Canadian Private Equity Market Overview

Transcription

1 Canadian Private Equity Market Overview First Half of 2015 w w w. c v c a. c a

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3 Deal Activity and Value by Quarter # Deals Deal Value ($ Millions) ,000 20,000 15,000 22, ,000 5,000 6,277 5,115 7,776 6,139 1,627 0 Q Q Q Q Q Q Q Q Q Q Q Q Page 2

4 Deal Activity by Province 2014 (# and share) 2015 H1 (# and share) All others 23 (7%) BC 43 (13%) All others 14 (10%) BC 19 (13%) QC 92 (29%) AB 78 (24%) QC 38 (26%) AB 20 (14%) ON 86 (27%) ON 54 (37%) Page 3

5 Deal Value by Province 2014 ($ Millions) 2015 H1 ($ Millions) ON 20,677 (49%) AB 2,652 (34%) AB 12,565 (30%) ON 1,992 (26%) QC 5,782 (14%) QC 1,727 (22%) BC 2,280 (6%) BC 1,246 (16%) All others 551 (1%) All others 149 (2%) 0 5,000 10,000 15,000 20,000 25, ,000 1,500 2,000 2,500 3,000 Page 4

6 Deal Activity by Sector 2014 (# and share) 2015 H1 (# and share) Oil & Gas, Energy Industrial & Manufacturing 38 (12%) 81 (25%) ICT Oil & Gas, Energy 18 (12%) 24 (17%) ICT Mining & Resources 36 (11%) 28 (9%) Industrial & Manufacturing Mining & Resources 17 (12%) 17 (12%) Business Services 25 (8%) Agri-Forestry 13 (9%) Consumer & Retail 23 (7%) Consumer & Retail 12 (8%) Life Sciences Agri-Forestry 22 (7%) 19 (6%) Automotive & Transportation Financial 11 (8%) 10 (7%) CleanTech 17 (5%) CleanTech 8 (5%) Financial Automotive & Transportation 14 (4%) 10 (3%) Business Services Life Sciences 8 (5%) 6 (4%) Other 7 (2%) Real Estate 1 (1%) Real Estate 2 (1%) Other 0 (<1%) Page 5

7 Deal Value by Sector 2014 ($ Millions) 2015 H1 ($ Millions) Consumer & Retail 13,512 (32%) Oil & Gas, Energy 3,413 (44%) Oil & Gas, Energy 12,995 (31%) Mining & Resources 1,043 (13%) Life Sciences 4,332 (10%) Real Estate 1,013 (13%) Financial Industrial & Manufacturing ICT 2,483 (6%) 2,190 (5%) 2,016 (5%) Automotive & Transportation CleanTech Industrial & Manufacturing 933 (12%) 487 (6%) 261 (3%) Mining & Resources 1,052 (3%) Business Services 250 (3%) CleanTech 993 (2%) ICT 144 (2%) Automotive & Transportation 746 (2%) Consumer & Retail 88 (1%) Agri-Forestry 742 (2%) Agri-Forestry 88 (1%) Business Services 584 (1%) Financial 32 (<1%) Other 149 (<1%) Life Sciences 16 (<1%) Real Estate 63 (<1%) Other 0 (<1%) 0 5,000 10,000 15, ,000 2,000 3,000 4,000 Page 6

8 Deal Activity by Deal Type 2014 (# and share) 2015 H1 (# and share) PE Followon 21 (7%) PE Growth 109 (34%) PE Debt 18 (6%) PE Infrastructure 2 (<1%) PE Others 2 (<1%) PE Add-On 64 (20%) PE Buyout 97 (30%) PE Secondary Buyout 9 (3%) PE Followon 7 (5%) PE Debt 9 (6%) PE Growth 43 (30%) PE Infrastructure 5 (3%) PE Others 0 (<1%) PE Add-On 46 (32%) PE Buyout 30 (21%) PE Secondary Buyout 5 (3%) Page 7

9 Deal Value by Deal Type 2014 ($ Millions) 2015 H1 ($ Millions) PE Followon 230 (1%) PE Debt 694 (2%) PE Infrastructure 49 (<1%) PE Others 38 (<1%) PE Infrastructure 879 (11%) PE Debt 131 (2%) PE Others 0 (<1%) PE Growth 8,900 (21%) PE Buyout 10,173 (24%) PE Secondary Buyout 2,015 (5%) PE Followon 237 (3%) PE Growth 983 (13%) PE Buyout 3,554 (46%) PE Add-On 19,758 (47%) PE Add-On 1,902 (24%) PE Secondary Buyout 80 (1%) Page 8

10 Top 12 Disclosed Canadian PE Deals 2015 H Company Province PE Firm(s) $ Millions Brookfield Residential Properties Inc. Encana Dawson natural gas gathering and compression assets Ontario Brookfield Asset Management 1,013 BC Kohlberg Kravis Roberts & Co. L.P. (KKR), Veresen Encana Clearwater Assets Alberta Brookfield Asset Management 605 Niobec Inc. Québec CEF Holdings, Magris Resources., 597 Temasek Holdings (Private) CanEra Inc. Alberta NGP Energy Capital, Riverstone 465 Holdings Prairie Storm Energy Corp. Alberta NGP Energy Capital 400 Terrapure Environmental Alberta Birch Hill Equity Partners 300 Arcan Resources Ltd. Alberta ARC Financial, Ontario Teachers' 299 Pension Plan (OTPP) Brookfield Johnson Controls Canada LP Ontario Brookfield Asset Management 248 Congébec Logistique Inc. Québec Desjardins, Fondaction, 162 Investissement Québec TORC Oil & Gas Ltd. Alberta Canada Pension Plan Investment 150 Board (CPPIB) Meritage Midstream Services III, LP Alberta Riverstone Holdings Page 9 760

11 Top 10 Most Active PE Investors 2015 H1 PE Firms # Deals $ Millions* Fonds de solidarité FTQ Ontario Teachers' Pension Plan (OTPP) 10 8,992 Desjardins Venture Capital Inc Brookfield Asset Management Inc. 6 3,109 Caisse de dépôt et placement du Québec 5 10,513 Fondaction CSN Westcap Mgt. Ltd Investissement Québec Fulcrum Capital Partners Inc Grenville Strategic Royalty Corp. 5 5 * Total deal values (includes all participating investors) Page 10

12 Most Active Law Firms in Canadian PE 2015 H1 Law Firms # Deals $ Millions McCarthy Tétrault LLP 7 1,581 Torys LLP 4 1,609 MacPherson Leslie & Tyerman LLP (MLT) 4 93 Osler, Hoskin and Harcourt LLP Stikeman Elliott LLP 3 - Norton Rose Fulbright Canada LLP Bennett Jones LLP Gowling Lafleur Henderson LLP Page 11

13 Most Active Investment Banks in Canadian PE 2015 H1 Investment Banks # Deals $ Millions BMO Capital Markets TD Securities Inc RBC Capital Markets CIBC World Markets GMP Securities L.P Scotia Capital Inc Barclays Bank PLC Page 12

14 Top Disclosed Canadian PE Exits 2015 H1 Selling or backing PEs Target Buyer $ Millions Ontario Teachers' Pension Plan, Abu Dhabi Investment Council Hudson's Bay Company Secondary Offering 316 Fairfax Financial Holdings Limited Cara Operations Limited IPO 230 TriWest Capital Partners Gardewine Group Limited Partnership Mullen Group 172 NOVACAP, Telesystem Stingray Digital Group Inc. IPO Page 13

15 PE Fundraising 2015 H1 Page 14

16 CVCA Methodology Dataset includes only completed private equity deals for consistency and quarter-to-quarter/ year-to-year comparison. Announced but yet to be completed deals are not included. Page 15

17 w w w. c v c a. c a Bay Street. Toronto, Ontario, M5H 2W9, Canada Tel. (416) Fax. (416) Web.