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Q1 2017 BUYOUT DEALS and EXITS 4 APRIL 2017 Fig DOWNLOAD THE DATA PACK Q1 2017 BUYOUT DEALS AND EXITS 4 APRIL 2017 Fig. 1: Global Quarterly Private Equity-Backed Buyout Deals, Q1 2012 - Q1 2017 Fig. 2: Private Equity-Backed Buyout Deals in Q1 2017 by Region Fig. 3: Private Equity-Backed Buyout Deals in Q1 2017 by Type 1,200 160 600 100% 1% 2% 0% 535 2% 140 90% 16% Aggregate Deal Value ($bn) Value Deal Aggregate 14% 1,000 500 120 80% 4% Recapitalisation 7% 800 100 400 70% Public-to-Private 332 600 80 60% 42% 300 PIPE 60 50% No. of Deals No. 400 59% Growth Capital 40 200 40% 200 20 Total of Proportion 30% Buyout 100 0 0 45 58 20% 40% 25.2 20.1 Add-on Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 7.0 1.1 10% 0 14% 2012 2013 2014 2015 2016 2017 North America Europe Asia Rest of World 0% No. of Deals Aggregate Deal Value ($bn) No. of Deals Aggregate Deal Value ($bn) No. of Deals Aggregate Deal Value Source: Preqin Private Equity Online Source: Preqin Private Equity Online Source: Preqin Private Equity Online Fig. 4: Private Equity-Backed Buyout Deals in Q1 2017 by Value Fig. 5: Private Equity-Backed Buyout Deals in Q1 2017 by Band Industry 100% 40% 7% 35% 33% $4.8bn 90% 7% The value of the largest private equity-backed 80% 11% 30% buyout deal in Q1 2017, for Aon Corporation's $1bn or More 25% Employee Benefi ts Outsourcing Unit. 70% 57% 22% 22% 18% $500-999mn 20% 18% 60% 16% 15% 15% 14% $250-499mn 12% 50% 9% Proportion of Total of Proportion 10% 8% $53bn 7% 6% 5% Aggregate value of private equity-backed buyout 40% $100-249mn 5% 4% 3% 16% 2% 2% 1% 2% deals in Q1, the lowest total since Q1 2012. Proportion of Total of Proportion 0% 30% 57% 0% Less than $100mn 20% 13% Other Services Business & Media 10% 9% Materials Utilities Telecoms Industrials Food and Healthcare 63% Agriculture Energy and Consumer Technology 5% Information 0% Discretionary Proportion of private equity buyout-backed exit No. of Deals Aggregate Deal Value No. of Deals Aggregate Deal Value value represented by trade sales. Source: Preqin Private Equity Online Source: Preqin Private Equity Online 1 © Preqin Ltd. 2017 / www.preqin.com DOWNLOAD THE DATA PACK Q1 2017 BUYOUT DEALS AND EXITS 4 APRIL 2017 Fig. 6: 10 Largest Private Equity-Backed Buyout Deals Announced Globally in Q1 2017 Investment Deal Deal Size Portfolio Company Deal Status Investor(s) Bought From/Exiting Company Location Primary Industry Type Date (mn) Aon Corporation’s Employee Benefi ts Buyout Feb-17 4,800 USD Announced Blackstone Group Aon Hewitt LLC UK Outsourcing Outsourcing Unit USI Holdings Corporation Buyout Mar-17 4,300 USD Announced CDPQ, KKR Onex Corporation US Insurance DH Corporation Public To Private Mar-17 4,800 CAD Announced Vista Equity Partners Canada Financial Services Consumer Diversey, Inc. Buyout Mar-17 3,200 USD Announced Bain Capital Sealed Air US Products Air Methods Corporation Public To Private Mar-17 2,500 USD Announced American Securities US Transportation Mauser Add-on Feb-17 2,300 USD Completed Bway Corporation, Stone Canyon Industries Clayton Dubilier & Rice Germany Industrial McDonald's Outlets in China and Hong Buyout Jan-17 2,100 USD Announced Carlyle Group, CITIC Capital, CITIC Group China Restaurants Kong General Atlantic, Intesa Sanpaolo, Santander Allfunds Bank Mutual Fund Platform Buyout Mar-17 1,800 EUR Announced GIC, Hellman & Friedman Spain Financial Services Asset Management, Warburg Pincus Popeyes Louisiana Kitchen Inc Add-on Feb-17 1,800 USD Announced 3G Capital, Burger King, Tim Hortons Inc. US Restaurants Telxius Telecom S.A. Buyout Feb-17 1,275 EUR Announced KKR Telefónica, S.A Spain Telecoms Source: Preqin Private Equity Online Fig. 7: Global Quarterly Private Equity Buyout-Backed Exits, Q1 2012 - Q1 2017 Fig. 8: Private Equity Buyout-Backed Exits in Q1 2017 by Region Fig. 9: Private Equity Buyout-Backed Exits in Q1 2017 by Type 600 180 200 188 100% 2% 0% 160 180 90% 14% 20% 500 ($bn) Value Exit Aggregate 157 140 160 80% 140 400 120 70% 28% 18% Restructuring 100 120 60% 300 IPO 80 100 50% No. of Exits No. 200 60 80 Sale to GP 40% 40 60 100 Total of Proportion 30% 63% Trade Sale 20 40 56% 25.3 30 19 20% 0 0 20 13.7 5.3 3.5 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 0 10% 2012 2013 2014 2015 2016 2017 North America Europe Asia Rest of World 0% No. of Exits Aggregate Exit Value ($bn) No. of Exits Aggregate Exit Value ($bn) No. of Exits Aggregate Exit Value Source: Preqin Private Equity Online Source: Preqin Private Equity Online Source: Preqin Private Equity Online 2 © Preqin Ltd. 2017 / www.preqin.com DOWNLOAD THE DATA PACK Q1 2017 BUYOUT DEALS AND EXITS 4 APRIL 2017 Fig. 10: 10 Largest Private Equity-Backed Buyout Exits Announced Globally in Q1 2017 Investment Investment Exit Value Primary Portfolio Company Investment Type Investors (Entry) Exit Date Exit Type Acquiror (Exit) Location Date Size (mn) (mn) Industry USI Holdings Corporation Nov-12 Buyout 2,300 USD Onex Corporation Mar-17 Sale to GP 4,300 USD CDPQ, KKR US Insurance Chow Tai Fook Alinta Energy Mar-11 Restructuring 2,100 AUD Oaktree Capital Management, TPG Mar-17 Trade Sale 4,000 AUD Australia Energy Enterprises Mauser May-14 Buyout 1,200 EUR Clayton Dubilier & Rice Feb-17 Trade Sale 2,300 USD Bway Corporation Germany Industrial Surgical Care Affi liates, Jun-07 Buyout 945 USD TPG Jan-17 Trade Sale 2,300 USD OptumHealth US Healthcare Inc. USJ Co. Ltd. Mar-09 Public To Private 1,400 USD Goldman Sachs, MBK Partners Feb-17 Trade Sale 254,800 JPY Comcast Corporation Japan Leisure Lightyear Capital, Stone Point Capital, Yadkin Bank Jul-14 Merger - Feb-17 Trade Sale 1,400 USD FNB Capital Corporation US Financial Services VantageSouth Bank, Yadkin Financial Corporation Vanderlande Industries Jun-88 Buyout - NPM Capital Mar-17 Trade Sale 1,200 EUR Toyota Industries Netherlands Logistics BV Private ConvaTec May-08 Buyout 4,100 USD Avista Capital Partners, Nordic Capital Mar-17 975 GBP Novo AS US Medical Devices Placement CoverMyMeds LLC Nov-14 Growth Capital - Francisco Partners Jan-17 Trade Sale 1,100 USD McKesson Corporation US Healthcare IT NES Rentals Holdings Jul-06 Public To Private 850 USD Diamond Castle Holdings Jan-17 Trade Sale 965 USD United Rentals US Industrial Source: Preqin Private Equity Online LOOKING FOR MORE DATA AND ANALYSIS? Preqin provides information, data and research on the private equity and venture capital industry across fund performance, fundraising, fund managers, investors, deals, fund terms and more. If you have more detailed requests for private equity data or any questions, please contact us: : +44 (0)20 3207 0265 : www.preqin.com : [email protected] 3 © Preqin Ltd. 2017 / www.preqin.com.
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