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Canadian Private Equity Buyout Review

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Canadian Private Equity Buyout Review Canadian Private Equity Buyout Review Full Year 2018 Ben Nelms, Reuters Table of Contents Canada’s PE Buyout Market in 2018 3 $ Invested and # Companies Financed 5 Investment by Company Location 7 Investment by Transaction Type 8 Investment by Investor Location 9 PE Investment vs. all Canadian M&A 10 Top PE Buyout Deals 11 Investment by Deal Size 12 Investment by Company Sector 13 Canadian Firms’ Investment Abroad 14 Buyout Funds Raised 16 PE Buyout-Backed Exits 17 PE Buyout Returns 18 Explanatory Notes & Contacts 19 2 Canadian Private Equity Buyout Market Activity: Full Year 2018 Canadian Buyout-PE Market Trends Canada saw a record-breaking year of investment from buyout and related private equity investors in 2018, with 345 transactions collectively valued at $37.2 billion. Collective deal values for the year smashed the previous record set in 2007, when Canadian companies received $33.7 billion in investment. Deal volumes, however, were down 10% from the year prior, indicating more investment dollars flowing into fewer deals. The $5.0 billion secondary sale of Bolton, Ontario-based Husky Injection Moldings Systems by OMERS Private Equity and Berkshire Hathaway to U.S. private equity firm Platinum Equity, has retained the number one spot in both Canada’s top deals list and top exits list. Ranking second and third on the list were Enbridge’s natural gas gathering and processing business, and Enercare, both having been acquired by Brookfield Asset Management for $4.3 billion apiece. Canadian Market Trends by Sector & Stage The Information Technology & Media sector remained the most active throughout the year, with 54 deals collectively valued at $3.9 billion. The consumer-related sector saw 45 deals in 2018, while manufacturing companies saw 38 deals collectively valued at $5.3 billion. The Energy & Environmental sector received the largest share of overall dollar values, with 24 deals collectively bringing in $12.2 billion. Add-on acquisitions grew to 34% of dealmaking, up from 20% just five years ago, with 116 deals in the year. Canadian Fund Performance The performance of Canadian buyout, private equity energy, and subordinated capital funds continued to show slight underperformance to public market comparators through to the first nine months of 2018. Published data provided by Cambridge Associates shows Canadian buyout, private equity energy, and subordinated capital funds with vintage years of 2000 or greater returning a since inception IRR of 5.7% as of the end of Q3. This lags far behind their US counterparts which showed consistent outperformance of public markets and a since inception IRR of 13.0%. 3 Canadian Private Equity Buyout Market Activity: Full Year 2018 Canadian Market Trends by Region Ontario saw a total of 126 deals in 2018, or 37% of the national total, the highest provincial share since 2007. As recently as 2013, Ontario-based companies comprised only 26% of dealmaking. Québec placed right behind with 125 deals, or a 36% share of the national total. Among Canada’s major urban regions, Calgary saw the most impressive growth in dollars invested in 2018, with $7.1 billion, up from $1.9 billion last year. Vancouver, also showing well, saw $5.5 billion in PE investment in 2018, up from $1.4 billion the year prior. Canadian Investor Activity in Global Markets Canadian buyout and related PE funds participated in 162 non-Canadian deals during 2018, collectively valued at $121 billion, both all-time annual highs. Top deals in non-Canadian companies during the year included CPPIB’s investment in Blackstone’s $21.7 billion acquisition of Refinitiv, Brookfield Asset Management’s $18.9 billion takeover of Chicago-based U.S. mall owner GGP (subsequently renamed Brookfield Property REIT), Chinese online payment platform Ant Financial’s $600 million investment from the Canada Pension Plan Investment Board as part of an $18.2 billion deal, and Johnson Controls Power Solutions’ acquisition by Brookfield Business Partners and la Caisse de dépôt et placement du Québec for $17.5 billion. Trends in Canadian buyout-PE fundraising Leading Canadian fundraising in 2018 was Brookfield Capital Partners, which announced it closed its $8.6 billion Fund V in October. Other highlights included Waterous Energy Fund, which closed its initial fund in the second quarter at $1.4 billion and will invest in distressed oil & gas companies; and Brookfield Asset Management, which had the final close of its Infrastructure Debt Fund in the beginning of the year at $1.1 billion. An additional $2.8 billion was raised by Northleaf Capital Partners, to be split between their Private Equity Investors VII and Secondary Partners II funds. Collectively, Canadian buyout funds raised $17.1 billion during the year. 4 Historical Investment in Canadian Companies: Private Equity Buyout Deal Values Canadian companies saw deal values of $37.2 billion in 2018, up 31% from last year and the strongest full year on record. Deal values in Q4 were $12.6 billion, the strongest individual quarter since Q4 2014. $40 $37.2 $35 $33.7 $31.8 $30 $28.4 $25 $24.2 $20 $18.6 $17.7 $15.9 $15 $12.8 $12.8 $11.8 $10.9 $10.5 $10 $10.0 $7.9 PE Deal Values ($ Billions) ($ Values Deal PE $6.2 $6.0 $5.3 $5 $3.4 $0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Q1 Q2 Q3 Q4 5 Historical Investment in Canadian Companies: Private Equity Buyout Deal Volumes A total of 345 buyout and related private equity deals were completed in 2018. Despite record-breaking deal values, these volumes are down 10% from the previous year and are the second lowest since 2011. 500 466 457 450 400 385 356 349 345 350 333 318 300 288 248 249 250 242 200 199 193 195 191 150 142 140 # of PE Buyout Deals PE Buyout of # 125 100 50 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Q1 Q2 Q3 Q4 6 Canadian PE-Buyout Investment, Top Five Urban Regions Calgary saw 7 oil & gas deals over $100 million; Ottawa led by $2.7 billion LBO of Mitel Networks. Montréal and Toronto saw their shares of Canadian PE decline, despite a record-setting year for Canada overall. Toronto $2.7 $6.0 $3.3 Calgary $11.1 2017 Vancouver 2018 $23.8 Billion $29.8 Billion $1.4 $14.4 $5.5 Montreal $1.9 Ottawa $7.1 7 PE-Buyout Dealmaking: Deal Volume by Company Province Ontario saw 126 investments, or a 37% share of all deals in 2018, the province’s greatest share since 2007. Western Canada & Quebec deal volume shares held steady. 100% 4% 5% 4% 5% 5% 8% 8% 90% 12% 10% 11% 11% 13% 13% 80% 12% 17% 16% 17% 12% 70% 60% 43% 36% 50% 38% 34% 40% 42% % Deals of % 40% 30% 20% 37% 32% 32% 33% 26% 26% 10% 0% 2013 2014 2015 2016 2017 2018 Ontario Québec Alberta British Columbia Rest of Canada 8 PE-Buyout Dealmaking: Deal Volumes by Transaction Type Control Stake transactions increasingly infrequent, comprised only 15% of all deals in 2018. Add-on acquisitions grew to 34% of dealmaking, up from 20% just five years ago, with 116 deals in 2018. 100% 4% 2% 4% 5% 4% 5% 90% 17% 19% 14% 14% 20% 17% 80% 7% 11% 9% 5% 11% 7% 70% 60% 20% 22% 29% 32% 27% 34% 50% % Deals of % 40% 25% 28% 22% 30% 27% 27% 22% 20% 10% 23% 20% 20% 17% 15% 15% 0% 2013 2014 2015 2016 2017 2018 Control Stake Minority Stake Acquisition for Expansion Mezzanine PIPE Other 9 PE-Buyout Dealmaking: Deal Volumes by Investor Location Canadian investors participated in 74% of all Canadian PE buyout deals in 2018, down from an 81% participation rate just four years ago. Participation from United States investors came to 28% of all deals in 2018, up from 18% of deals in 2013. 100% 90% 80% 70% 60% 50% % Deals of % 40% 30% 20% 10% 0% 2013 2014 2015 2016 2017 2018 Deals Including Canadian Investors Deals Including United States Investors 10 PE-Buyout Dealmaking Versus All M&A of Canadian Targets While Canadian buyout deal volumes were down 10% year-over-year, Canadian M&A deal volumes declined by 15%, resulting in PE deals’ share of traditional M&A remaining flat at 14% throughout 2018. 500 35% 450 30% 400 350 25% 300 20% 250 15% # of Deals of # 200 150 10% 100 5% 50 0 0% 2013 2014 2015 2016 2017 2018 # of PE Deals PE Deals as % of all M&A Activity 11 Top Canadian Private Equity Deals, Full Year 2018 Portfolio Company Investors Deal Value Rank Company Name Location Sector Investing Firms (Disclosed) ($ Millions) Husky Injection Molding 1 $4,959.6 Bolton, ON Plastics Manufacturing Platinum Equity Systems Enbridge - Canadian Natural 2 $4,310.0 Calgary, AB Natural Gas Brookfield Asset Management Gas G&P Business 3 Enercare $4,300.0 Markham, ON Energy Solutions Brookfield Asset Management Pure Industrial Real Estate 4 $3,800.0 Vancouver, BC Industrial Properties REIT Blackstone Group, Ivanhoe Cambridge Trust GFL Environmental 5 $3,721.9 Toronto, ON Waste Management Ontario Teachers' Pension Plan, BC Partners (Waste Industries acquisition) 6 Mitel Networks $2,658.6 Ottawa, ON Telecommunications Searchlight Capital Partners GFL Environmental 7 $2,027.6 Toronto, ON Waste Management Ontario Teachers' Pension Plan, BC Partners (Recapitalization) 8 Wolf Midstream $1,610.0 Calgary, AB Energy Infrastructure Canada Pension Plan Investment Board 9 Innergex Renewable Energy $1,100.0 Longueuil, QC Renewable Energy Caisse de dépôt et placement du Québec British Columbia Investment Management Corp, Caisse de dépôt et 10 Stella-Jones $876.5 Saint-Laurent, QC Wood Products placement du Québec, Fonds de Solidarité FTQ, GPI Capital, Ontario Municipal Employees Retirement System 12 Canadian PE-Buyout Investment by Deal Size Range The top three deals of the year; Husky Injection Molding Systems, Enbridge’s Canadian natural gas gathering and processing business, and Enercare, accounted for $13.6 billion, or 36% of total 2018 deal values.
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