Donnelley Financial Solutions Weekly Private Equity Report

www.dfsco.com
Deals in the Market February 27, 2017
Target Bidder(s) Deal Description Deal Value
Gardner Denver
Milwaukee, WI-based maker of
industrial machinery
Potential IPO
KKR & Co purchased Gardner
Denver in 2013 for $3.9 million
Gardner Denver is preparing for an IPO and could
register its IPO with the SEC as early as next week.
(Pro Rata)
$7B
potential
valuation
including debt
West Corporation
listed Omaha, NE-based technology-
enabled communication services
provider, backed by New York, NY-
based PE firm Quadrangle Group
LLC and Boston, MA-based PE firm
Thomas H Lee Partners LP who
continue to own respective 4.5% and
22% stakes
BC Partners UK-based PE firm;
Platinum Equity Los Angeles, CA-
based PE firm; Apollo Global
Management
BC Partners and Platinum Equity are among the
financial sponsors that have studied West as the
company reviews strategic alternatives. Apollo has
also been around the situation. Some financial
sponsors are interested in carving out West’s safety
services unit and are not interested in taking the whole
company private. (Mergermarket)
$5B
reported
enterprise value
of West
-$2.04B m cap
-$2.29B tot rev
-$638.5M
EBITDA
Securus Technologies Inc
Dallas, TX-based civil and criminal
justice technology solutions provider,
backed by Boston, MA-based PE firm
ABRY Partners LLC since 2013
when it acquired Securus for $640
million
Platinum Equity LLC Los Angeles,
CA-based PE firm; and Los Angeles,
CA-based PE/VC firm Leonard
Green & Partners LP
Securus Technologies has held management
presentations with prospective suitors working with
Deutsche Bank and BNP Paribas on a potential sale.
Securus generates approximately $175 million of
EBITDA and could be valued at 9X that amount.
Deutsche and BNP are offering staple financing
packages with total leverage of up to 6X EBITDA.
Leonard Green and Platinum Equity are among the PE
firms that have been circling the asset.
(Mergermarket)
$1.66B
potential
valuation of
Securus
Technologies at
high end
EverPower Wind Holdings Inc
Pittsburgh, PA-based utility scale
wind projects developer, backed by
UK-based PE firm Terra Firma
Capital Partners Limited
Not Listed Terra Firma has hired Barclays and KeyBanc to find a
buyer for EverPower Wind. (Pro Rata)
~$1.5B
potential
valuation of
EverPower
including debt
International Deals in the Market
STADA Arzneimittel
Aktiengesellschaft listed German
pharmaceutical company
Boston, MA-based PE/VC firm
Advent International
Corporation; Bain Capital; and UK-
based PE firm Cinven Partners LLP
Advent made a legally binding €3.6 billion takeover
offer for Stada, giving its management until today to
respond. The offer, which was not extended to
shareholders directly, is for €58 per share in cash plus
the dividend for 2016. Previous expressions of interest
in Stada went as high as €58 per share, but they have
been non-binding. (peHUB)
$3.8B (€3.6B)
potential deal
value
-$3.80B m cap
-$2.25B tot rev
-$436M EBITDA
GE Water Technologies Inc
Canadian water technologies
business, owned by listed Fairfield,
CT-based industrial conglomerate
General Electric Company (GE)
Bain Capital; New York, NY-based
PE firm Clayton Dubilier & Rice
Inc; New York, NY-based PE/VC firm
Warburg Pincus LLC; and listed
French multi-utilities company Suez
SA
Suez confirmed it is considering a bid for General
Electric’s water technology business. Final-round bids
for the unit are due early next month. The unit is being
shopped by Citigroup and Goldman Sachs. Warburg
Pincus, Bain Capital and Clayton Dubilier & Rice have
been reported as looking at the unit. (Mergermarket)
$3.2B
potential
valuation of GE
Water
Technologies
Elenia Group
Finnish electricity distribution
company backed by Goldman
Sachs Infrastructure
Partners and listed UK-based Pe/VC
firm 3i Infrastructure
Not Listed Goldman Sachs and 3i Infrastructure could begin the
sale of Elenia in 2H17. Previous reports gave Elenia an
enterprise value of between €2 billion and €2.5
billion. Citi is working as the sell-side adviser. Elenia
reported 2015 EBITDA of €152.2 million and revenue
of €282.3 million. (Mergermarket)
$2.6B (€2.5B)
potential
enterprise value
of Elenia at high
end

All data and information provided in the Private Equity Market Report is obtained from third party sources and is for informational purposes only. Donnelley
Financial Solutions makes no representations as to accuracy, completeness, currentness, suitability, or validity of any information contained in the Report and
will not be liable for any (a) errors, omissions, or delays in this information or (b) losses, injuries, or damages arising from its distribution or use. All information
is provided on an as-is basis.
Please contact christine.cochrane@dfsco.com with comments and/or suggestions or to enroll a colleague contact privateequity@dfsco.com.
February 27, 2017
Officeworks Ltd
Australian office supply retailer and
supplier, owned by listed Australian
hypermarket and super center
company Wesfarmers Limited
OfficeMax Australia Limited
Australian stationary and office
supplier, owned by listed Boca
Raton, FL-based office products and
services supplier Office Depot Inc
Staples Australia Pty Limited
Australian office products distributor
KKR & Co; and unidentified
private equity firms
Private equity firms are considering potential merger
scenarios for Officeworks, OfficeMax and Staples
Australia. Gresham and Macquarie Capital are
advising Wesfarmers on the sale of Officeworks.
Morgan Stanley is marketing Staples Australia and
Goldman Sachs is advising Office Depot on the sale of
OfficeMax. KKR was named as one of the private
equity firms interested. (Mergermarket)
>$2.3B
reported
potential revenue
of merged
company
Allfunds Bank SA
Spanish intermediation and
investment services provider, owned
by listed Spanish diversified bank
Banco Santander SA and listed
Italian diversified bank Intesa
Sanpaolo SpA
Consortium of Bain Capital, Boston,
MA-based PE/VC firm Advent
International Corporation and
Singaporean sovereign wealth fund
Temasek Holdings (Private)
Limited; consortium of UK-based PE
firm Permira Advisers Ltd and
Canadian pension fund management
firm Public Sector Pension
Investment Board (PSP
Investments); consortium of San
Francisco, CA-based PE firm
Hellman & Friedman LLC and
Singaporean sovereign wealth fund
GIC Pte Ltd; and listed Chinese
information technology (IT), financial
services, modern services company
Legend Holdings Corporation
Legend Holdings and three groups of private equity
funds are putting together rival bids for Allfunds Bank.
A deal could be worth close to €2 billion. A consortium
of Bain Capital, Advent and Temasek is vying against
two other private equity consortia led by Permira and
Hellman & Friedman, respectively. Permira has formed
an alliance with PSP Investments, while Hellman &
Friedman is bidding together with GIC. Allfunds’ pro-
forma EBITDA is said to be €117 million. (peHUB)
~$2.1B (€2B)
potential deal
value
Brussels Airport Company SA/NV
Belgian airport operator, backed by
Canadian PE firm Ontario
Teachers' Pension Plan and UK-
based investment arm Macquarie
Infrastructure and Real Assets
(Europe) Limited
Not Listed Macquarie Infrastructure and Ontario Teachers'
Pension Plan are considering a sale process for
Brussels airport, in which they hold a combined 75%
ownership stake. Macquarie has hired JPMorgan to
oversee the sale of its stake. (Pro Rata/Mergermarket)
$548M
total revenue of
Brussels Airport
in 2015 per S&P
Zip Industries
Australian manufacturer of water
dispensing business, backed by
Australian PE firm Quadrant
Private Equity Pty Limited
Unidentified private equity firm;
Miele Inc Princeton, NJ-based home
appliances and professional products
provider; Chinese household
appliances company Tcl Delonghi
Home Appliances (Zhongshan)
Co Ltd; German technology and
services provider Robert Bosch
GmbH; listed Milwaukee, WI-based
residential and commercial gas
manufacturer AO Smith
Corporation
At least one private equity group and at least two trade
bidders are rumored to be interested in acquiring Zip.
Possible bidders include Miele, DeLonghi, Bosch and AO
Smith. Deutsche Bank is said to be advising the
unidentified private equity bidder. Zip is also
considering an IPO on the ASX. (Mergermarket)
~$501M
potential sale
price
Coin SpA
department stores of Gruppo Coin
Italian retailing group backed by UK-
based private equity firm BC
Partners
Not Listed Gruppo Coin is selling its department stores Coin and
the company is said to have attracted industrial
groups, mainly from the Far East and China.
(Mergermarket)
$423M (€400M)
Coin’s revenue

February 27, 2017
Jardines del Tiempo SA de CV
(AKA Gayosso) Mexican funeral
services provider, backed by Boston,
MA-based PE/VC firm Advent
International Corporation since
2007
Not Listed Advent is rumored to be looking for an adviser for a
possible sale of Gayosso. Earlier reports mentioned a
possible IPO for Gayosso. (Mergermarket)
$317M
price paid for by
Advent to
acquire Jardines
in 2007
UK Power Reserve Ltd (UKPR)
UK-based reserve power company
backed by UK-based PE firms
Equistone Partners Europe and
Inflexion Partners since 2015
Not Listed Equistone and Inflexion have appointed RBC to
manage the sale of UK Power Reserve. The company
targets EBITDA of £40 million to £50 million over the
next two to three years. (Mergermarket)
>$100M
potential sale
price
ITRS Group Ltd
UK-based financial software analytics
vendor majority-owned by The
Carlyle Group since 2011
Not Listed Carlyle has appointed William Blair to handle the sale
of ITRS. The sale process is expected to start in 2Q17.
ITRS has £20 million to £25 million run-rate revenue
for the financial year ending March 2017, with a run-
rate EBITDA of around £8 million. The company will
likely be valued at around 9X to 10X EBITDA, although
sell-side expectations are likely to be well into the
double-digits. (Mergermarket)
$100M (£80M)
potential sale
price
Updates on Announced Deals
Target Investor(s) Update Description Advisor(s) Deal Value
Nothing significant to report for week ending February 27, 2017.
Newly Announced Deals
Target Investor(s) Deal Description Advisor(s) Deal Value
Globe Energy Services LLC
Snyder, TX-based oilfield
services company
Light Tower Rentals Inc
Odessa, TX-based industrial
rental equipment and
services provider
Clearlake Capital Group LP
Santa Monica, CA-based PE firm
Clearlake Capital acquired Globe Energy
Services and Light Tower Rentals for an
undisclosed sum. The two companies
will be combined and operate as
GlobeLTR Energy. (Fortune’s Term
Sheet)
Vinson & Elkins (L)
advised Clearlake
Capital.
$2.97B
total revenue of
Globe Energy
Services per S&P
Lumos Networks Corp
listed Waynesboro, VA-based
fiber-based bandwidth
infrastructure and service
provider
Take Private
EQT Partners AB Swedish
PE/VC firm
EQT Infrastructure agreed to acquire
Lumos Networks for $18.00 per share,
or an enterprise value of $950 million.
The share price is a premium of 18.2%
to the closing price of $15.23 on
2/17/17. The acquisition will give EQT
a platform to build a larger
telecommunications firm. Completion
of the transaction is subject to
shareholder approval, regulatory
approval and other customary closing
conditions. The acquisition is expected
to be completed during 3Q17.
(Mergermarket)
Morgan Stanley & Co
LLC (F), Morgan Lewis &
Bockius LLP (L) and
Simpson Thacher &
Bartlett LLP (L) advised
EQT. UBS Investment
Bank Americas (F),
Wells Fargo Securities
LLC (F), Lawler Metzger
Keeney & Logan LLC (L)
and Troutman Sanders
LLP (L) advised Lumos
Networks.
$950M
deal value
-$417M M Cap
-$206.9M tot rev
-$84.2M EBITDA

February 27, 2017
Pexco LLC
Atlanta, GA-based specialty
plastics manufacturer,
backed by New York, NY-
based PE firm Odyssey
Investment Partners LLC
since 2012
Kohlberg & Company LLC
Mount Kisco, NY-based PE firm
Kohlberg & Co agreed to acquire Pexco
for an undisclosed sum. Kohlberg
intends to merge Pexco with its
portfolio business, Longview, TX-based
PPC Industries. (Mergermarket)
Undisclosed $387M
Pexco’s revenue
per S&P
Quick International
Courier Inc New York, NY-
based priority shipping and
logistics services provider
Recapitalization
The Jordan Company LP New
York, NY-based PE firm
The Jordan Company has agreed to
recapitalize Quick International Courier
for an undisclosed sum. (peHUB)
Undisclosed $287M
average
investment made
by The Jordan
Company per
S&P
San Mateo Midstream LLC
US-based joint venture used
to operate and expand
midstream facilities and
systems in the Delaware
Basin
Joint Venture
Consortium of Five Point
Capital Partners The
Woodlands, TX-based PE firm
and listed Dallas, TX-based
independent energy company
Matador Resources Company
Five Point Capital formed a joint
venture with Matador Resources to
operate and expand midstream facilities
and systems in the Delaware Basin.
Five Point and Matador own 49% and
51%, respectively, of the joint venture,
called San Mateo Midstream. Five Point
made an initial investment of $176.4
million in the joint venture. Matador
received nearly $171.5 million of that
investment as a special distribution.
Matador contributed the midstream
assets and $5.1 million to the joint
venture. Five Point and Matador
committed to spend up to an additional
$150 million to expand the joint
venture. (DowJones)
Undisclosed $176.4M
initial investment
made by Five
point
Fire & Life Safety America
Inc Richmond, VA-based fire
protection services provider
Blue Point Capital Partners
Cleveland, OH-based PE firm
Blue Point Capital acquired Fire & Life
Safety for an undisclosed sum. Twin
brook arranged $61 million financing for
the transaction to Blue Point.
(DowJones/S&P)
Undisclosed $110M
reported average
revenue of
companies Blue
Point invests
Grand Rapids
Opthalmology PC Grand
Rapids, MI-based healthcare
services company
Sterling Partners Chicago, IL-
based PE firm
Sterling Partners said it made a growth
investment in Grand Rapids
Ophthalmology for an undisclosed sum.
(DowJones)
Undisclosed $101M
average
investment made
by Sterling per
S&P
Newly Announced International Deals
Daesung Industrial Gases
Co Ltd South Korean
industrial gases provider,
backed by listed South
Korean industrial
conglomerate Daesung
Group Partners Co Ltd and
Goldman Sachs Group,
Merchant Banking Division
MBK Partners South Korean
PE firm
MBK Partners has agreed to
acquire Daesung Industrial for an
enterprise value of more than $1.66
billion. The transaction is expected to
close in April. (Mergermarket)
Goldman Sachs Asia (F)
advised Goldman Sachs
Merchant Banking
~$1.66B
enterprise value

February 27, 2017
Zabka Polska sp z oo
Polish network of
convenience and deli-type
stores owner and operator,
backed by UK-based PE firm
Mid Europa Partners LLP
since 2011 when it acquired
Zabka for €400 million
CVC Capital Partners Ltd UK-
based PE firm
CVC agreed to acquire Zabka Polska
from Mid Europa Partners for an
undisclosed sum. The investment is
subject to customary regulatory
approvals. The acquisition is expected
to close in 2Q17. (peHUB/S&P)
Bank Pekao SA (F), UBS
Investment Bank (F)
and Greenberg Traurig
Maher LLP (L) advised
CVC Capital Partners.
White & Case (L), CMS
Cameron McKenna (L),
JP Morgan (F), Ernst &
Young Investment
Banking Arm (F),
Ermgassen & Co (F) and
Beragua Capital (F)
advised Mid Europa.
≤$1.58B
(€1.5B)
potential
valuation of
Zabka Polska
Telxius Telecom SAU
Spanish telecom
infrastructure services
provider, owned by listed
Spanish mobile and fixed
communication services
provider Telefónica SA
KKR & Co Telefónica SA has agreed to sell up to
40% of its Telxius infrastructure unit to
KKR. KKR will pay €1.28 billion or
€12.75 a share, for Telxius. The price
values the entire Telxius business at
€3.2 billion. Post transaction,
Telefónica will maintain a majority stake
and operational control of Telxius.
Telefónica had tried to IPO Telxius last
year, but was forced to cancel at the
end of September because of weak
demand. The closing of this transaction
is subject to obtaining corresponding
regulatory approvals. (DowJones)
Simpson Thacher &
Bartlett (L) advised KKR.
HSBC Bank (F) advised
Telefónica SA.
$1.35B
(€1.28B)
deal value
BlueCat Networks Inc
Canadian IP address
management (IPAM)
provider, backed by Canadian
PE firm Northleaf Capital
Partners and San Mateo,
CA-based PE/VC firm Trident
Capital Inc
Madison Dearborn Partners
LLC Chicago, IL-based PE firm
Madison Dearborn agreed to acquire an
unknown stake in BlueCat Networks.
Upon completion of the transaction,
BlueCat's management team will
remain in place and retain a significant
equity ownership position in the
company. The transaction is subject to
regulatory approvals and other
customary closing conditions. The
transaction is expected to close early in
2Q17. (S&P)
Houlihan Lokey (F)
advised BlueCat
Networks Inc. Evercore
Partners Inc (F) advised
Madison Dearborn
Partners LLC.
$305M
potential sale
price per Pro
Rata
Portfolio Company News
Novitex Enterprise
Solutions Inc Stamford, CT-
based cloud-based solutions
and managed services
provider, backed by listed
New York City, NY-based PE
firm Apollo Global
Management LLC
Irving, TX-based business
process solutions provider
SourceHOV LLC, backed by
Los Angeles, CA-based PE
firm HGM LLC
Quinpario Acquisition Corp 2
listed St. Louis, MO-special
acquisition vehicle
SourceHOV, Novitex and Quinpario
Acquisition agreed to combine in a deal
valued at about $2.8 billion.
Shareholders of SourceHOV and Novitex
are rolling 100% of the current equity
and will be the majority holders in the
new company, to be named Exela
Technologies. The deal will be funded
through a combination of $1.35 billion
in new debt financing, cash from
Quinpario and rollover of equity among
others. The deal also includes
committed financing from Royal Bank
of Canada and Credit Suisse. Exela
Technologies will be listed on the
NASDAQ. (peHUB)
Credit Suisse (USA) Inc
(F), RBC Capital Markets
LLC (F), Akin Gump
Strauss Hauer & Feld
LLP (L), and Paul Weiss
Rifkind Wharton &
Garrison LLP (L) advised
Novitex. Moelis &
Company LLC (F),
Graubard Miller (L), and
Kirkland & Ellis LLP (L)
advised Quinpario
Acquisition Corp 2.
~$2.8B
deal value

February 27, 2017
Popeyes Louisiana Kitchen
Inc listed Atlanta, GA-based
quick-service restaurants
developer and operator
Restaurant Brands
International Inc listed
Canadian quick service
restaurants owner and operator,
backed by New York, NY-based
PE firm 3G Capital Inc
Restaurant Brands agreed to acquire
Popeyes Louisiana for $1.6 billion.
Restaurant Brands will commence a
tender offer and Popeyes shareholders
will receive $79 in cash per share at
closing. Following the successful
completion of the tender offer, RBI will
acquire all remaining shares not
tendered in the tender offer through a
second-step merger at the same price.
The transaction will be funded through
$600 million cash on hand and a
financing commitment from JP Morgan
and Wells Fargo for $1.3 billion. The
transaction is subject to the regulatory
approvals and receipt of a majority of
Popeyes shares on a fully diluted basis
in a tender offer to Popeyes'
shareholders. The transaction is
expected to close by early April. (S&P)
Genesis Capital LLC (F),
UBS Securities LLC (F)
and King & Spalding LLP
(L) advised Popeyes
Louisiana. Paul Weiss
Rifkind Wharton &
Garrison LLP (L) advised
Restaurant Brands.
$1.8B
deal value
Advanced Technologies
business of Vention Medical
Inc Denver, CO-based
medical devices and
components manufacturer,
backed by Denver, CO-based
PE firm KRG Capital
Partners
Nordson Corporation listed
Westlake, OH-based industrial
machinery company
Nordson agreed to acquire the
advanced technologies business of
Vention Medical for approximately $710
million. In a related transaction,
MedPlast signed an agreement to
acquire device manufacturing services
business of Vention Medical. The
transaction will be financed through
cash and debt. The advanced
technologies business of Vention
Medical had sales of $150 million and
EBITDA of $48 million for the twelve
months ended 1/31/17. The transaction
is pending customary regulatory
clearances and is expected to close
during Nordson's second fiscal quarter
ending 4/30/17. (S&P)
Morgan Stanley & Co
LLC (F) and Jones Day
(L) advised Nordson
Corporation.
$710M
deal value
Signicast Corporation
Hartford, WI-based
manufacturer of precision
investment cast parts
majority owned by Pritzker
Group Private Capital
Chicago, IL-based PE firm
PE Exit
Dynacast International
Charlotte, NC-based
manufacturer of precision
engineered metal components
Dynacast agreed to acquire Signicast
Corporation for an undisclosed sum.
The transaction has committed debt
financing from JPMorgan Chase,
Barclays, and Macquarie Capital. The
transaction is subject to regulatory
approvals and customary closing
conditions and is expected to complete
late next month. (S&P)
Undisclosed $500M
high end of
potential deal
value
Woodside Homes Inc
Salt Lake City, UT-based
homebuilding services
provider, backed by Los
Angeles, CA-based PE firm
Oaktree Capital
Management LP and New
York, NY-based hedge fund
sponsor Stonehill Capital
Management LLC
PE Exit
Sekisui House Ltd listed
Japanese residential properties
seller, purchaser and
administrator
Sekisui entered into a definitive merger
agreement to acquire Woodside Homes
for an undisclosed sum. The transaction
is expected to close at the end of the
month. (Mergermarket)
Hearthstone Inc (F) and
Morrison & Foerster LLP
(L) advised Sekisui
House Ltd.
$468M
potential deal
value

February 27, 2017
IP Cleaning SpA
Italian cleaning machines and
equipment producer backed
by Ambienta SGR SpA
Italian PE firm
PE Exit
Tennant Company listed
Minneapolis, MN-based cleaning
solutions manufacturer
Tennant agreed to acquire IP Cleaning
from Ambienta for $350 million in cash.
Tennant anticipates that the acquisition
will be accretive to 2018 full year
earnings per share. The transaction is
subject to regulatory approvals and is
expected to complete in 2Q17. IP
Cleaning reported sales of $203 million
for 2016. (S&P)
Goldman Sachs (F) and
Baker & McKenzie LLP
(L) advised Tennant
Company. Robert W.
Baird (F) and Studio
Legale Associaton in
association with
Linklaters LLP (L)
advised Ambienta.
~$350M
deal value
Halogen Software Inc
listed Canadian software-as-
a-service based talent
management software
solutions developer
Saba Software Inc Redwood
Shores, CA-based cloud-based
intelligent talent management
solution provider, backed by
San Francisco, CA-based PE firm
Vector Capital
Saba Software agreed to acquire
Halogen Software for approximately
$223 million or $9.53 per share. The
deal is expected to close in 2Q17. The
transaction will be implemented by way
of a statutory plan of arrangement
under the Ontario Business Corp Act
and is subject to court approval and the
approval of at least two-thirds of the
votes cast by holders of Halogen’s
shares; and by a simple majority of the
votes cast by all Halogen shareholders
other than Michael Slaunwhite and
parties related to him. (peHUB)
Bennett Jones (L) and
Osler Hoskin & Harcourt
(L) advised Halogen.
Paul Hastings (L) and
Stikeman Elliot (L)
advised Saba Software.
~$223M
deal value
-$125M m cap
-$55.36M tot rev
-$5.5M EBITDA
Lightlife Foods Inc
Turners Falls, MA-based
vegetarian food producer,
backed by Greenwich, CT-
based PE firm Brynwood
Partners since 2013
PE Exit
Maple Leaf Foods Inc listed
Canadian packaged meats
company
Brynwood Partners has agreed to sell
Lightlife Foods to Maple Leaf for $140
million. The transaction, which is
expected to close in March, is subject to
customary US regulatory review. The
transaction will be financed from cash
on hand. Lightlife reported 2016 sales
of approximately $40 million. The
acquisition is expected to be accretive
to Maple Leaf’s earnings in 2017. (S&P)
Piper Jaffray & Co (F)
and Locke Lord Edwards
LLP (L) advised Lightlife
Foods. Centerview
Partners LLC (F), Blake
Cassels & Graydon LLP
(L) and Ropes & Gray
LLP (L) advised Maple
Leaf Foods.
$140M
deal value
Skip Hop Inc
New York, NY-based child
care products manufacturer,
backed by Boston, MA-based
PE firm Fireman Capital
Partners since 2013
PE Exit
Carter’s Inc listed Atlanta, GA-
based branded children’s wear
designer
Fireman Capital sold Skip Hop to
Carter’s for $140 million in cash, plus
future performance incentives. (peHUB)
McDermott Will & Emery
LLP (L) advised Fireman
Capital. Harris Williams
& Co Ltd (F) advised
Skip Hop.
$140M
deal value
Preferred Systems
Solutions Inc McLean, VA-
based IT consulting and other
services provider, backed by
New York, NY-based PE firm
CM Equity Partners since
2007
PE Exit
STG Group Inc Reston, VA-
based cyber, software, and
intelligence solutions provider
STG agreed to acquire Preferred
Systems for approximately $120
million. STG said it plans to fund the
purchase of Preferred with a
combination of debt and equity. The
deal is subject to customary closing
conditions, including regulatory review
and is expected to complete during
1Q17. (DowJones)
Sagent Advisors LLC (F)
and Morrison & Foerster
LLP (L) advised STG
Group Inc.
~$119M
deal value

February 27, 2017
Portfolio Company Financings and Offerings
Portfolio Firm Investor(s) Deal Description Advisor(s) Deal Value
XP Investimentos
Corretora de Câmbio
Títulos e Valores
Mobiliários SA Brazilian
portfolio of investment
products and services
manager
IPO
General Atlantic LLC New
York, NY-based PE/VC firm
holds a 49% ownership stake in
XP
XP Investimentos expects to raise as
much as $1.29 billion in its IPO, which
is expected to occur in July or August.
XP’s total value is estimated at $3.9
billion. The sale will be comprised of a
primary offer and the sale of some of
the shares belonging to the partners
and General Atlantic. (Pro Rata/Dow
Jones)
JPMorgan, Itau BBA,
Morgan Stanley and BTG
Pactual are coordinating
the offering.
$1.29B
potential value of
IPO
Akindo Sushiro Co Ltd
Japanese sushi restaurants
operator
IPO
Permira Advisers Ltd UK-
based PE firm purchased
Sushiro in 2012 for about $710
million
Shareholders including Permira are
planning to sell shares worth up to
$730 million in an IPO next month for
Shushiro. The shareholders will sell as
many as 21.1 million shares at an
indicative price of $34.47 per share.
The final sale price will be set on
3/21/17 after gauging demand from
investors. The shares will start trading
on 3/30/17. (peHUB:Reuters)
Nomura Holdings,
Morgan Stanley and UBS
AG are managing the
offering.
$730M
Potential value of
IPO
MYOB Group Limited
listed Australian software
solutions developer
Share Sale
Bain Capital Bain Capital has sold a 17% stake in
MYOB for around $273 million. It still
holds a 40% stake. (Pro Rata)
Undisclosed $273M
deal value
-$1.6B M Cap
-$285M tot rev
-$96M EBITDA
Presidio Holdings Inc
Dallas, TX-based holding
company
Estimated Terms of IPO
Apollo Global Management
LLC
Presidio has set its IPO terms to 16.67
million shares being offered at between
$14 and $16 each. If it were to price in
the middle of its price range, it would
have an initial market cap of
approximately $1.33 billion. (Pro Rata)
JPMorgan and Citigroup
will act as lead book-
running managers, with
Barclays and RBC
Capital Markets
participating.
$266M
potential value of
IPO at high end
J Jill Group Inc
Tilton, NH-based women’s
fashion retailer
Estimated Terms of IPO
Towerbrook Capital Partners
New York, NY-based investment
firm acquired J Jill in 2015
J Jill has set its IPO terms to 11.67
million shares being offered at between
$14 and $16 each. If it were to price in
the middle of its range, it would have
an initial market cap of approximately
$656 million. (Pro Rata)
BofA Merrill Lynch,
Morgan Stanley,
Jefferies, Deutsche Bank
Securities, RBC Capital
Markets are among
underwriters for the
offering.
~$186M
potential value of
IPO at high end
Fund News
PE Firm Fund Description Fund Stage Last Fund Raised Fund Size
EQT Partners AB
Swedish PE/VC firm
EQT closed its third fund, EQT Infrastructure III, at its hard cap of
€4 billion. It raised the funds in less than six months and originally
targeted €2.9 billion. It was four times oversubscribed. The
vehicle has already signed four acquisitions. (peHUB:Reuters)
Final Close Fund II raised $2.66
billion in 2012.
$4.2B
(€4B)
The Carlyle Group Carlyle raised about $2.5 billion for its fourth distressed and special
situations fund, Carlyle Strategic Partners IV (CSP IV). The vehicle
closed at its hard cap. (peHUB)
Final Close Fund III raised $1
billion in 2010 per S&P.
~$2.5B

February 27, 2017
PE Firm Fund Description Fund Stage Last Fund Raised Fund Size
Alpine Investors LP San
Francisco, CA-based PE
firm
Alpine Investors VI LP has closed on more than $300 million so far
for Alpine Investors VI LP. The fund, which has a $500 million
target and a $525 million hard cap, is expected to hold a final
closing in 2Q17. (DowJones)
First Close Fund V raised $406
million in 2014.
$500M
target
People News
PE Firm Employee(s) Title/Duties Previous Employer/Position
Corsair Capital LLC
New York, NY-based PE
firm
James Kirk Corsair Capital has promoted Kirk to managing
director. (Pro Rata)
Promotion
Greenbriar Equity
Group LLC Rye, NY-
based PE firm
Niall McComiskey Greenbriar Equity named McComiskey managing
director. McComiskey joined the firm in 2006,
and has led the structuring and sourcing of a
number of investments across the transportation
space. (peHUB)
Promotion
GTCR LLC
Chicago, IL-based PE/VC
firm
Jim Bonetti GTCR hired Bonetti as a managing director to
head the firm’s capital markets group.
(DowJones)
Bonetti previously was a managing director who
co-headed the North American leveraged and
acquisition finance group at Morgan Stanley.
The Carlyle Group Roger Fradin Fradin has joined Carlyle as an operating
executive focused on the industrial and
transportation sector. (Pro Rata)
Fradin is the former vice chairman of Honeywell
International.
TPG Edward Beckley Beckley has joined TPG, where he will source
global infrastructure investments. (Pro Rata)
Beckley is the former European head
of Macquarie Infrastructure and Real Assets.
Miscellaneous News
How Customer Due Diligence Led to a 30% Reduction in Offer Price
By Kay Cruse, Strategex
The core of any business is its customers. Their loyalty, and perception of the business can tell you as much or more than
financial records about the company outlook. Customer due diligence — the process of gathering insight on the stability of
customer relationships — is a powerful way to determine whether an acquisition is likely to succeed, and map out challenges to
address during integration. We recently worked with a multibillion-dollar packaging company to conduct customer due
diligence on a prospective acquisition in an emerging market. The acquisition would enable the strategic acquirer to enter a new
geographic area in lieu of executing a more costly greenfield ‘build’ strategy.
This case study reveals just how important robust customer due diligence is before finalizing an offer and integration
roadmap. In this case example, the due diligence enabled the acquirer to decrease its offer price by 30%.
Here’s the background: the acquiring company perceived the potential acquisition as a leader in its specific geographic markets,
with a reputation of good quality, reliable deliveries, and a well-respected team.
But the acquiring company also knew that nearly 50% of the target’s revenues were associated with four key accounts — a
concerning degree of customer concentration. For this and other reasons, the acquirer wanted to assess the strength of
customer relationships more fully. Their main questions included:
• Are there any other negative tipping points that would decrease the value of the deal?
• How stable are these four main customer relationships?
• Is there still more growth to be had from those few customers?
Click here to access full article on Axial’s Forum.

February 27, 2017
Why Advance Preparation Is Key to a Successful Deal
By Winston Reid, Axial
“We’ll start conversations with investors once we need the money.” “We’ll talk to buyers when we want to sell.”
At Axial, we often hear these comments from CEOs embarking on a sale or capital raise for the first time. Their expectation is
that as soon as they’re ready to go, they’ll be able to find the right partner and get the deal off the ground.
Those CEOs tend to believe finding a partner will be a simple process of eliminating options to arrive at the best one.
Click here to access full article on Axial’s Forum.

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