Zephyr Monthly M&A Report
North America, November 2013
Zephyr Monthly M&A Report
North America, November 2013

The following report details
mergers and acquisitions
activity in ...
Zephyr Monthly M&A Report
North America, November 2013

US deals by volume and value

Canada deals by volume and value

An...
Zephyr Monthly M&A Report
North America, November 2013

North America deals by volume and value

250,000

1,800
1,600

Dea...
Zephyr Monthly M&A Report
North America, November 2013

Oil and gas deals come top

Chemicals sector M&A value rises in No...
Zephyr Monthly M&A Report
North America, November 2013

Top 20 deals by value
Deal value
(mil USD)

Deal type

Target

Tar...
Zephyr Monthly M&A Report
North America, November 2013

Top 20 private equity deals by value
Deal value
(mil USD)

Deal ty...
Zephyr Monthly M&A Report
North America, November 2013

Canadian PE value leaps
The value of private equity and venture ca...
Zephyr Monthly M&A Report
North America, November 2013

US private equity deals by volume and value

Canada private equity...
Zephyr Monthly M&A Report
North America, November 2013

North America private equity deals by volume and value

500

40,00...
Zephyr Monthly M&A Report
North America, November 2013

M&A target sectors by volume

M&A target sectors by value

Target ...
Zephyr Monthly M&A Report
North America, November 2013

Private equity target sectors by volume

Private equity target sec...
Zephyr Monthly M&A Report
North America, November 2013

Top 20 private equity providers
Equity provider

Number of deals

...
Zephyr Monthly M&A Report
North America, November 2013

Notes to editors
Activity is based on the activity of the target c...
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Zephyr M&A Report North America, November 2013

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The following report details mergers and acquisitions activity in North America in November 2013 using data from the Zephyr database. It focuses on deal activity by target company.

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Zephyr M&A Report North America, November 2013

  1. 1. Zephyr Monthly M&A Report North America, November 2013
  2. 2. Zephyr Monthly M&A Report North America, November 2013 The following report details mergers and acquisitions activity in North America in November 2013 using data from the Zephyr database. North American M&A value lowest since March The value of mergers and acquisitions (M&A) targeting companies based in North America during November decreased by a third from October’s result and marked the second consecutive monthly decline. Announced date No of deals Total deal value (mil USD) Nov-13 951 69,502 Oct-13 1,275 101,766 Sep-13 1,108 201,250 It focuses on deal activity by target company. There were 951 transactions worth a combined USD 69,502 million in the four weeks under review compared to USD 101,766 million the previous month and USD 201,250 million in September, and, by value, it is the lowest result since March when USD 54,185 million was recorded. However, the trend is similar to that seen at the same time last year, when value weakened from USD 116,155 million to USD 83,087 million between October and November 2012. Aug-13 1,191 97,525 Jul-13 1,269 133,520 Jun-13 1,140 104,000 May-13 1,256 101,920 Apr-13 1,201 74,347 Mar-13 1,146 54,185 Feb-13 1,054 141,833 Jan-13 1,588 75,494 Dec-12 1,584 124,315 M&A activity in the US largely dictated results for the entire region: there were 704 transactions worth a total USD 60,001 million in November which in monetary terms was the second decrease in a row (September 2013: USD 195,344 million; October 2013: USD 92,714 million). Nov-12 1,318 83,087 Click here to access the raw data in an Excel spreadsheet. North America deals by volume and value However, Canada bucked this trend, with 247 deals worth a collective USD 9,501 million announced during November, a 22 per cent decline by volume but a 5 per cent increase by value month-on-month (October 2013: 316 deals worth USD 9,053 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. 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”
  3. 3. Zephyr Monthly M&A Report North America, November 2013 US deals by volume and value Canada deals by volume and value Announced date No of deals Total deal value (mil USD) Announced date No of deals Total deal value (mil USD) Nov-13 704 60,001 Nov-13 247 9,501 Oct-13 958 92,714 Oct-13 316 9,053 Sep-13 825 195,344 Sep-13 282 5,906 Aug-13 900 89,790 Aug-13 290 7,735 Jul-13 958 114,729 Jul-13 313 18,791 Jun-13 879 89,059 Jun-13 261 14,941 May-13 963 96,007 May-13 293 5,896 Apr-13 878 67,810 Apr-13 323 6,537 Mar-13 857 47,129 Mar-13 290 7,061 Feb-13 758 133,619 Feb-13 296 8,214 Jan-13 1,261 62,991 Jan-13 329 12,605 Dec-12 1,185 114,096 Dec-12 401 10,233 Nov-12 941 73,538 Nov-12 379 9,549 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. 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”
  4. 4. Zephyr Monthly M&A Report North America, November 2013 North America deals by volume and value 250,000 1,800 1,600 Deal value (mil USD) 200,000 1,400 1,200 150,000 1,000 800 100,000 600 400 50,000 200 0 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Aggregate deal value(mil USD) 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. Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 0 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”
  5. 5. Zephyr Monthly M&A Report North America, November 2013 Oil and gas deals come top Chemicals sector M&A value rises in November While November lacked the mega-transactions of previous months there were still some high-value deals, with the top two deals by value in November both targeting companies operating in the oil and gas sector. The value of dealmaking targeting companies operating in the chemicals, rubber and plastics sector increased by 48 per cent month-on-month from USD 6,495 million in October to USD 10,264 million, its best result since April. The highest of these was Devon Energy’s USD 6,000 million purchase of assets from fellow US oil and gas player GeoSouthern Energy in a deal expected to close early in 2014. Behind this, the number two transaction by value involved LINN Energy making an offer for publicly-listed oil and gas explorer Berry Petroleum worth USD 4,900 million, including assumed debt. Once again, US-based targets dominated the top 20 deals by value with Canadian companies targeted in only four of these, the highest of which involved Dutch group Koninklijke DSM and JLL Partners teaming to make a USD 1,950 million takeover offer for Ontario-based drug maker Patheon. Koninklijke was one of a small number of overseas acquirors featuring in the top 20 deals by value in November, with buyers from the UK and Ireland also involved in cross-border M&A. Page 4 © Zephyr M&A value in the machinery, equipment, furniture and recycling industry put the sector fairly high in the rankings at USD 5,457 million but was lower than the USD 5,860 million recorded the previous month, while just behind this, the value of dealmaking targeting the construction sector leapt from USD 226 million to USD 4,693 million. In monetary terms, M&A activity in many sectors decreased month-on-month; notable exceptions include wholesale and retail, where value more than doubled, and textiles, wearing apparel and leather, where there was an eightfold increase from USD 11 million to USD 831 million. Machinery, equipment, furniture and recycling was one of the most frequently targeted industries, with 98 transactions announced during November, but the result was the third decline in a row for the sector (August: 126; September: 122; October: 118). 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”
  6. 6. Zephyr Monthly M&A Report North America, November 2013 Top 20 deals by value Deal value (mil USD) Deal type Target Target country Acquiror Acquiror country Deal status 1. 6,000 Acquisition 100% GeoSouthern Energy Corporation's assets US Devon Energy Corporation US Announced 2. 4,900 Acquisition 100% Bid 2 – Increased offer Berry Petroleum Company US Linn Acquisition Company LLC US Pending 3. 4,200 Acquisition 100% ViroPharma Inc. US Shire plc GB Pending 4. 2,700 Acquisition 100% Weyerhaeuser Real Estate Company US Tri Pointe Homes Inc. US Pending 5. 2,600 Acquisition 100% Santarus Inc. US Salix Pharmaceuticals Ltd US Announced 6. 1,950 IBO 100% Patheon Inc. CA JLL/Delta Patheon Holdings LP US Pending 7. 1,819 Minority stake 9% T-Mobile US Inc. US 8. 1,600 Acquisition 100% Shapell Industries Inc.'s single-family home building business US Toll Brothers Inc. US Pending 9. 1,600 IBO 100% The Brickman Group Ltd LLC US Kohlberg Kravis Roberts & Company LP US Announced 10. 1,535 Acquisition 100% Paladin Labs Inc. CA New Endo IE Pending 11. 1,435 Acquisition 100% Talisman Energy Inc.'s Montney natural-gas producing assets in CA northern British Columbia Progress Energy Canada Ltd CA Pending 12. 1,250 Minority stake Yahoo! Inc. US 13. 1,165 Acquisition 100% GXS Group Inc. US Open Text Corporation CA 14. 1,000 Minority stake BlackBerry Ltd CA 15. 978 Acquisition 100% Trunkline LNG Company LLC US Energy Transfer Equity LP US Announced 16. 862 IBO 100% Siemens Water Technologies Corporation's municipal, industrial US and services water and wastewater treatment operations and assets AEA Investors LP US Pending 17. 850 Acquisition 100% Passport Health Communications Inc. US Experian plc GB Completed 18. 800 IBO 100% Tekni-Plex Inc. US American Securities LLC US Announced 19. 775 Minority stake 39% Northern Tier Energy LP US Western Refining Inc. US Completed 20. 761 Minority stake 13% Hologic Inc. US Mr Carl C Icahn 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. Announced Announced Announced Completed Contact +44 161 838 9554  Zephyr Editorial: zephyreditorial@bvdinfo.com Completed 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”
  7. 7. Zephyr Monthly M&A Report North America, November 2013 Top 20 private equity deals by value Deal value (mil USD) Deal type Target Target country Equity provider Deal status 1. 1,950 IBO 100% Patheon Inc. CA JLL Partners Inc. Pending 2. 1,600 IBO 100% The Brickman Group Ltd LLC US Kohlberg Kravis Roberts & Company LP Announced 3. 862 IBO 100% Siemens Water Technologies Corporation's municipal, industrial US and services water and wastewater treatment operations and assets AEA Investors LP Pending 4. 800 IBO 100% Tekni-Plex Inc. US American Securities LLC Announced 5. 670 IBO 100% DSM Pharmaceutical Products Inc. US JLL Partners Inc. Pending 6. 381 IBO 100% Anaren Inc. US Veritas Capital Management LLC Pending 7. 350 Minority stake Silverback Exploration LLC US EnCap Investments LP Completed 8. 264 IBO 87% Anaren Inc. US Vintage Capital Management LLC Announced 9. 205 Minority stake Panther Energy Company LLC US Kayne Anderson Capital Advisors LP Completed 10. 200 IBO 100% Allen-Edmonds Shoe Corporation US Brentwood Associates Completed 11. 160 Minority stake Rimrock Midstream LLC US Energy Capital Partners LLC Completed 12. 141 Minority stake Envision Rx Options Holdings Inc. US 13. 125 IBO 100% Sealed Air Corporation's rigid medical packaging business US 14. 110 Minority stake Moderna Therapeutics Inc. US 15. 109 IBO 100% Innotrac Corporation US Sterling Capital Ltd 16. 79 Minority stake Quirky Inc. US General Electric Company; Kleiner Perkins Caufield & Byers; RRE Ventures Completed LLC; NVP Associates LLC; Andreessen Horowitz 17. 58 Minority stake SimpliVity Corporation US Kleiner Perkins Caufield & Byers; Draper Fisher Jurvetson; Accel Management Completed Company LLC; Meritech Capital Partners; Charles River Ventures Inc.; Swisscom Ventures 18. 57 Minority stake 2% LendingClub Corporation US Coatue Management LLC; Mail.ru Group Ltd 19. 50 Minority stake Kingsoft Office Software Inc. US GGV Management LLC; Morningside Capital; Beijing Shunwei Venture Capital Completed Co., Ltd 20. 50 Minority stake Redfin Corporation US Completed 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. Completed Mason Wells Inc. Announced Completed Contact +44 161 838 9554  Zephyr Editorial: zephyreditorial@bvdinfo.com Announced Completed 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”
  8. 8. Zephyr Monthly M&A Report North America, November 2013 Canadian PE value leaps The value of private equity and venture capital investment targeting North American companies weakened for the third month in a row to USD 9,791 million (August: 37,149 million; September: USD 12,095 million; October: USD 11,464 million) and was also lower than USD 14,446 million a year ago. There were also fewer transactions, slipping from 337 in October to 276. PE investment targeting US companies reflected the regional results, with 257 transactions worth a collective USD 7,787 million recorded, compared to 310 worth USD 11,304 million last month. (September: 296 worth USD 12,026 million). However, Canada once again differed considerably from this trend, and value hit USD 2,003 million, the country’s second highest level of the last 12 months under review, despite volume slipping 30 per cent from 27 transactions in October to 19. Almost all of the increase in Canadian PE value was attributable to the Patheon deal, which, at USD 1,950 million, accounted for 97 per cent of the country’s total investment value. North America private equity deals by volume and value Announced date No of deals Total deal value (mil USD) Nov-13 276 9,791 Oct-13 337 11,464 Sep-13 314 12,095 Aug-13 348 37,149 Jul-13 400 7,045 Jun-13 370 5,959 May-13 348 21,757 Apr-13 360 8,092 Mar-13 361 9,588 Feb-13 303 32,032 Jan-13 438 11,499 Dec-12 384 17,142 Nov-12 359 14,446 This was one of two North American PE transactions to surpass USD 1,000 million in value during November, the other being Kohlberg Kravis Roberts buying US landscaping and horticultural firm Brickman Group for USD 1,600 million. 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”
  9. 9. Zephyr Monthly M&A Report North America, November 2013 US private equity deals by volume and value Canada private equity deals by volume and value Announced date No of deals Total deal value (mil USD) Announced date No of deals Total deal value (mil USD) Nov-13 257 7,787 Nov-13 19 2,003 Oct-13 310 11,304 Oct-13 27 160 Sep-13 296 12,026 Sep-13 18 69 Aug-13 326 32,528 Aug-13 22 4,622 Jul-13 365 7,018 Jul-13 35 27 Jun-13 348 5,850 Jun-13 22 110 May-13 326 21,364 May-13 22 393 Apr-13 335 7,248 Apr-13 25 844 Mar-13 338 9,027 Mar-13 22 561 Feb-13 280 31,040 Feb-13 23 992 Jan-13 404 11,064 Jan-13 34 435 Dec-12 368 16,973 Dec-12 16 170 Nov-12 329 14,281 Nov-12 31 166 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”
  10. 10. Zephyr Monthly M&A Report North America, November 2013 North America private equity deals by volume and value 500 40,000 450 Deal value (mil USD) 35,000 400 30,000 350 25,000 300 250 20,000 200 15,000 150 10,000 100 5,000 0 50 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Aggregate deal value(mil USD) Page 9 © 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. Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 0 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”
  11. 11. Zephyr Monthly M&A Report North America, November 2013 M&A target sectors by volume M&A target sectors by value Target sector Nov-12 Oct-13 Nov-13 Target sector Nov-12 (mil USD) Oct-13 (mil USD) Nov-13 (mil USD) Other services 792 760 561 Other services 24,776 28,155 34,971 Machinery, equipment, furniture, recycling 118 118 98 Chemicals, rubber, plastics 8,994 6,945 10,264 Banks 82 90 56 Machinery, equipment, furniture, recycling 3,212 5,860 5,457 Wholesale & retail trade 57 43 50 Construction 1,749 226 4,693 Chemicals, rubber, plastics 63 57 32 Wholesale & retail trade 5,017 2,306 4,243 Education, health 38 35 27 Banks 14,932 17,792 3,392 Transport 21 23 20 Transport 2,498 10,152 2,793 Metals & metal products 21 17 19 Primary sector 4,639 13,517 914 Primary sector 34 38 18 Textiles, wearing apparel, leather 220 11 831 Construction 18 11 15 Wood, cork, paper 691 545 513 Gas, water, electricity 20 14 14 Education, health 1,470 2,322 435 Food, beverages, tobacco 16 16 14 Insurance companies 0 1,581 412 Publishing, printing 7 18 14 Gas, water, electricity 1,992 4,637 315 Hotels & restaurants 10 18 10 Hotels & restaurants 142 886 179 Wood, cork, paper 10 3 5 Metals & metal products 3,241 3,768 145 Textiles, wearing apparel, leather 5 2 5 Food, beverages, tobacco 7,464 1,884 132 Insurance companies 5 10 3 Publishing, printing 2,486 976 6 Post and telecommunications 1 0 1 Post and telecommunications 17 0 0 Public administration and defence 1 0 0 Public administration and defence 1 0 0 Page 10 © 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”
  12. 12. Zephyr Monthly M&A Report North America, November 2013 Private equity target sectors by volume Private equity target sectors by value Target sector Nov-12 Oct-13 Nov-13 Target sector Nov-12 (mil USD) Oct-13 (mil USD) Nov-13 (mil USD) Other services 256 246 192 Other services 6,764 5,303 4,779 Machinery, equipment, furniture, recycling 41 40 36 Chemicals, rubber, plastics 1,278 413 3,619 Chemicals, rubber, plastics 15 13 12 Machinery, equipment, furniture, recycling 276 1,958 920 Wholesale & retail trade 12 5 8 Textiles, wearing apparel, leather 7 0 207 Publishing, printing 2 4 7 Transport 300 895 160 Education, health 5 8 5 Education, health 6 2,302 28 Construction 1 2 5 Construction 0 100 26 Banks 4 4 4 Banks 1,419 210 17 Transport 3 3 3 Gas, water, electricity 702 25 12 Hotels & restaurants 4 2 2 Wholesale & retail trade 701 300 10 Textiles, wearing apparel, leather 2 0 2 Metals & metal products 10 17 7 Metals & metal products 5 3 1 Publishing, printing 2,402 39 6 Gas, water, electricity 4 3 1 Food, beverages, tobacco 372 2 2 Food, beverages, tobacco 3 2 1 Public administration and defence 0 0 0 Public administration and defence 0 0 0 Primary sector 46 0 0 Primary sector 1 2 0 Insurance companies 0 0 0 Wood, cork, paper 1 0 0 Hotels & restaurants 130 0 0 Post and telecommunications 0 0 0 Wood, cork, paper 16 0 0 Insurance companies 0 0 0 Post and telecommunications 0 0 0 Page 11 © 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”
  13. 13. Zephyr Monthly M&A Report North America, November 2013 Top 20 private equity providers Equity provider Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD) 1 JLL Partners Inc. 2 2 2,620 1,310 2 Kohlberg Kravis Roberts & Company LP 1 1 1,600 1,600 3 AEA Investors LP 1 1 862 862 4 American Securities LLC 1 1 800 800 5 Veritas Capital Management LLC 1 1 381 381 6 EnCap Investments LP 1 1 350 350 7 Vintage Capital Management LLC 1 1 264 264 8 Kayne Anderson Capital Advisors LP 2 1 205 205 9 Brentwood Associates 1 1 200 200 10 Kleiner Perkins Caufield & Byers 4 4 165 41 11 Energy Capital Partners LLC 2 1 160 160 12 Andreessen Horowitz 6 4 149 37 13 Accel Management Company LLC 3 3 128 43 14 Mason Wells Inc. 1 1 125 125 15 Sterling Capital Ltd 1 1 109 109 16 RRE Ventures LLC 4 4 101 25 17 Battery Management Corporation 5 5 101 20 18 Lightspeed Venture Partners 4 4 97 24 19 New Enterprise Associates Inc. 4 4 93 23 20 Bain Capital Venture Partners LLC 5 5 90 18 Page 12 © 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”
  14. 14. Zephyr Monthly M&A Report North America, November 2013 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 01/11/2013 - 26/11/2013 inclusive Page 13 © 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”
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