Q2 2014 Private Equity-Backed Buyout Deals and Exits Page 1 of 3 July 2014
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Q2 2014 Private Equity-Backed Buyout Deals and Exits Page 1 of 3 July 2014 Fig. 1: Quarterly Number and Aggregate Value of Private Fig. 2: Quarterly Aggregate Value of Private Equity- Fig. 3: Breakdown of Number and Aggregate Value of Equity-Backed Buyout Deals Globally, Q1 2012 - Q2 2014 Backed Buyout Deals by Region ($bn), Q1 2012 - Q2 2014 Private Equity-Backed Buyout Deals in Q2 2014 by Type 1,000 100 100 100% 2% 4% 7% 889 92.8 2.6 4% 3% 900 849 90 ($bn) Aggregate DealValue 90 90% 1% 812 81.8 77.6 3.9 7% 804 80.3 795 16% 800 745 754 769 80 80 1.7 3.2 80% 75.2 733 743 13.9 12% 72.3 2.6 7.8 3.7 700 70 70 3.5 13.4 70% 68.9 5.1 8.3 4.3 7.7 64.0 64.5 2.1 2.4 600 60 60 7.2 60% 12.1 7.7 9.2 33% 16.0 500 50 50 27.6 50% 16.7 24.8 400 42.1 40 40 2.1 18.3 16.8 3.8 72.4 30.7 40% No. of Deals 71% 300 30 30 30% 14.9 52.2 49.1 Proportion of Total 200 20 20 39.9 43.1 33.8 35.8 36.1 38.8 20% 41% Aggregate Deal Value ($bn) Aggregate Deal Value 100 10 10 21.3 10% 0 0 0 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 No. of Deals Aggregate Deal Value ($bn) 2012 2013 2014 2012 2013 2014 LBO Add-on Growth Capital No. of Deals Aggregate Deal Value ($bn) North America Europe Asia Rest of the World Recapitalization PIPE Public To Private Fig. 4: Breakdown of Number and Aggregate Value of Private Equity-Backed Buyout Deals in Q2 2014 by Value Fig. 5: Breakdown of Number and Aggregate Value of Band Private Equity-Backed Buyout Deals in Q2 2014 by Industry Key Facts 100% 30% 28% 9% the aggregate value of private equity-backed 90% 25% 12% 22% buyout deals announced globally in Q2 2014, 80% $78bn 5% lower than the value of investments in Q1 48% 20% 13% 16% 16% 70% 2014. 15% 14% 12% 12% 60% 10% 18% 10% 9% 9% 8% 9% 6% 6% 50% 5% 6% 6% 5% 5% the increase in aggregate value for European Proportion of Total 40% 26% deals in Q2 2014 compared to the previous 0% 30% 69% quarter. North America witnessed a 20% Proportion of Total 48% decrease, while Asia saw a drop of 38%. 20% 13% Other 10% 8% Industrials Healthcare Information 0% 5% Technology No. of Deals Aggregate Deal Value ($bn) Energy & Utilities Business Services the aggregate value of private equity-backed Consumer & Retail Telecoms & Media Less than $100mn $100-249mn $250-499mn Food & Agriculture $138bn buyout exits in Q2 2014, up from $90bn in Q1 $500-999mn $1bn or more No. of Deals Aggregate Deal Value ($bn) 2014. Q2 2014 Private Equity-Backed Buyout Deals and Exits Page 2 of 3 July 2014 Fig. 6: Global Number and Aggregate Value of Private Fig. 7: Global Number of Private Equity-Backed Buyout Fig. 8 Global Private Equity Buyout Fund Dry Powder, Equity-Backed Buyout Exits, Q2 2012 - 2014 Exits by Type, Q1 2012 - Q2 2014 December 2006 - July 2014 450 160 450 600 405 400 380 392 140 ($bn) Aggregate ExitValue 400 370 500 482 481 345 343 137.6 350 328 331 350 447 326 120 438 423 301 399 300 300 211 189 379 388 100 400 96.0 207 188 353 250 99.6 90.1 250 84.6 176 197 168 187 168 80.3 80 159 300 200 73.6 74.3 200 60 No. of Exits No. of Exits 150 150 49.2 52.0 85 112 70 117 200 40 Dry Powder ($bn) 100 100 90 88 121 103 101 87 16 16 5 11 50 20 50 12 15 11 9 13 100 8 74 81 72 80 48 45 44 44 44 49 0 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 0 2012 2013 2014 2012 2013 2014 Jul-14 No. of Exits Aggregate Exit Value ($bn) IPO Restructuring Sale to GP Trade Sale Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Fig. 9: 10 Largest Private Equity-Backed Buyout Deals Announced in Q2 2014 Investment Bought From/Exiting Primary Firm Deal Date Deal Size (mn) Deal Status Investors Location Type Company Industry CPP Investment Board, Gates Global Inc. Buyout Apr-14 5,400 USD Announced Blackstone Group Onex Corporation, US Manufacturing Tomkins plc Advantage Sales and Buyout Jun-14 4,000 USD Announced CVC Capital Partners, Leonard Green & Partners Apax Partners US Marketing Marketing LLC Financial First Data Buyout Jun-14 3,500 USD Announced Kohlberg Kravis Roberts - US Services Flint Group Buyout Apr-14 2,200 EUR Announced Goldman Sachs Merchant Banking Division, Koch Industries CVC Capital Partners Luxembourg Manufacturing Red Lobster, Inc Buyout May-14 2,100 USD Announced Golden Gate Capital Darden Restaurants, Inc. US Restaurants GEA Heat Exchangers Buyout Apr-14 1,300 EUR Announced Triton GEA Group AG Germany Energy Financial NN Group Buyout Apr-14 1,275 EUR Announced RRJ Capital, Seatown Holdings, Temasek Holdings ING Groep NV Netherlands Services Dubai International Mauser Buyout May-14 1,200 EUR Announced Clayton Dubilier & Rice Germany Industrial Capital Private Equity The Hillman Group Buyout May-14 1,475 USD Announced CCMP Capital Advisors Oak Hill Capital Partners US Distribution Medical Sebia Buyout Jun-14 1,000 EUR Announced Astorg Partners, Montagu Private Equity Cinven France Technologies Q2 2014 Private Equity-Backed Buyout Deals and Exits Page 3 of 3 July 2014 Fig. 9: 10 Largest Private Equity-Backed Buyout Exits Announced in Q2 2014 Initial Initial Initial Deal Exit Exit Value Primary Firm Investors (Entry) Exit Type Acquiror (Exit) Location Investment Date Investment Type Size (mn) Date (mn) Industry Blackstone Group, Goldman Medical Biomet, Inc. Dec-06 Public To Private 11,400 USD Sachs Merchant Banking Division, Apr-14 Trade Sale 13,350 USD Zimmer Holdings Inc. US Instruments Kohlberg Kravis Roberts, TPG Citi Private Equity, Deutsche Nuveen Financial Jun-07 Public To Private 6,500 USD Bank, Madison Dearborn Partners, Apr-14 Trade Sale 6,250 USD TIAA-CREF US Investments, Inc. Services Pamlico Capital CPP Investment Board, Onex Tomkins plc Jul-10 Public To Private 3,150 GBP Apr-14 Sale to GP 5,400 USD Blackstone Group Engineering UK Corporation Advantage Sales CVC Capital Partners, Nov-10 Buyout 1,800 USD Apax Partners Jun-14 Sale to GP 4,000 USD Marketing US and Marketing LLC Leonard Green & Partners Goldman Sachs Merchant Flint Group Nov-04 Buyout - CVC Capital Partners Apr-14 Sale to GP 2,200 EUR Banking Division, Koch Manufacturing Luxembourg Industries Neuberger Berman, Oak Hill Firth Rixson Ltd. Nov-07 Buyout 945 GBP Jun-14 Trade Sale 2,850 USD Alcoa Engineering UK Capital Partners Beats Electronics Sep-13 Buyout 500 USD Carlyle Group May-14 Trade Sale 2,500 USD Apple, Inc. Retail US Michael Foods Nov-03 Buyout 1,050 USD Thomas H Lee Partners Apr-14 Trade Sale 2,450 USD Post Holdings, Inc. Food US Group, Inc. Aozora Bank, Cerberus Capital Financial Ally Financial Inc. Apr-06 Buyout 14,000 USD Apr-14 IPO 2,380 USD - US Management, Citigroup Services Sheridan May-07 Buyout - Hellman & Friedman May-14 Trade Sale 2,350 USD AmSurg Healthcare US Healthcare, Inc. 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