DOWNLOAD THE DATA PACK Q2 2018 BUYOUT DEALS AND EXITS 3 JULY 2018
Fig. 1: Global Quarterly Private Equity-Backed Buyout Deals, Q1 2013 - Q2 2018 Fig. 2: Private Equity-Backed Buyout Deals in Q2 2018 by Region Fig. 3: Private Equity-Backed Buyout Deals in Q2 2018 by Type
1,400 180 700 100% 2% 1%2% 3% 160 618
Aggregate Deal Value ($bn) 90% 1,200 600 16% 140 23% 80% Recapitalization 1,000 120 500 70% 4% 418 Public-to-Private 800 100 6% 400 60% 40% 600 80 PIPE 50% No. of Deals 300 60 400 Growth Capital 40% 48% 40 200
200 Proportion of Total 20 30% Buyout 100 81 70 20% 0 0 26 43 40% 9 1 Add-on
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 0 10% 15% 2013 2014 2015 2016 2017 2018 North America Europe Asia Rest of World 0% No. of Deals Aggregate Deal Value ($bn) No. of Deals Aggregate Deal Value ($bn) No. of Deals Aggregate Deal Value Source: Preqin Source: Preqin Source: Preqin
Fig. 5: Private Equity-Backed Buyout Deals in Q2 2018 by KEY FACTS Fig. 4: Private Equity-Backed Buyout Deals in Q2 2018 by Size Industry 100% 30% 90% 17% 25% 24% 24% 1,149 22% 22% private equity-backed buyout deals were announced 80% $1bn or More 20% 8% in Q2 2018, down from 1,160 in Q1. 14% 70% 11% 15% 13% 12% $500-999mn 10% 12% 10% 9% 60% 77% 7% 16% 6% 5% 5% $250-499mn Proportion of Total 5% 3% 4% 50% 2% 3% 0% 2% 24% 0% of deal value in Q2 was represented by healthcare 40% $100-249mn assets, the largest proportion. Proportion of Total 30% Less than Other Services
48% Business Food & $100mn Materials Cleantech
20% Industrials Healthcare Agriculture
9% Technology Consumer Information Discretionary 10% 7% 5% $103bn Telecoms, Media Telecoms,
0% 2% &Communications Aggregate value of private equity-backed buyout No. of Deals Aggregate Deal Value No. of Deals Aggregate Deal Value exits in Q2, the highest total since Q4 2016. Source: Preqin Source: Preqin
1 © Preqin Ltd. 2018 / www.preqin.com DOWNLOAD THE DATA PACK Q2 2018 BUYOUT DEALS AND EXITS 3 JULY 2018
Fig. 6: Largest Private Equity-Backed Buyout Deals Announced Globally in Q2 2018 Investment Deal Size Primary Portfolio Company Deal Date Deal Status Investor(s) Bought from/Exiting Company Location Type (mn) Industry
Envision Healthcare Corporation Public-to-Private Jun-18 9,900 USD Announced KKR Clayton Dubilier & Rice US Healthcare Bain Capital Ventures, Elliott Management Corporation, BMC Software, Inc. Buyout May-18 8,300 USD Announced KKR US Software GIC, Golden Gate Capital, Insight Venture Partners Cotiviti, LLC Add-on Jun-18 4,900 USD Announced Veritas Capital, Verscend Technologies, Inc. Advent International, Oak Investment Partners US Software Hawthorn Equity Partners, HPS Investment Partners, Environmental GFL Environmental Inc. Recapitalization Apr-18 5,125 CAD Announced BC Partners, Ontario Teachers' Pension Plan Canada Macquarie Infrastructure and Real Assets (MIRA) Services CVC Capital Partners, PSP Investments, Recordati S.p.A. PIPE Jun-18 3,030 EUR Announced - Italy Pharmaceuticals StepStone Group British Columbia Investment Management VeriFone Systems, Inc. Public-to-Private Apr-18 3,400 USD Announced - US Hardware Corporation, Francisco Partners General Electric Distributed Buyout Jun-18 3,250 USD Announced Advent International General Electric US Power Power Inc. Financial Engines, Inc. Public-to-Private Apr-18 3,020 USD Announced Hellman & Friedman - US Financial Services SRS Distribution, Inc. Buyout Apr-18 3,000 USD Completed Leonard Green & Partners Berkshire Partners US Distribution
ZPG Plc Public-to-Private May-18 2,200 GBP Announced Silver Lake Daily Mail and General Trust, Lansdowne Partners UK Software
Source: Preqin Fig. 7: Global Quarterly Private Equity Buyout-Backed Exits, Q1 2013 - Q2 2018 Fig. 8: Private Equity Buyout-Backed Exits in Q2 2018 by Region Fig. 9: Private Equity Buyout-Backed Exits in Q2 2018 by Type
600 180 250 100% 1% 225 9% 14% 160 90% 500 Aggregate Exit Value ($bn) 191 140 200 80% 400 120 34% 70% 32% Restructuring 100 150 300 60% IPO & Follow-on 80 50% No. of Exits 200 60 100 Sale-to-GP 40% 40
100 51.3 Proportion of Total 30% Trade Sale 20 50 38.2 35 56% 54% 19 20% 0 0 10.5 3.0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 0 10% North America Europe Asia Rest of World 2013 2014 2015 2016 2017 2018 0% No. of Exits Aggregate Exit Value ($bn) No. of Exits Aggregate Exit Value ($bn) No. of Exits Aggregate Exit Value Source: Preqin Source: Preqin Source: Preqin
2 © Preqin Ltd. 2018 / www.preqin.com DOWNLOAD THE DATA PACK Q2 2018 BUYOUT DEALS AND EXITS 3 JULY 2018
Fig. 10: Largest Private Equity-Backed Buyout Exits Announced Globally in Q1 2018 Investment Investment Exit Value Portfolio Company Investment Type Investor(s) (Entry) Exit Date Exit Type Acquiror (Exit) Location Primary Industry Date Size (mn) (mn) Bain Capital Ventures, Elliott BMC Software, Inc. May-13 Public-to-Private 6,900 USD Management Corporation, GIC, Golden May-18 Sale to GP 8,300 USD KKR US Software Gate Capital, Insight Venture Partners Advent International, Connolly, Goldman Sachs Merchant Banking Cotiviti, LLC Apr-14 Merger - Jun-18 Trade Sale 4,900 USD Verscend Technologies, Inc. US Software Division, iHealth Technologies, Oak Investment Partners Bonne Terre Limited Dec-14 Buyout 800 GBP CVC Capital Partners Apr-18 Trade Sale 4,700 USD The Stars Group Inc UK Gambling SRS Distribution, Inc.* Feb-13 Buyout - Berkshire Partners Apr-18 Sale to GP 3,000 USD Leonard Green & Partners US Distribution Macquarie Infrastructure and Real ADT Caps Mar-14 Buyout 19,30 USD Carlyle Group May-18 Trade Sale 2,760 USD South Korea Electronics Assets, SK Telecom Ares Capital, Charlesbank Capital Varsity Brands, Inc. Nov-14 Buyout 1,500 USD Jun-18 Sale to GP 2,500 USD Bain Capital US Retail Partners, Partners Group Hearthside Food Goldman Sachs Merchant Banking Charlesbank Capital Partners, Mar-14 Buyout 1,000 USD Apr-18 Sale to GP 2,400 USD US Food Solutions LLC Division, Vestar Capital Partners Partners Group CVC Capital Partners, Ilmarinen Mutual Pension Insurance Mehiläinen Oy Jun-14 Buyout - KKR, Triton Partners May-18 Sale to GP 1,800 EUR Company, LocalTapiola Group, Finland Healthcare Varma Mutual Pension Insurance Company Dalmore Capital, Fiera Barclays, BNP Paribas Capital, Infrastructure, Semperian PPP Cory Riverside Energy Jun-15 Restructuring - Commerzbank, EQT, Strategic Value Jun-18 Trade Sale 1,500 GBP UK Cleantech Investment Partners, Swiss Life Partners Asset Management AG Pret A Manger Ltd Feb-08 Buyout 345 GBP Bridgepoint, Goldman Sachs May-18 Trade Sale 1,500 GBP JAB Holdings B.V. UK Restaurants
* Denotes partial exit. Source: Preqin
LOOKING FOR MORE DATA AND ANALYSIS?
Preqin provides information, data and research on the private equity and venture capital industry across fund performance, fundraising, fund managers, investors, deals, fund terms and more.
If you have more detailed requests for private equity data or any questions, please contact us:
: +44 (0)20 3207 0265 | : www.preqin.com | : [email protected]
3 © Preqin Ltd. 2018 / www.preqin.com