The following report details mergers and acquisitions activity in North America in July 2014 using data from the Zephyr database.

1. Zephyr Monthly M&A Report
North America, July 2014

2. 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: zephyreditorial@bvdinfo.com
Zephyr Monthly M&A Report
North America, July 2014
Page 1 © Zephyr
The following report details
mergers and acquisitions
activity in North America in
July 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 driven by big
takeovers
The value of mergers and acquisitions (M&A)
targeting North American companies rose by 16
per cent in July, boosted by big-ticket deals in the
US.
There were 1,296 transactions worth a combined
USD 166,449 million over the four weeks,
compared to 1,467 deals worth an aggregate USD
143,584 million in June. While volume was 12 per
cent weaker, in monetary terms the result was the
third-highest of 2014 so far.
Year-on-year, value was 49 per cent higher in the
month under review (July 2013: USD 111,692
million) while volume was slightly down on the
1,326 transactions signed off 12 months ago.
M&A targeting the US once again bolstered the
region’s overall results, as value climbed 18 per
cent over the four weeks from USD 129,540
million to USD 152,292 million. Value was also
higher than at the same time a year ago (July
2013: USD 93,495 million).
Three consecutive months of growth in Canada was
halted in July, as value fell 15 per cent to USD
14,314 million (March: USD 8,633 million; April:
USD 11,798 million; May: USD 15,864 million),
and was down by a fifth compared to the USD
18,196 million-worth of M&A announced a year
ago.
North America deals by volume and value
Announced date No of deals
Total deal value
(mil USD)
Jul-14 1,296 166,449
Jun-14 1,467 143,584
May-14 1,443 179,552
Apr-14 1,429 112,403
Mar-14 1,406 87,812
Feb-14 1,295 197,106
Jan-14 1,581 109,422
Dec-13 1,385 133,687
Nov-13 1,245 85,590
Oct-13 1,397 107,965
Sep-13 1,210 212,149
Aug-13 1,255 106,846
Jul-13 1,326 111,692

3. 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: zephyreditorial@bvdinfo.com
Zephyr Monthly M&A Report
North America, July 2014
Page 2 © Zephyr
US deals by volume and value
Announced date No of deals
Total deal value
(mil USD)
Jul-14 1,046 152,292
Jun-14 1,156 129,540
May-14 1,133 163,688
Apr-14 1,141 100,644
Mar-14 1,110 80,039
Feb-14 1,020 181,375
Jan-14 1,279 101,273
Dec-13 986 123,431
Nov-13 909 71,854
Oct-13 1,066 98,967
Sep-13 913 206,978
Aug-13 959 99,043
Jul-13 1,008 93,495
Canada deals by volume and value
Announced date No of deals
Total deal value
(mil USD)
Jul-14 251 14,314
Jun-14 314 16,918
May-14 311 15,864
Apr-14 290 11,798
Mar-14 299 8,633
Feb-14 277 15,699
Jan-14 302 8,149
Dec-13 399 10,326
Nov-13 337 13,736
Oct-13 331 8,998
Sep-13 296 5,171
Aug-13 295 7,803
Jul-13 320 18,196

4. 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: zephyreditorial@bvdinfo.com
Zephyr Monthly M&A Report
North America, July 2014
Page 3 © Zephyr
North America deals by volume and value
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
0
50,000
100,000
150,000
200,000
250,000
Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14
Dealvalue(milUSD)
Aggregate deal value(mil USD) Number of deals

5. 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: zephyreditorial@bvdinfo.com
Zephyr Monthly M&A Report
North America, July 2014
Page 4 © Zephyr
Cigarette deal smashes USD 20,000 million-barrier
Tobacco giant Reynolds America agreed to buy rival Lorillard for USD 27,400
million, including assumed debt, in a bid to challenge the dominance of
Marlboro-maker Altria Group.
The deal will add Lorillard’s popular Newport menthol cigarette brand to
Reynolds’ portfolio, which includes Camel and Pall Mall. However, the number
two tobacco company in the US must also shed assets in order to appease
regulators and will dispose of brands such as blu electronic cigarettes to
Imperial Tobacco.
This one transaction accounted for 16 per cent of the region’s M&A value in
July and was worth more than the number two, three and four deals by value,
combined.
The second-highest valued transaction of the month was Dollar Tree making a
takeover offer worth USD 9,200 million, including the assumption of debt, for
rival Family Dollar in a deal that will unite two of the largest discount retailers
in the US. Dollar Tree is offering USD 74.50 in cash and stock for each share
held in the North Carolina-based company, a 23 per cent premium to its
previous close.
In all, 11 of the top 20 deals by value were public takeovers of which all but
one targeted US companies.
US targets favoured by PE firms
Two of the top 20 private equity and venture capital (PE and VC) transactions
targeting North American companies in July were worth more than USD 1,000
million. Highest of these was Energy Capital Partners buying Wheelbrator
Technologies, a waste-to-energy company based in New Hampshire, for USD
1,940 million. This was one of two deals in which Energy Capital Partners
invested, the other being a USD 160 million funding round for Texan oil and
gas company Furie Operating Alaska.
The region’s number two PE and VC deal by value in July was Onex
Corporation acquiring York Risk Services Group, a privately-held insurance
claims handling and loss adjustment company based in New Jersey, in a
tertiary buyout from Abry Partners for USD 1,325 million.
Despite the fact that Onex is a Canadian investment company, no Canadian
companies were targeted in any of the month’s top 20 PE and VC deals by
value.

6. 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: zephyreditorial@bvdinfo.com
Zephyr Monthly M&A Report
North America, July 2014
Page 5 © Zephyr
Top 20 deals by value
Deal value
(mil USD)
Deal type Target
Target
country
Acquiror
Acquiror
country
Deal status
1. 27,400 Acquisition 100% Lorillard Inc. US Reynolds American Inc. US Pending
2. 9,200 Acquisition 100% Family Dollar Stores Inc. US Dollar Tree Inc. US Pending
3. 8,709 Acquisition 100% Salix Pharmaceuticals Ltd US Cosmo Technologies Ltd IE Pending
4. 8,552 Acquisition 100% The Hillshire Brands Company US Tyson Foods Inc. US Announced
5. 7,100 Acquisition Lorillard Inc.'s certain assets; Reynolds American Inc.'s
certain assets
US; US Imperial Tobacco Group plc GB Pending
6. 6,400 Acquisition 100% International Game Technology Inc. US GTECH plc GB Pending
7. 6,206 Acquisition 100% Rockwood Holdings Inc. US Albemarle Corporation US Pending
8. 6,000 Acquisition 100% URS Corporation US AECOM Technology Corporation US Pending
9. 6,000 Acquisition 100% Kodiak Oil & Gas Corporation US Whiting Petroleum Corporation US Pending
10. 5,271 Acquisition Abbott Laboratories Inc.'s non-US developed markets
speciality and branded generics businesses in Europe, Japan,
Canada, Australia and New Zealand
JP; CA;
AU; NZ
New Moon BV NL Pending
11. 4,700 Minority stake Reynolds American Inc. US British American Tobacco plc GB Pending
12. 3,678 Acquisition increased from 44% to
100%
Bell Aliant Inc. CA BCE Inc. CA Announced
13. 3,500 Acquisition 100% Trulia Inc. US Zillow Inc. US Pending
14. 3,400 Acquisition 100% OneWest Bank NA US CIT Group Inc. US Pending
15. 3,000 Acquisition 100% QR Energy LP US BreitBurn Energy Partners LP US Pending
16. 1,940 IBO 100% Wheelabrator Technologies Inc. US Energy Capital Partners LLC US Pending
17. 1,725 Acquisition 100% Seragon Pharmaceuticals Inc. US Genentech Inc. US Announced
18. 1,625 Acquisition 100% Severstal Columbus LLC US Steel Dynamics Inc. US Pending
19. 1,500 Acquisition 100% Russell Stover Candies Inc. US Chocoladefabriken Lindt & Spruengli AG CH Announced
20. 1,325 IBO 100% York Risk Services Group Inc. US Management; Onex Corporation; Investors CA Pending

7. 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: zephyreditorial@bvdinfo.com
Zephyr Monthly M&A Report
North America, July 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. 1,940 IBO 100% Wheelabrator Technologies Inc. US Energy Capital Partners LLC Pending
2. 1,325 IBO 100% York Risk Services Group Inc. US Onex Corporation Pending
3. 890 IBO 100% Eco Services LLC US CCMP Capital Advisors LLC Announced
4. 850 Minority stake 25% Freeport LNG Development LP US Global Infrastructure Management LLC Announced
5. 700 IBO majority stake NVA Holdings Inc. US Ares Management LP Announced
6. 680 Minority stake Preferred Sands LLC US Kohlberg Kravis Roberts & Company LP Announced
7. 500 IBO 100% Mister Car Wash Holdings Inc. US Leonard Green & Partners LP Completed
8. 480 IBO 100% Cole-Parmer Instrument Company US GTCR Golder Rauner LLC Pending
9. 465 IBO 100% Northwest Hardwoods Inc. US Littlejohn & Company LLC Completed
10. 400 IBO 100% Tensar Corporation US Castle Harlan Inc. Completed
11. 310 IBO 100% Quorum Business Solutions Inc. US Silver Lake Partners LP Pending
12. 250 IBO 100% Juniper Networks Inc.'s Junos Pulse
mobile security business
US Siris Capital Group LLC Announced
13. 160 Minority stake Furie Operating Alaska LLC US Energy Capital Partners LLC Completed
14. 150 Minority stake CP Exploration II LLC US Post Oak Energy Capital LP Completed
15. 150 Minority stake 6% Box Inc. US TPG Capital LP; Coatue Management LLC Completed
16. 100 Minority stake Astrum Solar Inc. US Hudson Clean Energy Partners LP Announced
17. 79 Minority stake IRI Group Holdings Inc. US Completed
18. 75 Minority stake Avant Credit Corporation US Tiger Global Management LLC Completed
19. 70 Minority stake NextNav LLC US Goldman Sachs Group Inc.; Oak Management Corporation; New Enterprise Associates
Inc.; Columbia Capital Corporation; Telcom Ventures LLC
Completed
20. 70 Minority stake AppDynamics Inc. US Battery Management Corporation; Kleiner Perkins Caufield & Byers; Lightspeed Venture
Partners; Institutional Venture Partners; Sands Capital Management Inc.; Greylock
Management Corporation; ClearBridge Investments LLC
Completed

8. 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: zephyreditorial@bvdinfo.com
Zephyr Monthly M&A Report
North America, July 2014
Page 7 © Zephyr
PE and VC investment activity weakens month-on-month
Despite an increase in overall M&A value in July, PE and VC investment
activity declined over the four weeks to 440 transactions worth a combined
USD 12,411 million, compared to 461 deals worth a collective USD 19,203
million in June.
However, in a 12-month comparison, value was almost two-thirds higher than
the USD 7,188 million-worth of investment announced in July 2013.
Lower PE and VC investment value targeting US companies accounted for the
decrease, sliding from USD 19,084 million to USD 12,220 million in July.
However, investment in Canada bucked this trend and the value of investment
grew by 61 per cent month-on-month to USD 191 million after dropping
sharply between May and June.
Compared to the same time a year ago the result was even more impressive,
as just USD 27 million-worth of investment targeting Canadian companies was
signed off in July 2013.
North America private equity deals by volume and value
Announced date No of deals
Total deal value
(mil USD)
Jul-14 440 12,411
Jun-14 461 19,203
May-14 447 17,518
Apr-14 470 16,073
Mar-14 410 27,062
Feb-14 380 17,854
Jan-14 359 15,163
Dec-13 383 14,707
Nov-13 368 13,619
Oct-13 398 14,196
Sep-13 363 12,879
Aug-13 382 46,358
Jul-13 433 7,188

9. 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: zephyreditorial@bvdinfo.com
Zephyr Monthly M&A Report
North America, July 2014
Page 8 © Zephyr
US private equity deals by volume and value
Announced date No of deals
Total deal value
(mil USD)
Jul-14 425 12,220
Jun-14 445 19,084
May-14 421 16,779
Apr-14 451 15,889
Mar-14 392 26,331
Feb-14 362 17,807
Jan-14 337 14,612
Dec-13 353 14,055
Nov-13 333 10,807
Oct-13 370 14,022
Sep-13 343 12,809
Aug-13 356 41,692
Jul-13 398 7,161
Canada private equity deals by volume and value
Announced date No of deals
Total deal value
(mil USD)
Jul-14 15 191
Jun-14 16 119
May-14 26 738
Apr-14 19 185
Mar-14 18 731
Feb-14 18 47
Jan-14 21 551
Dec-13 28 642
Nov-13 35 2,812
Oct-13 28 174
Sep-13 20 69
Aug-13 26 4,667
Jul-13 35 27

10. 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: zephyreditorial@bvdinfo.com
Zephyr Monthly M&A Report
North America, July 2014
Page 9 © Zephyr
North America private equity deals by volume and value
0
50
100
150
200
250
300
350
400
450
500
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14
Dealvalue(milUSD)
Aggregate deal value(mil USD) Number of deals

11. 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: zephyreditorial@bvdinfo.com
Zephyr Monthly M&A Report
North America, July 2014
Page 10 © Zephyr
M&A target sectors by volume
Target sector Jul-13 Jun-14 Jul-14
Other services 802 843 751
Machinery, equipment, furniture, recycling 131 152 122
Banks 81 66 66
Publishing, printing 24 39 62
Wholesale & retail trade 59 66 54
Chemicals, rubber, plastics 51 66 53
Education, health 34 39 39
Food, beverages, tobacco 18 21 30
Primary sector 17 38 27
Construction 12 24 19
Gas, water, electricity 15 22 16
Hotels & restaurants 12 13 14
Transport 19 19 13
Metals & metal products 21 29 12
Textiles, wearing apparel, leather 11 10 10
Insurance companies 6 13 6
Wood, cork, paper 8 5 3
Post and telecommunications 1 2 2
Public administration and defence 1 0 0
M&A target sectors by value
Target sector
Jul-13
(mil USD)
Jun-14
(mil USD)
Jul-14
(mil USD)
Food, beverages, tobacco 130 1,481 49,861
Other services 35,782 63,800 45,397
Chemicals, rubber, plastics 4,910 5,015 22,142
Machinery, equipment, furniture, recycling 7,218 13,146 13,931
Wholesale & retail trade 20,850 3,095 10,127
Banks 24,206 8,169 8,680
Gas, water, electricity 1,824 14,214 4,596
Primary sector 1,644 17,612 3,011
Metals & metal products 198 1,318 2,468
Transport 3,207 1,498 2,196
Publishing, printing 500 790 1,688
Construction 379 574 920
Education, health 8,110 3,522 757
Wood, cork, paper 372 128 502
Hotels & restaurants 491 2,493 150
Insurance companies 841 5,939 60
Textiles, wearing apparel, leather 982 475 5
Post and telecommunications 9 48 3
Public administration and defence 36 0 0

12. 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: zephyreditorial@bvdinfo.com
Zephyr Monthly M&A Report
North America, July 2014
Page 11 © Zephyr
Private equity target sectors by volume
Target sector Jul-13 Jun-14 Jul-14
Other services 312 310 292
Machinery, equipment, furniture, recycling 41 48 42
Publishing, printing 8 23 32
Chemicals, rubber, plastics 13 20 13
Education, health 6 4 13
Food, beverages, tobacco 6 4 11
Wholesale & retail trade 16 9 11
Textiles, wearing apparel, leather 5 3 4
Banks 6 2 3
Construction 1 8 3
Gas, water, electricity 3 6 3
Metals & metal products 5 5 2
Wood, cork, paper 2 0 2
Primary sector 1 6 2
Post and telecommunications 1 2 2
Public administration and defence 0 0 0
Hotels & restaurants 3 4 0
Insurance companies 2 0 0
Transport 2 2 0
Private equity target sectors by value
Target sector
Jul-13
(mil USD)
Jun-14
(mil USD)
Jul-14
(mil USD)
Other services 4,201 16,390 4,501
Machinery, equipment, furniture, recycling 1,042 444 2,223
Gas, water, electricity 0 100 1,940
Primary sector 0 1,309 1,530
Education, health 62 23 730
Wood, cork, paper 0 0 502
Publishing, printing 500 537 436
Banks 266 11 125
Wholesale & retail trade 38 55 111
Construction 0 163 100
Chemicals, rubber, plastics 182 84 98
Food, beverages, tobacco 11 15 16
Metals & metal products 0 7 11
Textiles, wearing apparel, leather 71 10 5
Post and telecommunications 9 48 3
Public administration and defence 0 0 0
Hotels & restaurants 315 30 0
Insurance companies 40 0 0
Transport 450 0 0

13. 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: zephyreditorial@bvdinfo.com
Zephyr Monthly M&A Report
North America, July 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 Energy Capital Partners LLC 2 2 2,100 1,050
2 Onex Corporation 1 1 1,325 1,325
3 CCMP Capital Advisors LLC 1 1 891 891
4 Global Infrastructure Management LLC 1 1 850 850
5 Ares Management LP 1 1 700 700
6 Kohlberg Kravis Roberts & Company LP 1 1 680 680
7 Leonard Green & Partners LP 1 1 500 500
8 GTCR Golder Rauner LLC 3 1 480 480
9 Littlejohn & Company LLC 1 1 465 465
10 Castle Harlan Inc. 1 1 400 400
11 Silver Lake Partners LP 2 2 334 167
12 Siris Capital Group LLC 1 1 250 250
13 TPG Capital LP 2 2 196 98
14 New Enterprise Associates Inc. 9 9 184 20
15 Post Oak Energy Capital LP 1 1 150 150
16 Coatue Management LLC 1 1 150 150
17 Accel Management Company LLC 4 4 147 37
18 Lightspeed Venture Partners 3 3 145 48
19 Kleiner Perkins Caufield & Byers 5 3 126 42
20 Oak Management Corporation 3 3 124 41

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: zephyreditorial@bvdinfo.com
Zephyr Monthly M&A Report
North America, July 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 01/07/2014 - 31/07/2014
inclusive