Q4 2014 Private Equity-Backed Buyout Deals and Exits Page 1 of 3 January 2015 Fig. 1: Number and Aggregate Value of Private Equity- Fig. 2: Aggregate Value of Private Equity-Backed Buyout Fig. 3: Breakdown of Number and Aggregate Value of Backed Buyout Deals Globally, 2006 - 2014 Deals by Region, 2006 - 2014 Private Equity-Backed Buyout Deals in 2014 by Type 4,000 800 700 100% 1% 3% 3,663 24 24 3% 10% 3,555 3,545 19 26 684 685 3,423 90% Aggregate Deal Value ($bn) Aggregate DealValue 5% 3,500 3,260 700 600 17% 1% 3,131 80% 8% 2,960 2,993 185 3,000 600 211 500 70% 19% 2,500 500 60% 34% 2,116 400 50% 2,000 400 15 332 40% 302 300 12 42 1,500 267 267 300 18 12 25 No. of Deals 236 15 26 30% 456 26 81 94 Proportion of Total 57% 199 200 424 11 21 72 20% 42% 1,000 200 19 77 95 113 82 5 Aggregate Deal Value ($bn) Aggregate Deal Value 10% 100 24 500 100 157 185 181 31 123 127 0% 86 53 0 0 0 No. of Deals Aggregate Deal Value 2006 2007 2008 2009 2010 2011 2012 2013 2014 2006 2007 2008 2009 2010 2011 2012 2013 2014 LBO Add-on Growth Capital No. of Deals Aggregate Deal Value ($bn) North America Europe Asia RoW Recapitalization PIPE Public To Private Fig. 4: Breakdown of Number and Aggregate Value of Fig. 5: Breakdown of Number and Aggregate Value of Private Equity-Backed Buyout Deals in 2014 by Value Band Private Equity-Backed Buyout Deals in 2014 by Industry Key Facts 100% 25% 8% 23% 90% 20% the total value of private equity-backed 11% 20% 19% 80% $428bn buyout exits in 2014, the highest annual amount 13% 54% 15% ever. 70% 15% 14% 13% 12% 60% 13% 21% 11% 11% 11% 50% 10% 7% 40% 6% 6% the value of the Alliance Boots trade sale from Proportion of Total 4% 20% 5% 4% 5% 3% 3% Ardian, KKR and CPP Investment Board, the 30% 2% $15bn Proportion of Total 47% largest exit in 2014. 20% 13% 0% 10% 9% 0% 4% Other Utilities Business Services Retail Energy & Materials Media Food & No. of Deals Aggregate Deal Value Industrials Agriculture the proportion of the aggregate deal value Healthcare Telecoms & Information Technology Less than $100mn $100-249mn $250-499mn Consumer & accounted for by public-to-private deals in $500-999mn $1bn or More Proportion of No. of Deals Proportion of Aggregate Deal Value 10% 2014, down from 30% in 2013. Q4 2014 Private Equity-Backed Buyout Deals and Exits Page 2 of 3 January 2015 Fig. 6: Global Number and Aggregate Value of Private Fig. 7: Global Number of Private Equity-Backed Exits by Fig. 8: Global Private Equity Buyout Fund Dry Powder, Equity-Backed Exits, 2006 - 2014 Type, 2006 - 2014 December 2006 - December 2014 1,800 428 450 1,800 600 1,604 1,600 1,550 400 1,600 1,435 ($bn) Aggregate ExitValue 500 482 481 1,400 1,376 350 1,400 438 449 422 326 330 1,215 388 399 1,200 1,126 301 300 1,200 803 400 379 294 807 353 1,000 955 250 1,000 733 783 240 300 813 635 800 200 800 560 655 177 No. of Exits No. of Exits 496 200 600 150 600 473 394 480 Dry Powder ($bn) 129 326 289 382 401 400 91 100 400 385 100 284 102 53 45 200 50 200 227 60 55 51 11 13 113 296 58 217 206 276 164 182 114 200 0 0 0 0 55 2006 2007 2008 2009 2010 2011 2012 2013 2014 2006 2007 2008 2009 2010 2011 2012 2013 2014 No. of Exits Aggregate Exit Value ($bn) IPO Restructuring Sale to GP Trade Sale Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Fig. 9: Ten Largest Private Equity-Backed Buyout Deals in 2014 Investment Deal Size Bought From/Exiting Primary Company Name Deal Date Deal Status Investors Location Type (bn) Company Industry Tim Hortons Inc. Add-on Aug-14 11.53 USD Completed 3G Capital, Burger King - Canada Restaurants Albertsons LLC, Cerberus Capital Management, Kimco Realty Corporation, Safeway, Inc. Merger Mar-14 9.4 USD Announced - US Retail Klaff Realty LP, Lubert-Adler Partners, L.P, Schottenstein Real Estate Group Public To PetSmart, Inc. Dec-14 8.7 USD Announced BC Partners, Longview Asset Management - US Retail Private CPP Investment Board, Gates Global Inc. Buyout Apr-14 5.4 USD Completed Blackstone Group Onex Corporation, US Manufacturing Tomkins plc Acosta Sales & Buyout Jul-14 4.75 USD Completed Carlyle Group Thomas H Lee Partners US Marketing Marketing Reynolds Packaging SIG Combibloc Buyout Nov-14 3.75 EUR Announced Onex Corporation Switzerland Manufacturing Group MultiPlan, Inc. Buyout Feb-14 4.4 USD Completed Partners Group, Starr Investment Holdings BC Partners, Silver Lake US Healthcare IT Public To TIBCO Software Sep-14 4.2 USD Completed Vista Equity Partners - US Software Private Ortho-Clinical Medical Buyout Jan-14 4.15 USD Completed Carlyle Group Johnson & Johnson US Diagnostics, Inc. Technologies Advantage Sales Buyout Jun-14 4.0 USD Completed CVC Capital Partners, Leonard Green & Partners Apax Partners US Marketing and Marketing LLC Q4 2014 Private Equity-Backed Buyout Deals and Exits Page 3 of 3 January 2015 Fig. 10: Notable Private Equity-Backed Exits in 2014 Entry Investment Entry Deal Exit Exit Value Company Name Investment Investors (Entry) Exit Type Acquiror (Exit) Primary Industry Location Date Size (bn) Date (bn) Type Alliance Boots Public To Ardian, CPP Investment Board, Kohlberg Kravis Apr-07 11.1 GBP Aug-14 Trade Sale 15.0 USD Walgreen Co. Pharmaceuticals Switzerland GmbH Private Roberts Public To Blackstone Group, Goldman Sachs Merchant Zimmer Biomet, Inc. Dec-06 11.4 USD Apr-14 Trade Sale 13.35 USD Medical Instruments US Private Banking Division, Kohlberg Kravis Roberts, TPG Holdings, Inc. Grupo Corporativo Jun-03 Buyout - Quadrangle Group Mar-14 Trade Sale 7.2 EUR Vodafone UK Telecoms Spain Ono Encana Athlon Energy Aug-10 Buyout - Apollo Global Management Sep-14 Trade Sale 7.08 USD Oil & Gas US Corporation aPriori Capital Partners, Citi Private Equity, Nuveen Public To Jun-07 6.3 USD Deutsche Bank, Madison Dearborn Partners, Merrill Apr-14 Trade Sale 6.25 USD TIAA-CREF Financial Services US Investments, Inc. Private Lynch Global Private Equity, Pamlico Capital Anheuser- Oriental Brewery May-09 Buyout 1.8 USD KKR, Affi nity Equity Partners Jan-14 Trade Sale 5.8 USD Beverages South Korea Busch InBev Steinhoff Pepkor Holdings Mar-11 Buyout 4.178 ZAR Brait Private Equity Nov-14 Trade Sale 5.7 USD International Retail South Africa Limited Holdings Public To Blackstone Tomkins plc* Jul-10 3.15 GBP CPP Investment Board, Onex Corporation Apr-14 Sale to GP 5.4 USD Engineering UK Private Group Acosta Sales & Jan-11 Buyout 2.0 USD Thomas H Lee Partners Jul-14 Sale to GP 4.75 USD Carlyle Group Marketing US Marketing Public To Perrigo Omega Pharma Jan-12 0.848 EUR Waterland Nov-14 Trade Sale 3.6 EUR Pharmaceuticals Belgium Private Company *Denotes a partial exit Preqin provides information, data and research on private equity firms, funds of funds, investors, placement agents, law firms, advisors and other professionals across the following areas: • Fund Performance • Fundraising • Fund Manager Profiles • Compensation and Employment • Investor Profiles • Fund Terms • Buyout Deals • Venture Capital Deals If you have more detailed requests for private equity data or any questions, please visit www.preqin.com or contact [email protected] or +44 (0)20 3207 0282 for more information..