Q2 2013 Private Equity-Backed Buyout Deals and Exits Page 1 of 2 July 2013

Fig 1: Quarterly Number and Aggregate Value of Private Equity- Fig. 2: Quarterly Aggregate Value of Private Equity-Backed Buyout There were 324 private equity-backed buyout exits in Q2 2013 valued at an Backed Buyout Deals Globally, Q1 2006 - Q2 2013 Deals by Region, Q1 2008 - Q2 2013 aggregate $92bn, an increase from the $50bn in Q1 2013 and second only to Q2 2011 when 364 exits were valued at a total of $128bn.

1,200 300 80 However, the number and aggregate value of the private equity-backed Aggregate Deal Value ($bn) 70 buyout deals announced globally in Q2 2013 dropped to 606 deals valued 1,000 250 60 at an aggregate $61.6bn, compared to 678 deals in Q1 2013 valued at 800 200 $86bn. 50

600 150 40 European aggregate deal value was $27bn in Q2 2013, compared to $8bn in Q1 2013. Though this is a substantial increase, Q1 2013 was particularly No. of Deals 400 100 30 low. European aggregate deal value in Q4 2012 was $27bn. 20 200 50

Aggregate Deal Value ($bn) Aggregate Deal Value 10 North America witnessed 306 buyouts valued at $29bn in Q2 2013, a drop 0 0 0 of 59% in terms of aggregate value from the previous quarter of $71bn,

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 which saw several mega-cap deals take place. 2006 2007 2008 2009 2010 2011 2012 2013 2008 2009 2010 2011 2012 2013 No. of Deals Aggregate Deal Value ($bn) North America Europe Asia Rest of World Asian aggregate deal value dropped to just $2bn in Q2 2013, the lowest Fig: 3: Global Number of Private Equity-Backed Exits by Type and Fig: 4: Breakdown of Number and Aggregate Value of Private Equity- total value of deals in the region since since Q3 2008 saw just $1bn of deals. Aggregate Exit Value, Q1 2006 - Q2 2013 Backed Buyout Deals in Q2 2013 by Type Thirty-seven percent of all deals in Q2 2013 were leveraged buyouts, 400 140 100% with 60% of the aggregate value of global buyout deals attributed to this 7% 90% investment type. 350 120 Aggregate Exit Value ($bn) 25% 21% 300 80% 100 Add-on transactions, although representing 35% of the number of private 70% 6% 250 equity-backed deals in Q2 2013, accounted for only 9% of the aggregate 80 9% 60% value of deals. 200 35% 60 50%

No. of Exits 150 40% Seventy-three percent of deals in Q2 2013 fell into the small-cap bracket of 40 100 Proportion of Total 30% 60% less than $250mn. Fifty-nine percent of all deals in Q2 2013 were valued 50 20 at less than $100mn. 20% 37% 0 0 10% Industrials and information technology were the most prominent areas of Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 0% 2006 2007 2008 2009 2010 2011 2012 2013 No. of Deals Aggregate Deal Value buyout activity in Q2 2013, representing a combined 43% of aggregate IPO Restructuring Sale to GP Trade Sale Aggregate Exit Value ($bn) LBO Add-on Public To Private deal value.

Fig: 5: Breakdown of Number and Aggregate Value of Private Equity- Fig: 6: Breakdown of Number and Aggregate Value of Private Equity- Private equity-backed exits via IPO and follow-on offerings witnessed a Backed Buyout Deals in Q2 2013 by Value Band Backed Buyout Deals in Q2 2013 by Industry strong quarter, with 73 exits via the public market during Q2 2013, the second highest number of this type in the period since 2006, surpassed only by the 84 investments realized by this exit route in Q4 2010. 100% 25% 7% 23% 22% 90% 8% 21% 20% 80% 12% 16% 51% 15% 70% 15% 14% 14% 60% 11% 11% 10% 9% 9% 9% 50% 6% 7% 7% 7%

Proportion of Total 5% 40% 21% 5% 4% 4%

Proportion of Total 30% 59% 0% 20% 14%

10% 8% Other Utilities Business 6% Services Retail Energy & Media Food &

0% Industrials Agriculture Healthcare Telecoms & Information No. Of Deals Aggregate Deal Value Technology Consumer & Consumer Less than $100mn $100-249mn $250-499mn $500-999mn $1bn or More No. Of Deals Aggregate Deal Value Q2 2013 Private Equity-Backed Buyout Deals and Exits Page 2 of 2 July 2013

Fig. 7: 10 Largest Private Equity-Backed Buyout Deals in Q2 2013

Firm Investment Date Investment Type Deal Size (mn) Deal Status Investors Bought From/Exiting Company Location Primary Industry , GIC Special Investments, Golden Gate Capital, Insight BMC Software May-13 Public To Private 6,900 USD Announced - US Software Venture Partners EQT Partners, Government of Singapore Springer SBM Jun-13 Buyout 3,300 EUR Announced BC Partners Germany Publishing Investment Corporation (GIC) ista Apr-13 Buyout 3,100 EUR Announced CVC Capital Partners Charterhouse Capital Partners Germany Energy CeramTec GmbH Jun-13 Buyout 1,490 EUR Announced Rockwood Holdings Germany Manufacturing Alberta Investment Management Corporation, OMERS Private Vue Entertainment Jun-13 Buyout 935 GBP Announced Doughty Hanson & Co UK Entertainment Equity CSC ServiceWorks May-13 Merger 1,440 USD Announced AIR-Serv Holding, LLC., Coinmach, Pamplona Capital Management - US Industrial Inc. Befesa Medio Environmental Apr-13 Buyout 1,075 EUR Announced Triton Abengoa, First Reserve Corporation Spain Ambiente Services National Financial Apr-13 Public To Private 1,300 USD Announced Madison Dearborn Partners - US Financial Services Partners Corp. Intermediate Capital Group, Motion Equity Allfl ex May-13 Buyout 1,300 USD Announced BC Partners US Manufacturing Partners Caisse de depot et placement du Quebec, PRA International Jun-13 Buyout 1,300 USD Announced US Medical Technologies Genstar Capital Partners

Fig. 8: Five Notable Private Equity-Backed Buyout Exits in Q2 2013

Investment Investment Deal Size Firm Investors (Entry) Exit Date Exit Type Exit Value (mn) Acquiror (Exit) Location Primary Industry Date Type (mn) Public To Bausch & Lomb May-07 4,580 USD , Welsh, Carson, Anderson & Stowe May-13 Trade Sale 8,700 USD Valeant Pharmaceuticals US Healthcare Private Bain Capital, CCMP Capital Advisors, Warner Chilcott Jan-05 Buyout 3,100 USD Customized Fund Investment Group, JPMorgan Partners, May-13 Trade Sale 8,500 USD Actavis Group US Pharmaceuticals Thomas H Lee Partners EQT Partners, Government of Singapore Investment Springer SBM* Dec-09 Buyout 2,300 EUR Jun-13 Sale to GP 3,300 EUR BC Partners Germany Publishing Corporation (GIC) Vanguard Health Systems Jul-04 Buyout 1,750 USD Blackstone Group Jun-13 Trade Sale 4,300 USD Tenet Healthcare Corporation US Healthcare ista* Mar-07 Buyout 2,400 EUR Charterhouse Capital Partners, CVC Capital Partners Apr-13 Sale to GP 3,100 EUR CVC Capital Partners Germany Energy *Denotes partial exit

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