Zephyr Monthly M&A Report North America, July 2014

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The following report details mergers and acquisitions activity in North America in July 2014 using data from the Zephyr database.

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<ul><li> Zephyr Monthly M&amp;A Report North America, July 2014 </li> <li> Zephyr is a database of M&amp;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: zephyreditorial@bvdinfo.com Zephyr Monthly M&amp;A Report North America, July 2014 Page 1 Zephyr The following report details mergers and acquisitions activity in North America in July 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&amp;A driven by big takeovers The value of mergers and acquisitions (M&amp;A) targeting North American companies rose by 16 per cent in July, boosted by big-ticket deals in the US. There were 1,296 transactions worth a combined USD 166,449 million over the four weeks, compared to 1,467 deals worth an aggregate USD 143,584 million in June. While volume was 12 per cent weaker, in monetary terms the result was the third-highest of 2014 so far. Year-on-year, value was 49 per cent higher in the month under review (July 2013: USD 111,692 million) while volume was slightly down on the 1,326 transactions signed off 12 months ago. M&amp;A targeting the US once again bolstered the regions overall results, as value climbed 18 per cent over the four weeks from USD 129,540 million to USD 152,292 million. Value was also higher than at the same time a year ago (July 2013: USD 93,495 million). Three consecutive months of growth in Canada was halted in July, as value fell 15 per cent to USD 14,314 million (March: USD 8,633 million; April: USD 11,798 million; May: USD 15,864 million), and was down by a fifth compared to the USD 18,196 million-worth of M&amp;A announced a year ago. North America deals by volume and value Announced date No of deals Total deal value (mil USD) Jul-14 1,296 166,449 Jun-14 1,467 143,584 May-14 1,443 179,552 Apr-14 1,429 112,403 Mar-14 1,406 87,812 Feb-14 1,295 197,106 Jan-14 1,581 109,422 Dec-13 1,385 133,687 Nov-13 1,245 85,590 Oct-13 1,397 107,965 Sep-13 1,210 212,149 Aug-13 1,255 106,846 Jul-13 1,326 111,692 </li> <li> Zephyr is a database of M&amp;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: zephyreditorial@bvdinfo.com Zephyr Monthly M&amp;A Report North America, July 2014 Page 2 Zephyr US deals by volume and value Announced date No of deals Total deal value (mil USD) Jul-14 1,046 152,292 Jun-14 1,156 129,540 May-14 1,133 163,688 Apr-14 1,141 100,644 Mar-14 1,110 80,039 Feb-14 1,020 181,375 Jan-14 1,279 101,273 Dec-13 986 123,431 Nov-13 909 71,854 Oct-13 1,066 98,967 Sep-13 913 206,978 Aug-13 959 99,043 Jul-13 1,008 93,495 Canada deals by volume and value Announced date No of deals Total deal value (mil USD) Jul-14 251 14,314 Jun-14 314 16,918 May-14 311 15,864 Apr-14 290 11,798 Mar-14 299 8,633 Feb-14 277 15,699 Jan-14 302 8,149 Dec-13 399 10,326 Nov-13 337 13,736 Oct-13 331 8,998 Sep-13 296 5,171 Aug-13 295 7,803 Jul-13 320 18,196 </li> <li> Zephyr is a database of M&amp;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: zephyreditorial@bvdinfo.com Zephyr Monthly M&amp;A Report North America, July 2014 Page 3 Zephyr North America deals by volume and value 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 0 50,000 100,000 150,000 200,000 250,000 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Dealvalue(milUSD) Aggregate deal value(mil USD) Number of deals </li> <li> Zephyr is a database of M&amp;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: zephyreditorial@bvdinfo.com Zephyr Monthly M&amp;A Report North America, July 2014 Page 4 Zephyr Cigarette deal smashes USD 20,000 million-barrier Tobacco giant Reynolds America agreed to buy rival Lorillard for USD 27,400 million, including assumed debt, in a bid to challenge the dominance of Marlboro-maker Altria Group. The deal will add Lorillards popular Newport menthol cigarette brand to Reynolds portfolio, which includes Camel and Pall Mall. However, the number two tobacco company in the US must also shed assets in order to appease regulators and will dispose of brands such as blu electronic cigarettes to Imperial Tobacco. This one transaction accounted for 16 per cent of the regions M&amp;A value in July and was worth more than the number two, three and four deals by value, combined. The second-highest valued transaction of the month was Dollar Tree making a takeover offer worth USD 9,200 million, including the assumption of debt, for rival Family Dollar in a deal that will unite two of the largest discount retailers in the US. Dollar Tree is offering USD 74.50 in cash and stock for each share held in the North Carolina-based company, a 23 per cent premium to its previous close. In all, 11 of the top 20 deals by value were public takeovers of which all but one targeted US companies. US targets favoured by PE firms Two of the top 20 private equity and venture capital (PE and VC) transactions targeting North American companies in July were worth more than USD 1,000 million. Highest of these was Energy Capital Partners buying Wheelbrator Technologies, a waste-to-energy company based in New Hampshire, for USD 1,940 million. This was one of two deals in which Energy Capital Partners invested, the other being a USD 160 million funding round for Texan oil and gas company Furie Operating Alaska. The regions number two PE and VC deal by value in July was Onex Corporation acquiring York Risk Services Group, a privately-held insurance claims handling and loss adjustment company based in New Jersey, in a tertiary buyout from Abry Partners for USD 1,325 million. Despite the fact that Onex is a Canadian investment company, no Canadian companies were targeted in any of the months top 20 PE and VC deals by value. </li> <li> Zephyr is a database of M&amp;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: zephyreditorial@bvdinfo.com Zephyr Monthly M&amp;A Report North America, July 2014 Page 5 Zephyr Top 20 deals by value Deal value (mil USD) Deal type Target Target country Acquiror Acquiror country Deal status 1. 27,400 Acquisition 100% Lorillard Inc. US Reynolds American Inc. US Pending 2. 9,200 Acquisition 100% Family Dollar Stores Inc. US Dollar Tree Inc. US Pending 3. 8,709 Acquisition 100% Salix Pharmaceuticals Ltd US Cosmo Technologies Ltd IE Pending 4. 8,552 Acquisition 100% The Hillshire Brands Company US Tyson Foods Inc. US Announced 5. 7,100 Acquisition Lorillard Inc.'s certain assets; Reynolds American Inc.'s certain assets US; US Imperial Tobacco Group plc GB Pending 6. 6,400 Acquisition 100% International Game Technology Inc. US GTECH plc GB Pending 7. 6,206 Acquisition 100% Rockwood Holdings Inc. US Albemarle Corporation US Pending 8. 6,000 Acquisition 100% URS Corporation US AECOM Technology Corporation US Pending 9. 6,000 Acquisition 100% Kodiak Oil &amp; Gas Corporation US Whiting Petroleum Corporation US Pending 10. 5,271 Acquisition Abbott Laboratories Inc.'s non-US developed markets speciality and branded generics businesses in Europe, Japan, Canada, Australia and New Zealand JP; CA; AU; NZ New Moon BV NL Pending 11. 4,700 Minority stake Reynolds American Inc. US British American Tobacco plc GB Pending 12. 3,678 Acquisition increased from 44% to 100% Bell Aliant Inc. CA BCE Inc. CA Announced 13. 3,500 Acquisition 100% Trulia Inc. US Zillow Inc. US Pending 14. 3,400 Acquisition 100% OneWest Bank NA US CIT Group Inc. US Pending 15. 3,000 Acquisition 100% QR Energy LP US BreitBurn Energy Partners LP US Pending 16. 1,940 IBO 100% Wheelabrator Technologies Inc. US Energy Capital Partners LLC US Pending 17. 1,725 Acquisition 100% Seragon Pharmaceuticals Inc. US Genentech Inc. US Announced 18. 1,625 Acquisition 100% Severstal Columbus LLC US Steel Dynamics Inc. US Pending 19. 1,500 Acquisition 100% Russell Stover Candies Inc. US Chocoladefabriken Lindt &amp; Spruengli AG CH Announced 20. 1,325 IBO 100% York Risk Services Group Inc. US Management; Onex Corporation; Investors CA Pending </li> <li> Zephyr is a database of M&amp;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: zephyreditorial@bvdinfo.com Zephyr Monthly M&amp;A Report North America, July 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. 1,940 IBO 100% Wheelabrator Technologies Inc. US Energy Capital Partners LLC Pending 2. 1,325 IBO 100% York Risk Services Group Inc. US Onex Corporation Pending 3. 890 IBO 100% Eco Services LLC US CCMP Capital Advisors LLC Announced 4. 850 Minority stake 25% Freeport LNG Development LP US Global Infrastructure Management LLC Announced 5. 700 IBO majority stake NVA Holdings Inc. US Ares Management LP Announced 6. 680 Minority stake Preferred Sands LLC US Kohlberg Kravis Roberts &amp; Company LP Announced 7. 500 IBO 100% Mister Car Wash Holdings Inc. US Leonard Green &amp; Partners LP Completed 8. 480 IBO 100% Cole-Parmer Instrument Company US GTCR Golder Rauner LLC Pending 9. 465 IBO 100% Northwest Hardwoods Inc. US Littlejohn &amp; Company LLC Completed 10. 400 IBO 100% Tensar Corporation US Castle Harlan Inc. Completed 11. 310 IBO 100% Quorum Business Solutions Inc. US Silver Lake Partners LP Pending 12. 250 IBO 100% Juniper Networks Inc.'s Junos Pulse mobile security business US Siris Capital Group LLC Announced 13. 160 Minority stake Furie Operating Alaska LLC US Energy Capital Partners LLC Completed 14. 150 Minority stake CP Exploration II LLC US Post Oak Energy Capital LP Completed 15. 150 Minority stake 6% Box Inc. US TPG Capital LP; Coatue Management LLC Completed 16. 100 Minority stake Astrum Solar Inc. US Hudson Clean Energy Partners LP Announced 17. 79 Minority stake IRI Group Holdings Inc. US Completed 18. 75 Minority stake Avant Credit Corporation US Tiger Global Management LLC Completed 19. 70 Minority stake NextNav LLC US Goldman Sachs Group Inc.; Oak Management Corporation; New Enterprise Associates Inc.; Columbia Capital Corporation; Telcom Ventures LLC Completed 20. 70 Minority stake AppDynamics Inc. US Battery Management Corporation; Kleiner Perkins Caufield &amp; Byers; Lightspeed Venture Partners; Institutional Venture Partners; Sands Capital Management Inc.; Greylock Management Corporation; ClearBridge Investments LLC Completed </li> <li> Zephyr is a database of M&amp;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: zephyreditorial@bvdinfo.com Zephyr Monthly M&amp;A Report North America, July 2014 Page 7 Zephyr PE and VC investment activity weakens month-on-month Despite an increase in overall M&amp;A value in July, PE and VC investment activity declined over the four weeks to 440 transactions worth a combined USD 12,411 million, compared to 461 deals worth a collective USD 19,203 million in June. However, in a 12-month comparison, value was almost two-thirds higher than the USD 7,188 million-worth of investment announced in July 2013. Lower PE and VC investment value targeting US companies accounted for the decrease, sliding from USD 19,084 million to USD 12,220 million in July. However, investment in Canada bucked this trend and the value of investment grew by 61 per cent month-on-month to USD 191 million after dropping sharply between May and June. Compared to the same time a year ago the result was even more impressive, as just USD 27 million-worth of investment targeting Canadian companies was signed off in July 2013. North America private equity deals by volume and value Announced date No of deals Total deal value (mil USD) Jul-14 440 12,411 Jun-14 461 19,203 May-14 447 17,518 Apr-14 470 16,073 Mar-14 410 27,062 Feb-14 380 17,854 Jan-14 359 15,163 Dec-13 383 14,707 Nov-13 368 13,619 Oct-13 398 14,196 Sep-13 363 12,879 Aug-13 382 46,358 Jul-13 433 7,188 </li> <li> Zephyr is a database of M&amp;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: zephyreditorial@bvdinfo.com Zephyr Monthly M&amp;A Report North America, July 2014 Page 8 Zephyr US private equity deals by volume and value Announced date No of deals Total deal value (mil USD) Jul-14 425 12,220 Jun-14 445 19,084 May-14 421 16,779 Apr-14 451 15,889 Mar-14 392 26,331 Feb-14 362 17,807 Jan-14 337 14,612 Dec-13 353 14,055 Nov-13 333 10,807 Oct-13 370 14,022 Sep-13 343 12,809 Aug-13 356 41,692 Jul-13 398 7,161 Canada private equity deals by volume and value Announced date No of deals Total deal value (mil USD) Jul-14 15 191 Jun-14 16 119 May-14 26 738 Apr-14 19 185 Mar-14 18 731 Feb-14 18 47 Jan-...</li></ul>