Press Release 1 st October 2014
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1 Press Release 1 st October 214 August Sees Largest Equity-Backed Buyout Deal and Exit in the Whole of 214 Year-to-Date The largest deal and exit of the year so far contributed to a small increase in aggregate deal value for Q3 compared to the previous quarter August saw the largest private equity-backed buyout investment as well as the largest exit occur across the whole of 214 to date. The add-on deal by 3G Capital, combining their current investment in Burger King with that of Canadabased Tim Hortons Inc. for $11.5bn, is the largest private equity deal in 214. In addition to this, the trade sale of Alliance Boots GmbH by a consortium of private equity fund managers for $15bn registered as the largest private equity-backed buyout exit so far this year. Other Key Facts: The third quarter of 214 has seen a lower number of deals than in the previous quarter, falling from 816 in Q2 to 778 in Q3. However, the aggregate deal value in Q3, $83bn, was up compared to $81bn in Q2. The make-up of deals by value band shows a relative strengthening in the mid-market, with deals in the $25-999mn bracket accounting for 29% of all deals in Q3 214, compared to 25% in Q Add-on activity as a proportion of the number of deals and aggregate deal value was higher at 36% and 2 respectively, compared to 3 and 12% respectively in Q2 214, notably impacted by the Burger King/Tim Hortons deal. Q3 214 saw the highest number of secondary buyouts in the period since 26, with 13 portfolio companies being sold to another private equity investor. Q3 214 has seen an increase in the aggregate value of deals in North America compared to the previous quarter, up from $41bn in Q2 to $51bn in Q3. The aggregate value of buyout deals in Asia was up, with $12bn worth of deals in Q3 214 compared to $8.9bn in Q North America witnessed 6 of the 1 largest private equity-backed buyout deals this quarter, followed by China and Europe with 2 apiece. Comment: For more information and analysis, please see the factsheet that follows. Although the third quarter has seen a drop in the number of private equity-backed buyout deals overall, and an even more pronounced drop in exit activity following the strong IPO environment in the second quarter, the summer of 214 witnessed both the largest buyout investment and exit across the whole of the year so far. Furthermore, with buyout investment activity typically picking up in Q4 as firms look to finalize deals before the end of the year, and with over $46bn in dry powder available to private equity firms for investment in buyout opportunities, the last quarter of the year is set to be an active period of buyout investment. Christopher Elvin Head of Equity Products, Preqin About Preqin: Preqin is the leading source of information for the alternative assets industry, providing data and analysis via online databases, publications and bespoke data requests. Preqin has built a reputation in the alternative assets industry for providing the most comprehensive and extensive information possible. Leading alternative assets professionals from around the world rely on Preqin s services daily, and its data and statistics are regularly quoted by the financial press. For more information, please visit: Note to Editors: Preqin is spelled without the letter U after the Q. New York: One Grand Central Place, 6 E 42nd Street, Suite 63, New York NY 1165 Tel: London: Equitable House, 47 King William Street, London EC4R 9AF Tel: +44 () Singapore: One Finlayson Green, #11-2, Singapore, Tel: San Francisco: 17 Montgomery Street, Suite 134, San Francisco, CA Tel: Web: / info@preqin.com
2 For more information, please contact: Christopher Elvin For general press information, please contact: Nicholas Jelfs +44 () or New York: One Grand Central Place, 6 E 42nd Street, Suite 63, New York NY 1165 Tel: London: Equitable House, 47 King William Street, London EC4R 9AF Tel: +44 () Singapore: One Finlayson Green, #11-2, Singapore, Tel: San Francisco: 17 Montgomery Street, Suite 134, San Francisco, CA Tel: Web: / info@preqin.com
3 Q3 214 Equity-Backed Buyout Deals and Exits October 214 Page 1 of 3 Fig. 1: Quarterly Number and Aggregate Value of Equity-Backed Buyout Deals Globally, Q Q3 214 Fig. 2: Quarterly Aggregate Value of Equity- Backed Buyout Deals by Region, Q Q3 214 Fig. 3: Breakdown of Number and Aggregate Value of Equity-Backed Buyout Deals in Q3 214 by Type 1, North America Europe Asia Rest of World 1% 9% 8% 6% 5% 4% 2% 1% % 1% 4% 8% % 9% 36% 41% 2 5 LBO Add-On Growth Capital Recapitalization PIPE Public-to- Fig. 4: Breakdown of Number and Aggregate Value of Equity-Backed Buyout Deals in Q3 214 by Value Band Fig. 5: Proportion of Number and Aggregate Value of Equity-Backed Buyout Deals in Q3 214 by Industry Key Facts 1% 9% 8% 6% 5% 4% 2% 1% % 14% 22% 4% 52% 24% 1 9% Less than $1mn $1-249mn $25-499mn $5-999mn $1bn or more 25% 2% 1% 5% % 28% Consumer & Retail 24% 18% 16% 1 12% 1 11% 1% 6% 5% Energy & Utilities Industrials Information Technology Business Services Telecoms & Media Healthcare Materials 5% 2% 1% Other Food & Agriculture $15bn $463bn the value of the Alliance Boots trade sale from Ardian, KKR and CPP Board, the largest exit in 214 YTD. the proportion of the aggregate deal value invested in the consumer and retail sector, up from 1% in Q the total amount of dry powder available for buyout investments globally.
4 Q3 214 Equity-Backed Buyout Deals and Exits October 214 Page 2 of 3 Fig. 6: Global Number and Aggregate Value of Equity-Backed Exits, Q Q3 214 Fig. 7: Global Number of Equity-Backed Exits by Type, Q Q3 214 Fig. 8: Global Buyout Equity Dry Powder over Time, December 26 - September No. of Exits Aggregate Exit Value ($bn) No. of Exits Dry Powder ($bn) No. of Exits Aggregate Exit Value ($bn) IPO Restructuring Sale to GP Trade Sale Dec-6 Dec-7 Dec-8 Dec-9 Dec-1 Dec-11 Dec-12 Dec-13 Sep-14 Fig. 9: 1 Largest Equity-Backed Buyout Deals Announced Globally in Q3 214 Firm Type Deal Date Deal Size (mn) Deal Status Investors Bought From/Exiting Company Tim Hortons Inc. Add-on Aug-14 11,53 USD Announced 3G Capital, Burger King - Canada Restaurants Acosta Sales & Marketing Buyout Jul-14 4,75 USD Announced Carlyle Group Thomas H Lee Partners US Marketing TIBCO Software Sinopec Marketing Co., Ltd. Location Primary Industry Sep-14 4,3 USD Announced Vista Equity Partners - US Software Buyout Sep-14 21,92 CNY Announced Bohai Industrial Fund Management, China International Capital Equity, Fosun International, Goldstone, Haixia Capital Management, Hopu Management, RRJ Capital Sinopec Group China Oil & Gas Lindorff Group Buyout Jul-14 2,3 EUR Announced Nordic Capital Altor, Investor AB Norway Outsourcing Prestige Cruise Holdings, Inc. Compuware China Huarong Asset Management Add-on Sep-14 3,25 USD Announced Apollo Global Management, NCL, TPG Sep-14 2,5 USD Announced Thoma Bravo Buyout Aug-14 2,36 USD Announced China International Capital, China Life Insurance Company, China National Cereals, Oils & Foodstuffs Import and Export Corp, CITIC Securities, Fosun International, Goldman Sachs, Khazanah Nasional Berhad, Warburg Pincus Apollo Global Management Elliott Management US US - China Pizza Express Buyout Jul-14 9 GBP Announced Hony Capital Cinven, Gondola Holdings UK Restaurants Berlin Packaging Buyout Aug-14 1,43 USD Completed Oak Hill Capital Partners Investcorp US Logistics Leisure Software Financial Services
5 Q3 214 Equity-Backed Buyout Deals and Exits October 214 Page 3 of 3 Fig. 1: 1 Largest Equity-Backed Exits Announced Globally in Q3 214 Firm Alliance Boots GmbH Initial Date Apr-7 Initial Type Initial Deal Size (mn) 1,11 GBP Investors (Entry) Ardian, CPP Board, Kohlberg Kravis Roberts Exit Date Aug-14 Exit Type Trade Sale Exit Value (mn) Athlon Energy Aug-1 Buyout - Apollo Global Management Sep-14 Trade Sale 5,93 USD Acosta Sales & Marketing Ceridian * 15, USD Acquiror (Exit) Primary Industry Location Location Walgreen Co. Pharmaceuticals Switzerland Switzerland Encana Oil & Gas US US Jan-11 Buyout 2, USD Thomas H Lee Partners Jul-14 Sale to GP 4,75 USD Carlyle Group Marketing US US May-7 5,3 USD Fidelity National Financial, Thomas H Lee Partners Aug-14 Trade Sale 3,45 USD FleetCor Technologies, Inc. Outsourcing US US OneWest Bank Jan-9 Buyout 1,55 USD Dune Capital Management LP, JC Flowers & Co, MSD Capital, Paulson & Co., SILAR, Soros Jul-14 Trade Sale 3,4 USD CIT Group Financial Services US Norway Fund Management, Stone Point Capital Lindorff Group* Nov-3 Buyout 1,7 NOK Altor Jul-14 Sale to GP 2,3 EUR Nordic Capital Outsourcing Norway Switzerland WILD Flavors GmbH Prestige Cruise Holdings, Inc. The TriZetto Group Inc. China Network Systems Jan-1 Buyout - Kohlberg Kravis Roberts Jul-14 Trade Sale 2,3 EUR Mar-7 Buyout 85 USD Apollo Global Management Sep-14 Trade Sale 3,25 USD Apr-8 1,4 USD Apax Partners, Blue Cross and Blue Shield Association, The Regence Group Sep-14 Trade Sale 2,7 USD Oct-6 Buyout 932 USD MBK Partners Aug-14 Trade Sale 2,4 USD Archer Daniels Midland NCL Cognizant Technology Solutions Ting Hsin International Group Beverages Switzerland US Leisure US US Healthcare IT US Taiwan Media Taiwan Norway * 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 or contact press@preqin.com or +44 () for more information.
For more information and analysis, please see the factsheet that follows.
Press Release 5 th January 215 214 Equity-Backed Buyout Deals and Exits Reach Highest Levels Since the Global Financial Crisis The total value of exits from private equity-backed portfolio companies throughout
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