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Zephyr Monthly M&A ReportGlobal Private Equity, April 2012
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Monthly M&A ReportGlobal Private Equity, April 2012
Page 1 © Zephyr
The following report details global private equity activity in April 2012 using data from the Zephyr database.
It focuses on deal activity by target company.
Click here to access the raw data in an Excel spreadsheet.
Private equity deal value falls again, down a quarter year-on-year
The value of private equity deals dipped 9 per cent in April to USD 18,565 million from USD 20,405 million the previous month, although it was still a vast improvement on the USD 10,827 million recorded in January. However, year-on-year the figure compares less well, down 25 per cent on April 2011 when USD 24,958 million was achieved.
Volume was also down, slipping 9 per cent from 324 deals last month to 296, and 15 per cent less than the year-ago period. However, it is up on February’s figure of 266 transactions, even though value that month was USD 22,349 million.
Deals by volume and value
Announced date No of deals Total deal value (mil USD)
Apr-12 296 18,565
Mar-12 324 20,405
Feb-12 266 22,349
Jan-12 313 10,827
Dec-11 286 15,733
Nov-11 274 18,678
Oct-11 294 21,404
Sep-11 308 13,939
Aug-11 289 19,629
Jul-11 345 32,203
Jun-11 381 21,940
May-11 357 31,142
Apr-11 348 24,958
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Monthly M&A ReportGlobal Private Equity, April 2012
Page 2 © Zephyr
Deals by volume and value
0
50
100
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450
0
5,000
10,000
15,000
20,000
25,000
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Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12
Deal
val
ue (m
il US
D)
Total deal value (mil USD) Number of deals
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Monthly M&A ReportGlobal Private Equity, April 2012
Page 3 © Zephyr
Four deals top USD 1,300 million this month
A total of seven deals involving private equity surpassed USD 1,000 million, and four of these were above the USD 1,300 million-mark. Highest among them was UK buyout firm Terra Firma Capital Partners’ purchase of care home group Four Seasons Health Care, which had a price tag of USD 1,342 million. Qatar Holdings’ acquisition of hotel chain Smeralda came in second with a value of USD 1,307 million, and the Gulf state investor – a subsidiary of sovereign wealth fund Qatar Investment Authority – figured in the top 25 deals again with an investment in commodities giant Xstrata worth USD 712 million, making it the top private equity company in the period.
US top in value and volume
Despite having the highest-value deal in the period, the UK only managed second place in the value rankings with USD 4,177, down 21 per cent on the USD 5,304 million of deal making last month. The US came ahead of the UK in value with USD 7,444 million, an improvement on last month’s figure of USD 6,938 million, and accounted for 40 per cent of the total private equity value in April.
In volume it was also ahead with 118 transactions recorded, again an improvement on last month’s 98, and the highest since September 2011. This put the US way ahead of France, which came in second with 34 deals, and the UK was third with 31.
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Monthly M&A ReportGlobal Private Equity, April 2012
Page 4 © Zephyr
Top 20 private equity deals by value
Deal value (mil USD) Deal type Target Target
country Equity provider Deal status
1. 1,342 IBO 100% Four Seasons Health Care Ltd GB Terra Firma Capital Partners Ltd Announced
2. 1,307 IBO 86% Smeralda Holding Srl IT Qatar Holding LLC Announced
3. 1,302 IBO 100% Edinburgh Airport Ltd GB Global Infrastructure Management LLC Announced
4. 1,300 IBO 100% AmWINS Group Inc. US New Mountain Capital LLC Pending
5. 1,250 Minority stake CHK Cleveland Tonkawa LLC US GSO Capital Partners LP; TPG Capital LP; Magnetar Capital LLC; EIG Global Energy Partners LLC
Completed
6. 1,250 IBO 100% Thomson Reuters Corporation's healthcare business Veritas Capital Management LLC Pending
7. 1,150 Minority stake 49% Sociedad Concesionaria Costanera Norte SA CL Canada Pension Plan Investment Board Pending
8. 950 IBO 53% AT&T Inc.'s yellow pages division US Cerberus Capital Management LP Completed
9. 798 IBO 100% - Bid 4 - Increased offer
Great Wolf Resorts Inc. US Apollo Global Management LLC Completed
10. 712 Minority stake increased from 5% to 6%
Xstrata plc GB Qatar Holding LLC Completed
11. 638 Acquisition City Telecom International Ltd; Credibility Holdings Ltd; Automedia Holdings Ltd
HK CVC Asia Pacific Ltd Pending
12. 600 Minority stake Talos Energy LLC US Riverstone Holdings LLC; Apollo Global Management LLC Announced
13. 440 Acquisition 100% Anticimex AB SE EQT Partners AB Pending
14. 433 Acquisition 100% Scaw South Africa (Pty) Ltd ZA Industrial Development Corporation of South Africa Ltd Pending
15. 395 IBO 100% eResearch Technology Inc. US Genstar Capital LLC Pending
16. 380 IBO 100% Elo TouchSystems Inc. US The Gores Group LLC Pending
17. 286 IBO 100% The College of Law Ltd GB Montagu Private Equity LLP Announced
18. 250 IBO 87% CDC Software Corporation KY Vista Equity Partners LLC Completed
19. 250 IBO 50% Atlantis The Palm AE Istithmar World PJSC Completed
20. 200 Minority stake The Chernin Group US Providence Equity Partners LLC Completed
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Monthly M&A ReportGlobal Private Equity, April 2012
Page 5 © Zephyr
Target sectors by volume
Target sector Apr-11 Mar-12 Apr-12
Other services 134 129 98
Machinery, equipment, furniture, recycling 47 55 51
Wholesale & retail trade 33 35 30
Chemicals, rubber, plastics 20 18 20
Education, health 16 12 19
Food, beverages, tobacco 11 4 13
Metals & metal products 11 9 12
Banks 9 14 9
Hotels & restaurants 9 6 8
Textiles, wearing apparel, leather 7 3 7
Publishing, printing 12 7 6
Primary sector 7 5 6
Wood, cork, paper 3 2 4
Transport 5 7 4
Gas, water, electricity 7 3 3
Construction 16 10 2
Insurance companies 2 4 2
Post and telecommunications 0 1 1
Unknown activity 0 2 1
Public administration and defence 0 0 0
Target sectors by value
Target sector Apr-11 (mil USD)
Mar-12 (mil USD)
Apr-12 (mil USD)
Other services 11,350 8,183 4,119
Publishing, printing 35 181 2,595
Transport 314 107 2,504
Hotels & restaurants 526 48 2,419
Education, health 52 44 1,791
Primary sector 1,540 25 1,330
Metals & metal products 45 1,258 1,265
Machinery, equipment, furniture, recycling 2,056 1,247 1,072
Banks 746 2,677 473
Wholesale & retail trade 2,006 4,515 401
Textiles, wearing apparel, leather 26 136 200
Gas, water, electricity 925 750 114
Wood, cork, paper 22 0 89
Food, beverages, tobacco 187 75 88
Chemicals, rubber, plastics 4,432 509 70
Post and telecommunications 0 40 33
Construction 676 93 0
Public administration and defence 0 0 0
Insurance companies 21 518 0
Unknown activity 0 0 0
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Monthly M&A ReportGlobal Private Equity, April 2012
Page 6 © Zephyr
Top target countries by volume
Target country Apr-11 Mar-12 Apr-12
US 125 98 118
France 47 38 34
UK 28 42 31
India 23 14 15
Germany 16 8 13
Spain 9 11 10
Canada 10 11 9
Italy 2 2 8
Sweden 5 8 8
Netherlands 5 4 7
Finland 4 5 4
Israel 2 7 3
Belgium 2 3 3
Russia 3 5 3
Australia 1 2 3
China 17 14 2
Poland 1 2 2
Hong Kong 0 0 2
Japan 3 2 2
Estonia 1 0 2
Austria 1 2 2
Top target countries by value
Target country Apr-11 (mil USD)
Mar-12 (mil USD)
Apr-12 (mil USD)
US 12,483 6,938 7,444
UK 1,090 5,304 4,177
Italy 10 138 1,355
Chile 0 0 1,150
Hong Kong 0 0 649
Sweden 5 64 460
South Africa 0 0 433
France 1,834 1,544 315
India 881 306 253
Cayman Islands 556 0 250
UAE 10 445 250
Poland 0 113 170
Singapore 0 33 89
Canada 1,731 261 81
Austria 0 0 44
Finland 925 0 41
Venezuela 0 0 35
Germany 2,282 49 33
China 163 473 32
Belgium 0 27 14
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Monthly M&A ReportGlobal Private Equity, April 2012
Page 7 © Zephyr
Top 20 private equity providers
Equity provider Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 Qatar Holding LLC 3 3 2,119 706
2 Apollo Global Management LLC 2 2 1,398 699
3 Terra Firma Capital Partners Ltd 1 1 1,342 1,342
4 Global Infrastructure Management LLC 1 1 1,302 1,302
5 New Mountain Capital LLC 1 1 1,300 1,300
6 GSO Capital Partners LP 1 1 1,250 1,250
7 Veritas Capital Management LLC 1 1 1,250 1,250
8 Magnetar Capital LLC 1 1 1,250 1,250
9 TPG Capital LP 1 1 1,250 1,250
10 EIG Global Energy Partners LLC 1 1 1,250 1,250
11 Canada Pension Plan Investment Board 1 1 1,150 1,150
12 Cerberus Capital Management LP 1 1 950 950
13 CVC Asia Pacific Ltd 1 1 638 638
14 Riverstone Holdings LLC 1 1 600 600
15 EQT Partners AB 1 1 440 440
16 Industrial Development Corporation of South Africa Ltd 1 1 433 433
17 Genstar Capital LLC 1 1 395 395
18 The Gores Group LLC 1 1 380 380
19 Montagu Private Equity LLP 1 1 286 286
20 Vista Equity Partners LLC 1 1 250 250
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Monthly M&A ReportGlobal Private Equity, April 2012
Page 8 © Zephyr
Notes to editors
Activity is based on the activity of the target company
Deal status is announced within the time period
The sector breakdown uses targets’ activities as defined to be ‘Major Sectors’ by Zephyr
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