2015 Private Equity-Backed Buyout Deals and Exits Download 2015 Data 5Th January 2016 Page 1 of 3

2015 Private Equity-Backed Buyout Deals and Exits Download 2015 Data 5th January 2016 Page 1 of 3

Fig. 1: Annual Number and Aggregate Value of Private Fig. 2: Aggregate Value of Private Equity-Backed Buyout Fig. 3: Breakdown of Number and Aggregate Value of Equity-Backed Buyout Deals Globally, 2006 - 2015 Deals by Region ($bn), 2006 - 2015 Private Equity-Backed Buyout Deals in 2015 by Type

4,000 3,797 800 800 100% 3% 1% 3,765 3,742 3,672 3% 3% 3,546 6% 3,458 Aggregate DealValue ($bn) 90% 3,500 694 700 700 24 16% 12% 3,167 3,142 27 80% 3,050 24 1% 3,000 642 600 600 19 70% 235 2,500 500 500 188 60% 39% 2,191 38% 50% 2,000 409 400 400 19 45 348 19 40% 1,500 308 300 300 11 46 90 No. of Deals 272 275 17 26 30%

19 of Total Proportion 15 239 27 27 87 95 1,000 204 200 200 411 407 12 22 20% 20 73 39% 39% 78 94

Aggregate Deal Value ($bn) Deal Value Aggregate 87 5 255 10% 500 116 100 100 24 157 184 189 33 123 132 0% 85 54 0 0 0 Proportion of No. of DealsProportion of Aggregate Value 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2006200720082009201020112012201320142015 LBO Add-on Public To Private Number of Deals Aggregate Deal Value ($bn) North America Europe Asia Rest of the World Growth Capital PIPE Recapitalisation

Fig. 4: Breakdown of Number and Aggregate Value of Fig. 5: Breakdown of Number and Aggregate Value of Private Equity-Backed Buyout Deals in 2015 by Value Band Private Equity-Backed Buyout Deals in 2015 by Industry Key Facts

100% 100% 9% 4% 6% 90% 90% 6% 8% 12% Proportion of aggregate private equity-backed 80% 6% 80% 5% buyout deal value represented by deals worth 13% 72% 14% 70% 6% $1bn+ 70% 13% 70% 60% 13% 60% 18% 50% 14% 13% 50% 40% 40% 30% 15%

Proportion of Total Proportion 34% 20% Increase in private equity-backed buyout deal 30%

Proportion of Total Proportion 33% value in North America from 2014 to 2015. 51% 11% 10% 23% 20% 8% 0% 10% 10% No. of DealsAggregate Deal Value 6% Industrials Information Technology 0% 3% Business Services Consumer & Retail No. of DealsAggregate Deal Value Healthcare Telecoms & Media Value of biggest deal in 2015 - Merger of EMC Less than $100mn $100mn - $249mn $250mn - $499mn Food & Agriculture Energy & Utilities $67bn $500mn - $999mn $1bn or More Materials Other and Dell.

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, 2006 - 2015 Exits by Type, 2006 - 2015 ($bn), December 2006 - December 2015

2,000 500 2,000 600 460 1,800 1,734 416 450 1,800 1,616 1,616 Aggregate ExitValue ($bn) 49 500 485 486 1,600 400 1,600 56 26 447 461 1,496 441 430 1,431 53 410 1,400 350 1,400 56 507 393 336 411 490 400 381 1,233 327 357 1,200 303 1,169 312 300 1,200 13 410 62 393 989 300 1,000 250 250 1,000 13 390 309 314 298 210 290 826 221 800 200 800 295 59 No. of Exits No. of Exits 194 685 190 231 200

227 Dry Powder ($bn) 600 150 600 172 117 130 56 107 840 864 400 93 100 400 126 761 823 810 100 640 509 484 578 200 50 200 335 0 0 0 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2006200720082009201020112012201320142015 No. of Exits Aggregate Exit Value ($bn) Trade Sale IPO & Follow-on Sale to GP Restructuring

Dec-06

Dec-07

Dec-08

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Dec-14

Dec-15

Fig. 9: 10 Largest Private Equity-Backed Buyout Deals Announced 2015

Investment Deal Size Bought From/Exiting Primary Portfolio Company Deal Date Deal Status Investors Location Type (bn) Company Industry EMC Add-on 12-Oct-15 67 USD Announced Dell Inc., MSD Capital, Silver Lake, Temasek Holdings - US IT 3G Capital, Berkshire Hathaway, H.J. Heinz Company, Kraft The Kraft Heinz Company Merger 25-Mar-15 40 USD Completed - US Food Foods Group Cathay Capital Group, China Renaissance Capital Investment, Public To CITIC Securities, Golden Brick Capital Management, Huatai Qihoo 18-Dec-15 9 USD Announced - China IT Security Private Ruilian Fund Management, Ping An Insurance Group, Sequoia Capital, Sunshine Insurance, Taikang Asset Management Veritas Buyout 11-Aug-15 8 USD Announced Carlyle Group, GIC Symantec Corp US Software Public To Solera Holdings 13-Sep-15 7 USD Announced Goldman Sachs, Koch Industries, Vista Equity Partners - US Software Private CPP Investment Board, MBK Partners, National Pension Service, Homeplus Buyout 07-Sep-15 4 GBP Announced Tesco South Korea Retail Public Sector Pension Investment Board, Temasek Holdings GE Capital's Australia and New Financial Zealand Consumer Lending Buyout 15-Mar-15 8 AUD Completed Deutsche Bank, KKR, Värde Partners GE Capital Australia Services Business General Atlantic, Santander Asset Management, UniCredit, General Atlantic, Warburg Financial Pioneer Investments Merger 23-Apr-15 5 EUR Announced Spain Warburg Pincus Pincus Services Public To Informatica Corporation 07-Apr-15 5 USD Completed CPP Investment Board, Microsoft, Permira, Salesforce Ventures - US Software Private Freeman Spogli & Co, Leonard PETCO Buyout 23-Nov-15 5 USD Announced CPP Investment Board, CVC Capital Partners US Retail Green & Partners, TPG

Fig. 10: 10 Largest Private Equity-Backed Buyout Exits Announced Globally in 2015

Investment Deal Size Exit Value Portfolio Company Investment Type Investors (Entry) Exit Date Exit Type Acquiror (Exit) Location Primary Industry Date (bn) (bn) Freescale Blackstone Group, Carlyle Group, Permira, 15-Sep-06 Public To Private 17.6 USD 02-Mar-15 Merger 16.7 USD NXP Semiconductors US Semiconductors Semiconductor TPG Suddenlink 18-Jul-12 Buyout 6.6 USD BC Partners, CPP Investment Board 20-May-15 Trade Sale 9.1 USD Altice S.A. US Telecoms Communications Bain Capital, Blackstone Group, Goldman SunGard Data Sachs Merchant Banking Division, 28-Mar-05 Public To Private 11.4 USD 11-Aug-15 Trade Sale 9.1 USD FIS Global US Software Systems Inc. KKR, Providence Equity Partners, Silver Lake, TPG Par Pharmaceutical 16-Jul-12 Public To Private 1.9 USD TPG 18-May-15 Trade Sale 8.1 USD Endo Pharmaceuticals US Pharmaceuticals Companies, Inc. Carlyle Group, China Everbright Focus Media 20-Dec-12 Public To Private 3.7 USD International, CITIC Capital, Fosun 01-Sep-15 Trade Sale 45.7 CNY Hedy Holdings China Digital Media International, FountainVest Partners Big Heart Pet Centerview Capital, KKR, Vestar Capital 25-Nov-10 Public To Private 5.3 USD 03-Feb-15 Trade Sale 6.0 USD JM Smucker US Food Brands Partners General Atlantic, Pioneer Santander Asset 30-May-13 Buyout 0.7 EUR General Atlantic, Warburg Pincus 23-Apr-15 Merger 5.5 EUR Investments, Warburg Spain Financial Services Management Pincus Interactive Data IntercontinentalExchange, 04-May-10 Public To Private 3.7 USD Silver Lake, Warburg Pincus 26-Oct-15 Trade Sale 5.2 USD US Financial Services Corporation Inc. Freeman Spogli & Co, Leonard Green & CPP Investment Board, PETCO 14-Jul-06 Public To Private 1.8 USD 23-Nov-15 Sale to GP 4.6 USD US Retail Partners, TPG CVC Capital Partners "Abu Dhabi Investment Authority, Allianz Capital Consumer Tank & Rast 17-Nov-04 Buyout 1.1 EUR Terra Firma Capital Partners 03-Aug-15 Trade Sale 3.9 EUR Germany Partners, Services Borealis, Munich Re"

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