2017 Buyout Deals and Exits 4 January 2018

DOWNLOAD THE DATA PACK 2017 BUYOUT DEALS AND EXITS 4 JANUARY 2018

Fig. 1: Global Private Equity-Backed Buyout Deals, 2008 - 2017 Fig. 2: Private Equity-Backed Buyout Deals in 2017 by Region Fig. 3: Private Equity-Backed Buyout Deals in 2017 by Type

450 4,500 2,500 100% 3% 2,284 2% 2% 400 4,000 90%

Aggregate Deal Value ($bn) 16% 29% 350 3,500 2,000 80% Recapitalization

300 3,000 70% Public-to-Private 1,473 5% 1,500 No. of Deals 5% 250 2,500 60% 42% PIPE 200 2,000 Aggregate Deal 50%

No. of Deals 1,000 Value ($bn) Growth Capital 150 1,500 40% 46%

100 1,000 Proportion of Total 30% Buyout 500 50 500 239 20% 175 195 37% Add-on 98 63 0 0 12 10% 0 14% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 North Europe Asia Rest of World 0% No. of Deals Aggregate Deal Value ($bn) America No. of Deals Aggregate Deal Value Source: Preqin Private Equity Online Source: Preqin Private Equity Online Source: Preqin Private Equity Online

KEY FACTS Fig. 4: Private Equity-Backed Buyout Deals in 2017 by Value Band Fig. 5: Private Equity-Backed Buyout Deals in 2017 by Industry 100% 25% 11% 22% 90% 4,191 20% 19% 19% 10% Number of private equity-backed buyout deals 80% $1bn or More 16% announced in 2017. 15% 11% 15% 14% 14% 70% 14% 13% 13% 69% $500-999mn 11% 60% 17% 10% $250-499mn 7% 50% 6% $63bn

Proportion of Total 5% 5% Value of private equity-backed buyout deals in Asia, 40% $100-249mn 3% 3% 3% 2% 3% 2% a record high.

Proportion of Total 30% Less than 0% 51% 14% 20% $100mn

8% Other 10% Utilities Services Business &Media Energy & &Retail Food & Materials 6% Telecoms 29% Consumer Industrials Healthcare Agriculture Technology 0% 3% Information of total private equity-backed buyout deal value in No. of Deals Aggregate Deal Value No. of Deals Aggregate Deal Value 2017 came from public-to-private deals. Source: Preqin Private Equity Online Source: Preqin Private Equity Online

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Fig. 6: Largest Private Equity-Backed Buyout Deals Announced Globally in 2017 Investment Deal Deal Size Bought from/Exiting Portfolio Company Deal Status Investor(s) Location Primary Industry Type Date (mn) Company 2,000,000 Apple Inc., Bain Capital, Dell Inc., Hoya Corporation, Kingston Technology Toshiba Memory Corporation Buyout Sep-17 Announced Toshiba Corporation Japan Electronics JPY Company, Inc., Seagate Technology Holdings, SK Hynix, Toshiba Corporation Calpine Corporation Public-to-Private Aug-17 17,000 USD Announced Access Industries, CPP Investment Board, Energy Capital Partners - US Power Bank of China Group Investment, China Vanke Co. Ltd., Hillhouse Capital Global Logistic Properties Limited Public-to-Private Jul-17 16,000 SGD Announced - Singapore Logistics Management, Hopu Investment Management, Schwartz-Mei Group Limited Unilever's Margarine and Spreads Buyout Dec-17 6,825 EUR Announced KKR Unilever UK Food Business Staples, Inc. Public-to-Private Jun-17 6,900 USD Completed Sycamore Partners - US Retail Belle International Holdings Public-to-Private Apr-17 53,100 HKD Completed CDH Investments, Hillhouse Capital Management - China Retail Limited Stada Arzneimittel AG PIPE Aug-17 5,240 EUR Completed Bain Capital, Cinven, Partners Group - Germany Pharmaceuticals Nets Holding A/S Public-to-Private Sep-17 33,100 DKK Announced Advent International, Bain Capital, GIC, Hellman & Friedman - Denmark Financial Services Quadrangle Group, West Corporation Public-to-Private May-17 5,100 USD Completed Apollo Global Management US IT Thomas H Lee Partners PAREXEL International Corporation Public-to-Private Jun-17 5,000 USD Completed Pamplona Capital Management - US Pharmaceuticals Source: Preqin Private Equity Online

Fig. 7: Global Private Equity Buyout-Backed Exits, 2008 - 2017 Fig. 8: Private Equity Buyout-Backed Exits in 2017 by Region Fig. 9: Private Equity Buyout-Backed Exits in 2017 by Type

2,500 500 900 100% 1% 12% 450 800 778 90% 16%

2,000 400 Aggregate Exit Value ($bn) 694 700 80% 350 Restructuring 600 70% 33% 26% 1,500 300 No. of Exits 500 60% IPO 250 400 Aggregate Exit 50% 1,000 200 Sale to GP No. of Exits Value ($bn) 40% 150 300

Proportion of Total 30% Trade Sale 500 100 200 54% 58% 142 126 20% 50 100 75 76 22 11 0 0 10% 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 North Europe Asia Rest of World 0% No. of Exits Aggregate Exit Value ($bn) America No. of Exits Aggregate Exit Value Source: Preqin Private Equity Online Source: Preqin Private Equity Online Source: Preqin Private Equity Online

Fig. 10: Largest Private Equity-Backed Buyout Exits Announced Globally in 2017 Investment Investment Exit Value Portfolio Company Investment Type Investors (Entry) Exit Date Exit Type Acquiror (Exit) Location Primary Industry Date Size (mn) (mn) ABRY Partners, Berkshire Partners, Lightower Lightower Fiber Crown Castle Dec-12 Merger 2,000 USD Fiber Networks, LLC., Pamlico Capital, Sidera Jul-17 Trade Sale 7,100 USD US Telecoms Networks, LLC. International Corporation Networks Cheung Kong Property Ista International GmbH Apr-13 Buyout 3,100 EUR CPP Investment Board, CVC Capital Partners Jul-17 Trade Sale 4,500 EUR Holdings Limited, CK Germany Energy Infrastructure Holdings Apollo Global West Corporation May-06 Public-to-Private 4,100 USD Quadrangle Group, Thomas H Lee Partners May-17 Sale to GP 5,100 USD US IT Management Avista Capital Partners, Madison Dearborn Avantor Performance Medical VWR International May-07 Buyout 3,500 USD May-17 Trade Sale 4,380 USD US Partners Materials, Inc. Instruments USI Holdings Corporation Nov-12 Buyout 2,300 USD Onex Corporation Mar-17 Sale to GP 4,300 USD CDPQ, KKR US Insurance AdvancePierre Foods Advance Brands, Advance Food Company, Oaktree Jul-10 Merger - Apr-17 Trade Sale 4,200 USD Tyson Foods Inc US Food Holdings, Inc. Capital Management, Pierre Foods, Inc. Signode Industrial Group Feb-14 Buyout 3,200 USD Carlyle Group Dec-17 Trade Sale 3,910 USD Crown Holdings US Manufacturing LLC Husky Injection Molding May-11 Buyout 2,100 USD Berkshire Partners, OMERS Private Equity Dec-17 Sale to GP 3,850 USD Platinum Equity Canada Industrial Systems Ltd. Express Scripts Holding eviCore Healthcare Jun-95 Buyout - Ridgemont Equity Partners Oct-17 Trade Sale 3,600 USD US Healthcare IT Company Jacobs Engineering CH2M Hill, Inc. May-15 Growth Capital 200 USD Apollo Global Management Aug-17 Trade Sale 3,270 USD US Engineering Group Inc.

Source: Preqin Private Equity Online

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