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2016YEAR IN REVIEWMiddle Market Advisory Update
“Advice is not one-size fits-all; we combine sector insight, judgment and global
relationships to provide ideas and solutions tailored to our clients’ needs.”
DAVID J. SOLOMONCEO, Lazard Middle Market
Dear Friends,
As we look back on 2016, we send our sincere gratitude to our clients for the honor of being your trusted advisor. We are proud of what we have accomplished together and treasure these relationships.
A STRONG YEARIn 2016, Lazard’s middle market advisory practice completed 188 middle market transactions worldwide, including 84 involving North American companies, with an aggregate value of more than $21 billion in value.
TRANSACTION MIXMergers and acquisitions comprised 153 of our middle market transactions, including 94 sell-side and 59 buy-side. Our restructuring practice was quite busy with 15 assignments, reflecting continued stress in energy, mining, and other sectors. We also completed 20 corporate finance advisory transactions.
TAILORED SOLUTIONSWe believe in highly-customized transactions that fit client circumstances, rather than rigid M&A auctions. Similarly, our growing team in corporate finance provides tailored debt and equity solutions for acquisitions, growth, and capital structure.
NEW MANAGING DIRECTORS• Garrett Baker joined the firm as a Managing Director and Head of Telecom, Media &
Technology in New York. He has established a national reputation as one of the top advisors in middle market telecom.
• Navtej Bhullar joined the firm as a Managing Director, focusing on middle market healthcare service providers within our Healthcare group in New York.
• Giles Corner was promoted to Managing Director, focusing on mid-market private equity in London.
• Jeff Saxton was promoted to Managing Director, focusing on managed care services within our Healthcare group in Charlotte.
• Michael Schwartz joined the firm as a Managing Director and Head of Corporate Finance Advisory in New York. He has extensive experience advising companies on debt and equity financing transactions, working closely with our sector-focused teams.
ADDITIONAL PROMOTIONSWe are pleased to announce the following promotions, reflecting our commitment to develop our exceptional professionals:• Jim Reilly, Director - Industrials (Minneapolis)• Ryan Foley, Vice President - Industrials (Chicago)• Alex Grimstad, Vice President - Industrials (Minneapolis)• Mark Noel, Vice President - Business Services & Education (Minneapolis)• Jon Tenan, Vice President - Consumer Retail (New York)
Best wishes to you for a successful 2017. We look forward to working with you this year.
Sincerely,
Business Services & Education
Mergers &Acquisitions
Corporate Finance
Restructuring
81%
11% 8%
$47 billiondisclosed value globally
Lazard completed
transactions in the middle market
Mergers & Acquisitions is our core focus.
Corporate Finance represents a growing
segment of our practice. Our Restructuringgroup brings world-
leading expertise to themiddle market.
StrategicFinancial 56%44%
A higher percentage of our clients are being sold to strategic buyers
Lazard’s middle market advisory practice is tailored to serving the unique needs of mid-sized companies, while delivering the sophisticated services, global perspectiveand broad resourcesof Lazard.
188Worldwide
84North America
2016 Highlights
0 5 10 15 20 25 30 35
33%21%
20%15%
6%
Industrials
Food & Consumer Retail
Telecom, Media & Technology
Business Services & Education
Heatlhcare
Other 5%
Lazard is consistently ranked one of the top advisors for deals under $1 billion in value based on number of transactions
Exceptional depth of expertise across sectors
and geographies
2016Middle Market Global Ranking
Leading Middle Market Advisor
Middle Market Deals by Sector
2016 Highlights Global Expertise
THOMSON
Foreign Buyer Nations
33%
49%Sell-side advisory transactions sold to foreign buyers
All Sellers
North American Sellers
2016 Select Middle Market Transactions
Leading global middle market advisor offering a wide array of financial advisory services to
mid-sized clients around the world
2016 Select Middle Market Transactions
20 15153Corporate Finance
RestructuringMergers & Acquisitions
Deep Sector Expertise
Consumer Retail
Sean DaughertyConsumer Products+1 312 928 [email protected] HaysRetail & Direct Marketing+1 312 928 [email protected]
Nathan PundActive, Outdoor & Tactical+1 704 719 [email protected]
Eric Roth, Group HeadConsumer Retail+1 212 418 [email protected]
David SolomonConsumer Retail+1 312 928 [email protected]
FinancialSponsors
David Santoni+1 612 371 [email protected]
Steven Tipler+1 612 371 [email protected]
Healthcare
Michael Wiggins, Group HeadPharma Distribution & Outsourcing+1 212 418 [email protected]
Jeff SaxtonManaged Care Services +1 704 719 [email protected]
Navtej BhullarHealthcare Service Providers +1 212 418 [email protected]
Joseph ConteFacilities ManagementMarketing & Media Services+1 212 418 [email protected]
John Lonnquist, Group Co-HeadTech-Enabled Services & BPOFacilities ManagementHuman Capital Management+1 612 371 [email protected]
Chris SimmonsFacilities ManagementInformation & IT Services+1 612 371 [email protected]
BusinessServices & EducationEd King, Group Co-HeadTech-Enabled Services & BPOEducation Services+1 312 928 [email protected]
Zack ShahEducation ServicesHuman Capital Management+1 312 928 [email protected]
Telecom, Media& Technology
Mark Dolins*Software +1 617 342 [email protected]
John Gnuse*Software+1 415 623 [email protected]
Michael Murray*Hardware+1 617 342 [email protected]
Patrick Mastan*Software+1 617 342 [email protected]
Jason Tavano*Hardware+1 415 623 [email protected]
Marshall PhelpsSports/Entertainment Media & Services+1 212 418 [email protected]
Garrett Baker, Group HeadTelecom & Digital Media+1 212 418 [email protected]
Deep Sector Expertise
Europe MiddleMarket Advisory
Charles Andrez*+33 1 44 13 08 [email protected]
Giles Corner*+44 20 7187 2010United [email protected]
Antonio Da Ros*+39 02 7231 [email protected]
Belen del Valle-Iturriaga*+34 91 781 [email protected]
Michele Marocchino*+39 02 7231 [email protected]
Christof Soendermann*+49 69 1700 [email protected]
Food & AgricultureDavid Iverson, Group Head+1 612 371 [email protected]
Adam Wieden+1 612 371 [email protected]
Restructuring & Recapitalization
Jason Cohen +1 212 418 [email protected]
Andrew Torgove, Group Head+1 212 418 [email protected]
Dermott O’Flanagan +1 212 418 [email protected]
CorporateFinanceMichael Schwartz, Group Head+1 212 418 [email protected]
John BresnahanOilfield Products & Services +1 713 423 [email protected]
Andrew Chang*Oilfield Products & Services+1 713 236 [email protected]
Jeff ChenChemicals+1 612 371 [email protected]
Dave HallettTransportation, Logistics & Distribution+1 612 371 [email protected]
Matt DaltonIndustrial Products & Services+1 612 371 [email protected]
Doug Fordyce*Oilfield Products & Services+1 713 236 [email protected]
Jim ReillyIndustrial Products & Services+1 612 371 [email protected]
Stephen Henry*Aerospace & Defense+1 310 601 [email protected]
Doug LawsonPackaging & Plastics+1 704 719 [email protected]
Michael Richter, Group Head*Aerospace & Defense+1 310 601 [email protected]
Jim ConniffEngineered IndustrialsIndustrial Products & Services+1 312 928 [email protected]
Robert Frost, Group HeadChemicalsIndustrial Products & Services+1 612 371 [email protected]
Industrials
Deep Sector ExpertiseOur senior bankers are national leaders in their specific industry segments, bringing knowledge of sector dynamics and key participants.
Global Access to Decision MakersLazard’s long-term relationships with CEOs, board members and sponsors on a worldwide basis provide unparalleled buyer access and strategic insight for our middle market clients.
Transaction Craftsmanship, Trusted AdviceOur sophisticated professionals combine the highest level of transaction leadership with astute judgment to provide customized, analytically robust solutions.
43global offices
27countries
Our Differentiated Strategy
* Employees of Lazard Frères & Co. (United States), Lazard & Co., Limited (United Kingdom), Lazard Asesores Financieros S.A. (Spain), Lazard S.r.l. (Italy), or Lazard Frères SAS (France). Other bankers named are employees of Lazard Middle Market LLC. References to “Lazard” include entities named above and other subsidiaries of Lazard Ltd.
MINNEAPOLISLazard Middle Market LLC80 South Eighth StreetSuite 2700Minneapolis, MN 55402+1 612 339 0500
CHICAGOLazard Middle Market LLC300 North LaSalle StreetSuite 2300Chicago, IL 60654+1 312 928 0760
HOUSTONLazard Middle Market LLCJPMorgan Chase Tower600 Travis StreetSuite 2300Houston, TX 77002+1 713 423 8600
NEW YORKLazard Middle Market LLC600 Fifth AvenueSuite 800New York, NY 10020+1 212 758 8575
CHARLOTTELazard Middle Market LLC227 West Trade StreetSuite 1900Charlotte, NC 28202+1 704 208 5820
FRANKFURTLazard & Co., GmbHNeue Mainzer Strasse 69-75Frankfurt 60311+49 69 170073 0
LONDONLazard & Co., Limited50 Stratton StreetLondon W1J8LL+44 20 7187 2000
MADRIDLazard Asesores Financieros S.A.Edificio FortunyRafael Calvo 39 AMadrid 28010+34 91 781 8480
MILANLazard S.r.l.Via Dell’Orso 2Milan 20121+39 02 723121
PARISLazard Frères SAS121, Boulevard HaussmannParis Cedex 08Paris 75382+33 1 44 13 01 11
