2018 BUYOUT DEALS and EXITS 7 January 2019

DOWNLOAD THE DATA PACK 2018 BUYOUT DEALS AND EXITS 7 January 2019

Fig. 1: Annual Global Private Equity-Backed Buyout Deals, 2009 - 2018 Fig. 2: Private Equity-Backed Buyout Deals in 2018 by Region Fig. 3: Private Equity-Backed Buyout Deals in 2018 by Type

3,000 100% 6,000 600 2,787 3% 1% 1% 2% 5,106 4,829 90% 17% Aggregate Deal Value ($bn) 15% 5,000 4,343 4,663 500 2,500 Recapitalization 4,275 80% 5% 3,961 3,979 4,000 3,748 400 2,000 5% Public-to-Private

l 70% 3,333 1,779 60% 37% 3,000 300 1,500 PIPE 2,298 50% No. of Deals 47% 2,000 200 1,000 Growth Capital 40% Proportion of Tota 1,000 100 500 30% Buyout 264 284 256 137 20% 42% 0 0 39 16 Add-on 0 10% 24%

2009 2010 2011 2012 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 Pro Source: Preqin Pro Source: Preqin Pro

Fig. 5: Proportion of Number of Private Equity-Backed Buyout Deals in Fig. 4: Private Equity-Backed Buyout Deals in 2018 by Value Band 2018 by Industry KEY FACTS

100% 25% 22% 13% 21% 90% l 20% 5,106 private equity-backed buyout deals were announced 80% 8% 14% 15% 14% $1bn or More 15% 13%13% in 2018, the highest number ever recorded. 9% 12% 12% 12% l 70% 10% 8% 7% 74% $500-999mn 7% 6% 60% 19% 6% 5% 6% Proportion of Tota 5% 3% 2% 3% 50% $250-499mn $21bn 0% Value of the largest deal announced in 2018: the 40% $100-249mn acquisition of Keurig Dr Pepper, Inc. in January. Proportion of Tota 30% Other Utilities Services Energy & Business Food &

51% Cleantech Industrials Agriculture Healthcare Technology Consumer 11% Less than $100mn Information

20% Discretionary 6% Telecoms, Media

10% Communications & 6% $ 42% 0% 3% of deals announced in 2018 were add-ons, the No. of Deals Aggregate Deal Value No. of Deals Aggregate Deal Value largest proportion of any deal type. Source: Preqin Pro Source: Preqin Pro

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Fig. 6: Largest Private Equity-Backed Buyout Deals Globally in 2018

Investment Deal Size Portfolio Company Deal Date Deal Status Investor(s) Bought from/Exiting Company Location Primary Industry Type (mn) BDT Capital Partners, Dr Pepper/Seven Up Bottling Keurig Dr Pepper, Inc. Merger Jan-18 21,000 USD Completed Group*, JAB Holding Company, Keurig Green Mountain, - US Beverages Inc.*, Mondelez International Blackstone Group*, Canson Capital Partners, CPP Refinitiv Buyout Jan-18 17,000 USD Completed Thomson Reuters Corporation UK Information Services Investment Board, GIC Johnson Controls’ Power Solutions business Buyout Nov-18 13,200 USD Announced Brookfield Business Partners*, CDPQ Johnson Controls, Inc. US Cleantech Akzo Nobel's Specialty Chemicals Buyout Mar-18 10,100 EUR Completed Carlyle Group, GIC Akzo Nobel N.V. Belgium Chemicals Envision Healthcare Corporation Public-to-Private Jun-18 9,900 USD Completed KKR Clayton Dubilier & Rice US Healthcare Bain Capital Ventures, Elliott Management Corporation, BMC Software, Inc. Buyout May-18 8,300 USD Completed KKR US Software GIC, Golden Gate Capital, Insight Venture Partners ARRIS International plc Add-on Nov-18 7,400 USD Announced Carlyle Group, CommScope, Inc.* - US Telecoms Magneti Marelli S.p.A. Add-on Oct-18 6,200 EUR Announced Calsonic Kansei Corporation*, KKR Fiat Chrysler Automobiles N.V. Italy Transportation Black Knight Financial Services, Cannae Holdings*, CC Dun & Bradstreet, Inc. Public-to-Private Aug-18 6,900 USD Announced - US Information Services Capital*, Thomas H Lee Partners* Sedgwick Claims Management Services, Inc. Buyout Sep-18 6,700 USD Announced Carlyle Group - US Insurance Source: Preqin Pro Fig. 7: Global Quarterly Private Equity Buyout-Backed Exits, 2009 - 2018 Fig. 8: Private Equity Buyout-Backed Exits in 2018 by Region Fig. 9: Private Equity Buyout-Backed Exits in 2018 by Type

2,500 600 1,000 928 100% 2% 0.1% 7% 11% 2,120 2,125 900 90% 2,044 1,977 1,958 500 Aggregate Exit Value ($bn) 796 2,000 1,892 800 80% 1,706 32% 31% Restructuring 1,610 400 700 70% 1,500 600 1,289 60% IPO & Follow-on 300 500 50%

No. of Exits 1,000 400 Sale to GP 753 200 40%

300 Proportion of Total 30% 58% 58% 500 Trade Sale 100 200 178 105 128 106 20% 100 10% 0 0 27 15 0 0% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 North America Europe Asia Rest of World No. of Exits Aggregate Exit Value No. of Exits Aggregate Exit Value ($bn) No. of Exits Aggregate Exit Value ($bn) Source: Preqin Pro Source: Preqin Pro Source: Preqin Pro *Denotes lead investor.

Fig. 10: Largest Private Equity Buyout-Backed Exits in 2018

Investment Investment Investment Exit Value Primary Portfolio Company Investor(s) (Entry) Exit Date Exit Type Acquiror (Exit) Location Date Type Size (mn) (mn) Industry Bain Capital Ventures**, Elliott Management BMC Software, Inc. May-13 Public-to-Private 6,900 USD Corporation, GIC, Golden Gate Capital**, May-18 Sale to GP 8,300 USD KKR US Software Insight Venture Partners Blue Buffalo Co. Ltd. Dec-06 Growth Capital - Invus Group Feb-18 Trade Sale 7,927 USD General Mills US Food Sedgwick Claims Management Services, Inc.* Jan-14 Buyout 2,400 USD KKR, Stone Point Capital Sep-18 Sale to GP 6,700 USD Carlyle Group US Insurance StandardAero, Inc. May-15 Buyout 2,100 USD Veritas Capital Dec-18 Sale to GP 5,000 USD Carlyle Group US Aerospace Advent International, Connolly**, Goldman Verscend Technologies, Cotiviti, LLC Apr-14 Merger - Sachs Merchant Banking Division, iHealth Jun-18 Trade Sale 4,900 USD US Software Inc. Technologies**, Oak Investment Partners Marketo, Inc. May-16 Public-to-Private 1,790 USD Vista Equity Partners Sep-18 Trade Sale 4,750 USD Adobe Systems US Software Bonne Terre Limited Dec-14 Buyout 800 GBP CVC Capital Partners Apr-18 Trade Sale 4,700 USD The Stars Group Inc. UK Gambling Wingtech Technology Nexperia B.V. Jun-16 Buyout 2,750 USD JAC Capital, Wise Road Capital Oct-18 Trade Sale 3,600 USD Netherlands Semiconductors Co., Ltd. DJO Global Inc. Jun-06 Public-to-Private 887 USD Blackstone Group Nov-18 Trade Sale 3,150 USD Colfax Corp. US Healthcare SRS Distribution, Inc.* Feb-13 Buyout 1,930 USD Berkshire Partners Apr-18 Sale to GP 3,000 USD Leonard Green & Partners US Distribution Source: Preqin Pro *Denotes a partial exit. **Denotes lead investor.

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