0 0

0 0-

1 ▲

39*

39*

-34.0 ▼34.5 23.8

0 0 39* - -

17.7 12.4 44* -14.9 ▼

- -31.3 21.9 44*

10.9 7.6 44* - -

0 0 44* - -

0 0 44* - -

0 0 44* - -

3.3 2.3 44* - -

47.0 33.2 44* 112.7 ▲

7.2 5.0 44* -93.6 ▼

25.7 18.3 44* -46.8 ▼

25.8 17.9 44* 115.0 ▲

33.9 23.3 44* -63.7 ▼

0 0 44* - -

0.9

1.1

4.0 29* 4.224.3 3 16.31.0 69* 17.5

8 88.92.2 47 100.00.5 92* 45.50.5 92* 100.00.2 174* 100.04.0 29* 47.60.2 174* 6.79.2 15* 45.52.0 48* 100.00.1 181* 100.01.3 66* 100.0

80 100.03.3 37* 14.58.0 19* 3.3

68 35.5

15.3%

13.3%

11.9%

10.6% 10.2%

8.6%

8.3%

6.8%

6.5%

4.3% 2.8%

High Technology

Real Estate

Industrials

Financials



Retail

Healthcare

Materials

Energy and Power

Consumer Staples

Telecommunications

-

200

400

600

800

1,000

1,200

$0

$1

$1

$2

$2

$3

$3

$4

$4

$5

# of

Dea

ls

Ran

k Va

lue

(US

$b)


6



0.3 171* 100.014.5 13.0 - 339.4 ▲

100.01.8 44* 100.01.0

0 0 - - -16.7 15.0 26 -85.3 ▼

Avolta Partners SARL 36* 86* 3 2 ▲Banque Degroof Petercam SA 36* 9* 3 -10 ▼Indefi SARL 36* 51* 3 1 ▲KBS Corporate Sales Ltd 36* - 3 3 ▲ 0 -0

100.0- - 100.036*

1.0 60*13 --

27* - 4 451* 4 227*

27* 86* 4AP Management 27* 23* 4

4 3 1.3 -

4-23.527* 40* 4 1 25.9 0.521 172.6 ▲▲

Societe Generale 21* 11* 5 -7 0

44*5

5

4

00

033.0

--

-

23

15

--

-2

40.5

▼

0

36.0

Bryan Garnier & Co


36.4

22.3

0

0-

- -

-▲

▼

- -

Christie and Co

5

3 13


--

-24.1

27*

-Jefferies LLC

-

- -

-

-

-

-

Jan 1 - Jun 301.5

3.12.0

95*

5

-

12.52.4

-

-

15*49.0

100.048* 100.0

100.0

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

2.0

4

3.84.2


-

6

28*

26*

4.0

▲

20

▼44.7 -58.3 82*

14*0

39.3

0

8*

0

3.7-

20

5.7

0.74.0

-

-

0.9

22*

-45.9

7.0

-

- -

1.8

2.0

36* 100.030 100.0

100.0

21

8

67.1

28*

31*

-

-

▼70*

-

-

-

10*

70*70*

-

1.4-

-93.4

-

-57*

-

-

▼

79*

3.5

-

70*191.2 25

▼

-

39.1

▲

--

3

- -

▲

--

70*

1.85.4

11.4

480.9

13.2-54.6

-

6.1-

70*

6

-19

4.8

66.9105.6 ▲

-

▼ ▼▲

2.5

113.9

61.4

23.9

68.6

1-

-

26.226.0

5.4-27.5 ▼

5.9▲

66.3Change (%)

25

1842

0

-52

-

Fees

44*

1.2


Rank Value

French Involvement Small-Cap Rankings (MM5a)

30.0

15*

2

2015

28

-16

Deals

16*12*

Change in

▲

-3


2

516*

▼

▲

▼

▲▲

▲

▼

▼

▼

▼

▲

Linkers


Canaccord GenuityCASE Corporate Finance GmbHCapitalmind

M&A International 20*

7.2 6.6

▲

KPMG

4

Financiere Cambon67

DC Advisory

8

10*

5

11*

-75.951.9

6

▲

4*

# of Deals

15BNP Paribas SA

Deloitte

26

Rank

Lazard


9 ▼1056*

▲

1

5

7

1,600

86*

86*

314

8

▲

2,408.3

3

5.9

16*

2.8

67.9▼

17

100.0

1

0

-10

0

US$m

0 0

0

0

▲

20.0

▲

7

-4

▼▲

3

-3

44 2

3

-25

77

5

7

Rank

33.0 55.2

60.0

16.35.7

56.2

100.0

▼

-21

▲-1

▼

▲▼

0

-10

5

4

4

20*

6

16*

-2

-6

Barclays

Clairfield International 7*

21*

Easton Corporate Finance SAS15*

86*20

15* 40*

▲▲

▲

0

▼

0

34.0

Industry Total


21*21*

-

1.5

21*

▼ 3.536*

2,693.9

5

2

0

JP Morgan

21*

# of

French Small-Cap M&A up to US$50m by Rank Value RangeMM5a - Undisclosed Values & Values up to US$50m

2016


Rank

7*21

RothschildFinancial Advisor

Natixis2

1

9*10*

8

Credit Agricole CIB

UBS

Ernst & Young LLP 3 9

15*

-7

Jones Lang LaSalle IncIMAP

4* 9

Lincoln International12*

7

12*

Exp (%)

100.0

100.0

59.0

18.7

13

36* 100.0

48*

1.5 48*

60* 32.3

100.0

61.131.6

100.0

2016

71.2

** Fee

0

Rank

102.9

Euro mil

23

Jan 1 - Jun 30

Advisor

100.0

5.0

41.8

0

64.3

100.0

100.0

100.0

0.0

100.0

32.7

14

0

2.0

-10.9

192*

100.0

4.0

38.9

100.0

0

82*

100.0

22*

17

-

24.0

38.4

1.6

-

29* 3

15*

15

8

▼

51*

16

Mizuho Financial Group

4

▼

▲

0

- -

16

--94.7

Rank Value

0-

43.7

-▲

0-0


29.9

1.5

50.1

82.4

100.029.6

0 0

-

27.3

0

0

-

0.4

-

0

00

00

7.5

-

-

48*

48*

0.6

0.7

2.4 31*

60*

0

0.4

0

1.427*Chausson Finance

UniCredit

▲

22.8

Acticam SAS

51*

36* 86* 3 2

454.1

1.5

- -

-

Goldman Sachs & Co 27*51*

▲2

3 2

1.1 1.0

36* 86*

27*

Credit Mutuel SA 36* 86*

CM-CIC Conseil SAS

- - 0.548*95*

-63.7

-

89*8*

-1.0

-▲

0 0

20.0

11.9

0

70*0 0

0

-

▲ 22

-

2016

Global M&A 36* 23* 3 -3 ▼Invest Securities 36* 29* 3 -2 13.5Pax Corporate Finance 36* 23* 3 -3 ▼

1.1 58*

100.0Banco BTG Pactual SA 36* - 3 3 ▲ -

1.5

100.0Clipperton Finance SARL 36* 35* 3 -1 ▼ 26.3

100.01.2 56*

100.0MBA Capital SARL 36* 14* 3 -7 - -Acetis Finance SARL 36* 51* 3 1 ▲ ▼

▲

100.08.1 33

43.7 38.4▲

-Alpha Capital Partners LLP 36* - 3 3

3 2CBRE Holding SASBDO

100.0

86*- - 79* 32.13

Capival SARL 36*

36*36*

51* 3 10 0 - - -

0.91.5 48* 100.01.0 60*- -15.4 ▼

16.5%

14.3%

14.0%

13.4%

12.8%

8.2%

5.6%

5.4%

4.4% 3.7%

High Technology

Retail

Industrials

Healthcare


Real Estate


Energy and Power

Financials

Consumer Staples

Telecommunications

Materials

-

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

# of

Dea

ls

Ran

k Va

lue

(US

$b)


7


*tieSource: Thomson Reuters/Freeman Consulting ** 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.

2.0 28* 100.01.4 40* 7.3

7.6 8 32.24.1 15 13.8

1.0 43* 100.01.5 37* 100.0

0 0 20* - -0 0 20* - -

0 0 20* - -0 0 20* - -

22.3 14 - -0 0 20* - -

JP Morgan 20* - 4 4 ▲M&A International 20* 6* 4 -5 ▼Bank of America Merrill Lynch 20* 52* 4 3 ▲Lazard 20* 15* 4 -1 ▼DC Advisory 20* 15* 4 -1 ▼Network Corporate Finance 20* 29* 4 1 ▲ 25.2

23.0

-

-

8▲

7

▼

▼

20*

7

36.0▲

0

▲

26.0

28.7

Financial Advisor

0

0

0US$m

▼

0

-

2015


20*

-

04

21

-

1

Jan 1 - Jun 30

36

** Fee

14

10

▼

0

6

2016

Exp (%)

-

-

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

1.7

-▲

16.50

-0

20*

19

-

--

40*

296.9

-20*

30.0


-0

20*

3

-

-8.0

Mummert & Company 14*20*

Commerzbank AG

Clairfield International


0 -

14*11*

3*4*0

15*

5

0-

0▲11* 11*

-

-18

0-

3.9

-2.2

▼

14*

17

2.5

7

8

0

▼

-

---

8*-21

40*

8* 26*

11* 13*

6*

20*

7

-

12*-

-

-

-

17

1

20*

-

20* -

-

20*

-

20*

-

87.4-

20*Euro mil

1,873.5

4▲

17.9

45.5

4

0

▲

240.5

31.3

40.2

0

16.0

▲

▼

▲

0

8.810.0

0

06

▲

-3

-1

-5

1

▲

20*

6

-2

6

20*

5

-10

6*4*

IEG-Investment Banking

UniCreditConcentro Management AG

Globalscope

5

Rank

Ernst & Young LLP



9

14*

3 13*

40*

17

13

Deals

1

-6

55

10


52*

Rank

Rothschild

7

65

18.1

29*

▼

-

5

IMAP

14*

# of

5


20*


ACXIT Capital Partners

▲

0

34.1

14

7

6*

-21

Change in

6*

8*

8

4

KPMG

8*

20*

Deloitte

100.0100.0

7.0

22

18*

100.0

1


0

28.1

0

Rank Value

3.5

0

Baker Tilly International

2.0Berenberg Bank

1.0

2.1

# of Deals

1.6

1.726

0.6

1.4

Jan 1 - Jun 30

BDO

Rank Value2016

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

4259*

34*

1.2

3.5

24

Global M&A 0-

14*34*18*

28*

--20*

100.0

52.9

100.0

100.013

23.1

100.0

565.50.9

44.4

100.0

54.5100.0

▼

100.0

2776.1

100.00

-

3.2

43*

20*

100.0

Rank

German Involvement Small-Cap Rankings (MM6a)

2016

Fees


100.0

100.0

48.5

40.5100.0

3.4

Industry Total

Advisor

4-

-

Change (%)

-82 ▼1,008 1,679.1

-

5.2

9

Rank

22.2%

14.3%

13.8% 10.4%

7.7%

6.7%

6.3%

6.0%

5.7%

3.4% 2.3%

Real Estate

Healthcare

High Technology

Industrials


Financials

Retail

Energy and Power


Materials

Telecommunications

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

# of

Dea

ls

Ran

k Va

lue

(US

$b)


8



New Deal Advisors SpA 21* 37* 2 1

8* 2 -3

16.1

0

0 -0.2

19.3

0

▼

-

39.4

-

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

30*

-36.5

5.0

12.0

16-

-▲

0

▼

82.5

-

-

525.4213

-81.1

Euro mil Change (%)

32.4 4Rank

-▼


US$m

▼18*

14.1

2.0

-

1.7

1.0

0

-1

0 0

-

18* -

-

6.5

-

0

0

-

▲

18*

- 15.4

▼

18*

0.5

-

-

-63.3

▲

1.4

2.11

-42.3

-

▼

23

3.7

Advisor

3.5Fees

16*8.8

-

4

3

59*

11.0-76.7

▲

40

1220

6.70

49.1 44.6

Change in



0

** Fee

▲

▲

4*4

4

22

23*3

▲

3


0

▼

5.6

18*

-123*

-

-

10.9▲

-

Jan 1 - Jun 30

100.059* 100.0

31.2

21*18* - 1.5 21*


Industry Total

-

23*

23*

16*

23*

16*

DC Advisory 21*

-

18*

23*

12*

18*

1,180.6

▲

5

▲

Kon SpA

16*Rothschild

8*

N+1

2

Vitale & Co SpA

3

8*

UBS

2016

Rank

CFI

4

11*5

028.9

30*

0

1.5▲5

▼

13620

215

12

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

7

16* 3

1

23*

4

67

7

22

0

-

00.2

29.8

35.0 100.0

-

7*

7*

4.82.5

10.0

8*

493

Arche Srl 17.8

3

▲

0

Mediobanca

IMAP

3

0.5

16*

30.515.9

1

3 21*

30*

9.158.3

100.0100.0

24*

100.0

16.1

100.0

Exp (%)

58.7

30*

100.0

100.026.4

-

4.2

Rank Value

11

Rank Value

4.2

40.8

47.77.4

Rank


0

Jan 1 - Jun 30

0

8

2016

66.0


0

37*Ernst & Young LLP 11*

Ethica Corporate Finance SpA

Houlihan Lokey

16*Clairfield International

Leonardo & Co

CP Advisors Srl

10

16*

Globalscope

0

-1

11*

Global M&A

BNP Paribas SA

21*

Deloitte

-1

-

▲

-4

83

37*10

8*

▲

3

461

▲

4

-15.3

DealsRank

Banca IMI (Intesa Sanpaolo)

▲5

# of Deals

▲

131

2* 9

▲4*

9

▼

# of

Italian Involvement Small-Cap Rankings (MM7a)

2015

KPMGFinancial Advisor

Fineurop SpA

-▲

UniCredit

5*

11*

▲

4

2*

5*

-

11*

2016

0

22.0

36.6

152.6


▲23

1,054.7

13.2


32.6

7.2

24*15 -

- 0.3-

00

▼

-

07.3

Natixis

0223*21*2

221*

16*

0.5

1.0--18*21* ▼

11*

-

0

0

18*

00

-

-

-

3

8

18*

10 --

18*

-17

-

--

138.2

9* 18.5

21.7

100.0

100.057*

4.0

47.1

100.0

4

-

-

100.0

40.0

14

0

1

222

32.4

0 18*

19.7%

17.0%

11.8% 11.6%

8.4%

8.2%

6.6%

6.2%

3.4%

3.0% 2.3%

Industrials

Financials

Consumer Staples


High Technology

Energy and Power

Retail


Healthcare

Telecommunications

Real Estate

Materials

-

50

100

150

200

250

300

$0.0

$0.1

$0.2

$0.3

$0.4

$0.5

$0.6

$0.7

$0.8

$0.9

$1.0

# of

Dea

ls

Ran

k Va

lue

(US

$b)


9


*tie


-

-

-6.5

-

2

▼-

2

▲

22*

--

39*

39*

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

11.1

-

-

Globalscope

19* 41*

** Fee

Rank

72.6

25.9

3

▼

▲

-3

Nordic Involvement Small-Cap Rankings (MM9a)

Rank

-80.33

05

-

34

Jan 1 - Jun 30


Industry Total

39*

-1

▲

▲

2▲

1

3

-

999

-

▲

19* 41* 3

17*

▲

3Evercore Partners

17* 41*

HDR PartnersFIH Partners AS

19*Global M&A

19* 20*

41*

13* 16* 5

3Alpha Corporate Finance

Clearwater International 13* 14*Danske Bank

3

5ABG Sundal Collier 13* 16* 15Rothschild 13* 11 -2Handelsbanken Capital Markets 9* 20*

6*47

Translink Corporate Finance7

-78

Deloitte 9* 10 -2DNB ASA 79* 12* 1

SEBM&A International 7* 3

87* 12* 2

Carnegie 5* 5 -472

38.594.1 83.79

7.9

IMAP -11

Ernst & Young LLP

12Clairfield International -

▼▲

-16 0 39*PricewaterhouseCoopers

77.079*

49.4

-

17

12

-

▼

-

-

20

2016


9

▲

-

-

1.9

-

1.8

6.3

100.0

1.4

1.5

391.1

▲

33.7

100.0

31.0

90.9

Jan 1 - Jun 30

-

-

27*

-19*

41*

21

-58.6

658.5

78.9

15*

27*27*

0.7

2.6

-

-

-Livingstone Partners

0

Advium Corporate Finance

19*Nordea

41*20*

27*

▲

30.6

63.5

24

14.3

25

15*

100.0

31*

15*

Rank Value

100.0

2.0

15*

100.0

4.2

13.5

100.0

▲

2016

11

-

39*

32

39*

-

4

2

27*27*

▲0

1

3

0

-

44


00

27*27*

41*Newsec Corporate Finance AB

Citi

27*ING

27*Arctic Securities ASAN+1

27*Mid-Capital

Impello Management AS

20*

▲2

▲

BDO

11

22

19*

JP Morgan2

3

-14

73

24.7

18.0

27.70

0

▲

2 030.9

2

▲

▲

3

3

-

23 3

▼

▲

-5 ▼

1 ▲

86*

13

2016

▲

▼

2015

Deals

28

8

35.10

11.5

11

5

43.9

89.6 1

0

▼

Euro mil

9 -19

0

204

3

5*

Rank

6

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

Rank

▲ ▲Fees


Rank Value

# of Deals

1

# of

Financial Advisor


Change in

▲

2KPMG

1

-

▲

2

-

41*

33.5

1

100.0

14

42*

Change (%)

30.3

1.5

100.015.9

▼

-

-

0.6

1231.7

19 ▲

-

6

671.0

-

▼

-

10.9

73.3

26

70.02

31*

6*

Advisor

15.9

13


36.1

13.2100.0

Exp (%)

2.2

-

▲

-

-

-

-

-

4

▼

-

▲

-32.1

-

-

26.7

2.7

8

100.0

1.1

9

-

13.22.5

2.0

3

15*

33

2.0

100.027*

2.0

1.5

▲

▲

10

2.0

34*1.0

▲

4.2

-

- 45*-

163.1

100.0


14.0

2,340.2 ▲2,091.747.9

34*

100.0

100.0

100.0

30.4

27.821.7

6*


- 2.3

1.4

2.1

1.5 27*

1

8.3

1.7

1.0

4.0

-

42*

0.5

1.00.7

34* 100.0

48*--

▼ 0

-29.9

44.2

38.4

▼

▲

19*

41*-

27*

214

-1 ▼

0

39*0

2

0

01

-

20.5

64.2

0

44.9

47.0

US$m

40.2

20.518.5

--


45.5

23.3

51.0

5.7

8.6

37.7 33.5

0

0

0

30.0

12.60

38.7

5.2

-21.8

11.0

0 0

0

50.3

0

53.2

0

99.6

00

72.317.0

0 0

-

21.7%

14.4%

9.6%

9.4%

9.3%

8.7%

5.9%

5.7%

5.5%

4.6% 3.7%

High Technology

Industrials

Healthcare

Real Estate

Energy and Power


Materials

Retail

Consumer Staples


Financials

Telecommunications

-

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

# of

Dea

ls

Ran

k Va

lue

(US

$b)


11


*tie

- - 2.00Goldman Sachs & Co 26* 2

37*

-1


▲ 0▼ 0

29*

-2 42*

5.0 25*

1

90 05.4

29*

HSBC Holdings PLC 29* - 2 2

0Orange Corporate Finance BV 29* -

2▲

32.8

2 2RSM Corporate Fin LLP

▲

29*29* - 2 2

US$m

30.0-

221.5

50.0

Euro mil

016.9 20

** Fee

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

1,794.9

▼

▼

42*

-▲

0.812*-

-

Jan 1 - Jun 30

37*

-2

17*

3

4*

▲

4

5

4 -1

34

3

8

16*24* 7

7

2

-937*

24

10

5

# of Change in

Deals

13

6 17

44.0

21

0

16.9

18

-

-


-

0.73.5

24*

0.6

-

2.5

-

-

-

--98.7

3

100.0

-

-

-

-31*

▼

▲▼

-

-116

3

-1

Benelux Involvement Small-Cap Rankings (MM10a)

# of Deals

▲Bank of America Merrill Lynch

▲21*

-5

-23

▼

6

-4

9


1.5

1.5

16

Industry Total

▼

100.02.3

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

100.01.0 40*

100.05.6

26.0

24*

-

▼

0

12.0--

9

-

-

39.2

29* 100.072.36.0

2- 8

-0

00021*

789

-0▼

-

1,609.6

26* -

29*

-

0.829*

▼

0.8

-0

0 29*--

▲

0

29*

28

29*0

0.729*

44.2

▲▲

-20

▼

31

▼

▼19 114.4

0 0-65.549.1

67.9

▼

-

33.2

10*

61.9

0

16

275.1

-

19.3

-

▲ 2

29.7 10*-4

▲ 18.83

033.2

70.37 29*

29*▼

3*

▲3*

16*5

2015

2

2016

1

IMAP

6*

KPMGBNP Paribas SABDO

RothschildRabobank NV

ING

1 7Financial Advisor

CFI30.0-5

6*8

Lazard9*

Deloitte


3

-9

9

10

PricewaterhouseCoopersQuore Capital 14*

Capitalmind 11*Baker Tilly International 11*

Ernst & Young LLP 14*


M&A International

11*

20*

17*

Banque Degroof Petercam SA

21*17*

17*

51*

-4.7

Strata Advisory AB 29* - ▲

48*-

11*

13.2UniCredit

Mizuho Financial Group

20*

Banco Comercial Portugues SA

RBS

0

0

Globalscope


10

2

8


9*19.68

-2

Rank Value

27.7

13

29.7

Nielen Schuman BV 11*

0

100.0

7

22.5

100.0

74.9

▼

0 0

7

46*

-

0.7

0.6- 6.2

▼

1829*

66.3

0

Jan 1 - Jun 30

7.7

100.0

78.0


11

6

36.9

▲

84.6

-

100.0▲

12.7

10

6

-

31.94.6

254.5

2.0

100.0

47.1

3.6

50.0

100.0

48*

1921.7

6.527.8


- -

Rank Value

-Change (%)

16*

0

Rank

8.2

- 3.35.5

21

-

42*

2.0

29.9


Exp (%)

2

Fees

528.9

Advisor

100.0100.040.0

31*

Rank

2016

Rank

73.5

4

31*12

7.9

4.4

1

--4 ▼

4

---

2016

-

▲

16*

Rank

18

114*

ABN AMRO Bank 29* 20*

Evercore Partners

DC Advisory 29* 14*

Credit Suisse

29* -

29* 16*Clairfield InternationalHaitong Securities Co Ltd 29*

▲

--

24*

1.5

- -

31*

-50.8

2

24*-

CITIC 29* - 2 2

1.1

0-

9.7

-29*-45.4▲ 3

0

-347.9 42.0 7

-100.0

39▼ 32.72 2 ▲ -2

100.01.5

30.0 14 6.2

-0 -0 29* -

Poyry PLC 29* - 251*Lincoln International 29*51*- 0.5

2 -5

100.0

▼ 0 100.0-2 ▲ 0

- 0 - -00 29*

0.5

21.1

029*▼

-

00

29*Natixis

51* 2 1-1229* 26*

37* 2 0

90*01329*

100.0

-4.2

- 1.5

--

- -

31*100*0▲ 0

--

0.2-

0

33.3- -

0.029* - 2 2 ▲ 100.0

0

-00

0

Deutsche Bank 29* 26* 2 -10

▼

21* 13 3 -5 ▼ -29* 100.031* 100.0

1.5 31*----

BCMS Corporate Ltd 21* 37* 3 1 ▲

2 2 ▲

0.5 51* 71.41.5- -

37.7NIBC NV 21* 14* 3 -4 ▼ 0 0

0 - 2.0Jones Lang LaSalle Inc 21* 51* 3 2 0 29* -- - - -0 29*

▲29*

0 -

0▲Houlihan Lokey 21* 51* 3 2

15.4%

12.2%

11.8%

11.5% 11.2%

8.5%

6.9%

5.1%

4.8%

4.8%

4.6% 3.2%

High Technology

Retail

Materials

Financials

Industrials

Energy and Power

Healthcare



Real Estate

Consumer Staples

Telecommunications

-

50

100

150

200

250

300

350

400

450

500

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

$1.4

# of

Dea

ls

Ran

k Va

lue

(US

$b)


12



Financial Advisor

29*

Rank

▼

21*

17.0

-

Rank Value

16.3

# of Deals Euro mil

21*


11*153.1

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

▼

9*

16.4 114.9


44.2175

29*


8.1

-

-

** Fee

-

25

13*

7.0

21*

4.2

711*Aday Bagimsiz Denetim

2

0.6

152

▲


2

-

0.5


-3.9

0.8

7-

100.0

▲

Advisor

4*

61*

25.0

84.8

1314

2,426.3

--

-

-

-

- 6.3

0.1

3.34.00.2

▲ 0.7▲

-

Industry Total


2,702.71,773

Eastern Europe Involvement Small-Cap Rankings (MM16a)

Rank ValueChange in 2015

Eastern European Small-Cap M&A up to US$50m by Rank Value RangeJan 1 - Jun 30

1

1

8

4*

29*

2016

Rank Deals

8

-4

018.3

29.6

3

8

5

-17

-9

28.2

2-5

3▲

▲ 0

6

5.8

0

07.2

6.5

16.3

026.9

18.311.0

0

12.6

0

0

Rank

2016

0

▼

▲

# of

3*

10*

8*

3

77

17*

3 -50

0

▼

0

3

-4

▼

▲

▲

▲

▲

▲

▲

▼1

▲

▲

8*

1

7*

3*

2

1

2

2

5

JP Morgan -

-29*11*

67*7*

3



Deutsche BankDanske Bank

29*-

11*Bank of America Merrill Lynch

221

2

211*

Rothschild1*

BDO4*

1*KPMG

1*IMAP

7*

UniCredit

CFI

6

11*

KBC Group NVErnst & Young LLPDeloitte

Industrial & Comm Bank China

11*

0

0

0


Fees

21*

18.5

0

16.1


100.0

Exp (%)

72.7

100.0

58*

62.5

-

42.9

12

29*

100.0

100.0100.0

-

▲

12.0

-

--

25.9 7

21*

21*

17

6

13.6

21*21*

11*

Change (%)

166.7

413.93

-0.5

▲

Rank

-

1.61.5

-

100.0

26*

100.0

- -

29*

100.0

8

1

100.0

100.0

2016

- -

23*

0.5

US$m

-17.5 ▲

15.2%

11.8%

11.8%

11.2% 10.7%

9.8%

7.6%

7.2%

4.9%

4.2% 3.2%

2.4% Energy and Power

Financials

Consumer Staples

Materials

Industrials

Real Estate

High Technology

Retail



Healthcare

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

# of

Dea

ls

Ran

k Va

lue

(US

$b)


13


*tie


Credit Suisse 3*


10

0 30*▼

▼

-▼

12.9 -

0

11*

Lazard

--

Rank Value

30*

323.7

2

Rank

8*

3*

11*

2

17 159.0

11*

▲▲

11*

-

Rank

3 ▲

-

11*

-

663 ▼

0

4.0

US$m Rank

-

-

-

-32.037.2



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

▲0.1

0

Rank Value

12.50.8

11

4-1

** Fee2016

Deals


Advisor

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

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

Exp (%)



17

42*

Rank

3* 12* 2

2016

26.7▼18*

318*0.7

4.1

1

▲57.8

30*

12*

-25.8

▲

1924

0 ▲

-12*

▲15.8▲

1

▲12

Goldman Sachs & Co13

25.04* 4

4Deloitte

8*

13* -34.6-

-

0.4-

2.0

22*5

▲

0 -- 50.0

0-

-

0 - --0

-

11

-0

30.5-

10.8 20.1

0.6

-

-

--

8*33*

15.7

0.7

Change (%)

100.0

44.3

-8*

2015 Change in 2016

-918

# of

Fees

-

2.5

0.2

30*

-

3 7-

16.7-

13.3

2

Citi 11*12* 2

2 227*

2

3

11*

Financial Advisor

3*

KPMG

1

-

Haywood Securities Ltd.

14

3*

12*

69.6115

Jan 1 - Jun 30

▲4


▼

Moelis & Co 8*

# of Deals

Macquarie Group

Deutsche BankErnst & Young LLP

11*


12*RBC Capital Markets

2

8*12*

2Peel Hunt LLP

** 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.

3

1

2

▲

20

2▲▲

Industry Total

Rothschild

11*

-67

UBS

Rabobank NV

100.0

8.2

5.332.86


100.0

19.2

2.9

123.4

4.9

1

2.0

26*

2.0

-8

2-

Generational Equity -11* 18* 100.0

20.0-2.8▼▲

2-

3,155.8

0.7

-

2.7

33.8

- -2 ▲ -12.0

- 2- 2

27* 2

-20 - -

0 -

0 30* -

-0 44* -

7.7 3

17.8%

15.9%

11.0%

8.7%

8.0%

7.1%

6.3%

5.9%

5.9%

5.8%

5.8%

Materials

Industrials

High Technology

Real Estate


Financials

Energy and Power


Retail

Healthcare

Consumer Staples

Telecommunications

-

100

200

300

400

500

600

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

# of

Dea

ls

Ran

k Va

lue

(US

$b)


16

http://banker.thomsonib.com/


ICICI Bank Ltd 16* - 1 1 ▲Parks Paton Hoepfl & Brown LP 16* - 1 1 ▲Yes Bank Ltd 16* - 1 1 ▲Raymond James Financial Inc 16* - 1 1 ▲Livingstone Partners 16* - 1 1 ▲Corporate Finance Associates 16* 24* 1 0 -N+1 16* 24* 1 0 -Business Development Asia LLC 16* 24* 1 0 -Lincoln International 16* 24* 1 0 -

0 20*

BCMS Corporate Ltd 16* 24* 1 0 -Globalscope 16* 24* 1 0 -Axis Capital Holdings Ltd 16* - 1 1 ▲HSBC Holdings PLC 16* - 1 1 ▲Aristea SAS 16* - 1 1 ▲

# of

KBS Corporate Sales Ltd 16* - 1 1 ▲Translink Corporate Finance 16* 5 1 -5 ▼Anova Corporate Svcs Pvt Ltd 16* - 1 1 ▲

Jan 1 - Jun 30



▼

Axis Bank Ltd 2*

2016 2015 Change in

Indian Involvement Small-Cap Rankings (MM21a)First Half 2016 │ Small-Cap M&A Up To US$50m │ Financial Advisors


2016 ** Fee

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

Rank Value 2016 Rank Value Advisor

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

Ernst & Young LLP 1 1 10 -11 ▼ 40.8 3 -66.5 ▼ 1.2 6 11.9KPMG 2* 4 6 -2 4.1 16 -90.3 ▼ 0.7 9 100.0PricewaterhouseCoopers 2* 2 6 -4 ▼ 42.8 2 -36.2 ▼ 0.8 7* 72.7

8.36 6 1 ▲ 60.3 126.5 6 -

141.2 ▲ 0.2- 0.2GCA Savvian Group Corp 5* - 3 3 ▲

▲ 0.1100.026*

Deloitte 5* 13* 3 1 ▲ 24.0 33* 33.371.3 511 -21.8 100.0

788.9Clairfield International 5* 9* 3 0 -Jefferies LLC 5* 24* 3 2 - 11* 6.9Arma Partners LLP 9* - 2 2 20*▲ 0Standard Chartered PLC 9* - 2 2 -▲ 0 -

0.5▲6.3 1 100.0

-o3 Capital Advisors Pvt Ltd 9* 9* 2 -1 5.5Lazard 9* 24* 2 1 20* - -Avendus Capital Pvt Ltd 9* 3 2 -7 26*-96.9▼ 4.0

▲ 0▼ 0.2

4.1

Societe Generale 9* - 2 2 ▲ 0 20*9* 24* 2 1 13▲ 7.8 100.0

Jan 1 - Jun 30




100.0

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

318.2

2 100.0

26*

3.1M&A International 0.6- - 10

0.4 23* 100.0▼

--

0.014

--

11.5

▲

0 20*▼

-

-

26*

-

100.0100.033*

0 20* - - -3.3 18 - 0.1-

0.2

-

20*

-

JM Financial Group 16* 13* 1 -1


1▲

▼Bengur Bryan Co 16* ▲- 1

-0 20*

-17

Infrastructure Leasing & Fincl 16* - 1 1

Rothschild 16* 24* 1 0 - 0 20* - - - - -Rand Merchant Bank 16* - 1 1 ▲ 22.7 8 - - - - -RBC Capital Markets 16* - 1 1 ▲ 0 20* - - - - -Mizuho Financial Group 16* - 1 1 ▲ 0 20* - - 0.2 26* 100.0Signal Hill Capital Group LLC 16* 13* 1 -1 ▼ 33.8 4 69.0Kotak Mahindra Bank Ltd 16* 9* 1 -2 ▼ 0.4 23*

▲ - - -

-

0 20* - -- -

0 20*

- 41.6 26.3

9.3

570 15 ▲ 1,853.5

Wodehouse Capital Advisors 16* - 1 1 ▲Goldenhill Intl M&A Advisors 16* - 1 1 ▲Tat Capital Pty Ltd 16* - 1 1 ▲Commerzbank AG 16* 24* 1 0 -JP Morgan 16* - 1 1 ▲Moelis & Co 16* - 1 1 ▲

- -15.0 9 - -

0 20* - -0 20* - -0 20* - -0 20* - -

5.0 15 -70.1 ▼0 20* - -

13.8 10 - -0 20* - -0 20* - -0 20* - -0 20* - -0 20* - -0 20* - -0 20* - -0 20* - -0 20* - -

1.5 19 - -29.0 5 - -

0 20* - -11.0 12 - -

0.1 33* 100.00.5 11* 100.00.1 33* 100.0- - -

0.5 11* 100.00.2 26* 100.00.5 11* 100.00 38* -

0.5 11* 100.0- - -

0.5 11* 100.0- - -- - -

0.5 11* 100.00.5 11* 100.00.5 11* 100.00.2 26* 100.00.5 11* 100.00.5 11* 100.0- - -

0.3 25 100.0- - -

0.8 7* 25.8Industry Total

13.9%

12.8%

12.8%

10.3% 10.2%

8.8%

8.6%

7.7%

5.8%

4.4% 3.9%

Industrials

Financials

Retail


Energy and Power

High Technology

Healthcare

Materials


Consumer Staples

Real Estate

Telecommunications

-

50

100

150

200

250

300

350

400

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

Ran

k Va

lue

(US

$b)


# of

Dea

ls

20


Thomson Reuters Solutions for the Deal Making Community

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Solution for:• Managing Client Relationships• Deal Origination• New Issues Pre-Marketing/Roadshows• Financial Modeling• Customized League Tables• Simple Deals screening• Valuation analysis and comparabledeal screening• On-brand pitch book creation

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