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William Blair & Company is a global investment banking and asset management firm. We are committed to building enduring M&A Markets Analysis relationships with our clients and providing expertise and 2Q 2012 solutions to meet their evolving needs. An independent and employee-owned firm, William Blair is based in Chicago, with 10 office locations including London, New York, Shanghai, and Zurich. For more information, please visit williamblair.com. Mark Brady Global Head of M&A [email protected] +1 312 364 8853 Andrew Colmar Analyst [email protected] +1 312 364 5226 Merger Tracker Quarterly Overview of Global Middle-Market M&A Activity Debt Capital & Private Equity Market Activity William Blair & Company Table of Contents Commentary .............................................................................................................................................................................................................................................. 1 Global Activity .......................................................................................................................................................................................................................................... 2 Regional Transactions ...................................................................................................................................................................................................................... 2 Middle‐Market Regional Transactions ...................................................................................................................................................................................... 3 Annual Transactions ......................................................................................................................................................................................................................... 4 Global Cross‐Border M&A Flows ...................................................................................................................................................................................................... 5 1H 2012 M&A Activity by Regional Flow ................................................................................................................................................................................. 5 U.S. M&A Activity..................................................................................................................................................................................................................................... 9 Transaction Detail .............................................................................................................................................................................................................................. 9 Annual Activity .................................................................................................................................................................................................................................. 10 Valuation Multiples ......................................................................................................................................................................................................................... 11 Private‐Equity Transaction Analysis ....................................................................................................................................................................................... 12 Transaction Participants and Considerations ...................................................................................................................................................................... 16 Industry Breakdown ....................................................................................................................................................................................................................... 18 Cross‐Border Transaction Analysis .......................................................................................................................................................................................... 20 U. S. Debt Capital and Private Equity / Venture Capital Markets ..................................................................................................................................... 22 1H 2012 Update ................................................................................................................................................................................................................................ 22 European M&A Activity ...................................................................................................................................................................................................................... 27 Transaction Detail ............................................................................................................................................................................................................................ 27 Valuation Multiples ......................................................................................................................................................................................................................... 29 Private‐Equity Transaction Analysis ....................................................................................................................................................................................... 30 Emerging Markets M&A Activity .................................................................................................................................................................................................... 31 Select William Blair & Company Transactions ......................................................................................................................................................................... 32 William Blair & Company Corporate Industry Coverage ..................................................................................................................................................... 36 Notes .......................................................................................................................................................................................................................................................... 37 Disclosures ............................................................................................................................................................................................................................................... 38 Merger Tracker Table of Contents William Blair & Company Commentary Introduction Clients and friends: The overall marketplace and the middle market specifically saw a slowdown in second quarter both globally and in North America. The global statistics are driven by a substantial drop‐off in European activity with dollar volume down 27.9% and the number of transactions down 24.9% versus the second quarter of last year. More surprisingly, North America has seen a pronounced slowdown. Deals of more than $750 million are down markedly, and even the middle market experienced a 9.4% decrease in the number of transactions versus the second quarter of 2011. Healthcare volumes led the decline, with global healthcare transaction volumes down nearly 40% from 2011 and running at the lowest pace we have seen since 2005. According to PitchBook, Inc., private equity firms are on track to close just 1,332 deals in 2012, which would be the lowest level since 2003. In our own practice, we have been experiencing a surge in signings and closings on behalf of sellers who are transacting in advance of the election, given the uncertainty and the prospect for an increase in capital gains tax rates in 2013. We have announced 38 M&A transactions aggregating $7.7 billion through the first portion of the year, and we expect that barring an external shock to the system we will see the pace strengthen over the third and fourth quarters. In the second quarter, we advised EasyLink Services on its $332 million sale to Open Text Corporation, MTS on its $156 million acquisition by Omnicell, and ACCO Brands on the $860 million Reverse Morris Trust merger with several of the consumer and office products brands of MeadWestVaco. We also advised the Special Committee on the $247 million take private of China Grentech Corporation, our 29th transaction in the China market since establishing there in 2007. Thank you for your ideas and your business—and enjoy the second quarter 2012 Merger Tracker. Mark G. Brady Global Head of Mergers & Acquisitions +1 312 364 8853 [email protected] Merger Tracker Commentary 1 William Blair & Company Global Activity Regional Transactions • Overall global M&A activity during first half of 2012 remains down in contrast to strong deal activity during the first half of 2011. • The number of announced global transactions for second quarter 2012 totaled 9,680, a 13.9% decline from the same period last year, headlined by significant decreases in Europe and Asia Pacific. • Three of the five regions showed a decline in disclosed dollar volume, which contributed to a 14.8% overall decline from first quarter 2011. • Trailing‐12‐months’ global M&A activity indicates a marked 13.9% decrease in total dollar volume. • Total number of deals
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