2011 UK Private Equity Transaction Report

Contents

Pg

Introduction 3

Analysis

Transactions Breakdown 4

New investments by sector 5

Transactions by size 6

Exit Breakdown 7

Conclusion 8

Alphabetical listing of investments observed 9

Introduction

Welcome to Marble Hill Partners research and analysis of activity in the UK Private Equity market in 2011. As a specialist interim management and executive search consultancy for Private Equity backed businesses it is in our own interest to monitor where and with whom MBO/MBI’s, SBO’s, Trade and IPO exits are completed.

The data collected has been collated from Trade Press and Investor Press Releases and whilst we cannot guarantee that our research is 100% accurate (not all deals are publicised and in many cases values are undisclosed) we are keen to share our research and observations with our industry. We have only made note of deals with transaction sizes of £5 million and above.

The 190 new investments completed in 2011 were completed by 113 different investment houses suggesting that there have been a good number of investors able to deploy capital in 2011. That said only 18 houses managed to do 3 deals or more and only 5 houses were able to complete upwards of 5 new investments. By far the leading investor this year, by number of UK investments, is LDC which completed 16 new investments.

In this summary you will find an alphabetical index of all the deals recorded and a number of charts and graphs which reflect some of our observations. If you completed or know of transactions which haven’t been included then please do let us know and we will update the report for future reference.

2011 got off to Transactions by month 25 a significantly . 20 better start 15 than 2010 New Investments 2011 10 New Investments 2010 and with the exception of 5 the tail end of Q1, 2011 Exits 2011 deal activity was 0 Exits 2010 consistently higher than that of 2010. Whilst fluctuating, generally in line with wider economic confidence, we didn’t see Exits during 2011 remained at a fairly consistent level averaging just less than 4 per month, and were only slightly up the tailing off that on 2010’s figures suggesting that investors are only exiting businesses that either they have to, due to distress or fund occurred in Q3 and Q4 of constraints, or those which are providing very strong returns which they can demonstrate to LP’s. Broadly it would 2010. appear that the majority of houses are holding on to investments until the wider economic outlook is more stable and valuations return.

Transactions by type 2011 / 2010 The total number of transactions completed in 2011 91 was 236, a 50% increase on 2010’s 157. 72

53 MBO’s still form both the largest percentage of new investment activity as well as the 45 39 largest percentage of transaction activity in general. 34 27 2011 18 SBO’s formed 22% of all transaction activity in both 2010 and 2011 and whilst providing 2010 4 3 3 0 1 3 the second largest area for new investment they are also the most frequent exit route. The relatively small percentage increase in Trade Sale activity has picked up from a further drop in IPO’s.

New Investments by Sector During 2011 it was evident that Consumer remained the most popular macro 46 sector for PE investment, that said the gap has narrowed.

39 36 35 Both TMT and Manufacturing have overtaken 28 26 Business Services with big leaps in investment

17 activity. 12 11 12 12 8 The numbers would suggest mainstream investors are switching to areas of 6 5 5 5 2011 3 2 the economy most likely to be supported by the current government. 0 0 2010

Consumer Breakdown 2011

Consumer Ecommerce 4 Services 4

Retail 19 Leisure 9

TMT Breakdown 2011 FMCG 10

Hardware 3

Telco 4 Software 13

Media on and With both the Consumer and TMT sectors actually covering a wide range offline 7 of businesses these charts demonstrate the most attractive sub-sectors. IT Services 8 The research suggests that in both sectors investors are being drawn to business with clearly defined specialisms and stable customer bases as well as truly innovative businesses demonstrating real prospects for rapid growth.

Capital Invested by sector (extrapolation of data collated) The graph suggests that despite the surge in the volume of Manufacturing deals the total amount of capital deployed is much less than other comparable sectors suggesting that investors are Consumer £8.1bn Manufacturing and Engineering £1.6bn opting for smaller niche manufacturing businesses. This is contrary to TMT £3.9bn Consumer where it would appear that investors are targeting larger Business Services £3.2bn consumer businesses, such as Quorn and Wiggle, with particularly Healthcare and Education £2.3bn strong brands and market positions, Financial Services £2.7bn

Construction and Property £140m Financial Services remains the sector Utilities £125m Transport and Distribution £480m with the highest mean transaction Oil / Gas and Renewables No Data value at £228m. These figures were extrapolated from the disclosed transaction data to estimate the EV of undisclosed transactions. The statistical accuracy is above 90% and so has been used to represent trends.

Comparing the volume of transactions completed at different Transaction sizes 2010 /2011 investment levels indicates that 2011 saw a significant number of 84 investors unwilling to release data on the size of transactions. 77

Of the 236 transactions completed in 58 2011 98 did not release details of the transaction size or EV. 2011 2010 23 Speaking to investors and management teams we think this is due 17 15 to investors completing more all equity deals and accordingly 8 7 8 8 6 4 being reluctant to release information. 0 1

Undisclosed £5 - 50m £51 - 100m £101 - £201 - £501 - 1bn £1bn + 200m 500m

Trade Sale Exits 2011/2010

12 12 With trade sales forming 45% of all exits in 10 10 8 2011 they still represent one of the 7 6 cleanest exits for a PE investor. 2 2 2 2 1 1 1 1 0 0 0 0 0 2011 Breaking this down by sector suggests that TMT and Business Services trade 2010 buyers have been the most active with the later seeing a significant increase in trade sale exits; further evidence that investors are cooling on the sector.

The SBO route is still the most popular when aiming to achieve an exit, accounting for 54% of exits compared to 53% in 2010.

It would appear that trade buyers have regained their appetite for larger businesses in 2011. Whereas in 2010 most exits over £100m went to a secondary buyer.

Conclusion

Despite the on-going economic woes of Europe and the UK’s relatively flat growth in 2011 Private Equity is continuing to invest in good businesses and realise investments where there is an opportunity to do so. The market is by no means buoyant but is showing positive “like for like” trends compared to 2010.

It is also apparent that investors in the UK are deploying capital in areas of the economy that the Government has highlighted as being key to recovery, such as niche manufacturing and TMT industries, and hence where there is likely to be government support over the next couple of years.

An increase in Growth Capital investment has cemented the sub £100m EV space as by far the most active part of the UK market and it would seem that, despite one or two headline grabbing deals, the UK is still some way from seeing a return to a significant number of “mega” buy-outs.

Looking forward to the Olympic year; the UK PE market remains a tough and competitive place to operate with a challenging debt market and a myriad of investors under increasing time pressure to deploy capital with few opportunities to do so. In 2012 we believe we will see an increase in investment activity in early stage growth opportunities and turnaround investments, whilst prized assets with further high growth potential (especially international) will continue to attract premiums.

2011 Transactions

Company Deal Type Exiting Investor New Investor Date Deal Size Sector ABI MBO Barclays Ventures LGV 11/11/2011 Undisclosed Caravan Holiday Homes ABSL Exit - Trade Sale Nova Capital Management Enersys 01/03/2011 Undisclosed Electronics Access UK MBO Lyceum Capital 29/03/2011 £50,000,000 It/Software Achica MBO Balderton Capittal 02/08/2011 Undisclosed Retail/Homeware Actimax SBO Foresight Synova Capital 27/04/2011 £15,000,000 IT/ Telecoms Adapt SBO Alcuin Capital Lyceum Capital 30/09/2011 £30,000,000 Technology Advanced Childcare SBO Bowmark Capital GI Partners 18/03/2011 £28,000,000 Specialised Childcare Advanced Vetcare-Rowe MBO August Equity Partners 10/10/2011 £35,000,000 Vet Clinics Aesica Pharmaceuticals SBO LDC Silverfleet 29/09/2011 Undisclosed Pharmaceuticals A-Gas International SBO Growth Capital Partners LDC 20/04/2011 £70,000,000 Chemicals Airclaims Exit - Trade Sale LDC Mclarens Young International 15/09/2011 Undisclosed Aerospace Aircom SBO Advent International HIG Europe 14/02/2011 Undisclosed IT Services Alexon MBO from Pre-pack Sun European Partners 30/09/2011 Undisclosed Retail/Fashion AllSaints MBO Lion Capital/ Goode Partners 05/05/2011 £100,000,000 Retail/Clothing Engineering / Amco Exit - Trade Sale Endless Renew 02/02/2011 £20,000,000 Construction American Golf SBO LDC Sun European Partners 19/12/2011 £50,000,000 Retail Amplio Filtration Growth Capital Ambienta SGR 31/10/2011 £14,000,000 Water Angel Springs SBO 3i LDC 20/07/2011 Undisclosed FMCG/Drink Apex Space Solutions MBO - Secondary Chamonix 05/01/2011 Undisclosed Manufacturing App-DNA Exit - Trade Sale Matrix Private Equity Citrix Systems 26/10/2011 £54,000,000 Software AppSense MBO Goldman Sachs 01/03/2011 £43,000,000 Technology Software Ascend Worldwide Group Exit - Trade Sale LDC Reed Business Information 29/06/2011 Undisclosed Consulting Asco SBO Phoenix Equity Partners Doughty Hanson 28/11/2011 Undisclosed Oil & Gas Sector Associated Dental Practice SBO Palamon and Carlyle 29/01/2011 Undisclosed Dental Aston Carter Exit - Trade Sale Baird Capital Allegis Group 02/02/2011 £55,000,000 Recruitment Attenda SBO M/C Partners Darwin Private Equity 24/08/2011 £50,000,000 Software (Cloud) Automated Systems Growth Capital Matrix Private Equity 06/01/2011 £8,500,000 Technology Hardware Awear SBO Alchemy Partners Hilco 24/10/2011 Undisclosed Retail/ Clothing

Bactec MBO Perusa Partners 17/08/2011 Undisclosed Bomb Disposal Bagel Nash MBI YFM 03/08/2011 Undisclosed Food Baxter Storey SBO MML Partners Management 02/02/2011 Undisclosed Catering BBC Magazines MBO Exponent 16/08/2011 £121,000,000 Publishing Be at One Growth Capital Piper Private Equity 31/10/2011 £8,000,000 Leisure/Bars Benchmark Scaffolding MBO RCapital 27/07/2011 Undisclosed Services to Construction Outsourcing/Employee Benefex Growth Capital Business Growth Fund 06/10/2011 Undisclosed Benefits Benson Group MBO LDC 20/12/2011 Undisclosed Packaging Bezier SBO Mid Ocean Partners HIG Europe 24/08/2011 £70,000,000 Marketing Big Bear Exit - Trade Sale Investec Glisten 04/02/2011 £82,000,000 Food / FMCG Eden Ventures/ Nordic Blinkbox Exit - Trade Sale Ventures Partners Tesco 21/04/2011 Undisclosed Online Films Bottlegreen Drinks Exit - Trade Sale Piper Private Equity SHS 18/05/2011 £25,000,000 Drinks Manufacturer Bowers and Wilkins MBO Caledonia 14/12/2011 £24,000,000 Electronics Bravo Life Style MBO Infinity Private Equity 28/07/2011 £37,000,000 Development/Services Bread MBO Risk Capital Partners 16/05/2011 Undisclosed Food/ bakery Brintons MBO from Pre-pack The Carlyle Group 05/09/2011 £38,000,000 Carpets Britton Flexibles SBO HSBC Sun European Partners 14/04/2011 £77,000,000 Packaging Burcote Wind MBO Hotbed 26/07/2011 £5,700,000 Electricity/Renewables Cabot Financial SBO Citi AnaCap Financial Partners 04/05/2011 Undisclosed Debt Purchasing Caldicot Metal Decorating MBO - Secondary Chamonix 05/01/2011 Undisclosed Metal Printing??? Arle Capital Partners & Capital Safety Group SBO Arle Capital KKR 29/11/2011 £572,000,000 Safety Equipment Carmine Growth Capital Accel Partners 14/10/2011 Undisclosed ecommerce Online Car Rental CarTrawler MBO ECI Partners 09/05/2011 Undisclosed Distribution Celtic Sheepskin Growth Capital Piper Private Equity 10/05/2011 Undisclosed Sheepskin Clothing/Retail Amadeus CP, DFJ Esprit Clearswift MBO and Kennet Lyceum Capital 29/11/2011 Undisclosed Software Clyde Union Pumps Exit - Trade Sale Clyde Blowers Capital SPX 26/08/2011 £750,000,000 Pumps Coffee Nation Exit - Trade Sale Milestone Capital Partners Costa Limited 02/03/2011 £59,900,000 Drinks/FMCG College Group MBO Vitruvian Partners 11/10/2011 £45,000,000 Consultancy

Comet Debt Purchase Kesa Electricals OpCapital 09/11/2011 Undisclosed Retailer Control Risks SBO 3i NVM 15/03/2011 £6,000,000 Risk Consultancy Corrosion Resistant Yorkshire Bank Corporate Products MBO and Structured Finance 12/05/2011 Undisclosed Piping Manufacturing Crown Paints Exit - Trade Sale Endless Hempel 10/06/2011 £140,000,000 Chemical Manufacturing Daler-Rowney MBO Electra Partners 30/03/2011 £26,000,000 Fine Art Material Supplier Dantec Hose MBO Maven Capital Partners 28/09/2011 Undisclosed Industrial Hosing Davies Group SBO LDC Electra Partners 03/10/2011 £60,000,000 Insurance/Loss Adjusters DBK Growth Capital RCapital 04/02/2011 Undisclosed Property Consulting DiGiCo SBO Matrix Private Equity Isis Equity Partners 12/12/2011 £50,000,000 Electronics Digipos Debt Purchase HSBC Better Capital 06/07/2011 £21,000,000 Technology for Retailers Dovetail Systems MBO ViewPoint Capital Partners 08/09/2011 £12,000,000 Payment Systems Driver Hire SBO Spirit Capital LDC 29/06/2011 Undisclosed Logistics Eat SBO Penta Capital Lyceum Capital 30/03/2011 Undisclosed Food/Restaurants ECO Plastics Growth Capital Close Brothers 20/07/2011 £24,000,000 Plastics/Recycling Less than 25 eConveyancer Growth Capital LDC 25/01/2011 million Software EDM Group Exit - Trade Sale ECI Partners Sala International 12/10/2011 £52,000,000 Data Management EmaC MBO Matrix Private Equity 02/11/2011 £6,000,000 Outsourcing EMI Exit - Trade Sale Citigroup Universal 14/11/2011 £1,200,000,000 Music EMI Publishing Arm Exit - Trade Sale Citigroup Sony 14/11/2011 £1,300,000,000 Music Equip Outdoor Technologies Growth Capital Matrix Private Equity 24/10/2011 Undisclosed Retail ERA Technology MBO Cobham Phoenix Equity Partners 18/02/2011 £18,000,000 Manufacturing Environment Resource ERM SBO Bridgepoint Charterhouse 16/05/2011 £415,000,000 Consultancy Repair provider for locks Evander Glazing & Locks Growth Capital LDC & Bridgepoint 09/11/2011 Undisclosed and glazing Eviivo MBO Invest Corp 06/04/2011 Undisclosed Software Facilities Service Group MBO Spice NBGI 24/02/2011 £9,000,000 Facilities Management Fairline Boats SBO 3i Better Capital 12/07/2011 £16,600,000 Shipping Femcare-Nikomed Ltd Exit - Trade Sale Barclays Private Equity Utah Medical Products 21/03/2011 £25,000,000 Healthcare/Pharma Fibercore MBO Cisco HIG Europe 16/02/2011 Undisclosed Electronics

First Assist Insurance Exit - Trade Sale Barclays Private Equity Cigna 28/09/2011 £71,000,000 Insurance Firstassist Legal Expenses Exit - Trade Sale Equistone Burford Capital 12/12/2011 £28,000,000 Insurance Fizzback Exit - Trade Sale Advent Venture Partners Nice Systems 19/09/2011 £51,000,000 Software Fourth Hospitality MBO ECI Partners 22/03/2010 25-40 Million IT/Software Frontier Medex Growth Capital MML Capital Partners 06/01/2011 Undisclosed Healthcare Frozen Value SBO 3i Management 03/03/2011 £11,000,000 Food / FMCG G & J Greenall MBO De Vere Group Warren Scott/Enzo Visone 09/08/2011 £7,500,000 Alcohol/ Beverages GEMS International MBO Rutland Partners 08/03/2011 £13,800,000 Engineering Consulting Getting Personal Exit - Trade Sale Isis Equity Partners Card Factory 14/07/2011 Undisclosed Online/Retail Glenside Manor Healthcare Neurological Services MBO Bowmark Capital 16/03/2011 £25,000,000 Rehabilitation Go Outdoors Growth Capital 3i 14/04/2011 £28,000,000 Retail Greenwich School of Management MBO Sovereign 10/05/2011 Undisclosed Management School Group NBT MBO HG Capital 23/09/2011 £153,000,000 IT Services Guardian Financial Services MBO Aegon Cinven 16/08/2011 £275,000,000 Insurance HIT Entertainment Exit - Trade Sale Apax Mattel 24/10/2011 £426,000,000 Media HM Corporate Solutions MBO Maven Capital Partners 05/12/2011 Undisclosed Corporate Finance Hurley Palmer Flatt MBO Isis Equity Partners 22/02/2011 £14,000,000 Mechanical HWA Group MBI Privet Capital 24/02/2011 Undisclosed Restoration ICCM MBO Isis Equity Partners 14/11/2011 Undisclosed Care Provider Ideal Shopping Direct MBO - Take Private Inflexion 20/04/2011 £78,300,000 Retail IFA MBI YFM Management 29/09/2011 Undisclosed Alloys Independent Media Distribution MBO Vitruvian Partners 01/03/2011 £33,000,000 Media Integrated Dental Holdings SBO BoA Merril Lynch Palamon and Carlyle 29/01/2011 Undisclosed Dental Intellident Exit - Trade Sale Chamonix Bibliotecha Group 06/06/2011 Undisclosed Plastics Intellident Limited MBO - Secondaries Chamonix 05/01/2011 Undisclosed TMT Interquest Exit - IPO Risk CP Aim Listing 03/01/2011 Undisclosed Recruitment Intrinsic Technology Limited MBO RJD Partners 05/07/2011 £30,000,000 Technology/Software Core Education and ITN Mark Education Exit - Trade Sale NBGI Consulting Solutions 24/05/2011 £13,000,000 Recruitment

ITRS Growth Capital The Carlyle Group 26/09/2011 Undisclosed Technology Towerbrook Capital Retail/Luxury Jimmy Choo Exit - Trade Sale Partners Labelux 20/05/2011 £500,000,000 Shoe/Handbag John McGavigan Limited Growth Capital Maven Capital Partners 12/01/2011 Undisclosed Manufacturing JoJo Maman Bebe Growth Capital Magneta Partners 03/05/2011 Undisclosed Retail/Baby Clothing KalVista Pharmaceuticals Growth Capital Nova & SV Life Sciences 23/08/2011 £8,000,000 Medical Marketing Karmarama MBO Phoenix Equity Partners 02/06/2011 Undisclosed Communications Kee Safety MBO LDC 15/02/2011 Undisclosed Safety Equipment Kirona Group Growth Capital LDC 01/12/2011 £5,000,000 Software Kitwave Limited MBO NVM 05/04/2011 £7,500,000 Wholesaler/FMCG Krispy Kreme UK MBO Alcuin Capital Partners 17/10/2011 £25,000,000 Food Kurt Geiger Exit - Trade Sale Graphite Capital The Jones Group 02/06/2011 £215,000,000 Fashion/Retail Kwik-Fit Exit - Trade Sale PAI Partners Itochu Corporation 03/03/2011 £637,000,000 Automotive Parts/Services Services/Building Material Laidlaw Interiors Group MBO Rutland Partners 26/07/2011 £24,500,000 Supplier Leafeild Environmental MBO - Secondaries Chamonix 05/01/2011 Undisclosed Manufacturing Liberata SBO General Atlantic Endless 06/01/2011 £20,000,000 Outsourcing Lombard Medical Abingworth + MVM Life Technologies Growth Capital Sciences 21/04/2011 £13,000,000 Electronics Lovefilm Exit - Trade Sale Octopus PE Amazon 20/01/2011 £200,000,000 Film Rental Lowell Group SBO Exponent Private Equity TDR Capital 20/06/2011 Undisclosed Financial Services Lysanda Growth Capital Disruptive Capital Finance 17/10/2011 £5,000,000 Software Magpie Limited Growth Capital LDC 14/04/2011 Undisclosed Retailer/ Music Media Ingenuity MBO SEP 11/04/2011 £17,500,000 Online Marketing GMT Communication MeetingZone MBO Partners 01/08/2011 £38,500,000 Telco/Technology Midlands Industrial Glass SBO Midven Key Capital Partners 16/12/2011 Undisclosed Manufacturing Mint Hotels MBO Blackstone 19/09/2011 £600,000,000 Hotels Mission Therapeutics Growth Capital Sofinnova Partners 25/08/2011 £6,000,000 Research/Medical MoneyPlus Group MBO Palatine Private Equity 07/06/2011 Undisclosed Retail FS Moody International Exit - Trade Sale Investcorp Intertek 09/03/2011 £450,000,000 Technical Services Motorclean SBO LDC Matrix Private Equity 12/07/2011 £6,000,000 Business Services

Pond Venture/Atlantic Nanotech Semiconducter Exit - Trade Sale Bridge Gennum Corporation 07/04/2011 £20,900,000 Technology DFJ Esprit/IQ Neul Growth Capital Capital/Cambridge Angels 29/06/2011 £8,000,000 Technology/Software Nexeon MBO Imperial Innovations 30/08/2011 £40,000,000 Manufacturing/Electronics Next Generation Data Growth Capital Lombard/ Finance Wales 11/05/2011 £5,000,000 Technology/ Internet NextPharma Technologies MBO Sun European Partners 12/01/2011 Undisclosed Pharma Niagara Lasalle MBO Endless 11/01/2011 £27,000,000 Manufacturing Northern Rock (Virgin Virgin Money & WL Ross & Money) MBO Co 16/11/2011 £750,000,000 Retail Banking NuCana BioMed Growth Capital Sofinnova Partners 29/11/2011 £6,400,000 Biopharmaceuticals Cloud Onyx Group MBO Isis Equity Partners 17/10/2011 £27,000,000 Computing/Technology Open Systems Managements ltd Exit - Trade Sale Shackleton Ventures Help/Systems Inc 31/05/2011 Undisclosed IT/Software OpenBet MBO Vitruvian Partners 13/01/2011 £208,000,000 Software Original Additions SBO Matrix Private Equity LDC 19/07/2011 Undisclosed FMCG/Health and Beauty Our Generation Growth Capital Foresight Group 15/06/2011 £10,000,000 Renewable Energy Oxyrane Growth Capital Forbion Capital Partners 16/11/2011 £16,500,000 Biopharmaceuticals Paternoster SBO Deutsche Bank Goldman Sachs 11/01/2011 £260,000,000 Insurance Pattonair MBO Exponent 20/05/2011 Undisclosed Automotive/Defence Phase Eight Growth Capital TowerBrook 04/02/2011 Undisclosed Retail Phlexglobal MBO Inflexion 30/03/2011 Undisclosed Healthcare/Admin Providence Equity Phones 4U SBO Partners BC Partners 18/03/2011 Undisclosed Telco/ Mobile PJD Group MBO LDC 08/12/2011 Undisclosed Utilities/Manufacturing Planit Holdings Exit - Trade Sale August Equity Partners Vero Software 03/10/2011 Undisclosed Software Banking syndicate / Polestar UK SBO Bluebay AM Sun European Partners 18/04/2011 £20,000,000 Printing Porthaven Carehomes MBO Phoenix Equity Partners 27/10/2011 Undisclosed Elderly Care homes Priory SBO RBS Advent International 18/01/2011 £925,000,000 Healthcare Outsourced Facilities Promanex Exit - Trade Sale NVM Costain 22/08/2011 £18,800,000 Management QualitySolicitors MBO Palamon Capital Partners 21/10/2011 Undisclosed Legal

Quantix Exit - Trade Sale Isis Equity Partners Interoute Communications 23/09/2011 £15,000,000 IT Services Quorn MBO Exponent 24/01/2011 £205,000,000 Food / FMCG RAC MBO The Carlyle Group 23/06/2011 £1,000,000,000 Consumer Services Ramada Jarvis Hotels (Mecure Hotels) MBO from Pre-pack Patron Capital/RBS 03/10/2011 £111,000,000 Leisure/Hotels RBG Limited Exit - Trade Sale Stork Technical Services 16/05/2011 Undisclosed Repair/Inspection Service Red Commerce SBO Inflexion Dunedin 04/07/2011 £44,000,000 Recruitment Reed and Mackay SBO Isis Equity Partners ECI Partners 19/04/2011 £50,000,000 Leisure/Travel Regain Polymer MBO - Secondaries Chamonix 05/01/2011 Undisclosed Recycling Rhead MBO Inflexion 01/06/2011 Undisclosed Consulting Saffron Digital Exit - Trade Sale Beringea HTC Corporation 08/02/2011 £35,000,000 Technology Software Sala International MBO LDC 17/01/2011 £11,500,000 Document Management Santia MBO from Pre-pack Connaught Better Capital 03/02/2011 £15,000,000 Risk Consulting Palamon/ Electra/Morgan SAV Credit SBO Stanley Vaerde Partners 28/09/2011 £472,000,000 Finance Seafood holdings Exit - Trade Sale Risk CP Bidvest 03/01/2011 £45,000,000 Wholesale Secret Escapes Growth Capital Octopus/Atlas Ventures 06/05/2011 Undisclosed Online Travel Selection Services MBO Palatine Private Equity 20/12/2011 Undisclosed IT Services Sentinel Performance Solutions SBO The Riverside Company Electra Partners 01/03/2011 £43,000,000 FMCG Sharps Bedrooms MBO from Pre-pack Homeform Groups Sun European Partners 07/07/2011 Undisclosed Retail/Homeware Shimtech Industries MBO Hamston Industries Bridgepoint 26/08/2011 £51,300,000 Aerospace Silentnight MBO from Pre-pack HIG Europe 11/05/2011 Undisclosed Retail/Beds Six Degrees Group Growth Capital Penta Capital 13/10/2011 £60,000,000 IT Services SLC Group Exit - Trade Sale Isis Equity Partners Lifeways Community Care 01/09/2011 Undisclosed Supported Living Services Spicers MBO Better Capital 06/07/2011 £40,000,000 Retail/wholesale SPP Process Technology Systems MBO Bridgepoint 27/06/2011 Undisclosed Electronics Manufacturer Statesman Travel Group Growth Capital Business Growth Fund 19/10/2011 Undisclosed Travel Management Steak Media Exit - Trade Sale Beringea Dentsu Network 03/06/2011 Undisclosed Media Stewart Group Exit - Trade Sale CBPE ALS group 30/06/2011 £146,000,000 Consulting Stewart Group BIMBO ECI Partners 16/06/2011 £12,000,000 Plastics Tag Worldwide Exit - Trade Sale Magenta Partners Williams Lea 13/07/2011 Undisclosed Marketing/Advertising

Tangerine SBO Growth Capital Partners Blackstone 04/07/2011 Undisclosed FMCG Sullivan Street Taylor Continental Group SBO ECI Partners Partners/Oakfield Capital 18/10/2011 Undisclosed Steel Bins Tekmar Energy MBO Elysian Capital 05/10/2011 Undisclosed Cables for Wind Sector The Binding Site MBO Nordic Capital 14/04/2011 Undisclosed Pharma The Foundry SBO Advent Venture Partners The Carlyle Group 15/03/2011 Undisclosed Technology/Media The Mill SBO Carlye Group Barclays Private Equity 19/04/2011 £119,000,000 Digital Design The Smart Cube Growth Capital Smedvig Capital 12/10/2011 Undisclosed Outsourcing Tinglobal MBO NVM 30/06/2011 £6,000,000 Hardware Technology TJ Hughes SBO Silverfleet Capital Endless 25/03/2011 Undisclosed Retail/Clothing TJ Hughes Debt Purchase Endless GA Europe 12/07/2011 Undisclosed Retail/Fashion TLC Exit - Trade Sale DFJ Esprit Serco 16/03/2011 £55,900,000 Telco TopiVert Growth Capital Imperial and SV Life Sciences 06/12/2011 £8,000,000 Developer of Medicines Towergate Growth Capital Advent International 31/01/2011 £200,000,000 Insurance May Gurney Integrated TransLinc Exit - Trade Sale RJD Services 09/11/2011 £65,600,000 Vehicle Hire Trekmates MBO EV 21/03/2011 £8,700,000 Retail/Clothing Tubex Exit - Trade Sale Shackleton Ventures Fiberweb 19/05/2011 £5,100,000 Plastic tubes Ufi and Learndirect MBO LDC 05/10/2011 £40,000,000 Online Training UK Wealth Management SBO JC Flowers Duke Street 07/03/2011 Undisclosed Wealth Management UK2 MBO LDC 20/04/2011 £47,000,000 Technology Unipart Automotive MBO H2 16/09/2011 Undisclosed Automotive Parts Utility Exchange Online Growth Capital Beringea 02/11/2011 Undisclosed ecommerce V Ships SBO Exponent Private Equity OMERS Private Equity 28/07/2011 £318,400,000 Shipping Valldata Growth Capital Isis Equity Partners 26/01/2011 £6,500,000 Business Services Enterprise Ventures PHD Vickers Electronics MBO Equity Partners 26/07/2011 £7,200,000 Facilities Management Virgin Active MBO CVC Capital Partners 22/08/2011 £900,000,000 Leisure Voice Commerce Group MBO RBS Equity Finance 11/11/2011 Undisclosed Payments Business Car Volvox Group SBO LDC Elysian Capital 07/11/2011 Undisclosed Accessories/Electronics Wagamama SBO Lion Capital Duke Street 25/03/2011 £215,000,000 Food / Restaurants Walker Technical Resources SBO Maven Capital Gresham Private Equity 06/07/2011 Undisclosed Oil/Gas

WCI Consulting Exit - Trade Sale ECI Partners TAKE Solutions 07/01/2011 Undisclosed IT Services/ Consulting Wealth at Work SBO Palatine Private Equity LDC 21/10/2011 Undisclosed Adult Learning Wells Plastic SBO LDC Key Capital Partners 17/02/2011 Undisclosed Plastic Westlers MBO from Pre-pack RCapital 12/01/2011 Undisclosed Food / FMCG Whiteaway Laidlaw Bank MBO RBS Equity Finance 04/02/2011 Undisclosed Retail Banking Wiggle SBO Isis Equity Partners Bridgepoint 08/12/2011 £180,000,000 E-commerce Wireless Logic SBO Peter Jones ECI Partners 15/08/2011 £38,000,000 M2M Technology Wonga Growth Capital Multiple VC's 18/02/2011 £73,000,000 Lending Advent Venture Partners and WorldStores Growth Capital Balderton Capital 18/07/2011 £8,500,000 Online/Retail WRG Growth Capital LDC 15/08/2011 £12,000,000 Media Agency WSP Textiles MBO Vespa Capital 01/11/2011 Undisclosed Textiles EDF Esprit and Scottish Zeus Technology Exit - Trade Sale Equity Partners Riverbed 20/07/2011 £68,180,000 Technology/Software