Illinois M&A Roundup: Q1 2013
Overview Illinois M&A Activity Based on Target State M&A activity in Illinois for Q1 2013 reached US$ 8.7bn with 26 deals – the lowest opening quarter in four years (Q1 2009, 80 70 US$2.1bn) Total Value Total Volume This was only a 5% decrease compared to Q1 2012 (US$ 9.1bn, 70 40 deals valued) but it plunged 85.4% from Q4 2012 (US$ 60
59.2bn, 51 deals) with nearly half the number of deals 60 The Industrials & Chemicals sector made up over half of the total 50
market share by value - 51.6% came from three deals valued at 50 US$ 4.5bn 40 Responsible for Industrials & Chemicals high deal value for so 40
few deals was two of the top ten deals – the highest valued was 30
Kohlberg Kravis Roberts & Co’s acquisition of Gardner Denver 30 Number deals of Number for US$ 3.9bn and then Danfoss acquiring Sauer-Danfoss for 20 20 US$ 590m of Deals (US$bn) Value Goldman Sachs (US$ 3.9bn) moved from second place in Q1 10 2012 to lead in the Financial Advisor Table by deal value. William 10 & Blair topped the Financial Advisor Table by deal count with five deals valued at US$ 232m 0 0 Skadden Arps Slate Meagher & Flom was the top legal advisor by deal value after advising on four deals valued at US$ 6.3bn. Kirkland & Ellis remained in first position as top legal advisor by deal count with nine mandates valued at US$ 1.7bn
Financial Advisor League Table by Value Q1 2013 Financial Advisor League Table by Deal Count Q1 2013 Rank Value Deal % Value Rank Value Deal Count House House Q1 2012 Q1 2013 (US$m) count change Q1 2012 Q1 2013 (US$m) count change 2 1 Goldman Sachs 3,850 2 -22.7% 16 1 William Blair & Company 232 5 3 Simmons & Company 3,850 1 - Lazard 620 4 2 - 2= 21 2 International 15 2= UBS Investment Bank 3,850 1 639% 9 3 HSBC 3,700 3 0 12 4 HSBC 3,700 3 365.4% 14 4 Citi 1,240 3 1 3 5= Bank of America Merrill Lynch 1,451 1 -59.8% 1 5 Goldman Sachs 3,850 2 -3 23 5= Credit Suisse 1,451 1 536% 3 6 JPMorgan 904 2 -2 - 5= Macquarie Group 1,451 1 - 2 7 Evercore Partners 256 2 -2 8 8 Citi 1,240 3 -8.8% 67 8 Raymond James & Associates 220 2 1 JPMorgan 904 2 -67.7% Simmons & Company 3,850 1 - 5 9 - 9= International 9 10= Morgan Stanley 904 1 -8.3% 23 9= UBS Investment Bank 3,850 1 0 - 10= Perella Weinberg Partners 904 1 - 5 11= Bank of America Merrill Lynch 1,451 1 -2 29 10= Peter J Solomon Company 904 1 431.8% 27 11= Credit Suisse 1,451 1 0
- 11= Macquarie Group 1,451 1 -
Legal Advisor League Table by Value Q1 2013 Legal Advisor League Table by Deal Count Q1 2013 Rank Value Deal % Value Rank Value Deal Count House House Q1 Q1 (US$m) count change Q1 Q1 (US$m) count change 2012 2013 2012 2013 9 1 Skadden Arps Slate Meagher & Flom 6,259 4 311.5% 1 1 Kirkland & Ellis 1,694 9 -4 1 2 Simpson Thacher & Bartlett 4,754 2 -18.1% 12 2 Skadden Arps Slate Meagher & Flom 6,259 4 1 16 3 Sullivan & Cromwell 4,440 2 412.7% 6 3 Simpson Thacher & Bartlett 4,754 2 -2 22 4 Mayer Brown 3,200 1 460.4% 14 4 Sullivan & Cromwell 4,440 2 -1 - 5= Cleary Gottlieb Steen & Hamilton 2,041 2 - - 5= Cleary Gottlieb Steen & Hamilton 2,041 2 - 2 5= Latham & Watkins 2,041 2 -56.1% 4 5= Latham & Watkins 2,041 2 -3 7 7 Kirkland & Ellis 1,694 9 -43.7% 54 7 Paul Weiss Rifkind Wharton & Garrison 904 2 1 - 8= Blank Rome 1,451 1 - 96 8 Paul Hastings 370 2 1 - 8= Cravath, Swaine & Moore 1,451 1 - 101 9 Vedder Price 226 2 1 - 8= White & Case 1,451 1 - 11 10 Winston & Strawn 85 2 -1
Paul Weiss Rifkind Wharton & 904 2 296.5% 43 11 Garrison
Industry Analysis by Value Q1 2013 Deal Value Breakdown Q1 2013
Change Value Deal Deal Size (US$) (US$m) Deal count % Value count 5m - 500m 1,225 21 83.7% -13 501m - 1,000m 2,144 3 -20.1% 0 1,001m - 5,000m 5,301 2 -8.2% -1 Industrials & 5,000m and over - 0 - - Chemicals Total 8,670 26 -5% -14 51.6%
Leisure 16.7%
Pharma, Medical & Biotech 0.3% Energy, Mining & Financial Services TMT Utilities 0.4% 4.8% 15.0%
Consumer 0.7% Business Services 10.4%
www.mergermarket.com 1 Illinois M&A Roundup: Q1 2013
Top Announced Deals Q1 2013 Deal Ann. Date Bidder company Target Company Seller Company Buy-side Advisory Sell-side Advisory Value (US$m) FA: Simmons & Company; FA: Goldman Sachs UBS Investment Bank Kohlberg Kravis Roberts & LA: Skadden Arps Slate Meagher & 8-Mar-13 Gardner Denver Inc LA: Simpson Thacher & 3,850 Co LP Flom; Sullivan & Cromwell Bartlett (Advising Goldman Sachs)
FA: Bank of America Merrill Lynch; Credit Suisse LA: Cleary Gottlieb Steen & FA: Macquarie Group Hamilton; Cravath, Swaine & Scientific Games LA: Blank Rome; Skadden Arps 31-Jan-13 WMS Industries Inc Moore (Advising Bank of 1,451 Corporation Slate Meagher & Flom America Merrill Lynch; Credit
Suisse); Latham & Watkins; White & Case (Advising Bank of America Merrill Lynch)
FA: Morgan Stanley; Perella Weinberg Partners; Peter J FA: JPMorgan Solomon Company LA: Davis Polk & Wardwell LA: Kirkland & Ellis; Paul (Advising JPMorgan); Dechert; 20-Feb-13 Office Depot Inc OfficeMax Inc Weiss Rifkind Wharton & 904 Skadden Arps Slate Meagher & Garrison (Advising Morgan Flom Stanley; Peter J Solomon
Company); Simpson Thacher & Bartlett Elwood Power Station (50% Stake); Brayton Point Power FA: - FA: Citi (Advising seller) 11-Mar-13 Energy Capital Partners Dominion Resources Inc 650 Station; and Kincaid Power LA: - LA: - Station FA: Citi FA: Lazard Sauer-Danfoss Inc (24.4% LA: Cleary Gottlieb Steen & 1-Mar-13 Danfoss A/S LA: Kirkland & Ellis; Sullivan & 590 Stake) Hamilton; Latham & Watkins Cromwell (Advising Lazard) (Advising Citi) Invenergy Wind LLC (1,500 Caisse de Depot et FA: HSBC FA: - 8-Jan-13 megawatts wind farms) Invenergy Wind LLC 500 Placement du Quebec LA: Kaye Scholer LA: - (Undisclosed stake) Barrington Broadcasting FA: - FA: Wells Fargo Securities Sinclair Broadcast Group Barrington Broadcasting 28-Feb-13 Group LLC (18 Television LA: - (Advising seller) 370 Inc Group LLC stations) LA: Paul Hastings (Advising seller) Algonquin Power & The Shady Oaks Wind power Xinjiang Goldwind Science FA: - FA: - 2-Jan-13 149 Utilities Corp facility & Technology Co Ltd LA: - LA: -
Beam Inc (Wolfschmidt, FA: - Calvert, Bellows, Dark Eyes, FA: - 21-Jan-13 Luxco Corporation Beam Inc LA: Winston & Strawn (Advising 65 Canada House Canadian and LA: - seller) Tempo Triple Sec brands)
Wintrust Financial FA: - FA: - 22-Jan-13 First Lansing Bancorp Inc 39 Corporation LA: - LA: -
Notes
All data is based on announced transactions over US$ 5m. Deals with undisclosed deal values are included where the target’s turnover exceeds US$ 10m. Deals where the stake acquired is less than 30% will only be included if their value is greater than US$ 100m. Activities excluded include property transactions and restructurings where the ultimate shareholders’ interests are not changed. All data excludes minority stake deals (10% - 30%) where the dominant target geography is Asia-Pacific and the deal value is less than US$ 100m.
M&A Trend: Based on the dominant geography of the target company being Illinois. Excludes lapsed and withdrawn bids. League Tables: Based on the dominant geography of the target, bidder or seller company being Illinois. The Financial Advisor Tables exclude lapsed and withdrawn bids and the Legal Advisor Tables include lapsed and withdrawn bids. Data was run from 1 January to 31 March 2013. Previous period changes refer to 1 January to 31 March 2012 Industry Analysis: Based on the dominant geography of the target company being Illinois. Industry sectors represent the primary industry sector of the target company only. Excludes lapsed and withdrawn bids. Deal Value Breakdown: Based on the dominant geography of the target company being Illinois. Excludes lapsed and withdrawn bids. US$5m to US$500m range includes undisclosed deals. Top Announced Deals: Based on the dominant geography of the target company being Illinois. Includes lapsed and withdrawn bids.
Criteria: http://www.mergermarket.com/pdf/deal_criteria.pdf All data correct as of 19 April 2012.
Contacts: PR: Deal Submissions: Chrissy Carney Richard Myers [email protected] [email protected] Tel: +1 646 378 3118 Tel: +1 212 500 1393 www.mergermarket.com 2
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