2013 -Backed Deals and Exits Page 1 of 2 January 2014

the aggregate value ($bn) of private equity- Fig. 1: Number and Aggregate Value of Private Equity-Backed Fig. 2: Aggregate Value of Private Equity-Backed Buyout Deals by 274 backed buyout deals announced globally in Buyout Deals Globally, 2006 - 2013 Region, 2006 - 2013 2013, the highest value since 2007.

4,000 800 800

3,434 Aggregate Deal Value ($bn) 3,500 670 700 700 661 3,180 3,185 23 23 the number of private equity-backed buyout 18 28 3,000 2,884 2,830 600 600 2,704 2,697 deals announced in 2013, down from 3,185 179 2,830 2,500 500 500 190 in 2012. 2,000 1,923 400 400 No. of Deals 1,500 300 300 11 9 265 264 274 17 19 229 450 14 25 27 1,000 192 200 200 421 8 19 70 74 increase in aggregate value for North 19 74 96 Aggregate Deal Value ($bn) Aggregate Deal Value 106 79 4 American deals in 2013 compared to 2012. 500 100 100 22 171 10% 128 156 87 29 123 witnessed a 6% increase, while Asia 0 0 0 51 2006 2007 2008 2009 2010 2011 2012 2013 2006 2007 2008 2009 2010 2011 2012 2013 saw a drop of 28%. No. of Deals Aggregate Deal Value ($bn) North America Europe Asia Rest of World

Fig. 3: Breakdown of Number and Aggregate Value of Private Equity- Fig. 4: Breakdown of Number and Aggregate Value of Private of all private equity-backed buyout deals in Equity-Backed Buyout Deals in 2013 by Value Band Backed Buyout Deals in 2013 by Type 38% 2013 were leveraged , accounting for 43% of aggregate deal value. 100% 2% 100% 4% 6% 90% 3% 90% 6% 31% 80% 19% 80% 13% of private equity-backed buyout deals in 2013 70% 3% 70% 58% 1% 18% 60% 6% 75% were small-cap (deals of less 34% 60% 50% 16% 50% than $250mn in size). 40% 40%

Proportion of Total 30% 14%

Proportion of Total 30% 57% 20% 38% 43% 20% 12% 10% private equity-backed buyout exits valued at 10% 10% 0% 6% No. of Deals Aggregate Deal Value ($bn) 0% 1,348 $303bn were witnessed in 2013, the highest No. of Deals Aggregate Deal Value ($bn) Add-On number in the period from 2006 to present. Recapitalization PIPE Public To Private Less than $100mn $100-249mn $250-499mn $500-999mn $1bn or More

Fig. 5: Five Largest Private Equity-Backed Buyout Deals in 2013

Primary Firm Type Deal Date Deal Size (bn) Deal Status Investors Bought From/Exiting Company Location Industry H.J. Heinz Company Public To Private Feb-13 28.0 USD Completed 3G Capital, Berkshire Hathaway - US Food Dell Inc. Public To Private Feb-13 24.9 USD Completed MSD Capital, Silver Lake - US Hardware , Elliott Management Corporation, GIC Special BMC Software Public To Private May-13 6.9 USD Completed - US Software Investments, Golden Gate Capital, Insight Venture Partners Inc. Buyout Sep-13 6.4 USD Completed , CPP Investment Board TPG, Warburg Pincus US Retail CDH Investments, Goldman Sachs, Henan Shuanghui, New Smithfi eld Foods Add-on May-13 4.7 USD Completed - US Food Horizon Capital, Temasek Holdings 2013 Private Equity-Backed Buyout Deals and Exits Page 2 of 2 January 2014

Fig. 6: Breakdown of Number and Aggregate Value of Private Equity- Fig. 7: Global Number and Aggregate Value of Private Equity- Fig. 8: Global Number of Private Equity-Backed Exits by Type, Backed Buyout Deals in 2013 by Industry Backed Exits, 2006 - 2013 2006 - 2013

25% 23% 1,600 350 1,600

20% 1,400 313 1,400 20% 285 303 300 Aggregate Exit Value ($bn) 266 1,348 16% 16% 1,200 1,299 1,200 14% 1,210 250 15% 13% 14% 13% 12% 1,000 1,095 222 1,000 690 707 10% 992 200 10% 624 8% 800 870 800 587 6% 7% 6%7% 163 485 6% No. of Exits 150 446

Proportion of Total 707 5% 600 No. of Exits 600 3% 2% 116 578 406 1% 1% 100 356 400 400 284 357 384 0% 81 349 266 273 47 50 97 200 200 204 53 52 46 7 7 104 255 Other 54 188 177 144 152 93 162 Utilities Business Services 0 0 0 43 Retail Energy & Materials Media Food & Industrials Agriculture

Healthcare 2006 2007 2008 2009 2010 2011 2012 2013 2006 2007 2008 2009 2010 2011 2012 2013 Telecoms & Information Technology Consumer & Consumer No. of Deals Aggregate Deal Value No. of Exits Aggregate Exit Value ($bn) IPO Restructuring Sale to GP Trade Sale

Fig 9: Notable Private Equity-Backed Exits in 2013

Investment Entry Entry Deal Firm Investors (Entry) Exit Date Exit Type Exit Value (bn) Acquiror (Exit) Primary Industry Location Date Investment Type Size (bn) Warburg Pincus, Welsh, Carson, Anderson & Bausch & Lomb May-07 Public To Private 4.6 USD May-13 Trade Sale 8.7 USD Valeant Pharmaceuticals Healthcare US Stowe Bain Capital, CCMP Capital Advisors, GCM Warner Chilcott Jan-05 Buyout 3.1 USD Customised Fund Investment Group, JPMorgan May-13 Trade Sale 8.5 USD Actavis Group Pharmaceuticals US Partners, Thomas H Lee Partners US Foodservice Inc.* Nov-06 Buyout 7.1 USD Clayton Dubilier & Rice, Dec-13 Trade Sale 8.2 USD Sysco Corporation Food US Ares Management, CPP Neiman Marcus Inc. May-05 Public To Private 5.1 USD TPG, Warburg Pincus Sep-13 Sale to GP 6.4 USD Retail US Investment Board GeoSouthern Jan-11 Buyout 0.8 USD Blackstone Group Nov-13 Trade Sale 6.0 USD Devon Energy Corporation Oil & Gas US

*Denotes partial exit

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