The Brief mergermarket’s Weekly Private Equity Round-Up

18 December 2009 | Issue 43

Editorial 1 The Noticeboard 2 Private Equity Opportunities 3 Deals of the Week 9 Pipeline 17 Statistics 20 League & Activity Tables 23 Top Deals 32 Investor Profile: Welsh, Carson, Anderson & Stowe 35 Notes & Contacts 37

The Week That Was..... The last seven days: private equity in review

After a brief hiatus, the large cap private equity transaction company. In a transaction valued at a total cash returned with a bang this week with 21 deals worth consideration of US$785m, the financial investors exited US$6.36bn coming to the market. The largest deal of to medical devices company Ethicon. the past seven days saw EQT Partners and GIC Special Investments acquire Springer Science + Business Despite the distressed nature of the abovementioned Media Deutschland, the Germany-based scientific books Springer deal, it is undeniable that private equity has publisher. The deal also witnessed involvement on the finally returned to the top of the wider M&A market in sell-side with Cinven and beleaguered fund Candover recent months. Indeed, it is hugely significant that six Investments selling out of the company for a total of the top 10 private equity-related transactions of 2009 consideration of US$3.28bn. have been brokered in the fourth quarter of the year. Moreover, four of these deals have been seen in Europe At first glance, the valuation alone suggests that the with the most significant such transaction being Apollo transaction is something of a throwback to the buyout Management and BC Partners US$5.22bn disposal of boom. However, at closer inspection it can be seen that German cable network operator Unitymedia in the middle it is most certainly a product of the economic downturn of November. After a tough 2009, the outlook for private with the implied equity value of the deal standing at just equity over the next 12 months has certainly improved US$446m. Tellingly, the rest of the cash will be used to with such deals giving reason for cautious optimism. refinance and reduce Springer’s net debt, something which Cinven and particularly Candover would have By Tom Coughlan, Remark struggled to do. Nevertheless, the fact that the company’s lenders agreed to finance a new debt package indicates that the markets are beginning to return to a degree of normality.

Elsewhere, the second largest deal of the week was announced in North America where a consortium of investors including New Enterprise Associates, Delphi Ventures, Versant Ventures, Meritech Capital Partners and Johnson & Johnson Development Corporation sold out of Acclarent, the US-based medical technology The Noticeboard

People moves

Date Title Story snapshot Source

17-Dec-09 HarbourVest HarbourVest Partners, the global private equity firm, has promoted Peter Lipson, Julie www.harvourvest.com announces eight Ocko, and Mary Traer to the position of Managing Director. Traer has also been named appointments Chief Administrative Officer. Additional appointments include Karin Lagerlund as Chief Financial Officer; Sebastiaan C. van den Berg as Principal; and Bruce G. Pixler, Catherine Shih, and Abraham Soquar were promoted to Vice Presidents.

17-Dec-09 Actis to replace Global private equity firm Actis, which manages US$4.8bn, has appointed Gary Addison www.privateequityonline.com Southeast Asia as Head of its Southeast Asia Operations. Addison, who heads Actis’ Business Services head Investments, previously spent 13 years at UK-based private equity firm 3i. He will replace Alun Branigan, who joined the firm in 2002 and will leave at the end of this year.

16-Dec-09 Doughty Hanson London-based private equity firm Doughty Hanson has named Mark Corbidge and John www.doughtyhanson.com names new private Leahy Co-Heads of Private Equity, reporting to executive Co-Chairman Richard Hanson. equity co-heads Leahy joined the firm in 2002 and Corbidge joined the firm in 2004. Doughty Hanson, established in 1985, focuses on private equity, real estate and technology ventures.

New funds

Date Title Story snapshot Source

17-Dec-09 Demeter Partners French cleantech-focused private equity firm Demeter Partners has held the final close www.demeter-partners.com holds final close on of its Demeter 2 fund on €203m, exceeding its target of €200m. The vehicle, which second fund was launched in November 2008 and held a first close at€ 125m, will target cleantech investments in France and Europe, with an emphasis on expansion capital. Investors in the fund include two sponsors: CDC Entreprises and IFP Investissements. New investors include the European Investment Fund, Spanish fund of funds Neotec, Pictor, Total, Dalhia, GDF Suez, Actys 2, Crédit Coopératif and AXA.

16-Dec-09 Better Capital Better Capital has raised £142.4m for its first fund to be listed on AIM, the London www.altassets.com raises £142.4m Stock Exchange platform for small to medium-sized companies. The listed company is ahead of public reportedly a feeder vehicle for a traditional private equity fund, which will be advised by listing Better Capital. Better Capital was founded by Jon Moulton, who co-founded London- based private equity firm Alchemy in 1997. Moulton left Alchemy earlier this year.

16-Dec-09 Onex raises Toronto and New York-based private equity firm Onex has closed Onex Partners III with www.onex.com US$3.5bn for third US$3.5bn in third-party capital. Onex has committed an additional US$500m to the fund, fund making the total fund size US$4bn. Onex, which manages roughly US$11bn, focuses on acquiring high-quality businesses and also manages real estate and credit securities platforms.

16-Dec-09 Kelso raises £100m Kelso Place Asset Management, the UK-based turnaround firm, has raised £100m for www.privateequityonline.com for mid-market its fourth fund, exceeding its original £75m target. The fund will target turnarounds and turnarounds special situations opportunities, focusing on controlling stake investments in lower mid- market companies in the UK with annual revenues in the £10m to £100m range.

15-Dec-09 F&C and Altamar F&C Private Equity, the private equity fund of funds division of F&C Asset Management, www.privateequityonline.com both close has held a first close of Aurora Fund, a secondaries-focused vehicle, on€ 30m. The secondaries- vehicle will invest in secondary fund interests in European mid-market funds, and has focused funds closed its first transaction, acquiring the private equity fund interests of Landsbanki. Meanwhile, Altamar Private Equity, a Spanish fund of funds manager, has just held a final close on its fourth fund, Altamar Secondary Opportunities IV, which will be its first to exclusively target secondaries. It has raised €65m exclusively from Spanish institutional investors. The firm will add this latest€ 65m to the €80m of dry powder it still has available from previous funds to pursue global secondaries investments.

15-Dec-09 Partners Group Partners Group, the Switzerland-based asset manager, has reached its €2.5bn hard cap www.partnersgroup.com raises €2.5bn for for Partners Group Secondary 2008, exceeding its original €2bn target. Limited partners secondaries include corporate and public pension plans, insurance companies, family offices and endowments. The fund seeks to capitalize on discounted secondary opportunities.

14-Dec-09 Marlin closes California-based turnaround firm Marlin Equity Partners has closed Marlin Equity III on www.marlinequity.com third fund in three US$650m. The fund will invest in businesses undergoing financial, operational or market months driven change in a variety of sectors. The oversubscribed fund exceeded its original US$450m target after a very brief marketing period beginning in September 2009.

2 The Brief: 18 December 2009 | Issue 43 Private Equity Opportunities - Asia-Pacific

Punjab Chemicals and Crop Protection in talks with private equity funds to restructure debt, MD says

Date Value Currency Value Sectors Companies Countries Intelligence Grade (M) Description

15-Dec-09 159 US$ Revenues Chemicals and materials; Ernst & Young; Punjab Australia; Confirmed for the year Medical: Pharmaceuticals Chemicals & Crop Protection India; USA ending Ltd; Motilal Oswal Financial March 09 Services; Elara Capital

Story Punjab Chemicals and Crop Protection (PCCPL), the listed Mumbai, India-based agrochemicals company, is in talks with private equity funds to restructure its debt, said Managing Director Shalil Shroff. It is also in talks with a Canadian company to sell its bulk drug business, he added. The funds raised through the sale of this business could also be used to restructure its debt and focus on its agrochemicals business, he said. The business registered annual revenue of INR700m (US$14m) and has 200 employees. It could either sell its bulk drug business or offer a 30% stake in it to a strategic player, he added. Meanwhile, it intends to bring its leverage down to 30%-40%. It is holding direct talks with funds regarding a fresh issuance of shares and some minority dilution in its subsidiary companies, he said. It would be open to advisory approaches from financial advisors and other potential investors. PCCPL plans to raise US$20m by first quarter 2010, followed by US$40m by third quarter 2010, Shroff added. Earlier capital raising plans were stalled by market conditions. Elara Capital and Motilal Oswal were the advisors at that point, he said. Ernst & Young is PCCPL’s auditor. The company registered sales of INR7.5bn for the year ended March 2009. It has debt of INR5bn, of which INR3bn is acquisition debt and the remainder bank borrowings. PCCPL acquired agrochemicals company Sintesis Quimico in Argentina in 2006 for US$10m, following which it acquired Pegevo Beheer in Netherlands in 2007 for €40m, according to media reports. It could resume its acquisition strategy in North America or Australia after its restructuring, potentially after the second half of 2010, Shroff said. Its acquisition strategy in the US would primarily be to get a company possessing product registrations, as that is the key in this business. In Australia, it would look at a company with a formulations facility and product registrations, he added.

Huayue Electronics may sell 30% stake to raise CNY180m in pre-IPO round, CEO says

Date Value Currency Value Sectors Companies Countries Intelligence Grade (M) Description

14-Dec-09 26 US$ Funds to be Consumer; Energy China AMC; Zhongshan China Confirmed raised Securities Co.,Ltd.; NVC Lighting Technology Corporation; Changzhou Huayue Electronics Co. Ltd

Huayue Electronics, the privately-held Changzhou, China-based electrode-less lamp maker, wants to sell up to 30% in itself to raise at least CNY180m (US$26m). The company is also planning an initial public offering within two years, Chief Executive Officer Xinhua Zhang said. The majority in the company is held by its president Shudong Pan, but the company is also backed by China-AMC and Zhongshan Securities. Zhang said Pan could sell up to 30% without losing control of the company. It has been approached by both local and foreign private equity investors, said Zhang. He added that Huayue is still in preliminary stage talks with potential buyers. Preference will be given to those who can recognize the potential of China’s electrode-less lamp market. The company would listen to financial advisors’ approach regarding the stake sale, Zhang said. The proceeds would be used to open 15 retailing stores in first and second-tier cities throughout China in 2010. If the store network turns out to be successful, it will continue to open more stores in China and add product lines to fuel sales. In the Chinese lamp market, about 30 manufacturers are able to produce electrode-less lamps, and Huayue is seeking to be the first one to set up retail stores in China. “By doing so, we expect to broaden our sales channel,” according to Zhang. As the leading electrode-less lamp maker in China, Huayue expects 2009 sales revenue of CNY100m. As an energy-saving and a decreased coal-usage company, Huayue will also receive a CNY20m subsidy from the government in 2010, the CEO added. Huayue Electronics is eyeing an IPO on either the Nasdaq or a Chinese stock market, though no detailed IPO plan has been drawn. It has not mandated underwriters, but has been approached by China-AMC and Zhongshan Securities. It would also welcome foreign financial advisory approaches, said the CEO. NVC Lighting is a more mature competitor than Huayue and can be used as a reference to Huayue’s size and possible valuations for a deal, Zhang noted. NVC Lighting is a Guangdong-based, Chinese lighting products company. It had a net profit of US$28m in 2008. This news service reported that NVC Lighting Technology sold a stake worth US$37m to Goldman Sachs in October 2008. SB China Venture Capital poured US$22m into NVC Lighting in 2006. Although NVC Lighting’s Hong Kong IPO was suspended due to last year’s market condition, it is still a good example to use for Huayue’s fundraising, Zhang continued. Electrode-less lamps are mainly used in factory, road and bridge projects. Zhang said that for example, a five- kilometre road equipped by electrode-less lamps for five years, would save 662 tons of coal.

3 The Brief: 18 December 2009 | Issue 43 Private Equity Opportunities - Asia-Pacific

Zhongfu Bio-Tech seeks to raise more than CNY120m via majority stake sale to develop China’s first drug delivery system, founder says

Date Value Currency Value Sectors Companies Countries Intelligence Grade (M) Description

17-Dec-09 17 US$ Fund to be Biotechnology; Medical: Sepracor Inc.; Zhongfu Bio- China; USA Confirmed raised Pharmaceuticals Tech Co., Ltd.

Zhongfu Bio-Tech [Zhong Fu Sheng Wu], a Changsha-based biotech company, is actively looking to raise more than CNY120m (US$17m) to aid its drug delivery system research, founder Dengzhi Wang said. The privately held company would entertain approaches from private equity firms and industry peers. Wang holds a 51% in the company, with the rest held by other co-founders. The shareholders are all willing to sell their stakes, though the company currently would prefer not to sell the company as a whole, Wang confirmed to this news wire after a presentation at the Global Bio Capital Forum in Shanghai. The company is looking to list on London AIM market within three to five years, so preference would be given to opportunities that could facilitate its route to the AIM initial public offering. The company has not yet mandated advisors and would be glad to hear from financial advisors and legal counsel. Sepracor, the listed, Massachusetts-based pharmaceutical company, approached Zhongfu in 2008 about a potential acquisition. However, it failed to materialize due to the financial turmoil, Wang said. The raised funds would be earmarked to aid the research and development of its drug delivery system, mainly in diseases of diabetes, coronary heart disease and sudden death. The drug delivery system is at the phase one stage, and once the funds have been raised, the system is expected to complete the R&D stage within two years, with estimated sales revenue of around US$1bn globally, according to Wang. The company is not in a good financial position, having made a loss in 2008 and 2009. “I need an investor to keep moving the drug delivery system forward,” added the CEO. Wang explained the company started to decline in 2007 when the government introduced stricter control in new drug development, following the execution of the former head of China’s State Food and Drug Administration, Zheng Xiaoyu, for corruption.

Vibha Seeds attractive target for strategic players, private equity funds, sources say

Date Value Currency Value Sectors Companies Countries Intelligence Grade (M) Description

17-Dec-09 74.57 US$ Company’s Agriculture; Biotechnology; Blackstone Group Holdings India Rumored revenues in Chemicals and materials; LLC; Nuziveedu Seeds FY 08-09 Consumer Manufacturing Limited; ,Advanta India Limited; Kaveri Seed Company Ltd.; JK Agri Genetics; Vibha Agrotech Ltd

Vibha Seeds, a private, Hyderabad-based Indian company, could be attractive to private equity funds and strategic players, said a banker and two buy-side industry sources. The company made around INR3.5bn in FY08/09 revenues, added the first buy-side source. It produces new varieties of hybrid seed genes and has its own research and testing facilities across India. A company spokesperson could not be reached for comment. Chairman and Managing Director Vidyasagar Parchuri is a prominent scientist, well respected in the space, said the first buy-side source. The company has a diversified product mix and a strong management team, and recently inaugurated one of the largest seed processing facilities in Asia, which could make it additionally attractive, said the first buy-side source. The facility has the capacity to produce 1,200 tons per day of field and vegetable crops, according to a November press release. Potential buyers could include domestic or overseas strategic firms interested in gaining market share or penetrating a new and growing market, he said. Chemical companies that sell their products to the same clientele could also be interested in seed company purchases. Listed Indian seed companies include Advanta, Kaveri Seeds and JK Agri Genetics, he added. Private equity investors could also be drawn by the high profit margins of 20-25%, but an investment risk includes the volatile Indian monsoons, said the first buy-side source. Another potential risk is the tenure of the exclusivity periods on the intellectual property patents on company-designed genes, said the second buy-side source. Despite a lot of interest in the space, Blackstone is one of the few global funds that has invested in the space via a minority stake in Hyderabad-based Nuziveedu Seeds, said the first buy-side source. Meanwhile, based on its financials alone, the company would also be large enough to undertake an initial public offering (IPO), said the second buy-side source. Vibha Seeds was a significant player in the BT cotton seeds market and could seek PE funding prior to an IPO, agreed an industry analyst. The company could prefer to continue on its own growth trajectory instead of being part of a larger player, he added.

4 The Brief: 18 December 2009 | Issue 43 Private Equity Opportunities - Europe

PannErgy would like to attract investor, CEO says

Date Value Currency Value Sectors Companies Countries Intelligence grade (M) description

14-Dec-09 500 € Financing Energy PannErgy, Otto Albrecht Hungary Confirmed needs of PannErgy

PannErgy could sell 13% of its shares (held as treasury shares) in order to finance further thermal water exploration and thermal power plant building, Denes Gyimothy, CEO of PannErgy said. An outright sale of the publicly quoted Hungarian geothermal energy exploration and production company could also be in the cards. The sale of the company’s treasury shares would be to a financial investor, green fund, or possibly a strategic investor such as an energy company interested in renewable energy, the CEO said. PannErgy would then reinvest the proceeds into further thermal energy exploration and the building of thermal power plants, he said. PannErgy would be open to negotiation if the new investor wanted to increase its interest to a majority holding by acquiring shares on the Budapest Stock Exchange. If an investor acquires over 25% in a Hungarian public company, the buyer would then have to make a public offer to all shareholders. The treasury shares on offer were purchased during share buybacks for under HUF1600 (€6.15) per share before the financial downturn, when alternative energy was favoured by investors. Shares currently trade at HUF900 (€3.46) to HUF1,000 (€3.84) per share, Gyimothy said. “Last year, after the crisis broke, we did not plan on selling the treasury shares, because of the low pricing,” he added. At present 64.5% of PannErgy shares are held by investors who own less than a 5% stake, according to the web site of the Budapest Stock Exchange. PannErgy is owned by financial investors, so it is possible that the entire company could be sold, Gyimothy said. But he added that in its current phase of development, with good geological findings and energy contracts with new clients, the owners of PannErgy are expecting a rise in the share price and, for now, they are not eager to sell the whole company, he continued. PannErgy has been looking for a financial investor since the beginning of 2008. There were advanced negotiations with three Icelandic banks early in that year, but these ended unsuccessfully when the financial crisis hit Iceland, the CEO said. PannErgy also negotiated with the European Bank for Reconstruction and Development (EBRD), which has strong commitment to financing renewable energy projects. He said that the full investment PannErgy needs to develop thermal energy production is about €500m, and is needed in several stages. A small part of the company’s financing needs were recently provided, when Otto Albrecht, a Hungarian private investor, invested HUF1.08bn (€4m) into PannErgy’s geothermal business.

SL Slovakia seeking investor or JV to help the company raise production levels

Date Value Currency Value Sectors Companies Countries Intelligence grade (M) description

11-Dec-09 6 € Peak turnover Industrial products and SL Slovakia Slovakia Strong evidence services

SL Slovakia, the Slovak privately-owned equipment manufacturing company, is seeking an investor to help the company raise production levels, said a company source. The company is open to various options such as a sale of the company, a stake sale, or establishment of a joint venture, he said. Production has recently fallen to 50% of earlier levels and the company is looking for ways to use its spare capacity. SL Slovakia considers that a strategic investor who operates in the same sector, such as a manufacturing company from Western Europe or the United States, could help bring new orders and ideas about how to effectively use spare capacity at its site. But it would also listen to approaches from financial investors, he said. No talks on a potential sale or joint venture have been held yet and the company has not hired any external advisers. SL Slovakia manufactures and sells hydraulic cranes, recovery systems and forest machinery products under the ESSEL trademark. Half of its production is exported to Switzerland, France and Germany. The company could offer an investor industry knowledge and low labour costs, as well as spare capacity, the source added. SL Slovakia recently cut its workforce from 140 to 80 workers as annual turnover fell from the previous levels of between €5m and €6m, to €2m. The reason for the fall in sales has been a dramatic downturn in the sector which has led to a significant drop in orders, the source added. SL Slovakia is owned by two Slovak individuals.

5 The Brief: 18 December 2009 | Issue 43 Private Equity Opportunities - Europe

Clinipart seeks US$10m for 30% stake; Pioneer Management Group advising

Date Value Currency Value Sectors Companies Countries Intelligence grade (M) description

16-Dec-09 10 US$ Funds sought Medical Pioneer Management Group, United Confirmed Clinipart Ltd Kingdom, Saudi Arabia

Clinipart, the UK-based medical devices manufacturer, is looking to raise US$10m from a new financial investor to bring its new healthcare components to market. The group needs capital to promote and manufacture a series of products on a large scale, its founder Joseph Peters told this news service. Peters said the company is willing to give a 30% stake in the group for the US$10m investment. Clinipart is privately-owned between Joseph Peters and John Watkinson, with each owning a 50% share. Both individuals would release parts of their stakes to the new investor. “Ideally we would like a safe investor who understands what we’re trying to achieve,” Peters said. Pioneer Management Group, based in Dubai, is advising the company and the search for a partner is currently underway. Peters said that discussions were underway with several parties, and that there is interest from investors in Saudi Arabia. He added that Clinipart would prefer the investor to come on board over the next six months or sooner if possible. Clinipart’s aim is to produce devices that will help to improve the safety and effectiveness of clinical techniques and procedures for patients. Peters explained that the current designs used in epidural and intravenous infusion are over 30 years old and use luer lock connections. These products have suffered disconnections with, at times, fatal results. Both the US Foods and Drugs Administration and the UK’s National Patient Safety Agency have recognised the issue and are looking at ways to address it, he added. Clinipart has designed non-luer lock hub connection systems that eliminate the possibility of cross connections and disconnections. The company is now in a position to move forward from the prototype stage to test marketing and full production. Asked about whether Clinipart’s product range will meet international standards, Peters said: “We believe we’re ahead of standards. This is a completely new area so no standards actually exist.” Clinipart’s market research claims that the different products it plans to release onto the international healthcare market have a potential global value of US$1.5bn.

Hochwald-Sprudel on the market; DZ Bank thought to be advising, sources say

Date Value Currency Value Sectors Companies Countries Intelligence grade (M) description

11-Dec-09 80 € Hochwald- Consumer: Other DZ Bank AG, Groupe Alpha, Germany Strong evidence Sprudel Hochwald-Sprudel Schupp turnover GmbH

Hochwald-Sprudel, the privately-held German mineral water and soft drinks company, is on the market according to Germany-based sources familiar with the situation. A buy-side source said DZ Bank was advising Hochwald-Sprudel’s owner, the private equity group Alpha, on a potential sale of the €80m-turnover company. Alpha bought into Hochwald-Sprudel in 2002 and is understood to have a sizeable stake in the company. Neither Alpha, DZ Bank nor Hochwald- Sprudel would comment on the situation. Founded by the Schupp family in 1953, Hochwald-Sprudel focuses on producing for the private label market, such as supermarket own-brand drinks. A second source said the company had attracted the interest of turnaround funds, adding that one of the options under consideration was a sale back to the Schupps. According to Hochwald-Sprudel’s website, the company’s Managing Director is Sven-Olaf Jensen, with father and son Günter and Marco Schupp the other two directors. A banker explained that a sale would face headwinds given the tough trading climate in the segment in Germany. The onslaught of cheap private label products of discount retailers is a major challenge in a capital intensive industry, the banker noted. Competitors in the space, like Hansa-Heemann or MEG, backed by Schwarz Gruppe, would not necessarily want to invest in acquisitions over organic expansion, he suggested. Hochwald had revenue of €109m in 2007, which dropped to €81m in 2008, according to the German Firmenwissen.

6 The Brief: 18 December 2009 | Issue 43 Private Equity Opportunities - North America

Contech Enterprises seeks majority stake sale to private equity; looks to ramp up acquisitions, CEO says

Date Value Currency Value Sectors Companies Countries Intelligence grade (M) description

11-Dec-09 23 US$ Market Chemicals and materials; Fasken Martineau; Contech Canada Confirmed capitalization Consumer Electronics,(Canada - British of company Columbia region)

Contech Enterprises, the privately-held Victoria, British Columbia-based garden and pet products company, is actively seeking a majority stake sale to private equity to drive the company’s growth plans, CEO Mark Grambart said. In a previous interview with this news service, Grambart had dismissed a sale, stating that there was “more value in growing” the business. But he said that Contech, a company with an approximate market capitalization of CA$25m (US$23.5m), has now become a more attractive target to potential suitors given its growth to date. Contech does not use external M&A advisors. Its legal counsel is Fasken Martineau. While the CEO said the company is open to being acquired by “someone in the industry”, a logical and more preferred scenario would be a majority stake sale to a private equity firm. “Our goal is to find a private equity partner that will help us build the business five times its current size in the next three years,” Grambart said, adding that he was confident Contech’s management team was ready to drive that growth. Contech, which sees 70% of its current sales from the US, is actively considering buys in North America for both its green pest control and pet segments. Opportunities to consolidate the highly fragmented pest control and pet industries are plenty, Grambart said. Contech has reviewed at least 100 companies so far and is currently in discussions with 10 “qualified targets”, he said. While the CEO could not provide a timeline for its next acquisition, he pointed out that Contech, which has made three acquisitions in the past 18 months, has plans to “accelerate its pace” as it zeroes in on the right deals. Contech will consider companies that have revenues of up to CA$25m, according to Grambart. Ideal targets for its pest control segment would be companies that have environmentally-friendly products to keep unwanted insects or animals from the home or yard. For its pet business, Contech will seek innovative specialty products that have “a strong brand”. He explained, “We don’t want price to be the only differentiator.” The company has typically funded acquisitions through share exchange agreements, as well as through proceeds from the sale of its ScatMat pet training product line to RadioSystems last year, Grambart added. Contech does not disclose the amount it spends on buys. When asked whether there was a war chest allocated for future deals, the CEO said Contech had the option to turn to British Columbia-based BC Advantage Funds, its largest shareholder, to raise up to CA$10m to supplement internal funds for a potential transaction. Contech is gearing up for the 2010 launch of PetCompass, a pet locating device. Grambart expects this new product to further boost Contech’s position in the pet industry.

Platinum Bank raising capital for buys in Twin Cities, CEO says

Date Value Currency Value Sectors Companies Countries Intelligence grade (M) description

14-Dec-09 600 US$ Asset size of Financial Services Platinum Bank USA Confirmed targets

Platinum Bank, based in Oakdale, Minnesota, is raising US$60m in capital to acquire banks in the Minneapolis area, said David W. Rom, president and CEO. Platinum’s own capital and the equity raised will enable it to buy two to three institutions with a combined US$600m in assets, Rom said in an interview with this news service. The bank, which has US$110m in assets, plans to raise US$60m from PE firms and high net worth individuals, of which US$50m will be used for acquisitions of healthy banks as well as for FDIC-assisted transactions. First, the bank will raise US$10m for the purpose of boosting lending activity, as many local rivals have stopped making loans, Rom said. Platinum is in talks with private equity firms in Minneapolis and Chicago, he said. “Our placement documents are being prepared by legal counsel,” said Rom. Platinum’s corporate attorney is Lindquist and Vennum. Capital raising and M&A will be handled in-house, he said. Platinum has gotten approval from the FDIC to acquire troubled banks, he said. It would prefer to buy banks in the Twin Cities. It will further narrow the list of targets based on the health of their loan portfolios. “We have a target list, if you would, of merger candidates,” Rom said. Based on the Texas ratio, an industry measure of the severity of trouble in banks’ loan portfolios, there are many banks in the state in very bad shape, he said. Fifteen have ratios of 75 to 100, which he considers in the danger zone; another 15 have ratios between 100 and 200, where their survival is threatened. By contrast, Platinum has a healthy ratio of 18, he said. In terms of healthy banks, Platinum will look to buy very small, relatively new institutions that are unable to grow because “their overhead is killing them,” Rom said. Secondly, he said a number of bank owners in the Minneapolis area are 70 to 80 years old, yet don’t have succession plans. “We’re a younger group of people and able to offer them liquidity and a management plan,” he said. The investors Platinum has spoken with seem interested in both healthy banks and FDIC assisted transactions, he said. “We have a fairly aggressive organic growth plan so PEs are open to both.” Platinum, founded in December 2007, plans to reach US$1bn in assets by 2012 to 2014, he said. Deal flow in the Midwest has been weak across the board. “There’s a lot of twiddling of the thumbs,” Rom said. For now, Platinum is targeting banks in Minnesota but going forward it might expand into Wisconsin, Iowa and South Dakota, he said. In the past six months, several Minnesota banks have failed, according to the FDIC: Prosperan Bank in Oakdale; Riverview Community Bank in Otsego; Jennings State Bank in Spring Grove; Brickwell Community Bank in Woodbury; Mainstreet Bank in Forest Lake and Horizon Bank in Pine City.

7 The Brief: 18 December 2009 | Issue 43 Private Equity Opportunities - North America

Carbon Motors could seek additional equity; may make further buys, CEO says

Date Value Currency Value Sectors Companies Countries Intelligence grade (M) description

15-Dec-09 100 US$ Capital Automotive Bryan Cave LLP; Hogan USA Confirmed Available & Hartson LLP; Visteon Corporation; Baker & Daniels LLP; Visteon Systems (Connersville, Indiana, factory); Carbon Motors Corporation

Carbon Motors, a start-up manufacturer of high-tech police cars that recently raised US$100m in equity, could seek additional equity and is not ruling out acquisitions, its CEO said. William Santana Li, who is also chairman of the privately-held, Connersville, Indiana-based company, stopped short of saying whether Carbon would make acquisitions of assets beyond a recently announced deal, while at the same time he did not rule out the idea. In addition to its existing financing, in August, Carbon filed with the US Department of Energy for a US$310m loan, Li said. Three law firms, Baker & Daniels, Bryan Cave and Hogan & Hartson, serve Carbon as legal advisors, Li said. Carbon does not have financial advisors and is not seeking them, Li added. The company, which recently relocated from Atlanta, Georgia, is involved in a multi-pronged deal to acquire a 1.8-million-square-foot factory formerly owned by Van Buren Township, Michigan-based Visteon, which filed in May for bankruptcy reorganization. A maker of automotive parts, Visteon will sell the plant to Connersville for US$500, and the city, after spending US$4m on environmental cleanup, will flip it to Carbon for either low cost or no cost, according to Li. He added that all of the details of that deal are not yet available. The Carbon E7 police cruiser runs on clean diesel technology, Li said. The company has orders for 10,000 cars, including from abroad, but has not yet begun producing the vehicles.

Pannell Mechanical will entertain private equity to fund growth, additional acquisitions, CEO says

Date Value Currency Value Sectors Companies Countries Intelligence grade (M) description

16-Dec-09 4 US$ Revenue Industrial products and Pannell Mechanical USA Confirmed services

Pannell Mechanical, a restaurant equipment sales and services company based in Chattanooga, Tennessee, would consider private equity offers to help the company grow, said Chief Executive Officer Tim Hensley. The privately-held company is not actively seeking a sale, but is willing to hold discussions with investors who could help fuel growth, he said. Pannell, with US$4m in revenue, sees now as the right time to expand as it has stayed strong through the down economy, said Hensley. Pannell announced last week the acquisition of Jacksonville, Florida-based JnJ Mechanical Services, and could consider additional acquisitions of sales and service companies, he said. Targets should help Pannell enter new markets, such as Atlanta, or strengthen its presence in current markets, like Jacksonville and Nashville, he added. Other growth initiatives at the company include diversification beyond restaurant equipment services and a shift to becoming a more sales-oriented company. Competitors include St. Paul, Minnesota-based Ecolab, also known as GCS, and Fort Wayne, Indiana-based Heritage Food Service, according to Hensley. Pannell has 26 employees, with locations in Chattanooga, Nashville, Jacksonville, and Pensacola. Hensley has been the majority shareholder since 2007.

8 The Brief: 18 December 2009 | Issue 43 Top Deals of the Week - Asia-Pacific

Deal one: Onesource Group Ltd Deal two: Aerostaff Australia Pty Ltd (75.1% stake); Gippsland Aeronautics (75.1% stake)

Announced date 10-Dec-09 Announced date 15-Dec-09

Deal type Exit Deal type IBI

Deal value (US$m) 76 Deal value (US$m) 37

Target information Target information

Company Onesource Group Ltd Company Aerostaff Australia Pty Ltd (75.1% stake); Gippsland Aeronautics (75.1% stake)

Description New Zealand-based holding company offering office technology solutions Description Australia-based company manufacturing commercial aircrafts; Australia-based manufacturer of close Financial advisor NA tolerance high precision metal components and assemblies

Legal advisor NA Financial advisor NA

Legal advisor NA

Bidder information Bidder information

Company CSG Ltd Company Kotak India Growth Fund II; Mahindra & Mahindra

Description Australia-based ICT company providing technol- Description India-based private equity fund of Kotak Private Eq- ogy solutions uity Group; India-based auto components company

Financial advisor Financial advisor NA NA

Legal advisor DLA Piper Legal advisor NA

Seller information Seller information

Company Archer Capital Company NA

Debt provider NA Debt provider NA

Equity provider NA Equity provider Kotak Private Equity Group (n/a, 100%)

Deal description Deal description

CSG Limited, the listed Australia-based communications and technology Mahindra & Mahindra (M&M), the listed India-based auto components (ICT) company providing technology solutions, has agreed to acquire company, through its subsidiary Mahindra Aerospace Pvt Ltd, and Kotak India Onesource Group Limited, the New Zealand-based holding company offering Growth Fund II, the India-based private equity fund of Kotak Private Equity office technology solutions, from Archer Capital, the Australia-based private Group, has agreed to acquire a 75.1% stake in Gippsland Aeronautics and equity firm, for a consideration of NZD107m (US$76.21m). Aerostaff Australia Pty Ltd for combined total consideration of INR1,750m (US$37.45m).

9 The Brief: 18 December 2009 | Issue 43 Top Deals of the Week - Asia-Pacific

Deal three: Firepro Systems Pvt Ltd Deal four: Leasing Solutions Ltd (undisclosed stake)

Announced date 15-Dec-09 Announced date 10-Dec-09

Deal type IBI Deal type Exit

Deal value (US$m) 33 Deal value (US$m) 18

Target information Target information

Company Firepro Systems Pvt Ltd (undisclosed stake) Company Leasing Solutions Ltd

Description India-based company engaged in the provision Description New Zealand-based office equipment financing arm of fire security, safey systems and intelligent for Onesource Group solutions

Financial advisor NA Financial advisor NA

Legal advisor NA Legal advisor NA

Bidder information Bidder information

Company Standard Chartered Private Equity Company CSG Ltd

Description UK-based private equity arm of Standard Description Australia-based ICT company providing technology Chartered solutions

Financial advisor Ernst & Young Financial advisor NA

Legal advisor NA Legal advisor DLA Piper

Seller information Seller information

Company NA Company Archer Capital

Debt provider NA Debt provider NA

Equity provider Standard Chartered Private Equity Equity provider NA

Deal description Deal description

Standard Chartered Private Equity, the UK-based private equity arm of CSG Limited, the listed Australia-based communications and technology Standard Chartered plc, the listed UK-based banking group, has acquired (ICT) company providing technology solutions, has agreed to acquire Leasing an undisclosed stake in Firepro Systems Pvt Ltd, the India-based company Solutions Limited, the New Zealand-based office equipment financing arm engaged in the provision of fire security, safety systems and intelligent for Onesource Group, from Archer Capital, the Australia-based private equity solutions, for a consideration of US$33m. manager in an exit transaction, for a consideration of NZD25m (US$17.81m).

10 The Brief: 18 December 2009 | Issue 43 Top Deals of the Week - Europe

Deal one: Springer Science + Business Deal two: Simple Health & Beauty Group Media Deutschland GmbH Limited

Announced date 11-Dec-09 Announced date 14-Dec-09

Deal type IBO Deal type Exit

Deal value (€m) 2,240 Deal value (€m) 267

Target information Target information

Company Springer Science + Business Media Deutsch- Company Simple Health & Beauty Group Limited land GmbH Description UK-based company dealing in skin care, toiletries and feminine hygiene products Description Germany-based scientific publisher

Financial adviser Goldman Sachs; Advising seller: UBS Invest- Financial adviser Goldman Sachs ment Bank Legal adviser Clifford Chance

Legal adviser Freshfields Bruckhaus Deringer

Bidder information Bidder information

Company EQT Partners AB; and GIC Special Investments Company Alberto-Culver Company Pte Ltd

Description US-based developer, manufacturer, distributor of branded consumer products worldwide Description Sweden-based private equity firm; Singapore- based soveriegn wealth fund that manages Singapore’s foreign reserves

Financial adviser Barclays Capital; Deutsche Bank AG; UniCredit Financial adviser Credit Suisse Group Legal adviser CMS; Freshfields Bruckhaus Deringer

Legal adviser Hengeler Mueller

Seller information Seller information

Company Candover Investments Plc; and Cinven Limited Company Duke Street

Debt provider Goldman Sachs, Deutsche Bank, Barclays Debt provider NA Capital, UniCredit Group Equity provider NA

Equity provider EQT Partners, GIC Special Investments

Deal description Deal description

EQT Partners AB and GIC Special Investments Pte Ltd have agreed to Alberto Culver Company has won the auction to acquire Simple Health & acquire Springer Science + Business Media Deutschland GmbH, from Beauty Group Limited from Duke Street for a total consideration of £240m. Candover Investments plc and Cinven Limited, for an enterprise valuation of €2.24bn.

11 The Brief: 18 December 2009 | Issue 43 Top Deals of the Week - Europe

Deal three: Medical Park Hospital Group Deal four: Concentrix Solar GmbH (80% (40% stake) stake)

Announced date 10-Dec-09 Announced date 11-Dec-09

Deal type IBI Deal type Exit

Deal value (€m) 68 Deal value (€m) 44

Target information Target information

Company Medical Park Hospital Group (40% stake) Company Concentrix Solar GmbH (80% stake)

Description Turkey-based healthcare services company Description Germany-based solar cell modules manufacturer owned by Ethem Sancak and Muharrem Usta and solar power plants contractor

Financial adviser NA Financial adviser NA

Legal adviser NA Legal adviser White & Case

Bidder information Bidder information

Company The Carlyle Group LLC Company Soitec SA

Description US-based private equity firm Description France-based company providing engineered sub- strate solutions and producing silicon-on-insulator wafers for the semiconductor industry

Financial adviser NA Financial adviser Morgan Stanley

Legal adviser Chadbourne & Parke; YukselKarkinKucuk Law Legal adviser Winston & Strawn Firm

Seller information Seller information

Company Ethem Sancak (Private Investor); and Muhar- Company Good Energies Investments rem Usta (Private Investor) Debt provider NA

Debt provider NA Equity provider NA

Equity provider The Carlyle Group

Deal description Deal description

The Carlyle Group LLC has acquired a 40% stake in Medical Park Hospital Soitec SA has agreed to acquire a 80% stake in Concentrix Solar GmbH from Group from Ethem Sancak and Muharrem Usta for a consideration of Good Energies Investments and other shareholders for a consideration of US$100m. €44m.

12 The Brief: 18 December 2009 | Issue 43 Top Deals of the Week - Europe

Deal six: Greentube Internet Deal five: Cybit Holdings Plc Entertainment Solutions AG (70% stake)

Announced date 10-Dec-09 Announced date 13-Dec-09

Deal type IBO Deal type Exit

Deal value (€m) 22 Deal value (€m) 10

Target information Target information

Company Cybit Holdings Plc Company Greentube Internet Entertainment Solutions AG (70% stake) Description UK-based provider of telematics services for enterprises requiring strategic management information relating to land and sea based Description Austria-based developer and provider of gaming mobile assets solutions for the internet, mobile devices and iTV

Financial adviser Cenkos Securities Financial adviser Not Available

Legal adviser NA Legal adviser Fellner Wratzfeld & Partners

Bidder information Bidder information

Company Francisco Partners LP Company Novomatic AG

Description US-based private equity firm focused on invest- Description ments in technology and technology-enabled Austria-based manufacturer of gaming equipments businesses and operator of gaming outlets

Financial adviser Investec Investment Banking Financial adviser Not Available

Legal adviser NA Legal adviser Schoenherr Rechtsanwaelte

Seller information Seller information

Company NA Company Global Equity Partners

Debt provider NA Debt provider NA

Equity provider Francisco Partners Equity provider NA

Deal description Deal description

Francisco Partners LP has agreed to acquire Cybit Holdings plc for a value of Novomatic AG has acquired a 70% stake in Greentube Internet €22m. Entertainment Solutions AG from Global Equity Partners and a group of investors for a consideration of €10m.

13 The Brief: 18 December 2009 | Issue 43 Top Deals of the Week - North America

Deal one: Acclarent Inc. Deal two: FGX International Holdings Ltd

Announced date 16-Dec-09 Announced date 16-Dec-09

Deal type Exit Deal type Exit

Deal value (US$m) 785 Deal value (US$m) 540

Target information Target information

Company Acclarent Inc. Company FGX International Holdings Ltd

Description US-based medical technology company Description US-based holding company with interest in dedicated to the development of products to companies engaged in designing and marketing of meet the needs of ENT surgeons and their non-prescription reading glasses and sunglasses patients

Financial advisor Financial advisor JPMorgan Lazard

Legal advisor Wilson Sonsini Goodrich & Rosati Legal advisor Skadden Arps Slate Meagher & Flom

Bidder information Bidder information

Company Ethicon Inc. Company Essilor International SA

Description US-based medical device company Description France-based designer and manufacturer of ophthal- mic optical lenses

Financial advisor NA Financial advisor Rothschild

Legal advisor NA Legal advisor Jones Day

Seller information Seller information

Company Delphi Ventures; Johnson & Johnson Develop- Company Berggruen Holdings Inc. ment Corporation; Meritech Capital Partners LP; New Enterprise Associates; Versant Description US-based investment company investing in private Ventures equity, real estate, renewable energy, and public securities Debt provider NA

Equity provider Not Applicable Debt provider NA

Equity provider Not Applicable

Deal description Deal description

Ethicon Inc. has agreed to acquire Acclarent Inc. from New Enterprise Essilor International SA has agreed to acquire FGX International Holdings Associates, Delphi Ventures, Versant Ventures, Meritech Capital Partners, Limited for a total consideration of US$540m, including the assumption of and Johnson & Johnson Development Corporation for a cash consideration US$100m in debt. FGX will benefit from Essilor’s international distribution of US$785m. The acquisition represents an important growth opportunity network and Essilor will leverage FGX’s brands to achieve geographic for both companies in an area where there were previously limited solutions and product differentiation. The acquisition is in line with Essilor’s growth available to patients. Further the transaction will enable Acclarent to develop and expansion strategy in Europe, North America and Middle East. Post and expands its business to benefit worldwide physicians and patients. The acquisition, FGX will be a stand-alone business unit of Essilor and FGX’s boards of directors of both companies and the shareholders of Acclarent headquarters will remain in Rhode Island. The transaction is expected to have approved the transaction. The transaction is subject to customary close in 2010. conditions, including the expiration or termination of the waiting period under the Hart-Scott Rodino Antitrust Improvements Act and expected to close by Q1 2010.

14 The Brief: 18 December 2009 | Issue 43 Top Deals of the Week - North America

Deal three: Spectrum Holding Company Deal four: Dura Automotive Systems Inc. (Controlling Stake)

Announced date 11-Dec-09 Announced date 11-Dec-09

Deal type SBO Deal type IBI

Deal value (US$m) 230 Deal value (US$m) 125

Target information Target information

Company Spectrum Holding Company Company Dura Automotive Systems Inc.(Controlling Stake)

Description US-based provider of clinical laboratory and Description US-based manufacturer of vehicle components disease screening services

Financial advisor NA Financial advisor NA

Legal advisor NA Legal advisor NA

Bidder information Bidder information

Company Welsh, Carson, Anderson & Stowe Company Patriarch Partners LLC

Description US-based private equity firm with a focus on Description US-based private equity firm focused on invest- information/business services and healthcare ments in distressed businesses

Financial advisor NA Financial advisor NA

Legal advisor NA Legal advisor Jones Day

Seller information Seller information

Company Apax Partners LLP Company NA

Description UK-based private equity firm investing in Tech Description NA & Telecom, Media, Retail & Consumer, Health- care, Financial Service sectors Debt provider Patriarch Partners

Debt provider Welsh, Carson, Anderson & Stowe Equity provider NA

Equity provider NA

Deal description Deal description

Welsh, Carson, Anderson & Stowe has agreed to acquire Spectrum Holding Patriarch Partners LLC has agreed to acquire a controlling stake in Dura Company from Apax Partners LLP for a total consideration of US$230m. In Automotive Systems Inc for a consideration of US$125m. Under the terms 2005, Apax acquired a majority stake in Spectrum Laboratory Network. This of the agreement, Patriarch Partners will recapitalize and acquire a controlling acquisition allowed the company to build an operation management and an interest in Dura. Post acquisition, Patriarch Partners will integrate Dura integrated internet-based ordering and reporting system, while focusing on with its portfolio company Global Automotive Systems LLC. The combined growing its regional presence. companies will operate under the Dura brand name and will enable DURA to expand its presence in North America. The transaction is subject to customary closing conditions, including German regulatory approval and is expected to complete in the beginning of 2010.

15 The Brief: 18 December 2009 | Issue 43 Top Deals of the Week - North America

Deal five: Hercules Incorporated (Hercules Specialty Resins business)

Announced date 15-Dec-09

Deal type IBO

Deal value (US$m) 75

Target information

Company Hercules Incorporated (Hercules Specialty Resins business)

Description US-based refined wood rosin and natural wood terpenes business of Hercules Incorporated

Financial advisor NA

Legal advisor NA

Bidder information

Company Torquest Partners Inc.

Description Canada-based private equity firm

Financial advisor NA

Legal advisor NA

Seller information

Company Hercules Incorporated

Description US-based manufacturer of chemical specialties used in making a variety of products for home, office, and industrial markets

Debt provider Torquest Partners

Equity provider NA

Deal description

Torquest Partners Inc. has agreed to acquire the Hercules Specialty Resins business from Hercules Incorporated for a total consideration of US$75m. Torquest will use a nominal amount of debt to fund the acquisition, in order to reinvest profits from existing operations to support the long-term growth of the business. The transaction includes transfer of the business and approximately 200 employees, along with an associated manufacturing facility in Brunswick, Georgia. Post acquisition, the acquired business will operate as an independent entity, under the name Pinova. The transaction is subject to customary closing conditions and anticipated to close within 60 days.

16 The Brief: 18 December 2009 | Issue 43 Pipeline - Asia-Pacific

Deal Target Target Target Financial Status Possible Bidder Company Comments value Company Description Country Advisor (US$m)

1,000 Siam City Thailand Financial NA PE target CVC CVC Capital Partners has been added to Bank Services the list of bidders interested in a 47% (47%) stake in the listed Thai lender Siam City Bank.

200 Buy The Consumer Korea Deutsche PE exit NA Interpark has joined the ranks of bidders Way Goods Bank for Buy The Way.

21 The Loot India Consumer NA PE target NA The Loot is engaged in negotiations Retail with private equity players to divest an estimated 25% stakeholding in a pre-IPO deal.

17 The Brief: 18 December 2009 | Issue 43 Pipeline - Europe

Deal Target Target Target Financial Status Possible bidder company Comments value company Description country adviser (€m)

2,000 Siemens Healthcare Germany UBS Auction KKR, BC Partners Siemens AG has hired UBS to help sell hearing aid its hearing-aid unit, according to press unit reports. Bidders are said to iclude private equity firms BC Partners and KKR. Press reports have rumored the company value to stand between €1.8bn-2.5bn. One report quoted analysts as saying that the value of the division comes from a 13-14 times multiple of the €140-150m EBITDA on a turnover of €550-600m.

593 Shanks Services UK Investec Takeover Carlyle Group Carlyle Group made a single approach to Group situation Shanks Group several weeks ago at the £135p per share level. Shanks Group said the board would not accept offers below 150 pence per share, which would be the equivalent of around 7x EBITDA. Apax, Terra Firma and Pennon Group have been named as the only other credible potential bidders.

18 The Brief: 18 December 2009 | Issue 43 Pipeline - North America

Deal Target Target Target Financial Status Possible bidder company Comments value company description country advisor (US$m)

2,000 The Dow US-based US Deutsche Auction Akzo Nobel NV; Platinum According to recent reports, US-based Chemical chemical Bank AG; Equity; Advent International chemical company Dow Chemical is Company company HSBC Corporation selling its Styron and aromatics unit and (styrenics Holdings Plc has hired HSBC and Deutsche Bank assets) to advise on the sale. Dow Chemical’s styrenics assets are thought to be attracting interest from private equity bidders including Advent International Corporation and Platinum Equity as well as a strategic bidder, international chemical company Akzo Nobel NV. The unit is valued at US$5bn and a deal announcement is expected by 31-Dec- 09.

660 Barneys US-based US Perella Takeover Perry Capital LLC; George According to recent reports, US-based New York luxury retailer Weinberg situations Weston Ltd; Holt Renfrew luxury retailer Barneys New York, which Inc. Partners LP is currently owned by Dubai-based Istithmar World Capital, could receive an investment from US-baseds private equity firm TPG Capital and NRDC Equity Partners. Ron Burkle, a private investor and Barneys debt-holder through his investment firm Yucaipa, has reportedly reached out to both of these private equity firms. NRDC, which focuses on the consumer and retail sectors, is considered the most likely bidder; the company would take a long-term equity stake in Barneys and give the company operational resources. Talks regarding a potential sale were reportedly triggered by concerns that Barneys could file for bankruptcy in 2010. Barneys is holding US$660m of debt maturing in 2016.

21 Bender US-based US Global Hunter Auction Singapore Technologies According to recent reports, US- Shipbuil- vessel Securities Engineering Ltd; Vision based vessel construction company ding & construction Technologies Systems Inc.; Bender Shipbuilding & Repair has Repair and repair SunTx Capital Partners received a stalking horse bid of company US$21m from VT Halter, a subsidiary of US-based engineering company Vision Technologies Systems. Vision Technologies Systems is a subsidiary of Singapore Technologies Engineering. US- based private equity firm SunTx Capital Partners was set to acquire Bender by 15-Dec-09 but unsecured creditors objected to the planned sale. Competing bidders have until 11-Jan -10 to submit offers that exceed the bid from VT Halter by at least US$1.5m. The auction is set for 14-Jan-10. If another bidder prevails, Bender would pay VT Halter US$1.25m in fees and expenses. Bender creditors General Electric Capital and Marquette Business Credit have supplied a US$6m credit line to keep Bender operating through 31-Jan-10. US- based financial advisory and investment banking firm Global Hunter Securities is conducting the sale of Bender.

19 The Brief: 18 December 2009 | Issue 43 Statistics - Asia-Pacific

Asia-Pacific buyouts, quarterly Asia-Pacific exit activity, quarterly

Value (LHS) Value (LHS) 12 70 5 25 Volume (RHS) Volume (RHS)

60 10 4 20 Volume of deals Volume of deals 11.3 50 3.9 8 40 3 3.5 15 6 3.1 2.9 30 2 10 5.1 4 4.0 20 1 1.3 5 Value of deals (US$bn) 2 Value of deals (US$bn) 3.7 3.8 10

0 0 0 0 Qtr 4 08 Qtr 1 09 Qtr 2 09 Qtr 3 09 Qtr 4 09 QTD Qtr 4 08 Qtr 1 09 Qtr 2 09 Qtr 3 09 Qtr 4 09 QTD

Asia-Pacific buyout yearly Asia-Pacific secondary buyouts, yearly Asia-Pacific buyout yearly comparison by deal size Value (LHS) 300 8 20 300 > US$501m Volume (RHS) > US$501m 18 26 7 250 26 7.1 250 21 US$251m - US$500m 16 21 US$251m - US$500m Volume of deals 6 24 13 49 13 24 16 14 200 49 19 16 US$101m - US$250m 200 19 30 US$101m - US$250m 5 30 12 30 30 150 US$15m - US$100m 10 4 150 14 103 US$15m - US$100m 88 146 103 100 6 88 100 8 21 3 3.4 US$5m - US$14.9m 100 21 US$5m - US$14.9m

Volume of deal s 100

6 Volume of deal s 58 58 2 2.4 38 24 36 28 38 24 Value not disclosed 4 50 36 Value of deals (US$bn) 28 58 Value not disclosed 50 58 1 20 20 45 24 2 40 1.4 22 45 35 2428 0.9 40 0 22 35 28 0 0 0 2005 2006 2007 2008 2009 YTD 2005 2006 2007 2008 2009 YTD 2005 2006 2007 2008 2009 YTD

152.9 152.9 Rolling 12 months buyout activity Consumer Rolling 12 months buyout activity Financial Services industry sector breakdown by volume Business Services industry sector breakdown by value Consumer

TMT TMT 7% 1% 3% 2% 4% 19% 3% Industrials & Chemicals Leisure 4% Financial Services Rolling4% 12 months buyout activity Consumer Rolling 12 months buyout activity industry sector breakdown by volume Business Services Financial Services industry sector breakdown by value Consumer 5% Industrials & Chemicals 9% TMT 41% TMT 1% 3% 7% Pharma, Medical & Biotech 2% 3% Business Services 4% 19% Leisure Industrials & Chemicals 4% 7% 4% Financial Services Energy Industrials & Chemicals Real Estate 5% 9% 9% 41% 19% Pharma, Medical & Biotech Business Services Leisure Energy 7% 8% Energy Real Estate 9% 19% Leisure Transportation Energy Transportation 8% 10% Transportation Transportation 12% Other 10% Other Other Other 12% 15% 18% 15% 18%

Greater China Greater China (China, HK, Taiwan, Macau) (China, HK, Taiwan, Macau) Geographic split of buyouts by volume Geographic split of buyouts by value India Japan

Japan North Asia Greater China 4% Greater China (excl Greater China) 7% (China, HK, Taiwan, Macau) 4% (China, HK, Taiwan, Macau) Geographic split of buyouts by volume Australasia Geographic split of buyouts by value 14% India 5% Japan South East Asia North Asia Japan North Asia 27% 4% (excl Greater China) India 7% (excl Greater China) 4% Australasia 5% South East Asia 14%

North Asia South East Asia 15% India Australasia 27% (excl Greater China)

South East Asia 15% Australasia

15% 15% 52% 52%

20% 21% 20% 21% 16% 16%

20 The Brief: 18 December 2009 | Issue 43 Statistics - Europe

European buyouts, quarterly European exit activity, quarterly

Value (LHS) Value (LHS) 15 200 10 100 Volume (RHS) Volume (RHS) 9 90 175 9.7 12 8 80 Volume of deals 12.1 150 Volume of deals 7 70 125 9 6 60 100 5 50 5.8 6 4 40 6.2 6.6 75 3 3.7 30 5.1 50 Value of deals ( € bn) 3 Value of deals ( € bn) 2 3.0 20 3.1 25 1 10 1.4 0 0 0 0 Qtr 4 08 Qtr 1 09 Qtr 2 09 Qtr 3 09 Qtr 4 09 QTD Qtr 4 08 Qtr 1 09 Qtr 2 09 Qtr 3 09 Qtr 4 09 QTD

European buyout yearly European secondary buyouts, yearly European buyout yearly comparisoncomparison by by deal deal size size Value (LHS) 1,400 75 400 1,400 1,300 > €501m 70 Volume (RHS) 97 110 > €501m 1,300 97 110 70.0 350 1,200 63 62 65 1,200 63 62 105 1,100 68 115 €251m - €500m 66.4 105 60 68 115 33 €251m - €500m Volume of deals 1,100 58 300 3343 55 1,000 58 1,000 110 437 8 900 110 296 78 €101m - €250m 50 60 301 296 €101m - €250m 250 900 60 301 45 800 48 800 4890 291 281 90 291 132 281 40 48.0 700 36 115 €15m - €100m 28 132 200 700 36 115 €15m - €100m 35 600 2854 272 114 600 54 272 128 30 114 150 500 208 128 €5m - €14.9m 500 40 208 €5m - €14.9m 25 Volume of deal s 89 624 400 4017

Volume of deal s 620 624 400 1762 89 555 115 20 124 620 100 300 62 466 555 115 Value of deals ( € bn) Value not disclosed 15 21.3 300 162 124 466 72 Value not disclosed 200 162 346 72 244 346 200 33 303 10 50 244 100 33 303 5 4.0 100 125 0 125 0 0 0 2002 2003 2004 2005 2006 2007 2008 2009 YTD 2005 2006 2007 2008 2009 YTD 2002 2003 2004 2005 2006 2007 2008 2009 YTD

152.9 152.9

Rolling 12 months buyout activity Rolling 12 months buyout activity

industry sector breakdown by volume Industrials & Chemicalsindustry sector breakdown by value TMT

Consumer 0% Industrials & Chemicals 4% 3% 3% 4% Rolling5% 12 months buyout activity Rolling 12 months buyout activity Business Services 8% Transportation 22% 22% 5%industry sector breakdown by volume Industrials & Chemicals industry sector breakdown by value TMT TMT Consumer 0% Industrials & Chemicals Consumer 4% 3% 5% 3% 8% 4% 5% Business Services 8% Transportation 22% Pharma, Medical & Biotech 22% Energy, Mining & Utilities 5% 6% TMT Consumer 5% Financial Services 8% Financial Services Energy, Mining & Utilities Pharma, Medical & Biotech 9% 13% 6% Financial Services 8% 17% Financial Services Contruction Business Services 9% 13% Business Services 8% 17% Contruction Energy, Mining & Utilities Pharma, Medical & Biotech Energy, Mining & Utilities Pharma, Medical & Biotech 10% 10% 11%11% Leisure Leisure 12% 12% Construction Construction 14% 14% 11%11% Transportation Leisure TransportationUK & Ireland LeisurUK & Iereland Other Other OtheGermanicr OtheGermar nic Geographic split of buyouts by volume France Geographic split of buyouts by value Italy

<1% Benelux Central & Eastern Europe 2% 5% 6% UK & Ireland Nordic UK & Irelan d 6% 24% Benelux Germanic 8% 22% Germanic Iberia Geographic split of buyouts by volume France France Geographic split of buyouts by value Italy 7% 8% Benelux Italy <1% 2% Central & Eas tern Eu rope Nordic 5% 6% Nordic 6% 24% Benelux 8% 22% Central & Eastern Europe Iberia Iberia F ran c e 8% 7% 8% Italy Other 12% 22% Nordic Other Central & Eastern Europe Iberia 17% Other 8% 12% 22% Other

17% 12% 12% 13% 12% 15% 12% 13% 15%

21 The Brief: 18 December 2009 | Issue 43 Statistics - North America

North American buyouts, quarterly North American exit activity, quarterly

Value (LHS) Value (LHS) 20 150 13 140 Volume (RHS) Volume (RHS) 12 19.4 11 120 120 12.3 10 Volume of deals 15 Volume of deals 16.7 9 100 90 8 80 7 10 6 60 60 5.6 5 5.3 9.2 4 40 5 3 30 Value of deals (US$bn) Value of deals (US$bn) 6.1 2 3.4 20 2.7 3.7 1 0 0 0 0 Qtr 4 08 Qtr 1 09 Qtr 2 09 Qtr 3 09 Qtr 4 09 QTD Qtr 4 08 Qtr 1 09 Qtr 2 09 Qtr 3 09 Qtr 4 09 QTD

North American buyout yearly North American secondary buyouts, yearly North American buyout yearly comparison by deal size comparison by deal size Value (LHS) 1,000 45 220 1,000 > US$501m 121 > US$501m Volume (RHS) 900 121 40 200 900 112 112 60 800 60 US$251m - US$500m 38.4 180 53 800 53 94 US$251m - US$500m 35 Volume of deals 66 75 700 94 34 160 66 52 75 33.8 700 34 39 62 52 145 US$101m - US$250m 30 31.8 39 62 140 600 62 77 174 145 US$101m - US$250m 48 62 600 77 174 48 32 121 25 120 88 500 32 121 US$15m - US$100m 88 153 500 56 33 US$15m - US$100m 100 30 153 56 20 400 32 33 30 164 30 400 32 54 16 US$5m - US$14.9m 80 164 30 11 54 16 29 US$5m - US$14.9m 15 Volume of deal s 300 478 11 22 37 427 29 90 Volume of deal s 300 18 144 404 478 60 22 19 37 427 90 18 144 404 30 10 20019 90 335 Value not disclosed 28 335 30 Value of deals (US$bn) 40 200 90 Value not disclosed 22 28 219 230 10022 219 230 5 7.2 142 20 100 109 1.7 142 0109 0 0 0 2002 2003 2004 2005 2006 2007 2008 2009 YTD 2005 2006 2007 2008 2009 YTD 2002 2003 2004 2005 2006 2007 2008 2009 YTD

152.9 152.9

Financial Services Rolling 12 months buyout activity Industrials & ChemicalsRolling 12 months buyout activity

industry sector breakdown by volume Business Services industry sector breakdown by value Pharma/Medical/Biotech

Consumer Consumer 2% Financial Services Rolling 124% months buyout activity Industrials & Chemicals Rolling 12 months2%1% buyout activity 5% 7% industry sector breakdown by volume TMT Business Services 6% Business Services industry sector breakdown by value Pharma/Medical/Biotech 22% Consumer 8% Consumer 4% 2% Financial Services 2%1% 33% Industrials and Chemicals 5% 7% 6% TMT Business Services 6% 22% Pharma, Medical & Biotech 8% Energy/Mining/Utilities Financial Services 33% Industrials and Chemicals 6% 8% Pharma, Medical & Biotech Energy, Mining & Utilities Energy/Mining/Utilities Leisure 7% 8% Energy, Mining & Utilities Leisure 7% Construction TMT Construction TMT 9% 9% 16% 16% Leisure Leisure Construction Construction 16% 16% 12% Transport 10% 12% Transport 16% Transport 10% 10% Transport 16% 10%

22 The Brief: 18 December 2009 | Issue 43 League & Activity Tables - Asia-Pacific

Financial houses - ranked by value

Rank Company name Value (US$m) Number of deals

1 Nomura Holdings 3,462 6

2 Goldman Sachs 3,155 3

3 Bank of China International Holdings 1,200 1

4 PricewaterhouseCoopers 1,125 2

5 Morgan Stanley 1,084 2

6= Mizuho Financial Group 1,047 1

6= UBS Investment Bank 1,047 1

8 ING 1,023 2

9 Citigroup 1,017 2

10 HSBC Bank 906 1

Financial houses - ranked by volume

Rank Company name Value (US$m) Number of deals

1 Nomura Holdings 3,462 6

2 Ernst & Young 365 5

3 Goldman Sachs 3,155 3

4 Deloitte 809 3

5 Macquarie Group 62 3

6 PricewaterhouseCoopers 1,125 2

7 Morgan Stanley 1,084 2

8 ING 1,023 2

9 Citigroup 1,017 2

10 DBS Bank 475 2

Financial houses advising on buyout deals during 10/12/2008 and 9/12/2009, where target is Asia-Pacific, excluding lapsed and withdrawn deals. The firms are advising the bidder.

23 The Brief: 18 December 2009 | Issue 43 League & Activity Tables - Asia-Pacific

Legal houses - ranked by value

Rank Company name Value (US$m) Number of deals

1 Herbert Smith/Gleiss Lutz/Stibbe 2,381 1

2 Linklaters 1,843 5

3 Freshfields Bruckhaus Deringer 1,720 2

4 Nagashima Ohno & Tsunematsu 1,595 3

5 TMI Associates 1,593 3

6 Kim & Chang 1,262 5

7 Bae Kim & Lee 1,138 2

8 Clifford Chance 1,020 3

9 Simpson Thacher & Bartlett 906 1

10 Jun He Law Offices 789 1

Legal houses - ranked by volume

Rank Company name Value (US$m) Number of deals

1 Linklaters 1,843 5

2 Kim & Chang 1,262 5

3 Lee & Ko 678 4

4 Trilegal 37 4

5 Nagashima Ohno & Tsunematsu 1,595 3

6 TMI Associates 1,593 3

7 Clifford Chance 1,020 3

8 Shearman & Sterling 609 3

9 Commerce and Finance Law Offices 606 3

10 Paul Weiss Rifkind Wharton & Garrison 556 3

Legal houses advising on buyout deals during 10/12/2008 and 9/12/2009, where target is Asia-Pacific, including lapsed and withdrawn deals. The firms are advising the bidder.

24 The Brief: 18 December 2009 | Issue 43 League & Activity Tables - Asia-Pacific

Buyouts - ranked by volume

Rank Company name Value (US$m) Number of deals

1 The Carlyle Group 650 5

2 Sequoia Capital 415 5

3 Hopu Investment Management 10,489 3

4 Temasek Holdings 7,851 3

5 Kohlberg Kravis Roberts & Co 2,122 3

6 Affinity Equity Partners 2,072 3

7 Standard Chartered Private Equity 134 3

8 Legend Capital 128 3

9 Navis Investment Partners (Asia) 60 3

10 Intel Capital 32 3

Exits - ranked by volume

Rank Company name Value (US$m) Number of deals

1 TPG Capital 2,304 2

2 Citigroup Capital Partners Japan 2,227 2

3 IDG Technology Venture Investment 572 2

4 Ashmore Group 571 2

5 Telecom Investments (Mauritius) 464 2

6 Advantage Partners 386 2

7= MKS Partners 275 2

7= Unison Capital 275 2

9 CSV Capital Partners 96 2

10 Archer Capital 94 2

PE firms as bidder on buyout deals announced between 10/12/2008 and 9/12/2009. PE firms to exit deals announced between 10/12/2008 and 9/12/2009. Based on target geography being Asia-Pacific. Lapsed and withdrawn bids are excluded.

25 The Brief: 18 December 2009 | Issue 43 League & Activity Tables - Europe

Financial houses - ranked by value

Rank Company name Value (€m) Number of deals

1 JPMorgan 4,406 7

2 UniCredit Group 3,673 5

3 Credit Suisse 3,405 5

4 Barclays Capital 3,261 2

5 HSBC Bank 3,070 4

6 RBC Capital Markets 3,033 2

7 Deutsche Bank 2,082 2

8 Goldman Sachs 1,754 5

9 BNP Paribas 1,716 1

10 Lazard 1,709 8

Financial houses - ranked by volume

Rank Company name Value (€m) Number of deals

1 PricewaterhouseCoopers 405 12

2 KPMG 340 10

3 Lazard 1,709 8

4 Ernst & Young 916 8

5 Deloitte 44 8

6 JPMorgan 4,406 7

7 Close Brothers Group 552 7

8 BDO Corporate Finance 28 7

9 ING 1,543 6

10 UniCredit Group 3,673 5

Financial houses advising on buyout deals during 10/12/2008 and 9/12/2009, where target is European, excluding lapsed and withdrawn deals. The firms are advising the bidder.

26 The Brief: 18 December 2009 | Issue 43 League & Activity Tables - Europe

Legal houses - ranked by value

Rank Company name Value (€m) Number of deals

1 Linklaters 3,883 17

2 Freshfields Bruckhaus Deringer 3,080 13

3 Hengeler Mueller 2,476 3

4 Allen & Overy 2,421 14

5 Slaughter and May 1,646 2

6 Sullivan & Cromwell 1,564 3

7 Gianni, Origoni, Grippo & Partners 1,500 5

8 Bojovic Dasic Kojovic 1,493 1

9 Bird & Bird 1,446 2

10 Simpson Thacher & Bartlett 1,424 2

Legal houses - ranked by volume

Rank Company name Value (€m) Number of deals

1 Linklaters 3,883 17

2 Allen & Overy 2,421 14

3 Freshfields Bruckhaus Deringer 3,080 13

4 SJ Berwin 588 12

5 CMS 814 11

6 Ashurst 1,151 9

7 Loyens & Loeff 851 9

8 Hammonds 367 9

9 Clifford Chance 586 8

10 Simmons & Simmons 90 8

Legal houses advising on buyout deals during 10/12/2008 and 9/12/2009, where target is European, including lapsed and withdrawn deals. The firms are advising the bidder.

27 The Brief: 18 December 2009 | Issue 43 League & Activity Tables - Europe

Buyouts - ranked by volume

Rank Company name Value (€m) Number of deals

1 Lloyds TSB Development Capital 446 12

2 AXA Private Equity 2,686 8

3 Barclays Private Equity 605 6

4 EQT Partners 2,512 5

5 Gimv 177 5

6 BLUO SICAV 109 5

7 Aurelius 100 5

8 Advent International Corporation 703 4

9 HgCapital 454 4

10 Waterland Private Equity Investments 436 4

Exits - ranked by volume

Rank Company name Value (€m) Number of deals

1 3i Group 117 10

2 Arques Industries 134 6

3 Gimv 526 3

4 Inflexion Private Equity Partners 230 3

5 N.I. Partners 159 3

6 Advent Venture Partners 110 3

7 Innovacom 42 3

8 AXA Private Equity 40 3

9 N+1 Capital Privado 38 3

10 MBO Partenaires 15 3

PE firms as bidder on buyout deals announced between 10/12/2008 and 9/12/2009. PE firms to exit deals announced between 10/12/2008 and 9/12/2009. Based on target geography being European. Lapsed and withdrawn bids are excluded.

28 The Brief: 18 December 2009 | Issue 43 League & Activity Tables - North America

Financial houses - ranked by value

Rank Company name Value (US$m) Number of deals

1 Bank of America Merrill Lynch 23,655 5

2 Barclays Capital 11,885 5

3 Goldman Sachs 9,082 8

4 JPMorgan 5,443 5

5 RBC Capital Markets Inc 5,074 5

6 Evercore Partners 5,057 1

7= Morgan Stanley 4,701 6

7= Deutsche Bank AG 3,950 3

7= Blackstone Group Holdings 3,200 2

7= HSBC Bank 2,600 1

Financial houses - ranked by value

Rank Company name Value (US$m) Number of deals

1 Goldman Sachs 9,082 8

2 Credit Suisse 2,236 7

3 Morgan Stanley 4,701 6

4 Bank of America Merrill Lynch 23,655 5

5 Barclays Capital 11,885 5

6 JPMorgan 5,443 5

7 RBC Capital Markets 5,074 5

8 Deutsche Bank AG 3,950 3

9 UBS Investment Bank 1,990 3

10 WestLB Mergers & Acquisitions 1,597 3

Financial houses advising on buyout deals during 10/12/2008 and 9/12/2009, where target is North American, excluding lapsed and withdrawn deals. The firms are advising the bidder.

29 The Brief: 18 December 2009 | Issue 43 League & Activity Tables - North America

Legal houses - ranked by volume

Rank Company name Value (US$m) Number of deals

1 Cleary Gottlieb Steen & Hamilton 19,526 6

2 Weiner Brodsky Sidman Kider PC 13,900 1

3 Simpson Thacher & Bartlett 11,241 13

4 Sullivan & Cromwell 6,506 8

5 Ropes & Gray 5,157 3

6= Cadwalader, Wickersham & Taft 4,404 1

6= SJ Berwin 4,404 1

8 Weil Gotshal & Manges 4,090 8

9 Latham & Watkins 3,769 17

10 Debevoise & Plimpton 3,616 5

Legal houses - ranked by value

Rank Company name Value (US$m) Number of deals

1 Kirkland & Ellis 2,969 39

2 Jones Day 1,081 20

3 Latham & Watkins 3,769 17

4 Simpson Thacher & Bartlett 11,241 13

5 Skadden Arps Slate Meagher & Flom 1,568 9

6 Sullivan & Cromwell 6,506 8

7 Weil Gotshal & Manges 4,090 8

8 Stikeman Elliott 559 8

9 DLA Piper 466 8

10 Dechert 271 7

Legal houses advising on buyout deals during 10/12/2008 and 9/12/2009, where target is North American, including lapsed and withdrawn deals. The firms are advising the bidder.

30 The Brief: 18 December 2009 | Issue 43 League & Activity Tables - North America

Buyouts - ranked by value

Rank Company name Value (US$m) Number of deals

1 Platinum Equity 79 6

2 Golden Gate Capital 528 5

3 TPG Capital 5,370 4

4 ABS Capital Partners 99 4

5 Marlin Equity Partners 43 4

6 Catterton Partners 0 4

7 Blackstone Group Holdings 3,200 3

8 General Atlantic 2,800 3

9 Advent International Corporation 2,223 3

10 The Carlyle Group 940 3

Exits - ranked by value

Rank Company name Value (US$m) Number of deals

1 Benchmark Capital 1,581 10

2 Accel Partners & Co 1,732 8

3 Sequoia Capital 2,155 6

4 American Capital 571 6

5 US Venture Partners 418 6

6 Draper Fisher Jurvetson 750 5

7 New Enterprise Associates 520 5

8 Warburg Pincus 407 5

9 Greylock Partners 336 5

10 Mayfield Fund 196 5

PE firms as bidder on buyout deals announced between 10/12/2008 and 9/12/2009. PE firms to exit deals announced between 10/12/2008 and 9/12/2009. Based on target geography being US or Canadian. Lapsed and withdrawn bids are excluded.

31 The Brief: 18 December 2009 | Issue 43 Top Deals - Asia-Pacific

Top 10 Asia-Pacific Buyout deals - rolling 12 months ending 16 December 2009

Announced date Target company Bidder company Deal Value (US$m)

13-May-09 China Construction Bank Corporation (5.78% BOCI Asia Ltd; China Life Insurance (Group) Company; 7,319 stake) China Life Insurance (Overseas) Company Ltd; China Life Insurance Company Ltd; Hopu Investment Management Co Ltd; Temasek Holdings Pte Ltd

14-Jan-09 Bank of China Ltd (4.26% stake) Hopu USD Master Fund I LP 2,381

7-May-09 Oriental Brewery Co Ltd Affinity Equity Partners; Kohlberg Kravis Roberts & Co 1,812

19-Mar-09 USJ Co Ltd SG Investment KK 1,460

14-Nov-09 Bellsystem24 Inc (93.50% stake) Bain Capital LLC 1,047

6-Jul-09 China Mengniu Dairy Company Ltd (20.03% COFCO (Hong Kong) Ltd; Hopu Investment 789 stake) Management Co Ltd

3-Jun-09 Doosan DST Co Ltd; Korea Aerospace Industries DIP Holdings Co Ltd; Odin Holdings Ltd 625 Ltd (20.54% stake); Samhwa Crown & Closure Co Ltd (44.15% stake); SRS Korea Co Ltd

25-Dec-08 Skylark Co Ltd (16.10% stake) Nomura Principal Finance Co Ltd 555

6-Nov-09 PT Delta Dunia Makmur Tbk (40.00% stake) PT Northstar Pacific Partners 385

14-Aug-09 Ozeki Co Ltd (68.80% stake) Himawari 343

32 The Brief: 18 December 2009 | Issue 43 Top Deals - Europe

Top 10 European Buyout deals - rolling 12 months ending 16 December 2009

Announced date Target company Bidder company Deal value (€m)

11-Dec-09 Springer Science + Business Media Deutschland EQT Partners AB; and GIC Special Investments Pte Ltd 2,240 GmbH

29-May-09 Enel Rete Gas SpA (80.00% stake) AXA Private Equity; and F2i SGR SpA 1,716

21-Oct-09 Gatwick Airport Ltd Global Infrastructure Partners 1,609

15-Oct-09 Anheuser-Busch InBev (Central European CVC Capital Partners Limited 1,493 operations)

1-Sep-09 Skype Technologies SA (70.00% stake) Andreessen Horowitz; Canada Pension Plan 1,424 Investment Board; Index Ventures; and Silver Lake Partners

8-Dec-09 Marken Limited Apax Partners LLP 1,080

12-Oct-09 Constantia Packaging AG (75.00% stake) Sulipo Beteiligungsverwaltungs GmbH 893

30-Sep-09 Invitel Holdings A/S (64.60% stake) Mid Europa Partners LLP 740

19-Jun-09 Wood Mackenzie Limited Charterhouse Capital Partners LLP 654

26-Nov-09 Snai (core horse race betting activities) AXA Private Equity; and Bridgepoint Capital Limited 600

33 The Brief: 18 December 2009 | Issue 43 Top Deals - North America

Top 10 North American Buyout deals - rolling 12 months ending December 16, 2009

Announced date Target company Bidder company Deal value (US$m)

Mar-19-09 IndyMac Federal Bank FSB OneWest Bank FSB 13,900

Nov-05-09 IMS Health Inc IMS Health Consortium 5,057

Oct-07-09 JohnsonDiversey Inc (46.00% stake) Clayton, Dubilier & Rice Inc 2,600

Oct-07-09 SeaWorld Parks & Entertainment Blackstone Capital Partners V LP 2,300

Mar-30-09 Fifth Third Processing Solutions LLC (51.00% Advent International Corporation 1,811 stake)

Nov-08-09 TASC Inc General Atlantic LLC ; Kohlberg Kravis Roberts & Co 1,650

Aug-10-09 Dynegy Inc (five peaking and three combined- LS Power Group 1,498 cycle generation assets)

Sep-23-09 SkyTerra Communications Inc (51.00% stake) Sol Private Corp. 1,206

Nov-03-09 Landry’s Restaurants Inc (44.90% stake) Fertitta Holdings Inc 1,200

Dec-29-08 Chesapeake Corporation Irving Place Capital; Oaktree Capital Management L.P 1,022

34 The Brief: 18 December 2009 | Issue 43 Investor Profile: Welsh, Carson, Anderson & Stowe

Welsh, Carson, Anderson & Stowe

Description Countries Sectors

US based private equity firm with a focus on information/business services and USA Financial Services healthcare

Fund name Launched date Size (US$m) Fund name Launched date Size (US$m)

Welsh, Carson, Anderson & Stowe X, NA 3,500 WCAS Capital Partners IV, L.P NA 1,300 L.P. (WCAS X)

Countries invested in Countries invested in

USA 19 current 14 exited United Kingdom 0 current 1 exited

Sectors invested in Sectors invested in

Medical 8 current 6 exited Transportation 2 current 0 exited

Services (other) 5 current 3 exited Telecommunications: Carriers 1 current 0 exited

Media 2 current 1 exited Financial Services 0 current 1 exited

Computer software 0 current 2 exited Computer services 0 current 1 exited

Medical: Pharmaceuticals 1 current 1 exited

35 The Brief: 18 December 2009 | Issue 43 Investor Profile: Welsh, Carson, Anderson & Stowe

Potential Investments

Companies Dominant country Dominant sector Estimated size (US$m) Last update

TransCard USA Financial Services 50m - 100m 14-May-09

Exits - since January 1, 2008

Portfolio companies Buy Buy Sell Sell Announced Mths Buy Exit Dominant Dominant sector value stake value stake date held type type country (US$m) (%) (US$m) (%)

Viant Holdings Inc n/d n/a n/d 100% 3-Aug-09 NA NA TS USA Services (other)

Accuro Healthcare Solutions Inc n/d n/a 350.00 100% 29-Apr-08 NA NA TS USA Computer software

Mobile Storage Group Inc 500 100% 701.50 100% 22-Feb-08 19 IBO TS USA Services (other)

36 The Brief: 18 December 2009 | Issue 43 Notes & Contacts

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