2016 Buyout Deals and Exits 4 January 2017

DOWNLOAD THE DATA PACK 2016 BUYOUT DEALS AND EXITS 4 JANUARY 2017

Fig. 1: Global Annual Private Equity-Backed Buyout Deals, 2007 - 2016 Fig. 2: Private Equity-Backed Buyout Deals in 2016 by Region Fig. 3: Private Equity-Backed Buyout Deals in 2016 by Type 800 4,500 2,500 100% 3% 2% 1% 2% 700 4,000 2,137 90% 18% 15% Aggregate Deal Value ($bn) 3,500 2,000 80% 2% Recapitalization 600 4% 3,000 70% 500 No. of Deals Public-to-Private 2,500 1,500 60% 400 1,323 41% PIPE 2,000 Aggregate 50% Deal Value 53% No. of Deals No. 300 Growth Capital 1,500 1,000 ($bn) 40%

200 Total of Proportion 1,000 30% Buyout 100 500 500 20% 37% 255 270 Add-on 190 0 0 88 10% 21% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 24 18 0 0% No. of Deals Aggregate Deal Value ($bn) North America Europe Asia Rest of World No. of Deals Aggregate Deal Value Source: Preqin Private Equity Online Source: Preqin Private Equity Online Source: Preqin Private Equity Online

Fig. 4: Private Equity-Backed Buyout Deals in 2016 by Value Band Fig. 5: Private Equity-Backed Buyout Deals in 2016 by Industry 100% 35% 10% 30% 90% 30% $319bn 8% Total value of private equity-backed buyout deals 80% $1bn or More 25% 11% 22% globally in 2016. 70% 20% 62% $500-999mn 17% 17% 60% 15% 14% 13%13% 13%13% $250-499mn 10% 50% 10% 9% 8% 54% Proportion of Total of Proportion 6% 6% 6% 6% of private equity-backed buyout deals in 2016 40% $100-249mn 5% 5% 2% 3% 2%3% were for assets located in North America. Proportion of Total of Proportion 30% 15% 54% Less than 0% 20% $100mn 10% Other Utilities Services Business

10% & Media & Retail Energy & Materials Food & Food 7% Telecoms 1,682 Consumer Industrials Healthcare Agriculture Technology 0% 5% Information Number of exits from private equity-backed No. of Deals Aggregate Deal Value No. of Deals Aggregate Deal Value companies in 2016. Source: Preqin Private Equity Online Source: Preqin Private Equity Online

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Fig. 6: 10 Largest Private Equity-Backed Buyout Deals Announced Globally in 2016 Bought from/Exiting Primary Portfolio Company Investment Type Deal Date Deal Size (mn) Deal Status Investor(s) Location Company Industry ADT Security Services, Inc. Merger Feb-16 15,000 USD Completed Apollo Global Management, Koch Equity Development LLC, Protection 1 / ASG Security - US Electronics AVIC Capital, CITIC Capital, Pagoda Investment, Shanghai Pudong Development Bank, Supercell Oy Buyout Jun-16 8,600 USD Announced Softbank Capital Finland Gaming Sino-Rock Investment Management, Tencent, Zheng Hong Capital Ardian, Partners Group, Starr MultiPlan, Inc. Buyout May-16 7,500 USD Completed GIC, Hellman & Friedman, Leonard Green & Partners US Healthcare IT Investment Holdings Team Health Holdings, Inc Public-to-Private Oct-16 6,100 USD Announced Blackstone Group - US Healthcare Bass Pro Shops, Goldman Sachs Merchant Banking Division, Pamplona Capital Cabela's Inc Add-on Oct-16 5,500 USD Announced - US Retail Management CDH Investments, China Minsheng Trust, China Oceanwide Holdings Group, Giant Caesars Entertainment Playtika Ltd Buyout Jul-16 4,400 USD Announced Israel Gaming Interactive Group, Hony Capital, YF Capital Corporation Rackspace Hosting, Inc. Public-to-Private Aug-16 4,300 USD Completed Apollo Global Management, Searchlight Capital Partners - US IT Ultimate Fighting Championship Ltd Buyout Jul-16 4,000 USD Announced KKR, MSD Capital, Silver Lake, William Morris Endeavor Entertainment, LLC - US Media Vertiv Buyout Aug-16 4,000 USD Completed Platinum Equity Emerson US IT Infrastructure Air Products' Performance Materials Add-on May-16 3,800 USD Announced CVC Capital Partners, Evonik Industries AG Air Products & Chemicals US Chemicals Operations

Source: Preqin Private Equity Online Fig. 7: Global Annual Private Equity Buyout-Backed Exits, 2007 - 2016 Fig. 8: Private Equity Buyout-Backed Exits in 2016 by Region Fig. 9: Private Equity Buyout-Backed Exits in 2016 by Type 2500 500 900 100% 2% 0% 798 12% 13% 450 800 90%

2000 400 Aggregate Exit Value ($bn) 700 670 80% 24% 350 70% 32% Restructuring 600 1500 300 No. of Exits 60% IPO 250 500 Aggregate Exit 50% 400 Sale to GP

No. of Exits No. 1000 200 Value ($bn) 40% 150 300 Proportion of Total of Proportion 30% 62% Trade Sale 500 100 55% 200 187.8 141 20% 50 112.9 100 73 10% 0 0 22.3 7.3 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 0 0% No. of Exits Aggregate Exit Value ($bn) North America Europe Asia Rest of World No. of Exits Aggregate Exit Value Source: Preqin Private Equity Online Source: Preqin Private Equity Online Source: Preqin Private Equity Online

2 © Preqin Ltd. 2017 / www.preqin.com DOWNLOAD THE DATA PACK 2016 BUYOUT DEALS AND EXITS 4 JANUARY 2017

Fig. 10: 10 Largest Private Equity-Backed Buyout Exits Announced Globally in 2016 Investment Investment Investment Exit Value Portfolio Company Investors (Entry) Exit Date Exit Type Acquiror (Exit) Location Primary Industry Date Type Size (mn) (mn) GIC, Hellman & Friedman, MultiPlan, Inc.* Feb-14 Buyout 4,400 USD Ardian, Partners Group, Starr Investment Holdings May-16 Sale to GP 7,500 USD US Healthcare IT Leonard Green & Partners Hilton Worldwide* Jul-07 Public-to-Private 26,000 USD Blackstone Group Oct-16 Trade Sale 6,500 USD HNA Group US Leisure Quirónsalud Jan-11 Buyout 900 EUR CVC Capital Partners Sep-16 Trade Sale 5,760 EUR Fresenius Medical Care AG Spain Healthcare Capsugel Apr-11 Buyout 2,375 USD KKR Dec-16 Trade Sale 5,500 USD Lonza Group Ltd US Pharmaceuticals Blue Coat Systems, Inc. Mar-15 Buyout 2,400 USD Bain Capital Jun-16 Trade Sale 4,650 USD Symantec Corp US IT Security The Sun Products Jul-08 Buyout 2,600 USD Vestar Capital Partners Jun-16 Trade Sale 3,600 USD Henkel AG US Consumer Products Corporation Epicor Software Apr-11 Public-to-Private 976 USD Apax Partners Jul-16 Sale to GP 3,300 USD KKR US Software Metaldyne Performance American Securities, Grede Holdings LLC, American Axle & Aug-14 Merger - Nov-16 Trade Sale 3,300 USD US Manufacturing Group Inc. Hephaestus Holdings Inc., Metaldyne Manufacturing Vogue International Jan-14 Buyout - Carlyle Group Jun-16 Trade Sale 3,300 USD Johnson & Johnson US Manufacturing BATS Global Markets, Inc. Aug-13 Buyout - Spectrum Equity, TA Associates Sep-16 Trade Sale 3,200 USD CBOE Holdings, Inc. US Financial Services

*Denotes a partial exit. Source: Preqin Private Equity Online

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