2 Zephyr Monthly M&A Report Global Private Equity, May 2012 Zephyr Monthly M&A Report Global Private Equity, May 2012 The following report details Private equity value bounces back after Deals by volume and value a two-month decline global private equity activity in Total deal value Announced date No of deals May 2012 using data from the Global private equity value rallied in May after (mil USD) falling two months in a row, as figures rose 8 per May-12 333 19,931 Zephyr database. cent from USD 18,464 million to USD 19,931 million. There was also an increase in the volume Apr-12 312 18,464 It focuses on deal activity by target company. of transactions, up 7 per cent from 312 to 333. Mar-12 327 20,571 Although value compared less well with that of a Click here to access the raw data in an Excel Feb-12 265 21,857 year ago, when USD 31,478 million was recorded, spreadsheet. Jan-12 316 9,831 it did at least stem the downward movement. Dec-11 293 15,736 Six private equity deals surpassed USD 1,000 Nov-11 275 18,667 million in value, the highest among them the USD Oct-11 294 21,404 2,000 million takeover of Collective Brands by Wolverine World Wide, Golden Gate Capital and Sep-11 312 14,009 Blum Capital Partners. Aug-11 290 19,547 Jul-11 346 32,215 All but one of these were buyouts, the exception being a funding round for Texas-based oil Jun-11 382 21,941 exploration company Venari Resources by Warburg May-11 362 31,478 Pincus, Jordan Company, Temasek Holdings and Kelso & Company, valued at up to USD 1,125 million. You are free to use any data or commentary Page 1 © Zephyr Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed Contact +44 161 838 9554 from this report in your articles as long as the financial information on companies. For more information visit www.zephyrdealdata.com. Zephyr Editorial: [email protected] source is cited as “Zephyr published by BvD” Zephyr Monthly M&A Report Global Private Equity, May 2012 Deals by volume and value 35,000 450 400 30,000 350 25,000 300 20,000 250 15,000 200 Deal value (milUSD) value Deal 150 10,000 100 5,000 50 0 0 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Total deal value (mil USD) Number of deals You are free to use any data or commentary Page 2 © Zephyr Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed Contact +44 161 838 9554 from this report in your articles as long as the financial information on companies. For more information visit www.zephyrdealdata.com. Zephyr Editorial: [email protected] source is cited as “Zephyr published by BvD” Zephyr Monthly M&A Report Global Private Equity, May 2012 Resurgence in wholesale and retail deal value in May US achieves the highest value and volume figures Deals targeting companies in the wholesale and retail sector leapt in value in Deal value in the US jumped by almost 80 per cent in May, from USD 7,474 the month under review, from a rather poor USD 401 million in April to USD million to USD 13,395 million, and was more than double the USD 6,913 5,397 million, accounting for more than a quarter of the total deal value for million recorded a year ago. The country was also ahead on volume at 120, 80 the month. The hotel and restaurant segment also performed well, almost transactions more than in second-placed UK, but the figure was slightly down doubling from USD 2,419 million to USD 4,262 million. on both April and May 2011, when 122 deals were recorded in each period. In terms of volume, deals involving businesses in the machinery, equipment, The UK also came second in value, chalking up USD 3,382 million of deal- furniture and recycling sector were among the most numerous, with 48 making, which although 16 per cent lower than the previous month’s USD transactions recorded, although this was 14 per cent less than in April when 4,027 million, was more than twice the USD 1,574 million recorded in May 56 were recorded. Wholesale and retail came next with 30 deals, a slight drop 2011. from last month’s 32, and chemicals, rubber and plastics followed with 18 transactions. You are free to use any data or commentary Page 3 © Zephyr Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed Contact +44 161 838 9554 from this report in your articles as long as the financial information on companies. For more information visit www.zephyrdealdata.com. Zephyr Editorial: [email protected] source is cited as “Zephyr published by BvD” Zephyr Monthly M&A Report Global Private Equity, May 2012 Top 20 private equity deals by value Deal value Target Deal type Target Equity provider Deal status (mil USD) country 1. 2,000 IBO 100% Collective Brands Inc. US Blum Capital Partners LP; Golden Gate Capital LP Pending 2. 1,900 IBO 100% Accor SA's United States economy hotels division US The Blackstone Group LP Announced 3. 1,259 IBO 100% Global Blue (UK) Ltd GB Silver Lake Partners LP; Partners Group AG Pending 4. 1,125 Minority stake Venari Resources LLC US Warburg Pincus LLC; The Jordan Company LP; Temasek Holdings (Pte) Announced Ltd; Kelso & Company LP 5. 1,100 IBO remaining stake Interline Brands Inc. US Goldman Sachs Capital Partners; P2 Capital Partners LLC Pending 6. 1,100 IBO 100% P F Chang's China Bistro Inc. US Centerbridge Capital Partners LP Pending 7. 947 Acquisition majority Fitness First Group Ltd GB Oaktree Capital Management LP; Marathon Capital LLC Announced stake 8. 820 IBO majority stake LCOR Inc. US Global Innovation Partners; The California State Teachers' Retirement Completed System 9. 769 IBO Payless ShoeSource Inc.'s operations; Collective Licensing US Blum Capital Partners LP; Golden Gate Capital LP Pending International LLC's operations 10. 750 IBO 65% Caterpillar Logistics Services Inc. US Platinum Equity LLC Pending 11. 540 IBO majority stake Barneys New York Inc. US The Yucaipa Companies LLC; Perry Capital LLC Completed 12. 427 IBO 100% Thakral Holdings Group Ltd AU Brookfield Asset Management Inc. Pending 13. 427 Minority stake 23% Enovos International SA LU AXA Investment Management Private Equity Europe Announced 14. 400 IBO 100% FC Holdings LLC US Thomas H Lee Partners LP Pending 15. 369 IBO 90% The Talbots Inc. US Sycamore Partners LP Pending 16. 332 Minority stake 49% Clal Industries & Investments Ltd IL Access Industries Inc. Pending 17. 325 Minority stake 5% BMC Software Inc. US Elliott Management Corporation Completed 18. 324 IBO 100% CAP Motor Research Ltd GB Montagu Private Equity LLP Announced 19. 295 IBO 100% Things Remembered Inc. US Madison Dearborn Partners LLC Completed 20. 296 IBO 100% Benihana Inc. US Angelo Gordon & Company LP Pending You are free to use any data or commentary Page 4 © Zephyr Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed Contact +44 161 838 9554 from this report in your articles as long as the financial information on companies. For more information visit www.zephyrdealdata.com. Zephyr Editorial: [email protected] source is cited as “Zephyr published by BvD” Zephyr Monthly M&A Report Global Private Equity, May 2012 Target sectors by volume Target sectors by value May-11 Apr-12 May-12 Target sector May-11 Apr-12 May-12 Target sector (mil USD) (mil USD) (mil USD) Other services 149 102 148 Other services 11,757 4,122 7,274 Machinery, equipment, furniture, recycling 46 56 48 Wholesale & retail trade 1,567 401 5,397 Wholesale & retail trade 28 32 30 Hotels & restaurants 655 2,419 4,262 Chemicals, rubber, plastics 24 20 18 Construction 305 0 847 Education, health 13 19 14 Transport 5,649 2,446 753 Hotels & restaurants 7 8 11 Gas, water, electricity 696 114 493 Banks 6 10 9 Machinery, equipment, furniture, recycling 6,347 1,114 402 Food, beverages, tobacco 14 13 9 Banks 499 475 395 Textiles, wearing apparel, leather 5 7 9 Chemicals, rubber, plastics 609 70 239 Construction 13 3 8 Primary sector 186 1,330 203 Publishing, printing 12 7 8 Metals & metal products 145 1,267 178 Metals & metal products 6 14 7 Textiles, wearing apparel, leather 20 200 152 Gas, water, electricity 12 3 4 Education, health 939 1,699 129 Primary sector 4 6 4 Publishing, printing 112 2,597 54 Wood, cork, paper 4 4 3 Food, beverages, tobacco 1,093 88 16 Transport 16 4 2 Post and telecommunications 0 33 13 Insurance companies 0 2 2 Wood, cork, paper 884 89 2 Post and telecommunications 3 1 1 Insurance companies 0 0 0 Public administration and defence 0 0 0 Public administration and defence 0 0 0 You are free to use any data or commentary Page 5 © Zephyr Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed Contact +44 161 838 9554 from this report in your articles as long as the financial information on companies. For more information visit www.zephyrdealdata.com.