4Q09 Mid-Market MA Review USD100M Legal
Total Page:16
File Type:pdf, Size:1020Kb
Friday, January 8, 2010 DEALS VALUED UP TO US$100 MILLION MID-MARKET LEGAL M&A REVIEW Mid-Market M&A Legal Rankings For Deals Valued Up To US$50m, US$200m, and US$500m Are Also Available Mid-Market Deals Intelligence Announced Mid-Market M&A by Target Nation Up To US$100m 1/1/2009 - 12/31/2009 1/1/2008 - 12/31/2008 Mid-Market M&A valued up to US$100 million totaled US$185.7 Materials was the most targeted sector in the Mid-Market % Change billion during 2009, a 23.7% decrease of last year. worldwide, making up 14% of the market with 5,169 deals worth Region/Nation Rank Val No. Rank Val No. in Rank US$26.9 billion. US$m Deals US$m Deals Value Worldwide 185,694.7 36,463 243,434.6 38,026 -23.7 ! Americas 55,906.3 10,836 80,928.1 12,114 -30.9 ! United States of America 36,832.9 7,129 55,969.9 8,603 -34.2 ! Worldwide Mid-Market M&A up to US$100m Canada 10,921.8 2,298 12,675.7 2,029 -13.8 ! Brazil 2,570.3 342 5,609.2 696 -54.2 ! by Target Nation Region Chile 824.9 164 1,118.5 112 -26.2 ! January 1 - December 31 British Virgin Islands(United Kingdom) 730.4 90 645.5 44 13.2 " Europe 40,560.4 12,637 62,653.7 12,808 -35.3 ! United Kingdom 9,672.7 1,992 17,541.9 2,492 -44.9 ! 2005 France 3,866.7 1,064 3,954.7 1,126 -2.2 ! Germany 3,680.6 1,141 5,320.1 1,331 -30.8 ! Italy 3,670.3 640 5,527.3 734 -33.6 ! 2006 Spain 2,174.8 726 3,376.5 804 -35.6 ! Sweden 2,149.7 579 2,908.0 697 -26.1 ! 2007 Norway 1,768.6 317 2,326.2 356 -24.0 ! Russian Federation 1,710.7 2,809 4,325.4 1,316 -60.4 ! Poland 1,213.1 286 1,518.3 314 -20.1 ! 2008 Turkey 1,160.3 150 1,938.2 183 -40.1 ! Africa/Middle East 5,194.6 824 8,119.6 925 -36.0 ! 2009 South Africa 1,919.6 274 2,194.2 288 -12.5 ! Israel 917.5 65 1,470.0 118 -37.6 ! Asia-Pacific 71,581.6 9,843 77,953.2 9,778 -8.2 ! $0 $50 $100 $150 $200 $250 $300 $350 China 24,799.6 2,544 27,218.2 2,820 -8.9 ! Australia 10,323.0 1,690 10,430.0 1,744 -1.0 ! Rank Value (US$b) South Korea 8,836.7 1,082 9,324.0 939 -5.2 ! Hong Kong 8,453.2 722 9,061.5 723 -6.7 ! India 5,105.7 1,056 6,820.5 1,007 -25.1 ! Africa/Middle East Americas Asia-Pacific Europe Japan Indonesia 3,081.3 406 1,896.0 248 62.5 " Japan 12,452.0 2,323 13,780.1 2,401 -9.6 ! Worldwide Mid-Market M&A up to US$100m Worldwide Mid-Market M&A up to US$100m by Rank Value Range by Target Industry $80 10,500 Materials 5% 2% 14% Financials $70 5% ) 10,000 b High Technology $ $60 S 6% Energy and Power U 9,500 s ( l $50 a e Industrials e u l D 6% 13% a $40 9,000 f Real Estate V o k $30 # Consumer Staples n 8,500 a R $20 7% Media and Entertainment 8,000 $10 Consumer Products and Services 11% Healthcare $0 7,500 9% 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 Retail Telecommunications 11% 11% US$0 - 25m US$25 - 50m US$50 - 75m US$75 - 100m # of Deals Government and Agencies https://www.thomsonone.com 1 of 21 January 8, 2010 ! Mid-Market M&A Up To US$100m ! Legal Advisors Mid-Market M&A Heatmap Mid-Market Exit Multiple Heatmap Mid-Market Premium Heatmap Year To Date Average Rank Value/EBITDA - Up to 50x* Year To Date Average Premium To 4 Week Stock Price - Up to 100%* North South Mid East Asia North South Mid East Asia 2009 World Europe Japan 2009 World Europe Japan 2008 America America & Africa Pacific 2008 America America & Africa Pacific Consumer Products and Services 10.9 15.6 11.1 10.4 - 10.2 8.1 Consumer Products and Services 35.1 34.3 - 23.7 25.3 41.4 38.9 11.4 9.8 - 10.8 - 15.2 8.3 31.4 19.8 - 32.0 - 27.6 39.0 Consumer Staples 11.1 13.9 6.3 6.8 6.1 12.6 11.3 Consumer Staples 24.7 45.7 41.6 23.7 21.8 21.9 26.0 11.6 6.2 24.3 10.4 13.9 11.8 8.9 28.7 22.9 9.7 23.9 - 34.4 18.1 Energy and Power 8.2 4.8 4.3 11.4 11.8 11.5 6.8 Energy and Power 39.3 40.0 44.9 32.9 - 32.7 67.7 11.2 10.5 4.2 13.6 - 11.8 7.6 31.9 29.3 - 37.4 23.1 34.3 22.8 Financials 12.4 12.8 13.1 12.1 11.1 13.6 3.1 Financials 22.3 20.0 25.4 23.4 22.3 21.7 35.4 12.4 9.9 21.7 17.4 13.3 12.3 7.3 24.6 22.9 19.5 29.0 - 31.1 15.9 Healthcare 10.8 10.4 - 12.4 - 12.1 3.7 Healthcare 28.7 26.5 - 25.5 - 37.9 21.7 15.8 13.0 4.0 22.0 12.8 15.0 9.2 30.1 37.2 - 26.8 21.1 24.6 35.3 High Technology 11.0 13.3 9.5 10.6 6.1 11.4 9.4 High Technology 29.1 39.6 1.8 21.4 36.8 27.0 32.3 11.8 16.1 - 13.2 6.0 11.0 7.8 31.2 39.8 - 27.6 16.1 33.8 26.5 Industrials 10.2 8.3 5.4 10.8 6.7 11.1 7.5 Industrials 29.5 47.7 16.4 30.4 35.8 22.7 37.4 9.6 7.8 13.0 9.6 11.9 11.2 7.3 25.7 36.7 41.1 24.0 27.4 25.4 22.3 Materials 9.8 15.5 12.1 12.1 7.6 8.2 9.5 Materials 34.0 35.4 30.0 25.4 21.5 31.9 59.7 10.7 9.8 8.7 9.2 2.8 13.1 6.7 34.7 42.8 23.3 22.5 47.4 30.8 38.6 Media and Entertainment 10.0 8.7 - 9.2 - 12.3 5.8 Media and Entertainment 26.4 29.3 - 44.6 - 15.0 27.9 11.1 10.7 - 11.2 7.5 10.9 14.2 36.5 51.3 43.2 40.5 - 38.3 13.1 Real Estate 15.1 14.4 12.6 24.2 - 12.2 9.5 Real Estate 30.2 35.5 45.2 24.3 12.9 33.3 24.0 15.6 18.8 - 9.3 20.2 17.3 13.4 32.4 30.6 - 24.7 14.1 37.4 35.5 Retail 12.2 11.2 3.5 9.4 - 15.5 11.4 Retail 33.0 21.5 - 43.2 - 20.5 35.0 11.8 7.3 5.9 11.6 6.5 16.1 11.4 22.2 25.8 - 36.6 27.8 14.9 18.9 Telecommunications 10.8 7.5 5.7 8.9 - 12.4 12.3 Telecommunications 26.5 37.9 3.5 21.8 20.9 29.2 11.4 8.8 7.9 7.4 7.1 8.3 12.5 4.7 19.6 27.7 5.3 28.5 12.6 20.1 15.0 Average Industry Total 10.9 11.7 9.9 11.1 7.6 11.3 9.0 Average Industry Total 29.9 32.1 30.6 26.4 26.6 27.8 34.4 11.5 10.6 11.2 12.2 10.5 12.6 9.1 29.6 32.4 21.5 29.1 22.0 30.3 25.6 * Using the Valuation Heatmap you can analyse the average rank value to EBITDA and average premium to 4 week bid premium for each region against twelve macro industries for the M&A mid-market. The data refers to the year-to-date for figures in colour, red indicating a decline and green an increase, compared to the figures for year-to-date last year (ytdly) which are in black. $160,000 Worldwide Mid-Market M&A up to US$100m 25,000 2000 - 2009 $140,000 by Rank Value Range 20,000 $120,000 ) m $ $100,000 S 15,000 U ( e u l a V k $80,000 n a R 10,000 $60,000 $40,000 5,000 $20,000 $0 0 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 US$ 0 - 25 mil US$ 25 to 50 mil US$ 50 to 75 mil US$ 75 to 100 mil # of Deals https://www.thomsonone.com 2 of 21 January 8, 2010 # Mid-Market M&A Up To US$100m # Legal Advisors Worldwide Mid-Market Legal Rankings (MML01b) Based on Rank Value Based on Number of Deals MML01b - Undisclosed Values & Values up to US$100m MML01b - Undisclosed Values & Values up to US$100m Rank Date 1/1/2009 - 12/31/2009 Rank Date 1/1/2009 - 12/31/2009 Rank Value Mkt No.