1. M&A at a glance Autumn 2011
News and views from the Mergers Alliance international partnership
Foreign M&A in US
up by 19%
Against the backdrop of challenging economic
conditions, our research shows the US remains
an attractive destination for foreign investors.
There has been an upswing in although there are still perceived
cross-border M&A targeting US risks, the fact that economic
firms from the same period last uncertainty has hit all four corners
year. The first three quarters of of the globe means that the US
2011 saw activity rise by 19% in remains one of the more attractive
volume while domestic M&A markets.” Andy Currie, Chairman
activity (US companies buying US of Mergers Alliance
companies) also increased, albeit
Emerging market investors also
with a slightly lower figure of 12%.
increased their presence in
UK to US cross-border activity America. For example there were
“This is more a time for increased 23% while German 55 China-American deals,
buyers in the US increased up 28% YOY.
strategic fit and high visibility by 88% where interestingly there
than opportunism. The The conventional wisdom is that
were a number of buys in US
geographic location is not the US is a safe haven during a
utilities as well as renewable
time of crisis, we expect this M&A
the primary factor, rather it energy companies, a sector that is
uptrend to continue as overseas
is fit and risk.” experiencing a decrease in state
investors seek safety from the
support domestically.
temperamental global market.
Phil Seefried “The rise in M&A is representative
Co-Founder and CEO of Mergers Alliance’s
of the general US economy;
US partner Headwaters.
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Our latest report Mergers Alliance next 18 months despite ongoing
examines the cleantech sector. economic uncertainty. For more
The new publication sets outs the information contact:
cleantech M&A landscape across Mergers Alliance Research Manager
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expanding M&A activity over the andrejohnston@mergers-alliance.com
Or go to: www.mergers-alliance.com to download the report.

2. M&A at a glance News and Events
South Africa Cleantech Conference
Topics included M&A opportunities
in the South African cleantech
On 16th -17th November,
market, barriers and routes to
Mergers Alliance held
entry, funding and the current
its bi-annual conference in
global outlook for the cleantech
Cape Town hosted by its South
sector.
African partner Bridge Capital.
Coinciding with the conference,
Key Speakers included: Gary
the partner firms held a Cleantech
Kendall, University of Cambridge -
Seminar to mark the release of the
Programme for Sustainable
Mergers Alliance Cleantech Sector
Leadership; Pieter Kriel, Thebe
Report 2012. The seminar featured
Energy & Infrastructure; Justine
guest speakers from the cleantech
Moore, Headstream Water and
industry as well as from within
Mark Wilson, Mergers Alliance.
the partnership.
Latest Deals within the partnership
It has been a busy quarter for the partner firms at Mergers Alliance, with a large number of
cross border deals. These transactions cover a range of sectors as shown below and of
particular interest was the sale of The Bombay Burmah Trading Corp’s non-core brand
Sunmica to Japan based Aica Kogyo Co, a firm with US$1.1 billion in revenue which
controls more than 60% market share in the Japanese decorative laminate market.
Catalyst Corporate Finance advised Singhi Advisors advised The Bombay Headwaters advised
HomeServe plc on the sale of its Burmah Trading Corp on the sale Windjammer Capital Investors
Retail Warranties Group to a of its non-core brand Sunmica to on its acquisition of JWC
management buy-out Japan based Aica Kogyo Co Environmental
Northstar acted as advisor for the
seller in the disposal of 100% of the Bridge Capital advised Capital Partner advised
shares of Solntse, the leading tortilla Stefanutti Stocks Limited on its French Group Schneider Electric
manufacturer in Russia to GRUMA acquisition of Cycad Pipelines Ltd on the disposal of Controlli Srl,
S.A.B of Mexico and its related properties a non core Italian subsidiary

3. M&A at a glance Country Focus
M&A activity in Brazil
remains bullish
With over 553 transactions announced in the nine
months to September 2011, Brazil has seen
transaction values remain at the record levels of 2010.
Due to the substantial consolidation
opportunities in many sectors,
“This positive M&A Of the announced transactions,
Brazil’s M&A activity was spread
momentum can be attributed circa 60% involved domestic
across a large number of sectors.
to Brazil’s economic stability, investors, which is in line with the
Food & drink (F&D) continued to be
previous year, although higher than
full employment and the
one of the most active sectors in
2009 and 2008. Interestingly, there
availability and access
terms of volume, with 49
appears to be an increasing
to credit.”
transactions for the first nine
preference for 100% control
months of 2011, a number
transactions, which represented
Leonardo Antunes
comparible to the whole of 2010.
circa 60% of deals in 2011.
Managing Director, BroadSpan Capital
BR Foods, formed from the merger
of Sadia and Perdigão, acquired
the Brazilian pork unit of
Coperacampos for US$83 million.
M&A Activity in Brazil from January to September
Additionally, in October, the
company acquired Avex and Grupo
CAGR: 13.0% Danica, in Argentina for US$150
million, with both companies
involved in the production and
processing of chicken and pork.
Transaction Value
BR Foods has about US$2.2 billion
in cash and continues to look for
opportunities in the food industry
to expand its operations through
emerging markets, especially in
Latin America.
BroadSpan’s involvement in
the F&D sector included advising
Grupo Nacional de Chocolates
on the US$40 million acquisition
of Helados Bon.
Acting as a consolidation agent in
several sectors, private equity funds
have been increasing their Leonardo Antunes
investment rate and are becoming Managing Director, BroadSpan Capital
increasingly relevant to the Brazilian Telephone: +5521 3873 8000
M&A landscape. In 2011, private E: lantunes@brocap.com
equity participated in over 40% of
deals as opposed to 10% in 2007.

4. International
corporate finance
Mergers Alliance is a group of award winning corporate finance
specialists who provide high quality advice to organisations who require
international reach for their M&A strategies.
Over 250 transaction professionals based across Dedicated industry sector teams, with proven
every key economic location around the world track records and experience
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Stas Michael Andre Johnston
Contact Us... Mergers Alliance Business Manager Mergers Alliance Research Manager
Direct Line: +44 (0) 20 7881 2990 Direct Line: +44 (0)20 7881 2967
E: stasmichael@mergers-alliance.com E: andrejohnston@mergers-alliance.com
www.mergers-alliance.com