The Brief mergermarket’s Weekly Private Equity Round-Up
18 September 2009 | Issue 30
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: TA Associates Inc 35 Notes & Contacts 37
The Week That Was..... The last seven days: private equity in review
The past week saw significant activity from private equity Significantly, the US$3.87bn worth of private equity funds across the globe with 21 transactions coming to related activity announced over the last seven days the market, collectively worth US$3.87bn. The majority currently stands as the fourth highest weekly figure of of deal flow continued to be centred in Europe and North 2009. Just 12 months on from the collapse of Lehman America with the APAC region witnessing just two Brothers, the deal making environment remains transactions. undoubtedly challenging although it certainly appears on this evidence that financial investors are increasingly Remarkably, the top deal of the week was actually eyeing investment opportunities at the top end of the announced in Asia with The Carlyle Group moving to market. sell a 60% stake in kbro, the Taiwan based cable TV operator. The private equity house sold out to Taiwan By Tom Coughlan, Remark Mobile Company, the listed telecommunications firm, in a transaction valued at US$1.73bn. As part of the deal Carlyle will gain a 15.5% stake in Taiwan Mobile which, if approved by the Taiwan government, will see the buyout house become the second largest shareholder in the company after Taiwan’s Tsai family.
Elsewhere, the bulk of activity in terms of deal value was announced in the United States where the top end of the mid-market witnessed significant investment from the asset class. The most notable such deal was seen in the Energy, Mining & Utilities sector where Apollo Management acquired Texas-based Parallel Petroleum Corporation for US$483m. A duo of mid-market exits were also announced in the Pharma, Medical & Biotech sector with American Capital selling out of Axygen Biosciences for US$400m and a consortium of financial investors exiting a 90% stake in Evalve to Abbott Laboratories for a cash consideration of US$320m. The Noticeboard
People moves
Date Title Story snapshot Source
16-Sep-09 Citi chairman joins Rhode Island-based Providence Equity Partners, a private equity firm focused on the www.provequity.com Providence media industry, has announced that Citigroup chairman Richard Parsons will join the firm as a senior advisor. Parsons will continue to serve as chairman to Citigroup and also as director to Estee Lauder Companies. Parsons is the former chairman and CEO of Time Warner.
16-Sep-09 Norwest adds to Minnesota-based private equity firm Norwest Equity Partners has added Jim Lindner to www.nep.com team of operating its group of operating partners. Lindner will focus on current investments and potential partners opportunities in the technology and business services sectors. He is currently the chairman of NEP portfolio company Mitchell International, a California-based technology company.
15-Sep-09 CVC strengthens CVC Capital Partners has appointed Robert Jenkins and Jim Sutcliffe as Senior Advisors. www.cvc.com FIG team with two They will join CVC’s Global Financial Institutions Advisory Board to support the firm's hires activities in the financial services sector. Jenkins is currently CEO and Managing Partner of Combinatorics Capital. Sutcliffe was most recently Group CEO of Old Mutual.
15-Sep-09 Quad-C China head Kenneth Lee, a managing director at Quad-KAI Capital, the Chinese arm of US-based www.privateequityonline.com retires private equity firm Quad-C, will retire at the end of September due to health reasons. Lee joined the firm in 2008 to set up its Beijing office. He will be replaced by Beijing-based director David Han, who presently oversees the firm’s Chinese investments.
14-Sep-09 CBPE hires The UK-based mid-market private equity group CBPE Capital (CBPE) has appointed Rob www.cbpel.com Investment McCombie as Investment Manager. He joins at the start of the investment period for Manager amid CBPE’s eighth fund, which has already raised just over £300m. McCombie joins CBPE fundraise from BC Partners in London, where he spent three years working on large private equity buyouts across Europe and North America.
New funds
Date Title Story snapshot Source
14-Sep-09 Oak Hill distressed Oak Hill Advisors, a debt affiliate of US-based mid-market private equity firm Oak Hill www.privateequityonline.com debt fund closes Capital Partners, has closed its distressed debt fund on US$1.1bn, exceededing its initial on US$1.1bn target of US$750m. The new fund will focus primarily on stressed and distressed debt, including loans and bonds. Oak Hill Advisors has over US$11.5bn of commited capital.
Miscellaneous
Date Title Story snapshot Source
16-Sep-09 Acquiline backs New York-based private equity firm Aquiline Capital Partners will back the launch of Nexar www.altassets.com launch of new Capital Group, a New York-based and Paris-based hedge fund. The management team of hedge fund Nexar will include Arié Assayag, the former global hedge fund head at Société Générale, and Eric Attis, the former CEO of New York Asset Management.
2 The Brief: 18 September 2009 | Issue 30 Private Equity Opportunities - Asia-Pacific
Anjani Technoplast would consider stake sale to private equity house, company executive says
Date Value Currency Value Sectors Companies Countries Intelligence Grade (M) Description
11-Sep-09 1,000 £ Number of Consumer; Defence; Anjani Technoplast Limited India; USA Confirmed employees Industrial products and services
Anjani Technoplast Limited (ATL), an Indian producer of armoured military clothing and tool manufacturing, has been approached by several private equity firms over the last year and would consider selling a stake, an executive director said. ATL would only consider selling a minority stake of around 10%, Rajeev Bhardwaj, executive director of the company's US subsidiary, said, noting that foreign investors have limits on the amounts they can invest in Indian companies. "We have been approached by a number of brokers representing different private equity firms from around the globe over the last 12 months," Bhardwari told this news service on the sidelines of a trade show in London. "It is something we would consider but have yet to fully commit to anything." He would not name any of the private equity houses. Bhardwaj said ATL was not currently looking to acquire any business. The company was established in 1988 and is involved in the field of personal ballistic protection products, armored panels, machine tool manufacturing, thermoplastic, thermoset and precision engineering metal parts. The company comprises armouring, component and machine tools divisions. ATL has four production sites in India as well as an office in Atlanta, US. Bhardwarj would not put a value on the company, which has 1,000 employees.
Jilin Trust looking to raise CNY 2.5bn via up to 47% stake sale; Goldman Sachs and JPMorgan among interested suitors, source says
Date Value Currency Value Sectors Companies Countries Intelligence Grade (M) Description
15-Sep-09 366 US$ Asking price Financial Services Goldman Sachs; JPMorgan; China; USA Strong evidence Jilin Province Trust and Investment Co. Ltd
Jilin Trust [Ji Lin Xin Tuo], a state-owned Chinese investment and trust company, is looking to raise CNY2.5bn (US$366m) by selling up to a 47% stake, a company source said. The source said Changchun-based Jilin Trust was initially approached by a number of domestic and overseas investors in 2008, including Goldman Sachs, JPMorgan and an UK-based private equity firm. The source added that both Goldman Sachs and JPMorgan have since made further inquiries. According to the source, Jilin Trust would prefer working with a domestic investor instead of an overseas one, and will not entertain more approaches from foreign investors at this stage. Part of the reason for this was due to the Chinese government’s rule on overseas investors. “We are a financial company, so overseas investors cannot own over a 20% stake in our company.” The source said that by selling a stake of 20% or lower, Jilin Trust might not be able to raise all of the money it wants. Goldman Sachs China did not reply to phone calls seeking a comment. Repeated phone calls to JPMorgan went unanswered. The proceeds from the investor introduction will be used to increase Jilin Trust’s capital and reinforce its cash reserve, said the source. Jilin Trust had total assets of CNY3bn at the end of 2008. It is managing a trust fund of over CNY30bn. The Jilin Government is the largest shareholder in Jilin Trust with over 97%. A controlling stake is definitely not for sale, as the Jilin Government wants maintain its controlling status, the source said. The source said Jilin Trust has not hired financial advisors to look for buyers, and it would not pursue their services at the stage. “We have received many approaches, and we are in the financial circle. So I do not think we need to turn to an advisor.” The source added that although Jilin Trust could negotiate with investors, the final decision would be made by the Jilin Government. Jilin Trust had wanted to list on China’s A share market through a backdoor listing, and had reached late- stage talks with a listed China-based company in 2008. However, Jilin Trust gave up on the deal because the China Securities Regulatory Commission [CSRC] advised it not to go public. “The CSRC does not want a trust fund company to go public, as it believes that China’s investment environment is not ready yet,” said the source. Jilin Trust will not consider a listing for another few years, the source said.
3 The Brief: 18 September 2009 | Issue 30 Private Equity Opportunities - Asia-Pacific
MTel turning to private equity money to launch mobile TV services, chairman says
Date Value Currency Value Sectors Companies Countries Intelligence Grade (M) Description
16-Sep-09 9 US$ Target's TMT Mobile Telecom Network China; Hong Confirmed market cap Kong
Mobile Telecom Network (MTel) a Hong Kong-listed mobile data services provider, is seeking private equity funds to help raise HK$300m (US$38m), said chairman Chung Chan. Chung, the founder and largest shareholder with a 37.5% stake, would be prepared to discuss majority stake terms, with hopes to secure first-round financing as soon as possible to begin investing in the company’s mobile TV project. First-round funding will last two years, and will primarily be spent on renting the telecom towers, paying for network equipment and raising the funds needed to bid for the mobile TV network license, which will be auctioned by the government this year, he explained. The company is working with an undisclosed financial advisor. No financing commitments have been made. Chung would also entertain joint venture proposals with local mobile operators as one alternative to minimizing the initial set-up costs. The company has a market cap of HK$63.4m (US$9m). Chung said cellular network is restricted by the bandwidth based on the purchased coverage per tower. A single tower can transmit coverage to accommodate 10,000 handsets; whereas the same single tower can transmit coverage to 7-8 million mobile TV users. Mobile TV is suited for dense populations such as Hong Kong, added Chung. If MTel is awarded the fifteen-year mobile TV license, Chung said his vision would be to sell mobile data services to China, “eventually when mobile network TV opens up.” This year, MTel teamed up with PCCW and China Mobile as the exclusive provider for JAVA mobile games for 2G and 3G users in Hong Kong. The company with operations in Hong Kong, China, Australia, Singapore and Taiwan deploys its patented MobileSurf® mobile data platform for multimedia applications in 3G and 2.5G networks across Asia.
Jilin Connell Chemical seeking US$59m for nitric acid project financing, CFO says
Date Value Currency Value Sectors Companies Countries Intelligence Grade (M) Description
11-Sep-09 400 CNY Funds to be Chemicals and materials Jilin Cornell Chemical Co; China; Hong Confirmed raised Shengda International Group Kong (HK)
Jilin Connell Chemical [Ji Lin Kang Nai Er Hua Gong], a privately-held aniline producer based in China, plans to sell a 40% stake for CNY400m (US$59m) in project financing, CFO Guangye Li said. It is also actively seeking an initial public offering which could take place in Hong Kong. “Connell embarked on its listing plan this year. It now favors the option of listing in Hong Kong by early 2012,” the source noted. No advisor has been retained for either initiative. Both strategic and financial investors would be welcome, Li said. The stake sale will very likely be completed by year 2009, once an overseas sector investor with a considerable reputation has been found, the source noted. Once a stake has been sold, Jilin Connell’s stake structure will be ready for the Hong Kong listing, the source noted. The intention of the stake sale is to raise capital to build a nitric acid production line. Jilin Connell expects to cut production costs considerably once it produces nitric acid, a primary ingredient in aniline, Li explained. The company halted production of aniline in late 2008 amid the credit crunch. It resumed production in April 2009, Li said. With registered capital of HK$290m, Jilin Connell is a wholly-owned subsidiary of Shengda International Group (HK) [Sheng Da Guo Ji Ji Tuan], a Hong Kong-registered privately owned investment company.
4 The Brief: 18 September 2009 | Issue 30 Private Equity Opportunities - Europe
Manas would discuss offers for a minority stake next year, CEO says
Date Value Currency Value Sectors Companies Countries Intelligence Grade (M) Description
10-Sep-09 110 € Revenues Consumer: Other Manas SpA, Sagripanti Italy Confirmed
Manas, the privately held Italian women’s shoe company, is interested in discussing offers for a minority stake with a private equity investors beginning next year, chief executive, Cleto Sagripanti said. Sagripanti explained that an eventual injection of equity would finance plans of organic growth, as Manas aims to invest in marketing and create a solid network of single brand shops in Russia, China, and South Korea. The company is not interested in acquisitions, as it aims to focus its management resources on such projects. Sagripanti said that he plans to close fiscal year 2009 before engaging in discussions with interested firms, as he expects a recovery of the economic climate and therefore a more fair assessment of the company's equity. Further to that, the goal of an eventual transaction with a private equity investor would be to list the company in the mid term. Previous press reports quoted Sagripanti's intention of launching an IPO, but those plans were shelved given the financial turmoil of 2008 and 2009. Manas has revenues of€ 110m with a 30% EBITDA margin, and a net profit margin of 8%, said Sagripanti. Previous press reports noted that the Sagripanti family owns 88% of Manas.
Jarvi-Suomen Portti coming to market; Pohjola and Nordea advising
Date Value Currency Value Sectors Companies Countries Intelligence Grade (M) Description
15-Sep-09 70 € turnover Consumer: Foods Nordea Corporate Finance, Czech Confirmed Pohjola Corporate Finance Republic, Ltd, Jarvi-Suomen Portti Denmark, Estonia, Finland, Hungary, Lithuania, Latvia, Norway, Poland, Russia, Sweden
Jarvi-Suomen Portti, the private Finnish food company, will be coming to market shortly, this news service has learned. The business will be incorporated by its cooperative owners, Jarvi-Suomen Portti Osuuskunta, before a sale, and financial advisors have been brought in to run an auction process. It is understood that Pohjola Corporate Finance and Nordea Corporate Finance have received mandates to this end. In 2004, a newspaper report said that Jarvi-Suomen Portti had applied forbankruptcy protection, but that no final decisions had been made about asale. The€ 70m turnover business has been restructured recently, is EBITDA positive, and will be sold debt free. Vendors have positioned Jarvi-Suomen Portti to attract domestic, as well as Nordic, Russian and Central and Eastern European suitors, it is understood.Investment memoranda are being circulated, with initial discussions havingalready taken place, it was said. It is expected that the process willconclude during this year. Jarvi-Suomen Portti's product range includes meats, convenience foods,snacks and cold cuts. The company has sales also through the HoReCa channel.
5 The Brief: 18 September 2009 | Issue 30 Private Equity Opportunities - Europe
Biruni Laboratuvari interested in sale offers to inject cash and speed up expansion, source says
Date Value Currency Value Sectors Companies Countries Intelligence Grade (M) Description
15-Sep-09 50 US$ Biruni Medical Dr Omer Guzel,Biruni Turkey Strong evidence turnover Laboratuvari
Biruni Laboratuvari, a private, Turkish chain of diagnostic centres, is open to full sale offers in order to inject cash necessary to speed up expansion, a source familiar with the situation said. Biruni is controlled by Dr Omer Guzel and operates 12 diagnostic centres in the greater Istanbul region. Biruni received interest from foreign investors in the past, but no deal was concluded, the source added. The reason, he said, is that investors last year were very cautious due to the deteriorating financial situation. However, investor confidence has been restored since the Istanbul Stock Exchange has shown signs of fast recovery. The Turkish private health sector is once more "hot" for both local and private investors, he stressed. The source told this service that Biruni would be interested in full sale offers, despite not publicising the fact at this stage. The company plans to increase its number of diagnostic centres and to extend its network outside the Istanbul region, the source said. As a first step in its expansion plans, the chain would like to expand in the regions bordering Istanbul, the source noted. Offers from both strategic and financial investors would be welcome, provided they guarantee the company's expansion, the source stressed. The price offered would be of primary importance in evaluating the attractiveness of offers, the source said. The source said he believed Biruni would attract the interest of local and foreign investors in the near future. "We know some foreign players are eyeing buys in Turkey in our sector and we would want to inform them of this opportunity," he said. An industry source noted that last year the private health sector in Turkey lost its attractiveness for two main reasons. The first was the economic crisis which made investors, foreign and local, cautious and risk-averse. The second is more sector-specific and has to do with the capping of the profits of private hospitals due to legislation. The industry source noted that the sector is facing severe problems with financing expansion. "There is a lack of funds available for investments and players are more keen to team up with investors rather than borrow money," he said. At the same time, the sector is inflated with small private companies and requires consolidation, he said. Biruni has a turnover of around US$50m and employs more than 100 people. An insider at Biruni declined to comment.
Medica Tip Merkezi open to offers, source says
Date Value Currency Value Sectors Companies Countries Intelligence Grade (M) Description
16-Sep-09 8 US$ minimum Medical Medica Tip Merkezi ,Murat Turkey Strong sale price Dincer estimate
Medica Tip Merkezi, a privately-held Turkish diagnostic centre, is open to sale offers, a source familiar with its policy said. Medica is based in the upmarket district of Tesvikiye in downtown Istanbul, was founded and is owned by Dr. Murat Dincer, the source noted. According to the source, Dincer would consider attractive offers for a stake in the centre, as well as for a full one, provided they make commercial sense and guaranteed the company's expansion. The source said the current management believed that joining forces with a larger player would help Medica expand and establish various centres all over Istanbul. Although the company generates profits, they are not sufficient to generate expansion without recourse to external debt, the source said. A larger investor with knowledge of the sector could help Medica expand speedily and find itself ahead of its few competitors in the market. The company would be especially interested to hear from large foreign players which could assist Medica to expand in the Balkan markets. The source stressed that "Medica could put the know-how and an investor the requisite financing." According to the source, Dincer invested slightly over US$4m to set up Medica Tip Merkezi. However, the company would sell for at least double the sum, he estimated.
6 The Brief: 18 September 2009 | Issue 30 Private Equity Opportunities - North America
Gamin’ Ride interested in approaches to fuel growth, CEO says
Date Value Currency Value Sectors Companies Countries Intelligence Grade (M) Description
10-Sep-09 20 US$ Revenues of Consumer; Leisure GameStop Corporation; USA Confirmed competitor Gamer Doc; Play N Trade; Gamin' Ride
Gamin’ Ride is interested in private equity or strategic approaches this year to fuel growth and build its brand throughout the US, said CEO Michael Falgares. The private, Toms River, New Jersey-based video game theater franchise wants to add corporate locations in addition to its franchise model, but would need a cash infusion to finance growth. A private equity group that has experience with rapid franchise growth and could offer another perspective would benefit the company. It competes and is comparable in size to Games2U, but Gamin’ Ride differs with its interactive theater and event presentation, Falgares said. Games2U has revenues exceeding US$20m, according to the company. Gamin’ is of interest to private equity because it remains successful despite recession, explained Falgares. It continues to see growth amid the downturn as consumers are still willing to spend money on their children and entertainment even in difficult times. Strategic players such as a video game retailer or a game company could be interested in Gamin’ Ride because it helps showcase their products to the masses, he said. Gamin’ Ride promotes games that retailers such as Game Stop of Grapevine, Texas, sell, and that EA Sports, for example, develops. Other video game retailers include Play N Trade of Spring Texas, and Game X Change of Oklahoma City, Oklahoma and Gamer Doc of Woodinville, Washington. Gamin’ Ride could either be acquired or partner with one of these players to promote new products and use Gamin’ Ride’s mobile locations as test facilities. The company wants to have close to 50 locations open or under development for this year and 2010, he said. It is aiming to have 160 locations within five years. It is targeting markets such as: Las Vegas, Utah, Florida, Pennsylvania and California. In 2010 it will expand internationally into India, Canada and Puerto Rico. Falgares is 100% owner of the company. Gamin’ Ride is a mobile video game theater franchisor. It provides interactive video game entertainment for birthday parties, fundraisers, community and corporate events at the host’s desired location.
IP Videocom may look at strategic options in six to nine months, executive says
Date Value Currency Value Sectors Companies Countries Intelligence Grade (M) Description
11-Sep-09 50 US$ Value of TMT IP Videocom USA Confirmed company
IP Videocom, a Houston, Texas–based internet video conferencing business, may look at strategic options in six to nine months, said Phil Casini, Director of Marketing. It could consider a late-stage private equity or strategic investment to provide working capital, he said. It would sell either a minority or majority stake, depending on the terms, and use the capital infusion to solidify its relationships with licensing partners. The company is interested in investment banker pitches that bring an interesting idea to the table, but it is not actively seeking advisors, he said. IP Videocom values itself at approximately US$50m, based on recent voice over internet protocol (VoIP) deals such as Skype, valued at 14X EBIDTA, and ARC International, sold to Virage Logic for US$41m. Valuations are determined by licensing partners and the strength of the technology, he explained. Though currently down, in 2010 and 2011 valuations of technology companies will likely rebound. In the more immediate term, the company is seeking strategic partners. It wants to align itself with collaboration tool companies and phone service partners that would license its technology, he said. Once the company is more established and has additional licensing partners, the longer- term plan is to sell to a strategic or one of its licensing partners, he said. A VoIP company could be interested in IP Videocom to add a video over the internet service. A collaboration tool company such as a WebEx also could be interested in adding another two-way sharing application.
7 The Brief: 18 September 2009 | Issue 30 Private Equity Opportunities - North America
Monogram Food may consider private equity investors by 2010 to help finance future buys, CEO says
Date Value Currency Value Sectors Companies Countries Intelligence Grade (M) Description
11-Sep-09 150 US$ Expected Consumer Sara Lee Corporation; USA Confirmed revenues Baker, Donelson, Bearman, Caldwell & Berkowitz PC; Morgan Keegan & Co (investment banking group),Monogram Solutions
Monogram Food Solutions, the private Memphis, Tennessee-based meat snack processor, might consider private equity investors by 2010 to help finance future buys, CEO Karl Schledwitz said. Schledwitz said the company has been “inundated” with calls from private equity players. “We’d rather hold off until the first of the year,” he said, explaining that he would like to digest the acquisitions it has made thus far. According to the company’s website, Monogram Food, launched in 2004 with the help of its investors, acquired King Cotton and Circle B Brand foods from Sara Lee Corporation in 2004. Terms of the deal were undisclosed. Since then, the company has grown primarily via small acquisitions. It acquired Wild Bill’s Foods, a beef jerky company out of Pennsylvania and it closed its acquisition of American Foods’ meat snack business this week. Terms of the deals were undisclosed. As a result of its acquisition spree, its revenue projection for 2009 is US$150m, according to Schledwitz. Right now, the company is actively looking at a target on the west coast, he said, adding “This is probably all we are going to do this year.” To date, the company has completed US$40m in acquisitions, he said. By the beginning of 2010, Schledwitz said the company expects to restart its acquisition plans, “We will need the extra capital to make acquisitions.” At that time he said he will listen to what private equity has to offer. However, he is not sure if a minority stake sale will be part of the plan, “It’s a possibility,” he noted. Ideally, Monogram will acquire manufacturing facilities, regional brands and meat processing plants. Even though it is looking at a company on the west coast Schledwitz said he typically focuses on buys in the eastern half of the US. Prior deals have been financed with a combination of debt and equity, which is gathered from the company’s investors. Schledwitz said it has approximately “fifty high net investors.” Baker Donelson serves as Monogram Food’s corporate legal counsel for M&A transactions. The company has a hand full of financial experts, which eliminated the need to retain an investment bank for previous deals. However, the company turned to Morgan Keegan to help with projections on the various rollup acquisitions it has completed. Monogram Food produces jerky, meat and cheese snacks, kippered beef sticks and pickled sausages. Some of the brands are Jeff Foxworthy Jerky, Bass Pro Uncle Buck’s Licensed Products, Trail’s Best Meat Snacks, Pete’s Pride Meats, the Intimidator/NASCAR Jerky and Steak Strips. Snacks are produced in its plants located in Indiana, Minnesota, Tennessee and Virginia. Monogram Food Solutions employs 600.
Golfballs.com interested in M&A ideas but deal could be long-term, CEO says
Date Value Currency Value Sectors Companies Countries Intelligence Grade (M) Description
14-Sep-09 10.5 US$ Revenue Consumer; TMT Jones Walker; Stonehenge USA Confirmed Capital Company, LLC; Golfballs.com, Inc.
Golfballs.com, an online retailer of promotional golf items, could make an acquisition or exit via a sale, although it is currently focused on organic growth, said CEO Tom Cox.Cox said he speaks with investment bankers and private equity firms when they call in order to get a taste for industry happenings, but the Lafayette, Louisiana-based company, with US$10.5m in revenue last year, will likely grow before it seriously considers M&A. Golfballs.com has received ideas for buys it could make as well as inquiries from would-be acquirers, Cox said, adding that he is interested in hearing about opportunities now, but a deal is more realistic in the three to five year time frame. Calls usually turn into the two parties agreeing to call one another back in six months or a year, he added. In the meantime, Golfballs.com, is launching a general promotional products business that will allow it to extend its corporate relationships beyond golf. Cox said the company may consider raising capital for the venture next year, although he noted Golfballs.com is profitable and has grown from internal cash flow since 2000. The company is backed by private equity firm Stonehenge Capital. Cox, who worked in both the golf and the ecommerce industries prior to running Golfballs. com, worked directly with Stonehenge when the company last raised capital. Jones Walker is the company's corporate legal counsel.
8 The Brief: 18 September 2009 | Issue 30 Deals of the Week - Asia-Pacific
Deal one: kbro co Ltd (60% stake) Deal two: Grampian Foods Siam Ltd (substantial stake)
Announced date 16-Sep-09 Announced date 10-Sep-09
Deal type Exit Deal type IBI
Deal value (US$m) 1,729 Deal value (US$m) Undisclosed
Target information Target information
Company kbro co Ltd (60% stake) Company Grampian Foods Siam Ltd (substantial stake)
Description Taiwan-based cable multiple systems operator Description Thailand-based integrated food supplier engaged in chicken processing operations Financial adviser Advising seller: JPMorgan
Legal adviser Advising seller: Paul Weiss Rifkind Wharton & Financial adviser Rabobank NV Garrison LLP Legal adviser Mayer Brown LLP
Bidder information Bidder information
Company Taiwan Mobile Company Ltd Company Navis Investment Partners (Asia) Ltd
Description Taiwan-based telecommunications group Description Malaysia-based private equity firm
Financial adviser NA Financial adviser The Quant Group
Legal adviser Jones Day Legal adviser Allen & Overy LLP
Seller information Seller information
Company The Carlyle Group LLC Company VION Food Group Ltd
Description NA Description NA
Debt provider NA Debt provider NA
Equity provider NA Equity provider Navis Investment Partners (Asia) Ltd (US$50m, 100%)
Deal description Deal description
Taiwan Mobile Company Ltd has agreed to acquire a 60% stake in kbro co Navis Investment Partners (Asia) Ltd, the Malaysia-based private equity firm, Limited from The Carlyle Group LLC. has acquired Substantial stake in Grampian Foods Siam Ltd, the Thailand- based integrated food supplier engaged in chicken processing operations, from VION Food Group Ltd, the subsidiary of VION NV, the Netherlands- based food manufacturing group with operations in food ingredients, fresh meat and the convenience food sectors.
9 The Brief: 18 September 2009 | Issue 30 Deals of the Week - Europe
Deal one: ESBATech AG Deal two: PortAventura (50%) stake
Announced date 14-Sep-09 Announced date 10-Sep-09
Deal type Exit Deal type IBI
Deal value (€m) 103 Deal value (€m) 95
Target information Target information
Company ESBATech AG Company PortAventura (50%) stake
Description Switzerland-based biotechnology company Description Spain-based theme park developing single-chain antibody fragment therapeutics for topical and local delivery Financial adviser AZ Capital
Financial adviser Internal Legal adviser NA
Legal adviser Homburger
Bidder information Bidder information
Company Alcon Laboratories Inc Company Investindustrial SpA
Description US-based company involved in research and Description Italy-based private equity firm manufacturer of pharmaceuticals, surgical equipment and devices, and other vision care products Financial adviser Lazard
Financial adviser Internal Legal adviser NA
Legal adviser Internal
Seller information Seller information
Company BioMedinvest AG; Clarus Ventures; HBM Bio- Company Criteria CaixaCorp SA Ventures AG; Novartis Venture Funds; SV Life Sciences; and Venture Incubator Partners AG Debt provider NA
Debt provider NA Equity provider Investindustrial SpA
Equity provider SV Life Sciences, HBM BioVentures AG, No- vartis Venture Funds, Biomed Partners, Clarus Ventures, Venture Incubator Partners AG
Deal description Deal description
Alcon Laboratories Inc has agreed to acquire ESBATech AG from its current Investindustrial SpA has agreed to acquire 50% stake in PortAventura from shareholders including SV Life Sciences, Clarus Ventures, HBM BioVentures, Criteria CaixaCorp SA for a consideration of €94.8m. Bio MedInvest AG, VI Partners and Novartis Bioventures for a total consideration of US$150m plus a contingent payment of up to US$439m depending on the achievements of future research and development.
10 The Brief: 18 September 2009 | Issue 30 Deals of the Week - Europe
Deal three: Ecostream Italy Srl Deal four: Elettrostudio SpA (30% stake)
Announced date 11-Sep-09 Announced date 10-Sep-09
Deal type IBO Deal type IBI
Deal value (€m) 11 Deal value (€m) 5
Target information Target information
Company Ecostream Italy Srl Company Elettrostudio SpA (30% stake)
Description Italy-based alternative energy company Description Italy-based company offering engineering and engaged in production of solar power systems energy management services
Financial adviser NA Financial adviser NA
Legal adviser Ernst & Young (law) Legal adviser MDA Avvocati Associati d’Impresa
Bidder information Bidder information
Company Atlantis Capital fund Company Banca Popolare FriulAdria Spa; FCPR Capenergie fund Description Italy-based fund of Atlantis Capital Special Situations SpA Description France-based fund of Credit Agricole Private Equity; Italy-based bank Financial adviser NA
Legal adviser Norton Rose Financial adviser NA
Legal adviser Ughi & Nunziante
Seller information Seller information
Company Econcern BV Company NA
Debt provider NA Debt provider NA
Equity provider Atlantis Capital Special Situations SpA Equity provider Banca Popolare FriulAdria Spa, Credit Agricole Private Equity
Deal description Deal description
Atlantis Capital fund has acquired Ecostream Italy srl from Econcern BV for a FCPR Capenergie fund along with Banca Popolare FriulAdria Spa has consideration of €11m. acquired a 30% stake in Elettrostudio SpA for a consideration of €5m.
11 The Brief: 18 September 2009 | Issue 30 Deals of the Week - North America
Deal one: kbro co Limited (60% stake) Deal two: Parallel Petroleum Corporation
Announced date 16-Sep-09 Announced date 15-Sep-09
Deal type Exit Deal type IBO
Deal value (US$m) 1,729 Deal value (US$m) 483
Target information Target information
Company kbro co Limited (60% stake) Company Parallel Petroleum Corporation
Description Taiwan-based cable TV operator Description US-based energy company specializing in the acquisition, development, exploration and production Financial adviser JP Morgan of oil and gas using enhanced oil recovery techniques and 3-D seismic technology Legal adviser Paul Weiss Rifkind Wharton & Garrison
Financial adviser Bank of America Merrill Lynch; Jefferies & Company; Stonington Corporation; Sunrise Securities
Legal adviser Haynes and Boone; Lynch Chappell & Alsup
Bidder information Bidder information
Company Taiwan Mobile Company Limited Company Apollo Management LP
Description Taiwan-based telecommunications group Description US-based private equity firm
Financial adviser NA Financial adviser BNP Paribas; RBC Capital Markets
Legal adviser NA Legal adviser Akin Gump Strauss Hauer & Feld
Seller information Seller information
Company The Carlyle Group Company NA
Description US-based private equity firm Description NA
Debt provider NA Debt provider Apollo Management
Equity provider Not Applicable Equity provider NA
Deal description Deal description
Taiwan Mobile Company Limited has agreed to acquire a 60% stake in kbro Parallel Petroleum Corporation has signed a definitive agreement to co Limited from The Carlyle Group LLC. The transaction is in line with Taiwan be acquired by Apollo Management LP through a tender offer for a Mobile’s strategy to expand its subscriber base and to improve its position consideration of US$483m. within the pay-TV market. Post acquisition, Carlyle will hold a 15.5% stake in Taiwan Mobile.
12 The Brief: 18 September 2009 | Issue 30 Deals of the Week - North America
Deal three: Axygen Biosciences, Inc. Deal four: Bristol International Airport Ltd (35.5% stake)
Announced date 16-Sep-09 Announced date 16-Sep-09
Deal type Exit Deal type IBI
Deal value (US$m) 400 Deal value (US$m) 211
Target information Target information
Company Axygen Biosciences, Inc. Company Bristol International Airport Ltd (35.5% stake)
Description US-based manufacturer and distributor of life Description UK-based regional airport sciences plastic consumable labware, liquid handling products, and bench-top laboratory Financial adviser NA equipment Financial adviser Deustche Bank Legal adviser NA
Legal adviser O’Melveny & Myers
Bidder information Bidder information
Company Corning Incorporated Company Ontario Teachers Pension Plan
Description US-based manufacturer of specialty glass and Description Canada-based pension plan responsible for the ceramics retirement income of elementary and secondary school teachers, and retired teachers and their families and private equity firm
Financial adviser Lincoln International Financial adviser NA
Legal adviser Shearman & Sterling Legal adviser NA
Seller information Seller information
Company American Capital Ltd Company Macquarie Airports Limited
Description US-based private equity firm Description Australia based airport owner and operator
Debt provider NA Debt provider Ontario Teachers Pension Plan
Equity provider Not Applicable Equity provider NA
Deal description Deal description
Corning Incorporated has acquired Axygen Biosciences, Inc. from American Ontario Teachers Pension Plan has agreed to acquire a 35.5% stake in Bristol Capital Ltd for a total consideration consisting of approximately US$400m in International Airport Ltd from Macquarie Airports Limited for a consideration cash. The transaction is in line with Corning’s strategy to expand its portfolio of US$212m. of life sciences products as well as global customer access.
13 The Brief: 18 September 2009 | Issue 30 Deals of the Week - North America
Deal five: NetQos Deal six: Mint Software, Inc.
Announced date 14-Sep-09 Announced date 14-Sep-09
Deal type Exit Deal type Exit
Deal value (US$m) 200 Deal value (US$m) 170
Target information Target information
Company NetQoS Inc. Company Mint Software, Inc.
Description US-based company providing network Description US-based provider of online personal finance management software and services services. The company offers money management, debt management, expense tracking, investment management, budget management, mutual fund, IRA management, and financial planning services Financial adviser NA
Legal adviser Blank Rome; Miller, Egan, Molter & Nelson Financial adviser Credit Suisse
Legal adviser Paul Hastings Janofsky & Walker
Bidder information Bidder information
Company CA, Inc. Company Intuit Inc.
Description US-based developer of management software Description US-based provider of business and financial man- agement software solutions for small businesses, consumers and accounting professionals Financial adviser NA Financial adviser Goldman Sachs Legal adviser Baker Botts Legal adviser Latham & Watkins
Seller information Seller information
Company Liberty Partners LP Company Angel Investors L.P; Benchmark Capital; DAG Ventures; Dave McClure (Private Individual); Felicis Ventures LLC; First Round Capital; Geoff Ralston (Private Individual); Description US-based private equity firm Mark Goines (Private Individual); Shasta Ventures; Sherpalo Ventures; SoftTech VC; Sy Fahimi (Private Debt provider NA Individual); The Founders Fund Management LLC
Equity provider Not Applicable Description US-based private equity firm; US-based venture capital firm; US-based venture capital firm; US-based investor in Mint.com; US-based private equity firm; US-based venture capital firm; US-based former Chief Product Of- ficer, Yahoo and now CEO of Lala Media Inc; US-based former Intuit executive and now angel investor in entre- preneurial financial services ventures; US-based venture capital firm; US-based private equity firm; US-based venture capital firm;US-based former Intuit executive and investor in Mint.com; US-based venture capital firm
Debt provider NA
Equity provider Not Applicable
Deal description Deal description
CA Inc has agreed to acquire NetQoS Inc from Liberty Partners LP for a Intuit Inc has agreed to acquire Mint Software Inc. (Mint.com) from a group cash consideration of US$200m. The addition of NetQoS network flow of venture capitals firms and angel investors, for a total cash consideration monitoring, unified communications management, and response time of US$170m. The transaction is in line with Intuit’s strategy to enhance its analytic network solutions will help CA in further strengthening its clients to position as a provider of Software as a Service (SaaS) offerings that connect deliver reliable, flexible and cost-effective IT and business services. customers across desktop, online and mobile.
14 The Brief: 18 September 2009 | Issue 30 Deals of the Week - North America
Deal seven: Alpine Biomed Corporation Deal eight: Allen-Vanguard Corporation
Announced date 14-Sep-09 Announced date 12-Sep-09
Deal type Exit Deal type IBO
Deal value (US$m) 43 Deal value (US$m) Not Disclosed
Target information Target information
Company Alpine Biomed Corporation Company Allen-Vanguard Corporation
Description US-based developer and manufacturer of Description Canada-based provider of proprietary counter specialty diagnostics devices for neurological terrorist equipment, training and advisory and gastroenterology disorders services
Financial adviser Internal Financial adviser NA
Legal adviser Winston & Strawn Legal adviser NA
Bidder information Bidder information
Company Natus Medical Incorporated Company Versa Capital Management Inc.
Description US-based supplier of proprietary medical Description US-based private equity firm devices that assist with the early detection and treatment of common disorders in newborns Financial adviser NA hearing impairment, neurological dysfunction, epilepsy, sleep disorders, and balance and Legal adviser NA mobility disorders
Financial adviser Internal
Legal adviser Fenwick & West
Seller information Seller information
Company Water Street Capital Partners Company NA
Description US-based private equity firm focused exclu- Description NA sively on the health care industry Debt provider Versa Capital Management
Debt provider NA Equity provider NA
Equity provider Not Applicable
Deal description Deal description
Natus Medical Incorporated has agreed to acquire Alpine Biomed Corporation Versa Capital Management Inc. has agreed to acquire Allen-Vanguard from Water Street Capital Partners for a cash consideration of US$43.2m. Corporation for an undisclosed consideration. Post transaction, Allen- The acquisition will provide Natus Medical Inc with growth opportunities and Vanguard’s head office will remain in Ottawa, Ontario, and the company will will enable the company to expand its neurology product lines. continue to conduct its business in the ordinary course.
15 The Brief: 18 September 2009 | Issue 30 Deals of the Week - North America
Deal nine: C&M Fine Pack Inc Deal ten: Alcan Cable (56% stake)
Announced date 14-Sep-09 Announced date 14-Sep-09
Deal type IBI Deal type IBI
Deal value (US$m) Not Disclosed Deal value (US$m) Not Disclosed
Target information Target information
Company C&M Fine Pack Inc Company Alcan Cable (56% stake)
Description US-based plastic food packaging company Description US-based integrated manufacturer of aluminum cable, rod and strip products, and a division of Alcan Financial adviser NA Engineered Products
Legal adviser NA Financial adviser NA
Legal adviser NA
Bidder information Bidder information
Company C&M Packaging LLC Company Platinum Equity LLC
Description US-based acquisition vehicle created by Mid Description US-based private equity firm Oaks Investments LLC and other institutions Financial adviser NA
Financial adviser NA Legal adviser NA
Legal adviser NA
Seller information Seller information
Company Chuo Kagaku Co Ltd; Mitsubishi Corporation Company Rio Tinto plc
Description Japan based manufacturer of plastics food Description International mining group with headquarters in the UK packaging products; Japan based conglomer- ate Debt provider Platinum Equity
Debt provider Mid Oaks Investments Equity provider NA
Equity provider NA
Deal description Deal description
C&M Packaging LLC has agreed to acquire C&M Fine Pack Inc from Chuo Platinum Equity LLC has agreed to acquire a 56% stake in Alcan Cable Kagaku Co Ltd and Mitsubishi Corporation for an undisclosed consideration. from Rio Tinto Plc for an undisclosed consideration. The transaction is in Chuo Kagaku will sell its 80% stake in C&M Fine Pack and remaining 20% line with Platinum Equity’s strategy to continue investing in businesses that stake is sold by Mitsubishi. through operational intervention can benefit from the company’s in-house capabilities and expertise in acquisition, transition, integration and operations. Platinum Equity will acquire a majority stake in a non-core asset and execute a transition of the company, while Rio Tinto will retain a 44% minority interest and remain a supplier of aluminum rod and molten aluminum to the business.
16 The Brief: 18 September 2009 | Issue 30 Pipeline - Asia-Pacific
Deal Target Target Target Financial Status Possible bidder company Comments value company description country adviser (US$m)
21 Tandou Agribusiness Australia NA Target Guinness Peat Group Guinness Peat Group (GPG) wants to acquire a 60% stake in Tandouso. GPG wants to review the Tandou business with possible closures, a restructuring and asset sales.
17 The Brief: 18 September 2009 | Issue 30 Pipeline - Europe
Deal Target Target Target Financial Status Possible bidder Comments value company description country advisor company (€m)
4,000 Areva T&D Energy France NA Takeover CVC, AXA Private Potential buyers for the transmission and situation Equity, Schneider distribution unit of listed French nuclear Electric, Alstom, power company Areva are in talks to form General Electrics, alliances. Japanese group Toshiba, one of Siemens, the potential buyers, could be looking for Charterhouse, a French partner. Private-equity house Axa Apollo, Avantha, Private Equity, which has joined forces with China Investment private-equity firm Charterhouse, could be in Corporation, Toshiba a discussion with a Chinese industrial group Corporation that could join the consortium. Indian group Avantha could also be looking to partner with an industrial group from Europe and participate in the auction while Connecticut- based conglomerate GE, which is already partnering with investment funds CDC and Apollo, as one of the potential buyers which has yet to finalise an offer. Sovereign fund China Investment Corp (CIC) could also be interested.
600-700 National Transporta- UK Morgan Takeover CVC Capital Barclays Capital is advising the CVC Capital Express tion Stanley, situation Partners, FirstGroup, Partners/Cosmen family consortium Merrill Stagecoach, Deutsche on its bid for National Express. The Lynch and Bahn, Keolis, NS Dutch Cosmen family and CVC have offered a Greenhill Railways, Cosmen 500p per share bid for National Express. Family Meanwhile, Stagecoach, the listed UK-based transportation company, has agreed to buy the UK rail and bus divisions of National Express as part of the consortium’s bid.
500 Gras Financial France Close Auction Astorg Partners Gras Savoye, the privately-owned French Savoye Services Brothers insurance broker, is in exclusive talks with private equity house Astorg Partners. Gras Savoye chairman Patrick Lucas was cited as confirming the news. He added that the deal could be finalised by the end of October. Astorg Partners is interested in acquiring a 33.3% stake in Gras Savoye from the Gras and Lucas families, as well as from UK insurance group Willis. The deal could value the company at €500m.
300 Survitec Defence UK Rothschild Auction Nordic Capital, Survitec Group has attracted interest from Warburg Pincus, private equity houses Warburg Pincus, Advent Nordic capital and Advent International. First-round bids have already been submitted in an auction that has attracted 12 bidders, according to a source. Bidders are a mixture of private equity and industrial players and the round is extremely competitive. Survitec was placed on the market by majority shareholder Montagu Private Equity and Rothschild is running the auction, an insider said.
175 Eircom Telecommu- Ireland Goldman Auction Singapore Eircom welcomes the developments nications Sachs Telecommunications announced recently by Eircom Holdings Ltd that the board recommends an offer led by STT Communications Ltd, a subsidiary of Singapore Technologies Telemedia to acquire it along with the Eircom Share Ownership Trust. Commenting on developments, Paul Donovan, CEO of Eircom said, "This recent announcement is a very positive development and brings important clarity to the ownership speculation that has been hanging over the Group for much of 2009."
18 The Brief: 18 September 2009 | Issue 30 Pipeline - North America
Deal Target Target Target Financial Status Possible bidder company Comments value company description country advisor (US$m)
4,000 Metro- California- US NA Takeover The News Corporation According to recent reports, California- Goldwyn- based movie Situations Limited; Time Warner Inc.; based movie studio Metro-Goldman- Mayer, studio Lions Gate Entertainment Mayer (MGM) could see interest Inc. Corp.; Qualia Capital from strategic bidders including Time (MGM) Warner Inc., News Corp, Lions Gate Entertainment Corp. and financial bidder Qualia Capital, the US-based investment firm focused on the media industry. MGM is trying to restructure US$4bn in debt. Time Warner is considered the prominent bidder, however the sale price will be critical as Time Warner will not overpay for MGM. US-based private equity firm Providence Equity Partners is the vendor in the auction for MGM.
NA McGraw- News US Evercore Auction Platinum Equity LLC; According to recent reports, two Hill (Busi- magazine Partners Inc. ZelnickMedia Corporation; bidders, Bruce Wasserstein and Joe ness- division of Warburg Pincus; Mansueto, are no longer interested in Week) McGraw-Hill Bloomberg LP BusinessWeek, the business focused magazine owned by US-based McGraw- Hill Companies. US-based Bloomberg LP, the financial news company, is now considered the leading bidder. US-based private equity firm Platinum Equity and Warburg Pincus have been identified as potential bidders in previous reports. Both Platinum Equity and Warburg Pincus have reportedly met with the management team of BusinessWeek and were involved with management presentations providing financial data on the magazine.
19 The Brief: 18 September 2009 | Issue 30 Statistics - Asia and Pacific
Asia-Pacific Buyouts, Quarterly Asia-Pacific Exit Activity, Quarterly
Value (LHS) Value (LHS) 12 70 5 25 Volume (RHS) Volume (RHS)
60 10 4 4.4 20 Volume of Deals 11.1 Volume of Deals 50 3.8 8 40 3 15 6 30 2.5 2 10 5.1 4 4.1 20 1.8 3.5 1 1.3 5 Value of Deals (US$bn) 2 10 Value of Deals (US$bn) 2.2 0 0 0 0 Qtr 3 08 Qtr 4 08 Qtr 1 09 Qtr 2 09 Qtr 3 09 QTD Qtr 3 08 Qtr 4 08 Qtr 1 09 Qtr 2 09 Qtr 3 09 QTD
Asia-Pacific Buyout Yearly Asia-Pacific Secondary Buyouts, Yearly Asia-Pacific Buyout Yearly Comparison by Deal Size Value (LHS) 400 7 20 400 > $501m Volume (RHS) > $501m 18 350 6 350 $251m - $500m 6.3 16 $251m - $500m
Volume of Deals 300 300 5 14 26 $101m - $250m 250 26 250 21 $101m - $250m 12 21 24 12 4 49 24 125 200 19 49 $15m - $100m 15 10 200 19 31 $15m - $100m 30 31 3 30 3.5 8 150 150 14 99 $5m - $14.9m 164 99 96 $5m - $14.9m 6 Volume of Deal s 216 87 96 2 2.3 Volume of Deal s 100 21 87 100 58 Value not disclosed 4 38 Value not disclosed Value of Deals (US$bn) 58 28 38 1 50 28 34 32 50 34 32 20 44 2 40 17 0.9 2022 44 44 175 22 40 44 0.3 0 15 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 Business Services Rolling 12 Months Buyout Activity Financial Services
Industry Sector Breakdown by Volume Consumer Industry Sector Breakdown by Value Consumer
TMT Leisure 4% 2% 2%1% 4% 4% 17% Industrials & Chemicals 5% Financial Services Industrials & Chemicals Rolling 12 Months Buyout Activity Business Services Rolling5% 12 Months Buyout Activity 45% Industry Sector Breakdown by Volume Consumer Industry Sector Breakdown by Value Consumer 6% Financial Services TMT
TMT 6% Leisure 4% 2% 2%1% 4% Others 4% Business Services 17% Industrials & Chemicals Industrials & Chemicals 5% 5% 8% 16% 45% Pharma, Medical & Biotech TMT 6% Financial Services Energy 6% Others Business Services Leisure 8% Pharma, Medical & Biotech 8% 16% Pharma, Medical & Biotech Energy
12% Leisure Energy 8% Pharma, Medical & Biotech Others
15% Energy Others 12% Real Estate 9% Real Estate 15% 9% Real Estate 13% Real Estate 18% 13% 18%
Geographic Split of Buyouts by Volume Geographic Split of Buyouts by Value India
Greater China Geographic Split of Buyouts by Value Greater China Geographic Split of Buyouts by Volume 2% 6% 1% India (China, HK, Taiwan, Macau) 4% (China, HK, Taiwan, Macau) Greater China Greater China 5% 2% 12% 4% (China, HK, Taiwan, Macau) 6% 1% (China, HK, Taiwan, Macau) Japan Japan 5% Japan 12% Japan 24% Australasia North Asia North Asia 24% Australasia 6% 6% (excl Greater China) (excl Greater China) North Asia North Asia Australasia (excl Greater China) (excl Greater China) 53% Australasia 17% 17% South East Asia 53% South East Asia South East Asia 14% South East Asia South Asia (excl India) India 14% South Asia (excl India) South Asia (excl India) India
19% 16% 21% South Asia (excl India)
19% 21% 16%
20 The Brief: 18 September 2009 | Issue 30 Statistics - Europe
European Buyouts, Quarterly European Exit Activity, Quarterly
Value (LHS) Value (LHS) 20 400 25 150 Volume (RHS) Volume (RHS) 19.7 350 125 20 Volume of Deals 15 300 Volume of Deals 100 250 20.3 15
10 200 75
150 10 50 5 100 Value of Deals ( € bn) 6.0 Value of Deals ( € bn) 5 4.9 5.3 25 5.0 50 3.1 3.0 2.8 1.4 0 0 0 0 Qtr 3 08 Qtr 4 08 Qtr 1 09 Qtr 2 09 Qtr 3 09 QTD Qtr 3 08 Qtr 4 08 Qtr 1 09 Qtr 2 09 Qtr 3 09 QTD
European Buyout Yearly European Secondary Buyouts, Yearly European Buyout Yearly ComparisonComparison by by Deal Deal Siz Sizee Value (LHS) 1400 75 400 1400 1300 > €501m 70 Volume (RHS) 97 110 > €501m 1300 97 110 70.0 350 1200 63 62 65 1200 63 62 105 251m - 500m 66.4 1100 68 115 € € 60 115 105 €251m - €500m
Volume of Deals 68 32 1100 58 300 3243 55 1000 58 1000 110 4378 900 110 296 78 €101m - €250m 50 60 301 296 €101m - €250m 250 900 60 301 45 800 48 800 4890 291 90 291 132 40 48.0 700 36 115 281 €15m - €100m 28 132 200 700 36 115 281 €15m - €100m 35 600 2854 272 114 600 54 272 128 30 114 150 500 208 128 €5m - €14.9m 500 208 5m - 14.9m 25 40 624 € € Volume of Deal s 400 17 89 40 620 624 Volume of Deal s 400 1762 89 541 20 124 620 100 300 62 466 541
Value of Deals ( € bn) Value not disclosed 15 20.7 300 162 124 466 Value not disclosed 200 162 346 244 200 33 346 10 50 244 100 33 5 100 125 216 2.2 0 125 216 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 Industrials & ChemicalRollings 12 Months Buyout Activity Energy, Mining & Utilities
Industry Sector Breakdown by Volume Consumer Industry Sector Breakdown by Value Business Services
Business Services TMT 3% 3% 4% 1% 4% Rolling 12 Months Buyout Activity Industrials & Chemicals TMT Rolling8% 12 Months Buyout16% Activity Energy, Mining & Utilities Industrials & Chemicals 5% Industry Sector Breakdown by Volume Consumer Industry Sector Breakdown by Value Business Services 27% Pharma, Medical & Biotech Consumer 6% Business Services 8% TMT 1% 3% 3% 4% 4% TMT 8% 16% Industrials & Chemicals Transportation 5% Financial Services 27% Pharma, Medical & Biotech Consumer 7% 8% 6% Construction 9% 15% Financial Services Financial Services Transportation
7% Construction Leisure 9% 15% Financial Services Pharma, Medical & Biotech
Leisure Pharma, Medical & Biotech 12% Transportation Construction 12% Transportation 11% 11% Construction
14% 14% 19% 19% Energy, Mining & Utilities Energy, Mining & Utilities Leisure Leisure 14% 14% 14% 14% UK & Ireland UK & Ireland
Germanic Italy
Geographic Split of Buyouts by Volume Benelux Geographic Split of Buyouts by Value Benelux
Nordic Iberia 2% 3%0% 5% UK & Ireland 8% France UK & Ireland France 19% 8% 22% Germanic Italy Italy Germanic Geographic Split of Buyouts by Volume 9% Benelux Geographic Split of Buyouts by Value Benelux
10% Nordic Iberia Iberia Nordic 2% 3%0% 5% 8% France France 19% 8% 22% Central & Eastern Europe Central & Eastern Europe Italy Germanic 9% 13% 10% Iberia Other Nordic 12% 19% Other
Central & Eastern Europe Central & Eastern Europe 16% 13% Other 12% 19% Other
12% 16% 14% 13% 15% 12% 14% 13% 15%
21 The Brief: 18 September 2009 | Issue 30 Statistics - North America
North American Buyouts, Quarterly North American Exit Activity, Quarterly
Value (LHS) Value (LHS) 25 250 10 140 Volume (RHS) Volume (RHS) 9 120 20 200 8 Volume of Deals Volume of Deals 7 100 21.9 15 150 6 17.8 80 5 6.0 60 10 100 4 5.3 3 3.3 4.1 40 5 50 2 Value of Deals (US$bn) Value of Deals (US$bn) 2.5 6.1 5.2 20 3.5 1 0 0 0 0 Qtr 3 08 Qtr 4 08 Qtr 1 09 Qtr 2 09 Qtr 3 09 QTD Qtr 3 08 Qtr 4 08 Qtr 1 09 Qtr 2 09 Qtr 3 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) 1000 40 200 1000 > $501m Volume (RHS) 900 > $501m 38.4 180 900 121 35 121 112 800 60 $251m - $500m 33.8 160 800 112 $251m - $500m Volume of Deals 53 60 30 94 700 66 53 31.8 75 94 140 700 66 75 33 $101m - $250m 52 600 62 145 33 40 $101m - $250m 25 52 77 40 61 120 600 62 174 145 48 77 61 500 174 32 48 88 119 $15m - $100m 20 100 500 32 88 153 56 119 $15m - $100m 32 400 153 56 30 32 80 400 164 30 15 30 30 $5m - $14.9m 164 30 300 30 51 478 $5m - $14.9m Volume of Deal s 60 300 51 478 Volume of Deal s 22 37 404 413 19 10 20022 18 130 37 335 404 413 Value not disclosed 19 40 200 18 130 335 Value not disclosed
Value of Deals (US$bn) 78 27 219 57 78 5 100 21 27 219 57 148 7.3 115 20 100 21 82 148 115 1.0 082 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 Industrials & ChemicalsRolling 12 Months Buyout Activity Financial Services
Industry Sector Breakdown by Volume Consumer Industry Sector Breakdown by Value Energy/Mining/Utilities
Business Services Consumer 3% 3% Industrials & Chemicals 2%2%1% Financial Services Rolling4% 12 Months Buyout Activity Rolling 122% Months Buyout Activity Industry Sector Breakdown by Volume TMT 4% Industrials & Chemicals 5% Consumer Industry Sector Breakdown by Value Energy/Mining/Utilities 22% 7% Business Services Consumer 3% Financial Services 3% 2%2%1% TMT 4% 2% 7% TMT 4% Industrials & Chemicals 5% 22% Pharma/Medical/Biotech 7% Business Services Financial Services 9% TMT 7% 51% Pharma/Medical/Biotech Energy/Mining/Utilities Business Services Pharma/Medical/Biotech 9% 7% 51% Energy/Mining/Utilities Pharma/Medical/Biotech 7% Transport Construction Transport Construction 11% 17% 17% 11% Leisure Leisure Leisure Leisure 16% 16% Construction Real Estate 11% 16% Construction Real Estate 11% 16%
22 The Brief: 18 September 2009 | Issue 30 League & Activity Tables - Asia-Pacific
Financial houses - ranked by value
Rank Company name Value (US$m) Number of deals
1 Nomura 3,344 5
2 Goldman Sachs 3,299 4
3 Bank of China International 1,200 1
4 WestLB Mergers & Acquisitions 1,124 2
5 Citigroup 990 3
6= HSBC Bank 900 1
6= ING 900 1
8 Deloitte 780 2
9 UBS Investment Bank 276 1
10 DBS Bank 246 1
Financial houses - ranked by volume
Rank Company name Value (US$m) Number of deals
1 Nomura 3,344 5
2 Goldman Sachs 3,299 4
3 Daiwa Securities Group 245 4
4 Citigroup 990 3
5 KPMG 218 3
6 WestLB Mergers & Acquisitions 1,124 2
7 Deloitte 780 2
8 Ernst & Young 112 2
9 Macquarie Group NA 2
10 Bank of China International 1,200 1
Financial houses advising on buyout deals during 17/09/2008 and 16/09/2009, where target is Asia-Pacific, excluding lapsed and withdrawn deals. The firms are advising the bidder.
23 The Brief: 18 September 2009 | Issue 30 League & Activity Tables - Asia-Pacific
Legal houses - ranked by value
Rank Company name Value (US$m) Number of deals
1 Herbert Smith/Gleiss Lutz/Stibbe 2,381 1
2 Linklaters 1,721 3
3 Nagashima Ohno & Tsunematsu 1,571 2
4 Kim & Chang 1,553 5
5 TMI Associates 1,515 2
6 Freshfields Bruckhaus Deringer 1,460 1
7 Jun He Law Offices 1,007 2
8 Simpson Thacher & Bartlett 958 2
9 Bae Kim & Lee 900 2
10 Clifford Chance 820 2
Legal houses - ranked by volume
Rank Company name Value (US$m) Number of deals
1 Kim & Chang 1,553 5
2 Mori Hamada & Matsumoto 326 5
3 AZB & Partners 67 4
4 Linklaters 1,721 3
5 Anderson Mori & Tomotsune 561 3
6 DSK Legal 61 3
7 Trilegal 29 3
8 Nagashima Ohno & Tsunematsu 1,571 2
9 TMI Associates 1,515 2
10 Jun He Law Offices 1,007 2
Legal houses advising on buyout deals during 17/09/2008 and 16/09/2009, where target is Asia-Pacific, including lapsed and withdrawn deals. The firms are advising the bidder.
24 The Brief: 18 September 2009 | Issue 30 League & Activity Tables - Asia-Pacific
Buyouts - ranked by volume
Rank Company name Value (US$m) Number of deals
1 MBK Partners 1,992 4
2 Navis Investment Partners 113 4
3 Hopu Investment Management 10,489 3
4 KTB Securities 152 3
5 Temasek 7,622 2
6 Kohlberg Kravis Roberts & Co 1,950 2
7 Morgan Stanley Private Equity Asia 283 2
8 Archer Capital 276 2
9 Unison Capital 198 2
10 CHAMP Private Equity 178 2
Exits - ranked by volume
Rank Company name Value (US$m) Number of deals
1 TPG Capital 2,304 2
2 Telecom Investments 464 2
3 Ironbridge Capital NA 2
4 Newbridge Capital Group 2,278 1
5 Temasek 2,246 1
6 The Carlyle Group 1,729 1
7= CDH Investments Management Company 848 1
7= New Horizon Capital 848 1
9 Nomura Principal Finance 651 1
10 KDB Capital Co 410 1
PE firms as bidder on buyout deals announced between 17/09/2008 and 16/09/2009. PE firms to exit deals announced between 17/09/2008 and 16/09/2009. Based on target geography being Asia-Pacific. Lapsed and withdrawn bids are excluded.
25 The Brief: 18 September 2009 | Issue 30 League & Activity Tables - Europe
Financial houses- ranked by value
Rank Company name Value (€m) Number of deals
1 HSBC Bank 3,034 4
2 Banco Espirito Santo de Investimento 1,851 3
3 BNP Paribas 1,680 1
4 Caixa Banco de Investimento 1,601 2
5 Bank of America Merrill Lynch 1,480 2
6 RBC Capital Markets 1,424 1
7 UniCredit Group 1,380 3
8 Banco Millennium BCP Investimento 1,150 1
9 Rothschild 967 5
10 KPMG 799 11
Financial houses- ranked by volume
Rank Company name Value (€m) Number of deals
1 PricewaterhouseCoopers 462 15
2 KPMG 799 11
3 Deloitte 123 7
4 Rothschild 967 5
5 Close Brothers Group 86 5
6 Ernst & Young 50 5
7 HSBC Bank 3,034 4
8 Lazard 495 4
9 Mediobanca 274 4
10 KBC Securities 131 4
Financial houses advising on buyout deals during 17/09/2008 and 16/09/2009, where target is European, excluding lapsed and withdrawn deals. The firms are advising the bidder.
26 The Brief: 18 September 2009 | Issue 30 League & Activity Tables - Europe
Legal houses- ranked by value
Rank Company name Value (€m) Number of deals
1 Linklaters 3,373 15
2 Sullivan & Cromwell 1,564 2
3 Gianni, Origoni, Grippo & Partners 1,513 7
4 Simpson Thacher & Bartlett 1,503 3
5 Bird & Bird 1,480 3
6= Cravath Swaine & Moore 1,424 1
6= Michael Silverleaf QC 1,424 1
8 Clifford Chance 1,400 7
9 Vieira de Almeida & Associados 1,150 1
10 Allen & Overy 1,093 10
Legal houses- ranked by volume
Rank Company name Value (€m) Number of deals
1 SJ Berwin 530 16
2 Linklaters 3,373 15
3 Allen & Overy 1,093 10
4 Freshfields Bruckhaus Deringer 593 10
5 Loyens & Loeff 714 9
6 DLA Piper 232 9
7 CMS 912 8
8 Latham & Watkins 478 8
9 Gianni, Origoni, Grippo & Partners 1,513 7
10 Clifford Chance 1,400 7
Legal houses advising on buyout deals during 17/09/2008 and 16/09/2009, where target is European, including lapsed and withdrawn deals. The firms are advising the bidder.
27 The Brief: 18 September 2009 | Issue 30 League & Activity Tables - Europe
Buyouts- ranked by volume
Rank Company name Value (€m) Number of deals
1 Lloyds TSB Development Capital 285 10
2 Barclays Private Equity 1,147 9
3 AXA Private Equity 1,900 5
4 MPS Ventures 205 5
5 Aurelius - 5
6 Waterland Private Equity Investments 436 4
7 21 Investimenti 208 4
8 Gimv 124 4
9 DGPA 74 4
10 Orlando Management 45 4
Exits- ranked by volume
Rank Company name Value (€m) Number of deals
1 3i Group 743 13
2 ARQUES Industries 123 5
3 Holtzbrinck Networxs 208 4
4 L Capital 500 3
5 Natexis Private Equity 245 3
6 HANNOVER Finanz 232 3
7 Inflexion Private Equity Partners 226 3
8 AGF Private Equity 180 3
9 Advent Venture Partners 110 3
10 AXA Private Equity 54 3
PE firms as bidder on buyout deals announced between 17/09/2008 and 16/09/2009. PE firms to exit deals announced between 17/09/2008 and 16/09/2009. Based on target geography being European. Lapsed and withdrawn bids are excluded.
28 The Brief: 18 September 2009 | Issue 30 League & Activity Tables - North America
Financial houses - ranked by value
Rank Company name Value (US$m) Number of deals
1 Bank of America Merrill Lynch 16,298 4
2 Morgan Stanley 2,451 6
3= Citigroup Inc 1,498 1
3= Credit Suisse 1,498 1
5 Blackstone Group Holdings 1,115 2
6 Houlihan Lokey 1,022 2
7 UBS Investment Bank 511 2
8 Stephens 488 1
9 RBC Capital Markets 483 2
10 BNP Paribas SA 483 1
Financial houses - ranked by volume
Rank Company name Value (US$m) Number of deals
1 Morgan Stanley 2,451 6
2 Bank of America Merrill Lynch 16,298 4
3 Goldman Sachs 465 3
4 JPMorgan 386 3
5 Wells Fargo Securities 119 3
6 Blackstone Group Holdings 1,115 2
7 Houlihan Lokey 1,022 2
8 UBS Investment Bank 511 2
9 RBC Capital Markets Inc 483 2
10 William Blair & Company 129 2
Financial houses advising on buyout deals during 17/09/2008 and 16/09/2009, where target is North American, excluding lapsed and withdrawn deals. The firms are advising the bidder.
29 The Brief: 18 September 2009 | Issue 30 League & Activity Tables - North America
Legal houses - ranked by value
Rank Company name Value (US$m) Number of deals
1 Cleary Gottlieb Steen & Hamilton 14,079 3
2 Weiner Brodsky Sidman Kider PC 13,900 1
3 Simpson Thacher & Bartlett 8,016 7
4 Sullivan & Cromwell 5,348 6
5 Latham & Watkins 3,610 14
6 Kirkland & Ellis 3,052 33
7 Dewey & LeBoeuf 1,678 2
8 Dechert 1,508 7
9 Proskauer Rose 1,350 3
10 Skadden Arps Slate Meagher & Flom 1,295 6
Legal houses - ranked by volume
Rank Company name Value (US$m) Number of deals
1 Kirkland & Ellis 3,052 33
2 Jones Day 147 16
3 Latham & Watkins 3,610 14
4 DLA Piper 707 9
5 Ropes & Gray 315 8
6 Simpson Thacher & Bartlett 8,016 7
7 Dechert 1,508 7
8 Sullivan & Cromwell 5,348 6
9 Skadden Arps Slate Meagher & Flom 1,295 6
10 Weil Gotshal & Manges 1,093 6
Legal houses advising on buyout deals during 17/09/2008 and 16/09/2009, where target is North American, including lapsed and withdrawn deals. The firms are advising the bidder.
30 The Brief: 18 September 2009 | Issue 30 League & Activity Tables - North America
Buyouts - ranked by volume
Rank Company name Value (US$m) Number of deals
1 Platinum Equity 47 6
2 Patriarch Partners 19 5
3 HIG Capital - 5
4 Golden Gate Capital 778 4
5 One Equity Partners 371 4
6 Vista Equity Partners 147 4
7 The Riverside Company - 4
8 Stone Point Capital 14,125 3
9 Centerbridge Partners 900 3
10 Metalmark Capital 300 3
Exits - ranked by volume
Rank Company name Value (US$m) Number of deals
1 Benchmark Capital 1,061 8
2 New Enterprise Associates 705 8
3 Intel Capital 91 8
4 Warburg Pincus - 507 7
5 Menlo Ventures 200 6
6 Venrock Associates 63 6
7 Accel Partners 47 6
8 VantagePoint Venture Partners 744 5
9 American Capital 571 5
10 MCG Capital Corporation 57 5
PE firms as bidder on buyout deals announced between 17/09/2008 and 16/09/2009. PE firms to exit deals announced between 17/09/2008 and 16/09/2009. Based on target geography being US or Canadian. Lapsed and withdrawn bids are excluded.
31 The Brief: 18 September 2009 | Issue 30 Top Deals - Asia and Pacific
Top 10 Asia-Pacific Buyout deals - rolling 12 months ending 16 September 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 [China]; 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 1,800
19-Mar-09 USJ Co Ltd SG Investment KK 1,460
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 (16.1% stake) Nomura Principal Finance Co Ltd 555
6-Dec-08 Petron Corporation (40% stake) Ashmore Investment Management Ltd 520
15-Oct-08 KES Power Limited (50% stake) Abraaj Capital Holdings Ltd 361
14-Aug-09 Ozeki Co., Ltd. (68.8% stake) Himawari 343
32 The Brief: 18 September 2009 | Issue 30 Top Deals - Europe
Top 10 European Buyout deals - rolling 12 months ending 16 September 2009
Announced date Target company Bidder company Deal value (€m)
29-May-09 Enel Rete Gas SpA (80% stake) AXA Private Equity; and F2i SGR SpA 1,680
1-Sep-09 Skype Technologies SA (65% stake) Andreessen Horowitz; Canada Pension Plan Investment 1,413 Board; Index Ventures; and Silver Lake Partners
17-Nov-08 Enersis - Sociedade Gestora de Participacoes Magnum Capital Industrial Partners 1,150 Sociais SA
19-Jun-09 Wood Mackenzie Limited Charterhouse Capital Partners LLP 654
29-Sep-08 London City Airport Limited (50% stake) Global Infrastructure Partners 616
30-Sep-08 Pisto SAS Macquire Group Limited 521
12-Dec-08 Wehkamp BV (Majority stake) Wehkamp BV (Mangement vehicle) 500
23-Dec-08 Centrale dei Bilanci Srl (92% stake) Bain Capital LLC and Clessidra SGR SpA 492
26-Jun-09 Cintra Aparcamientos SA (99.92% stake) Ahorro Corporacion Desarrollo SGECR SA; Assip SGPS 451 SA; ES Concessoes SGPS S.A; Espirito Santo Capital SA; and Transport Infrastructure Investment Company
15-Dec-08 Infrastructure Investors LP (68.83% stake) Barclays Private Equity Limited 412
33 The Brief: 18 September 2009 | Issue 30 Top Deals - North America
Top 10 North American Buyout deals - rolling 12 months ending September 16, 2009
Announced date Target company Bidder company Deal value (US$)
Mar-19-09 IndyMac Federal Bank FSB OneWest Bank FSB 13,900
Aug-10-09 Dynegy Inc (five peaking and three combined- LS Power Group 1,498 cycle generation assets)
Dec-03-08 Neuberger Berman Inc NBSH Acquisition LLC 1,290
Dec-29-08 Chesapeake Corporation Irving Place Capital; Oaktree Capital Management L.P 1,022
May-21-09 BankUnited FSB BankUnited 900
Feb-27-09 Regency Intrastate Gas LLC (62.00% stake) Alinda Gas Pipeline I LP; Alinda Gas Pipeline II LP; GE 653 Capital (General Electric)
Sep-25-08 Connors Bros. Income Fund Centre Partners Management LLC 620
Mar-30-09 Fifth Third Processing Solutions LLC (51.00% Advent International Corporation 561 stake)
Sep-19-08 MidCap Financial Holdings Inc (Undisclosed Genstar Capital LLC; Lee Equity Partners; Moelis & 500 Stake) Company LLC
Jul-22-09 Bankrate Inc Apax Partners 488
34 The Brief: 18 September 2009 | Issue 30 Investor Profile: TA Associates Inc
TA Associates Inc
Description Countries Sectors
US based private equity firm USA Financial Services
Fund name Launched Date Size (m) Fund name Launched Date Size (m)
TA/Atlantic and Pacific IV 01/01/1999 US$500.00 TA X, L.P 01/01/2006 US$3500.00
TA IX 01/01/2000 US$2000.00 TA Subordinated Debt Fund II, L.P. 01/01/2006 US$777.00 (TA SDF II) TA Subordinated Debt Fund 01/01/2000 US$500.00
TA Atlantic and Pacific V (TA AP V) 01/01/2004 US$800.00 TA XI LP 12/08/2009 US$4000.00
Countries Invested In Countries Invested In
USA 24 current 59 exited India 1 current 0 exited
United Kingdom 2 current 3 exited Israel 1 current 0 exited
Canada 1 current 2 exited Italy 1 current 0 exited
Spain 1 current 0 exited
Sectors Invested In Sectors Invested In
Computer software 4 current 22 exited Telecommunications: Hardware 0 current 1 exited
Financial Services 7 current 5 exited Consumer: Foods 0 current 1 exited
Medical 6 current 6 exited Automotive 0 current 1 exited
Services (other) 3 current 8 exited Chemicals and materials 0 current 1 exited
Computer services 1 current 4 exited Leisure 1 current 0 exited
Computer: Semiconductors 1 current 3 exited Medical: Pharmaceuticals 0 current 1 exited
Consumer: Retail 3 current 1 exited Real Estate 0 current 1 exited
Telecommunications: Carriers 3 current 1 exited Industrial automation 0 current 1 exited
Internet / ecommerce 1 current 2 exited Industrial: Electronics 0 current 1 exited
Consumer: Other 0 current 2 exited Industrial products and services 0 current 1 exited
Manufacturing (other) 1 current 1 exited
35 The Brief: 18 September 2009 | Issue 30 Investor Profile: TA Associates Inc
Potential Investments
Companies Dominant Country Dominant Sector Estimated Size (USDm) Last Update
Elder Pharmaceuticals Limited India Medical: Pharmaceuticals 100m - 500m 16/09/2009
TransCard USA Financial Services 50m - 100m 14/05/2009
Sunbelt Software USA Computer software 10m - 50m 04/05/2009
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 (USDm) (%) (USDm) (%)
Clayton Holdings Inc n/d n/a 156.57 n/a 14/04/2008 NA NA SBO USA Computer services
Creditex Group, Inc n/d n/a 513.00 50.0% 03/06/2008 NA NA TS USA Financial Services
Preferred Freezer Services LLC 50.00 50.0% 200.00 n/a 18/06/2008 31 IBI SBO USA Industrial products and services
36 The Brief: 18 September 2009 | Issue 30 Notes & Contacts
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