The Brief mergermarket’s Weekly Private Equity Round-Up
2 October 2009 | Issue 32
Editorial 1 The Noticeboard 2 Private Equity Opportunities 3 Deals of the Week 9 Pipeline 19 Statistics 27 League & Activity Tables 30 Top Deals 39 Investor Profile: Advent International Corporation 42 Notes & Contacts 45
The Week That Was..... The last seven days: private equity in review
The third quarter of the year witnessed 392 private equity producer and seller of electric energy, capacity and ancillary related deal come to the market across the globe, worth a services, for US$1.50bn. collective US$31.27bn. In volume terms this stands as the Twelve months on from the onset of one of the worst financial most active quarter of 2009 so far with activity up by 1.3% on crises in history it would appear that the asset class is slowly Q2 figures. While valuations were slightly down on the first beginning to find its feet. Deal making at the top end of the two quarters of the year, it is notable that several significant market is still understandably subdued although the recent flurry transactions came to the market. of large cap deals is encouraging. The gradual improvement in Interestingly, three of the top five transactions of the third the economic environment has meant that the deal drivers are quarter were announced in September, indicating that private also beginning to shift. Fewer distressed driven deals are being equity’s appetite for large cap deals is returning as the debt brokered although non-core asset disposals by larger coporates financing and general economic environment improves. The are likely to continue to provide opportunities. Nevertheless, largest deal was seen in the TMT sector in the Benelux region investors are arguably now looking to take a longer term where a consortium of investors led by Silver Lake Partners strategic approach with renewed emphasis on value creation acquired a 65% stake in Skype Technologies, the Luxembourg and less focus on financial engineering. based internet communications company, from eBay Inc for US$2.03bn. The second largest private equity deal over the By Tom Coughlan, Remark timeframe also involved a TMT target company and saw The Carlyle Group selling of a 60% stake in kbro, the Taiwan based cable television operator, to Taiwan Mobile Company for a consideration of US$1.73bn
Despite the abovementioned deals being announced in Europe and Asia respectively, it is noteworthy that the bulk of Q3 activity was in fact seen in the United States. Indeed, some 145 deals worth US$12.31 were brokered, accounting for 37% of overall global private equity deal flow and 39% in terms of valuation. The most significant deal in this space was announced in August and saw LS Power Group agree to acquire five peaking and three combined-cycle generation assets from Dynegy, the The Noticeboard
People moves
Date Title Story snapshot Source
30-Sep-09 CapMan hires CapMan, the Nordic private equity firm, has announced that Teuvo Salminen will join the www.capman.com Energy specialist firm as an Advisor. Salminen joins CapMan from Pöyry Group, a consultancy firm focused on the energy industry, where he held a variety of executive level positions since 1985. Salminen has been on CapMan’s Board of Directors since 2001 and Vice Chairman since 2005.
30-Sep-09 Advent hires oil Global private equity firm Advent International has announced that Tom Ehret will join www.adventinternational.com and gas veteran its Operating Partner Programme to advise on its oil and gas investment activity. Ehret previously served as CEO to Acergy S.A and he is still on the Acergy board. Acergy is one of the largest offshore engineering and construction contractors to the global oil and gas industry.
29-Sep-09 KKR joins treasurer Global private equity firm Kolhlberg Kravis Roberts & Co. has appointed Jonathan R. Levin www.kkr.com ahead of public as Treasurer and Head of Investor Relations. Levin will oversee the firm's balance sheet, listing including the US$3.3bn in net assets the firm is expected to receive following the merger and public listing of KKR and KKR Private Equity Investors.
New funds
Date Title Story snapshot Source
29-Sep-09 Quantum closes Houston-based private equity firm Quantum Energy Partners has closed its fifth fund on www.quantumep.com fifth fund on US$2.5bn. The fund will target opportunities in the US$100m to US$400m in the energy US$2.5bn industry, in line with the firm's traditional strategy. Quantum has more than US$5.7bn under management and its latest fund represents a 90% increase from its last fund raised in 2006.
Miscellaneous
Date Title Story snapshot Source
1-Oct-09 Hellman & San Fransico-based Hellman & Friedman has closed its largest fund to date on US$8.8bn, www.privateequityonline.com Friedman raises exceeding its US$7bn target. The firm also confirmed that Philip Hammarskjold will US$8.8bn and succeed Brian Powers as chief executive, while Powers will replace founder Warren reshuffles Hellman as chairman. Patrick Healy will serve as deputy chief executive. management
30-Sep-09 American Capital US-based private equity firm American Capital has announced the closure of its Frankfurt www.americancapital.com closes Frankfurt office, a part of American Capital's European Capital Financial Services Limited (ECFSL). office ECFSL, an investment company targeting equity, mezzanine and senior debt investments in Europe, will continue to manage the Frankfurt assets out of its London offices.
2 The Brief: 2 October 2009 | Issue 32 Private Equity Opportunities - Asia-Pacific
Sterling Construction appoints Euromax Capital for capital raise, source says
Date Value Currency Value Sectors Companies Countries Intelligence grade (M) description
23-Sep-09 20.4 US$ Funds sought Construction Euromax Capital; Sterling India Strong evidence Construction System
Sterling Construction, a privately owned, Mumbai-based engineering company, has mandated Euromax Capital to raise around INR1bn (US$20.4m), said a source close to the development. The company intends to raise the capital via a convertible issue to private equity funds, he added. It would be unlikely to opt for a stake sale to raise the US$20.4m as that could mean an equity dilution of about 40-50%, he added. Sterling has an order book size of more than INR10bn (US$204m) against which it will be issuing debt to fund its business, the source said. Its annual revenue forecast is INR1.2bn (US$24m) for the fiscal ending 31 March 2010. Sterling Construction produces clean-technology houses and would likely attract the interest of green energy funds, the source said. Given the boom expected in the space and the industry’s current nascent stage, the company offers high growth opportunities until 2015, he said. Funds, such as IDFC PE, Actis, ICICI Ventures and Monsoon Capital are funds that might be interested, said a buy-side private equity banker. The company could command valuations inbetween 12-15x price to earnings (PE), or higher, if the order book is executed faster, he added. Bijal Doshi, director at Euromax Capital, acknowledged the firm has been mandated but declined further comment.
Maneesh Pharmaceuticals to look at private equity for expansion purposes, director says
Date Value Currency Value Sectors Companies Countries Intelligence grade (M) description
24-Sep-09 244 US$ Revenues Medical: Pharmaceuticals Maneesh Pharmaceuticals India Confirmed year ending Pvt. Ltd Mar-09
Maneesh Pharmaceuticals, a privately owned, Mumbai-based generic formulations company, would consider approaches from private equity investors, said Gauri Sapte, director of business development. The company would look at raising between US$25m and US$50m, she said. The company is interested in talking to financial advisors from October onwards, she added. The stake to be offered would depend on the investor but it would be a minority stake, she said. Maneesh registered revenues of US$244m for the year ending March 2009 and has 3,200 employees, said Sapte. The company intends to raise the funds for its organic expansion plans, said Sapte. It had envisaged certain expansion plans last year which were stalled by the economic downturn, she said. It is now looking to invest in brand promotion and registration of its drugs in developed markets and research and development, she said. The company had intended to go for an IPO, according to previous media reports. When asked about the IPO plans, Sapte said that the company was looking at it seriously in 2007 but is in no hurry to do so now. It would revisit the plan later but has no timeline in mind, she added. Maneesh was looking to raise capital last year, but the deal did not go through because of differences in valuation and a downturn in the market, said a banker familiar with the company. Companies like Maneesh, having a diversified platform and geographic reach, are valued at 2 to 3x sales. The company’s intended IPO, although stalled for now, would be the eventual plan, he added. The company was active in acquisitions and joint ventures in 2006 and 2007, said Sapte. It is currently focused on organic growth, she added. The company is strong in gynecology, antibiotics, anti-infectives, and tuberculosis.
3 The Brief: 2 October 2009 | Issue 32 Private Equity Opportunities - Asia-Pacific
Bullseye Group receives buyout approaches; would consider merger or trade sale, CEO says
Date Value Currency Value Sectors Companies Countries Intelligence grade (M) description
25-Sep-09 10.7 AU$ Revenue Media National Australia Bank Australia Confirmed Limited; Thomson Playford Cutlers; Bullseye, WHK Camerons
Bullseye Group, a private Australian digital advertiser has received buyout approaches and would seriously consider merger or trade sale talks with Australian or international players. Chief executive Jim McKerlie said a transaction could enable it to become a leading digital advertising agency. The Bullseye Group had revenue of AU$10.7m (US$9.3m) for 2007-08. It is debt free and Australia's largest privately-owned digital services business. The company would welcome approaches from investment banks. It would like to use legal firm Hertcez Partners for potential M&A deals given its industry expertise and it uses Thomas Playford for day-to-day legal advice. Its accountant is WHK and its commercial bank is the National Australia Bank. Bullseye has received buyout interest in the past 12 months from ASX-listed media players and a significant number of approaches from internationals. However, a deal did not go through as would- be suitors put acquisitions plans on hold in the global downturn. Private equity firms had also expressed an interest in Bullseye, McKerlie said, but it would prefer to look at longer-term strategic investors. There is a vacancy in Australia for a top player in the digital advertising industry, he noted. ASX-listed media companies that have a digital arm include Mitchell Communication Group, STW Communications and Photon Group. An IBISWorld analyst said the Australian online advertising sector should grow to about AU$2bn in 2009-10.
Mosaic Oil evaluating alternatives for underground gas storage project, deputy chairman says
Date Value Currency Value Sectors Companies Countries Intelligence grade (M) description
25-Sep-09 200 AU$ Investment Energy Santos Ltd; Mosaic Oil Australia Confirmed on project
Sydney, Australia-based Mosaic Oil (ASX:MOS) is evaluating a number of options for its Silver Springs Underground Gas Storage project, including a potential sale or spin-off, said deputy chairman Andy Rigg. The company, with a market cap of A$88m, sees a range of options and a final decision depends on the value assigned to the facility by both Mosaic and other companies, he said. Having an asset like this gives room to grow, whether by extracting the value from a sale or participating in the project as an operator. A sale could potentially give the company a “war chest” for its exploration and production side. It may also spin the asset off in another way, he added. Because Mosaic is a small company and did not have internal expertise on this issue, it hired a consulting firm that does business modeling, he said. However, it will need to hire an investment banker after it selects one option to move forward, he added. By the end of the year, it will have completed the evaluation work, and will have made a decision as to which avenue to take, he said. The facility requires A$200m-A$250m in investment. Major companies may want to buy the asset, he said. Private equity firms would also likely be interested. Mosaic still needs to de-risk the project and it has talked to potential customers, but has not had discussions about funding the project yet. Mosaic will have the capability to raise new equity and is debt free, which means the project is fundable, he added. The company acquired Churchie Field assets from Santos in April. When asked if Mosaic may consider divesting any assets from that acquisition, Rigg said that it may look to sell some down to a party who is interested in developing them. The initial goal of the acquisition was to “de-bottleneck” the area to allow development to proceed, a goal it has achieved, giving the company the luxury to decide whether to keep 100% of the assets. When asked if Mosaic is also considering acquisitions, he replied that the company has a new CEO, Alex Parks, and will give him about six months to “get on board” before seeing where he wants to take the company. Parks brings opportunities on the exploration front through his previous experience, Rigg added.
4 The Brief: 2 October 2009 | Issue 32 Private Equity Opportunities - Europe
Envirotainer sale process resumes; Carnegie mandated as advisor, sources say
Date Value Currency Value Sectors Companies Countries Intelligence grade (M) description
30-Sep-09 29 € Turnover at Manufacturing (other) D. Carnegie & Co AB, Lindahl, Sweden Confirmed Envirotainer Envirotainer AB
Envirotainer, the privately owned Swedish developer of temperature-controlled air transportation solutions, has mandated investment bank Carnegie as financial advisor to find a buyer, according to a source close to the situation. The company, of which “several tenfold” of suitors have shown interest, aims to close the first bidding round next month. The owners hope to find a buyer by the year end, and Lindahl has been hired to give legal advice, the source noted. The news comes after an industry source noted that the company had returned to the market after an attempt during spring, and that investment memoranda were being circulated. Both Nordic and international private equity firms are interested, said the source close to the situation. A logical buyer would be an investor that operates in the service and/or in the logistic sector, the source noted. There is less interest from strategic buyers because of the widespread low M&A activity, the source said. Separately, a banker noted the Envirotainer niche product would be more attractive to financial investors. The source close to the situation did not comment on the valuation, but noted its strong cash flow is highly valued.The circa SEK300m €( 29m) turnover company reported a profit of SEK34m last year.
MP Corporacion Industrial seeks investor for its elevator unit; three businesses seen as non-core, DG says
Date Value Currency Value Sectors Companies Countries Intelligence grade (M) description
28-Sep-09 220 € Group sales Automotive, Computer Grupo MP, Grupo MP, Mac Austria, Confirmed 2008 software, Construction, Puar Corporacion Industrial Belgium, Industrial products and SL, Mac Puar Corporacion Germany, services, Services (other), Industrial SL, Mac Puar Spain, Utilities (other) Corporacion Industrial S. France, (Elevators unit), Mac Puar United Corporacion Industrial SL Kingdom, (Engineering and Industrial Ireland Services unit), Mac Puar (Republic), Corporacion Industrial SL Netherlands, (Engineering, Services and Poland, Environment unit), Mac-Puar Romania Sistemas SL
MP Corporacion Industrial, the Spanish, family-owned elevator manufacturer, is seeking a financial investor, director general Eugenio Barroso said. “We are seeking a minority financial investor for our elevator business, which is core, because we need funds to continue making acquisitions,” Barroso said. The company is already in negotiations with possible investors, but it is still open to receiving new proposals. He declined to name the investors the company is talking with. MP Corporacion Industrial is fully owned by the Madariaga Parias family. The group had €220m in revenue, €19m in EBITDA, €70m in equity and invested €17m in 2008. Barroso said that MP wants to acquire elevator installation and maintenance companies in European countries where the sector is developed, such as France, Holland, Belgium, the UK, Ireland, Austria, Germany, Romania and Poland. According to the executive, MP is seeking small companies with between €5m and €12m in revenues or with around eight to 15 employees. He said that the company seeks targets in-house. He ruled out the possibility of a merger with a rival. He named Otis, Thyssen, Kone and Schindler as the biggest players in this sector, and the Spanish company Orona as a firm similar to MP. According to Barroso, MP’s elevator business recorded€ 140m in revenue last year and expects €120m this year, around a 13% decrease. Some 60% of revenue comes from international sales. “We want to increase that percentage to 66% by 2009.” MP’s elevator unit manufactures, designs, maintains and installs elevators. Barroso said that the group has three more units, all non-core. “These businesses are local and we should invest more money to develop them. We have a clear intention of seeking industrial or financial investors and we could sell a minority or a majority stake,” Barroso said. “Our aim is that these businesses grow. We can be the co-driver in these areas,” he said. MP is already talking to potential investors. “I hope to be able to close a deal before 2009. These units are a good way to get a footprint in the Andalusia region,” he said. MP is seeking investors in-house but Barroso did not rule out hiring an external advisor at some point. MP’s three non-core areas are Engineering, Services and Environment; Engineering and Industrial Services; and Systems. Engineering, Services and Environment had €45m in revenues in 2008 and targets €48m this year. Barroso said that within this area, it is aiming for 2009 revenues of €13m from Environment (this area develops water treatment plants); €30m from Construction (it builds industrial bays, sport centres, malls, etc.); and €5m from Services (maintenance of water treatment plants). Engineering and Industrial Services is focused on aeronautical and train engineering, industrial maintenance services and automotive parts manufacturing. Barroso said that this unit reached revenues of €26m in 2008 and he expects a 3% decrease this year because the slide in the automotive parts sector. Its non-core Services unit, according to Barroso, had 2008 revenues of €7m, a figure the company is aiming to repeat this year. This unit designs software, mainly ERP programmes. MP holds a 40% stake in Ingenia, a technology company with around €12m in revenues, he said.
5 The Brief: 2 October 2009 | Issue 32 Private Equity Opportunities - Europe
Granular mandates financial advisor to find investors
Date Value Currency Value Sectors Companies Countries Intelligence grade (M) description
30-Sep-09 30 € Stake value Consumer: Foods Daniel Stewart & Co plc, Sweden Confirmed Granular AB
Granular, the privately owned, Swedish stevia company behind the Real Stevia natural sweetener brand, will be looking to raise capital in the near term, founder and CEO Carl Horn af Rantzien said. An influx of capital will enable investments in production, marketing, sales and expansion of the business organisation, CFO Arne Myhrman explained. The company could raise up to €30m, but the exact sum will be decided on during an EGM in October.To this end, Granular is preparing an investment memorandum together with London-based financial advisors Daniel Stewart & Company. The company is looking to attract financial investors, possibly with a ‘green capital’ angle, Horn explained. The investment could fetch a 30-40% stake in Granular, he added. The company has so far been financed by shareholders, including regional insurance companies and private owners. Granular focuses on the development of its Real Stevia brand, which is produced from stevia leaves grown in an environmentally, economically and socially sustainable manner. This, Horn noted, contrasts to bulk producers of the product, and aims to attract consumers who appreciate these values. Investors carrying a similar mindset may be found in the Nordic countries, as well as Switzerland, France, the UK and US, Myhrman said. The markets for the natural sweetener stevia have opened in the Americas and Asia, and are about to do so in Europe in coming years, Horn explained. France has been among the first European countries to approve the use of stevia in foods, and Granular is looking to enter the market in the near term. To date, the company has prepared 20 tons of steviol glycoside for market entry in France. Granular’s goal is to become a leader on the European market, but will enter other markets alongside its clients. Headquartered in Stockholm, Granular also has operations in Asia and South America. So far, sales have been modest, but are expected to grow rapidly as markets open.
WhiteLabelDating.com could consider selling minority stake for £20m, CEO says
Date Value Currency Value Sectors Companies Countries Intelligence grade (M) description
29-Sep-09 20 £ May be Internet / ecommerce WhiteLabelDating.com Ltd United Confirmed willing to Kingdom sell minority stake for
WhiteLabelDating.com, the UK-based private online dating company, could look at selling a minority stake for around £20m, chairman, CEO and founder Ross Williams said.“We will start flirting with investors a bit more in early 2010,” he added. The group considered bringing a financial investor on board last year but decided against the idea as it didn’t need the money to grow. “We are making about £1.7m a month [£20m a year in revenue]… In three years we could be sold for 5x profit, but we’d like to get closer to 10x,” Williams said. Although the group is not currently looking for investors or buyers, Williams could consider selling a stake to “take some money off”. However, he emphasized he is happy to wait and cash in on the deal in three to five years’ time. WhiteLabelDating has grown from £3m to £20m revenue in two years and has expanded abroad to South Africa, Australia, the US and Ireland, Williams said. The company provides the software, infrastructure and services for dating websites to be created and shares the profit on the sites. It currently has 80 employees.
6 The Brief: 2 October 2009 | Issue 32 Private Equity Opportunities - North America
Yapstone eyes more acquisitions as revenue growth stays robust, CEO says
Date Value (M) Currency Value Sectors Companies Countries Intelligence grade description
28-Sep-09 40 US$ Approximate Computer software; Financial Technology Partners USA Confirmed 2009 revenue Financial Services; LLC; Yapstone Internet / ecommerce
Yapstone, the private San Francisco-based e-payment technology company, is actively pursuing acquisitions as it continues to manage rapid revenue growth, said CEO Matt Golis in an interview with this news service. Yapstone, which provides online credit card and e-check processing technology for property management companies, has doubled its annual revenue in each of the past four years, and last year posted US$17.5m in sales, Golis said. Yapstone's growth has not been impacted by the recession, he added, and the company expects to record between US$30m to US$40m in sales in 2009. The 10-year-old company has made several acquisitions in the past five years, and expects to be "very, very acquisitive" going forward, Golis said. "We're looking at a couple of companies right now." Yapstone typically uses cash to make buys, and acquires companies either for their technology or for their customer base, he said. Yapstone's primary financial advisor is Steve McLaughlin of San Francisco-based investment bank Financial Technology Partners. Although Yapstone is not seeking additional representation on its side, Golis and McLaughlin both welcome approaches from potential targets or bankers representing them. “The two companies that we're looking at right now [as potential targets] were actually referrals from outside bankers,” Golis said. When asked about Yapstone's own status as a potential acquisition target, Golis acknowledged that he fields regular approaches from strategic players and private equity firms. However, unless the company receives "an absolutely blow-us-away kind of offer," Golis said Yapstone has no near-term exit plans. "The beauty of transaction processing is that it's an incredibly cash flow rich business" once a company surpasses its high barrier to entry, Golis said. Since Yapstone has been profitable since 2004 and has not taken on any strategic investors for the past nine years, it can afford to continue growing on its own and does not have any urgency to sell, he said. Golis attributes Yapstone's continued strength to the nature of the payments it processes. "Rent is not a discretionary spend, from a bill-payment perspective," he said, noting that even in a recession, "people ultimately need a roof over their heads." Yapstone has around 80 full-time employees. The majority of its sales are in North America, and the company is currently working on its international expansion strategy, Golis said.
Educational Services of America willing to divest remaining South Florida private schools for right price, CEO says
Date Value (M) Currency Value Sectors Companies Countries Intelligence grade description
30-Sep-09 85 US$ Projected Business Services Deloitte Touche Tohmatsu; USA Confirmed 2009 revenue Kaplan Inc.; The Washington Post Company; Berkery, Noyes & Co. LLC; Sherrard & Roe; Education Media and Publishing Group Limited; The Camelot Schools, Educational Services of America; Spectrum center schools and programs; Specialized Education Services Inc. (SESI); Alternatives Unlimited; Ombudsman Educational Services; AdvancePath Academics, Inc.
Educational Services of America (ESA), a private K-12 and post-secondary special and alternative education provider, would divest its remaining four South Florida private-pay schools under the right conditions, said CEO Mark Claypool. The Nashville, Tennessee-based company is projecting 2009 revenue of roughly US$85m. It recently divested 12 private schools due to the current economy and is instead focusing on its 120 public schools. ESA has four remaining private-pay schools, all based in South Florida. The company is not aggressively seeking buyers, as multiples have recently declined from 8-9x EBITDA to around 5-6x EBITDA, according to Claypool. But if the right buyer came along with the right price, ESA would be willing to sell the schools. The company sold its schools to "individuals," Claypool said. It sold, to a private equity firm, its College Living Experience, a program that partners with post-secondary institutions to introduce disabled students into college life and independent living. In total, the divestitures improved ESAs bottom line by US$3m annually, according to Claypool. Trimaran Capital Partners owns the majority stake in ESA, investing an initial US$25m in the company in 2004, said Claypool. With Trimarans continued support, the company acquired Ombudsman schools for at-risk students and Spectrum Schools for children with special needs. "Everything is for sale at the right price because the company is PE-owned, Claypool said when asked if ESA would consider a 100% sale. However, the company is not actively for sale, but rather focused on organic growth in the alternative education market for the next 24 months, he said. Acquisitions of pre-K-12 and postsecondary institutions remain particularly active segments of the education markets, and include K-12 private schools and special needs schools, according to the 2009 Education Industry M&A Trends Report by investment bank Berkery Noyes. The most active acquirer in 2008 by way of volume of transactions (six) was the Washington Post Company, parent of Kaplan. Education Publishing and Media Group (EPMG) was the most active buyer between 2006 and 2008 in terms of transaction value, the report noted. The highest median enterprise value multiple 2.5x revenue was received by companies sold in excess of US$160m. Companies with enterprise values of US$10m-US$20m secured a median enterprise value of 1.25x revenue, according to the report. ESA opened 27 new centers last year, and is looking to scale up to 60 new centers a year before seriously assessing new growth options, such as additional capital or a potential exit via a sale or IPO. The company has no preferable exit strategy at this point; however, Claypool did note the public markets have not been favorable to K-12 providers. Down the road, possibly in 24 months, the company might consider acquiring or merging with other regional, niche players. When asked who the biggest players in the space were, Claypool mentioned Camelot and Specialized Education Services, as well as smaller players AdvancedPath Academics and Alternatives Unlimited. ESA was founded by Claypool in 1999 and currently has 1,500 employees. It is the largest provider of special education services for the public school district in California, and, overall, provides services in 18 states to more than 250 public school districts. ESA did not use an outside advisor for its prior divestitures. The company's regular advisors include law firm Sherrard & Roe and auditor Deloitte Touche.
7 The Brief: 2 October 2009 | Issue 32 Private Equity Opportunities - North America
OSI Systems unlikely to continue to own all three of current business units in future, CFO says
Date Value (M) Currency Value Sectors Companies Countries Intelligence grade description
28-Sep-09 590 US$ Revenues Defence; Industrial Deloitte Touche Tohmatsu; USA Confirmed automation; Medical Volpe Brown Whelan & Co; Sidley Austin LLP; Konink- lijke Philips Electronics NV; GE Group; William Blair & Company; Science Applicati- ons International Corporation; GE Healthcare Ltd; Datascope Corporation; OSI Systems Inc.; Moss Adams LLP; Siemens & Co. GmbH, OSI Systems (medical unit); L-3 Communi- cations Holdings Inc.; Siemens Limited; Spacelabs Healthcare Inc.; Rapiscan Systems (secu- rity products division of OSI Systems); Mindray Medical International Limited; Philips Healthcare (worldwide)
OSI Systems (NASDAQ:OSIS), the Hawthorne, California-based specialized electronic systems and components manufacturer, is unlikely to continue owning all three of its business units in the future, said CFO Alan Edrick. The entirety of the company could interest to private equity for its cash flow, Edrick said. However, private equity interest is complicated by the fact that the company owns three different divisions, and a PE firm might not have interest in all three, Edrick said. OSI Systems had annual revenue of more than US$590m for the period to 30 June, according to regulatory documents. The three businesses are: Rapiscan Systems, which provides security and inspections systems for airport and military installations; OSI Optoelectronics, one of the largest US makers of standard and custom photodiode and optical sensors; and Spacelabs Healthcare, a global developer and manufacturer of medical devices, systems and services. Edrick said that Rapiscan has seen tremendous growth while characterizing health care as a “tough business.” In OSI’s 1997 IPO, managing underwriters were BancAmerica Robertson Stephens, William Blair & Company, L.L.C. and Volpe Brown Whelan & Company, according to regulatory documents. The law firm Sidley Austin has represented OSI, and OSI’s independent public accounting firms have included Deloitte & Touche and Moss Adams, also according to regulatory documents. Two industry sources suggested that OSI, founded in 1987, could look to return more to its roots, when it was more focused on sensors and operated under the name Opto Sensors and could also look to spin-off one or more its businesses. The sources said that Rapiscan, which is expected to see continued growth because of interest in cargo, airplane, and baggage screening, is a business that could greatly interest both strategics and private equity were it to be for sale. New York City-based and NYSE-listed L-3 Communications, with its strong security screening systems market activity, could be a potentially well-fitting buyer of Rapiscan, said the sources, with one noting that OSI and L-3 had engaged in litigation with each other over detection systems business. The sources also said that Rapiscan could possibly also fit into Bradenton, Florida-based GE Security, due to its government, military and aerospace activities, as well as with San Diego, California- based and NYSE-listed SAIC.Spacelabs Healthcare, which provides patient monitoring, diagnostic cardiology and anesthesia systems in more than 100 countries, could potentially be a fit for Munich, Germany-based and ETR-listed Siemens, and Chalfont St. Giles, Great Britain-based GE Healthcare, said the sources. A third and fourth industry source suggested Nanshan, China-based and NYSE-listed Mindray Medical International as a possible acquirer, noting its purchase last year of the patient monitoring system of Datascope. Those two industry sources also said that Andover, Maryland-based, Phillips Healthcare, part of Amserdam, Netherlands-based and NYSE-listed Koninklijke Philips Electronics, could also be a potentially well-fitting buyer for Spacelabs Healthcare. The first two industry sources said that a company such as L-3 could potentially acquire the whole of OSI systems, and said that OSI Optoelectronics has as its customers, in some measure, the other two of OSI’s units, and thus a deal for less than all of the company may have to accommodate that factor. For fiscal year 2009, the security division of OSI, which appears to be accounting for Rapidscan, had fiscal 2009 revenue of nearly US$241m, according to regulatory documents. For healthcare and optoelectronics, fiscal 2009 revenue figures were approximately US$214.2m and US$135.5m, respectively. GE Healthcare and GE Security are subsidiaries of Fairfield, Connecticut-based and NYSE-listed General Electric Company. The more than 50-year-old Spacelabs Healthcare’s roots can be traced to its activity helping NASA monitor the vital signs of Gemini astronauts, according to the company.
Techno-Sciences evaluating options for up to US$15m investment, CEO says
Date Value (M) Currency Value Sectors Companies Countries Intelligence grade description
28-Sep-09 15 US$ Upper bound Computer software; Techno-Sciences USA Confirmed of desired Defence investment
Techno-Sciences, the private, Beltsville, Maryland-based defense contractor, is evaluating strategic options to help it secure large contracts, said new CEO Jean-Luc Abaziou. The 33-year-old company provides satellite surveillance products for coastal, harbor, and border security as well as search and rescue. "We're evaluating some alternatives," said Abaziou, "including outside investment and acquisitions." The company, which is profitable on revenues "north of US$30m," would be looking for between US$10m and US$15m in outside investment. A preferred investor would "be willing to embrace the company's culture, and take some risk with us." Although, he pointed out, it would be a very low risk investment. "For the larger contracts we want to go after, US$100m and up, you often need to put down a bid bond of about 10%. We need a larger asset base to go after those." Asked about acquisition opportunities, Abaziou said that targets would be between US$15m and US$25m in revenue, but "we could go larger, for the right opportunity." He added that, although the company looks around, it has not seen a "perfect" target. It would seek complementary technology offerings in surveillance, software, and satellite communications. The company has been approached for acquisition in the past, but Abaziou said that now is not the right time. It may look to revisit those opportunities in two or three years. Techno-Science relies on local law firms and consultants for the countries in which it does business. A good private equity investor, said Abaziou, would have significant contacts in that world that it could bring to bear on Techno-Sciences.
8 The Brief: 2 October 2009 | Issue 32 Deals of the Week - Asia-Pacific
Deal one: Narumiya International Co Ltd Deal two: D.A. Diagnostics (30.00% (44.09% stake) stake)
Announced date 29-Sep-09 Announced date 28-Sep-09
Deal type IBO Deal type IBI
Deal value (US$m) 24 Deal value (US$m) 15
Target information Target information
Company Narumiya International Co Ltd (44.09% stake) Company D.A. Diagnostics (30.00% stake)
Description Japan based children’s apparel retailer Description Chinese company engaged in medical services, and sale of medical products Financial adviser NA
Legal adviser Nagashima Ohno & Tsunematsu Financial adviser China Renaissance Partners
Legal adviser NA
Bidder information Bidder information
Company SBI Value Up Fund 1 Company SB China Venture Capital Co Ltd ; Shanghai Fosun Pharmaceutical (Group) Co. Ltd (formerly Shanghai Description Japan based investment fund of SBI Holdings Fosun Industrial Company Limited) Inc, the Japanese private equity firm Description Chinese company engaged in medicine research, manufacturing and distribution, production and sale Financial adviser Daiwa Securities Group Inc of diagnostic products and medical equipments; Chinese venture capital firm
Legal adviser NA
Financial adviser NA
Legal adviser NA
Seller information Seller information
Company NA Company NA
Description NA Description NA
Debt provider Debt provider NA NA
Equity provider Equity provider SBI Holdings Inc (n/a, 100.0%) Bank of Montreal; Wells Fargo Foothill
Deal description Deal description
SBI Value Up Fund 1, has made an offer to take private Narumiya SB China Venture Capital Co Ltd (n/a, 100.0%),Shanghai Fosun International Co, Ltd, by acquiring the remaining 44.09% stake in the Pharmaceutical (Group) Co. Ltd (formerly Shanghai Fosun Industrial Company company not already held by it. Limited) (n/a, 100.0%)
9 The Brief: 2 October 2009 | Issue 32 Deals of the Week - Asia-Pacific
Deal three: Kracie Holdings Ltd (60.00% stake)
Announced date 24-Sep-09
Deal type Exit
Deal value (US$m) 275
Target information
Company Kracie Holdings Ltd (60.00% stake)
Description Japan based company engaged in the manufacture and sale of toiletries and cosmetics, pharmaceuticals, and food products
Financial adviser UBS Investment Bank
Legal adviser NA
Bidder information
Company Hoyu Co Ltd
Description Japan based manufacturer and distributor of hair colouring products, cosmetics and medical supplies
Financial adviser Mitsubishi UFJ Securities Co Ltd
Legal adviser Nishimura & Asahi (formerly Nishimura & Partners)
Seller information
Company Advantage Partners LLP; MKS Partners Ltd; Unison Capital Inc
Description NA
Debt provider NA
Equity provider NA
Deal description
Hoyu Co., Ltd (Hoyu) has agreed to acquire a 60% stake in Kracie Holdings Ltd (Kracie) from Advantage Partners LLP (Advantage), MKS Partners Ltd (MKS) and Unison Capital Inc (Unison), for an estimated cash consideration of JPY 10bn (US$110m).
10 The Brief: 2 October 2009 | Issue 32 Deals of the Week - Europe
Deal one: Goldshield Group plc Deal two: Devin AD (75.32% stake)
Announced date 25-Sep-09 Announced date 24-Sep-09
Deal type MBO Deal type IBO
Deal value (€m) 154 Deal value (€m) 41
Target information Target information
Company Goldshield Group plc Company Devin AD (75.32% stake)
Description UK based company engaged in the Description Bulgaria based provider of bottled mineral water, development, marketing and distribution of spring water, carbonated and non-carbonated soft pharmaceutical and consumer healthcare drinks products
Financial adviser NA Financial adviser NA
Legal adviser NA Legal adviser NA
Bidder information Bidder information
Company Midas Bidco Limited Company Advent Water (Luxembourg)
Description UK based acquisition vehicle created by Description Bulgaria based acquisition vehicle formed by HgCapital for the purpose of acquisition of Advent International Corporation to acquire Devin Goldshield Group plc AD
Financial adviser Ernst & Young Financial adviser NA
Legal adviser NA Legal adviser NA
Seller information Seller information
Company HgCapital Company NA
Debt provider HgCapital, Management Vehicle Debt provider Advent International Corporation
Equity provider NA Equity provider Soravia Group AG
Deal description Deal description
Midas Bidco Ltd has launched a tender offer for the entire share outstanding Advent International Corporation, through its acquisition vehicle Advent in Goldshield Group plc for €154m. Water (Luxembourg), has signed a definitive agreement to acquire 75.32% stake in Devin AD from Devin Beteiligungs GmbH, the holding company of Soravia Group AG for €41m.
11 The Brief: 2 October 2009 | Issue 32 Deals of the Week - Europe
Deal three: Robert Dyas Holdings Limited Deal four: Tinkoff Restaurants (75% stake)
Announced date 24-Sep-09 Announced date 24-Sep-09
Deal type MBO Deal type IBO
Deal value (€m) 12 Deal value (€m) NA
Target information Target information
Company Homeserve Plc (emergency repair division) Company Tinkoff Restaurants (75% stake)
Description UK based emergency repair division of Description Russia based chain restaurant Homeserve Plc
Financial adviser Ernst & Young Financial adviser NA
Legal adviser Pinsent Masons Legal adviser NA
Bidder information Bidder information
Company Lloyds TSB Development Capital Ltd Company Mint Capital
Description UK based mid-market private equity firm Description Russia based private equity firm
Financial adviser NA Financial adviser NA
Legal adviser Eversheds (Advising HSBC Holdings); Freeth Legal adviser NA Cartwright; Wragge & Co
Seller information Seller information
Company HSBC Holdings Company NA
Debt provider Lloyds TSB Development Capital Ltd, Manage- Debt provider Mint Capital ment Vehicle Equity provider Oleg Tinkov (private individual)
Equity provider Homeserve Plc
Deal description Deal description
The management of Homeserve Plc has acquired the emergency repair Mint Capital has acquired the remaining 75% stake in Tinkoff Restaurants division of Homeserve Plc, backed by Lloyds TSB Development Capital Ltd in from Oleg Tinkov for an undisclosed consideration. a management buyout transaction, for a consideration of £11m.
12 The Brief: 2 October 2009 | Issue 32 Deals of the Week - North America
Deal one: Simmons Bedding Company Deal two: WildBlue Communications Inc.
Announced date 25-Sep-09 Announced date 1-Oct-09
Deal type SBO Deal type Exit
Deal value (US$m) 760 Deal value (US$m) 568
Target information Target information
Company Simmons Bedding Company Company WildBlue Communications Inc.
Description US-based manufacturer and distributor Description US-based provider of Ka-band broadband satellite of branded bedding products, including communications services mattresses and foundations
Financial adviser Miller Buckfire & Co Financial adviser Morgan Stanley
Legal adviser Weil Gotshal & Manges Legal adviser Skadden, Arps, Slate, Meagher & Flom
Bidder information Bidder information
Company Ares Management LLC; Ontario Teachers Company ViaSat Inc. Pension Plan Description US-based provider of digital wireless communica- tions Description US-based private equity firm; Canada based pension plan responsible for the retirement income of elementary and secondary school Financial adviser Credit Suisse teachers, and retired teachers and their families Legal adviser Latham & Watkins
Financial adviser Goldman Sachs
Legal adviser Sullivan & Cromwell
Seller information Seller information
Company Thomas H. Lee Partners LP Company Intelsat Limited; Liberty Media Corporation; Kleiner Perkins Caufield & Byers; National Rural Telecommuni- Description US-based private equity firm cations Cooperative; Tennenbaum Capital Partners LLC
Debt provider Ares Management; Ontario Teachers Pension Description Bermuda based provider of fixed satellite services to Plan telecommunications companies, multinational corpora- tions, Internet service providers, media broadcasters and government/military organizations; US-based hold- ing company with interests in a range of video program- Equity provider None used ming, broadband distribution, interactive technology services and communications businesses; US-based Deal description private equity firm; US-based company engaged in providing telecommunications services in rural areas; Ares Management LLC and Ontario Teachers Pension Plan have agreed US-based private equity firm to acquire the Simmons Bedding Company from Thomas H. Lee Partners LP under a restructuring plan, for a consideration of US$310m. The total deal value of the transaction is US$760m, includes equity from Ares and Debt provider NA Teachers’ and some of Simmons’ current lenders plus debt commitments from some Simmons’ lenders. Post this transaction, Simmons Bedding Equity provider Not Applicable Company will be able to keep its own identity and operational structure. Also, this will allow the company to expand its business operations in the North American markets with prestigious brand name, innovative products, Deal description strong and experienced management and employees. The transaction is subject to customary closing conditions, Bankruptcy Court approval under ViaSat Inc. has agreed to acquire WildBlue Communications Inc from a group the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and is expected of investors for a cash and equity consideration US$568m. The acquisition is to complete within 30 days after launching. in line with ViaSat’s strategy to try to make satellite broadband affordable and competitive. The transaction is subject to customary regulatory approval and other conditions. It is expected to close in the fourth quarter of ViaSat’s 2010 fiscal year, which ends 2 April 2010.
13 The Brief: 2 October 2009 | Issue 32 Deals of the Week - North America
Deal three: GenTek Inc. Deal four: Easycash GmbH
Announced date 28-Sep-09 Announced date 25-Sep-09
Deal type IBO Deal type Exit
Deal value (US$m) 539 Deal value (US$m) 425
Target information Target information
Company GenTek Inc. Company Easycash GmbH
Description US-based company providing specialty Description Germany-based provider of card-based payment inorganic chemical products and valve solutions actuation systems and components for automotive and heavy duty/commercial engines Financial adviser UBS
Financial adviser Moelis & Company Legal adviser Shearman & Sterling
Legal adviser Latham & Watkins
Bidder information Bidder information
Company American Securities Company Ingenico SA
Description North American-based company headquartered Description France-based provider of electronic payment sys- in New York and a middle-market private equity tems, terminals, card readers, and related electronic firm funds transfer point-of-sale peripherals
Financial adviser Goldman Sachs; KeyBanc Capital Markets Financial adviser Leonardo & Co
Legal adviser Jones Day; Weil, Gotshal & Manges Legal adviser Debevoise & Plimpton
Seller information Seller information
Company NA Company Warburg Pincus LLC
Description NA Description US-based private equity firm
Debt provider American Securities Debt provider NA
Equity provider NA Equity provider Not Applicable
Deal description Deal description
GenTek Inc. (GETI) has signed a definitive agreement to be acquired through Ingenico SA has agreed to acquire Easycash GmbH from Warburg Pincus a cash tender offer by ASP GT Acquisition Corp. (ASP), a wholly-owned LLC for a total consideration of US$425m. The acquisition will allow subsidiary of investment funds managed by American Securities LLC. Easycash to pursue its expansion strategy and strengthen its position in the The Board of Directors of GenTek has unanimously approved the merger POS payment services markets. The transaction is subject to the approval agreement and the transactions related to the merger agreement. of German anti trust authority Bundeskartellamt and to the consultation of Ingenico SA workers’ council. The transaction is expected to complete by the end of 2009.
14 The Brief: 2 October 2009 | Issue 32 Deals of the Week - North America
Deal five: Buscape Informacao e Deal six: Fox-Pitt Kelton Cochran Caronia Tecnologia Ltda (91% stake) Waller LLC
Announced date 29-Sep-09 Announced date 30-Sep-09
Deal type Exit Deal type Exit
Deal value (US$m) 349 Deal value (US$m) 147
Target information Target information
Company Buscape Informacao e Tecnologia Ltda (91% Company Fox-Pitt Kelton Cochran Caronia Waller LLC stake) Description US-based specialist investment bank focused on financial institutions
Description Brazil-based website operator providing online comparison shopping services
Financial adviser NA
Financial adviser Citigroup Legal adviser NA
Legal adviser NA
Bidder information Bidder information
Company Naspers Limited Company Macquarie Group Limited
Description South Africa-based media company with Description Australia-based investment bank principal operations in electronic media and print media Financial adviser NA
Financial adviser Goldman Sachs Legal adviser NA
Legal adviser NA
Seller information Seller information
Company Great Hill Partners LLC Company J.C Flowers & Co LLC
Description US-based private equity firm Description US-based private equity firm
Debt provider NA Debt provider NA
Equity provider Not Applicable Equity provider Not Applicable
Deal description Deal description
Naspers Limited has acquired 91% stake in Buscape Informacao e Macquarie Group Limited has agreed to acquire Fox-Pitt Kelton Cochran Tecnologia Ltda from Great Hill Partners LLC for a consideration of Caronia Waller LLC (FPK) from J.C Flowers & Co LLC for a cash US$342m. The transaction is in line with Naspers’ strategy to expand its consideration of US$130m. The acquisition will enhance Macquarie Group e-commerce value chain across the core Latin American Markets through financial institutions (FIG) capabilities by incorporating FPK’s equities sales Buscape. The wide-spread experience that Buscape has in the field of and trading, research, advisory and capital markets teams. The addition of internet will enable Naspers to grow altogether to another level. Fox-Pitt Kelton Cochran Caronia Waller will complement Macquarie’s FIG presence in Asia-Pacific and will also broaden Macquarie Securities’ equity offering in the US and Europe. FPK clients will also benefit from Macquarie’s global reach and underwriting capacity. The transaction is expected to close by the end of the fourth quarter of 2009 and is subject to regulatory approvals and other customary closing conditions.
15 The Brief: 2 October 2009 | Issue 32 Deals of the Week - North America
Deal seven: WastePro USA Inc Deal eight: Pomeroy IT Solutions Inc. (Undisclosed stake)
Announced date 29-Sep-09 Announced date 25-Sep-09
Deal type IBI Deal type IBI
Deal value (US$m) 100 Deal value (US$m) 24
Target information Target information
Company WastePro USA Inc (Undisclosed stake) Company Pomeroy IT Solutions Inc.
Description US-based company providing solid waste Description US-based information technology (IT) solutions collection, disposal and recycling services provider with a portfolio of hardware, software, technical staffing services, as well as infrastructure and lifecycle services Financial adviser Houlihan Lokey Financial adviser Stifel, Nicolaus & Company
Legal adviser Greenberg Traurig Legal adviser Sheppard, Mullin, Richter & Hampton
Bidder information Bidder information
Company Roark Capital Group Company Project Skyline Intermediate Holding Corporation
Description US-based private equity firm Description US-based acquisition vehicle created by Platinum Equity LLC
Financial adviser Internal
Legal adviser King & Spalding Financial adviser NA
Legal adviser Kirkland & Ellis
Seller information Seller information
Company NA Company NA
Description NA Description NA
Debt provider Roark Capital Group Debt provider Platinum Equity
Equity provider NA Equity provider NA
Deal description Deal description
Roark Capital Group has acquired an undisclosed stake in Waste Pro USA Inc Pomeroy IT Solutions Inc (Pomeroy) has signed a definitive agreement to be for a consideration of US$100m. The acquisition is in line with Roark Capital’s acquired by Platinum Equity LLC via scheme of merger. With the uncertain strategy to expand the operations of Waste Pro USA and to procure a larger market scenario and declining revenues of Pomeroy over a period, the customer base by the means of using new technology and equipments. management decided that Pomeroy would benefit from the flexibility of being a private company. Furthermore the transaction will allow Pomeroy IT Solutions to expand its business operations with the help of Platinum Equity LLC’s strong experience in merging, acquiring and operating IT services and solutions companies. The transaction is expected to close by middle of November 2009.
16 The Brief: 2 October 2009 | Issue 32 Deals of the Week - North America
Deal nine: Temrex Forest Products LP Deal ten: FiveRuns Corporation (50% stake)
Announced date 25-Sep-09 Announced date 29-Sep-09
Deal type IBI Deal type Exit
Deal value (US$m) 11 Deal value (US$m) Not Disclosed
Target information Target information
Company Temrex Forest Products LP (50% stake) Company FiveRuns Corporation
Description Canada-based manufacturer of paperboard and Description US-based application monitoring and systems flooring products management company for Ruby on Rails, provides products for instrumenting, monitoring, and managing rails application performance Financial adviser NA Financial adviser NA
Legal adviser NA Legal adviser NA
Bidder information Bidder information
Company Societe generale de financement du Quebec Company WorkThink Inc.
Description Canada-based company that acts as an invest- Description US-based developer of business solutions ment bank engaged in providing business capital to Quebec based enterprises Financial adviser NA
Financial adviser NA Legal adviser NA
Legal adviser NA
Seller information Seller information
Company Tembec Inc Company Austin Ventures
Description Canadian forest products company engaged Description US-based venture capital firm in produces softwood, hardwood, pine, pulp, paper and paperboard products Debt provider NA
Debt provider Societe generale de financement du Quebec Equity provider Not Applicable
Equity provider NA
Deal description Deal description
Societe generale de financement du Quebec (SGF) has acquired 50% stake WorkThink Inc. has acquired FiveRuns Corporation from Austin Ventures for in Temrex Forest Products LP from Tembec Inc for a cash consideration of an undisclosed consideration. US$10.84m. Tembec and SGF have been operating as a sawmilling joint venture since 2002. Earlier, as of 03 September 2009, Tembec signed an agreement in principle for the sale of 50% stake in Temrex Forest Products and its general partner Gestion PFT Inc to SGF for US$11.21m, which was subject to certain conditions and expected to close by the end of September.
17 The Brief: 2 October 2009 | Issue 32 Deals of the Week - North America
Deal eleven: HyperRoll Inc. Deal twelve: Tray-Pak Corporation
Announced date 29-Sep-09 Announced date 25-Sep-09
Deal type Exit Deal type MBI
Deal value (US$m) Not Disclosed Deal value (US$m) Not Disclosed
Target information Target information
Company HyperRoll Inc. Company Tray-Pak Corporation
Description US-based provider of data warehouse Description US-based company engaged in the design, tooling, performance acceleration software, consulting, and production of thermoformed plastic packaging education, and technical support services solutions
Financial adviser NA Financial adviser NA
Legal adviser NA Legal adviser NA
Bidder information Bidder information
Company Oracle Corporation Company TPC Partners LLC
Description US-based enterprise software company Description US-based company formed by Archbrook Capital Management LLC for the acquisition of Tray-Pak Financial adviser NA Corporation
Legal adviser NA Financial adviser NA
Legal adviser NA
Seller information Seller information
Company Bessemer Venture Partners; Denali Ventures Company NA Inc; Greylock Partners; Microdent Ventures; Sequoia Capital; Vertex Venture Holdings Pte Description NA Ltd
Description US-based venture capital firm; US-based ven- Debt provider Archbrook Capital Management; Management Vehicle ture capital firm; US-based venture capital firm; Israel based venture capital firm; US-based Equity provider NA venture capital firm; Singapore based venture capital firm
Debt provider NA
Equity provider Not Applicable
Deal description Deal description
Oracle Corporation has agreed to acquire HyperRoll Inc. from Sequoia The management of Tray-Pak Corporation has acquired the company in Capital, Greylock Partners, Bessemer Venture Partners, Denali Ventures Inc, a management buy-in transaction, backed by TPC Partners LLC for an Vertex Venture Holdings Pte Ltd and Microdent Ventures for an undisclosed undisclosed consideration. Under the terms of agreement, TPC Partners consideration. The acquisition will help Oracle to improve its reporting will hold majority stake in the company and Mr. Scott Myers who joined performance, minimize the close cycle and improve the visibility of financial the company as CEO will lead the management team. The acquisition will data. It will further improve the performance of Oracle by speeding up the expand Tray-Pak’s presence in the thermoforming market. reporting and enable customers to rapidly report results with lower cost. The transaction is subject to customary closing conditions and regulatory approvals and is expected to complete later this year.
18 The Brief: 2 October 2009 | Issue 32 Pipeline - Asia-Pacific
Deal Target Target Target Financial Status Possible bidder company Comments value company description country adviser (US$m)
n/a Tata Real Estate India - Target Sequoia Capital, Atlanta Tata Housing, the real estate subsidiary Housing Equity of Tata Sons of India, is engaged in minority stake sale discussions for approximately four housing projects, according to a local news report. Private equity funds Atlanta Equity and Sequoia Capital are rumoured to be in the fray for stake at the project level. Tata Sons, the holdco of the Tata group, had earlier raised about US$61m via a bond sale.
130 Gharda Chemicals & India - Auction Blackstone, Carlyle, Gharda Chemicals, an unlisted veterinary Chemicals Materials Kotak's private equity arm, drugs and agrochemical company, is United Phospherous engaged in exclusive talks with global buyout major Blackstone, according to a local report. Blackstone is said to be eyeing a 63% holding, approximately valued at about US$130m. It was earlier reported Kotak’s private equity arm, Carlyle and Indian agrochemical company United Phospherous were also interested in the stake.
n/a McNally Industrial India - Target EIG McNally Bharat Engineering Company Sayaji En- Products and (MBE) is in discussions with EIG, a gineering services private-equity player, to divest a holding (MSEL) in its arm, McNally Sayaji Engineering (MSEL), according to a local news report. While EIG is looking to acquire a substantial holding, MBE is only willing to dilute its holding to 67%, down from its existing 87%. EIG is already a 5% owner in the company. A board meeting will be held next month to decide on the size of equity to be disclosed.
1,600 Bellsy- Services Japan Goldman Auction Bain, CVC Capital Partners, Citigroup-owned Bellsystem24, the stem24 Sachs Permira, Blackstone Japanese call center operations business, has shortlisted second round bidders including Bain Capital, Permira Advisors and CVC Capital Partners. An estimated nine bidders took part in first round bids ending 1 September. The deal value is expected to be at about US$1.6bn. CVC Capital could be mulling a joint bid with Blackstone. Previously mentioned suitors included Japan-based investment firms Advantage Partners and Unison Capital, Texas-based TPG and NY-based KKR.
130 Prestige Real Estate India - Target Temasek, HDFC Property Singapore-based Temasek and India- Estates Ventures based HDFC Property Ventures are in Projects talks to jointly acquire a stake in Prestige Estates Projects, a real estate subsidiary of the Prestige Group. A 15% stake would be valued at roughly US$130m. Separately, it was reported Prestige Group could also consider an IPO for Prestige Estates Projects.
19 The Brief: 2 October 2009 | Issue 32 Pipeline - Asia-Pacific
Deal Target Target Target Financial Status Possible bidder company Comments value company description country adviser (US$m)
2,000 Nanshan Financial Taiwan - Auction Oaktree Capital, Carlyle, China Trust Financial Holdings, Primus Life Services Primus Pacific Partners, Financial Holdings and its partner China Insurance MBK Partners, Chinatrust, Strategic Holdings are the only remaining Fubon Financial Holding, bidders in a fray to acquire Nan Shan Life Cathay Financial Holding, Insurance. I-Mei Foods Co, Ruentex Group
n/a Bakrieland Real Estate Indonesia - Auction Capital World Bakrieland Development, the Indonesia- Develop- listed real-estate company, has drawn ment interest from Capital World, the US-based private-equity house. Chief Executive Officer Hiramsyah Thaib was reported as saying the US-based fund has indicated an interest in acquiring an unspecified stake in the fund. The interest came after Bakrieland conducted a two-way non-deal road show in Hong Kong and Singapore.
n/a Healthcare Medical India - Target Milestone Capital Healthcare Global Enterprises, the Indian Global En- healthcare services provider, is closing terprises a US$10m fundraising via a stake sale, according to a local news report. An undisclosed source indicated Indian fund Milestone Capital, was the potential investor. The company had previously sold just under a 50% holding to raise an approximate US$30m.
21 Tandou Agribusiness Australia - Target Guinness Peat Group Guinness Peat Group (GPG) wants to acquire a 60% stake in Tandouso it can consider it (the target) for possible asset sales. GPG wants to review the Tandou business with possible closures, a restructuring and asset sales.
700 China Consumer China JPMorgan Target Singapore Investment Corporation and Minzhong US private equity fund Olympus Capital are looking to sell China Minzhong, the Chinese food-processing firm.
100 Cafe Cof- Consumer India Target Kohlberg Kravis Roberts KKR is poised to make a US$100m fee Day investment in Cafe Coffee Day.
200 Strides Pharmaceu- India Lazard Target 3i, Carlyle Group Strides Arcolab has received interest Arcolab ticals from PE investors 3i and Carlyle Group (injecta- to acquire an undisclosed significant bles subsi- minority holding in its injectables diary) subsidiary.
3,900 50% of Construction Korea Korea Auction Permira, Blackstone, KKR, Kumho Asiana, the private, South Korean Daewoo Develop- Bechtel, Parsons, MBK conglomerate, put its 50% stake in Enginee- ment Bank / Partners, Posco, LG, Lotte, Daewoo E&C up for sale and six or seven ring & Nomura bidders have submitted proposals for it. Construc- tion
20 The Brief: 2 October 2009 | Issue 32 Pipeline - Europe
Deal Target Target Target Financial Status Possible bidder company Comments value company description country adviser (€m)
4,000 Areva T&D Energy France n/a Takeover CVC, AXA Private Equity, Toshiba, General Electric and a situation Schneider Electric, Alstom, consortium made up of Alstom and General Electrics, Siemens, Schneider, are still in the run to acquire Charterhouse, Apollo, the transmission and distribution unit of Avantha, China Investment Areva, the listed French nuclear power Corporation, Toshiba specialist. It was reported that three Corporation bidders handed over their offers on Friday evening and that Areva will decide in the coming days which companies can go to the second bidding round in October. Binding offers are expected by the end of October or early November and exclusive talks with one bidder are planned to start in November.
4,000 Phoenix Pharmaceu- Germany n/a Takeover Alliance Boots, KKR Phoenix Pharmahandel, the Merckle ticals situation family-owned German drug retailer, is more likely to be listed than sold following this week’s €2.3bn capital increase for the Merckle-owned construction firm HeidelbergCement, a source familiar with the situation told mergermarket. The source said the much larger-than-expected demand for the HeidelbergCement issue had shown there was demand for new equity in the market. He added that this would be a more favourable option than a straight sale since most interest in Phoenix Pharmahandel so far had concentrated on parts of the business rather than the company in its entirety.
2,600 Orangina Consumer France Rothschild, Auction Suntory Holdings Orangina will likely be sold to Japanese JPMorgan, drink group Suntory Holdings (Suntory) Citigroup, for around €2.6bn, according to two Blackstone sources familiar with the situation. Corporate Sponsors Blackstone and Lion Capital Advisory, announced the receipt of a binding offer RBS and for the France-based beverage group Nomura from Suntory earlier today. Acquisition multiples for Orangina have been touted at around 11x EBITDA, according to the sources. With LTM EBITDA of around €250m as of the end of July, this implies a sale price in the range of €2.6bn-€2.8bn. The deal is expected to be completed in the middle of Q4 2009, according to a person familiar with the situation.
2,500 Gatwick Transportation UK HSBC, Royal Auction Credit Suisse, GE The growth in passenger numbers at Airport, Bank of Group, Borealis Capital BAA’s Heathrow Airport in July will Stansted Scotland Corporation, John Hancock strengthen BAA’s claim that the sale Airport Life Insurance Company, of Gatwick Airport is not necessary for Global Infrastructure it to be able to repay its debt. The rise Partners (GIP), Manchester is the first such for three years. £ 1bn Airports Group, Citi (€1.2bn) is due for repayment in March Infrastructure Investors, next year and BAA has argued that it Lysander Gatwick does not need to find fresh capital or Investment Group, dispose of assets to make the payment. Greater Manchester The company’s accounts reveal that it Pension Fund currently has £200m (€235m) cash.
21 The Brief: 2 October 2009 | Issue 32 Pipeline - Europe
Deal Target Target Target Financial Status Possible bidder company Comments value company description country adviser (€m)
750 Safilo Consumer Italy Intesa Takeover Luxottica, Marcolin Safilo is said to be working on a debt- Sanpaolo, situation for-equity swap to convert €195m of the Unicredit, company’s bond into shares. The news BNP Paribas comes after reports claimed that Safilo is a takeover candidate and has seen interest from private equity firms such as Investindustrial, although the company denied it had received any binding offers. Creditor banks are believed to favour the sale of assets.
600-700 National Transportation UK Morgan Takeover CVC Capital Partners, The takeover Pane has extended Express Stanley, situation FirstGroup, Stagecoach, consortium 'put up or shut up' deadline Merrill Lynch Deutsche Bahn, Keolis, NS to 16 October, 5pm. CVC, the private and Greenhill Dutch Railways, Cosmen equity consortium leading the bid Family for National Express, is expecting to complete due diligence in the first week of October. The Cosmen family has reportedly committed to subscribing to a rights issue at National Express if its consortium bid for the transport company fails. The family has given a commitment in writing to take up a rights issue to raise £300m (€332m) or more, after National Express directors demanded that the family commit to subscribing to the cash call before giving permission for the consortium to begin due diligence. CVC Capital Partners is the Cosmen family’s consortium partner.
500 Gras Financial France Close Auction Astorg Partners Gras Savoye, the privately-owned Savoye Services Brothers French insurance broker, is in exclusive talks with private equity house Astorg Partners. Gras Savoye chairman Patrick Lucas was cited as confirming the news. He added that the deal could be finalised by the end of October. Astorg Partners is interested in acquiring a 33.3% stake in Gras Savoye from the Gras and Lucas families, as well as from UK insurance group Willis. The deal could value the company at €500m.
500 Geoxia Construction France RBS, Fortis Auction LBO France Geoxia, the privately-held French Maisons residential builder, has entered into Individuel- exclusive talks to be acquired by LBO les France. Royal Bank of Scotland is acting as advisor to Geoxia. Fortis is one of the lead banks working on the debt financing. Fellow bidder Butler Capital Partners is no longer in the running to acquire the company. Geoxia is being sold by Natixis Private Equity, Geoxia’s CEO Roland Germain and other members of the management team.
500 Springer Media Germany Goldman Auction Carlyle, Apax, Providence, Springer Science + Business Media, the Science Sachs, UBS EQT, TPG German publisher, could cease to be and controlled by its current owners Cinven Business and Candover, after they indicated Media willingness to give up control at the company, possibly even selling it in its entirety. It was previously reported that the private equity groups would allow a new investor to obtain a minority stake, up to a maximum 49%, in a deal which would bring Springer €500m.
22 The Brief: 2 October 2009 | Issue 32 Pipeline - Europe
Deal Target Target Target Financial Status Possible bidder company Comments value company description country adviser (€m)
400 Norfolkline Transportation Denmark JPMorgan Auction 3i, CVC The €500m asking price for Norfolkline, the ferry and cargo arm of listed, Danish giant AP Moller Maersk (APM) is reportedly not helping the deal to go through. The company is said to be a good business but it is loss making and needs a restructuring. Norfolkline would easily find a buyer if APM accepted a lower price below €400m. Norfolkline is being bid for by 3i and CVC and a couple of strateic bidders are also involved in the process.
396 SIA-SSB Technology Italy n/a Auction Bridgepoint, Atos Origion Bridgepoint, the private equity fund, is close to acquiring SIA-SSB, the Italian provider of IT solutions for the banking and financial sector, according to Italian press reports. Bridgepoint appears to have a slight advantage with its €370m offer over that tabled by French computer group Atos Origin. The private equity group enjoys the support of Unicredit because it is offering to take over the company completely now rather than in Atos' offer in which it would take a 51% stake and then aquire the remaining 49% in three to five years.
325 Just Reti- Financial UK Deutsche Takeover CVC Capital Partners, Just Retirement has recommended the rement Services Bank situation Cinven, TPG, General £229.6m offer from Permira's Avalon. Atlantic, Permira (Avalon) Under the terms of the proposal each Just Retirement shareholder holding Just Retirement shares will receive 76 pence in cash for each Just Retirement share.
300 Survitec Defence UK Rothschild Auction Nordic Capital, Warburg Nordic Capital (Nordic), the Swedish Pincus, Advent venture capital company, could be about to make a bid for Survitec, the manufacturer of survival equipment, it was reported. Nordic has around SEK 90bn (€8.88bn) in its funds at present.
260 Tom Tailor Consumer Germany JPMorgan Auction Advent International Private equity firm Advent International has left exclusive talks to acquire Tom Tailor, the private equity-backed German fashion company.
175 Eircom Telecommuni- Ireland Goldman Auction Singapore eircom welcomes the developments cations Sachs Telecommunications announced this morning by eircom Holdings Ltd that the board of ERC recommends an offer led by STT Communications Ltd, a subsidiary of Singapore Technologies Telemedia (ST Telemedia) to acquire ERC in partnership with the ESOT. Commenting on developments, Paul Donovan, CEO eircom said, "This morning’s announcement is a very positive development and brings important clarity to the ownership speculation that has been hanging over the Group for much of 2009.
23 The Brief: 2 October 2009 | Issue 32 Pipeline - Europe
Deal Target Target Target Financial Status Possible bidder company Comments value company description country adviser (€m)
80 Synetrix Industrial: UK Oakley Auction UK private equity firm Apax Partners going forward to Electronics Capital exclusivity with a UK-based private equity firm to sell Synetrix, a UK-based broadband-services supplier. Apax expects to complete the deal in a couple of weeks.
99 Martindale Pharmaceu- UK Morgan Auction CBPE, LDC, Silverfleet, Story Martindale Pharmaceuticals, the Pharma- ticals Stanley AAC Capital and Exponent UK-based methadone producer, has been ceuticals put on the block by its listed Ohio-based parent Cardinal Health, and has attracted interest from a number of buyout groups. Morgan Stanley has been appointed as an adviser for the sale, which has an asking price of approximately £150m (€99m). Bidders still remaining in the race include CBPE, a former buyout unit of Close Brothers; LDC, the private equity unit of Lloyds Banking Group; as well as Silverfleet, Prudential's former buyout unit, AAC Capital and Exponent. Although the auction has attracted interest from buyout groups, several have since walked away due to concerns over the risk of methadone production and the sustainability of the company's profit margins, it was reported.
n/a Navimo Consumer France n/a Takeover HIG Navimo, the French manufacturer of situation marine recreational equipment, could see private equity house Duke Street Capital sell part of its majority stake in the company. Creditors of the group and investing partners could have agreed to restructure the capital of the company, with Duke Street Capital retaining a minority stake and selling part of its shares to Albert Journo, the recently appointed head of Navimo. Journo will have the biggest shareholding in the company but fewer than 50% nonetheless. Other potential buyers such as investment funds Caravelle and HIG Capital are believed to be no longer in the race.
n/a Kema Services Nether- n/a Takeover n/a Kema, the Dutch consultancy, advisory lands situation and certification group for the energy business has been acquired by Dekra, the privately-held German inspections compan. This follows previous interest from several rivals and financial investors. Kema was owned by nine Dutch energy groups and by German energy group E.ON.
24 The Brief: 2 October 2009 | Issue 32 Pipeline - Europe
Deal Target Target Target Financial Status Possible bidder company Comments value company description country adviser (€m)
n/a Tirrenia Transportation Italy UniCredit Privatisation Clessidra, Moby Lines, The Italian government is expected Mediterranean Shipping to unveil its plan to privatise national Company (MSC), Grandi ferry operator Tirrenia by mid-October, Navi Veloci, Confitarma, sources following the situation told Gruppo Lauro, Nomura, mergermarket. A source close to the JPMorgan, Lazard and Italian Ministry of Transport said the Credit Suisse tender is now expected by mid- October with a view to concluding the whole process by the end of the year. Meanwhile, mergermarket has learnt that Efilog, the private equity firm, is considering teaming-up with other interested parties to take part in Tirrneia's privatisation. Efilog's managing director, Fabrizio Vettosi, said his fund would seek to team up with a shipping player and an infrastructure group, as a lot of money and expertise would be required to restructure the ailing company. The Napoli-based fund said MOBY would be the ideal ferry partner as it is the best operator on the routes to Sardinia and Sicily and is run by a very professional management.
25 The Brief: 2 October 2009 | Issue 32 Pipeline - North America
Deal Target Target Target Financial Status Possible bidder company Comments value company description country adviser (US$m)
NA Energy Portfolio of US Barclays plc Auction Marubeni Corporation; According to recent reports, Energy Investors five power ArcLight Capital Partners; Investors Funds (EIF), a US-based private Funds plants and Rockland Capital Energy equity firm focused exclusively on the (EIF) one electric Investments LLC; independent power and electric utility transmission SteelRiver Infrastructure industries, is receiving a great deal of facility Fund North America LP interest in its portfolio of five power generation facilities and one electric transmission facility. Potential buyers include Rockland Capital, ArcLight, Marubeni and SteelRiver Infrastructure Partners. It is still unclear whether EIF will sell the assets separately or to a single buyer. Neptune Regional Transmission System, an operating transmission project with a long-term capacity purchase agreement that continues for 18 additional years, is one of the five assets that could be sold separately.
60 McGraw- News US Evercore Auction Platinum Equity LLC; According to recent reports, Hill (Busi- magazine Partners Inc. ZelnickMedia Corporation; BusinessWeek, the business focused ness- division of Warburg Pincus; magazine owned by US-based McGraw- Week) McGraw-Hill Bloomberg LP; Open Gate Hill Companies, is moving toward Capital; ZelnickMedia; choosing Bloomberg as a buyer. A Mort Zuckerman deal could take weeks to materialize, however, and may still be threatened by the poor advertising market for print magazines. According to the report the deal may take weeks to happen and could still come apart given the slow advertising market for magazines. Mort Zuckerman, owner of the New York Daily News, US News and World Report, is also reportedly in the running to bid for BusinessWeek, as are Open Gate Capital and ZelnickMedia. According to previous reports, BusinessWeek will reportedly have more than US$60m in losses, which is making it unappealing and hurting its sale prospects. It is speculated that BusinessWeek could either close down entirely or sell only its trademark and customer lists. Previous reports had identified US-based private equity firm Platinum Equity and Warburg Pincus as potential bidders in previous reports. Both Platinum Equity and Warburg Pincus reportedly met with the management team of BusinessWeek and were involved with management presentations providing financial data on the magazine.
26 The Brief: 2 October 2009 | Issue 32 Statistics - Asia-Pacific
Asia-Pacific Buyouts, Quarterly Asia-Pacific Exit Activity, Quarterly
Value (LHS) Value (LHS) 12 70 5 25 Volume (RHS) Volume (RHS)
60 10 4 4.4 20 Volume of deals 11.2 Volume of deals 50 3.8 8 40 3 15 6 30 2.5 2 10 5.1 4 4.1 20 2.1 3.5 1 1.3 5 Value of deals (US$bn) Value of deals (US$bn) 2 2.7 10
0 0 0 0 Qtr 3 08 Qtr 4 08 Qtr 1 09 Qtr 2 09 Qtr 3 09 QTD Qtr 3 08 Qtr 4 08 Qtr 1 09 Qtr 2 09 Qtr 3 09 QTD
Asia-Pacific Buyout Yearly Asia-Pacific Secondary Buyouts, Yearly Asia-Pacific Buyout Yearly Comparison by Deal Size Value (LHS) 400 7 20 400 > $501m Volume (RHS) > $501m 18 350 6 350 $251m - $500m 6.3 16 $251m - $500m
Volume of deals 300 300 5 14 26 $101m - $250m 250 26 250 21 $101m - $250m 12 21 24 13 4 49 24 1315 200 19 49 $15m - $100m 15 10 200 19 31 $15m - $100m 30 31 3 30 3.5 8 150 150 14 99 $5m - $14.9m 146 99 98 $5m - $14.9m Volume of deal s 216 87 98
6 Volume of deal s 2 2.3 100 21 87 100 58 Value not disclosed 4 38 Value of deals (US$bn) 58 28 Value not disclosed 38 1 50 28 33 36 50 33 36 20 44 2 40 21 0.9 2022 44 34 2120 22 40 34 0.3 0 20 0 0 0 2005 2006 2007 2008 2009 YTD 2005 2006 2007 2008 2009 YTD 2005 2006 2007 2008 2009 YTD
152.9 152.9 Rolling 12 Months Buyout Activity Business Services Rolling 12 Months Buyout Activity Financial Services
Industry Sector Breakdown by Volume Consumer Industry Sector Breakdown by Value Consumer
TMT Leisure 4% 2% 2%1% 5% 5% 19% 6% Industrials & Chemicals Financial Services Industrials & Chemicals Rolling 12 Months Buyout Activity Business Services Rolling5% 12 Months Buyout Activity 45% Industry Sector Breakdown by Volume Consumer Industry Sector Breakdown by Value Consumer 7% Financial Services TMT
TMT 6% Leisure 4% 2% 2%1% 5% Others 5% Energy 19% Industrials & Chemicals 6% Industrials & Chemicals 5% 8% 17% 45% Pharma, Medical & Biotech TMT Business Services 7% Financial Services 6% Others Energy Energy 7% Others 8% 17% Pharma, Medical & Biotech Business Services
10% Energy Leisure 7% Others Pharma, Medical & Biotech
13% Leisure Pharma, Medical & Biotech 10% Real Estate 9% Real Estate 13% 9% Real Estate 11% Real Estate 18% 11% 18%
Geographic Split of Buyouts by Volume Greater China Geographic Split of Buyouts by Value (China, HK, Taiwan, Macau) Geographic Split of Buyouts by Value Greater China Geographic Split of Buyouts by Volume Greater China India 2% 1% 4% 5% (China, HK, Taiwan, Macau) (China, HK, Taiwan, Macau) Greater China 4% 2% 12% India 4% (China, HK, Taiwan, Macau) 5% 1% Japan Japan 4% Japan 12% Japan 25% Australasia North Asia North Asia 25% Australasia 5% 5% (excl Greater China) (excl Greater China) North Asia North Asia Australasia (excl Greater China) (excl Greater China) 55% Australasia 16% 16% South East Asia 55% South East Asia South East Asia 14% South East Asia South Asia (excl India) India 14% South Asia (excl India) South Asia (excl India) India
18% 16% 23% South Asia (excl India)
18% 23% 16%
27 The Brief: 2 October 2009 | Issue 32 Statistics - Europe
European Buyouts, Quarterly European Exit Activity, Quarterly
Value (LHS) Value (LHS) 20 400 25 150 Volume (RHS) Volume (RHS) 19.7 350 125 20 Volume of deals 15 300 Volume of deals 100 250 20.2 15
10 200 75
150 10 50 5 100 Value of deals ( € bn) 6.1 Value of deals ( € bn) 5 4.9 5.3 25 6.1 50 3.2 3.0 3.3 1.4 0 0 0 0 Qtr 3 08 Qtr 4 08 Qtr 1 09 Qtr 2 09 Qtr 3 09 QTD Qtr 3 08 Qtr 4 08 Qtr 1 09 Qtr 2 09 Qtr 3 09 QTD
European Buyout Yearly European Secondary Buyouts, Yearly European Buyout Yearly ComparisonComparison by by Deal Deal Siz Sizee Value (LHS) 1,400 75 400 1,400 1,300 > €501m 70 Volume (RHS) 97 110 > €501m 1,300 97 110 70.0 350 1,200 63 62 65 1,200 63 62 105 1,100 68 115 €251m - €500m 66.4 105 60 68 115 32 €251m - €500m Volume of deals 1,100 58 300 3243 55 1,000 58 1,000 110 4378 900 110 296 78 €101m - €250m 50 60 301 296 €101m - €250m 250 900 60 301 45 800 48 800 4890 291 90 291 132 40 48.0 700 36 115 281 €15m - €100m 28 132 200 700 36 115 281 €15m - €100m 35 600 2854 272 114 600 54 272 128 30 114 150 500 208 128 €5m - €14.9m 500 40 208 €5m - €14.9m 25 Volume of deal s 89 624 400 4017
Volume of deal s 620 624 400 1762 89 544 20 124 620 100 300 62 466 544 Value of deals ( € bn) Value not disclosed 15 20.7 300 162 124 466 Value not disclosed 200 162 346 244 200 33 346 10 50 244 100 33 5 100 125 224 2.3 0 125 224 0 0 0 2002 2003 2004 2005 2006 2007 2008 2009 YTD 2005 2006 2007 2008 2009 YTD 2002 2003 2004 2005 2006 2007 2008 2009 YTD
152.9 152.9
Rolling 12 Months Buyout Activity Industrials & ChemicalRollings 12 Months Buyout Activity Energy, Mining & Utilities
Industry Sector Breakdown by Volume Consumer Industry Sector Breakdown by Value Business Services
Business Services TMT 3% 3% 4% 1% 4% Rolling 12 Months Buyout Activity Industrials & Chemicals TMT Rolling8% 12 Months Buyout18% Activity Energy, Mining & Utilities Industrials & Chemicals 5% Industry Sector Breakdown by Volume Consumer Industry Sector Breakdown by Value Business Services 26% Pharma, Medical & Biotech Consumer 6% Business Services 8% TMT 1% 3% 3% 4% 4% TMT 8% 18% Industrials & Chemicals Transportation 5% Financial Services 26% Pharma, Medical & Biotech Consumer 7% 8% 6% Construction 9% 15% Pharma, Medical & Biotech Financial Services Transportation
7% Construction Leisure 9% 15% Pharma, Medical & Biotech Financial Services
Leisure Financial Services 12% Energy, Mining & Utilities Construction 12% 10% Energy, Mining & Utilities 10% Construction
15% 15% 19% 19% Transportation Transportation Leisure Leisure 15% 15% 12% 12% UK & Ireland Italy
Germanic UK & Ireland
Geographic Split of Buyouts by Volume Benelux Geographic Split of Buyouts by Value Benelux
<1% France Iberia 2% 7% 6% UK & Ireland 9% Nordic Italy Germanic 19% 8% 21% Germanic UK & Ireland Italy France Geographic Split of Buyouts by Volume 9% Benelux Geographic Split of Buyouts by Value Benelux
10% France Iberia <1% Iberia Nordic 2% 7% 6% 9% Nordic Germanic 19% 8% 21% Central & Eastern Europe Central & Eastern Europe Italy France 9% 10% 10% Iberia Other Nordic 12% 18% Other
Central & Eastern Europe Central & Eastern Europe 16% 10% Other 12% 18% Other
12% 16% 14% 13% 14% 12% 14% 13% 14%
28 The Brief: 2 October 2009 | Issue 32 Statistics - North America
North American Buyouts, Quarterly North American Exit Activity, Quarterly
Value (LHS) Value (LHS) 25 250 10 140 Volume (RHS) Volume (RHS) 9 120 20 200 8 Volume of deals Volume of deals 7 100 21.9 15 150 6 17.8 80 5 6.0 60 10 100 4 5.1 5.3 3 3.3 40 50 2 Value of deals (US$bn) 5 Value of deals (US$bn) 2. 6 6.1 8.7 20 3.5 1 0 0 0 0 Qtr 3 08 Qtr 4 08 Qtr 1 09 Qtr 2 09 Qtr 3 09 QTD Qtr 3 08 Qtr 4 08 Qtr 1 09 Qtr 2 09 Qtr 3 09 QTD
North American Buyout Yearly North American Secondary Buyouts, Yearly North American Buyout Yearly Comparison by Deal Size Comparison by Deal Size Value (LHS) 1000 40 200 1000 > $501m Volume (RHS) 900 > $501m 38.4 180 900 121 35 121 112 800 60 $251m - $500m 33.8 112 160 800 60 $251m - $500m Volume of deals 53 30 94 700 66 53 31.8 75 94 140 700 66 75 33 $101m - $250m 52 600 62 145 33 40 $101m - $250m 25 52 77 40 61 120 600 62 174 145 48 77 61 500 174 32 48 88 119 $15m - $100m 20 100 500 32 88 153 56 119 $15m - $100m 32 400 153 56 30 32 80 400 164 30 30 30 $5m - $14.9m 15 30 30 51 164 $5m - $14.9m Volume of deal s 300 478 51
60 Volume of deal s 300 478 22 37 404 413 19 10 20022 18 130 37 335 404 413 Value not disclosed 19 40 130 335 Value of deals (US$bn) 200 18 78 Value not disclosed 27 219 67 78 5 100 21 27 219 67 167 7.3 115 20 100 21 82 167 1.7 115 082 0 0 0 2002 2003 2004 2005 2006 2007 2008 2009 YTD 2005 2006 2007 2008 2009 YTD 2002 2003 2004 2005 2006 2007 2008 2009 YTD
152.9 152.9
Rolling 12 Months Buyout Activity Industrials & ChemicalsRolling 12 Months Buyout Activity Financial Services
Industry Sector Breakdown by Volume Consumer Industry Sector Breakdown by Value Energy, Mining & Utilities
Business Services Industrials & Chemicals 4% 3% Industrials & Chemicals 2%2%1% Financial Services Rolling4% 12 Months Buyout Activity Rolling 122% Months Buyout Activity Industry Sector Breakdown by Volume TMT 4% TMT 6% Consumer Industry Sector Breakdown by Value Energy, Mining & Utilities 22% 8% Business Services Industrials & Chemicals 3% Financial Services Consumer 4% 2%2%1% 4% 2% 6% TMT 4% TMT 6% 22% Pharma, Medical & Biotech 8% Business Services Financial Services Consumer 10% 6% 47% Pharma, Medical & Biotech Energy, Mining & Utilities Business Services Pharma, Medical & Biotech 10% 7% 47% Energy, Mining & Utilities Pharma, Medical & Biotech 7% Transport Construction Transport Construction 12% 16% 16% 12% Construction Construction Leisure Leisure 16% 16% Leisure Real Estate 12% 16% Leisure Real Estate 12% 16%
29 The Brief: 2 October 2009 | Issue 32 League & Activity Tables - Asia-Pacific
Financial houses - ranked by value
Rank Company name Value (US$m) Number of deals
1 Nomura Holdings Inc 3,344 5
2 Goldman Sachs 3,299 4
3 Bank of China International Holdings Co. Ltd. 1,200 1
4 WestLB Mergers & Acquisitions 1,124 2
5 Citigroup Inc 900 1
6 HSBC Bank plc 900 1
7 ING (formerly ING Barings) 900 1
8 Deloitte (formerly Deloitte & Touche Corporate Finance) 780 2
9 UBS Investment Bank 276 2
10 DBS Bank Ltd 251 2
Financial houses - ranked by volume
Rank Company name Value (US$m) Number of deals
1 Nomura Holdings Inc 3,344 5
2 KPMG 232 5
3 Goldman Sachs 3,299 4
4 Daiwa Securities Group Inc 182 4
5 Ernst & Young 117 3
6 WestLB Mergers & Acquisitions 1,124 2
7 Deloitte (formerly Deloitte & Touche Corporate Finance) 780 2
8 UBS Investment Bank 276 2
9 DBS Bank Ltd 251 2
10 Kotak Investment Banking 22 2
Financial houses advising on buyout deals during 1/10/2008 and 30/09/2009, where target is Asia-Pacific, excluding lapsed and withdrawn deals. The firms are advising the bidder.
30 The Brief: 2 October 2009 | Issue 32 League & Activity Tables - Asia-Pacific
Legal houses - ranked by value
Rank Company name Value (US$m) Number of deals
1 Herbert Smith/Gleiss Lutz/Stibbe 2,381 1
2 Linklaters 1,721 3
3 Nagashima Ohno & Tsunematsu 1,571 2
4 Kim & Chang 1,553 5
5 TMI Associates 1,515 2
6 Freshfields Bruckhaus Deringer 1,495 2
7 Simpson Thacher & Bartlett LLP 958 2
8 Bae Kim & Lee 918 3
9 Clifford Chance 820 2
10 Jun He Law Offices 789 1
Legal houses - ranked by volume
Rank Company name Value (US$m) Number of deals
1 AZB & Partners 150 7
2 Kim & Chang 1,553 5
3 Desai & Diwanji 143 5
4 Linklaters 1,721 3
5 Bae Kim & Lee 918 3
6 Anderson Mori & Tomotsune 561 3
7 Mori Hamada & Matsumoto 306 3
8 Nishith Desai Associates 152 3
9 DSK Legal 61 3
10 DLA Piper 40 3
Legal houses advising on buyout deals during 1/10/2008 and 30/09/2009, where target is Asia-Pacific, including lapsed and withdrawn deals. The firms are advising the bidder.
31 The Brief: 2 October 2009 | Issue 32 League & Activity Tables - Asia-Pacific
Buyouts - ranked by volume
Rank Company name Value (US$m) Number of deals
1 Navis Investment Partners (Asia) Limited 63 5
2 MBK Partners 1,992 4
3 Sequoia Capital 216 4
4 Intel Capital 41 4
5 Hopu Investment Management Co Ltd 10,489 3
6 The Carlyle Group LLC 170 3
7 KTB Securities Co Ltd 152 3
8 Shenzhen Fortune Venture Capital Co Ltd 87 3
9 Temasek Holdings Pte Ltd 7,622 2
10 Kohlberg Kravis Roberts & Co 1,950 2
Exits - ranked by volume
Rank Company name Value (US$m) Number of deals
1 Telecom Investments (Mauritius) Ltd 514 3
2 TPG Capital LP 2,304 2
3 Unison Capital Inc 275 2
4 Ant Capital Partners Co Ltd 77 2
5 Ironbridge Capital Pty Limited 0 2
6 Newbridge Capital Group LLC 2,278 1
7 Temasek Holdings Pte Ltd 2,246 1
8 The Carlyle Group LLC 1,729 1
9 CDH Investments Management Company 848 1
10 New Horizon Capital Co., Ltd. 848 1
PE firms as bidder on buyout deals announced between 1/10/2008 and 30/09/2009. PE firms to exit deals announced between 1/10/2008 and 30/09/2009. Based on target geography being Asia-Pacific. Lapsed and withdrawn bids are excluded.
32 The Brief: 2 October 2009 | Issue 32 League & Activity Tables - Europe
Financial houses - ranked by value
Rank Company name Value (€m) Number of deals
1 HSBC Bank 3,034 4
2 Banco Espirito Santo de Investimento 1,851 3
3 UniCredit Group 1,800 4
4 BNP Paribas 1,680 1
5 Caixa Banco de Investimento 1,601 2
6= Bank of America Merrill Lynch 1,480 2
6= Barclays Capital 1,424 1
8 RBC Capital Markets 1,424 1
9 Lazard 1,377 5
10 Banco Millennium BCP Investimento 1,150 1
Financial houses - ranked by volume
Rank Company name Value (€m) Number of deals
1 PricewaterhouseCoopers 523 15
2 KPMG 649 12
3 Deloitte 144 9
4 Ernst & Young 204 6
5 Lazard 1,377 5
6 Rothschild 967 5
7 Close Brothers Group 86 5
8 HSBC Bank 3,034 4
9 UniCredit Group 1,800 4
10 Mediobanca 274 4
Financial houses advising on buyout deals during 1/10/2008 and 30/09/2009, where target is European, excluding lapsed and withdrawn deals. The firms are advising the bidder.
33 The Brief: 2 October 2009 | Issue 32 League & Activity Tables - Europe
Legal houses - ranked by value
Rank Company name Value (€m) Number of deals
1 Linklaters 2,993 13
2 Sullivan & Cromwell 1,564 2
3 Gianni, Origoni, Grippo & Partners 1,513 7
4 Simpson Thacher & Bartlett 1,503 3
5 Bird & Bird 1,464 2
6= Cravath Swaine & Moore 1,424 1
6= Michael Silverleaf QC 1,424 1
8 Vieira de Almeida & Associados 1,150 1
9 Allen & Overy 1,044 10
10 CMS 1,012 9
Legal houses - ranked by volume
Rank Company name Value (€m) Number of deals
1 SJ Berwin 522 15
2 Linklaters 2,993 13
3 Allen & Overy 1,044 10
4 CMS 1,012 9
5 Loyens & Loeff 714 9
6 Freshfields Bruckhaus Deringer 334 9
7 Latham & Watkins 478 8
8 Hammonds 382 8
9 Gianni, Origoni, Grippo & Partners 1,513 7
10 Simmons & Simmons 86 7
Legal houses advising on buyout deals during 1/10/2008 and 30/09/2009, where target is European, including lapsed and withdrawn deals. The firms are advising the bidder.
34 The Brief: 2 October 2009 | Issue 32 League & Activity Tables - Europe
Buyouts - ranked by volume
Rank Company name Value (€m) Number of deals
1 Lloyds TSB Development Capital 297 11
2 Barclays Private Equity 1147 9
3 AXA Private Equity 1,900 5
4 Aurelius 100 5
5 HgCapital 444 4
6 Waterland Private Equity Investments BV 436 4
7 MPS Ventures 205 4
8 Gimv 124 4
9 Synergo 119 4
10 DGPA 74 4
Exits - ranked by volume
Rank Company name Value (€m) Number of deals
1 3i Group 743 13
2 ARQUES Industries 123 5
3 Holtzbrinck Networxs 208 4
4 L Capital 500 3
5 HANNOVER Finanz 232 3
6 Inflexion Private Equity Partners 226 3
7 AGF Private Equity 180 3
8 Advent Venture Partners 110 3
9 AXA Private Equity 54 3
10 Innovacom 42 3
PE firms as bidder on buyout deals announced between 1/10/2008 and 30/09/2009. PE firms to exit deals announced between 1/10/2008 and 30/09/2009. Based on target geography being European. Lapsed and withdrawn bids are excluded.
35 The Brief: 2 October 2009 | Issue 32 League & Activity Tables - North America
Financial houses - ranked by value
Rank Company name Value (US$m) Number of deals
1 Bank of America Merrill Lynch 16,298 3
2 Morgan Stanley 2,451 6
3 Credit Suisse 2,086 2
4 UBS Investment Bank 1,717 3
6 Citigroup Inc 1,498 1
5 Goldman Sachs 1,225 4
7 Houlihan Lokey 1,022 2
8 Blackstone Group Holdings 900 1
9 KeyBanc Capital Markets 539 1
10 Stephens Inc 488 1
Financial houses - ranked by volume
Rank Company name Value (US$m) Number of deals
1 Morgan Stanley 2,451 6
2 Goldman Sachs 1,225 4
3 Bank of America Merrill Lynch 16,298 3
4 UBS Investment Bank 1,717 3
5 JPMorgan 386 3
6 Wells Fargo Securities 119 3
7 Credit Suisse 2,086 2
8 Houlihan Lokey 1,022 2
9 RBC Capital Markets 483 2
10 Deutsche Bank AG 337 2
Financial houses advising on buyout deals during 1/10/2008 and 30/09/2009, where target is North American, excluding lapsed and withdrawn deals. The firms are advising the bidder.
36 The Brief: 2 October 2009 | Issue 32 League & Activity Tables - North America
Legal houses - ranked by value
Rank Company name Value (US$m) Number of deals
1 Cleary Gottlieb Steen & Hamilton 14,463 4
2 Weiner Brodsky Sidman Kider PC 13,900 1
3 Simpson Thacher & Bartlett 8,366 8
4 Sullivan & Cromwell 6,108 7
5 Cadwalader, Wickersham & Taft 4,404 1
6 SJ Berwin 4,404 1
7 Latham & Watkins 3,639 13
8 Kirkland & Ellis 3,168 33
9 Weil Gotshal & Manges 2,840 8
10 Skadden Arps Slate Meagher & Flom 1,679 7
Legal houses - ranked by volume
Rank Company name Value (US$m) Number of deals
1 Kirkland & Ellis 3,168 33
2 Jones Day 902 19
3 Latham & Watkins 3,639 13
4 DLA Piper 822 10
5 Simpson Thacher & Bartlett 8,366 8
6 Weil Gotshal & Manges 2,840 8
7 Sullivan & Cromwell 6,108 7
8 Skadden Arps Slate Meagher & Flom 1,679 7
9 Bingham McCutchen 81 7
10 Stikeman Elliott 670 6
Legal houses advising on buyout deals during 1/10/2008 and 30/09/2009, where target is North American, including lapsed and withdrawn deals. The firms are advising the bidder.
37 The Brief: 2 October 2009 | Issue 32 League & Activity Tables - North America
Buyouts - ranked by volume
Rank Company name Value (US$m) Number of deals
1 Platinum Equity 71 7
2 Golden Gate Capital 865 5
3 Patriarch Partners 19 5
4 One Equity Partners 371 4
5 Vista Equity Partners 147 4
6 ABS Capital Partners 99 4
7 Stone Point Capital 14,125 3
8 Centerbridge Partners 900 3
9 Metalmark Capital 300 3
10 Oak Investment Partners 138 3
Exits - ranked by volume
Rank Company name Value (US$m) Number of deals
1 Benchmark Capital 1,061 8
2 New Enterprise Associates 705 8
3 Intel Capital 91 7
4 Accel Partners 47 6
5 American Capital 571 5
6 Warburg Pincus 407 5
7 Menlo Ventures 137 5
8 Venrock Associates 63 5
9 Draper Fisher Jurvetson 0 5
10 Sequoia Capital 1,397 4
PE firms as bidder on buyout deals announced between 1/10/2008 and 30/09/2009. PE firms to exit deals announced between 1/10/2008 and 30/09/2009. Based on target geography being US or Canadian. Lapsed and withdrawn bids are excluded.
38 The Brief: 2 October 2009 | Issue 32 Top Deals - Asia and Pacific
Top 10 Asia-Pacific Buyout deals - rolling 12 months ending 30 September 2009
Announced date Target company Bidder company Deal value (US$m)
13-May-09 China Construction Bank Corporation (5.78% BOCI Asia Limited; China Life Insurance (Group) 7,319 stake) Company; China Life Insurance (Overseas) Company Limited; China Life Insurance Company Limited [China]; Hopu Investment Management Co Ltd; Temasek Holdings Pte Ltd
14-Jan-09 Bank of China Limited (4.26% stake) Hopu USD Master Fund I LP 2,381
7-May-09 Oriental Brewery Co. Ltd. Affinity Equity Partners; Kohlberg Kravis Roberts & Co 1,800
19-Mar-09 USJ Co Ltd SG Investment KK 1,460
6-Jul-09 China Mengniu Dairy Company Limited COFCO (Hong Kong) Limited; Hopu Investment 789 (20.03% stake) Management Co Ltd
3-Jun-09 Doosan DST Co. Ltd.; Korea Aerospace DIP Holdings Co Ltd; Odin Holdings Ltd 625 Industries Ltd (20.54% stake); Samhwa Crown & Closure Co. Ltd. (44.15% stake); SRS Korea Co., Ltd.
25-Dec-08 Skylark Co Ltd (16.10% stake) Nomura Principal Finance Co Ltd 555
6-Dec-08 Petron Corporation (40.00% stake) Ashmore Investment Management Ltd 520
15-Oct-08 KES Power Limited (50.00% stake) Abraaj Capital Holdings Limited 361
14-Aug-09 Ozeki Co., Ltd. (68.80% stake) Himawari 343
39 The Brief: 2 October 2009 | Issue 32 Top Deals - Europe
Top 10 European Buyout deals - rolling 12 months ending 30 September 2009
Announced date Target company Bidder company Deal value (€m)
29-May-09 Enel Rete Gas SpA (80% stake) AXA Private Equity; and F2i SGR SpA 1,680
1-Sep-09 Skype Technologies SA (65% stake) Andreessen Horowitz; Canada Pension Plan Investment 1,424 Board; Index Ventures; and Silver Lake Partners
17-Nov-08 Enersis - Sociedade Gestora de Participacoes Magnum Capital Industrial Partners 1,150 Sociais SA
30-Sep-09 Invitel Holdings A/S (64.60% stake) Mid Europa Partners LLP 741
19-Jun-09 Wood Mackenzie Limited Charterhouse Capital Partners LLP 654
12-Dec-08 Wehkamp BV (Majority stake) Wehkamp BV (Mangement vehicle) 500
23-Dec-08 Centrale dei Bilanci Srl (92% stake) Bain Capital LLC and Clessidra SGR SpA 492
26-Jun-09 Cintra Aparcamientos SA (99.92% stake) Ahorro Corporacion Desarrollo SGECR SA ; Assip SGPS 451 SA; ES Concessoes SGPS SA; Espirito Santo Capital SA; and Transport Infrastructure Investment Company
15-Dec-08 Infrastructure Investors LP (68.83% stake) Barclays Private Equity Limited 412
2-Apr-09 Antonveneta ABN AMRO; and Prima Sgr Clessidra SGR SpA 400
40 The Brief: 2 October 2009 | Issue 32 Top Deals - North America
Top 10 North American Buyout deals - rolling 12 months ending September 30, 2009
Announced date Target company Bidder company Deal value (US$m)
Mar-19-09 IndyMac Federal Bank FSB OneWest Bank FSB 13,900
Aug-10-09 Dynegy Inc (five peaking and three combined-cycle LS Power Group 1,498 generation assets)
Dec-03-08 Neuberger Berman Inc NBSH Acquisition LLC 1,290
Sep-23-09 SkyTerra Communications Inc (51.00% stake) Sol Private Corp. 1,206
Dec-29-08 Chesapeake Corporation Irving Place Capital; Oaktree Capital 1,022 Management L.P
May-21-09 BankUnited FSB BankUnited 900
Sep-25-09 Simmons Bedding Company Ares Management LLC; Ontario Teachers 760 Pension Plan
Feb-27-09 Regency Intrastate Gas LLC (62.00% stake) Alinda Gas Pipeline I LP; Alinda Gas Pipeline II 653 LP; GE Capital (General Electric)
Sep-24-09 Chesapeake Midstream Partners, L.L.C (50.00% Global Infrastructure Partners 588 stake)
Mar-30-09 Fifth Third Processing Solutions LLC (51.00% stake) Advent International Corporation 561
41 The Brief: 2 October 2009 | Issue 32 Investor Profile: Advent International Corporation
Advent International Corporation
Description Countries Sectors
US based private equity makes up to €500m equity investments in the compa- USA Financial Services nies with the entreprise value of €2bn in established markets, Western Europe and North America, and US$20m to US$60m equity investments in companies with the enterprise value of US$20m to US$250m in developing markets, Central Europe and Latin America.
Fund name Launched date Size (m) Fund name Launched date Size (m)
GPE IV €2,100.00 ACE II US$180.00
ACEE III €330.00 Global Private Equity IV €3,000.00
LAPEF III US$375.00 HCLS III 1-Jan-2002 €300.00
DMC III US$345.00 Advent Private Equity Fund IV 1-Jan-2004 €200.00
GPE II US$315.00 GPE V 1-Oct-2004 €2,500.00
GPE III US$1000.00 Advent Latest Fund 7-Apr-2008 US$10400.00
Countries invested in Countries invested in
USA 12 current 30 exited Uruguay 2 current 0 exited
Germany 11 current 8 exited Sweden 2 current 0 exited
United Kingdom 5 current 10 exited Denmark 0 current 2 exited
Mexico 8 current 3 exited Czech Republic 1 current 1 exited
Brazil 9 current 2 exited Austria 0 current 1 exited
France 5 current 6 exited Dominican Republic 1 current 0 exited
Netherlands 4 current 4 exited Japan 0 current 1 exited
Romania 4 current 4 exited Luxembourg 0 current 1 exited
Poland 1 current 5 exited Malaysia 1 current 0 exited
Argentina 2 current 3 exited Hong Kong 0 current 1 exited
Italy 2 current 3 exited Hungary 1 current 0 exited
Spain 1 current 3 exited India 1 current 0 exited
Bulgaria 2 current 1 exited Ireland (Republic) 0 current 1 exited
Turkey 1 current 2 exited Slovakia 0 current 1 exited
42 The Brief: 2 October 2009 | Issue 32 Investor Profile: Advent International Corporation
Sectors invested in Sectors invested in
Services (other) 14 current 7 exited Internet / ecommerce 1 current 4 exited
Computer software 7 current 10 exited Industrial automation 1 current 3 exited
Consumer: Retail 10 current 6 exited Construction 2 current 1 exited
Financial Services 9 current 5 exited Consumer: Foods 0 current 3 exited
Media 5 current 9 exited Manufacturing (other) 3 current 0 exited
Medical 6 current 7 exited Transportation 1 current 1 exited
Chemicals and materials 6 current 4 exited Energy 0 current 1 exited
Medical: Pharmaceuticals 3 current 5 exited Computer: Semiconductors 0 current 1 exited
Industrial products and services 2 current 5 exited Computer services 0 current 1 exited
Leisure 3 current 3 exited Agriculture 0 current 1 exited
Consumer: Other 1 current 5 exited Automotive 0 current 1 exited
Telecommunications: Hardware 2 current 3 exited Industrial: Electronics 0 current 1 exited
Telecommunications: Carriers 0 current 5 exited Real Estate 0 current 1 exited
Potential Investments
Companies Dominant country Dominant sector Estimated size (US$m) Last update
SC PlantExtrakt SA Romania Medical: Pharmaceuticals 10m - 50m 1-Sep-2009
Charlotte Russe Holding, Inc. USA Consumer: Retail 100m - 500m 24-Aug-2009
La Gardenia Beauty s.p.a. Italy Consumer: Retail 100m - 500m 21-Aug-2009
Ozone Laboratories s.r.l. (brands portfolio) Romania Medical: Pharmaceuticals 100m - 500m 24-Jul-2009
Four Seasons Healthcare Limited United Kingdom Medical > 500m 5-Jul-2009
SIA-SSB Group Italy Computer software 100m - 500m 3-Jul-2009
43 The Brief: 2 October 2009 | Issue 32 Investor Profile: Advent International Corporation
Exits - since 1 January 2008
Portfolio Companies Buy Buy Sell Sell Announced Mths Buy type Exit Dominant Dominant sector value stake salue stake date held type country (US$m) (%) (US$m) (%)
Bolix SA 37.50 100.0% 38.60 n/a 29-Apr-2009 55 BIMBO TS Poland Chemicals and materials
Ekim Turizm Ticaret ve Sanayi AS 15.00 n/a 124.00 n/a 28-Aug-2008 42 IBI TS Turkey Financial Services
Venere Net Spa n/d 33.0% n/d 33.0% 15-Jul-2008 19 IBI TS Italy Leisure
Axtone S.A. 60.00 100.0% 149.10 n/a 11-Aug-2008 31 IBO, MBO SBO Poland Industrial products and services
HC Starck GmbH & Co KG (silica n/d n/a n/d n/a 9-May-2008 NA NA TS Germany Chemicals and sol business) materials
Jacobs Rimell Limited n/d n/a 44.87 n/a 8-Apr-2008 NA NA TS United Computer software Kingdom
Hudson Group 396.00 n/a 396.00 n/a 4-Sep-2008 NA NA TS USA Consumer: Retail
Long Term Care Group Inc 130.00 n/a n/d n/a 1-Dec-2008 56 MBO SBO USA Services (other)
44 The Brief: 2 October 2009 | Issue 32 Notes & Contacts
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