2013 Private Equity-Backed Buyout Deals and Exits

January 2014

Page 1 of 2

the aggregate value ($bn) of private equity- backed buyout deals announced globally in

2013, the highest value since 2007.

Fig. 1: Number and Aggregate Value of Private Equity-Backed

Buyout Deals Globally, 2006 - 2013

Fig. 2: Aggregate Value of Private Equity-Backed Buyout Deals by

Region, 2006 - 2013 274

4,000 800 800

3,500 700 700 the number of private equity-backed buyout deals announced in 2013, down from 3,185 in 2012.

18 28 3,000 2,830 600 600

2,830 2,500 500 500

2,000 400 400

1,500 300 300 11 27

17 19 14 increase in aggregate value for North American deals in 2013 compared to 2012. Europe witnessed a 6% increase, while Asia saw a drop of 28%.

1,000 200 200

10% 06 500 100 100

0 0 0

2006 2007 2008 2009 2010 2011 2012 2013 2006 2007 2008 2009 2010 2011 2012 2013

Rest of World North America Europe Asia No. of Deals Aggregate Deal Value ($bn)

Fig. 3: Breakdown of Number and Aggregate Value of Private Equity-

Backed Buyout Deals in 2013 by Type

Fig. 4: Breakdown of Number and Aggregate Value of Private

Equity-Backed Buyout Deals in 2013 by Value Band of all private equity-backed buyout deals in 2013 were leveraged buyouts, accounting for

43% of aggregate deal value. 38%

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

3%

of private equity-backed buyout deals in 2013 were small-cap investments (deals of less than $250mn in size).

3%

75%

private equity-backed buyout exits valued at $303bn were witnessed in 2013, the highest number in the period from 2006 to present.

1,348 No. of Deals Aggregate Deal Value ($bn)

No. of Deals Aggregate Deal Value ($bn) Leveraged Buyout

Recapitalization

Add-On

PIPE

Growth Capital

Public To Private Less than $100mn $100-249mn $250-499mn $500-999mn $1bn or More

Fig. 5: Five Largest Private Equity-Backed Buyout Deals in 2013

Industry

Aggreg

ate

Dea

l Valu

e ($b

n)

Pro

port

ion o

f T

ota

l N

o.

of

Dea

ls

Aggre

gate

D

eal V

alu

e ($

bn)

Pro

port

ion o

f T

ota

l

Firm Investment Type Deal Date Deal Size (bn) Deal Status Investors Bought From/Exiting Company Location Primary

H.J. Heinz Company Public To Private Feb-13 28.0 USD Completed 3G Capital, Berkshire Hathaway - US Food

Dell Inc. Public To Private Feb-13 24.9 USD Completed MSD Capital, Silver Lake - US Hardware

BMC Software Public To Private May-13 6.9 USD Completed Bain Capital, Elliott Management Corporation, GIC Special Investments, Golden Gate Capital, Insight Venture Partners

- US Software

Neiman Marcus Inc. Buyout Sep-13 6.4 USD Completed Ares Management, CPP Investment Board TPG, Warburg Pincus US Retail

Smithfield Foods Add-on May-13 4.7 USD Completed CDH Investments, Goldman Sachs, Henan Shuanghui, New Horizon Capital, Temasek Holdings

- US Food

6%

58%

6% 13%

18%

57%

14%

12%

10%

6%

2% 4%

31%

19%

34%

1% 6%

16%

38%

43%

23 23

190

179

450

421

9

8 19 25 74

74 96 70

19 79

4 156

171 22 123 128

87 29 51

3,434

670

2,884 6 61 3,180 3,185

2

2

2,704 2,697

2

1

2

1,923

1

29

65 64 74

92

2013 Private Equity-Backed Buyout Deals and Exits

January 2014

Page 2 of 2

Fig. 6: Breakdown of Number and Aggregate Value of Private Equity-

Backed Buyout Deals in 2013 by Industry

Fig. 7: Global Number and Aggregate Value of Private Equity-

Backed Exits, 2006 - 2013

Fig. 8: Global Number of Private Equity-Backed Exits by Type,

2006 - 2013

25% 1,600 350 1,600

1,400 1,400 303 300 285 20% 1,348 266 1,299 1,200 1,200

250 14% 1,210 15% 14% 3% 1,095 222 12% 1,000 1,000

200 10%

800 800

150 5% 600 600

116 1% 1% 100 400 400 81 0%

47 50 53 200 200 52 46

7

93 43 0 0 0

2006 2007 2008 2009 2010 2011 2012 2013 2006 2007 2008 2009 2010 2011 2012 2013

No. of Deals Aggregate Deal Value No. of Exits Aggregate Exit Value ($bn) IPO Restructuring Sale to GP Trade Sale

Fig 9: Notable Private Equity-Backed Exits in 2013

*Denotes partial exit

• •

Aggreg

ate E

xit V

alu

e ($b

n)

Pro

port

ion o

f T

ota

l

Indust

rial

s

Info

rmat

ion

Tec

hn

olo

gy

Con

sum

er &

Ret

ail

Busi

nes

s

Ser

vic

es

Hea

lth

care

En

ergy

&

Uti

liti

es

Tel

ecom

s &

Med

ia

Food

&

Agri

cult

ure

Mat

eria

ls

Oth

er

No.

of

Ex

its

No.

of

Ex

its

Firm Investment Date

Entry Investment Type

Entry Deal Size (bn)

Investors (Entry) Exit Date Exit Type Exit Value (bn) Acquiror (Exit) Primary Industry Location

Bausch & Lomb May-07 Public To Private 4.6 USD Warburg Pincus, Welsh, Carson, Anderson &

Stowe

May-13 Trade Sale 8.7 USD Valeant Pharmaceuticals Healthcare US

Warner Chilcott

Jan-05

Buyout

3.1 USD

Bain Capital, CCMP Capital Advisors, GCM

Customised Fund Investment Group, JPMorgan

Partners, Thomas H Lee Partners

May-13

Trade Sale

8.5 USD

Actavis Group

Pharmaceuticals

US

US Foodservice Inc.* Nov-06 Buyout 7.1 USD Clayton Dubilier & Rice, Kohlberg Kravis Roberts Dec-13 Trade Sale 8.2 USD Sysco Corporation Food US

Neiman Marcus Inc. May-05 Public To Private 5.1 USD TPG, Warburg Pincus Sep-13 Sale to GP 6.4 USD Ares Management, CPP

Investment Board

Retail US

GeoSouthern Jan-11 Buyout 0.8 USD Blackstone Group Nov-13 Trade Sale 6.0 USD Devon Energy Corporation Oil & Gas US

690

707

624

587 485

446 406

356

284

357

384

349

266

273 204

54 97

177 255 7

152 104

144 188 162

313

266

992

870 163

707

578

23%

1

20%

16% 16%

13%

1 0%

8% 6% 7% 6%7% 6%

2% 3%