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The following report details mergers and acquisitions activity in North America in August 2014 using data from the Zephyr database.
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Zephyr Monthly M&A ReportNorth America, August 2014
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Monthly M&A ReportNorth America, August 2014
Page 1 © Zephyr
The following report details mergers and acquisitions activity in North America in August 2014 using data from the Zephyr database.
It focuses on deal activity by target company.
Click here to access the raw data in an Excel spreadsheet.
North American M&A activity stalls in August
There were 1,173 deals worth a combined USD 96,091 million targeting North American companies in August. This represented a decrease of a quarter in volume and 44 per cent in value compared to the 1,580 transactions worth an aggregate USD 171,371 million in July. Year-over-year, results were down but by a narrower margin (August 2013: 1,261 deals worth USD 106,865 million).
The US was the key driver in this decline, as deal value halved from USD 156,898 million last month to USD 78,503 million, while volume fell at the slower rate of 27 per cent to 922 transactions from 1,266 in July. Value was also down by a fifth on the same time a year ago, when USD 99,062 million-worth of deal-making was announced, but volume was roughly comparable to the 965 transactions recorded in August 2013.
In contrast, M&A value targeting Canadian companies actually rose month-on-month and year-over-year: deals worth a total of USD 17,588 million were announced, compared to USD 14,629 million in July and USD 7,803 million 12 months ago, and was almost entirely due to a single transaction worth over USD 10,000 million which actually marked the region’s biggest M&A transaction in August.
North America deals by volume and value
Announced date No of deals Total deal value (mil USD)
Aug-14 1,173 96,091
Jul-14 1,580 171,371
Jun-14 1,493 144,037
May-14 1,465 180,135
Apr-14 1,460 118,091
Mar-14 1,415 85,868
Feb-14 1,299 199,322
Jan-14 1,589 109,871
Dec-13 1,391 133,939
Nov-13 1,253 86,023
Oct-13 1,405 107,740
Sep-13 1,216 212,338
Aug-13 1,261 106,865
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Monthly M&A ReportNorth America, August 2014
Page 2 © Zephyr
US deals by volume and value
Announced date No of deals Total deal value (mil USD)
Aug-14 922 78,503
Jul-14 1,266 156,898
Jun-14 1,176 129,965
May-14 1,152 164,255
Apr-14 1,165 105,262
Mar-14 1,117 78,093
Feb-14 1,023 183,592
Jan-14 1,285 101,721
Dec-13 992 123,684
Nov-13 916 72,290
Oct-13 1,072 98,722
Sep-13 919 207,167
Aug-13 965 99,062
Canada deals by volume and value
Announced date No of deals Total deal value (mil USD)
Aug-14 253 17,588
Jul-14 316 14,629
Jun-14 320 16,947
May-14 314 15,881
Apr-14 297 12,869
Mar-14 301 8,635
Feb-14 278 15,698
Jan-14 304 8,150
Dec-13 399 10,326
Nov-13 338 13,733
Oct-13 332 9,018
Sep-13 296 5,171
Aug-13 295 7,803
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Monthly M&A ReportNorth America, August 2014
Page 3 © Zephyr
North America deals by volume and value
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Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14
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Aggregate deal value(mil USD) Number of deals
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Monthly M&A ReportNorth America, August 2014
Page 4 © Zephyr
Canadian deal is number one by value
In an extremely rare occurrence, the highest North American deal by value in August targeted a Canadian company, and, at USD 11,356 million, accounted for 12 per cent of the region’s M&A value for the month. US fast-food giant Burger King Worldwide has made a takeover offer for coffee and doughnut chain Tim Hortons in a deal that would create the world’s third-largest quick-service restaurant group.
The second largest deal by value was Swiss drug maker Roche offering a 38 per cent premium to acquire US cancer and pulmonary diseases treatment maker InterMune in a take-private transaction worth USD 8,300 million.
This was one of four takeovers involving buyers from outside North America, the others being German chipmaker Infineon acquiring US rival International Rectifier for USD 2,851 million, Japanese group Hitachi Metals paying USD 1,300 million for Wisconsin-based iron foundry Waupaca Foundry and Sensata Technologies of the Netherlands purchasing Schrader-Bridgeport International, a US manufacturer of tyre valves and fluid control components, for USD 1,000 million.
Buffett’s Berkshire Hathaway backs Burger King deal
As well as being the region’s highest-valued M&A transaction in August, Burger King’s merger with Tim Hortons was also the largest private equity deal, thanks to USD 3,000 million of committed financing from Berkshire Hathway, the global conglomerate headed by high-profile investor Warren Buffett.
This deal was worth eight-times more than the second largest private equity transaction by value, which was the sale by Bahrain’s Investcorp of Illinois-headquartered plastic container manufacturer Berlin Packaging to Oak Hill Capital for USD 1,430 million.
The region’s sectors favoured by private equity investors in August included oil and gas exploration, machinery and equipment manufacturing, fuel terminals, automotive repair and ecommerce, while the most prolific investor was Warburg Pincus, which backed two of the top 20 private equity deals by value.
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Monthly M&A ReportNorth America, August 2014
Page 5 © Zephyr
Top 20 deals by value
Deal value (mil USD) Deal type Target Target
country Acquiror Acquiror country Deal status
1. 11,356 Acquisition 100% Tim Hortons Inc. CA Burger King Worldwide Inc. US Pending
2. 8,300 Acquisition 100% InterMune Inc. US Roche Holding AG CH Announced
3. 4,000 Acquisition 100% Griffin-American Healthcare REIT II Inc. US NorthStar Realty Finance Corporation US Pending
4. 3,450 Acquisition 100% Comdata Inc. US FleetCor Technologies Inc. US Pending
5. 3,450 Acquisition 100% EquiPower Resources Corporation US Dynegy Inc. US Pending
6. 2,851 Acquisition 100% International Rectifier Corporation US Infineon Technologies AG DE Pending
7. 2,800 Acquisition 100% Duke Energy Corporation's Midwest commercial generation business
US Dynegy Inc. US Pending
8. 2,470 Acquisition 100% Terra-Gen Power LLC's Alta Wind facility located in Tehachapi, California
US NRG Yield Inc. US Completed
9. 2,412 Acquisition 100% - Bid 2 - Decreased Bid LIN Media LLC US Mercury New Holdco Inc. US Pending
10. 2,150 Acquisition Monster Beverage Corporation; Monster Beverage Corporation's non-energy business
US; US The Coca-Cola Company US Pending
11. 1,800 Acquisition 27% to 100% Classified Ventures LLC US Gannett Company Inc. US Pending
12. 1,500 Acquisition 50% to 100% DeMoulas Super Markets Inc. US Mr Arthur Demoulas; Ms Frances Demoulas; Ms Glorianne Demoulas
Announced
13. 1,430 Institutional buy-out 100% Berlin Packaging LLC US Oak Hill Capital Management Inc. US Announced
14. 1,424 Acquisition 50% The Gabelli Equity Trust Inc. US Announced
15. 1,300 Minority stake Venari Resources LLC US Management; Warburg Pincus LLC; Existing Investors; The Jordan Company LP; Temasek Holdings Pte Ltd; Kelso & Company LP; BlackRock Inc.; GIC Pte Ltd
US; US; SG; US; US; SG
Completed
16. 1,300 Acquisition 100% Siemens AG's hospital IT business US Cerner Corporation US Pending
17. 1,300 Acquisition 100% Waupaca Foundry Holdings Inc. US Hitachi Metals Ltd JP Announced
18. 1,200 IBO 100% SWEPI LP and Shell Gulf of Mexico Inc.'s Haynesville assets US Vine Oil & Gas LP US Pending
19. 1,000 Acquisition 100% Schrader-Bridgeport International Inc. US Sensata Technologies BV NL Pending
20. 1,000 Minority stake 1% Twenty-First Century Fox Inc. US ValueAct Capital Management LP US Completed
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Monthly M&A ReportNorth America, August 2014
Page 6 © Zephyr
Top 20 private equity deals by value
Deal value (mil USD) Deal type Target Target
country Equity provider Deal status
1. 11,356 Acquisition 100% Tim Hortons Inc. CA Berkshire Hathaway Inc. Pending
2. 1,430 IBO 100% Berlin Packaging LLC US Oak Hill Capital Management Inc. Announced
3. 1,300 Minority stake Venari Resources LLC US Warburg Pincus LLC; The Jordan Company LP; Temasek Holdings Pte Ltd; Kelso & Company LP; BlackRock Inc.; GIC Pte Ltd
Completed
4. 1,200 IBO 100% SWEPI LP and Shell Gulf of Mexico Inc.'s Haynesville assets US Blackstone Capital Partners LP; The Blackstone Group LP Pending
5. 1,000 IBO 100% Ranpak Holdings Inc. US Rhone Capital LLC Pending
6. 845 Minority stake 14% Lululemon Athletica Inc. US Advent International Corporation Announced
7. 618 Minority stake Canadian Non-Operated Resources LP CA Riverstone Holdings LLC; Riverstone Energy Ltd Announced
8. 600 Minority stake Zenith Energy Group LLC US Warburg Pincus LLC Announced
9. 500 IBO 100% ABRA Inc. US Hellman & Friedman LLC Announced
10. 436 IBO 100% International Strategy & Investment Group LLC US Evercore Partners Inc. Pending
11. 383 IBO 100% Pike Corporation US Court Square Capital Partners LP Pending
12. 313 IBO 50% TOMS Shoes Inc. US Bain Capital LLC Announced
13. 300 IBO 100% MRG Holdings Corporation US Brentwood Associates Completed
14. 243 IBO 100% Clean Earth Holdings Inc. US Compass Diversified Holdings Completed
15. 150 Minority stake Lookout Inc. US Index Venture Management SA; Goldman Sachs Group Inc.; T Rowe Price Associates Inc.; Accel Management Company LLC; Wellington Management Company LLP; Morgan Stanley Investment Management Inc.; Khosla Ventures LLC; Bezos Expeditions LLC; Andreessen Horowitz LLC; Mithril Capital Management LLC
Completed
16. 140 Minority stake 7% Nutanix Inc. US Completed
17. 135 Minority stake Pluralsight LLC US Sorenson Capital Partners LP; Insight Venture Partners; ICONIQ Capital LLC Completed
18. 134 Minority stake Juno Therapeutics Inc. US Completed
19. 119 IBO 100% Kforce Healthcare Inc. US Beecken Petty O'Keefe & Company LLC Completed
20. 110 Minority stake 18% Elizabeth Arden Inc. US Rhone Capital LLC Announced
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Monthly M&A ReportNorth America, August 2014
Page 7 © Zephyr
PE and VC value leaps in August
A total of USD 23,699 million of private equity and venture capital was invested in North American companies in August, an almost three-quarters increase on USD 13,811 million in July and the second-highest result of 2014 so far, despite a 27 per cent month-on-month decrease in volume.
The Burger King deal was largely responsible for the increase, representing almost half of the month’s private equity investment targeting the region. Five transactions each exceeded USD 1,000 million in value and were collectively worth USD 16,286 million, accounting for more than two-thirds of the month’s total private equity investment and outstripping the entire private equity investment recorded in July.
Private equity and venture capital investment targeting US companies faltered in August, dipping 15 per cent from USD 13,551 million in July to USD 11,565 million, but unsurprisingly, in Canada it soared from USD 260 million to USD 12,134 million, the country’s highest result of the last 12 months under review.
North America private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Aug-14 418 23,699
Jul-14 576 13,811
Jun-14 475 19,791
May-14 455 17,713
Apr-14 477 16,080
Mar-14 413 27,089
Feb-14 381 20,062
Jan-14 365 15,140
Dec-13 389 14,730
Nov-13 373 13,977
Oct-13 405 14,501
Sep-13 367 12,880
Aug-13 385 46,361
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Monthly M&A ReportNorth America, August 2014
Page 8 © Zephyr
US private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Aug-14 394 11,565
Jul-14 553 13,551
Jun-14 459 19,673
May-14 430 16,974
Apr-14 458 15,896
Mar-14 395 26,358
Feb-14 363 20,015
Jan-14 342 14,636
Dec-13 358 14,078
Nov-13 338 11,165
Oct-13 377 14,327
Sep-13 347 12,811
Aug-13 359 41,694
Canada private equity deals by volume and value
Announced date No of deals Total deal value (mil USD)
Aug-14 24 12,134
Jul-14 23 260
Jun-14 16 118
May-14 25 738
Apr-14 19 185
Mar-14 18 731
Feb-14 18 47
Jan-14 22 503
Dec-13 29 642
Nov-13 35 2,812
Oct-13 28 174
Sep-13 20 69
Aug-13 26 4,667
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Monthly M&A ReportNorth America, August 2014
Page 9 © Zephyr
North America private equity deals by volume and value
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Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14
Dea
l val
ue (m
il U
SD)
Aggregate deal value(mil USD) Number of deals
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Monthly M&A ReportNorth America, August 2014
Page 10 © Zephyr
M&A target sectors by volume
Target sector Aug-13 Jul-14 Aug-14
Other services 749 888 630
Machinery, equipment, furniture, recycling 137 156 99
Publishing, printing 25 78 79
Wholesale & retail trade 60 69 61
Banks 63 76 61
Chemicals, rubber, plastics 47 62 50
Primary sector 28 39 37
Metals & metal products 21 21 31
Education, health 26 47 27
Transport 17 15 19
Food, beverages, tobacco 15 35 19
Gas, water, electricity 13 17 15
Construction 17 22 12
Hotels & restaurants 18 16 10
Insurance companies 6 7 7
Textiles, wearing apparel, leather 3 14 7
Wood, cork, paper 5 7 6
Post and telecommunications 2 3 2
Public administration and defence 0 0 1
M&A target sectors by value
Target sector Aug-13 (mil USD)
Jul-14 (mil USD)
Aug-14 (mil USD)
Other services 29,547 45,716 26,971
Hotels & restaurants 1,109 189 11,982
Chemicals, rubber, plastics 4,842 22,405 11,175
Banks 5,928 9,609 10,239
Gas, water, electricity 11,588 4,596 9,486
Machinery, equipment, furniture, recycling 41,439 14,030 8,252
Primary sector 2,724 3,516 4,686
Wholesale & retail trade 1,700 10,488 4,138
Food, beverages, tobacco 1,914 50,929 2,300
Education, health 50 874 1,756
Metals & metal products 664 2,471 1,603
Textiles, wearing apparel, leather 16 13 1,248
Wood, cork, paper 168 837 1,000
Publishing, printing 532 2,042 957
Transport 2,248 2,196 447
Insurance companies 291 60 295
Construction 1,259 1,341 32
Post and telecommunications 5 3 0
Public administration and defence 0 0 0
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Monthly M&A ReportNorth America, August 2014
Page 11 © Zephyr
Private equity target sectors by volume
Target sector Aug-13 Jul-14 Aug-14
Other services 273 363 250
Machinery, equipment, furniture, recycling 49 61 48
Publishing, printing 7 39 48
Wholesale & retail trade 13 18 15
Chemicals, rubber, plastics 9 15 12
Education, health 4 19 6
Banks 6 4 6
Metals & metal products 3 6 5
Food, beverages, tobacco 5 13 5
Primary sector 1 4 4
Textiles, wearing apparel, leather 2 7 4
Hotels & restaurants 2 0 3
Construction 7 5 2
Insurance companies 0 0 2
Transport 0 0 2
Wood, cork, paper 0 2 2
Gas, water, electricity 1 3 1
Post and telecommunications 2 2 0
Public administration and defence 0 0 0
Private equity target sectors by value
Target sector Aug-13 (mil USD)
Jul-14 (mil USD)
Aug-14 (mil USD)
Hotels & restaurants 0 0 11,356
Other services 8,934 5,152 5,387
Chemicals, rubber, plastics 1,576 118 1,667
Primary sector 0 1,531 1,300
Textiles, wearing apparel, leather 16 11 1,170
Wood, cork, paper 0 502 1,000
Wholesale & retail trade 512 185 989
Machinery, equipment, furniture, recycling 34,818 2,247 380
Publishing, printing 44 439 228
Banks 121 125 112
Education, health 0 846 39
Transport 0 0 24
Insurance companies 0 0 22
Construction 16 501 16
Metals & metal products 214 13 6
Food, beverages, tobacco 0 18 0
Post and telecommunications 5 3 0
Public administration and defence 0 0 0
Gas, water, electricity 105 1,940 0
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Monthly M&A ReportNorth America, August 2014
Page 12 © Zephyr
Top 20 private equity providers
Equity provider Number of deals Number with consideration Total deal value (mil USD) Average deal value (mil USD)
1 Berkshire Hathaway Inc. 1 1 11,356 11,356
2 Warburg Pincus LLC 2 2 1,900 950
3 Oak Hill Capital Management Inc. 1 1 1,430 1,430
4 GIC Pte Ltd 1 1 1,300 1,300
5 The Jordan Company LP 1 1 1,300 1,300
6 BlackRock Inc. 1 1 1,300 1,300
7 Kelso & Company LP 1 1 1,300 1,300
8 Temasek Holdings Pte Ltd 1 1 1,300 1,300
9 The Blackstone Group LP 1 1 1,200 1,200
10 Blackstone Capital Partners LP 1 1 1,200 1,200
11 Rhone Capital LLC 2 2 1,110 555
12 Advent International Corporation 1 1 845 845
13 Riverstone Energy Ltd 1 1 618 618
14 Riverstone Holdings LLC 1 1 618 618
15 Hellman & Friedman LLC 1 1 500 500
16 Evercore Partners Inc. 1 1 436 436
17 Court Square Capital Partners LP 1 1 383 383
18 Bain Capital LLC 1 1 313 313
19 Brentwood Associates 1 1 300 300
20 Wellington Management Company LLP 3 3 275 92
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed financial information on companies. For more information visit www.zephyrdealdata.com.
You are free to use any data or commentary from this report in your articles as long as the source is cited as “Zephyr published by BvD”
Contact +44 161 838 9554 Zephyr Editorial: [email protected]
Zephyr Monthly M&A ReportNorth America, August 2014
Page 13 © Zephyr
Notes to editors
Activity is based on the activity of the target company
Deal status is announced within the time period
The sector breakdown uses targets’ activities as defined to be ‘Major Sectors’ by Zephyr
The date range is 01/08/2014 - 28/08/2014 inclusive