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2017-Q4 Private Equity Trends Table of Contents

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2017-Q4 Private Equity Trends Table of Contents AMERICAN INVESTMENT COUNCIL 2017-Q4 Private Equity Trends Table of Contents Page Deal Activity 3 Deal Financing and Pricing 6 Fundraising 13 Exits 15 Credit Markets 26 PAGE 2 2017 U.S. private equity investment of $526 billion was 11% lower than in 2016 Capital Invested (Bil.) Capital Invested (Bil.) No. of Deals No. of Deals $900 5,000 $800 4,500 $821 4,000 $700 3,500 $600 3,000 $500 $592 $548 2,500 $526 $519 $400 2,000 $436 $300 $369 1,500 $338 $316 $200 $289 1,000 $100 500 $157 $141 $133 $129 $107 $0 - 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Q1 Q2 Q3 Q4 2017 2017 2017 2017 PAGE 3 Source: PitchBook The 10 largest U.S. private equity deals in 2017-Q4 accounted for 25% of investment volume Investment Value Rank Company Description Date Financial Sponsor (Bil.) Apollo Investment, Avantor Other Commercial Performance Materials, Goldman VWR International 11/21/2017 $6.5 1 Products Sachs Merchant Banking Division, et al.1 2 West BPO/Outsource Services 10/10/2017 $5.2 Apollo Global Management Canada Pension Plan Investment NewStar Financial Asset Management 12/22/2017 $2.4 Board, Corsair Capital, First Eagle 3 Investment Management, et al.2 Fidelity National Financial, The Fidelity & Guaranty Life Life and Health Insurance 11/30/2017 $2.2 4 Blackstone Group Caisse de dépôt et placement du Wells Fargo Insurance Other Insurance 12/4/2017 $2.0 Québec, Kohlberg Kravis Roberts, 5 USI Insurance Services 6 Medallion Gathering & Processing Energy Infrastructure 10/30/2017 $1.8 Global Infrastructure Partners 7 Ten-X Real Estate Services (B2C) 10/3/2017 $1.6 Thomas H. Lee Partners Elliott Management, Juna Equity Gigamon Database Software 12/27/2017 $1.6 Partners, Qatar Investment 8 Authority 9 EAB Consulting Services (B2B) 11/17/2017 $1.6 Vista Equity Partners Plastic Containers & Tekni-Plex 10/17/2017 $1.5 Genstar Capital 10 Packaging Note: The list above only reflects completed private equity transactions with disclosed investment values. 1 New Mountain Capital 2 Sofina, The Blackstone Group PAGE 4 Source: PitchBook, Web search The 10 largest U.S. private equity deals in 2017 sum to $49.6 billion and account for 27% of investment volume Investment Value Rank Company Description Date Financial Sponsor (Bil.) BDT Capital Partners, JAB Holding Panera Bread Restaurants and Bars 7/18/2017 $7.5 1 Company General Merchandise HarbourVest Partners, Sycamore Staples 9/12/2017 $6.9 2 Stores Partners Management Apollo Investment, Avantor Other Commercial Performance Materials, Goldman VWR International 11/21/2017 $6.5 3 Products Sachs Merchant Banking Division, et al.1 Caisse de dépôt et placement du Québec, National Pension Service, Team Health Holdings Clinics/Outpatient Services 2/6/2017 $6.1 4 Public Sector Pension Investment Board, et al.2 Bass Pro Shops, Pamplona Capital Cabela's Specialty Retail 7/5/2017 $5.0 Management, The Goldman 5 Sachs Group 6 PAREXEL International Drug Discovery 9/29/2017 $5.0 Pamplona Capital Management ACE & Company, Ardian, BC Chewy Food Products 5/31/2017 $3.4 3 7 Partners, et al. 8 Diversey Specialty Chemicals 9/6/2017 $3.2 Bain Capital 9 Tec CTL Energy Production 6/9/2017 $3.0 Milost Global ACE & Company, Hilcorp Energy, ConocoPhillips Energy Exploration 7/31/2017 $3.0 10 The Carlyle Group Note: The list above only reflects completed private equity transactions with disclosed investment values. 1 New Mountain Capital 2 The Blackstone Group 3 Caisse de dépôt et placement du Québec, GIC Private, Korea Investment Corporation, PetSmart, StepStone Group PAGE 5 Source: PitchBook and Web search transactions increased slightly to 43.7% in 2017 LBO for financing equity of proportion average The Sources of Financing of Sources 100% 20% 40% 60% 80% 0% 2002 37.4% 2.7% 56.2% includes bank debt, secured debt, senior unsecured debt, public/high yield debt, bridge loan and mezzanine debt. Other repres Other debt. mezzanine and loan bridge debt, yield public/high debt, unsecured senior debt, secured debt, bank pre includes the in equity is equity Rollover sponsors. LBO by provided equity is equity Contributed Note: 2003 34.8% 4.7% 54.5% 2004 32.6% 2.7% 61.8% 2005 29.8% 2.3% 66.4% 2006 31.0% 2.5% 65.4% 2007 30.8% 2.0% 65.7% 2008 38.8% 3.8% 56.1% 2009 45.5% 5.1% 51.6% 2010 41.4% 2.4% 54.8% 2011 38.3% 3.6% 56.3% 2012 LBO company that is cashed not is that company LBO 38.0% 1.6% 59.6% Contributed Equity - 2013 35.7% 1.4% 61.4% 2014 37.0% 1.5% 60.2% 2015 Source: Standard and Poor’s Capital IQ Leveraged Commentaryand Data 40.5% 1.9% 56.2% out, but rolled over and reinvested into the post the into reinvested and over rolled but out, ent 2016 Rollover Equity s cash held by the target company. target by held cash the s 41.1% 2.4% 55.0% 2017 42.1% 1.6% 55.6% Debt 2017 Q1 39.2% 2.1% 57.8% 2017 Q2 41.4% 1.1% 56.7% Other - LBO company. Debt 2017 Q3 40.5% 3.1% 56.1% 2017 PAGE Q4 45.6% 0.3% 52.7% 6 7 Equity financing increased to 48.9% for middle market LBOs in 2017 Equity Financing Middle Market Large Corporate 60% 50% 53.1% 50.1% 40% 48.9% 48.0% 47.3% 47.1% 45.7% 45.4% 45.3% 45.3% 45.1% 44.8% 42.7% 42.5% 42.2% 42.1% 42.0% 41.5% 41.3% 41.2% 40.9% 40.7% 40.2% 30% 39.2% 37.8% 36.9% 35.4% 35.2% 34.2% 32.3% 31.5% 20% 29.9% 10% N/A N/A 0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Q1 Q2 Q3 Q4 2017 2017 2017 2017 Note: Large corporate issuers have EBITDAs of more than $50 million. Middle market issuers have EBITDAs of $50 million or less. PAGE 7 Source: Standard and Poor’s Capital IQ Leveraged Commentary and Data U.S. LBO loan volume increased from the previous year to $96 billion Loan Volume (Bil.) $250 $213 $200 $150 $100 $96 $79 $78 $76 $73 $59 $51 $50 $46 $36 $31 $26 $25 $9 $5 $0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Q1 Q2 Q3 Q4 2017 2017 2017 2017 Note: Data above reflect all loans syndicated in the U.S. market for the purpose of LBOs. Ex-U.S. companies are excluded. PAGE 8 Source: Standard and Poor’s Capital IQ Leveraged Commentary and Data The 10 largest U.S. LBO loans in 2017-Q4 accounted for 73% of the total LBO loan volume Rank Company Description Launch Date1 Loan Value (Bil.) Financial Sponsor 1 Duff & Phelps Services & Leasing 11/28/2017 $1.1 Permira Lumos Networks Operating Telecom 10/17/2017 $1.1 EQT Partners 2 Company 3 Excelitas Technologies Corp Computers & Electronics 11/6/2017 $0.9 AEA Investors 4 Medallion Midland Acquisition Oil & Gas 10/23/2017 $0.7 Global Infrastructure Partners 5 Vantage Specialty Chemicals Chemicals 10/5/2017 $0.7 HIG Capital 6 IntraLinks Services & Leasing 10/26/2017 $0.7 SIRIS Capital Group 7 Lakeland Holdings Entertainment & Leisure 11/28/2017 $0.5 Eurazeo 8 Gigamon Computers & Electronics 11/30/2017 $0.5 Evergreen Coast Capital 9 Young Innovations Healthcare 10/19/2017 $0.4 Jordan Company 10 Strategic Materials Environmental 10/18/2017 $0.4 Littlejohn & Co. Note: The ranked list is based on a sample of all loans syndicated in the U.S. market for the purpose of LBOs. Ex-U.S. companies are excluded. Companies with loans in the table above may be involved in transactions that are still ongoing and therefore, will not appear in the list of top 10 private equity transactions (slide 4). 1 Date of loan syndication. PAGE 9 Source: Standard and Poor’s Capital IQ Leveraged Commentary and Data, Web search The 10 largest U.S. LBO loans during 2017 accounted for 26% of the total LBO loan volume Rank Company Description Launch Date1 Loan Value (Bil.) Financial Sponsor 1 Staples Retail 8/2/2017 $4.1 Sycamore Partners 2 West Corp Services & Leasing 9/19/2017 $3.3 Apollo Management 3 Team Health Services & Leasing 1/5/2017 $3.2 Blackstone Group 4 Alight Solutions Services & Leasing 4/7/2017 $2.9 Blackstone Group 5 PAREXEL International Services & Leasing 8/8/2017 $2.4 Pamplona Capital Management 6 NBTY Retail Food & Drug 8/1/2017 $2.3 Kohlberg, Kravis & Roberts 7 USI Holdings Corp Insurance 3/29/2017 $2.1 Kohlberg & Co. 8 NeuStar Computers & Electronics 2/13/2017 $1.7 Golden Gate Capital 9 Intrawest Corp Entertainment & Leisure 6/19/2017 $1.6 KSL Capital Partners 10 CCC Information Services Computers & Electronics 3/22/2017 $1.5 Advent International Note: The ranked list is based on a sample of all loans syndicated in the U.S. market for the purpose of LBOs. Ex-U.S. companies are excluded. Companies with loans in the table above may be involved in transactions that are still ongoing and therefore, will not appear in the list of top 10 private equity transactions (slide 5). 1 Date of loan syndication. PAGE 10 Source: Standard and Poor’s Capital IQ Leveraged Commentary and Data and Web search Average debt multiples for U.S.
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