2015-Q4 Private Equity Trends Report - Investment · PDF fileDebt includes bank debt, ... The ranked list is based on a sample of all loans syndicated in the U.S. market for the purpose

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2015-Q4

Private Equity Trends Report

Table of Contents

Page

Deal Activity 3

Deal Financing and Pricing 6

Fundraising 13

Exits 15

Credit markets 26

2

Annual U.S. private equity investment of $632 billion was

almost equivalent to the previous year

3

Source: PitchBook

Capital Invested (Bil.) No. of Deals

$4

87

$9

41

$3

94

$16

6

$3

58 $4

11 $4

67

$5

13

$6

34

$63

2

$1

47

$1

47 $2

01

$1

37

0

500

1000

1500

2000

2500

3000

3500

4000

4500

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q1

2015

Q2

2015

Q3

2015

Q4

2015

Capital Invested (Bil.) No. of Deals

The 10 largest U.S. private equity deals in 2015-Q4

accounted for 27% of investment volume, each deal

being over $1 billion

Rank Company Description DateInvestment Value

(Bil.) Financial Sponsor

1 Biomed Realty TrustReal Estate Investment

Trusts10/14/15 $8.0 The Blackstone Group

2 Home PropertiesReal Estate Investment

Trusts10/7/15 $7.6 Lone Star Funds

3 Strategic Hotels & ResortsReal Estate Investment


4 SolarwindsNetwork Management

Software10/26/15 $4.6 Silver Lake, Thoma Bravo

5 Belk Department Stores 12/10/15 $3.0 Sycamore Partners Management

6 Campus Crest Communities Real Estate Services 10/30/15 $1.9 Harrison Street Real Estate Capital

7 AlliedBarton Security Services Security Services 12/2/15 $1.7 Wendel Investissement

8 OM Group Industrial Supplies and Parts 10/28/15 $1.6Apollo Global Management,

Platform Specialty Products

9 ExteNet SystemsWireless Communications

Equipment11/17/15 $1.4

Delta-v Capital, Digital Bridge

Holdings, Stonepeak Infrastructure

Partners, Goldman Sachs Group

10 Gulf Oil Energy Transportation 12/29/15 $1.2 ArcLight Capital Partners

4

Source: PitchBook and Web search

Note: The list above only reflects completed private equity transactions with disclosed investment values.

The 10 largest U.S. private equity deals in 2015 sum to $114

billion, accounting for 18% of the year’s investment

volume

Rank Company Description DateInvestment Value

(Bil.) Financial Sponsor

1 Kraft Foods Group Food products 7/2/15 $55.03G Capital, Berkshire Hathaway,

Kraft Heinz

2 SafewayGeneral Merchandise

Stores1/30/15 $9.0

Cerberus Capital Management,

Albertsons

3 PetSmart Specialty Retail 3/11/15 $8.7Longview Asset Management,

StepStone Group, et al.1

4 Biomed Realty TrustReal Estate Investment


5 Home PropertiesReal Estate Investment

Trusts10/7/15 $7.6 Lone Star Funds

6 Strategic Hotels & ResortsReal Estate Investment


7Indiana Toll Road Concession

CompanyInfrastructure 5/27/15 $5.7 IFM Investors

8 Informatica Database Software 8/6/15 $5.3

Canada Pension Plan Investment

Board, Microsoft, Permira,

Salesforce Ventures

9 SolarwindsNetwork Management

Software10/26/15 $4.6 Silver Lake, Thoma Bravo

10 Phillips 66 Energy Refining 8/29/15 $4.5 Berkshire Hathaway

5


Note: The list above only reflects completed private equity transactions with disclosed investment values.1 ACE & Company, BC Partners, Caisse de dépôt et placement du Québec, Government of Singapore Investment Corporation, Korea Investment Corporation.

The average proportion of equity financing for LBO

transactions in 2015 increased from 2014 to about 42%

6

Note: Contributed equity is equity provided by LBO sponsors. Rollover equity is equity in the pre-LBO company that is not cashed out, but rolled over and reinvested into the post-LBO company. Debt includes bank debt,

secured debt, senior unsecured debt, public/high yield debt, bridge loan and mezzanine debt. Other represents cash held by the target company.

Source: Standard and Poor’s Capital IQ Leveraged Commentary and Data

31

%

31

% 39

%

46

%

41

%

38

%

38

%

36

%

37

%

41

%

39

.4%

41

.8%

41

.5%

41

.3%

3%

2%

4%

5%

2%

4%

2%

1% 2% 2

%

2.3

%

0.0

%

1.3

%

4.8

%

65

%

66

% 56

%

52

%

55

%

56

%

57

%

61

%

60

%

56

%

55

.6%

56

.8%

56

.7%

53

.8%

0%

20%

40%

60%

80%

100%

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q1

2015

Q2

2015

Q3

2015

Q4

2015

Contributed Equity Rollover Equity Debt OtherSources of Financing

Equity financing for middle market LBOs increased from 41% in 2014 to 47% in 2015


Note: Large corporate issuers have EBITDAs of more than $50 million. Middle market issuers have EBITDAs of $50 million or less.

7

39

.7%

35

.4%

36

.9%

34

.2%

45

.3%

0.0

%

47

.1%

45

.1%

42

.0% 45

.7%

41

.3%

47

.3% 51

.1%

43

.4%

49

.3%

0.0

%

31

.5%

29

.9%

31

.5%

32

.3%

41

.5%

50

.1%

42

.2%

40

.2%

39

.2%

35

.2%

37

.8%

40

.7%

39

.7%

41

.1%

40

.5% 44

.6%

0%

10%

20%

30%

40%

50%

60%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q1

2015

Q2

2015

Q3

2015

Q4

2015

Middle Market Large Corporate

N/A

N/A

Equity Financing

U.S. LBO loan volume declined from the previous year to

$59 billion

8

Note: Data above reflect all loans syndicated in the U.S. market for the purpose of LBOs. Ex-U.S. companies are excluded.


$1

11

$2

13

$7

3

$5

$3

2

$5

1

$4

6

$7

6

$7

9

$5

9

$1

6

$1

6

$1

9

$8

$0

$40

$80

$120

$160

$200

$240

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q1

2015

Q2

2015

Q3

2015

Q4

2015

Loan Volume (Bil.)

Four of the ten largest U.S. LBO loans during 2015-Q4 were

issued to companies in the services and leasing sector

9

Rank Company Description Launch Date1 Loan Value (Bil.) Financial Sponsor

1 Belk Retail 10/28/15 $2.4 Sycamore Partners

2First Eagle Investment

ManagementServices & Leasing 10/15/15 $1.5 Blackstone Group

3 AssuredPartners Services & Leasing 10/7/15 $1.2 Apax Partners

4 Ascensus Inc Services & Leasing 11/5/15 $0.5 Genstar Capital

5Rhode Island State Energy

CenterUtilities 11/9/15 $0.4 Carlyle Group

6 Affordable Care Healthcare 10/6/15 $0.4 Berkshire Hathaway

7 Plaskolite Chemicals 10/13/15 $0.4 Charlesbank Capital Partners

8 Michigan Power Utilities 11/12/15 $0.3 Rockland Capital

9 Shoes for Crews Retail 11/3/15 $0.3 CCMP Capital Advisors

10 Edelman Financial Group Services & Leasing 12/1/15 $0.3 Hellman & Friedman

Note: The ranked list is based on a sample of all loans syndicated in the U.S. market for the purpose of LBOs. Ex-U.S. companies are excluded. Companies with loans in the table above may be involved in transactions that

are still ongoing and therefore, will not appear in the list of top 10 private equity transactions (slide 5).1 Date of loan syndication.

Source: Standard and Poor’s Capital IQ Leveraged Commentary and Data and Web search

The 10 largest U.S. LBO loans during 2015 accounted for

33% of the total LBO loan volume

10

Rank Company Description Launch Date1 Loan Value (Bil.) Financial Sponsor

1 PetSmart Retail 2/9/15 $5.1 BC Partners

2 Belk Retail 10/28/15 $2.4 Sycamore Partners

3 Informatica Computers & Electronics 5/20/15 $1.9 Permira

4 Riverbed Technology Computers & Electronics 2/12/15 $1.7 Thoma Bravo

5 Ellucian Computers & Electronics 9/10/15 $1.7 Texas Pacific Group

6First Eagle Investment

ManagementServices & Leasing 10/15/15 $1.5 Blackstone Group

7 Alliant Insurance Services Insurance 7/15/15 $1.5 Stone Point Capital

8 Life Time Fitness Entertainment & Leisure 5/18/15 $1.5 Leonard Green

9 Sterigenics International Healthcare 4/27/15 $1.2 Warburg Pincus

10 Air Medical Group Holdings Transportation 4/1/15 $1.2 Kohlberg, Kravis & Roberts

Note: The ranked list is based on a sample of all loans syndicated in the U.S. market for the purpose of LBOs. Ex-U.S. companies are excluded. Companies with loans in the table above may be involved in transactions that

are still ongoing and therefore, will not appear in the list of top 10 private equity transactions (slide 6).1 Date of loan syndication.

Source: Standard and Poor’s Capital IQ Leveraged Commentary and Data and Web search

Average debt multiples for U.S. LBOs decreased from the previous year to 5.6x in 2015

11

Note: EBITDA is adjusted for cost savings and synergies. Debt includes senior debt and subordinated debt.


5.3

x

6.1

x

5.0

x

3.8

x

4.6

x 4.9

x

5.1

x

5.3

x 5.7

x

5.6

x

5.4

x

5.6

x 6.1

x

5.2

x

0x

1x

2x

3x

4x

5x

6x

7x

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q1

2015

Q2

2015

Q3

2015

Q4

2015

Debt/EBITDA

The average purchase price multiple for U.S. LBOs increased to 10.3x in 2015

12

Note: EBITDA is adjusted for cost savings and synergies. 1 Average purchase price multiples for strategic acquisitions.


8.8

x 9.7

x

10

.3x

9.6

x

9.9

x

10

.3x 11

.2x

10

.1x

0x

2x

4x

6x

8x

10x

12x

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2015

M&A

Q1

2015

Q2

2015

Q3

2015

Q4

2015

Senior Debt/EBITDA Sub Debt/EBITDA Equity/EBITDA OthersPurchase Price Multiple

Annual U.S. private equity fundraising amount increased from

the previous year to $181 billion while the fund count fell 10%

13

Note: Graph above reflects data from buyout, growth equity, infrastructure and energy funds.

Source: PitchBook

$168

$2

56

$1

71

$1

09

$7

6

$82

$1

13

$1

99

$1

79

$1

81

$3

7

$3

7

$3

9

$6

8

0

50

100

150

200

250

300

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q1

2015

Q2

2015

Q3

2015

Q4

2015

$0

$50

$100

$150

$200

$250

$300

Capital Raised (Bil.) No. of FundsCapital Raised (Bil.) No. of Funds

Global callable capital reserves (“dry powder”) of buyout funds rose to $460 billion as of 2015 year end

14

Note: Dry powder figures are global and not specific to the United States.

Source: Preqin

$3

78

$4

38

$4

81

$4

81

$4

22

$3

88

$35

3

$4

00

$4

48

$4

66

$4

67

$4

86

$4

60

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

Dec.

2006

Dec.

2007

Dec.

2008

Dec.

2009

Dec.

2010

Dec.

2011

Dec.

2012

Dec.

2013

Dec.

2014

Mar.

2015

June.

2015

Sept.

2015

Dec.

2015

Buyout Growth Capital Distressed Private Equity Mezzanine Other Real Estate Venture Capital

$1

,30

7

$1

,31

4

$1

,28

8

$1

,24

8

Dry Powder (Bil.)

Annual U.S. exit volume increased 17% from the previous

year to $357 billion, the highest amount ever

15

Source: PitchBook

$1

53

$2

10

$1

04

$5

7

$1

44

$1

56

$2

25

$2

19

$302

$3

57

$6

3

$1

06

$8

7

$1

01

$0

$50

$100

$150

$200

$250

$300

$350

$400

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 1Q

2015

2Q

2015

3Q

2015

4Q

2015

0

400

800

1200

1600

Exit Amount (Bil.) No. of ExitsExit Amount (Bil.) No. of Exits

Nine of the ten largest U.S. private equity exits during

2015-Q4 were strategic M&As

Rank Company Name Exit Type1 Date Exit Size (Bil.) Sellers

1 Freescale SemiconductorStrategic

M&A12/4/15 $11.8

Permira, The Blackstone Group, The Carlyle Group,

TPG Capital

2 SunGard Data SystemsStrategic

M&A11/30/15 $9.1

Kohlberg Kravis Roberts, Providence Equity

Partners, Silver Lake, The Blackstone Group, TPG

Capital, et al.2

3 Suddenlink CommunicationsStrategic

M&A12/21/15 $9.1 BC Partners, Canada Pension Plan Investment Board

4 Interactive DataStrategic

M&A12/14/15 $5.8

Silver Lake, Stockwell Capital, Teacher Retirement

System of Texas, Warburg Pincus

5 Industrial Income TrustStrategic

M&A11/4/15 $4.5 Black Creek Capital

6 TornierStrategic

M&A10/1/15 $3.3 The Vertical Group, Warburg Pincus

7 PharMEDium HealthcareStrategic

M&A11/6/15 $2.6 Clayton, Dubilier & Rice

8 First DataPublic

Offering10/14/15 $2.6

AlpInvest Partners, Kohlberg Kravis Roberts, Lehman

Brothers, Stockwell Capital, Stone Point Capital, W

Capital Partners

9 AvintivStrategic

M&A10/1/15 $2.5 The Blackstone Group

10 NET MidstreamStrategic

M&A10/5/15 $2.1 ArcLight Capital Partners

16

1. Financial M&A includes secondary buyouts and investor buyouts by management. Public offering includes initial public offerings and secondary offerings. Strategic M&A includes corporate acquisitions and merger of

equals. Includes partial exits.2. Goldman Sachs Capital Partners, Greylock Partners, HarbourVest Partners, Integral Capital Partners, AlpInvest Partners, Bain Capital, Canada Pension Plan Investment Board.


The 10 largest U.S. private equity exits in 2015 made up

26% of the total 2015 exit volume

Rank Company Name Exit Type1 Date Exit Size (Bil.) Sellers

1 Regency Energy PartnersStrategic

M&A4/30/15 $18.0

Alinda Capital Partners, CorEnergy Infrastructure

Trust, Energy Transfer Equity

2 Freescale SemiconductorStrategic

M&A12/4/15 $11.8

Permira, The Blackstone Group, The Carlyle Group,

TPG Capital

3 BiometStrategic

M&A6/24/15 $14.0

The Blackstone Group, TPG Capital, AlpInvest

Partners, Kohlberg Kravis Roberts, et al. 2

4 SunGard Data SystemsStrategic

M&A11/30/15 $9.1

Kohlberg Kravis Roberts, Providence Equity

Partners, The Blackstone Group, TPG Capital, et al.3

5 Suddenlink CommunicationsStrategic

M&A12/21/15 $9.1 BC Partners, Canada Pension Plan Investment Board

6 IndCor PropertiesFinancial

M&A2/27/15 $8.1 The Blackstone Group

7 Par Pharmaceutical CompaniesStrategic

M&A9/28/15 $8.1 AlpInvest Partners, TPG Capital

8 Big Heart Pet BrandsStrategic

M&A3/23/15 $6.0

Kohlberg Kravis Roberts, Vestar Capital Partners,

Centerview Partners, HarbourVest Partners, et al.4

9 Interactive DataStrategic

M&A12/14/15 $5.8

Silver Lake, Stockwell Capital, Teacher Retirement

System of Texas, Warburg Pincus

10 Industrial Income TrustStrategic

M&A11/4/15 $4.5 Black Creek Capital

17

1. Financial M&A includes secondary buyouts and investor buyouts by management. Public offering includes initial public offerings and secondary offerings. Strategic M&A includes corporate acquisitions and merger of

equals. Includes partial exits.2. Fiduciary Asset Management, Harvest Partners, Kayne Anderson Capital Advisors, MTP Energy Management, Tailwater Capital, Triangle Peak Partners, Ridgemont Equity Partners, Goldman Sachs Capital Partners. 3. Goldman Sachs Capital Partners, Greylock Partners, HarbourVest Partners, Integral Capital Partners, AlpInvest Partners, Bain Capital, Canada Pension Plan Investment Board, Silver Lake.4. Quilvest Private Equity, AlpInvest Partners.


Strategic M&As accounted for 69% of all U.S. private

equity exits during 2015, up from 63% in 2014

18

Note: Financial M&A includes secondary buyouts and investor buyouts by management. Public offering includes initial public offerings and secondary offerings. Strategic M&A includes corporate acquisitions and merger

of equals.

Source: PitchBook

63%

69%

64

%

65

%

68

% 78

%

0%

20%

40%

60%

80%

100%

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 1Q

2015

2Q

2015

3Q

2015

4Q

2015

Public offering Strategic M&A Financial M&AExit Amount

Annual proceeds raised from U.S. private equity-backed IPOs declined from the previous year to $25 billion

19

Source: PitchBook

$2

8 $2

9

$8

$1

4

$1

4

$2

1

$1

8

$3

6

$3

4

$2

5

$4

$8

$6 $

7 20

40

60

80

100

120

140

$0

$5

$10

$15

$20

$25

$30

$35

$40

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q1

2015

Q2

2015

Q3

2015

Q4

2015

Proceeds raised (Bil.) No. of IPOsProceeds raised (Bil.) No. of IPOs

The 10 largest U.S. private equity-backed public

offerings during 2015 sum to $10 billion

Rank Company Date Exit Size (Bil.) Sellers

1 First Data 10/14/15 $2.6AlpInvest Partners, Kohlberg Kravis Roberts, Lehman

Brothers, et al.1

2 The J.M. Smucker Company 11/23/15 $2.0 Vestar Capital Partners

3 Freeport-McMoRan Copper 9/18/15 $1.0Appaloosa Management, Atticus Capital, Omega Advisors,

Temasek Holdings, TowerBrook Capital Partners

4 Jarden 7/16/15 $0.9 Warburg Pincus

5 Univar 6/17/15 $0.8Apollo Investment, CVC Capital Partners, Dahlia

Investments Pte, Goldman Sachs Capital Partners, et al.2

6 TransUnion 6/24/15 $0.7 Advent International, Goldman Sachs Capital Partners

7 TerraForm Power 6/15/15 $0.6 EverStream Energy Capital Management, General Electric

8 Tallgrass Energy Partners 5/7/15 $0.5Kelso & Co, Magnetar Capital, The Energy & Minerals

Group, Triangle Peak Partners

9 GoDaddy 3/31/15 $0.5Kohlberg Kravis Roberts, Silver Lake, Technology Crossover

Ventures

10 Black Knight Financial Services 5/19/15 $0.4 Fidelity National Financial, Thomas H. Lee Partners

20

1. Stockwell Capital, Stone Point Capital, W Capital Partners.2. GSO Capital Partners, Norwest Equity Partners, Parcom Capital, Parcom Ventures, Temasek Holdings


17 U.S. private equity-backed companies filed for

bankruptcy during 2015-Q4

Bankruptcies of U.S. Private Equity-Backed Companies in 2015-Q4

Company Description Date

Affirmative Insurance Holdings Automotive Insurance 10/14/15

American Apparel Clothing 10/5/15

Angel Automotive Group Other Financial Services 12/4/15

City Sports Clothing 10/5/15

Cubic Energy Energy Exploration 12/14/15

Energy & Exploration Partners Energy Exploration 11/25/15

Freedom Communications Publishing 11/1/15

Fresh & Easy Neighborhood Market Beverages 12/9/15

KaloBios Pharmaceuticals Pharmaceuticals 12/29/15

Millennium Health Laboratory Services 11/10/15

New Gulf Resources Buildings and Property 12/17/15

New York Wire Industrial Supplies and Parts 10/9/15

Omniglow Specialty Chemicals 12/3/15

RxAnte Outcome Management 11/10/15

Taylor-Wharton International Other Commercial Products 10/7/15

Team Express Distributing Recreational Goods 12/16/15

World Marine Construction and Engineering 12/1/15

21


No. of Bankrupt Companies

10

6

119

710 10

14

6

12

69 8

13

7 811

14

6 69 10

1917

0

5

10

15

20

Q1

2010

Q2 Q3 Q4 Q1

2011

Q2 Q3 Q4 Q1

2012

Q2 Q3 Q4 Q1

2013

Q2 Q3 Q4 Q1

2014

Q2 Q3 Q4 Q1

2015

Q2 Q3 Q4

55 U.S. private equity-backed companies filed for bankruptcy in

2015 (1/2)

22


Company Description Date Company Description Date

Affirmative Insurance Holdings Automotive Insurance 10/14/2015 Doral Financial Other Commercial Banks 3/11/15

Alpha Natural Resources Coal Mining 8/3/15 Duracell Cloud Storage Storage 8/26/15

Altegrity Consulting Services 2/8/15 Energy & Exploration Partners Energy Exploration 11/25/2015

American Apparel Clothing 10/5/2015 EveryWare Other Consumer Durables 4/7/15

Angel Automotive Group Other Financial Services 12/4/2015 Freedom Communications Publishing 11/1/2015

Anna's Linens Specialty Retail 6/14/15Fresh & Easy Neighborhood Market

Beverages 12/9/2015

Caesars Entertainment Casinos and Gaming 1/15/15 Golden County Foods Food Products 5/15/15

Cal Dive International Construction and Engineering 3/3/15 Haggen General Merchandise Stores 9/8/15

Career ChoicesEducational and Training Services

5/4/15 Hamilton ScientificBusiness Equipment and Supplies

4/2/15

CDB Software Database Software 8/31/15 Haverhill Chemicals Industrial Chemicals 9/19/15

Chassix Industrial Supplies and Parts 3/13/15 Hercules Offshore Energy Exploration 8/13/15

City Sports Clothing 10/5/2015 KaloBios Pharmaceuticals Pharmaceuticals 12/29/2015

Colt's Manufacturing Company Aerospace and Defense 6/14/15 Lincoln Paper and Tissue Distributors/Wholesale 9/28/15

Corinthian CollegesEducational and Training Services

5/4/15 Midway GoldPrecious Metals and Minerals Mining

6/22/15

Coyne International Enterprises Other Commercial Services 8/4/15 Milagro Exploration Energy Exploration 7/15/15

Cubic Energy Energy Exploration 12/14/2015 Millennium Health Laboratory Services 11/10/2015

Dexa Systems Application Software 9/22/15 New Gulf Resources Buildings and Property 12/17/2015

55 U.S. private equity-backed companies filed for bankruptcy in

2015 (2/2)

23


Company Description Date Company Description Date

New York Wire Industrial Supplies and Parts 10/9/2015 Walter Energy Coal Mining 7/15/15

Omniglow Specialty Chemicals 12/3/2015 World Marine Construction and Engineering 12/1/15

PennySaver Media and Information Services 5/30/15 XhibitSystems and Information Management

1/23/15

ProNerve Monitoring Equipment 2/24/15 Z'Tejas Restaurants and Bars 7/22/15

Quicksilver Resources Energy Production 3/17/15

Quiksilver Accessories 9/9/15

Relativity MediaBroadcasting, Radio and Television

7/31/15

RxAnte Outcome Management 11/10/15

Sabine Oil & Gas Energy Exploration 7/15/15

Saratoga Resources Energy Exploration 6/18/15

Signal International Construction and Engineering 8/28/15

Strategic Fundraising Consulting Services 8/13/15

Taylor-Wharton International Other Commercial Products 10/7/15

Team Express Distributing Recreational Goods 12/16/15

The Great Atlantic & Pacific Tea Company

General Merchandise Stores 7/20/15

USA Discounters Specialty Retail 8/25/15

USA Synthetic Fuel Alternative Energy Equipment 3/17/15

One bankrupt U.S. company received private equity

investment during 2015-Q4

24

Source: PitchBook

Private Equity Investment in Bankrupt U.S. Companies During 2015-Q4

Company DescriptionNo. of

EmployeesDate

Investment

Value (Mil.)Financial Sponsor

HaggenGeneral Merchandise

Stores1,001 11/25/15 N/A

Albertsons, Cerberus Capital

Management, Donahue

Schriber Realty Group, Lubert

Adler Partners, Regency

Centers, Smart and Final,

Sprouts Farmers Market,

Stater Bros Holdings, Tawa

28

24

15

12

5

10

5

12

45

3

2 2

3 3

2 2 2

3

21

3 3 10

10

20

30

Q1

2010

Q2 Q3 Q4 Q1

2011

Q2 Q3 Q4 Q1

2012

Q2 Q3 Q4 Q1

2013

Q2 Q3 Q4 Q1

2014

Q2 Q3 Q4 Q1

2015

Q2 Q3 Q4

No. of Companies

Eight bankrupt U.S. companies received private equity

investment during 2015

25

Source: PitchBook

Company DescriptionNo. of

EmployeesDate

Investment

Value (Mil.)Financial Sponsor

Casiano Communications Publishing 125 8/21/15 $6.6 Ferrer Faass & Co

Dune Energy Energy Exploration 34 8/4/15 $126.0Parallel Resource Partners,

White Marlin Energy Partners

HaggenGeneral Merchandise

Stores1,001 11/25/15 N/A

Albertsons, Cerberus Capital

Management, Donahue

Schriber Realty Group, et al.1

Karmaloop Internet Retail 203 5/21/15 N/ACapX Partners, Comvest

Partners

ProNerve Monitoring Equipment 200 4/14/15 N/AAltaris Capital Partners,

American Securities,

SpecialtyCare

Reichhold Industrial Chemicals 1,401 4/6/15 $147.0Black Diamond Capital

Management, JP Morgan

Chase & Co., et al.2

Victory HealthcareClinics/Outpatient

Services160 9/21/15 N/A

IASIS Healthcare, Pharos

Capital Group, et al.3

Wet Seal Specialty Retail 1,851 4/1/15 $7.5 Versa Capital Management

1. Lubert Adler Partners, Regency Centers, Smart and Final, Sprouts Farmers Market, Stater Bros Holdings, Tawa2. Simplon Partners, Third Avenue Management3. The Halifax Group, TPG Capital, Trimaran Capital Partners

Leveraged loan volume for U.S. issuers decreased by 20%

from the previous year to $370 billion

26

Note: For the purpose of this report, leveraged loans include speculative-grade loans or unrated loans priced at or above LIBOR+125 basis points.

Source: Standard & Poor’s Capital IQ Leveraged Commentary and Data

$1

76

$1

36

$1

37

$1

59

$2

48 $

29

1

$4

49

$5

10

$1

48

$6

7

$2

16

$3

54

$4

12

$5

40

$4

64

$3

70

$7

2

$1

30

$1

10

$5

6

$0

$100

$200

$300

$400

$500

$600

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 1Q

2015

2Q

2015

3Q

2015

4Q

2015

Loan Volume (Bil.)

Documents

2015-Q4 Private Equity Trends Report - Investment · PDF fileDebt includes bank debt, ... The ranked list is based on a sample of all loans syndicated in the U.S. market for the purpose