MID-MARKET M&A REVIEW - dmi.thomsonreuters.comdmi.thomsonreuters.com/Content/Files/4Q2017_MandA_MidMarket_FA... · 11 Australia/New Zealand Involvement Mid-Market Rankings ... -1.3

MID-MARKET M&A REVIEW FINANCIAL ADVISORS Full Year 2017

REUTERS / Coldagh Kilcoyne

Indian Involvement Mid-Market Rankings (MM21)

22

7

8

9

10

Hong Kong Involvement Mid-Market Rankings (MM12)

Singapore Involvement Mid-Market Rankings (MM14)

Benelux Involvement Mid-Market Rankings (MM10)

Eastern Europe Involvement Mid-Market Rankings (MM16)

3

Ranking Criteria Summary

20

11

Australia/New Zealand Involvement Mid-Market Rankings (MM11)

6

Italian Involvement Mid-Market Rankings (MM7)

Spanish Involvement Mid-Market Rankings (MM8)

Chinese Involvement Mid-Market Rankings (MM20)

21

https://www.thomsonone.com

Full Year 2017 | Mergers & Acquisitions | Financial Advisors

Mid-Market M&A Review

Table of Contents

Worldwide Mid-Market M&A Deals Intelligence

UK Involvement Mid-Market Rankings (MM4)

French Involvement Mid-Market Rankings (MM5)

1

2

5

Hochinma Involvement Mid-Market Rankings (MM13)

Worldwide Mid-Market Rankings (MM1)

US Target Mid-Market Rankings (MM2)

Latin America Involvement Mid-Market Rankings (MM17)

European Involvement Mid-Market Rankings (MM3)

Nordic Involvement Mid-Market Rankings (MM9)

German Involvement Mid-Market Rankings (MM6)

Canadian Involvement Mid-Market Rankings (MM22) 4

Japanese Involvement Mid-Market Rankings (MM15)

12

13

14

15

16

17

18

19

http://banker.thomsonib.com/

Worldwide Mid-Market M&A up to US$500m by Rank Value Range Jan 1 - Dec 31

Jan 1 - Dec 31

Mid-Market Deals Intelligence

Argentina 2,249.5 114 2,685.9 101

Rank Value

US$m

47,197 ▲

Worldwide Mid-Market M&A up to US$500m by Target Industry


Full Year 2017

DEALS VALUED UP TO US$500 MILLION

MID-MARKET M&A REVIEW

M&A Rankings For Small-Cap Deals Valued Up To US$50m Are Also Available

33,267.427,730.0

1,591

21434,606.9

1,485

320South Africa 5,099.9 327 6,530.4129

5,766

1,269

▼▲

-1.4

-1.30.8Asia-Pacific (ex Central Asia)

▼

▲

-4.84.0

12.917.05.6

30.6

17.666.4

▼

Africa/Middle East/Central Asia ▼

Visit http://dmi.thomsonreuters.com to View Archives and Order Custom League Tables

12,709 219,260.9

595 ▲Mexico 4,625.7 162

-2.4-6.5-8.8

13,970

3,828.9 113▼

15,926.0

Israel 3,578.4

21,301.03,680.9

422 6,458.9

718

24.7

287

632

Brazil

34,613.2 ▲

15,049.3

Australia

-4.5

406,716.4162 3,625.7

13,570 13,215403,636.3

▲

-1.5

11,147.8

5,998.58,818.1

Republic of Ireland

7,329.0 ▲

305

▼▼

▼

2,245.4 1,598.816,290

49,527.2

31.652.1

▼

904

▼1834,035.5 199 4,092.3

6,500.1 1,7877,087.0

945 12,097.7

483 11,524.3

▲

▲453

Russian Federation586

1,251

South Korea

Colombia

21,001.1

34,190.4

5,732

6,508.4

2,471

448Malaysia229

193 4,271.2

772

3,911.6

▲

Netherlands

1,339

1,56531,320.3

2,811

Finland 3,626.1 267

Spain

Sweden -19.6-7.7

-16.0-1.4

▲

▲

20,616.6

487

Singapore

1,671 ▼Italy 18,294.2 1,133 19,151.3 990 ▼Germany 18,726.0

2,630 ▼France 21,456.2 1,960 22,959.5 2,601 ▼

117 ▲

Europe 195,481.5 14,769 205,742.4

# of

Deals

United States of America 240,012.5Canada 32,032.2 2,690 25,025.9

2.8937,228.7▲

20,533.7

United Kingdom 48,351.6

1,603 ▲

78

48,867

11,045 ▲

73

3,449.0

526

▼

3,708.1 169 ▲

13,888.7

1,421

Worldwide 963,913.1

11,815.3

Chile

12.49.5

28.017.5

Americas 306,107.2 16,642 272,358.5

Jan 1 - Dec 31Announced Mid-Market M&A by Target Nation Up To US$500m

27,326.9 8471,130

Region/Nation

1/1/2017 - 12/31/2017 1/1/2016 - 12/31/2016 % Change

in Rank

ValueRank Value

US$m

690

14.01.2

-21.9

1,322 19,525.1India

Thailand 4,867.5

China 242,050.1

80423,359.5

11.0-16.240.4-5.0

# of

Deals

▲

Hong Kong

▲

Japan

▲6,647.7

2,646

Poland 5,427.4

Taiwan7,815.8

1,237

Worldwide announced Mid-Market M&A deals valued up to $500 million (including undisclosed value deals) totaled

US$963.9 billion for 2017, a 2.8% increase year-on-year.

According to estimates, global fees generated from completed Mid-Market M&A activity reached around US$17.4 billion

for 2017.

The Asia-Pacific (ex Central Asia) region (by target domicile) led the market, with US$406.7 billion of announced deal

activity, representing 42.2% share of the market.

The Americas region (by target domicile) led the market in deal count, with 16,642 deals for 2017, representing 34.1% of

the 48,867 deals announced worldwide.

The Real Estate sector comprised 18.5% of announced value, followed by Financials and Industrials, with 13.1% and

12.5% of the total market, respectively.

254,140.5

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

$0

$50

$100

$150

$200

$250

$300

# o

f D

ea

ls

Ra

nk V

alu

e (

US

$b

)

US$200 - 500m US$100 - 200m US$50 - 100m US$0 - 50m # of Deals

18.5%

13.1%

12.5%

11.9%

8.7%

7.5%

6.5%

6.3%

5.6%

4.8% 3.1%

Real Estate

Financials

Industrials

High Technology

Energy and Power

Materials

Healthcare

Consumer Products and Services

Media and Entertainment

Consumer Staples

Retail

Telecommunications

1

* Source: Thomson Reuters

** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$500m as a percentage of its overall M&A fees in the relevant region.† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.


55 -14 ▼ 4,589.1 - 42.5 ▲ 35.7 54 95.2

Jan 1 - Dec 31Worldwide Mid-Market M&A up to US$500m by Target Nation Region

38*

64.7

60.8

56.7

74.0

98.2

16.2

67.3

44.8

30.7

100.0

84.6

86.4

Generational Equity

9

35*

Globalscope

Industry Total 48,864

21.0

55.5

189

53

32

41

CITIC

▲

-

-

Moelis & Co

RBC Capital Markets

Deutsche Bank

Clearwater International 39

88

43

-12

▼-0.8

-85.2

-55.6

-

35*

33*

42

Piper Jaffray Cos

47

48*

48*

Duff & Phelps

46

33

▲

6,772.6

72.2

96.2

97.7

30

Evercore Partners

Clairfield International

18

11

7

▼ 18,547.7 -31.6

IMAP

20

Mizuho Financial Group

▲ 17,699.4

1114

▼

148.0▼ 8,595.3

19.9

114.6

175

13.5

Citi

▲

65.9

29

20

Stifel/KBW

11,357.4

3

131.8-

24

▼17

▲

233.7-10

Daiwa Securities Group Inc 50 47

-34.7

-20.5

▲

-19.6

-

Lincoln International

▼

Credit Suisse 17 21 151 25

141

5

▼

-

9

14

25

24

25* ▼25

27

Nomura

10

28 -1

▼

BNP Paribas SA

1.0

41

6,309.1 27

▼-15.2

▲Lazard

2,412.6

16 15

7

▲ 6,358.3

190.24

263.7

-40

▼

▼

14,569.6

▲ 7,683.3

206 9

22 -3.4

32

8

18

21 27 129

▲

163.7

▼

56 ▼

6,663.7 25

-8 23

2.8

-32 ▼

56 -4

57

-21 ▼

58

135.9

102.6

70.4

81.1

-

97

91

▲

▲

-34

7,873.4

▲

23

1,332.2

▼

60.5

100.0

-30.57,026.3

70

-8

136

44


93.2

49.2 45 36.5

67.8

6

11

91.4

55.9 40

100.0

106.2

46 100.0

23 90.7

51.4

17

12

59.2

26

Worldwide Estimated Mid-Market Investment Banking Fees by Quarter*

- -0.5 ▼

17.2 - -2.8▼

-

133.9

109.7

36.1

-14

13,560.9

▼-

▼

53.1▲

31.7

1,011.3

▼

▼

28*

103

101

248.4

30*

33* 44

30*

2

11,263.6

32

KBS Corporate Sales Ltd

CFI

Grant Thornton

▼

42

▼

72

4,865.6 - 6.9

33 50.9

▲

31

95

27.2

94.3

31.7

100.0

57.4

100.0

49.4

▼

6

Global M&A

116

Goldman Sachs & Co

-0.2

9.7

▼

13

15

38

32

▼

108

34*

1,073.876 ▼-

23.9

▲

-22.64,887.4

Source: Thomson Reuters

286.9

963,913.1

43

61.2

*tie

119.6

149.3

105.4

-31.5-22

12 ▲

18

Morgan Stanley 15

23 ▲15.7

263.9 -

▲

Oaklins (FKA M&A Intl Inc)

23.2

158.6

▲Robert W Baird & Co Inc

34*

▼

72.2 21.5

2,306.1

11.0

72

29

▼

-293.0 43

22

▼

▲

▲

▼

100.0

Bank of America Merrill Lynch 38

▲

30*

11,104.2

10,028.5

20 ▲

▲

17

▲

-69.2

16

109.8

115.8

-47.1

-32.2

35▼

20

-25

▲

12

10,782.3

1,103.5

78.4

100.0

48.4

72.3

103.9

127.1

53.7

20

106

100.0

17,399.7

5,864.3 --0

41

45

26

Full Year 2017 │ Mid-Market M&A Up To US$500m │ Financial Advisors

Worldwide Mid-Market Rankings (MM1)

-1 ▼ 2,532.6 -

Jefferies LLC 22

▲

▲

183.6

19

332.1

16.9

24.6

100.0

25.0169.9

45.3

17,258.0

Houlihan Lokey 10

134

▲

▼

14

100.0

79.4

20.8

89.5

1

16

92.8

# of Deals

1

9 6

BDO

30.2

12,699.6 8

14

▲9

8 12*

▲

3

-22.7

5 5

Ernst & Young LLP 4 4

2

5,578.7

▼

JP Morgan

Sumitomo Mitsui Finl Grp Inc

43

8

▲

8

21

4

6

213

22,268.5

130

-1.7

▼

8,983.6

Change (%)

Advisor 2017

▲

▼9,100.3

48

2017

US$m

8,506.8

215

-42

▼

▼

1,555.3 -238 73

66.1

5

-13 ▼

243

26.7

44.2

Imputed Fees (US$m) †

27

Fees Rank

Change in 2016

Rank Value per Advisor (US$m)

Rank Value Rank Value2016

-10

113

▼

▼

-24

22

103

28*

19

25*

1,907.7 -

185

-7

110

18

▲

73

-8

80

71 -23 ▼

- 27.4

101

10 189

13

▼

Jan 1 - Dec 31

Exp (%)

** Fee

▼8,592.6-15

Barclays

▼

▼

19

7

37

40 79

107

10

Baker Tilly International

-3.9

-4

Alantra Partners SA 24

19

UBS

107

-10.0

-60.0

158 ▼5

18.2

7 12*

MM1 - Undisclosed Values & Values up to US$500m

# of Deals per Advisor

Rank

273 -24

1

Financial Advisor

KPMG

Deals

6

-16.7

481 -41.5

Rank

16 ▼

Rothschild & Co 3 3

Deloitte

36* -

24

▼

1 12,395.3▲

2097

95

36*

56

38*

53*

48*

1,667

Macquarie Group

BMO Capital Markets

RSM Corporate Fin LLP

Benchmark International

▲

▼

44

45

46.2

4

▼

46

123.8

150.4

282.9

34

40 -40.8

-44.8

2

19PricewaterhouseCoopers 2

339

11*

36

22

15

Industrial & Comm Bank China

-1.1

2

# of

64.3

-14.6164 ▼

▲

3,858.9

-

▼

-2.4

Rank

199

11*

5

118.0

3

221.31

2 -74

-20.719,813.8

6

-14 ▼

350

Raymond James Financial Inc 30*

5137.7

42

13

99

13.8

477.5 -

40

-

-54.2 ▼

91.5

-25.3 ▼

7,780.8 21 8.4 ▲

55.3 41

8

15.1

121.1

$0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000

2010

2011

2012

2013

2014

2015

2016

2017

Rank Value (US$b)

Africa/Middle East Americas Asia-Pacific Europe Japan

0%

10%

20%

30%

40%

50%

60%

70%

80%

$0

$1

$2

$3

$4

$5

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

2010 2011 2012 2013 2014 2015 2016 2017

Perc

enta

ge o

f Tota

l F

ees

Inve

stm

en

t B

an

kin

g F

ee

s (

US

$b

)

Mid-Market I.B. Fees ($500mil or less) % of Total Fees

2


US Target Mid-Market Rankings (MM2)

*tie



Global M&A 46* 36 18 -6 ▼ 11.6 - -97.4 ▼ 17.3 44 80.8

IMAP 46* 41 18 -3 ▼ 35.7 - -58.0

DA Davidson & Co Inc 41* 49* 21 5

33*

Chartwell Financial Advisory

11.0 ▲

-

▼

22

-

29

37.4

87.3

100.0


Exp. (%)

25.7

KPMG

33* 37

-74.7

▼

12* 16

6,080.1

23*

Bank of America Merrill Lynch 28

Jan 1 - Dec 31


74.7

2,488.0 24 81.1

836.0 45 4.6

0.0 - -

92.6 - -42.1

6.4

17.0 45 100.0

15.9 47 100.0

22

9

3,670.7

99

▲

4

746* -5 -26.0

▼

Stifel/KBW

Rank

1

9,079.5

20172016

-18 ▼

2

7,223.3

-13

1,641.1

▲

-11.0

-2.3

4,688.4

963

71.6

101.3

18

UBS

Evercore Partners

12*

▼

15

122.3

▼

▼

4*

▼ 15.7

-

42 31.4

5.5 89

19

22

101

Raymond James Financial Inc

6*

6 4*

8Generational Equity

▲

Jefferies LLC

Goldman Sachs & Co

15

Morgan Stanley

Stephens Inc

▲

Macquarie Group 43* 44* 20 1 ▲

PJT Partners Inc 43* 32 20 -11 ▼

MarshBerry & Co Inc 45 47* 19 2 ▲

Cascadia Capital 46* 38* 18 -4 ▼

1,189.2

▼

19

5,180.8▲

13 ▲

96 - 191.4

▼


153.2

29

63*

-

▲

21

5.7

Prairie Capital Advisors Inc

Fig Partners LLC 41*

KeyBanc Capital Markets Inc

Rothschild & Co

023

▼

172.7

4607.6

54.2

4,885.5

BMO Capital Markets

▲

1

-

22

4,460.5

18

RBC Capital Markets

37

-64.4

33*

▲3,088.6

23*

-

1 ▲

▲

▲

-

▼

117.6

36.4 28

31.2

24

89.0

10

29

77.5

16

4,528.2

16

49.3

27

-5

38

▼

17

6,531.5

29.9

100.0

▲

▲ 30.0

▲853.021

Centerview Partners LLC

21.4

41.9

Fees

▲

2

15.4

Rank

3

11

13*

21.1

69

70

13*

14

25.3

130.4

102.5

6

100.0

▼

2017

11

44

Financial Advisor

Piper Jaffray Cos

12

32.9

20

-5.6

69.3

7,523.9

▼

13

-31.6

▼

US$m

▲

17

88.4

11.2

-10.6

▲

JP Morgan

2

1

100.0

Deals

-33.8

283.2

3

-7 ▼

10

5

Rank Value

20.0

41.6

8

17

116.1

37

104.3

9

15

5

75.9

3

-29.9

▼

17

45

41

9

▼

10,190.7

9

5,111.82121

7.4

12*

63

3

76

18


5

Rank

11*

Rank

2017

1

Rank Value Advisor

3

-6

# of

272.8

▲

7

Change (%)

-37.8

Change in

# of Deals

46.4

13

▲

William Blair & Co

2

30

17.0

18

4

86.7

US Mid-Market M&A up to US$500m by Rank Value Range

50.9

58.1

31

0 -

53

29

30

▲

2 ▼

▼

13

20.3

6,559.7

1

60.5

20

3,925.7

7

Houlihan Lokey 151 ▼5,010.1

-33.2

▲

29

Barclays

Moelis & Co

63

Oaklins (FKA M&A Intl Inc) 23

24*

78.1

7

61 98.5

16 22

Lazard

4.4

Robert W Baird & Co Inc

1,471.0

301.0

22.0

▼

12

-2.4

-

-26.7

1,354.3

35.0

71.3

67.9

23

39.8

40.7

32

Deutsche Bank

Wells Fargo & Co

3,034.2

0

9.5240,012.5

35

566.5

▲

▼

22.0

16

10

23*

21.9

** Fee

6

▲

▲

1,939.4

▼

-

11

0.0 100.0

-

▲

▲

87*

2.5

16.8

▲

▲

-

▼

6.5 80 49.2

18.8

78.8

47.2

24.0

58.5 91.019

▲

100.0

92.0

30.2

1,666

-73.4

81.3

21.0

6.3

9.4

-6

100.0

▲

100.0

10.6

78.5

▲

15 ▲50 6,066.4

11.1

27

2,302.1

-

4

-

28 520.0

▲

161.7

23*

19*

73.4

71.5

53.7

100.0

31

US Mid-Market M&A up to US$500m by Target Industry

86

87.9

81

▲-8

3.1

10

52* 22

3,168.6

25

26

▲

5,655.8 8

▲

▲

90.211*

▼

-3

▼

2736.5

38

21

34.61.3

97.3

28

-4

43.1

30*

48

100.0-

71.8

3640

37 68* ▲

▲

▲

▼

3,766.1

-

52.5

34

53.6

22

25.2

▲

▼

28

▼

▲

24.7

3327.8

32

88.4

2.3 153*

42.4

▲

1,694.3

35 ▼

-4

84.5

▲

46

-11

44* 9

Jan 1 - Dec 31

25

12

-

43

▼

-

30 19*

30* 233,005.45


Duff & Phelps 10

55* 1023

59

-7

13

18

38* 37

26

11 65


64*

14

-9.0 17.7

37

36

-3

11

34

32*

36

24*

20

▲15

1,424.8

▲

Credit Suisse

-

Tudor Pickering & Co LLC

PricewaterhouseCoopers

-

5,340.0

33

38*

▲

-18.0▼

7

SunTrust Banks

Sandler O'Neill Partners

Citi

Stout Risius Ross Inc

-

-

67


22735

AGC Partners

24*

PNC Financial Services Group

1,684.2

25

182.4

1,111.7

12,710Industry Total

-38*

32*

8

-37.032

-15

-

▼

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

$0

$10

$20

$30

$40

$50

$60

$70

$80

# o

f D

ea

ls

Ra

nk V

alu

e (

US

$b

)

US$0 - 50m US$50 - 100m US$100 - 200m US$200 - 500m

19.9%

14.2%

13.6%

9.7%

9.0%

7.5%

7.4%

6.9%

4.2%

3.4% 3.3%

Real Estate

High Technology

Financials

Energy and Power

Healthcare

Industrials



Materials

Consumer Staples

Retail

Telecommunications

3


Canadian Involvement Mid-Market Rankings (MM22)

*tie



Needham & Co LLC 38* - 4 4 ▲ 56.6 - -81.1 ▼ 2.2 61 100.0

William Blair & Co 38* 61* 4 2 ▲ 136.0 - -89.4 ▼ 4.0 41 100.0

34* 12* 5 -7 ▼

Wells Fargo & Co 38*

-

5.0

3.1 46 100.0

Jefferies LLC 12* 15* 11 1 ▲ 1,720.6 9 223.7 ▲ 20.2 7 100.0

▲

- -

517.8 -

19 15940.0 ▲ 8.6

Duff & Phelps 24* 35* 9 4 ▲ 48.2 - -91.4 ▼

96.2 82 -80.2 ▼ 17.7 9 81.6

Piper Jaffray Cos 20* 35* 14 69.8

14.2

10 5

Rothschild & Co 27* 8 8 -8 ▼ 962.4

10 ▲ 4,830.5

2017

Haywood Securities Ltd. 20* 14

26.1

23* 11 3 ▲ 831.4

Ernst & Young LLP 24*

852.3 20 136.8 ▲ 13.4

10.7 - -8.5 ▼

1.1 - -99.9 ▼

1,016.2 18 89.4 ▲

327.2 45



Industry Total 3,723 1,197 ▲ 61,621.8 27.0 ▲ 1,191.1 54.4

38*

Canadian Mid-Market M&A up to US$500m by Target Industry Jan 1 - Dec 31

Houlihan Lokey 24* 5 9 -11 ▼

3.8 42* 100.0

Citi 20* 61* 10 8 ▲ 2,037.7 7 152.1 ▲ 11.6 16 31.5

Canaccord Genuity 20* 15* 10 0 - 1,151.3 14 81.9 ▲

4.3 36 100.0

13

42* 9 5 ▲ 424.2 35 -19.5 ▼ 1.8 69*

Lazard 12* 27* 11 4 ▲ 1,047.2 17 -43.2 ▼ 5.0 31* 22.9

JP Morgan 12* 29* 11 5 ▲ 1,877.5 8 408.5 ▲ 27.6 4 31.2

Evercore Partners 12* 15* 11 1 ▲ 841.2 21 -45.2 ▼ 20.0 8 74.6

Credit Suisse 12* 21* 11

Macquarie Group 12* 11 11 -2 ▼ 1,148.2 15 -27.5 ▼ 9.0

Deloitte 12*

Raymond James Financial Inc 9 15* 14 4 ▲ 1,179.3 13 70.1 ▲ 16.6 10* 84.3

▲ 760.8 23 -42.9 ▼ 5.5 29 100.0

Goldman Sachs & Co 10* 21* 12 3 ▲ 1,572.4 10 6.4 ▲ 22.1 3 23.8

Scotiabank 12* 12* 11 -1 ▼ 2,206.3 6 282.4 ▲

2 17.6

12.5 15 24.5

RBC Capital Markets 3* 1 30 3 ▲ 4,929.6 1 257.5 ▲ 41.1 1 54.8

GMP Capital Corp 7* 9* 15 1 ▲ 1,569.3 11 829.7 ▲ 7.3 22 100.0

3*

28.8▼

22 134.1 ▲ 2.9 51 45.3

CIBC World Markets Inc 5 6* 22 5 ▲ 2,396.6 5 -45.0 ▼ 20.5 6 37.4

National Bank of Canada Fin'l 6 2* 20 -4

Cormark Securities Inc 10* 15* 12 2

MM22 - Undisclosed Values & Values up to US$500m Jan 1 - Dec 31


2 63.6 ▲ 32.1 2 48.7

20 68.3

TD Securities Inc 2 2*

▲ 1,360.7 12 102.2 ▲ 11.1 18

31 7 ▲ 4,062.0 3 2046.9 ▲ 28.8

2017 ** Fee

KPMG

Rank Value Advisor

Canadian Mid-Market M&A up to US$500m by Rank Value Range


3 29.7

42*

-1 ▼

Bank of America Merrill Lynch 38* 23* 4 -4 ▼

Maxit Capital LP 38* 86* 4 3 ▲

Fort Capital Corp

- 4 4 ▲


Evans & Evans Inc 38* 35* 4

- - -

190.7 -

- - -

717.7 24 -

10 -1 ▼ 206.5 - -47.1 ▼ 4.1 37* 100.0

Generational Equity 27* 52*

Baker Tilly International 27* 29*

Morgan Stanley 30 23*

2 ▲

86*

HSBC Holdings PLC 31* - 6 6 ▲

CFI 31*

19 42.7

6* 30 13 ▲ 354.3 - -91.7 ▼


▼ 2,397.0 4

2016 # of Change in Rank Value 2017

31*

100.0

8 5 ▲

8 2 ▲

2.1 62

Itau Unibanco 34*

Moelis & Co

▼

BNP Paribas SA

PricewaterhouseCoopers 7* 9* 15 1 ▲ 109.2 - -91.8

▼

50.0 - - -

354.4 - -73.6 ▼

498.0 28 1186.8 ▲

496.7

7 -1

Financial Advisor Rank Rank Deals # of Deals US$m Rank Change (%)

BMO Capital Markets

6 2 ▲

4 3 ▲

Blair Franklin Capital Part

403.7 ▲

3.5 127 -99.3 ▼

438.3 - -4.6

7.0 23 100.0

Fees Rank Exp. (%)

5203.1 ▲ 16.6 10* 41.0

38* 61* 4

42* 6 2 ▲

Deutsche Bank 34* 35*

38*

27* 5 -2 ▼

- 5 5 ▲

34*

1 4 33

5 0 -

IMAP

.6 136* 100.0

15.5 12 16.8

5.1 30 100.0

5.6 28 51.9

4.1 37* 100.0

6.7 24 100.0

3.0 47* 100.0

1.9 67* 100.0

6.0 27 54.5

2.4 58* 100.0

.6 136* 100.0

2.3 60 100.0

4.1 37* 6.6

5.0 31* 59.5

2.5 56* 100.0

5.0 31* 100.0

7.8 21 100.0

61* 4 2 ▲

Oaklins (FKA M&A Intl Inc) 38* 52* 4 1 ▲

Robert W Baird & Co Inc 38* 86* 4 3 ▲

246.7 ▲

100.3 - -48.7 ▼

25.6 - -97.0 ▼

1,049.1 16 2028.0 ▲

290.5 - 42.8 ▲

365.8 - -18.7 ▼

-

200

400

600

800

1,000

1,200

$0

$5

$10

$15

$20

$25

# o

f D

ea

ls

Ra

nk V

alu

e (

US

$b

)

US$0 - 50m US$50 - 100m US$100 - 200m US$200 - 500m

19.8%

19.3%

14.5%

10.4%

7.9%

6.8%

5.1%

4.9%

3.9%

3.8%

2.6% Real Estate

Energy and Power

Materials

Industrials

High Technology

Financials


Healthcare


Consumer Staples

Retail

Telecommunications

4


Latin America Involvement Mid-Market Rankings (MM17)

*tie




National Bank of Canada Fin'l 41* - 2 2 ▲ 26.5 - - - 1.5 18 100.0

Translink Corporate Finance 41* 37* 2 -1 ▼ 0.5 - -96.8 ▼ 1.0 18 100.0

Quarton International 41* - 2 2 ▲ 0.0 - - - 2.0 18 100.0

Investment One Partners 41* - 2 2 ▲ 0.0 - - - 2.0 18

Cormark Securities Inc 41* - 2 2 ▲ 26.5 - - - 1.3 18 100.0

HSBC Holdings PLC 41* 58* 2 1 ▲ 0.2 65 - - .5 18

Duff & Phelps 41* 58* 2 1 ▲ 0.0 - - - .7 18 100.0

Evercore Partners 41* 29* 2 -2 ▼ 0.0 66* - - 1.0 18 100.0

0 - 56.4 - - - 2.0 18 100.0

Industrial & Comm Bank China 41* 37* 2 -1 ▼ 321.9 24 - - 2.5 18 29.8

21*

8

▼

CFI 30* 23* 3 -2

2017 Advisor 2017

100.0

100.0

18 1053.3

100.0▼

2.4 50*

▲

3 ▲

4

24* - 4 4 ▲

Banco do Brasil SA 24*

100.0

0

Rank

-

Bank of America Merrill Lynch

11*

▼

13*

44.0

14

5

14

11*

9

1,369.6

21*


29*


Cooperatieve Rabobank UA 30* 58* 3 2 ▲ 184.2 - -7.9 ▼ - 18 -

6 -3

319.9 9

8

100.0

18 100.0

18

▼ 179.0 ▼ .1 18 100.0

30* 45* 3 1 ▲

▼

RGS Partners

2017 Rank Value# of

9.3

10

2

601.9

US$m

3.7

10

286.4

71,318.4

1

4

3

Credit Suisse

6*

58*

6

8

3 3 ▲

Global M&A 30* 23* 3 -2 ▼ 50.0

GBS Finanzas SA 30* 58* 3

Houlihan Lokey

30.5

13.6JP Morgan

-24.3

5

4.5

1,105.0

-

▲

206.7

669.5

▲

13

▲

20*

Deals

2

Morgan Stanley

21*

▼

-69.6 ▼

11.9

8

▲

Haywood Securities Ltd. 41* -

0

15

13* 6

15*

599.7

5

Scotiabank

Change (%)

16

14

1 -0.4

48.8

218.5 ▲ 1.6 18

24*

24* 58*

-

564.0

100.0

37.3

9.2

.5

25.6

11.5

14.6

2.7

100.0

24*

100.0

35

▼

11.1

620.0 15 - - 6.0 18 100.0

0.0 66* - - 4.0

0.0 -

100.0

- - 3.0 18 100.0

- -78.0 ▼ - 18 -

-

100.0

- - - - 18 -

-82.9

▲

64.1

93.3

12.0

48.5

100.0

Latin America Mid-Market M&A up to US$500m by Target Industry Jan 1 - Dec 31

5*

11 ▲ 26

14

-1

24*

7

30* 45* 3 1

2.6 18 100.0

2 ▲ 48.0

41* 58* 2 1 ▲ 0.0 - - - 2.0 18 100.0

1

100.0

100.0

-59.8

▲

Change in

-

36.3

-

34,031.5 15.1

100.0

INFUPA SA 30* 58* 3 2 ▲ 35.3

2

19*

3

▼

6.7

9*

Financial Advisor

Itau Unibanco

Banco BTG Pactual SA

6.8▲

1

0

4,177.0

2

24*

17

▲

6* 39.0


236.0

5

Rank

66.5

Latin America Mid-Market M&A up to US$500m by Rank Value Range

126.3


1,237.3

38.0

9

4

26.9

16BR Partners

12.5

9.4

3.0

130.5

19*

10

100.0

▼

Deloitte

1

-5 ▼11

-1

IMAP 7

618.6

61.4

KPMG

-

-3

4

▼

-6

25* 1,558.4

▲


47

11

Exp. (%)

** FeeRank Value

4

Citi ▲1,701.0

15* 226.6

BBVA


64.7

2,432.2

Fees

24.7

13.7

▼

10.5

▲

782.5

20


-

Industry Total 1,262 -68

-3

16*

Artica Participacoes e Assesso 24* 23* 4 -1 ▼

Brava Negocios Ltda

9.9

BDO


2.5 18

100.0

30* -

100.0

▲

2 ▲ 11.2

23* 1,406.3

11*

Rank Rank

4

▼

29* 4 0 -

2.8 18

4

2016

1.4

Jan 1 - Dec 31

▲

▼

▲

- -

61.0

18

▼

0.0

7

0

- 1,063.4

▲ 9.6

▼

-6

4.0 18 100.0

▲

-

3.9

- -

10

22

7

18 100.0

-

25

UBS

13

6

29* 3 -1

▲

0

Alantra Partners SA

369.3

358.92 ▲

Arab Banking Corporation -1

16*

30

4

12

21.0


19*

▲

4.3

7

21*

-90.9

▼

Santander Global Corporate Bnk

23* 9

2

3

29* 4 0 - 38 -83.7 ▼

4.00.0 - - -

332.0

TD Securities Inc

3534.6

-

184.1

9

9.8

▲

528.1

▼

7

▼

▲

▲

# of Deals

10277.6

15*

1,055.5

▲

30*

19*

Banco Bradesco SA

Rothschild & Co 14

552.8

8

19

17

BNP Paribas SA

▲

-94.953.5

29* 8

3

12

▼

13

5

16

276.3

▲

8

8

11*

2

15*

▲

14

2.2

11*

9* 2 -83.6

169.2

13*

-51.45*

Lazard

Goldman Sachs & Co

- - 3.0

Banco Votorantim 41* 45* 2

▲ 255.9 - - - 3.1 18 100.0

Barclays 30* 37* 3 0 - 730.0 13 - - 2.8 18 10.2

18

23 -39.2 ▼

88.8

-

6

Ernst & Young LLP

Banco Fator SA 30* 58* 3 2

- -2.2

▲ 0.0 66*

-

50

100

150

200

250

300

350

400

450

500

$0

$2

$4

$6

$8

$10

$12

$14

$16

$18

# o

f D

ea

ls

Rank V

alu

e (

US

$b)


21.2%

13.8%

11.9%

11.6%

11.3%

9.5%

5.4%

4.1%

4.0%

4.0% 2.1%

Energy and Power

Materials

Consumer Staples

Real Estate

Industrials

Financials


Healthcare


Telecommunications

High Technology

Retail

5


European Involvement Mid-Market Rankings (MM3)



42

UniCredit

39

Rank Exp. (%)

▼

5

3

43*

2,713.8

▼

19.5

16.2

56.8

31

63.6

100.0

26.4

▼

Industry Total

Deutsche Bank

ING

-2.3

43* -

45*

Cooperatieve Rabobank UA

Credit Agricole CIB

-7

36

▼

93.0

-15

98.858*

44.0

31

33Evercore Partners

Barclays

Cambon Partners


Kon SpA 42

-61.3

0.6

▼

24

▼

27

4

4,170.7

-19 28

49

14

43

-99.5

688.1

-23.7

-15.0

Globalscope 52

57

4,193.6

20

103.2

1,155.9

15.1 13.5

-

Deloitte 6 -4181

1

83

25

23.8

-82.9

38

▼

37*

40* 28

-3

23

▲

212

8

-

▼

-0.7

26*

** Fee

135.7

-11

-45.8

415.8

0

-26

20.5

90*

European Mid-Market M&A up to US$500m by Target Industry

-82.7

49.6

32.2


49.2

48.9

40

45.2

Jan 1 - Dec 31

6

100.0

14.9

-34.2

52.6

86*

5,241.5

-87.3

762.9

▼

62.0

20172017

2

-

-16.7

100.0

91.5

15

1

1,125.8

92.3

European Mid-Market M&A up to US$500m by Rank Value Range

41.2

Deals

▼

847.3

58.2

70.8

15

17


100.0

2

14

112

27

236.4

7

6

13

2

-40.5

▲

34.5

47

▲

13

55

Natixis

1

-79.1

▲

-

22

54.0-10.5

29

986.7

▼

-3

-

19.4

▲

7,236.0

▼

105

▼

▲

108.6

111.9

2,423.2

-11 ▼

▼3,384.4

Change (%)

91.1

▼

-69.1

▲

30.4

Capitalmind

Societe Generale

BCMS Corporate Ltd

66*

22*

32*

6,543.6

37

32*

30*

34*

40*

34*

100.0

61.9

-

▼

▲

5,058.9

-10.8

▼

88.0

41.3

34

48.4

39

4,427.1

19.4

4,268.3

▼

18

▼

100.0

3,722.3

21.8

30

71.2 9

54.3

-

-2

70.0

▼ 48.3

21

6,862.1 5,991.5

▲1,775.0

Advisor

1,211.2

37*

-18.3

-51

5

991.5

-25

71.3

1,067.331

0.5

2,016.2 1,848.5

229,245.5▼ ▼

36.0

37*

-1,451

▼ 21

36

▲

35▼

4142

4,758.5

-

37*

▼


100.0

100.0

-

-2.8

52.2

38.6

27*

5

2,028.5 24

-78.8


16

885.1

▼

-34

-3.4

▲

6,812.8

1,399.4

60.0

▼-

13

17 ▲

-23

-3

258,958.9

▼

100.0

42

*tie

▼

49.5


▼

37

▼

36.0

Goldman Sachs & Co

60

-6

42.6

16

▼

-24 ▼ 4,035.6

27.0-60*

▼

-15

41

34

▼

86

5,464.8

19Morgan Stanley

-39.2

5.1

30

-20

▼-6

-3

9

-37.7

5

44.5

43

20

18

▲

▼

59

▲

▲

1,184.9

-24.2

41

13

▼ -58.2

▼

10

26

5

-24


15


Fees

19

5

12

44

▲Rothschild & Co

138.2

87.3

184 12

36.0

Grant Thornton

Clearwater International

▲

-57.5

-42.3 ▼

Euro mil

5,969.5

29.1

▼

16 79

-10

Ernst & Young LLP

4

▼

2016


1,008.6

-

4

-

-2.5

Rank

761.6

9,920.7

329 -41.1

15 10BNP Paribas SA

US$m

3,858.8

4,381.622*

25.723

95

10

Rank

203

286.3 262.7

72

Jan 1 - Dec 31

91 100.0

7,702.1▼

39

▼

3,492.2

9

Rank Value per Advisor

Rank Value

2

-

12

100.0

100.0

87.1

29

32

801.3

146

▼

97

20

7

137.8

14.6

43

▼

Citi

▼

Rank


18

4

3

153

71

849.2

14

66.633

98.0

895.1

▲

55

▼

-

3,853.6

109.7

55.5

17 11

▼

-

Alantra Partners SA

9 0

82.7


12

3,722.3

91.5

20

2,540.7

100.0

-26.7

100.0

2,228.4

100.0

BDO

10.6

70.3-1.1

7

15,912.9

11.0

11.6

46.1

1,805.3

147.6

▼

19

21*

2

21*

59

12

0.0

11

46.3

10

3,574.9

29

54

20

▲

Houlihan Lokey

286

33.9

2017

24.1

Lazard


-

▲

IMAP

▼

-

▼

43.8

UBS

2,233.6 1,922.2


49.4

8

6

150.0

Rank Value

11

-11.4

▼

▼

-2.4

42 17.2

26.1

-

KPMG

-70 ▼

8

32.8

6,373.1

3,005.5

353.3

18

39

▼

1,080.9

▲

19.6

91.4

-7

Mediobanca 45* 51* 28 -2 ▼

Raymond James Financial Inc 45* 105* 28 16 ▲

▲

17

13

# of Deals

1

23 -19.2 ▼

14

26.8

70.1

9

34

45* 49* 28 -3 ▼

45* -36 ▼

Financial Advisor

14.0

4

-24

6,413.6

11,076.9

Jefferies LLC

-

-

100.0

56

51

31

-

37.0Global M&A

100.0

51.9

CFI

95.4

▼

12

Credit Suisse

49

22*

25

27* 922.8

▼

JP Morgan 3

2,009.6

Macquarie Group

DC Advisory 22* 28

1164

1,295.5

7

-

14,037.1

231.9

▲

▼

26

24

24.118

205.1

3

182.1

107.1

▼

8

-28.2

32*

30*

38

17

▲


# of Change in

60.3

22.2 46 100.0

-5 16

▼

7,134.4

19.9 53 43.4

31.7 36 100.0

-40.6 ▼

4,870.7

36

32*

166.9

41.0

34.0

25

▲

-

1,552.1

1

2,437.3 2,163.0 22 19398.4 ▲

2,503.9 2,212.2 21 -27.7 ▼

875.5 823.8 -

-2

▼

17,212

1,326.935

26*

-

1,000

2,000

3,000

4,000

5,000

6,000

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

$100

# o

f D

ea

ls

Ra

nk V

alu

e (

US

$b

)


18.4%

13.1%

12.9%

10.0%

8.8%

7.2%

6.9%

6.6%

5.6%

5.1%

3.5% Real Estate

Financials

Industrials

High Technology

Energy and Power



Materials

Healthcare

Consumer Staples

Retail

Telecommunications

6


UK Involvement Mid-Market Rankings (MM4)

** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$500m as a percentage of its overall M&A fees in the relevant region.


553.3

100.0▼

21.8

4,580

17.6 21

1,944.2

▲

19



6

39.313.0

-

Grant Thornton

6.1

21.5

Investec

-


170.9

16 25.8

7.3 49

3,347.6

27

304.5

22*

94*

15

† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.

27

▼

▼

-3

▼

51.1

24


69*

Financial Advisor

69.8

1,121.5

2.1

17 ▼

1,476.3

▼

21

▲


2

20* 46*Morgan Stanley

24.6

17

34*

-12

47.1

finnCap Ltd

Barclays

▼

1 6

-42.2 ▼

50

▼

45

30*

100.0

9

15.835.9

-

Citi

343.5

27.4


-48.6

24*

-5

6.9

1027.9

▼

-37.0

6

109.7

2,623.1

3

-4.6

26*

▲

JP Morgan


Goldman Sachs & Co

BDO

Ernst & Young LLP

31.1

▲

16*

1.0

# of

3▼

▲

602.8

85

BCMS Corporate Ltd

-9

▲

KPMG

-13.3

11

-0.7

934.4

▼-2

Rothschild & Co

-

-42.0

1,616.0

44

▲

Deals

2017

Rank

60

97

2,790.3 2,161.2

▲

▼

124 -79.9

7.2

14.9

33

226.6

26*

19

2,584.4

37.2

▼165

Rank Value Rank Value

454

52.3

100.0

93.6

15.0

44*

100.0

UK Mid-Market M&A up to US$500m by Target Industry Jan 1 - Dec 31

Jan 1 - Dec 31

Change (%)

UK Mid-Market M&A up to US$500m by Rank Value Range

100.0

30*

23.5

-

100.0

100.0

-2

292.3

867.3

5.7 66

10.8

61.7

100.0

11.0

▼

11

8

30*

44.2

100.0

15.1

▼

▲

196.0 152.3 - 167.4

5

2016

5,329.3

-30.2

61.7

100.0

100.0

-6

-11

32.1

11

100.0

3.0

▼

-

65.2

11

34*

91.4

26.3

▲

10.0 34*

▲

▼

41

▼

24* 45

-28 7.8

13*

18

577.9



▲

10

-

▼ ▼

2017

▼

-34

Fees

10

7

1,245.8 20.1▼


100.0

-3

44.5

8.3

22

Piper Jaffray Cos

Credit Suisse

17

2.984.8

125.4

13*

51

46.2

85.6

74,382.8

25

100.0

GBP mil

21*

9.8

61*

4 ▼

-94.9

7

695.3

5

20

-8.0

454.1

100.0

▼

-2.8

10

-

-25.7

▲

-57.6

-2

85*

** Fee

▼

▼

391.1

29

▼

38

▼ ▼

2,110.5

12

7

17.2

▼

8

▲

8 9.8

13.8

94.0

727.3

-

49.5

53*

16

-61.0

100.0

-13

▼

23

646.0

- 815.6

▼

21.9

-21

2

24

▼

581.2

-

887.6

6

Change in

# of Deals

Advisor2017

629.5

12.9

60

US$m

245.8

▲

7

9

24.4

707.0

11

-

28

▲

1,659.4 1,285.3

11.7

715.8

42 56.8

-

▲ -35.4

286.3

58

95.4

61.1

100.0

-34.25

26.9

2.6

49.7

▲

108*

12

2,443.0

-2

19

-

1,151.5

37.3

24.4

▼

38

-65.6

104.2

2

▼

2

29

30*

22

1,607.0

*tie


Exp. (%)


101*


IMAP

80.1

-

7.1

28

Rank

36*

36*

899.7

27.3

PricewaterhouseCoopers 5*

13*Deloitte

Alantra Partners SA


12

9

Rank

1011

▼

Rank

9

13*

14

100.017*

2,305.3Industry Total

▲

19

40*

15

17.2

13

▲58.7

26*

▼

266.6

4

30*

1,249.5

UBS

-3 ▼

Cenkos Securities PLC

Evercore Partners

Liberum Capital

▼

▼

▲

30*

27*

-2

17 -4

21 369.9

-31.8

-55.5

27*

18

816 -3

-1.7

13

▼

-85.7

751.4

7

576.6

32

20

7

237

▼

11

▲

5*

40 ▼

6,909.8

2,260.7

Mazars SA

2,021.422*


Duff & Phelps

Jefferies LLC

Numis

1

Lazard

18*

38.7

314.8

15.5

500.5

4

34.6

546.1

▲

1

66

19

20

1

1,808.8

38

465.1▲

100.0

16

18*

15

21.3

3

▲

11

96,141.7

▲

-72.8

1,107.4

21 -42.3 ▼

57.9 44.3

16* 17 -14

14

▲

-521*

8

32

▼

58.6

-7

37*

24

22

2,936.8

-3.52

8

2

531.4

▼

837.2▲ 417.9 ▲

Canaccord Genuity 37* 51*

Macquarie Group 37* 34* 14 -6 ▼

▼

1,517.5

▼

-2

224.1

Houlihan Lokey

- -37.8

724.5 555.0 34

65.3

20*

15

27

18*

3

24

2

38 100.0

10.6 33 24.1

1,349.5 1,047.0 14 -33.5 ▼

1,078.9 843.0 24 75.8 ▲

1,112.4 812.2

13.9 26

46* 14

30*

34*

34*

36

37*

37*

14 2 ▲

Deutsche Bank 37* 37* 14 -5 ▼

25* 16

▼

8.9

31 100.0

21.5 17* 46.6

6.4 58* 100.0

3.2 84 100.0

1.7 128* 100.0

5.4 68 100.0

8.7 39* 100.0

WH Ireland Ltd 46* 40* 11 -5 ▼

Standard Chartered PLC 46* 88* 11 6 ▲

CFI 46* 40* 11 -5 ▼

125.5 ▲

1,314.8 1,014.7 15 212.2 ▲

245.6 185.2 - 46.2 ▲

1,017.2 783.2 - 77.2 ▲

115.9 89.0 - 83.1 ▲

1,142.4 867.5 20

Sentio Partners LLP

40.5 ▲

6.1 4.8 - -96.3 ▼

Peel Hunt LLP 43* 46* 13 0 -

11.3

22 -10.9

37* 54* 14 4 ▲

BNP Paribas SA 43* 40* 13 -3 ▼

Global M&A 43* 39 13 -4 ▼

132.8 101.0 -

-

200

400

600

800

1,000

1,200

1,400

$0

$5

$10

$15

$20

$25

$30

$35

$40

# o

f D

eals

Rank V

alu

e (

US

$b)


21.3%

14.0%

11.1%

9.6%

8.4%

7.9%

7.8%

5.7%

5.7%

4.5% 3.7% Real Estate

Financials

High Technology


Industrials


Energy and Power

Healthcare

Materials

Retail

Consumer Staples

Telecommunications

7


French Involvement Mid-Market Rankings (MM5)



100.0

Grant Thornton 43* 29* 6 -6 ▼ 0.0 0.0 - - - 0.6 245* 100.0

Adviso Partners SAS 43* 94* 6 3 ▲ 5.6 5.2 - - - 4.9 47* 100.0

*tie

0.7

27*


3.9

▼

100.0

59.3

33.4

70.6

28.2

100.0

100.0

100.0

100.0

- -

-

32.4

1.3

8.6

Canaccord Genuity 30* 48* 9 3 ▲ 824.2

ING

Messier & Associes 36* 48* 8

▼

5

Rothschild & Co

-196

▲476

-87.6

▲

-39.6

18 13

6

-4

9 -8 ▼ 1,114.7

▲386.0

0.6

17.1

2

# of

20

-

Rank

15*

10*

1,848.5Credit Agricole CIB

18

8 -8 ▼ 577.5

36*

6 -3 ▼ 74.9 67.1 - - - 5.0 44*

Euro mil

Natixis

BNP Paribas SA

-4

-2

6

2

17*

27*

12*

328.2

-

15.7

15

40*

9

▼24

1127* -8

58

3

49.2

17.8



512.0

2,473.4


7

19*

-3


DC Advisory

Citi

Pax Corporate Finance

Nomura

9

RBC Capital Markets 39*

13

-

8.2

8 - - 8.0

366.9

- -

50

▼

8 5 ▲ 0.0 0.0

- 7.5

MBA Capital SARL 30* 16* 9 -10 ▼ 0.0

66.0 59.1

▼

1,035.1

34,377.9▼

10.0

720.4

94*

JP Morgan 30* 22

Aurignac Finance 30*

Eurohold SL 39*

Clipperton Finance SARL

33*

1,609.3▲

CFI 30*

▼

77*

Goldman Sachs & Co 36*

39*

65.0

111.9

▼ 0.0


Societe Generale

Deloitte

Invest Corporate Finance SAS

Global M&A

Bryan Garnier & Co

BDO

0.0

▲

6 2 ▲

18.1 17.0

9 0 - 12.0

990.0 9 - - 6.3 34

- - -

5.4 40*

59.3

156*

11

▲38,852.5

▲ 1,174.7

2.2 83* 13.4

23*

2

Industry Total

34

8

▼

6

0.0 19

9

11

23

1,799.0

▲

12*

27 54.8

511.0 18 - - 7.2 31

25*

- 10.0

27*

7*

▼

▲

UBS

▲

15

▲

382.5 5.4

23 ▲

▲

15*

21

141.3

446.5

-

93.8

4

▼

10

-18

French Mid-Market M&A up to US$500m by Rank Value Range

138*

65.1

46.1

20.1

1


French Mid-Market M&A up to US$500m by Target Industry Jan 1 - Dec 31

100.0


54.3

Advisor ** Fee

9.3

99.4

3

1 24,398.4

Fees

2016

4*

20172017 Rank Value2017 Rank Value

Jan 1 - Dec 31

50.5

Rank Exp. (%)Change (%)US$m# of Deals

IMAP

3

-

▲

7

-4

2.5 79

3.0 67*

2.9 74

- - - 8.3 26

32

32

31

-74.7

43* 7

19*

10*

38

31.012

23*

-2

11 29.2

188.4

▼

1223*

18.1

-2.45

▼

27

77*

2.3

207.0

77* 29*7 3 ▲ 48.2 43.3 -

77*

73.3 64.5 - - -

228.1 192.8 48 - -

11

-71.5 ▼

6 4

▲

28.1

-

-

-

▲

7 -1 ▼

- -

7*

Banque Degroof Petercam SA 22*

25*

27*

0 - 596.1 526.6 14 - -

AP Management 43* 33*

Edmond de Rothschild Hldg SA

16*

26 -89.8

3

Cambon Partners


-

22.9

-

23

-

▼

2

▲

5,305.7 4,748.4

17*

Translink Corporate Finance

Capitalmind

70.4

8

20

14

2,214.6 ▲

15.6

-

2 ▲ 11.7 10.0 - -

100.0

Drake Star Partners 30* 190* 9

39* 40*

Mediobanca 43* 127*

Oddo & Cie SCA 43*

10

24

24

-

8.6

580.8 505.5

7

Lazard

20

-99.5

▲

20.2

17.0

22*

3.7

44.7

20

98.8

335.1

72.7

54

▲

19*

18.4

34.0

21.1

3,905.7

19.4

17

-10

Deals

7

62

- - - 8.5 25

21

-18 ▼ 421.1

▼

-

13

▼

4.6

292.8

81*

109.5 16

15

11▼

15.8

1,326.9

68.0

-6

14

1 41.2

52.82,866.03,217.7

43

523.8

33*

8

-2

▲

16.2

-2

-

▲

▼

9

61*

16*

-2 ▼

17

-

0.0

577.1

14

4

Financial Advisor


▲ 104.4

61* 10

- -

43*

KPMG

108


Rank

1,552.1

Change in

100.0

-

17

4

15.5

2.7 2.5

163.8

11.7

-

5.6

-

▲16

479.8

44*

9

1,407.3

Rank

11.2

1

4* 100.0

17.5

▼

0

3

2,016.2

186.0

2,909

- -

80

5

- 3.9 58* 100.0

7 3

Alantra Partners SA

100.0

Ernst & Young LLP

-6

- -

100.0

116.7

▼

10.8

-643

▲ 32.1

100.0

100.031.2 28.9

14

23

8.3

100.0

5.0

100.0

100.0

100.0

18.6

20.7

63.6

100.0

76.2

22

- - -

14

▼

215.0

0.0

0.0

239.5▲

254.3

▲

100.0

-

- 7.5 29* 100.0

100.0

12

18

▲

19

16

-85.5 ▼

63

0.5

100.0

100.0

-

100.0

100.0

100.0

30.5

19

0.0

278.7

▲

93.7 - -

-

190*

14

4

-34.7

19*

212

21

8

255.8

▼

▲

165.4

Linkers 43* 29* 6 -6 ▼

Macquarie Group 43* 190* 6 5 ▲

0.0 0.0 - - -

723.3 639.1 12 - -

6.0 35* 100.0

6.4 33 67.4

-

100

200

300

400

500

600

700

800

900

1,000

$0

$2

$4

$6

$8

$10

$12

$14

# o

f D

eals

Rank V

alu

e (

US

$b)


16.7%

16.4%

15.7%

9.3%

8.8%

8.7%

5.9%

5.6%

4.5%

3.0% 2.8%

2.7% Industrials

High Technology

Real Estate

Energy and Power


Financials


Healthcare

Consumer Staples

Telecommunications

Materials

Retail

8


German Involvement Mid-Market Rankings (MM6)



CBRE Holding SAS 38* 46* 6 1 ▲ 364.9 316.7 36 -60.3 ▼ 4.5 40* 100.0

Global M&A 38* 12* 6 -10 ▼ 0.0 0.0 94* - - 5.5 36 100.0

IEG-Investment Banking 38* 17* 6 -7 100.0

-

8.0

84.2

12

Centuros GmbH 30* 30* 8 0 -

-1


Globalscope

-

55.9 3

-94.0

-

-

20

- -

▼

73

46

▲

15*

22.8

12765.2

11

-


Goldman Sachs & Co 22*

22* ▲

▼

-

38* 39* 6

German Mid-Market M&A up to US$500m by Rank Value Range

-0.0

# of Deals

12.4 12

0 - 72.4 61.5 65 -83.2 ▼ - -

100.0

Jones Lang LaSalle Inc 38* 72* 6 4 ▲ 33.4 30.0 - - - 5.2 37 57.8

30*

1 ▲

*tie

Livingstone Partners

30* 51*

CFI


Quarton International


40*

40.3

-1

976.6

-

-90.7

- - -

14

13

▼ 0.0 0.0 - - - 5.0 38

8.7

1.5

9

93*

59*

23*

2.5

▲

3.6

6912.8

15*-

6.0

10

-

3843.2

8 0.0

10

841.1

25*

7

35*

13

10

# of

4.2

34,956.7

-5

5

43

11

-15*

13.0


2016

1

Advisor


Change (%)

100.0

3

27

10

15

1,613.1

Rothschild & Co

▼

37

1

Euro mil

0.0

4

40.8 36.2

10*

Change in

222.7

Macquarie Group

10*

39*

2

-10

4 74.0

2,803.7

8

17

24

22*

30*

▼

2*

6

17*


UBS


21

33.6

22*

22*

19*

19*

22*

22*

Roedl & Partner

8Concentro Management AG

Deloitte

4 0.0

Rank Value

4

US$m

20*

-3

0.0 -

67*

45.5

▲

0.0

100.0

-15

100.0

▼

▲10

-

1.7

53.0

10.4

129.1

-

-

55*

8

100.0

21*

763.4▲

6

7 ▲

100.0

100.0

100.0

100.0

209.5

6

114.9

1,757.8

German Mid-Market M&A up to US$500m by Target Industry

-5

0.0

51*

13

11

13.8

71.7 62 -22.7 ▼

39*

9

20*

15

** Fee

48.6

84.8

4*

25*

-

0.0 94*

412.4

IMAP

Barclays 37 39* 7

-46.7

18

KPMG

Ernst & Young LLP

Financial Advisor

100.0

▼

▼

868.0 8 79.2 ▲

0.0

-

40 -57.9 ▼ 2.3 74 100.0

4 ▲ 751.4 688.2 15 - - 8.5 21* 100.0

-1 ▼ 405.9 381.8 - - - 4.1 44 100.0

3 ▲ 295.0 250.0

▼

3,353.9 -15.4

8.3

▼ 1,177.1 1,070.2

79

5

18.2

0.0

-

-

34

876.6

▲

▲

-

Jan 1 - Dec 31

-

100.0

▼

▲

2

3

100.0

-

-

Rank

259.0 9.7

Jan 1 - Dec 31

25* 100.0

10

236.0

-

▼

17*

11

4

20* 516

1

2017

UniCredit

Rank Deals

7

47

28

12

20*

BDO

19

885.0

4.0

100.0

4.5

Fees

-12

▼43

2

53*

-23.1

54.443

Deutsche Bank 2,588.9

▼

7

65

70.72,337Industry Total

13.9 8 88.0

4.4 42

Capitalmind 30* 51* 8 4

-0.3

100.0

29*

45*

▲ 0.0 0.0

19 8 -4 ▼ 385.5 334.5 34 -33.5

0.0 0.0 - 100.0

Commerzbank AG 30*

Rank

1

Rank


53.4895.6 6 13.4 ▲

29 25* 9 0 -

100.0

ACXIT Capital Partners

▼ 3.4 58 100.0

-

939.8 781.7

6

10 ▲

1014

0.0

35

-8 0.0

-6

79.8 72.9

21

2

Standard Chartered PLC

Houlihan Lokey

goetzpartners Corp Finance

30,858.0

15*

21.0

10.0

8 8 ▲

9

▲

100.0

7.0 29*

▼

51*

31.2

▲

- -

JP Morgan

23 -

-


3.2▼

227.6

7

▲

▼

▲

▲

60.0

Alantra Partners SA

▼

25

Rank Value

24.1

▼

3.8

-

-

- 155.7

Lazard ▲

BNP Paribas SA 30* 25* 8 -1 ▼

7.0

9 - -

1,031.1

One Square Advisors GmbH

372.0 29 -63.0 ▼

▲


30*

Falkensteg GmbH

Ludwig & Co GmbH 38* 72* 6

GCA Corp 38* 35* 6

HSBC Holdings PLC 38* 64* 6

18

8.5

690.6

▲

44.0

13.2

▲

-

0.0

▼

-132 ▼

0.0

8.0

10.0

30*

10 0

13 12*

-1

2*

15*

784.7

10.1

8 4 ▲ 0.0 0.0 - - -

10* 4*

51*

5.9

▲

0.0

71

-76.7

▲

20.5

2017 2017

100.0

15.9

100.0



-13

13.7308.8

4

18

3,806.4

-

▲

15*

210.1

▼-15.6

63.7

41.3

62.0

100.0

100.0

88*

2

1

Exp. (%)

100.0

41.5

73.1

73.8

16.0

13

128.3

--

-

100.0

-

2,501.9

▲

▲

0.0

104.9

-9

100.0

▼

18

19.23

100.0

114.0

10.5

200.0

-

10

14

-94.8

2,968.4

-

100

200

300

400

500

600

700

800

$0

$2

$4

$6

$8

$10

$12

# o

f D

ea

ls

Ra

nk V

alu

e (

US

$b

)


30.3%

14.4%

13.0%

9.1%

9.1%

5.2%

5.2%

4.2%

3.3% 2.5% 2.4% Real Estate

Industrials

High Technology


Financials


Materials

Healthcare

Energy and Power

Consumer Staples

Telecommunications

Retail

9


Italian Involvement Mid-Market Rankings (MM7)

*tie



40.2

4

-2

40

2,512.1

30.4

1,691.9

RankFees

32 -71.2 ▼ 3.3 32* 51.6

JP Morgan 32* 14* 4 -7 ▼ 370.3 327.3 16 -65.7 ▼ 5.7 17 22.4

▼

74* 4 3 ▲ 2.2 2.0 71 -98.9 ▼ 3.1 34 100.0

3.7

4*

100.0

-63.8

10 -19.2 ▼

-71.0

13*

16

3

12

21*

21*

21

8*

15

- -

Ethica Corporate Finance SpA 5.3

Deutsche Bank

7 -1 ▼

21*

22

21*

-

5.7

180.9

136.5

-

-

1

100.0

-

-87.5

▼

BNP Paribas SA

2.2

▼

27*

1

31

1,088.0

-12

Rothschild & Co

16*

4 2 ▲ 21.6 20.0 - -93.6 ▼ 3.3 32*

7

32* 29* 4

16*

Goldman Sachs & Co

CFI

BDO

Citi


Unione di Banche Italiane Scpa

Mediobanca

Kon SpA

Lazard

UniCredit

Leonardo & Co

Morgan Stanley

Deloitte

4*

18*

18*

Ernst & Young LLP

74*

Brera Advisory Spa

Bain & Co

27*

27*


Alantra Partners SA

2

Fineurop SpA

DVRCapital SpA 32* 51*

11*

74*Spada Partners

Partners SpA 32*

2,211.9

8.7

18*

30*

- 3.0

5.4

-3.4

-

14

-2

-3

▼

7

29*

-

47*

-4 ▼

29*

-

-4

18

1,294.6

-78.1

Euro mil

0.0

▲

KPMG

5

Arkios Italy SpA

18*

27*

14



3

Deals

▲

-17.9

▼

5.6

20*

1,048.9

▲21286.6

-7

- 35*

6

15

▲

▲

# of Deals

41

313.7

100.0

29.0

11

6.1

-

91*

25.9

-

0

0.0

582.7

-

2

49.1

▼

Rank

▼

1.7101.7

-0

-6

10.2

▼

12

521.6 490.6

-70.8

0

▼

▲

100.0

100.0

351.3

5

6

32.4

Rank Value per Advisor# of Deals per Advisor

35

57

382.6

100.0

7

** Fee

Italian Mid-Market M&A up to US$500m by Rank Value Range

▼

3

204.9

5.0▲

17

8.8

26*

15.0

15

10

-8

-4.3

7

14*

14.7

51* 12.3

7

13.7

5.2

▲

▲

5 3

Change (%)

0.0

47*

1

19.5

4

100.0

-82.9

17

Exp. (%)

▼

▲

29

0.0


83.8

5

100.0

12

25

▼

▼

-71.4

▼

23

360.0

26

.6

4

1 ▲

-57.9

18*

12

13

0.0

9

17

17

10

-35.9

387.8

8

38*

1010.0


▼

7

9

▼

0.8

8

17

16

100.0

0.0

592.4

100.0

5.629*

43.6

5

▼

135.8 115.3

Industry Total

▼

Credit Suisse

17

4.0

Jan 1 - Dec 31Italian Mid-Market M&A up to US$500m by Target Industry

20*

100.0

2017Rank Value

620.7

3

65.4

14*

8*

▼

100.0

100.0

9

925.1

1,505.8

45.7

▲

UBS

100.0

▼

26

1 89.1

▼

54.7

61.7

1,417.8

2

308.8

7.5

100.0

38.9

-4 8

Rank Value

13*

Financial Advisor

2017Change in

72

Rank

Jan 1 - Dec 31

7

120.0

2017

8*

-27

5*

▼

24.6Vitale&Co-IMAP

Banca IMI (Intesa Sanpaolo)

-

35.3

-54.5

2016

2

-89.8

-

20*

7

-

45.9

-

▼

-

8

31 19.8

2,175.5

162.4

-

7

-4 -129.6

9.2

8.74

0.0

11

4 ▼-51.6

13 ▼

▲

-

16.0

5*

35

▼

-

16.3

21*

▲

-

-66.7

▲6

8*

49

134

18*

23,488.3

6 2

4 2 ▲

100.0

26

18*

661.3 -19.4

-

8*

906.0

3

-1

11*

38.0

5

▲

3.5


27*

53.1

-14.6

Societe Generale 32* 51*

27*

▼-92.5

5

0.0

4.0

100.0

51.7

-38.4

108.4

▼

Advisor


▼1

124.8

52.9

11

US$m

# of

7

720.0

2

5

▲ 46.0

16

▲

Rank

186.9

8*

2850.8

640.9 552.0

2,515.1

21.8

▼

▼

58.9

0 -

-

-63.4

-52.9 ▼

3.6▼

31

▲

-

20,712.61,389 71.7

-

12.4 10.5

36.8

-82.2

28 26.8

26*

22.5

86*

100.0

100.0

29

100.0

26.8

100.0

100.0

Equita SIM SpA 32* 20* 4 -4 ▼ 76.9 71.4 38 -89.5 ▼ 3.0 35* 37.0

-

50

100

150

200

250

300

350

400

$0

$1

$2

$3

$4

$5

$6

$7

$8

# o

f D

eals

Rank V

alu

e (

US

$b)


27.2%

14.0%

13.3%

11.1%

7.6%

6.6%

5.7%

4.7%

4.1%

2.5% 2.3%

Financials

Real Estate

Energy and Power

Industrials


High Technology

Consumer Staples

Retail

Materials

Healthcare


Telecommunications

10


Spanish Involvement Mid-Market Rankings (MM8)



- 53.4

21

59.2

8*

308.4 270.0 22 228.8

- 2.0 43* 100.0

Grant Thornton 38* 60* 2 1 ▲ 142.2 135.0 - - - 0.5 77 100.0

Jefferies LLC 38* 60* 2 1 ▲

Bank of America Merrill Lynch 38* 38* 2 ▼ 0 0 57* - - 2.0 43* 13.2

Itau Unibanco 38* 38* 2 -1 ▼ 394.4 335.1 18 180.9 ▲ 2.5 42 100.0

440.1

18*

4.1

100.0

-

16*

13.4

33

38.8

15.4

▲

Rothschild & Co

1

4 2 ▲ 0

▼

1,211.4 1,061.4 7 30.5 ▲

541.1 502.4

162.9

Deutsche Bank

GBS Finanzas SA

162800.0


*tie

Cushman & Wakefield Inc

UBS

5

2

16*

10*

Credit Suisse 32*

RBC Capital Markets 32* - 3

32* - 3

BBVA

Haitong Securities Co Ltd

Clearwater International 28* 47*

PJT Partners Inc

Societe Generale

Houlihan Lokey

Evercore Partners

Nomura

Arcano Asesores Financieros SL

Ernst & Young LLP

KPMG


Financial Advisor

CFI

JP Morgan

12*

CBRE Holding SAS 32* 38*

8

20*

AZ Capital 32* 25*

Goldman Sachs & Co

38* -

IREA Corporate Finance 38* 60*

IMAP

20*

20*

23

2016

28*

24*

76.3

5

1,231

12

▲

0.8 71*

20.3

▲

-98.9

▲

-

10

1

5

21

-

1,216.6

2

5

89

9

14*

375.2

23*

Rank

2.4

-7

28*

▲

1 ▲

-1 ▼

2.7

13* 48.8

4.3 24 100.0

5.0 22

3

850.7

0

0 0

-

142.2 135.0 - - - 4.0 27* 100.0

-

78.3

2.7

Fees

-

-24

▲

1,638.0

-1

10

1,645.3

100.0

38.5

222.0

6.8

100.0

-

▼

769.8

# of Deals US$m


1

16

100.0

10

-

10 -

145.0 -

262.4

30*

4*

27*

27*

Jan 1 - Dec 31

84.4

▲

Spanish Mid-Market M&A up to US$500m by Target Industry

▲

66.9

9

25*

87.0

7.8

▲

-

6

-

▲

0

4.0

▲

4*

12*

8

18*

59.1

7.8

100.0

3.0 39* 100.0

22,295.1

12

3

9

521.9

▲18*

28* 18* 4

3

25* 2 -2 ▼

Spanish Mid-Market M&A up to US$500m by Rank Value Range

12.6

100.0

-

-

15

4

-

100.0

1,436.4

Rank

18

11

-23.4

14* 7 0

1.5

▲

74.4

1

10

30.3

8 7

0 - - - 4.0

3 ▲ 48.2 43.3 - - -

-

26

64.3

28.0

▼

697.2

60* 2 1 ▲ 0 0 -

397.9

13.4

▼12

15

6.1

-12.9

-1 ▼ 205.8 189.1 -

18*

-

70.5

▼

79.0

▲

▼

▼

5

11.1

1

32* 100.0

904.2 792.3 8

19

526.8

25*

10.8

17.0

203.5

▼

6.8

▼

1,312.7

9

39

640.3 ▼

11.1

▲

-44.4

-

0 0 - - -

2 2 ▲

Industry Total

1

1,510.1

▲

2

2017

1,813.8

100.0

-2 ▼ 590.6 521.1 13 -39.9 ▼

7.0

642.4

2

0 0 - -

3

▲

13*

579.2

6

Morgan Stanley

Norgestion

10*Montalban

8*

1,188.2 5

20.225,078.0

-

▲

▼

4

1

0

3

17

- -

10

10

479.3

448.2

5

5.5 20

▼ 158.0

-

423.2 17

13.2

0

3

7

3

77

18

12

1,414.6

5.1

10*

-

5

▲

▼

Change (%)

8*

606.3

-99.3

-22.7

Rank

9

8.3

10.9

60*

3.9

1

-

876.9

10*12*

▼

0



14*

24*

Euro mil

▲

1,366.0

73.3

758.0

▲

690.7

-

6

Santander Global Corporate Bnk 25


11

10

Advisor

18.1

11.0

6 -85.8

15

Mediobanca

BDO

Rank Value

3

Jan 1 - Dec 31

53.1

100.0

Deals

100.0

Rank

Citi

Eurohold SL

6

1.6

11

12*

8*

▲

14.7

▼ 16*

11.1

4

3

▼

100.0

53

5

6

0

41

▲

228.1

▲ -

24*

24*

7

13 7

25*

BNP Paribas SA

Lazard

47* 5

16*

▲

14*

7

1,366.2

▲

14

88.5

11

380.9 ▲

-2

1,057.6

-36.6

-34.9

45

38* 2 -1 ▼

100.0

3 -1

346.4 19 102.2 ▲ 3.4 37 100.0

35.7

574.8 ▲ 3.6

▲

3 ▲

38*

38* - 2 2

2 1 ▲

0 - -

174.0 163.1 - - -

259.1 238.0 24 - -

105.4 95.4 - - -

Clairfield International 38* -

▲

0

32* 38* 3 0 -

4.2 25

2017

4

14 -26.6

32* 55.4

384.4

▲

▲

65.1▲

-77.9 ▼ 3.6 32* 43.4


Exp. (%)

** Fee

Deloitte

Alantra Partners SA


Rank Value

-

1

7

188.6222.2

1

-78.5

3.6

▲

2

2017

36.3

4.8 23 47.5

3.0 39* 49.2

3.9

100.0

# of

▲

Change in

25* 4 0

5.7

60*


23

3

-4

57

133.0 33

25*

30* 50.0

3.5 35* 100.0

3.2 38 48.5

1.3 49 100.0


100.0

0 0 57* - - 1.8 48 100.0Macquarie Group 38*

-

50

100

150

200

250

300

350

400

$0

$1

$2

$3

$4

$5

$6

$7

$8

$9

# o

f D

eals

Rank V

alu

e (

US

$b)


21.0%

18.6%

13.2%

10.8%

10.3%

5.5%

5.3%

4.7%

3.6%

2.8% 2.2% 2.3%

Real Estate

Industrials

Energy and Power

Financials


Consumer Staples

Healthcare

Materials

High Technology


Telecommunications

Retail

11


Nordic Involvement Mid-Market Rankings (MM9)



Alantra Partners SA 43* 65* 4 2 ▲ 0 0 - - - 1.7 71 100.0

FIH Partners AS 37* 8 4 ▲ 413.9 357.0 17 - - 4.0 31* 47.1

Morgan Stanley 48* 7 4 ▲ 1,215.8 1,102.8 1 941.8 ▲ 7.8 10 19.6

20*

32*

32*

32*

32*

*tie

32*

▼ 9.3 7 100.0

13

Nordea 18* 15 9 -8 ▼ 461.7

13

Globalscope

SEB

Financial Advisor

KPMG

Danske Bank

-

Carnegie

IMAP



BDO

15*

2016

1

Rank

12

5*

3

6.4519.0

5.2

6.5897.2

58.019

2017

-

69.9

5.6 100.0


27*

Jefferies LLC 20* 25* 8 1 ▲ 200.0 189.3 38* -68.8

5*

12*

15.9

572.5

▼

572.2 -5.6 ▼

Rothschild & Co

Ernst & Young LLP

DNB ASA

10*

4

58.1

43*

425.8 16 -58.9 ▼ 3.7 34* 38.1

817.5

11.5

20*

6.4

486.0 10

11

9.8

458.1

2 -65.1

12*

160.6

471.7 398.6 -66.4

-9.9

18.6

-14

▼

▼

43*

-4

▲ 281.1

-12

12

16* 544.6 25

-63.6

14.7

11

-4 ▼

43*

18*

15

88.511

0

54

139.8

19

610.928,138.4

-1

10

11

13

18

Fees

▼

2

657.8

7

▼

US$m

100.081.8

Jan 1 - Dec 31

38.5

8

5*

500.7

▼

-81.3

3

562.6

-

4

Rank Value

▼

0

6

7

Nordic Mid-Market M&A up to US$500m by Rank Value Range

33.7

17* 79.2

78.8

Nordic Mid-Market M&A up to US$500m by Target Industry

Jan 1 - Dec 31

992.9

▼

100.0

16.0

-70.0

100.0

19


-90.2

Rank

8*

-35.3

0 40.1

-20

250.7

▼

666.3 ▼

304.5

6.4

Euro mil

22 8.8

47.2

3

2017

▲

14

-66.0

6

2017 Rank Value

38*

26

Change (%)

-63.5

12* 100.0

7* -4

3-

-5

46

-14

-

1


12*

-70.2

▲

100.0

-

▼

100.0

# of Deals

# of


229.0

▼

23

9*

40.8

7*

14

5*


** Fee

▼


43*

5.7

Handelsbanken Capital Markets

Credit Suisse

37.5

-

482.5 442.5

36.5

▼

32.3

▼

2 1

▼

Change in

27*

▼

0

9

▼

-5

43*

▼


27*

Industry Total

Catella AB

UBS

HLP Corporate Finance Oy

2,196

▼

5 2 ▲

32*

27*

▼

10 9

16*

327.8

3 ▲

5 3 ▲

4 3 ▲

4 4 ▲

4 0 -

4 3 ▲

4 -1 ▼

4

24,779.4

74.3 65.0 - 509.0 ▲

17.9 16.6 - 231.5 ▲

9.8 8.5 3.2 42 100.0

4.3 28* 32.1

2.0 58* 100.0

2.1 57 100.0

- -

0 0 - - -

0

5 0 -

-

165.3 152.1 -

60.0

-

▲

14

8*

34

18*

4.3


Deloitte


CFI

Goldman Sachs & Co

Barclays

28*

12*

11

48*

25*

28*

48*

48*

▲

▼

▼

7 -5 ▼

6 1 ▲

6

5

10* 14

-

18*

27*

43*

43*

-23.8

Advisor

▼

480.2

-58.3

Exp. (%)

96.0

4

▲

Swedbank


Alpha Corporate Finance


BCMS Corporate Ltd

Capitalmind

AGC Partners


Livingstone Partners

Mid-Capital

Stella EOC

JP Morgan

5 1 ▲

5 1 ▲

5 3

-5 ▼

27

ABG Sundal Collier

Lazard

9*


32*

32*

32*

Deals

22*

23

32*

32*

43*

37

18

65*

22* 21* 7

24

21*

15*

55.1

▲

▲

6

22*

22*

22*

Rank

23

17

4 -15

▼

▼

8 -75.9595.6

Rank

▼

-93.6 ▼

0 0 - - -

10.0 9.2 - -94.8 ▼

585.5 501.0

-

-8.548*

96*

37*

37*

65*

28*

7 1 ▲

7 -1

100.0

100.0

100.0

3.6 36*

4.7

3.7 3.5


21.9 18.7 - -

-38.2 ▼

325.7 286.7 24 -61.7 ▼

5.2 20* 100.0

5.8 16 100.0

100.0

3.5

2

5

700.4

23.5

28* 43.0

▼

246.8

98.8 88.3 - -42.6

-13 ▼

6 -15 ▼

6 3 ▲

6 -1 ▼

5 0 -

5 3 ▲

5 2 ▲

5 2 ▲ 192.3 - 18.4 ▲

505.9 453.6 12 -19.9 ▼

14.9 13.7 76 -97.3 ▼

10.7 9.5 - 970.0 ▲

4 -34.0 ▼

0 0 - - -

4.6 26* 100.0

5.7 17* 10.7

8.4 9 19.1

.8 112* 100.0

5.2 20* 100.0

3.0 43* 100.0

3.0 43* 8.6

4.6 26* 100.0

6.4 12* 100.0

0 - - -

361.9 332.0 20 -62.3 ▼

789.6 675.2

9 -72.2 ▼

1.6 72 100.0

2.4 54 17.5

3.3 41 100.0

2.8 48* 100.0

3.5 38* 100.0

3.8 33 100.0

.7 116* 100.048*

65*

65*

96*

-

37*

96*

28*

18*

48*

65*

41.4 38.1 - -30.8 ▼

74.4 65.3 - 122.1 ▲

0 0 85* - -

707.1 631.6 5 109.4 ▲

106.6 100.0 49*

- - -

-83.3 ▼

20.1

0 0 -

0 - - -

18.9 71 -99.0 ▼

5.0 23* 100.0

3.0 43* 100.0

1 ▲

4 2 ▲

-9 ▼

4

-127

.9 110* 100.0

1.0 76* 100.0

1.5 73 100.0

4.0 31* 100.0

Moelis & Co

Macquarie Group

Citi

Pangea Property Partners AB

Grant Thornton

Newsec Corporate Finance AB

-

100

200

300

400

500

600

700

$0

$2

$4

$6

$8

$10

$12

$14

# o

f D

eals

Ra

nk V

alu

e (

US

$b

)


20.1%

15.6%

12.5%

10.1%

8.4%

8.0%

5.9%

5.5%

5.0%

3.8% 2.8% 2.3% Real Estate

Industrials

Energy and Power

High Technology

Financials

Materials


Consumer Staples

Healthcare


Retail

Telecommunications

12


Benelux Involvement Mid-Market Rankings (MM10)



Deutsche Bank 36* 18* 6 -7 ▼ 629.9 574.7 16 90.8 ▲ 7.1 20* 81.6

6.0 25* 100.0NIBC NV 28* 31* 7 0 - 0 0 - - -

Bank of America Merrill Lynch 28* 13 7 -13 ▼ 1,445.6 1,321.1 6 -30.5 ▼ 13.4 9 16.9

Alantra Partners SA 28* 73* 7 5 ▲ 31.4 29.3 - 113.6 ▲ 3.3 43 100.0

Evercore Partners 28* 27* 7 -2 ▼ 1,060.6 910.9 8 -34.3 ▼ 6.7 23 75.3

100.0

17*

100.0

12.3

Deals

▼ 5.0 30

2

▲200.4

1,826.5

100.0-

24

4.5

DC Advisory 27 25* 8

22* 9

5.8 28 53.2

Houlihan Lokey 28*

Barclays 28* 18* 7 -6 ▼ 829.0 721.2 10 115.7 ▲ 7.1 20* 75.5

Natixis 28* 73* 7 5 ▲ 193.9 170.1 - - - 2.8

2

580.6

-2

39

568.4

52* 100.0

82.5

57Deloitte



Ernst & Young LLP

Lazard

Cooperatieve Rabobank UA

IMAP

ING

-

7 ▲

▲

23.6

Globalscope

BDO

KPMG

Rothschild & Co

Financial Advisor

Citi

Rank

19-22

4

JP Morgan


Credit Suisse

Morgan Stanley


Goldman Sachs & Co

21* 41*

▼

14*

Rank

13

116.9 105.0

-9

8*

-73.4

0

9

20

15* 7

21

3

Benelux Mid-Market M&A up to US$500m by Rank Value Range

77

▼

5

2,715.3

▼

-

Change (%)

16.6

270.8 237.2 34 -65.4 ▼ 7.6 18 100.0

654.2

-9 ▼

254.5

- 30.4 ▲

- -50.7

7

27*

19

# of Deals

2

8 1,545.9

40

▼ 10.0

-22.0

55 -5

-40

Change in

▲

-2 ▼

9

11 7

Benelux Mid-Market M&A up to US$500m by Target Industry

Exp. (%)

3.0

33.8

-

▼

2.54

0

21

Jan 1 - Dec 31

12 7


-

▼

Jan 1 - Dec 31

100.0

Advisor

100.0

▼

▲

** Fee

11.0

14

-

31

▼

75.0

0

-

20.7

4 48

4

-

14 0

6.5

114.5

810.1 9 ▼

1,609.1

26 61.9

58105.1

55

0

1.9

87.9

0-

0

25.0

-75.7

11

2

3

Global M&A

Capitalmind

CFI



1

14*

13

-27.0

17

33

891.6

▼

-

-13

▲

-72.6

11

▲

3.9

4.9

11.0

1.2

3.0

5 33218.5

10.940,980.4

14

▼

20.0

35*

100.0

17

▼-73.5

5

2017

257.7

2.7

14.0

1,739.8

6

57

12

-12

9

18*

2

100.0

526.9

6.0

14*

21*

7.8

9

0

100.0

15

3

- 12

1,399.4

100.0

100.0

27.3

2

495.2

35.5

45.7

19

1

▼

12

26.2

1,455.3 3584.3

▲ 47.7

-

-

Jefferies LLC

Banque Degroof Petercam SA

RBS 28*



*tie

6

41* 31* 5 -2

6 -24 ▼

8.9

36* 7*

57.0

3

26

43.5

100.0

11

-

9.0

14

# of 2016

▼

-

44* - 4


Rank

Rank Value

-

-

▲

▼

0

100.0

13

11.4

8.4

8.5 - -95.3

5

717.4

▼

59.9

-

-8

▲

10.1

10

5

30.8

6

34

9

2

8*

▲

BNP Paribas SA

Quarton International 4 ▲

Industry Total ▲36,433.9

12

-

2.4

37.1 34.5 69 -92.0

▲ 100.0

8.641*

15*

-23.4

1

38

2017

35*

UBS 36* 22* 6 -5 ▼

CBRE Holding SAS 36* 35* 6 0 -

Societe Generale 36* 105*

30

6

17*

44* - 4 4 ▲

6 5 ▲

UniCredit 41* 41* 5 1 ▲

▲

44* 73* 4 2 ▲

Mid-Capital

-

- -

-

938.0

Mediobanca 44* 57*


0 0 -

4 1 ▲

Jones Lang LaSalle Inc 44* 31*

2,073

0 - - -

41* 57* 5 2

4

44*

3

18

▲

8

7

100.0

949.2

15

Rank

▲

2

▼

277.2

223.1

4.0


▼

-10

2,422.7

31*

-14.1

425.2

▼

-

▲

100.0

100.0

▼

1,211.2 ▲

Euro mil

2017

55.0

14

US$m

Rank Value

Fees

35*

81.6

39.5

▲

▲

1,457.2

0

-2 ▼

▲

▼

-1

12

66.4

16 100.0

▲

25*

15

17.9

218.4

▲

-5

1

17-72.2

▲ 1,678.1

85* 7.3

4.0 35* 31.3

3.6 42 39.6

3.9 38* 100.0

4.0 35* 100.0

▼

-


150.8

17

-

28.0

169.1 ▲

7 -2 ▼ 88.3

9

4.1

100.0

668.0 604.9

1,305.2

7*

10

3

27*

21* 73*

17*

21*

21*

35*

3

22*21*

50.2

3.0 44* 100.0

Drake Star Partners 44* - 4 4 ▲

497.2 429.5 18 -64.3 ▼

661.4 556.0 14 17.5 ▲

0 0 -

Macquarie Group

-35.5 ▼

724.5 664.4 11 83.8 ▲

686.7 592.6 12 1392.8 ▲

0

-3 ▼

BMO Capital Markets

10

-75.3 ▼

7.2

44* 100.0

50.2 44.2 - -78.4 ▼

200.8 183.0 - 499.4 ▲

15.2 14.4 - -89.0 ▼

367.0 341.8 - 188.7 ▲

399.1 345.3 24 404.6 ▲

220.7 208.0

3.9 38* 55.7

3.0 44* 100.0

0.7 141 100.0

6.0 25* 100.0

1.8 78 13.0

3.8 40* 100.0

-

100

200

300

400

500

600

$0

$2

$4

$6

$8

$10

$12

$14

$16

# o

f D

eals

Ra

nk V

alu

e (

US

$b

)


17.6%

14.0%

10.3%

9.4% 9.0%

7.8%

6.8%

6.2%

5.5%

5.1%

5.1% 3.2%

Real Estate

Financials

Energy and Power


Industrials


High Technology

Consumer Staples

Materials

Retail

Healthcare

Telecommunications

13


Eastern Europe Involvement Mid-Market Rankings (MM16)



10

-

958.512

▼

-

Barclays

Rank

6*

24*

2


*tie

Deutsche Bank

Houlihan Lokey

2016

100.0

▲ 11*

100.0

-

12*

97.5 432.8

100.0

▼

392.5

Rank ValueChange in

833.98

▼

67.56*

5.9

5

260.1

123.7

-24*8*

IMAP

▲0

-

100.0

11.5

8.0-2

▲

-

3

100.0

-

-7.3

Clairfield International 84.5

107.6

349.1

21* 3

13*

-

3,007

30.8

-860


-

126.32

3

-

-

Financial Advisor

▼ 2.0

2

1

7

▼

2.5

18

4

-8

▼

▲

9.4

18*

22*

18

-2 ▼

▲

27

-

134.7

17*

5

- 0.2 71

- 2.0

1

307.4

5

# of

3

2017

15.7

-2

2.0

8.2

0

0

-

382.1

- -

4.6

22*

Advisor

5.0 11*

30

12

14

6.1

16*

-

1.9

22*

Rank Value

4


EE Mid-Market M&A up to US$500m by Target Industry Jan 1 - Dec 31

21,088.4

3

Eastern European Mid-Market M&A up to US$500m by Rank Value Range

487.8

▼

▲

12

15*

5

9*

▲

622.0

4

2017

4

10

92.019

▼

13.0

3

US$m

12.0

Fees

0 0

-90.7

-

6

9

Deals

62.8

Rank

04

-5 28*

-

41*

41*

514.06

24*

-10

-3

11

-9.6

19*

8

631.4

9*

1

Rank

-

-

17.4

22*

100.0

100.0

▼

22*

Deloitte

2

Rothschild & Co

Globalscope

Ernst & Young LLP

4

10

-97.24

13*

16.2

43

-

5

▲

14*

0

0

80.2

25

16*

4.534.0

- 100.0

2

148.4

▼

478.4

105.8

18.6 ▲

2

533.5

19.1

▼ -

0

1,046.3

4 ▲

BDO

▲

18*

100.04.6

31*

11

2.9

# of Deals

2

61.9

22*

3

- 0.7

7

Mediobanca

59*5

3.0

6.81213.3

100.0

100.0

27.5

-64.2

-

100.0

31*

18.6

51.1

▲

7

10

Societe Generale

Credit Suisse

Morgan Stanley

UBS


JP Morgan

VTB Capital


100.0

-33.6

-10

6

1


623.5 557.6

9

38* -88.5

23,838.9

014

CFI

6

0

1

6

21

-

15

18*

15* -

▼

5

8*

▲

9

988.9

▲

404.8

1,714.8

▼

100.0

Exp. (%)

10

▼▲

100.0

** Fee

100.0

87.7

8

15.7

6.0

Lazard

Baker Tilly International 22* 24* 3 -1 ▼ 0 0 -

HSBC Holdings PLC

-

-51.4

3.0

▼

-63.8

Change (%)

-5

6.4

2017

620.2

10

4

35

42

24

15*

▼

Industry Total


49*

▼

6

1312*

8

12* ▼

5.0

Citi 0 49* -

Bank of America Merrill Lynch 272.3

2 ▲

56.7

60*

▼

10.1 9.0

49*

18*

CMS Ltd.

3 1,472.5

580.8▼


Euro mil

▼

Turkiye Is Bankasi AS

KPMG

BNP Paribas SA

-3 ▼ 0

204.0

31*

▲

-16.8

451.4

-

3 2

9*

- -

▲

22* 60* 3

22* 17* 3

▲ 0 0 -

-2

249.7 13 -45.1 ▼

22* 60* -

3

22*

3

183.5

20

▲

-1 ▼

-

3

100.0

100.0

22*

0 0 49* - - 2.0 22* 100.0

▼

-

78.8

18.5

▲

▲

8

Jan 1 - Dec 31

-7

▲

1.7


Rank

24*

-2

32.9

-

200

400

600

800

1,000

1,200

$0

$2

$4

$6

$8

$10

$12

# o

f D

ea

ls

Ra

nk V

alu

e (

US

$b

)


19.6%

13.7%

12.3%

11.9%

9.9%

7.9%

6.0%

5.6%

4.4%

4.3% 2.5% 2.0%

Real Estate

Materials

Industrials

Financials

Consumer Staples

Energy and Power

Telecommunications

Retail



High Technology

Healthcare

14


Hochinma Involvement Mid-Market Rankings (MM13)




Jan 1 - Dec 31

10.4

-2

2.3

3.3 56* 84.6

40*

Huatai Securities Co Ltd

Morgan Stanley

2,598.6

9

26*

79*

-

-1

18*

▼746.8 -

35

40*

▲ 598.9

China eCapital Corp

73*

12

13

19

16

23*

48*

13*

6

100.0

40.6

21

89*

-29.8

*tie

Lazard

BNP Paribas SA

Red Sun Capital Ltd

Amasse Capital Ltd

CSC Financial Co Ltd

# of Deals

3,078.3

3*

4

-19

14

-19


-

10.6

7*

19.9

18*

201*

0.5

-74.3

-11.1

2,627.0

100.0

25*

32* -

-

-1

-9

26

77.8

-4

31

16

▼

27 - -

2,163.9

23

▼ 23

Rank

27.3

3*

23*

▼

▼

5

23*

208 1

5

94.8

20

7

▲

Rank

27* 20*

7 -34.3

2.4

27.2

18

22

100.0

4.3

31

6,526.3

2017

▼17

-34.7

11*

2.0

▼

986.3

8

21

Hochinma Mid-Market M&A up to US$500m by Target Industry Jan 1 - Dec 31

502.9

-44.0

325.3

807.6 49

100.0

59*

▼

▼-9

62.8

6,764.3

2

GF Securities

Mercury Securities

2017

▲

-9

10

-24.6

2,384.6

612.1

19

1

2,457.1

▲

13.5

3,046.4

133.77

Rank

Deloitte

Credit Suisse

Octal Capital Ltd

15*

38

2,219.4

** Fee

62.9

US$m

Rank Value 2017

13.5

730.7

100.0

39.9

23.2

69.2

▲

7*

-

23

▼

▲

13

22 -48.9

22

15*

68*

9.1

3,075.5

▲

5.0

11

▲

35*

18* 8

▲19

5

▼

9,743

1041

18*

76*

20

▼

9

44,468.9

17.4-4

15*

11*

▲

2,320.3

▼ 19.4

52*

141.7

-39.7

4

29*

▲

9.9

9.2

43

-

54*

25*

-5

29*

31

22

2

-23.2

3.4

27

17

Gram Capital

14

9

Change (%)

10

-35.4

-

Veda Capital Ltd

9.5

-64.5

Euto Capital Partners Ltd

-62.5

24

8.7

▼ 110.4

11 32 3,221.2 8

-12

9.5

# of

34*

19

7

▼

5

1

247 14 ▲

▼

35.6

▼

-

62*

-35*

10.5

37* 32* ▼

55*

23

40*

12*

2.8

6

▼

14

-2

13

32.91,725.5

1.0

2.2

13 ▲

▲

12 12 ▲

▲

28*

15

▼342,702.1

-68.9

14

201*

▲68*

▲

229

3.5

38.1

▼ 0.5

12 9 ▲

12 5

131*

81*

-

678.3 -

3.4

100.0

9.4

24

▼


6.9

100.0

100.0

-8 ▼ 1,186.2 35

10.9

Industry Total

Advisor

1,723.1

▼ 3.2-

-

2

▲

2.0

17

▲

▼

7

100.0

-17 8.3-56.3 ▼

100.0

51

27

331.8

15*

31

26

46*

951.4

20*

Deals

38

8

16

14

22.0

62.4

▼

121.1

1,627.9

▼

10

15* 35*

66.7

50.3

100.0

25

-5

100.0

15*

-13.4

1,169.1

Hochinma Mid-Market M&A up to US$500m by Rank Value Range

-▲

2,486.0

- 215.1

25

62.0

24

15*

-4

100.0

46.8


48*

472.4

21

▼

Exp. (%)

65.1

Rank

▼

4

43

2016


Goldman Sachs & Co 15.2



▲

8

9.4

▲

▲

▲

-2

89.8

679.5 -

▼

5,031.6

1,288.5

3,900.9

32

▲

Change in

1,148.7

-5.2

Rank Value

1,832.2

-40.3

1,653.7

27*

223*

30

▼

▼

▼

25

3,239.4

-

1,278.95

3

71

1

2

41*

▼

18

160*

-14

▼

-47.3

37*

28.4

43

3,390.9

1.7

China Securities Co Ltd

12

3

- -

5.9 30

11

23

▼

-2.5

2.8

-34.8

18.5

Citi

Rothschild & Co

-

Guotai Junan Securities

▼

Lego Corporate Finance Ltd

-

12* 55*

6

6

RHB

UBS

Deutsche Bank

Kingston Corporate Finance Ltd

Optima Capital Ltd

23

-8

▼ ▼

23*

40*

-8

32* 32*

100.0

554.9

1,058.7 -

16 -

4 47.7

-

Minsheng Securities Co Ltd

Dongxing Securities

Zhongtian Guofu Sec Co Ltd

37* 48* 13 2

▲

▲

16

CIMB Group Holdings Bhd

Guosen Securities Co Ltd 40*

Duff & Phelps

88.5

100.013

63.1

12

▲

-

3.0

1,021.4 39 -

-28.0

3

▼


61.5

23*

▼

81.3

100.0

89*

139*

103*1,554.2

-4.7

3.9

54.6

10.6

Fees

▲

-55.7

▲

18

17

36

China Merchants Securities Co

▲

18

7 ▲

▼

34

8.9

9

7.0

15

5.4▼

15*

100.0

1.3 124* 100.0

Sumitomo Mitsui Finl Grp Inc 44* 99* 11 6 ▲

HSBC Holdings PLC 44* 15* 11 -17 ▼

Zhongtai Securities Co Ltd 44* 131* 11 8 ▲

▲

-10 ▼

▲

54*

▼

22

14

7.7

▲

365.9

7.5

1,763.1 21

17

▼PricewaterhouseCoopers

Somerley

▲

▲

Ernst & Young LLP

China International Capital Co

KPMG

China Renaissance Partners

CITIC

Financial Advisor

JP Morgan 44* 25* 11 3.8

100.0

1,459.6 - 104.8

-18.1

565.1 - 158.6

26144.4

4.6 38* 100.0

324.3

4.5

▲

-

500

1,000

1,500

2,000

2,500

3,000

$0

$20

$40

$60

$80

$100

$120

# o

f D

eals

Ra

nk V

alu

e (

US

$b

)


16.2%

14.6%

14.3%

13.4%

9.0%

7.2%

6.5%

5.8%

4.9%

4.6% 2.1%

Real Estate

Industrials

Financials

High Technology

Materials

Energy and Power

Healthcare



Consumer Staples

Retail

Telecommunications

15


Hong Kong Involvement Mid-Market Rankings (MM12)



99* 4 3 ▲ 648.6 15 560.5 ▲ - - -

- 585.4 ▲ 0.8 75* 100.0

TC Capital International Ltd 40* 57* 4 1 ▲ 144.0 - 343.1 ▲ 0.8 75* 100.0

Zhaobangji Intl Capital Ltd

China Great Wall Asset Mgmt

Nuada Ltd

INCU Corporate Finance Ltd

3

BNP Paribas SA

VBG Capital Ltd 40* 13 4 -7 ▼ 279.0 43 -59.1 ▼ 0.7 83* 15.2

Emperor Capital Ltd

*tie

29*

237.4 100.0

179.7

1,175.7

43*

16*

2

8

12*

Deals

Grand Moore Capital Ltd

Akron Corp Finance Ltd

Goldin Equities Ltd

Bank of America Merrill Lynch 40*

SW Sec (HK) Capital Ltd 40* 99*

24*

Change in

332.2


2017

16

2

1

8

1

▲

8.0

24* 2

Anglo Chinese Corp Finance

919.4

Rank

CITIC

Messis Capital Ltd

Morgan Stanley


UBS

Euto Capital Partners Ltd

Amasse Capital Ltd

Red Sun Capital Ltd

Lego Corporate Finance Ltd

Octal Capital Ltd

-39.3▲

2566.7

GF Securities

4Kingston Corporate Finance Ltd

Optima Capital Ltd

Somerley

Gram Capital

100.0

10.6

33*

44*

53*

1

5

6

▲

100.0

3

3

100.0

19.9

43*

7

2

▼

-2

2069.2

-

1.2

▲

1.7

35.3

468.7

607.1

7.7

6

932.6

39*

▲

-7.1

-

598.1▲

57*

43* 6

486.4

▲

13

471.7

12*

-51.7 3.5

13

3

3.2

▲

6

2016

391.4

8

22

16

17

4

35*

29*

16*

-

56*

0 18

▼

4.0

100.0

137.2

2.3

617.5

▼

▲

1.4

28* - 179.5

35*

100.0

-73.9

-

7

56*

57.5

99*

- 51*

12

14

10

12

22* 9.8▼

▲

29*

35*

29*

7

1.2

29*

17

▼

-

7

▲

-


8

99*

10 3.8

12*

16* 12

4

1.8

16*

7.2

-14.5

5

▲

15

▲

2.9

5

16*

55.2

▼

-

113.3

5

▲57*

6

-

▲

22*

▲

5.1

9*

▲

-9

10

100.0

17*

152.6

8

5

▲

-

1.3

1.6

100.0

28.0

13

▼

100.0

13

-35.4

28

4.8

8

11

▲

100.026144.4472.4

8

51.6

-87.6 ▼

321.9

24*

Jan 1 - Dec 31

5

Rank

9.0

Change (%)

51.7

Jan 1 - Dec 31

Exp. (%)

54.6

▲

1,505.4

1,581.9

▲

48.1

2

7 65.5

4.3

13

9 ▲

19

-1 ▼

510.5

9*

8 26

9*

6.6

9*

2017

551.5

975.44*

▲

2,503.9

▼

3.0

4

▲

Hong Kong Mid-Market M&A up to US$500m by Rank Value Range

8.4

2017

100.0

100.096

-18.1

64.9▲

19

14

Rank Value

28*

79.0


▼

▲

▲

8

3.3

▲

▲6 5

▼

4

-

100.0

9*

3

8

-

29*

99*

25

-

88.5

Rank Value


Hong Kong Mid-Market M&A up to US$500m by Target Industry

241

US$m

9*

5.4

4.5

0 -

35* - 5 5 ▲

Sumitomo Mitsui Finl Grp Inc 35* 99* 5 4 ▲

China Af Corporate Fin Ltd 35* - 5 5 ▲

China Merchants Bank 40* 99* 4 3 ▲

Ernst & Young LLP

3 ▲

Southwest Securities Co Ltd

▼ 21*

1,335.0

-

30


Financial Advisor Rank

1,364.6

6.8

99*

-1

▲

3

2.2-

16*

▲

1

▼

186.7

1,848.0

▼

▲

282.7

Goldman Sachs & Co

FeesRank

24*

74.3

▲

262.5

28* 7

19

-

8

-41.3

▲

- 86.3

Platinum Securities Co Ltd

Dakin Capital Ltd

China Construction Bank

15*

PricewaterhouseCoopers 22*

0.3

Advisor

55.9

1045.1

26

33*

▲

4


17.128*

7*

43*

-

▲537.4

0.5

Citi

- - -

114.4 -

** Fee

2

-22.9

57*

-31.8

7.2

32

-

▼

270.6

26

11*

927.0

693.0

-

KPMG


Veda Capital Ltd

▲

12

-4 2.2

7

39*

100.0

▲

6

- 51.5

19

51*

100.0

-

100.0

100.0

91.0 - 144.0 ▲

32.4

100.0

6

14

8

5.1

▲

5 -2

-7.8 ▼

7.0 - -87.7

180.0 55 -79.1

- 158.8 ▲

35* 28* 5 -1

8

Industry Total

38

16*

-3

61

Altus Capital Ltd

BaoQiao Partners Capital Ltd

7 ▲

▲1,931

4 3 ▲ 140.5

16*

24*

0

1.4

▼

▲

99*

▲

▲

40* 70* 4 2 ▲

77.9

-2 ▼

800.9

233.6

100.0

-

40.0

8

287.3

904.4

7

1.7

107*

70,003.6 0.4

169.4

16

13

▲

240.6

3

▼

24*

100.0

100.0

-

56.4

6 5 ▲

5.3

▲

100.0

64.6

-

2

11*

4*

99* 4 3 ▲

▼

58.4 104 100.0

2.6 29* 100.0

- -

247.5

3

Astrum Capital Management Ltd

144.3 - 395.9

118.2 - 479.4 ▲40* 99* 4

Changjiang Corp Finance(HK)Ltd 40* 70* 4 2 ▲

40*

22*

▲13

# of Deals

11

27*

105.4 -

# of

▲

▲

▲

0.9 73* 100.0

HSBC Holdings PLC 40* 7* 4 -10 ▼

▲

105.2 81 -87.9 ▼

1.1 60* 64.7

- - -

3.3 21* 100.0

2.6 29* 100.0

0.6 90* 100.0

0.7 83* 15.9

1.6 44*

-

1.9 37 100.0

1.3 53* 100.0

▼

92.9 - - -

335.0 - 49.8 ▲

40* 28* 4

Rothschild & Co ▼

Crescendo Capital

Guoyuan Securities Co Ltd 40* 99* 4

-

100

200

300

400

500

600

$0

$5

$10

$15

$20

$25

# o

f D

eals

Ra

nk V

alu

e (

US

$b

)


20.8%

20.5%

11.1% 8.1%

6.8%

6.4%

6.4%

6.3%

5.9%


Financials

Industrials

High Technology


Healthcare


Consumer Staples

Energy and Power

Materials

Retail

Telecommunications

16


Australia/New Zealand Involvement Mid-Market Rankings (MM11)

*tie



8

75*

5.2

0.6

▼

▼

50

10* -1

15*

Rank Value


15*

▲

Gresham Partners

Moelis & Co


Financial Advisor

578.2

17*

1

26*

-

▼

47.6

▲

3 -3 ▼

148.3 43 -30.1 ▼

714.8 13 -33.5 ▼

260.1 29 -44.6 ▼

87.6 55 -88.8 ▼

-83.7

31*

70

10*

▲

100.0

1 ▲25* 5 027*

863.6 11 77.0 ▲

9

8030.8

330.4

585.4

441.3▲

-5

15

14

1,574.4

-1

72.1

▼

9

26

5

2

2.9

136.8

379.1

Aus/New Zealand Mid-Mkt M&A up to US$500m by Target Industry

-22

25

-54.7

9

▲

13*

1

5

10

▲

8

▲

-

-32.1 7.0

-

▼

-19.6

10*

2,181.0

▲

6

100.0

4.2

-

2 ▲

▲

22

17 ▲

Change in

▼ 1,293.1

3

▼

▼

** Fee

Exp. (%)

7

9

10*

17*


-75.2104.8

5 1

52.2

10

4

17*

5

22*

▼7

18*22*

36.9

▲

1

Barclays

JP Morgan


BDO

Miles Advisory Partners

Citi

Credit Suisse

Ernst & Young LLP

-

-

First NZ Capital

Lazard

Greenhill & Co, LLC

Investec

Forsyth Barr

Deloitte

0.5

3.9

25* 1

22*

1

14

7

▲

54.2

45.3

10.3

44.0 - - -

5.8 - - -

0 - - -

494.7 18

-25.5 ▼

3

-73.4

100.0

25.8

# of

8

234

3

2016

Australia/New Zealand Mid-Market M&A up to US$500m by Rank Value Range

17.3

1

32.6

7

51.0

56.6

165.9

▼

2

Industry Total

Jan 1 - Dec 31

1.0

45,084.62,214 675.4

11

2

100.0

4

10*

UBS

▼

100.0

16

-52.7▲

Rank

▲

-15.6

100.0

6Rothschild & Co

Goldman Sachs & Co

Macquarie Group

10


Deutsche Bank

Houlihan Lokey

Morgan Stanley


NomuraFort Street Advisers

-63.8


KPMG

11.4

▲

3.5

1.3

6 49*

22* 13

14

100.0

100.0

14*

▲

▼

28*


10*

13*

9

100.0

4.9

7

26▲

10 -7.0 ▼

▼

Fees

-1

15


6.3

36.0

100.0

78.1

43

▲

679.1

29

7

6*

18*

10

0

564.4

11

▲

Rank Rank

15

17

111.8

36

31

▲

0

256.0

298.2

205.6

5

17*

17*

17*

42152.9

17

▲

▼

3,463.8

320.6

1▼

7.8

20

1855.3 ▲

6.5 - -75.9 ▼

97.5 - - -

▲

18*

9.6

7.0

Rank Value

Jan 1 - Dec 31

8

-

17*

3.8

▲321

41

8

▼7

60*

1,808.0

▲

▲

5

6*

6

402.8

1.5

22*

25

-

31*

18*

8 48

3,617.3

5

▼-30.1

17.1

2017

10.0

6 -4 ▼

27*

6

-

-56.8

105.7

2017

31* 5

▲

1,982.3

3

21

6

4

0 96* - -

234.9

5.3

-22.8

US$m

Advisor

26*

26*26*

31*

Rank

31.3

2017

45* 22.0

4.5

-29.5

5

5

36

Deals

3.1▼

0.9 100.0

5.4

19

▲

15.0

68.3

1

Change (%)

8.0

100.0

2,650.8

▲

5

# of Deals

58.3

1.8

5

▼ 58.9

▼

-75.4

10*

942.0

12.3

7


▲

71.4

31.2

-7

16

-

55.4

14.2

10.0

Allier Capital 26* 18* 5 -1 ▼

Evercore Partners 31* 31* 4 1 ▲

Cameron Partners Ltd 31* 39* 4

6

4 ▼

2 ▲

Grant Samuel 31* 16 4 -4 ▼

Tudor Pickering & Co LLC 31* - 4 4 ▲

20

915.2

213.2

5.3

4

2

10

5

-4

39*

RBC Capital Markets 31* 18* 4 -2 ▼

- -

Flagstaff Partners Pty Ltd 31* 39* 4 2 ▲

Clairfield International 31* 14* 4 -5 ▼

Burnvoir Partners 38* - 3 3 ▲

Santander Global Corporate Bnk 38* - 3 3 ▲

Globalscope 38* - 3 3 ▲

RSM International Ltd 38* 18*

-

416.1 20 -29.5 ▼

201.4 -

3.9 22* 53.4

8.9 9 70.6

2.3 36* 100.0

2.7 34 47.4

- - -

7.7 12 37.4

0.5 78* 100.0

3.2 27 100.0

0.4 80* 100.0

850.0 12 -

2.0 40* 100.0

2.0 40* 100.0

0.3 84* 100.0

1.0 49* 26.3

66.5

Highbury Partnership Pty Ltd 38* - 3 3 ▲

-

100

200

300

400

500

600

700

$0

$2

$4

$6

$8

$10

$12

$14

$16

# o

f D

eals

Rank V

alu

e (

US

$b)


25.7%

12.0%

9.7%

9.0%

8.8%

7.1%

7.0%

6.3%

6.3%


Industrials

Energy and Power

Materials


Financials

Healthcare

Consumer Staples

High Technology


Retail

Telecommunications

17


Singapore Involvement Mid-Market Rankings (MM14)

*tie



Equiteq LLP 31* 25* 2 -1 ▼ 0 - - - 2.0 23* 100.0

Pickering Pacific Pte Ltd 31* - 2 2 ▲ 0 - - - 2.0 23* 100.0

HSBC Holdings PLC 31* 52* 2 1 ▲ 300.0 23* - - 1.8 32* 100.0

Daiwa Securities Group Inc 31* - 2 2 ▲ 117.8 - - - 1.5 34* 100.0

Duff & Phelps 31* - 2 2 ▲ 403.1 17 - - 3.9

Moelis & Co 31* - 2 2 ▲ 10.6 - - - 2.2 22 32.4

Macquarie Group 31* 25* 2 -1 ▼ 353.6 21 - - 2.4 21 100.0

Baker Tilly International 31* 17* 2 -2 ▼ 9.3 - - - 0.2 57* 100.0

IMAP 31* 52* 2 1 ▲ 126.5 - - - - - -

100.0

12*

4.6 100.0

2.8

1 801.3

-28.3

100.0

US$m

▲

Oversea-Chinese Banking

United Overseas Bank Ltd

Stirling Coleman Capital Ltd 31* 25* 2 -1 ▼ 9.2 64 - - 0.2 57* 100.0

3

Rank Deals

2016

1*

Global M&A 31* - 2 2 ▲ 0


Ernst & Young LLP

JP Morgan

- - - 1.0 40* 100.0

Sumitomo Mitsui Finl Grp Inc 31* 52* 2 1 ▲ 100.4

5 10 6

Rank

297.4

5.26

15

Rank Value

67.5

▲

7

4

▲


BDO

12

7

▼

400.0

6

8

10*

Fees

-


Singapore Mid-Market M&A up to US$500m by Target Industry

Singapore Mid-Market M&A up to US$500m by Rank Value Range

-

100.0

19.6

11

10.3

Zico Holdings Inc

100.0

Morgan Stanley

CIMB Group Holdings Bhd

25* 3

17*

▼



▲

4.0

6

17*

-

▼

-


▲Industry Total


1,110 38,238.8

Jan 1 - Dec 31

441.3

75.3

Rank Exp. (%)

2017

1,713.3

347.5 22 -

41.5

100.0

58.0

4

9

12* - -

▲

9 -45.4

-

5

2.7

61.1

Rank Value

32.7

100.0

21.0

7*

15*

10*

5 1 ▲ 136.0

-

15

25

7

5*

▲

# of Advisor

16.7

▲

-

11

4.2

9.3 3

7*

7*

4 5

6

2

UBS

Citi

Provenance Capital Pte Ltd


Deloitte

Standard Chartered PLC

KPMG

Goldman Sachs & Co

Credit Suisse

▲

-41.5

51.71,031.8

2 ▲

0.5

100.0

-

17.6

50.0

15.3

34.1 ▲100

30

164.5 - - -

504.0 10

100.0

23* 14.8

9

5*

▲

781.5

10

Change in 2017

Rank# of Deals

1,413.5

2.0

6 2

5.1

▲▲

1

1.2

7* 2*

7*

17.4

9

6

-

66.0 50 - -

103.6 - - -

0 - - -

121.0

0

148.5 - -

100.0

2.0

▲

34* 4

5

7

▲

1,052.0

2*

▼

DBS Group Holdings

15

1*

4

3 ▲17*

4

492.6

RHB

2017

7

8

▲10*

-3

4.3 10

▲

15*

▼


Financial Advisor

▼

17*

14

-1

7

-

▲450.3

443.1

12*

- - - 0.9 45 17.3

14 100.0

SAC Capital Private Ltd 18* 25* 4 1 ▲

Asian Corporate Advisors Pte 18* 52* 4 3 ▲

RHT Capital Pte Ltd 18* - 4 4 ▲

Oaklins (FKA M&A Intl Inc) 18* 17* 4 0 -

513.1

▲

1.7

- -

-3

34* 2 ▲

34*18*

18*

▲

796.0

563.2

17*

6 364.1 ▲

135.7 - 121.4 ▲

4.3

58.6

▲

5.8

0.3 55* 100.0

Rothschild & Co 26* 5* 3 -4 ▼

7

3 293.1

25*

15*

18*

18*

639.8

49.5

100.0

20

17

226.1 -62.7

23*

195.2

12*

37

▼ 53*

18*

▼

▼

32*

0.4

1.8

-

2

2

10.0

Jan 1 - Dec 31

Change (%)

** Fee

8.0

18*

5273 -99.3-3 ▼

2

4

11

5

-1

▲

4

2.6

▼

7

-2

Evercore Partners 26* 34* 3 1 ▲

Bank of America Merrill Lynch 26* 25* 3 0 -

Development Bank of Japan Inc 26* 52* 3 2 ▲

Hong Leong Financial Group Bhd 26* - 3 3 ▲

Investec 31* - 2 2 ▲

RBS 31* - 2 2 ▲

China International Capital Co 31* - 2 2 ▲

Deutsche Bank 31* 10* 2 -3 ▼

First NZ Capital 31* - 2 2 ▲

AGS Consulting Co Ltd 31* - 2 2 ▲

157.3 33 - -

108.7 - - -

104.0 - - -

400.0 18* - -

180.0 31 - -

153.0 - - -

120.9 - - -

0 - - -

150.1 - - -

291.4 - - -

0.4 53* 100.0

0.1 63* 100.0

4.8 8 100.0

1.1 38* 100.0

0.6 49* 26.1

4.0 12* 25.3

3.0 16 100.0

- - -

0 68* -

0.7 48 100.0

3.3 15 28.7

0.8 46* 100.0

- - -

2.0 23*

-

50

100

150

200

250

300

350

$0

$2

$4

$6

$8

$10

$12

$14

# o

f D

ea

ls

Ra

nk V

alu

e (

US

$b

)


32.4%

13.3%

12.0%

10.1%

7.1%

6.8%

5.3%

4.8%


Industrials

Financials

High Technology

Consumer Staples



Energy and Power

Materials

Healthcare

Retail

Telecommunications

18


Japanese Involvement Mid-Market Rankings (MM15)



- 7.6 22* 100.0

RA Capital Advisors 38* - 4 4 ▲ 438.0 22* - - 7.6 22* 100.0

IMAP 38* 44* 4 0 - 13.1 - -35.5 ▼ 1.3 60* 100.0


Houlihan Lokey 34* 37* 5 -1 ▼ 315.0

BDO 38* 85* 4 3 ▲ 0

Professional Partners 38* 42* 4 -1 ▼

Duff & Phelps


Growin Partners Inc


Rothschild & Co

Sumitomo Mitsui Trust Holdings

JP Morgan

Credit Suisse

Goldman Sachs & Co

Ernst & Young LLP

es Networks Co Ltd

Corporate Advisers

AGS Consulting Co Ltd

GCA Corp

Frontier Management Inc

Maxus Corporate Advisory Inc

Morgan Stanley

Change in

13

4

3

2017

1

-3

▲

▼

Deloitte

KPMG

Daiwa Securities Group Inc

Kaede Group

Nomura

Sumitomo Mitsui Finl Grp Inc

-3.0


Financial Advisor

Tokyo Financial Advisers

Japanese Mid-Market M&A up to US$500m by Rank Value Range

20.3 ▲

23

2

25

54

14 18*

246.7

9*

-68.2

10.3

100.0

6,358.3 79.4

85.8

100.0▼16

▲

2

11

-12

23

▲


969.1

13

12 10

4*

19

7

8*

17

# of Deals

Advisor

53 79.9

35.2

865.5


▼-3

11.0

▲

3

100.0

4

1.1

53

▼

30

2

-

20.6

▼

22

8.3 100.019*

34*

14

▲

▲

9

2

▲

17

6.7-1

15

2017

3.7

404.6 5

189

13.4

1,847.7

24.7

44*

Mitsubishi UFJ Morgan Stanley

Plutus Consulting Co Ltd


1,532.4

13

Fees

2017

▼

6

1,884.6

12

701.2-12

16

▲

45.5

54

# of

46.6-

▲

▼

-36.2

▼

51.4

Japanese Mid-Market M&A up to US$500m by Target Industry

32.4

-68.8-10

▼ 7.9

2,018.6

▲

18.9

8

9*

100.0

100.0▼ 3.8

12

23.410

▼

12.3

3.8

6.6

11.4

712.0 2.2

25

19*

▼ 15.5

293.6

100.0

95.1

1.0

3

-10

80.5

▲

7

14

Rank Value

33*

7

2.7

35

27.4

-

46*

242.0

404.4

▲

65.3

9*

▲

77.8-31.2

100.0

US$m

91.8

100.0

Jan 1 - Dec 31

86.4

1,513.7

81

Rank

4

9

2016

14

-27.2

40.3

30

38

▼ 56*

29

▼

3,858.9

DealsRank Change (%)

Barclays

UBS 30* 60* 6 4 ▲

*tie

30* 30* 170.0

1,199.6 70.3

-1

13 100.0

-27

-80.8

▼ -30.6

Rank Value

114.6

Exp. (%)

** Fee

14

Rank

4.4


- -60.5 ▼ 1.9

3,563 ▲

-

185

87.0

9,093.5 1

Rank

▼

123.8

2

29.9

4,471.3


-

1630*

2,382.2

▲

▼-58.8

5

▼

9

▼-7 18594.9

Jan 1 - Dec 31

▲

-

22

4.1

20

25*

▲▼

-


1,299.2

416.0

Citi

6

23*

25*

25*

25*

-1

-3

9.39 385.7

17.8

14

230.2 - 57.3

11

6 3

▲

94.1 55 ▼

15.5

42

13.4

33

▼7*

▼

71

9

678.0 ▲ 31

68.7

Moelis & Co 30* 27* 6 -5 ▼ 638.5 17 -61.8 ▼

27*

▼

27

-20 ▼

41

▲

▼

21

▼

18

5

11

15.5

16

34* 8

18*

6

5

-25.8

41

107.2

-16

4* 15

--2

13

1343.612

▲

12

26

▼

8

6.9▲

▼

▲

-89.6

69.4

-37.2-

21

739.5 27

7

17

46 -4 ▼

7*

10 -

27*

18*

4

29

133.0 -

-13.2

11.2

-98

24 245.6

26

▼

15

100.0

4

6.1

52*

1,422.6 11 -9.323*

40.7

34* 60* 5

▲

-90.3 ▼ 0.7 92* 18.4

168*

▼

-

100.0

38* 60* 4 2 ▲ 75.9 - - - 0.5

11.1 15 100.0

8

-3

9.3

51.4

62.2 -

-5 ▼

1

19

▲ -

100.0▲ 102.7

- -23.5 ▼ 9.0 18 100.0

97* 100.0

- - - 0.3

▲

15

10

▲

7

33*

844.6

YAMADA & Partners 30* 23* 6 -7 ▼ 60.9 66

- - 6.0 28 100.0

Network Corporate Finance 38* - 4

154 56,948.4

103* 100.0

0 - - - 0.4 101* 100.0

4 ▲

Jefferies LLC 34* 52* 5 2 ▲ 592.3 19 -0.2 ▼ 5.9 29

Akasaka International Account 3 ▲ 54.9 - 403.7 ▲ 1.2 62 100.0

CLARIS CAPITAL 34* 33 5 -3 ▼ 0.2 -

Industry Total

438.0 22* -

Sangyo Sosei Advisory Inc

-

100

200

300

400

500

600

700

800

900

1,000

$0

$2

$4

$6

$8

$10

$12

$14

$16

$18

$20

# o

f D

ea

ls

Ra

nk V

alu

e (

US

$b

)


19.9%

13.5%

12.1%

11.2%

9.1%

7.9%

7.1%

5.1%

4.9%


Industrials

High Technology

Financials


Consumer Staples

Healthcare

Retail

Materials

Energy and Power


Telecommunications

19


Chinese Involvement Mid-Market Rankings (MM20)



28.6

HSBC Holdings PLC 44* 11 6 -20 ▼ 716.2 45 -65.0 ▼ 3.4 28*

41.0

61.66,679

Shenwan Hongyuan Securities Co 44* 29* 6 -7 ▼ 1,634.7 19 15.7 ▲ 0.2 143* 100.0

Industrial Securities Co Ltd 44* 39* 6 -4 ▼ 631.7 47 -50.3 ▼ 0.3 132* 100.0

Zheshang Securities Co Ltd 44* 56* 6 0 - 564.3 53 -45.2 ▼ 0.2 143*


100.0

Morgan Stanley

Rothschild & Co

CSC Financial Co Ltd

KPMG

China eCapital Corp

Optima Capital Ltd

Goldman Sachs & Co

Guotai Junan Securities

China Merchants Securities Co


Gram Capital

China Renaissance Partners

CITIC

770.5 - 13.1

3.1 34*

3 26.2

3 6 47

▲

1,332.0 24 108.8 ▲

1,413.4 21 98.3 ▲

331.2

Guosen Securities Co Ltd 24* 16* 12 -8 ▼ 1,186.2 29 -62.5 ▼ 0.5 121* 100.0

Lazard 44* 23* 6 -8 ▼ 807.6 37 -64.5 ▼ 14.8 4

73.7

▲

▲ 6,764.3

8

10

20

Jan 1 - Dec 31

100.0

18*

15

18*

21

1

▼ 27.2

Chinese Mid-Market M&A up to US$500m by Rank Value Range

18

-12 ▼ 2,766.6 9 32.0 ▲ 7.5 13* 49.3

2.0 53* 66.7

Somerley 12

▲ 10.4 7 10.6

GF Securities 13* 5 18 -19 ▼ 2,341.9 13 -50.4 ▼ 0.8 102* 100.0

Veda Capital Ltd 17* 43* 16

3 39

-5.2 ▼

2.4 42* 100.0

4.5

5 -15.2 ▼ 3.4

13* 105*

39*

24* 56* 12BNP Paribas SA

14.2

MM20 - Undisclosed Values & Values up to US$500m Jan 1 - Dec 31

1

100.0

13* 16 -7

Change (%) Fees

▲

100.0

1 69.247

Deutsche Bank

2017

9* 23* 23 9 ▲ 2,847.4 8 22.1 ▲ 8.8 10 14.2

3,800.9

Rank Value

17* -

▼

100.0

5.1

Lego Corporate Finance Ltd 21 29*

1

6 77.8

16 ▲ 4.3

Rank

4,023.229

8 4

4

China International Capital Co 4 7* 41

986.3 - - -

23 -4

3,046.4

US$m Rank

14 1 ▲

1,792.0 16

81.3

2

▲

10

1,687.0 18 ▲

1,256.5

13 -4 ▼

12 -5 ▼

23

7*

181,389.9 100.0

7

13

22*

22*

24*

33 -50.9

19

-

16 32* 17 5

730.7 - -

227.1

16

16 ▲

-29.8

22 253.4 ▲

- 0.5

100.0

17*

18

2,391.1

100.0

-56.2 ▼

9 ▲

5.2

19-44.3 ▼

13*

-8 ▼

▲ 7.9 11* 20.7▲

- 133.9 ▲ 4.1

10.5

▲ 617.6

14

7.5

782.9

▲

11*

-9 2,661.1 10

28*

-17 ▼ 2,163.9 15 -41.8 ▼ 9.4 8 50.3

5 ▲

22 75.0

7.9

13

-35.4

532.1 - -47.5 ▼ 4.0

6 ▲

462.4 - 638.7 ▲

129.8 - -77.4 ▼

782.0 - 909.0 ▲

1,703.4 17 43.3 ▲

350.9 - -22.7 ▼

-38 ▼

95.4

11 -3 ▼


2.2 46* 100.0

1.0 92* 100.0

1.2 81* 5.1

1.3 76* 100.0

5.9 16 100.0

3.6 27 100.0

1.5 72* 100.0

3.2 31*

35*

-

1,058.7 - 502.9 ▲

2,320.3 14 - -

1,241.2

926.4

Zhongtian Guofu Sec Co Ltd 24* - 12 12 ▲

Credit Suisse 29* 23*

281,496.4 -3.8 ▼ 1,805.7

3.1

Chinese Mid-Market M&A up to US$500m by Target Industry

9 -8 ▼

Sinolink Securities Co Ltd 38* 23* 8 -6 ▼

Minsheng Securities Co Ltd 24* 88* 12 9

6,526.3 2

Rank

20172016 # of

# of Deals

** Fee

-

77.9

▼ 4.6

12

41*

1,467.4 20

2,598.6 11

2017 Rank Value Advisor

▲

4

Industry Total

35.6 2

13*

China Securities Co Ltd 11 9 21 -8 ▼

100.0


-15.0 ▼ 110.4

Rank Value per Advisor (US$m) Imputed Fees (US$m) †

▼

▲

Change in

68.0▼

Rank

2 71 -8 ▼

5

24

7

9*

6Huatai Securities Co Ltd 36

24 100.0

UBS 15

▼

121*

▲ 3,075.5 6 65.1 ▲

27.3

207

2.8

12 10.1

13* 5.4

Deals Exp. (%)


Financial Advisor

▲ 5,031.6 3

32* 23* 10 -4 ▼

- 308.1 ▲

598.9 51 -68.9 ▼

1,271.7 25 -10.9 ▼

23 -23.4 ▼

Amasse Capital Ltd 40* 56* 7 1 ▲

Huaxi Securities Co Ltd 32* 105* 10 8 ▲

Dongxing Securities 32* 48* 10 3 ▲

Red Sun Capital Ltd 32* - 10 10 ▲

Citi 36* 16* 9 -11 ▼

JP Morgan 36* 18*

- - -

1,180.8 30 -57.4 ▼

1,351.9

1,233.6 28 -34.4 ▼

34* 86.1

1.7 65* 100.0

8.9 9 25.8

1.7 65* 5.3

Euto Capital Partners Ltd 38* 68* 8 3 ▲

Kingston Corporate Finance Ltd 40* 23* 7 -7 ▼

Soochow Securities Co Ltd 40* 105* 7 5 ▲

Bank of America Merrill Lynch 40* 48* 7 0

Platinum Securities Co Ltd 44* 56* 6 0 -

*tie

China Construction Bank


27 2.5 ▲

679.5

44* 18* 6 -11 ▼

DBS Group Holdings 44* 105* 6 4 ▲

440.5 69 -79.6 ▼

894.9 - 83.9 ▲

3.2 31* 100.0

4.9 20 39.8

2.1 48* 100.0

1.5 72* 100.0

0.9 100* 100.0

11.9 5 39.0

3.3 30 100.0

1.2 81* 100.0▲

2.4 42* 100.0

Zhongtai Securities Co Ltd 29* 88* 11 8 ▲

Duff & Phelps 29* 35* 11 0 -

Great Wall Securities Co Ltd

-

500

1,000

1,500

2,000

2,500

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

$100

# o

f D

ea

ls

Ra

nk V

alu

e (

US

$b

)


16.2%

15.3%

15.1%

12.4%

9.8%

6.8%

6.6%

5.4%

4.4%

4.4% 2.2%

Real Estate

Industrials

High Technology

Financials

Materials

Healthcare

Energy and Power



Consumer Staples

Retail

Telecommunications

20


Indian Involvement Mid-Market Rankings (MM21)



State Bank of India 27* 18* 2 -2 ▼ 0 64* - - -

15* 2 -3 ▼ 484.5 6 -24.6 ▼ 1.7 23* 100.0

-

Tata Capital Ltd 27* 46* 2 1 ▲ 360.0 10 - - 1.0 29* 100.0

Duff & Phelps 27* - 2 2 ▲ 0 - - - 1.0 29* 100.0

Veda CorporateAdvisors Pvt Ltd 27* - 2 2 ▲ 15.0 - - - 1.0 29* 100.0

SPA Capital Advisors Ltd 27* 46* 2 1 ▲ 0.6 63 -99.7 ▼ - - -

Vivro Financial Services 27* - 2 2 ▲ 0 - - - - - -

Credit Suisse 27* 30* 2 0 - 220.4 16 -57.5 ▼ - - -

3 ▲

- - -

3.0 13 100.0

6* 0 - 116.8 100.0

9 -69.9 ▼ 2.7 16*

-8 ▼

-

3*

▲

24*

0.6

Rank

# of

Morgan Stanley

5

▲

6*

33.5

Axis Bank Ltd

CFI

7

8 0 - 133.7 6 100.0

7

# of Deals per Advisor Rank Value per Advisor (US$m) Imputed Fees (US$m) †

Singhi Advisors Ltd

Citi

Avendus Capital Pvt Ltd

Goldman Sachs & Co

Deloitte


KPMG

Ernst & Young LLP

Financial Advisor

0 - -

1 100.0

4 4

47*

16*

443.4

2.8 14* 100.0

11

-58.5 ▼ 5.17

26 100.0

0.7 45* 100.0

10 1

2017 2016

-

-51.2 ▼ 5.024

▼

265.4

-2.6 ▼ 2.7 16* 31.4▲ 838.4 2

22

10* 46* 6 5 ▲ 5.1 - 112.5 ▲ 1.1 28 100.0

1.8 100.0

12*

8* 15* 7 2 ▲ 625.6

19

3 -48.8 ▼ 5.8 4 100.0

8* -

-4 ▼

2.7

5

4

5

144.2

12*

22

▼ 3.2 11 100.0

100.0

-87.6 ▼15* 4

100.0

15*

15*

15*

46* 4 3

4.0 9 100.0

8.1

19.1 43* -95.0

100.0

12* 18* 5 1

124.8 - - -

0 - - -

15*

10* 5 6 -4 ▼ 555.2 4 -35.0 ▼ 4.5

1.6


1,536 176 ▲ 24,225.7 -2.3 ▼ 405.6Industry Total

*tie


-

IMAP 27* - 2 2 ▲ 126.5 25 - - 1.0 29* 100.0

ICICI Bank Ltd 27* 6* 2 -7 ▼ 401.1 8 -4.9 ▼ 3.1 12 100.0

Standard Chartered PLC 27*

2017 Rank Value

13 -7.7 ▼ 2.5

Change in Rank Value

MM21 - Undisclosed Values & Values up to US$500m Jan 1 - Dec 31 Indian Mid-Market M&A up to US$500m by Rank Value Range

Change (%)

6.0 2 84.5

75.9

Indian Mid-Market M&A up to US$500m by Target Industry

1 ▲

Jan 1 - Dec 31

8 31.9

398.0

▲ 54.1 34 -96.6 ▼

# of Deals US$m Rank

3.3 10 100.0

0 64* - -

0

6*

100.0

Kotak Mahindra Bank Ltd

Jefferies LLC


Lazard


Rothschild & Co

Ambit Corporate Finance

- - -

100.7 - - -

0 64* - -

-

0 - - -

- -536.7

1.7 23* 100.0

- - -

- - -

-

-

Globalscope 8 29 30.2 ▲

Advisor 2017 ** Fee

266.6 12

5.9 3 46.5

Fees Rank Exp. (%)

4.6 7

100.0

3 11 -8

Edelweiss Financial Svcs Ltd 15* 46* 4 3 ▲

Signal Hill Capital Group LLC 21* 30* 3 1 ▲

251.4 14 2340.8 ▲

125.3 - 270.7 ▲

9*

9*

Rank Deals

15* 5

2 2 20 -3 ▼

-24.8 ▼

Sumitomo Mitsui Finl Grp Inc 21* - 3 3 ▲

RHB 21* - 3 3 ▲

Equirus Capital Pvt Ltd 21* 24* 3 0 -

3* 9*

1 1 31 -14 ▼ 1,089.7 1 -40.6 ▼

4

▲

-

0 -

30* 4 2 ▲ 36.8 - -

6* 5

-

Zico Holdings Inc 21* - 3 3 ▲

Metta Capital Advisors LLP 21* - 3 3 ▲

JM Financial Group 27* 9* 2 -6 ▼ - -

-

50

100

150

200

250

300

350

400

450

500

$0

$1

$2

$3

$4

$5

$6

$7

$8

$9

$10

# o

f D

ea

ls

Ra

nk V

alu

e (

US

$b

)


21.8%

11.8%

10.8%

9.7%

8.6%

8.0%

7.9%

7.8%

5.9%

4.6% Financials

Industrials

Energy and Power

Real Estate

Healthcare

Materials


High Technology


Consumer Staples

Telecommunications

Retail

21

Ranking Criteria Summary

-

-

-

-

-

Asia-PacificCatherina Guinto-RoldanTel: +81 3 6441-1142E-mail: [email protected]

-

JapanKaori Motohashi (Ishida)　Tel: +813 6441 1338

- League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, and unconditional transactions. Rank Date is

defined as the earliest public announcement of when a value can be applied to a transaction.


Americas

League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, minority stake purchases and debt restructurings.

A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declared wholly unconditional.

Deals with undisclosed dollar values are rank eligible but with no corresponding Rank Value. Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of announcement of terms.Europe, Middle East & AfricaEwelina Jarecka

Any Involvement league tables include deals where the target, acquiror, or either ultimate parent are domiciled (nation of headquarters) in the specified region or nation.

Announced league tables include all deals that were announced between January 1, 2017 and December 31, 2017 and of which Thomson Reuters was made aware. All current data and previous year's data is as of 6:00

pm EST on January 8, 2018.

Financial and legal advisors receive full credit for each deal on which they provide financial or legal advisory services, unless they represent minority sellers or advise on only a portion of the transaction or Thomson

Reuters has not been made aware of their participation in that transaction. For pending transactions, advisors to targets of multiple bids receive credit for the transaction agreed to or, in the absence of an agreement, the

value of the highest offer.

While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content

providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson

Reuters disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein

is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations

or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or

sale of securities for or by any person in connection with this document.

Robert Levine

E-mail: [email protected]



Tel: +44 (0) 207 542 2246

Tel: +1 646 223 5682

If you would like to participate in the submission

process, receive quarterly press releases, or have

questions about league table criteria please contact:

© 2017 Thomson Reuters. All rights reserved.

Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.


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MID-MARKET M&A REVIEW - dmi.thomsonreuters.comdmi.thomsonreuters.com/Content/Files/4Q2017_MandA_MidMarket_FA... · 11 Australia/New Zealand Involvement Mid-Market Rankings ... -1.3