Zephyr M&A Report North America, January 2014

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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 M&A Report North America, January 2014

  1. 1. Zephyr Monthly M&A Report North America, January 2014
  2. 2. Zephyr Monthly M&A Report North America, January 2014 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-onmonth, 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). 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 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. 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, January 2014 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) Jan-14 812 83,948 Jan-14 251 7,643 Dec-13 863 113,125 Dec-13 376 9,571 Nov-13 845 69,423 Nov-13 330 13,821 Oct-13 987 94,487 Oct-13 322 8,924 Sep-13 850 197,064 Sep-13 290 5,971 Aug-13 911 89,632 Aug-13 295 7,798 Jul-13 966 114,748 Jul-13 316 18,891 Jun-13 891 101,640 Jun-13 262 15,173 May-13 976 96,377 May-13 296 5,900 Apr-13 893 68,376 Apr-13 325 6,521 Mar-13 865 46,713 Mar-13 290 7,128 Feb-13 776 128,980 Feb-13 297 8,214 Jan-13 1,278 63,073 Jan-13 329 12,605 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, January 2014 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 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-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. Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 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, January 2014 Whiskey maker Beam is January’s top deal by value Chemicals sector M&A value rises in January 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. 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. 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. 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. 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. 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. 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. 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”
  6. 6. Zephyr Monthly M&A Report North America, January 2014 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 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 US hardware business Lenovo Group Ltd HK Pending 12. 2,000 Minority stake JP Morgan US 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 US business unit entities Fieldwood Energy LLC US Completed 18. 1,085 Acquisition increased 49% to 80% Yankees Entertainment & Sports Network LLC Twenty-First Century Fox Inc. US Pending 19. 1,060 Acquisition 100% Thermo Fisher Scientific Inc.'s cell culture (sera and media), US gene modulation and magnetic beads businesses GE Healthcare Inc. US Pending 20. 935 Minority stake 15% Envision Healthcare Holdings Inc. 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. US Completed Completed US Announced 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”
  7. 7. Zephyr Monthly M&A Report North America, January 2014 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 US Services and Uniface business units Marlin Management Company LLC Announced 11. 150 Minority stake Nest Labs Inc. US 12. 130 IBO 100% HealthTronics Inc. US Altaris Capital Partners LLC 13. 123 Minority stake ADKM Inc. US Highland Capital Partners LLC; Tiger Global Management LLC; SV Angel LLC; Thrive Completed Capital; Lakestar Advisors GmbH 14. 101 Minority stake Nutanix Inc. US SAP Ventures; Riverwood Capital Management LLC; Greenspring Associates Inc.; MS Completed Expansion Capital GP Inc. 15. 100 Minority stake View Inc. US Madrone Capital Partners LLC 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 Completed LLC; Northport Investments; NVP Associates LLC; Firsthand Technology Value Fund Inc.; Pine River Capital Management LP; ClearBridge Investments LLC 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 Page 6 © Zephyr 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. 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, January 2014 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. Page 7 © Zephyr 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. 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, January 2014 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) Jan-14 241 13,409 Jan-14 14 93 Dec-13 298 12,407 Dec-13 24 617 Nov-13 306 10,638 Nov-13 33 2,830 Oct-13 321 13,655 Oct-13 27 160 Sep-13 309 12,286 Sep-13 18 69 Aug-13 332 32,551 Aug-13 24 4,636 Jul-13 372 7,036 Jul-13 35 27 Jun-13 360 5,931 Jun-13 23 110 May-13 335 21,376 May-13 22 393 Apr-13 346 7,302 Apr-13 25 826 Mar-13 343 9,072 Mar-13 22 561 Feb-13 295 31,044 Feb-13 23 992 Jan-13 411 11,135 Jan-13 34 435 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, January 2014 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 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-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. Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 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, January 2014 M&A target sectors by volume M&A target sectors by value Target sector Jan-13 Dec-13 Jan-14 Target sector Jan-13 (mil USD) Dec-13 (mil USD) Jan-14 (mil USD) Other services 913 718 609 Other services 24,743 60,449 25,028 Machinery, equipment, furniture, recycling 155 132 124 Machinery, equipment, furniture, recycling 5,050 15,119 18,225 Chemicals, rubber, plastics 75 47 56 Food, beverages, tobacco 1,498 713 16,173 Banks 116 67 56 Chemicals, rubber, plastics 4,353 3,187 13,679 Wholesale & retail trade 80 59 56 Banks 15,996 11,747 9,296 Education, health 49 30 26 Primary sector 3,619 4,227 1,506 Primary sector 41 34 26 Wood, cork, paper 640 0 1,401 Food, beverages, tobacco 21 15 21 Wholesale & retail trade 6,082 11,490 1,398 Publishing, printing 22 24 18 Hotels & restaurants 690 613 1,313 Transport 27 20 14 Transport 6,447 1,759 1,240 Hotels & restaurants 19 15 13 Education, health 442 358 983 Insurance companies 23 9 10 Gas, water, electricity 1,248 9,629 773 Metals & metal products 23 20 10 Insurance companies 1,024 35 553 Construction 12 9 9 Metals & metal products 2,905 162 190 Gas, water, electricity 17 22 7 Publishing, printing 33 158 107 Textiles, wearing apparel, leather 8 10 7 Textiles, wearing apparel, leather 176 2,877 19 Wood, cork, paper 7 1 5 Construction 408 103 8 Post and telecommunications 1 1 0 Post and telecommunications 0 0 0 Public administration and defence 1 0 0 Public administration and defence 0 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, January 2014 Private equity target sectors by volume Private equity target sectors by value Target sector Jan-13 Dec-13 Jan-14 Target sector Jan-13 (mil USD) Dec-13 (mil USD) Jan-14 (mil USD) Other services 307 205 169 Chemicals, rubber, plastics 196 258 5,486 Machinery, equipment, furniture, recycling 41 44 32 Other services 5,092 7,970 4,968 Chemicals, rubber, plastics 10 11 12 Hotels & restaurants 20 22 1,312 Wholesale & retail trade 21 9 9 Banks 539 640 541 Food, beverages, tobacco 4 4 6 Machinery, equipment, furniture, recycling 320 596 462 Hotels & restaurants 5 5 4 Gas, water, electricity 382 107 299 Banks 9 5 4 Wholesale & retail trade 3,363 414 183 Education, health 20 6 3 Primary sector 680 224 133 Gas, water, electricity 4 2 3 Insurance companies 15 28 105 Publishing, printing 2 11 3 Publishing, printing 2 40 8 Primary sector 6 3 3 Education, health 285 24 5 Textiles, wearing apparel, leather 3 4 2 Food, beverages, tobacco 423 22 1 Insurance companies 2 1 2 Textiles, wearing apparel, leather 0 2,425 0 Construction 2 3 2 Construction 53 0 0 Transport 4 2 1 Public administration and defence 0 0 0 Metals & metal products 3 5 1 Transport 200 251 0 Post and telecommunications 0 0 0 Metals & metal products 0 1 0 Public administration and defence 0 0 0 Wood, cork, paper 2 0 0 Wood, cork, paper 2 1 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, January 2014 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 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, January 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 The date range is 01/01/2014 - 30/01/2014 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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