The document analyzes mergers and acquisitions in the healthcare equipment industry from 2010 to 2015. It finds that the average deal value was $600 million, with transaction multiples of 3.6 times revenue and 21.6 times EBITDA. The largest transactions were Covidien's $48 billion acquisition and Synthes Inc.'s $21.5 billion acquisition. The majority of deals were in the Americas, followed by Europe/MENA/Africa and Asia Pacific.

1. HEALTHCARE
EQUIPMENTS
Mergers & Acquisitions Analysis
August 2015
Alps Venture Partners
TRANSACTION MULTIPLES | HISTORICAL TRENDS | GEOGRAPHIC HEAT MAP

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Merger & Acquisition Summary – Healthcare Equipment
Valuation Summary
Total Deal Value ($mm) 176,422
Average Deal Value ($mm) 600
Average TEV/Revenue 3.6x
Average TEV/EBITDA 21.6x
Average Day Prior Premium (%) 52%
Average Week Prior Premium (%) 55%
Average Month Prior Premium (%) 61%
*Source – CapitalIQ, AlpsVP Analysis
Date Range: Jain 1, 2010 – August 15, 2015
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Transaction Ranges
Greater than $1 billion 24
$500 - $999.9 mm 10
$100 - $499.9 mm 87
Less than $100 mm 171

3. HEALTHCARE EQUIPMENTS – HISTORICAL TREND ANALYSIS

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Transaction Multiples - Trends
*Source – CapitalIQ, AlpsVP Analysis;
3.9x 3.4x 3.7x
2.8x
3.8x 4.2x
23.1x
20.3x
18.8x
13.5x
28.2x
23.7x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
2010 2011 2012 2013 2014 2015
Multiples
Average TEV/Revenue
Average TEV/EBITDA
Historical Multiples 2010 2011 2012 2013 2014 2015 5 Year
Average TEV/Revenue 3.9x 3.4x 3.7x 2.8x 3.8x 4.2x 3.5x
Average TEV/EBITDA 23.1x 20.3x 18.8x 13.5x 28.2x 23.7x 20.8x
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5. 3pageA L P S V E N T U RE P A R T N E R S
Transaction Numbers - Trends
*Source – CapitalIQ, AlpsVP Analysis;
3
6
4 3 4 4
- 1
4
2 2 1
19 18 17
14
16
3
43
28 27
33
27
13
-
5
10
15
20
25
30
35
40
45
50
2010 2011 2012 2013 2014 2015
NumberofTransactions
> $1 billion
$500 - $999.9mm
$100 - $499.9mm
Less than $100mm
(in $ Million) 2010 2011 2012 2013 2014 2015 5 Year
Average Deal Value 175 576 724 232 329 3,220 407
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6. 4pageA L P S V E N T U RE P A R T N E R S
Geographic Heat Map
*Source – CapitalIQ, AlpsVP Analysis; Number of transactions in Major Regions;
Asia Pacific – 21%Americas – 53% Europe/MENA/Africa – 27%
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Region / Transactions Number Total Value Average Size
Asia Pacific 61 9,795 161
Europe/MENA/Africa 78 70,632 906
Americas 155 95,995 619

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Biggest Transactions
Target Deal Value ($mm)
Covidien plc 48,056
Synthes Inc. 21,535
CareFusion Corporation 13,794
Beckman Coulter, Inc. 7,393
Acelity L.P. Inc. 6,292
Gen-Probe Incorporated 4,204
Ortho-Clinical Diagnostics, Inc. 4,150
Gambro AB 4,014
Phadia AB 3,513
American Medical Systems Holdings Inc. 2,825
*Source – CapitalIQ, AlpsVP Analysis
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