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The following report details mergers and acquisitions activity in North America in January 2014 using data from the Zephyr database. It focuses on deal activity by target company.
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Zephyr Monthly M&A ReportNorth America, January 2014
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 ReportNorth America, January 2014
Page 1 © Zephyr
The following report details mergers and acquisitions activity in North America in January 2014 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.
North American M&A value down on December
The value of mergers and acquisitions (M&A) targeting companies based in North America during January decreased 25 per cent month-on-month, but was still up on a year ago.
There were 1,063 deals worth a combined USD 91,591 million in the four weeks under review, compared to USD 122,616 million in December 2013 and USD 75,576 million in January 2013. Despite the decline month-on-month, value remained higher than November, when dealmaking worth USD 83,244 million was recorded across 1,175 deals.
As usual, targets in the US made up the majority of the region’s deals for the month. In total, the country had 812 deals worth USD 83,948 million over the four weeks. This also represents a decrease on last month in terms of both volume and value (December 2013: 863 deals worth USD 113,125 million).
Canada followed the same pattern, as volume declined by a third and value by a fifth over the four weeks to 251 deals worth an aggregate USD 7,643 million.
North America deals by volume and value
Announced date No of deals Total deal value (mil USD)
Jan-14 1,063 91,591
Dec-13 1,237 122,616
Nov-13 1,175 83,244
Oct-13 1,310 103,410
Sep-13 1,141 203,035
Aug-13 1,207 97,430
Jul-13 1,280 133,639
Jun-13 1,153 116,813
May-13 1,272 102,295
Apr-13 1,218 74,897
Mar-13 1,155 54,307
Feb-13 1,073 137,194
Jan-13 1,605 75,576
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 ReportNorth America, January 2014
Page 2 © Zephyr
US deals by volume and value
Announced date No of deals Total deal value (mil USD)
Jan-14 812 83,948
Dec-13 863 113,125
Nov-13 845 69,423
Oct-13 987 94,487
Sep-13 850 197,064
Aug-13 911 89,632
Jul-13 966 114,748
Jun-13 891 101,640
May-13 976 96,377
Apr-13 893 68,376
Mar-13 865 46,713
Feb-13 776 128,980
Jan-13 1,278 63,073
Canada deals by volume and value
Announced date No of deals Total deal value (mil USD)
Jan-14 251 7,643
Dec-13 376 9,571
Nov-13 330 13,821
Oct-13 322 8,924
Sep-13 290 5,971
Aug-13 295 7,798
Jul-13 316 18,891
Jun-13 262 15,173
May-13 296 5,900
Apr-13 325 6,521
Mar-13 290 7,128
Feb-13 297 8,214
Jan-13 329 12,605
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 ReportNorth America, January 2014
Page 3 © Zephyr
North America deals by volume and value
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Aggregate 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 ReportNorth America, January 2014
Page 4 © Zephyr
Whiskey maker Beam is January’s top deal by value
January’s top sector was the machinery, equipment, furniture and recycling industry, which was targeted in 124 deals worth a combined USD 18,225 million.
By value it was followed by food, beverages and tobacco on USD 16,173 million. This is perhaps unsurprising given that the month’s most valuable deal involved alcoholic spirits manufacturer Beam, best known for its Jim Beam range of whiskey, which has agreed to be bought by Japanese peer Suntory for USD 16,000 million in a deal expected to close during the second quarter of this year.
The number two transaction by value came some way behind and involved Carlyle Group agreeing to buy New Jersey-headquartered in-vitro diagnostics maker Ortho-Clinical Diagnostics for USD 4,150 million.
US targets again accounted for the lion’s share of the top 20 deals by value with Canadian companies targeted in just one of these. This deal involved Vancouver-based gold, silver, copper, lead and zinc explorer Goldcorp’s hostile USD 2,390 million-approach for Osisko Mining.
Chemicals sector M&A value rises in January
The chemicals, rubber and plastics sector was one of the biggest risers in terms of value in January, as dealmaking increased from USD 3,187 million in December to USD 13,679 million.
Sectors in which M&A value increased month-on-month include machinery, equipment, furniture and recycling (December: USD 15,119 million, January: USD 18,225 million) and food, beverages and tobacco (December: USD 713 million, January: USD 16,173 million), as well as wood, cork, paper, hotels and restaurants, education and health, insurance and metals.
In terms of volume, M&A dealmaking targeting almost all the sectors declined month-on-month; though notable exceptions include chemicals, rubber and plastics, food, beverages and tobacco, insurance and wood, cork and paper.
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 ReportNorth America, January 2014
Page 5 © Zephyr
Top 20 deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country Deal status
1. 16,000 Acquisition 100% Beam Inc. US Suntory Holdings Ltd JP Pending
2. 4,150 IBO 100% Ortho-Clinical Diagnostics Inc. US Carlyle Group LP US Pending
3. 3,650 Acquisition increased 59% to 100% Chrysler Group LLC US Fiat North America LLC US Completed
4. 3,200 Acquisition remaining stake Nest Labs Inc. US Google Inc. US Completed
5. 3,024 Minority stake 27% Ally Financial Inc. US Completed
6. 2,910 Acquisition 100% Motorola Mobility Holdings Inc. US Lenovo Group Ltd HK Pending
7. 2,900 Acquisition 100% Aptalis Holdings Inc. US Forest Laboratories Inc. US Pending
8. 2,700 Acquisition 100% Texas Industries Inc. US Martin Marietta Materials Inc. US Pending
9. 2,400 IBO majority stake Sedgwick Claims Management Services Inc. US Management; Kohlberg Kravis Roberts & Company LP US Pending
10. 2,390 Acquisition 100% Osisko Mining Corporation CA Goldcorp Inc. CA Announced
11. 2,300 Acquisition 100% International Business Machines Corporation's x86 server hardware business
US Lenovo Group Ltd HK Pending
12. 2,000 Minority stake JP Morgan US Completed
13. 1,540 Acquisition 100% AirWatch LLC US VMware Inc. US Pending
14. 1,400 Acquisition 100% NewPage Corporation US Verso Paper Corporation US Pending
15. 1,300 IBO 100% CEC Entertainment Inc. US Apollo Global Management LLC US Announced
16. 1,150 Acquisition 100% Cetera Financial Group Inc. US RCS Capital Corporation US Pending
17. 1,120 Acquisition 100% Undisclosed SandRidge Energy Inc.'s Mexico and Gulf Coast business unit entities
US Fieldwood Energy LLC US Completed
18. 1,085 Acquisition increased 49% to 80% Yankees Entertainment & Sports Network LLC US Twenty-First Century Fox Inc. US Pending
19. 1,060 Acquisition 100% Thermo Fisher Scientific Inc.'s cell culture (sera and media), gene modulation and magnetic beads businesses
US GE Healthcare Inc. US Pending
20. 935 Minority stake 15% Envision Healthcare Holdings Inc. US Announced
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 ReportNorth America, January 2014
Page 6 © Zephyr
Top 20 private equity deals by value
Deal value (mil USD) Deal type Target Target
country Equity provider Deal status
1. 4,150 IBO 100% Ortho-Clinical Diagnostics Inc. US Carlyle Group LP Pending
2. 2,400 IBO majority stake Sedgwick Claims Management Services Inc. US Kohlberg Kravis Roberts & Company LP Pending
3. 1,300 IBO 100% CEC Entertainment Inc. US Apollo Global Management LLC Announced
4. 800 Minority stake Vogue International Inc. US Carlyle Group LP Announced
5. 600 IBO 100% Inmar Inc. US Abry Partners LLC Completed
6. 500 Minority stake American Energy NonOp LLC US The Energy & Minerals Group Completed
7. 392 IBO 100% American Pacific Corporation US HIG Capital LLC Announced
8. 299 IBO 100% Upper Peninsula Power Company US Balfour Beatty Infrastructure Partners LLP Pending
9. 250 Minority stake 3% DropBox Inc. US BlackRock Inc. Completed
10. 160 IBO 100% Compuware Corporation's Changepoint, Professional Services and Uniface business units
US Marlin Management Company LLC Announced
11. 150 Minority stake Nest Labs Inc. US Completed
12. 130 IBO 100% HealthTronics Inc. US Altaris Capital Partners LLC Announced
13. 123 Minority stake ADKM Inc. US Highland Capital Partners LLC; Tiger Global Management LLC; SV Angel LLC; Thrive Capital; Lakestar Advisors GmbH
Completed
14. 101 Minority stake Nutanix Inc. US SAP Ventures; Riverwood Capital Management LLC; Greenspring Associates Inc.; MS Expansion Capital GP Inc.
Completed
15. 100 Minority stake View Inc. US Madrone Capital Partners LLC Completed
16. 97 Minority stake Augustus Energy Partners II LLC US Lime Rock Partners LLC; Wells Fargo Energy Capital Inc.; Rivington Capital Partners LLC Completed
17. 80 Minority stake Turn Inc. US Trident Capital Management LLC; Focus Management Inc.; Shasta Ventures Management LLC; Northport Investments; NVP Associates LLC; Firsthand Technology Value Fund Inc.; Pine River Capital Management LP; ClearBridge Investments LLC
Completed
18. 75 Minority stake Palomar Specialty Insurance US Genstar Capital LLC Completed
19. 50 IBO 100% Oxford County Telephone & Telegraph Company US Novacap Pending
20. 44 Minority stake AqueSys Inc. US Carlyle Group LP; Rho Capital Partners Inc.; Accuitive Medical Ventures LLC; SV Life Sciences Advisers LLC; Longitude Capital Management Company 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 ReportNorth America, January 2014
Page 7 © Zephyr
PE value edges up slightly
The value of private equity and venture capital (PE and VC) investment targeting North American companies climbed slightly over the four weeks to USD 13,503 million, compared to USD 13,024 million in December. Value has remained relatively stable over the last five months with only fairly small fluctuations after falling from high of USD 37,188 million in August to USD 12,355 million in September.
The increase in value during January was counteracted by a decline in volume, which fell from 323 deals in December to 255.
Almost all of the investment recorded was attributable to US targets, which accounted for 241 deals worth an aggregate USD 13,409 million. The country followed the trend recorded across the entire region, as value increased from USD 12,407 million last month and volume declined from 298.
Canada was targeted in just 14 PE deals worth a combined USD 93 million, representing a decrease in both volume and value month-on-month. The country’s disappointing result is further highlighted by its failure to make the top 20 PE deals by value for the month.
North America private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Jan-14 255 13,503
Dec-13 323 13,024
Nov-13 339 13,468
Oct-13 348 13,815
Sep-13 327 12,355
Aug-13 356 37,188
Jul-13 407 7,063
Jun-13 383 6,041
May-13 357 21,769
Apr-13 371 8,128
Mar-13 366 9,633
Feb-13 318 32,036
Jan-13 445 11,571
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 ReportNorth America, January 2014
Page 8 © Zephyr
US private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Jan-14 241 13,409
Dec-13 298 12,407
Nov-13 306 10,638
Oct-13 321 13,655
Sep-13 309 12,286
Aug-13 332 32,551
Jul-13 372 7,036
Jun-13 360 5,931
May-13 335 21,376
Apr-13 346 7,302
Mar-13 343 9,072
Feb-13 295 31,044
Jan-13 411 11,135
Canada private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Jan-14 14 93
Dec-13 24 617
Nov-13 33 2,830
Oct-13 27 160
Sep-13 18 69
Aug-13 24 4,636
Jul-13 35 27
Jun-13 23 110
May-13 22 393
Apr-13 25 826
Mar-13 22 561
Feb-13 23 992
Jan-13 34 435
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 ReportNorth America, January 2014
Page 9 © Zephyr
North America private equity deals by volume and value
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Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14
Dea
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Aggregate 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 ReportNorth America, January 2014
Page 10 © Zephyr
M&A target sectors by volume
Target sector Jan-13 Dec-13 Jan-14
Other services 913 718 609
Machinery, equipment, furniture, recycling 155 132 124
Chemicals, rubber, plastics 75 47 56
Banks 116 67 56
Wholesale & retail trade 80 59 56
Education, health 49 30 26
Primary sector 41 34 26
Food, beverages, tobacco 21 15 21
Publishing, printing 22 24 18
Transport 27 20 14
Hotels & restaurants 19 15 13
Insurance companies 23 9 10
Metals & metal products 23 20 10
Construction 12 9 9
Gas, water, electricity 17 22 7
Textiles, wearing apparel, leather 8 10 7
Wood, cork, paper 7 1 5
Post and telecommunications 1 1 0
Public administration and defence 1 0 0
M&A target sectors by value
Target sector Jan-13 (mil USD)
Dec-13 (mil USD)
Jan-14 (mil USD)
Other services 24,743 60,449 25,028
Machinery, equipment, furniture, recycling 5,050 15,119 18,225
Food, beverages, tobacco 1,498 713 16,173
Chemicals, rubber, plastics 4,353 3,187 13,679
Banks 15,996 11,747 9,296
Primary sector 3,619 4,227 1,506
Wood, cork, paper 640 0 1,401
Wholesale & retail trade 6,082 11,490 1,398
Hotels & restaurants 690 613 1,313
Transport 6,447 1,759 1,240
Education, health 442 358 983
Gas, water, electricity 1,248 9,629 773
Insurance companies 1,024 35 553
Metals & metal products 2,905 162 190
Publishing, printing 33 158 107
Textiles, wearing apparel, leather 176 2,877 19
Construction 408 103 8
Post and telecommunications 0 0 0
Public administration and defence 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 ReportNorth America, January 2014
Page 11 © Zephyr
Private equity target sectors by volume
Target sector Jan-13 Dec-13 Jan-14
Other services 307 205 169
Machinery, equipment, furniture, recycling 41 44 32
Chemicals, rubber, plastics 10 11 12
Wholesale & retail trade 21 9 9
Food, beverages, tobacco 4 4 6
Hotels & restaurants 5 5 4
Banks 9 5 4
Education, health 20 6 3
Gas, water, electricity 4 2 3
Publishing, printing 2 11 3
Primary sector 6 3 3
Textiles, wearing apparel, leather 3 4 2
Insurance companies 2 1 2
Construction 2 3 2
Transport 4 2 1
Metals & metal products 3 5 1
Post and telecommunications 0 0 0
Public administration and defence 0 0 0
Wood, cork, paper 2 1 0
Private equity target sectors by value
Target sector Jan-13 (mil USD)
Dec-13 (mil USD)
Jan-14 (mil USD)
Chemicals, rubber, plastics 196 258 5,486
Other services 5,092 7,970 4,968
Hotels & restaurants 20 22 1,312
Banks 539 640 541
Machinery, equipment, furniture, recycling 320 596 462
Gas, water, electricity 382 107 299
Wholesale & retail trade 3,363 414 183
Primary sector 680 224 133
Insurance companies 15 28 105
Publishing, printing 2 40 8
Education, health 285 24 5
Food, beverages, tobacco 423 22 1
Textiles, wearing apparel, leather 0 2,425 0
Construction 53 0 0
Public administration and defence 0 0 0
Transport 200 251 0
Metals & metal products 0 1 0
Wood, cork, paper 2 0 0
Post and telecommunications 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 ReportNorth America, January 2014
Page 12 © 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 Carlyle Group LP 4 3 4,994 1,665
2 Kohlberg Kravis Roberts & Company LP 2 2 2,439 1,219
3 Apollo Global Management LLC 1 1 1,300 1,300
4 Apax Partners LLP 1 1 1,150 1,150
5 Apollo Management LP 1 1 902 902
6 Abry Partners LLC 1 1 600 600
7 The Energy & Minerals Group 1 1 500 500
8 Platinum Equity LLC 1 1 408 408
9 HIG Capital LLC 2 1 392 392
10 Headland Capital Partners Ltd 1 1 353 353
11 HgCapital LLP 1 1 331 331
12 Hony Capital Co., Ltd 1 1 301 301
13 CVC Capital Partners Ltd 1 1 300 300
14 Balfour Beatty Infrastructure Partners LLP 1 1 299 299
15 BlackRock Inc. 1 1 250 250
16 Oaktree Capital Management LP 2 2 220 110
17 Highland Capital Partners LLC 5 5 214 43
18 Insight Venture Partners 5 5 208 42
19 Eurazeo SA 1 1 194 194
20 Warburg Pincus LLC 2 2 193 97
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 ReportNorth America, January 2014
Page 13 © 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
The date range is 01/01/2014 - 30/01/2014 inclusive