Global League Tables Introduction
Total Page:16
File Type:pdf, Size:1020Kb
Global League 2017 Tables 2Q Credits & Contact PitchBook Data, Inc. JOHN GABBERT Founder, CEO ADLEY BOWDEN Vice President, Market Development & Analysis Content GARRETT JAMES BLACK Manager, Custom Research & Publishing BRYAN HANSON Data Analyst JENNIFER SAM Senior Graphic Designer Contact PitchBook pitchbook.com RESEARCH Contents [email protected] EDITORIAL [email protected] SALES [email protected] Introduction 3 Methodology 4 PE Firms 5-11 VC Firms 12-17 Advisors/Accountants & Investment 18-23 Banks Law Firms 24-31 COPYRIGHT © 2017 by PitchBook Data, Inc. All rights reserved. No part of this Acquirers 32-34 publication may be reproduced in any form or by any means—graphic, electronic, or mechanical, including photocopying, recording, taping, and information storage and retrieval systems—without the express written permission of PitchBook Data, Inc. Contents are based on information from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. Nothing herein should be construed as any past, current or future recommendation to buy or sell any security or an offer to sell, or The PitchBook Platform a solicitation of an offer to buy any security. This material does not purport to contain The data in this report comes from the PitchBook Platform–our data all of the information that a prospective software for VC, PE and M&A. Contact [email protected] to request investor may wish to consider and is not to be relied upon as such or used in substitution a free trial. for the exercise of independent judgment. 2 PITCHBOOK 2Q 2017 GLOBAL LEAGUE TABLES INTRODUCTION This is the second-ever quarterly edition of the PitchBook Global League Tables. At the beginning of 2017, we decided to make this publication quarterly, not only to save space in our flagship report series such as the Venture Monitor, the US PE Breakdown, etc. by cutting down on the length of tables overall, but also to provide a timelier reference for firms. This way we can house all the essential rankings from the most active law firms by regions to investment banks by deal type in one central document for easier reference. Look up a company. An important note to make regarding this edition of the Global League And its cap table. Tables is that later this quarter we will be releasing a lenders-only League Tables, the better to accommodate business development And its investors. company reporting cycles as well as showcase expanded lender And its EBITDA datasets. Accordingly, rather than release potentially shifting rankings, we are excluding lenders from this edition. That will be due to the multiples. necessity of the survey collection process as well as the fact that any set And its board of data pulled at different times may modify slightly as additional details are discovered and added to the PitchBook Platform. members. Of course, given that only one quarter has elapsed, the quarterly editions shall likely be somewhat shorter than the full annual edition, simply as In seconds. there shan’t have been much activity of some types and in some regions. As the release of the Global League Tables shall typically fall at the end of the first month in a given quarter, there is ample time allowed for all firms to get in touch with us to ensure that their placement is accurately The PitchBook Platform represented. has the data you need To that end, if you wish to contact us regarding this specific report, to close your next deal. please contact us at [email protected], but if you wish instead to inquire as to our general survey process, please send your questions to Learn more at [email protected]. pitchbook.com GARRETT JAMES BLACK Manager, Custom Research & Publishing 3 PITCHBOOK 2Q 2017 GLOBAL LEAGUE TABLES METHODOLOGY LEAGUE TABLES IPO. Dividend recapitalizations are not taken into account in All league tables are compiled using the count of completed the report. deals for the specified deal type, region and/or other INDUSTRIES & SECTORS criteria. Companies tracked by PitchBook have a primary industry, as well as secondary industries. For this report, the primary PRIVATE EQUITY DEALS The report includes all PE investments (buyout, growth, industry was used to determine rankings by industry and recapitalization and add-on), excluding real estate sector. investments. Only investments made directly by PE US REGIONS investors or their portfolio companies are counted. Buyout West Coast: Alaska, California, Hawaii, Oregon, deals are defined as transactions in which the PE investor Washington receives a controlling ownership stake in the target company. Growth deals are defined as minority investments. Mountain: Arizona, Colorado, Idaho, Montana, Nevada, Add-on deals are defined as acquisitions by companies with New Mexico, Utah, Wyoming PE backing. Midwest: Iowa, Kansas, Missouri, Nebraska, North Dakota, South Dakota VENTURE CAPITAL DEALS This report includes all VC investments (including angel/ Great Lakes: Illinois, Indiana, Michigan, Minnesota, seed). Only investments made directly by VCs, incubators/ Ohio, Wisconsin accelerators and angels are counted. Venture rounds tracked as accelerator/incubator are not included. As our New England: Connecticut, Maine, Massachusetts, New league tables are based on round classifications, financings Hampshire, Rhode Island, Vermont by investors such as corporate VC arms are included. Mid-Atlantic: Delaware, DC, Maryland, New Jersey, New York, Pennsylvania, Virginia, West Virginia M&A TRANSACTIONS Eligible transaction types include control acquisitions, South: Arkansas, Kentucky, Louisiana, Oklahoma, leveraged buyouts (including asset acquisitions solely for Tennessee, Texas LBOs), reverse mergers and spin-offs. Transactions must Southeast: Alabama, Florida, Georgia, Mississippi, involve SMEs or corporations, and must be a substantive North Carolina, Puerto Rico, South Carolina transfer of control or ownership. Debt restructurings or other liquidity, self-tenders or internal reorganizations are EUROPEAN REGIONS not included. UK & Ireland: United Kingdom, Ireland, Channel Islands LENDERS DACH: Germany, Switzerland, Austria, Liechtenstein Lender league tables look at completed PE deals the lender France/Benelux: France, Belgium, Netherlands, provided debt financing for in a given time period or region. Luxembourg The transaction must involve equity provided by a PE firm. In league tables for debt-only financings, the transaction Nordic: Denmark, Faroe Islands, Finland, Greenland, must involve debt financing to a company that is PE-backed Iceland, Norway, Sweden or VC-backed. Southern Europe: Andorra, Cyprus, Gibraltar, Greece, Italy, Malta, Monaco, Portugal, San Marino, Spain SERVICE PROVIDERS Service provider (SP) league tables are compiled using Central & Eastern Europe (CEE): Albania, Belarus, the same criteria for deals as the other league tables. Bosnia-Herzegovina, Bulgaria, Croatia, Czech Republic, Transactions are not counted twice, meaning if the SP Estonia, Hungary, Kosovo, Latvia, Lithuania, Macedonia, provided the same service to both the investor and Moldova, Montenegro, Poland, Romania, Russia, Serbia, company on one deal, it would only receive credit for one Slovakia, Slovenia, Ukraine deal in the rankings, not two. REST OF WORLD EXITS Any country besides the United States or European nations. Exit league tables take into account both full and partial For more information on our methodology, contact exits via corporate acquisition, secondary PE buyout and [email protected] or [email protected]. 4 PITCHBOOK 2Q 2017 GLOBAL LEAGUE TABLES PRIVATE EQUITY FIRMS 2Q’17 most active global PE investors PRIVATE Firm name Deal count Kohlberg Kravis Roberts 20 EQUITY FIRMS Audax Group 20 HarbourVest Partners 19 BC Partners 16 Contents Warburg Pincus 14 The Blackstone Group 12 2Q 2017’s Most Active PE Investors 5 Providence Equity Partners 12 The Carlyle Group 11 PE Investors by Deal Location 6-7 Genstar Capital 11 PE Investors by Firm AUM 8 Ardian Holding 11 PE Investors by Deal Type 9 Vista Equity Partners 10 AlpInvest Partners 10 PE Investors by Industry 10 ABRY Partners 10 PE Investor Exits by Company HQ 11 Stone Point Capital 9 GTCR 9 H.I.G. Capital 9 Business Growth Fund 9 Bain Capital 9 Source: PitchBook 5 PITCHBOOK 2Q 2017 GLOBAL LEAGUE TABLES 2Q 2017 PE INVESTORS BY DEAL LOCATION, US Most active in US Most active in Southeast Most active in New England Firm name Deal count Firm name Deal count Firm name Deal count Audax Group 18 Audax Group 5 Summit Partners 2 HarbourVest Partners 17 Warburg Pincus 3 HarbourVest Partners 2 Kohlberg Kravis Roberts 10 Source: PitchBook BC Partners 2 Stone Point Capital 9 Level Equity 2 Providence Equity Partners 9 Source: PitchBook Genstar Capital 9 Most active in South Most active in West Coast BC Partners 9 Firm name Deal count Firm name Deal count Warburg Pincus 8 Audax Group 4 HarbourVest Partners 4 AlpInvest Partners 8 Blue Sage Capital 3 Kohlberg Kravis Roberts 3 Vista Equity Partners 7 Trailcreek Capital Group 3 AlpInvest Partners 3 Summit Partners 7 ABRY Partners 3 Audax Group 3 GTCR 7 Source: PitchBook Lindsay Goldberg 3 American Securities 7 Source: PitchBook New Mountain Capital 7 Most active in Great Lakes Most active in Mountain & Midwest Source: PitchBook Firm name Deal count Firm name Deal count Most active in Mid-Atlantic Canada Pension Plan PNC Erieview Capital 3 3 Firm name Deal count Investment Board PNC Riverarch Capital 2 L Catterton 3 HarbourVest Partners 5 Kinderhook Industries 2 Maranon Capital 2 L2 Capital Partners