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Zephyr Monthly M&A Report

Global Private Equity, September 2014

Zephyr Monthly M&A Report


Global Private Equity, September 2014

The following report details


global private equity activity
in September 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.

Global PE dealmaking rebounds in


September
Global private equity (PE) investment in
September reversed declines recorded in August as
volume jumped 27 per cent while value grew at the
slower rate of 7 per cent month-on-month. There
were 393 deals worth an aggregate USD 39,676
million announced during the four weeks compared
to 310 transactions totalling USD 37,209 million
in August.
Dealmaking was supported by a blockbuster deal
worth more than USD 15,000 million, and which
accounted for 44 per cent of the months total
value. In fact, PE value was one of the highest
recorded for the 12 months under review (March
2014: USD 57,109 million).
In a year-on-year comparison, volume was up 12
per cent from 351 deals in September 2013 while
value rose 79 per cent from USD 23,232 million.

Page 1

Zephyr

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.

Deals by volume and value


Announced date

No of deals

Total deal value


(mil USD)

Sep-14

393

39,676

Aug-14

310

37,209

Jul-14

455

38,811

Jun-14

387

34,988

May-14

385

26,149

Apr-14

380

34,034

Mar-14

420

57,109

Feb-14

365

32,826

Jan-14

379

27,891

Dec-13

445

34,583

Nov-13

348

37,366

Oct-13

376

24,998

Sep-13

351

23,232

Contact
+44 161 838 9554
Zephyr Editorial: zephyreditorial@bvdinfo.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

Zephyr Monthly M&A Report


Global Private Equity, September 2014

Deals by volume and value

60,000

500
450

Deal value (mil USD)

50,000

400
350

40,000

300
30,000

250
200

20,000

150
100

10,000

50
0

Sep-13

Oct-13

Nov-13 Dec-13

Jan-14

Feb-14 Mar-14

Total deal value (mil USD)

Page 2

Zephyr

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.

Apr-14 May-14 Jun-14

Jul-14

Aug-14 Sep-14

Number of deals

Contact
+44 161 838 9554
Zephyr Editorial: zephyreditorial@bvdinfo.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

Zephyr Monthly M&A Report


Global Private Equity, September 2014

US targets dominate top 20 PE deals by value

China leads by value, US by volume

Companies based in the US dominated the top 20 deals in September and the
aggregate value of these deals amounted to USD 12,732 million, the largest
of which was Vista Equity Partners acquiring Tibco Software in an institutional
buyout worth USD 4,300 million

Unsurprisingly companies based in China were the most valuable targets of PE


dealmaking in September with USD 17,774 million invested across 30 deals,
compared to 15 transactions worth a total USD 3,941 million in August.

However, it was a Chinese target which accounted for the biggest PE deal by
value for the month as Sinopec Marketing, a wholly-owned subsidiary of China
Petroleum & Chemical, agreed to raise USD 17,442 million in cash through
the issue of new shares to investors.
Other targets featured in the top 20 include Sierra Oil & Gas of Mexico,
Pioneer DJ of Japan, Roc Oil of Australia and the UKs Bristol Airport.

The value of investment in US-based targets rose 48 per cent month-onmonth to USD 14,864 million (August: USD 10,044) against an 11 per cent
decline by volume. However, despite this weakening, companies in the country
remained the main targets of PE dealmaking in September.
An increase in the value of PE investment in companies based in Mexico,
Australia, Japan and India came at the expense of those in France (August:
USD 3,288 million; September: USD 245 million) and Canada (August: USD
12,032 million; September: USD 187 million).

PE favours wholesale and retail


Companies operating in the wholesale and retail trade received the lions share
of PE investment in September as there were USD 19,375 million-worth of
deals announced during the four weeks under review, representing a four-fold
increase from USD 4,362 million in August.
Value was stripped away from sectors such as education and health, chemicals,
rubber and plastics and transport in favour of companies operating in banks,
construction and publishing, among others.

Page 3

Zephyr

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.

Contact
+44 161 838 9554
Zephyr Editorial: zephyreditorial@bvdinfo.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

Zephyr Monthly M&A Report


Global Private Equity, September 2014

Top 20 private equity deals by value

1.

Deal value
(mil USD)

Deal type

Target

Target
country

17,442

Minority stake 30%

Sinopec Marketing Co., Ltd

CN

Equity provider

Deal status

Harvest Fund Management Co., Ltd; Harvest Capital Management Co., Ltd;
Bohai Huamei (Shanghai) Equity Investment Management Co., Ltd; Cinda
Sino-Rock International Energy Co., Ltd; HuaXia SSF1 Investors Ltd; RRJ
Management (HK) Ltd; Qian Hai Golden Bridge Management Ltd; Shenzhen
Baotengsheng Fund Management Co., Ltd; ENN Energy China Investment Ltd

Pending

2.

4,300

IBO 100%

TIBCO Software Inc.

US

Vista Equity Partners LLC

Pending

3.

2,500

IBO 100%

Compuware Corporation

US

Thoma Bravo LLC

Pending

4.

1,200

IBO 100%

Grocery Outlet Inc.

US

Hellman & Friedman LLC

Completed

5.

1,050

Minority stake

Sierra Oil & Gas S de RL de CV

MX

Riverstone Holdings LLC; EnCap Investments LP; Riverstone


Energy Ltd; Infraestructura Institucional S de RL de CV

Announced

6.

1,000

IBO 100%

Pro Mach Inc.

US

AEA Investors LP

Announced

7.

900

IBO 75%

Southeast PowerGen Holdings LLC

US

Carlyle Group LP

Announced

8.

644

IBO 100%

Lakeside 1 Ltd

GB

Sun Capital Partners Ltd; TDR Capital LLP

Pending

9.

565

Acquisition 100%

Bluestem Brands Inc.

US

Centerbridge Capital Partners LP

Announced

10.

551

IBO 100%

Pioneer DJ Corporation

JP

Kohlberg Kravis Roberts & Company LP

Pending

11.

500

Minority stake 20%

Vice Media Inc.

US

TCMI Inc.; A&E Television Networks LLC

Completed

12.

448

IBO 100%

Roc Oil Company Ltd

AU

Fosun International Ltd

Pending

13.

410

Minority stake 41%

Eureka Hunter Holdings LLC

US

Morgan Stanley Infrastructure Inc.

Completed

14.

405

IBO 50%

Bristol Airport Ltd

GB

Ontario Teachers' Pension Plan

Completed

15.

374

Acquisition 100%

Einstein Noah Restaurant Group Inc.

US

BDT Capital Partners LLC

Announced

16.

338

IBO 65%

Mechanics Bank

US

Ford Financial Fund LP

Pending

17.

325

Minority stake

21st Century Oncology Holdings Inc.

US

Canada Pension Plan Investment Board

Completed

18.

320

IBO 100%

McGraw-Hill Construction Information Group

US

Symphony Technology Group LLC

Pending

19.

300

IBO 65%

Global Environmental Management Services LLC

SA

Jadwa Investment Company; Fajr Capital Ltd

Completed

20.

295

Acquisition 100%

Endeka Ceramics Holding 1 SL

ES

Alchemy Partners LLP

Completed

Page 4

Zephyr

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.

Contact
+44 161 838 9554
Zephyr Editorial: zephyreditorial@bvdinfo.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

Zephyr Monthly M&A Report


Global Private Equity, September 2014

Target sectors by volume

Target sectors by value

Target sector

Sep-13

Aug-14

Sep-14

Target sector

Sep-13
(mil USD)

Aug-14
(mil USD)

Sep-14
(mil USD)

Other services

161

117

138

Wholesale & retail trade

6,326

4,362

19,375

Machinery, equipment, furniture, recycling

44

48

69

Other services

7,783

9,613

12,280

Wholesale & retail trade

26

21

30

Machinery, equipment, furniture, recycling

1,846

879

2,205

Chemicals, rubber, plastics

20

14

29

Banks

201

551

1,095

Publishing, printing

21

20

Gas, water, electricity

1,603

135

1,038

Banks

11

17

Construction

112

93

877

Metals & metal products

10

15

Education, health

1,530

1,425

537

Hotels & restaurants

11

13

14

Chemicals, rubber, plastics

191

2,155

525

Education, health

12

11

13

Transport

2,144

1,728

445

Food, beverages, tobacco

11

10

13

Publishing, printing

44

145

433

Gas, water, electricity

13

Metals & metal products

663

523

402

Construction

10

Hotels & restaurants

572

12,188

290

Textiles, wearing apparel, leather

Insurance companies

22

56

Insurance companies

Food, beverages, tobacco

163

66

52

Primary sector

Textiles, wearing apparel, leather

31

1,360

27

Transport

Post and telecommunications

17

Wood, cork, paper

Primary sector

23

1,300

13

Post and telecommunications

Wood, cork, paper

1,000

Public administration and defence

Public administration and defence

Page 5

Zephyr

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.

Contact
+44 161 838 9554
Zephyr Editorial: zephyreditorial@bvdinfo.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

Zephyr Monthly M&A Report


Global Private Equity, September 2014

Top target countries by value

Top target countries by volume


Target country

Sep-13

Aug-14

Sep-14

Target country

Sep-13
(mil USD)

Aug-14
(mil USD)

Sep-14
(mil USD)

US

120

145

129

China

151

3,941

17,774

UK

45

38

44

US

10,531

10,044

14,864

France

27

35

UK

2,681

3,011

2,370

China

10

15

30

Mexico

1,050

India

20

19

17

Australia

110

321

672

Germany

19

15

Japan

1,612

106

559

Canada

11

14

India

263

170

380

Spain

12

12

Spain

742

363

318

Netherlands

10

Saudi Arabia

300

Sweden

France

2,247

3,288

245

Finland

Canada

36

12,032

187

Italy

South Korea

109

11

175

Russia

Latvia

128

Norway

Vietnam

113

Australia

Germany

2,070

832

65

Japan

Mauritius

60

South Korea

Portugal

56

Ireland

Norway

12

525

50

Malaysia

Italy

14

67

39

Denmark

Jordan

38

Page 6

Zephyr

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.

Contact
+44 161 838 9554
Zephyr Editorial: zephyreditorial@bvdinfo.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

Zephyr Monthly M&A Report


Global Private Equity, September 2014

Top 20 private equity providers


Equity provider

Number of deals

Number with consideration

Total deal value (mil USD)

Average deal value (mil USD)

Cinda Sino-Rock International Energy Co., Ltd

17,442

17,442

ENN Energy China Investment Ltd

17,442

17,442

Qian Hai Golden Bridge Management Ltd

17,442

17,442

Shenzhen Baotengsheng Fund Management Co., Ltd

17,442

17,442

Harvest Fund Management Co., Ltd

17,442

17,442

RRJ Management (HK) Ltd

17,442

17,442

HuaXia SSF1 Investors Ltd

17,442

17,442

Bohai Huamei (Shanghai) Equity Investment Management Co., Ltd

17,442

17,442

Harvest Capital Management Co., Ltd

17,442

17,442

10

Vista Equity Partners LLC

4,300

4,300

11

Thoma Bravo LLC

2,500

2,500

12

Hellman & Friedman LLC

1,200

1,200

13

EnCap Investments LP

1,050

1,050

14

Infraestructura Institucional S de RL de CV

1,050

1,050

15

Riverstone Energy Ltd

1,050

1,050

16

Riverstone Holdings LLC

1,050

1,050

17

AEA Investors LP

1,000

1,000

18

Carlyle Group LP

900

900

19

Sun Capital Partners Ltd

704

352

20

Kohlberg Kravis Roberts & Company LP

676

225

Page 7

Zephyr

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.

Contact
+44 161 838 9554
Zephyr Editorial: zephyreditorial@bvdinfo.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

Zephyr Monthly M&A Report


Global Private Equity, September 2014

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

Page 8

Zephyr

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.

Contact
+44 161 838 9554
Zephyr Editorial: zephyreditorial@bvdinfo.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