Global Private Equity M&A Review 2017

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2 The following report details global private equity activity in December and Full Year using data from the Zephyr database. It focuses on global deals activity by target company within the cleantech sector. Click here to access the raw data in an Excel spreadsheet. FY Page 1 December Page 6 PE value at new ten-year-high in Global private equity investment (PE) continued to fluctuate in as volume fell back for the second consecutive year, albeit marginally, to 6,423 PE deals. By contrast, value rebounded, resulting in a new ten-yearhigh of USD 648,663 million (2007: USD 898,465 million). Volume may have slipped from a record high of 7,332 deals in 2015 but, after 2016 (6,428), it was the thirdhighest on record. Within, PE value rose by a quarter month-on-month to USD 61,536 million in December, from USD 49,024 million in November. However, December s value was not one of the highest recorded over the 12 months under review (August, July, June, April), but did represent a year-on-year improvement on the USD 56,093 million recorded in December Conversely, volume in December was at a new 12-month-low of 438 deals and was down 26 per cent from 593 deals in December Deals by volume and value Completed date No of deals Total deal value 6, , , , , , , , , , , ,389 Welcome to the business of certainty. We capture and treat private company and M&A information for better decision making and increased efficiency. Bureau van Dijk is a Moody s Analytics company The most comprehensive deal database The world s most powerful comparable data resource on private companies Combining deal and company data Page 1

3 Deals by volume and value Deal value 700, , , , , , ,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 Number of deals Total deal value Number of deals Page 2

4 Top 20 private equity deals by value in Deal value Deal type Target Target country General Partner/Fund Manager Deal status 1. 20,474 IBO 100% Calpine Corporation US Energy Capital Partners LLC; Access Industries Inc.; Canada Pension Plan Investment Board Pending 2. 17,714 Acquisition 100% Toshiba Memory Corporation JP Bain Capital Private Equity LP; Dell Technologies Capital Pending 3. 11,634 IBO 100% Global Logistics Properties Ltd SG Bank of China Group Investment Ltd; Hopu Investment Management Co., Ltd; Hillhouse Capital Management Ltd Pending 4. 9,050 IBO 100% Pharmaceutical Product Development LLC US Carlyle Group LP; Hellman & Friedman LLC Completed 5. 9,044 Minority stake 14% Hengda Real Estate Group Co., Ltd CN Sichuan Dingxiang Equity Investment Fund Management Co., Ltd; Shandong Hi-Speed Investment Holding Pending Co., Ltd; Shandong Hi-Speed Property Group Co., Ltd; Shandong Hi-Speed Changying Equity Investment Management Co., Ltd; Nanjing Runheng Enterprise Management Co., Ltd; Shenzhen Amer International Co., Ltd; Jiayu Vehicle Accessories Ningxia LLP; Guangzhou Yehoo Investment Co., Ltd 6. 8,030 IBO 100% Unilever BCS Ltd GB KKR & Co LP Announced 7. 8,000 Minority stake 18% Uber Technologies Inc. US Sequoia Capital Operations LLC; Dragoneer Investment Group LLC; TPG Capital Advisors LLC Announced 8. 7,500 Acquisition 100% Panera Bread Company US BDT Capital Partners LLC Completed 9. 7,275 Minority stake Tsinghua UniGroup Ltd CN Sino-IC Capital Ltd Announced 10. 6,900 IBO 100% Staples Inc. US Sycamore Partners Management LLC Completed Page 3

5 Top 20 private equity deals by value in (cont d) Deal value Deal type Target Target country General Partner/Fund Manager Deal status 11. 6,805 IBO 100% Belle International Holdings Ltd KY Hillhouse Capital Management Ltd; CDH Investment Advisory Pte Ltd Completed 12. 6,704 Acquisition 100% Shell UK Ltd 's UK North sea assets GB EIG Global Energy Partners LLC Completed 13. 5,804 Minority stake 16% Hengda Real Estate Group Co., Ltd CN Suzhou Industrial Park Ruican Investment LLP; Shenzhen Baoxin Investment Holding Co., Ltd; Completed Qingdao Yonghe Jinfeng Group Co., Ltd; Jiayu Vehicle Accessories Ningxia LLP; Maanshan Maowen Technology Industrial Park Co., Ltd; Jiangxi Huada Property Group Co., Ltd; Shenzhen Qixiang Investment Co., Ltd; Shenzhen Jiancheng Investment Co., Ltd; Ningbo Minyin Jintou Equity Investment Management Co., Ltd; Zhongmin Capital Management Co., Ltd; Weifang Golden Orange Hongyuan Investment Management LLP; Shenzhen Qianhai Zhongyi Holding Co., Ltd; Shanghai Haoren Property Management Co., Ltd 14. 5,608 Acquisition 50% New South Wales State Government's Endeavour Energy AU Macquarie Infrastructure and Real Assets Pty Ltd Completed 15. 5,500 Minority stake 11% Xiaoju Kuaizhi Inc. KY Silver Lake Technology Management LLC; Bank of Communications Co., Ltd; China Merchants Completed Bank Co., Ltd; Softbank Group Corporation 16. 5,299 IBO 100% Nets A/S DK Advent International Corporation; Hellman & Friedman LLC; Bain Capital LP Pending 17. 5,100 IBO 100% West Corporation US Apollo Global Management LLC Completed 18. 5,000 IBO 100% Equis Energy SG Global Infrastructure Management LLC Announced 19. 5,000 IBO 100% PAREXEL International Corporation US Pamplona Capital Management LLP Completed 20. 5,000 Acquisition 100% Cabela's Inc. US Goldman Sachs & Co Completed Page 4

6 Top private equity providers in Private equity firm Number of deals Number with consideration Total deal value Average deal value 1 Canada Pension Plan Investment Board ,056 3,005 2 KKR & Co LP ,989 1,000 3 Bain Capital Private Equity LP ,017 2,585 4 Hillhouse Capital Management Ltd ,646 1,603 5 The Blackstone Group LP ,183 2,099 6 Softbank Group Corporation ,763 1,088 7 Sequoia Capital Operations LLC , Energy Capital Partners LLC ,745 10,372 9 Access Industries Inc ,525 10, Carlyle Group LP ,823 1, CVC Capital Partners Ltd ,862 1, Dell Technologies Capital ,813 4, Hellman & Friedman LLC ,338 5, Cinven Ltd ,770 2, TPG Capital Advisors LLC ,680 2, Jiayu Vehicle Accessories Ningxia LLP ,848 7, Hopu Investment Management Co., Ltd ,367 4, Bank of China Group Investment Ltd ,256 4, Tencent Holdings Ltd , La Caisse de depot et placement du Quebec , Page 5

7 Deals by volume and value in Announced date No of deals Total deal value Dec ,536 Nov ,024 Oct ,690 Sep ,555 Aug ,289 Jul ,693 Jun ,383 May ,099 Apr ,875 Mar ,511 Feb ,256 Jan ,751 Dec ,093 Page 6

8 Deals by volume and value Deal value 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10, Number of deals 0 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 0 Total deal value Number of deals Page 7

9 Calpine, Toshiba Memory deals top USD 15bn in All 20 of the top deals by value were worth USD 5,000 million or more in and, of these, two topped USD 15,000 million and together accounted for 6 per cent of the year s total value (USD 648,663 million). Energy Capital Partners, Access Industries and Canada Pension Plan Investment Board backed the year s largest deal by value, which involved the institutional buyout of electricity generator Calpine for USD 20,474 million. This was marginally ahead of s second-biggest PE deal; Bain Capital Private Equity and Dell Technologies Capital entered into an agreement to buy Toshiba s flash memory business as the Japanese electronic-to-energy conglomerate sought to ease pressure in the face of a multi-billion-dollar impairment loss in its US nuclear subsidiary. The only other deal worth more than USD 10,000 million was the institutional buyout of Global Logistics Properties for USD 11,634 million by a Chinese consortium that includes Bank of China Group Investment, Hopu Investment Management and Hillhouse Capital Management. US companies did not totally dominate the top 20 deals by value, as the list also features Chinese companies and those Cayman Islands-incorporated entities with operations based in China, including Hengda Real Estate, Belle International, Xiaoju Kuaizhi and Tsinghua UniGroup. International PE investors ranged from Apollo Global Management and China Merchants Bank to Sycamore Partners, Dragoneer Investment and Carlyle. TPG backs two of December s largest deals; KKR accounts for the biggest by value Companies in the US accounted for December s second- and third-largest deals by value, but a US deal topped the rankings as KKR led an institutional buyout of Unilever BCS for USD 8,030 million. This was one of only two deals in the top 20 that targeted the UK in December; the second featured TA Associates Management backing management in a buyout of Old Mutual Global Investors single strategy operations business for USD 810 million. The only other PE deal worth more than USD 5,000 million in December involves a SoftBank-led consortium, which includes TPG Capital, Sequoia Capital, Tencent Holdings and Dragoneer Investment, announcing a deal to acquire a 17.5 per cent stake in Uber for USD 8,000 million. North American targets accounted for the third- and fourth-biggest PE deals by value in December; Welsh Carson Anderson and Stowe and TPG Capital Advisors agreed a buyout of Kindred Healthcare for USD 4,100 million and Platinum Equity is taking over Husky Injection Molding Systems of Canada for USD 3,850 million. US tops country rankings in December December s top four deals by value contributed to the month-on-month growth in the value of PE investment targeting the US, the UK and Canada. In all, companies based in the US were targeted in USD 24,118 million-worth of PE deals in December, half of which is due to the USD 5,000-plus deals for Uber and Kindred Healthcare (November: USD 14,728 million). The UK placed second, with USD 10,293 million in December (November: USD 3,068 million), followed by Canada (December: USD 4,172 million; November: USD 142 million). In terms of volume, companies based in the US were the most prolific dealmakers in December, with 128 deals, followed by China, with 77, and the UK (35). Page 8

10 Top 20 private equity deals by value in December Deal value Deal type Target Target country General Partner/Fund Manager Deal status 1. 8,030 IBO 100% Unilever BCS Ltd GB KKR & Co LP Announced 2. 8,000 Minority stake 18% Uber Technologies Inc. US Sequoia Capital Operations LLC; Dragoneer Investment Group LLC; TPG Capital Advisors LLC Announced 3. 4,100 IBO 100% Kindred Healthcare Inc. US Welsh Carson Anderson & Stowe; TPG Capital Advisors LLC Pending 4. 3,850 IBO 100% Husky Injection Molding Systems Ltd CA Platinum Equity LLC Announced 5. 3,521 IBO 100% Elenia Oy FI Allianz Capital Partners GmbH; Macquarie Infrastructure and Real Assets (Europe) Ltd Announced 6. 2,050 IBO 100% Hartford Life Inc. US Pine Brook Partners LLC; Global Atlantic Financial Group Ltd; Cornell Capital LLC; Atlas Merchant Pending Capital LLC; TRB Advisors LP 7. 1,940 IBO 36% STADA Arzneimittel AG DE Cinven Ltd; Bain Capital Private Equity LP Pending 8. 1,306 IBO 100% Alloheim Senioren-Residenzen GmbH DE Nordic Capital Ltd Announced 9. 1,256 IBO 100% InterGen Servicios Mexico S de RL de CV MX Actis LLP Announced 10. 1,100 IBO 100% Voya Insurance and Annuity Company US Crestview Advisors LLC; Apollo Global Management LLC; Reverence Capital Partners LLC Announced 11. 1,000 IBO 100% Israel Chemicals Ltd's fire safety and oil additives businesses IL SK Capital Partners LP Announced Minority stake LB Spectrum Holdings LLC US Announced IBO 100% Phoenix Services LLC US Apollo Global Management LLC Announced IBO 100% SCI PH Inc. US Stone Canyon Industries LLC Completed Minority stake Suning Financial Services (Shanghai) Co., Ltd CN China Everbright Ltd; Shenzhen Capital Group Co., Ltd; Macrolink Holdings Co., Ltd; GP Capital Completed Co., Ltd; Suning Jinkong Investment Co., Ltd; Yunfeng Capital Ltd; Jiangsu Hongtu Software Venture Investment Co., Ltd; Ningbo Zhongjin Zhida Equity Investment Centre (LP); Shenzhen Chuangxin Capital Investment Co., Ltd; Ningbo Meishan Bonded Port Zone Jiashilai Investment Management Co., Ltd; Yingcaiyuan Investment Management Co., Ltd; Beijing Forty People Forum Consultants Co., Ltd; Fujian Xinghe Investment Management Co., Ltd; Hangzhou Puzhi Asset Management Co., Ltd MBO 100% Old Mutual Global Investors (UK) Ltd's single strategy GB TA Associates Management LP Completed operations business Minority stake 45% FIVES SA FR La Caisse de depot et placement du Quebec; TowerBrook Capital Partners LP; Public Sector Announced Pension Investment Board Minority stake ATX Energy Partners LLC US Warburg Pincus LLC; Yorktown Partners LLC; Pine Brook Partners LLC Completed IBO majority stake Fedrigoni SpA IT Bain Capital Private Equity LP Pending IBO 100% Exactech Inc. US Tarrant Capital IP LLC Pending Page 9

11 Target sectors by volume Target sectors by value Target sector Dec-16 Nov-17 Dec-17 Target sector Dec-16 Nov-17 Dec-17 Other services Machinery, equipment, furniture, recycling Publishing, printing Wholesale & retail trade Chemicals, rubber, plastics Education, health Hotels & restaurants Insurance companies Metals & metal products Food, beverages, tobacco Gas, water, electricity Construction Primary sector Transport Post and telecommunications Wood, cork, paper Banks Textiles, wearing apparel, leather Public administration and defence Other services 16,744 15,655 11,815 Publishing, printing 2,838 3,503 8,726 Food, beverages, tobacco 65 1,113 8,376 Machinery, equipment, furniture, recycling 2,294 2,145 7,106 Gas, water, electricity 15,506 2,199 5,818 Education, health ,630 Insurance companies ,851 Chemicals, rubber, plastics 3,887 1,175 3,662 Post and telecommunications 1,258 1,488 1,398 Hotels & restaurants 2,556 3,258 1,006 Wholesale & retail trade 1,696 3, Primary sector 754 2, Metals & metal products 1, Wood, cork, paper Banks Construction 5,697 11, Transport Textiles, wearing apparel, leather Public administration and defence Page 10

12 Top target countries by volume Top target countries by value Target country Dec-16 Nov-17 Dec-17 Target country Dec-16 Nov-17 Dec-17 US China UK Germany France Japan Sweden Italy Canada Spain Netherlands South Korea India Australia Israel Denmark Switzerland Poland Finland Brazil Belgium Turkey US 10,234 14,728 24,118 UK 18,886 3,068 10,293 Canada ,172 Germany 3, ,744 China 8,184 11,274 3,683 Finland ,625 Italy ,153 Mexico ,256 Israel ,219 France 4, ,146 South Korea Romania Brazil Norway Sweden India 486 2, Spain 51 4, Denmark 24 1, Australia Netherlands 3, Switzerland Japan 52 1, Page 11

13 Top private equity providers in December Private equity firm Number of deals Number with consideration Total deal value Average deal value 1 TPG Capital Advisors LLC ,639 4,213 2 KKR & Co LP 5 2 8,501 4,251 3 Google Inc ,196 2,732 4 New Enterprise Associates Inc ,195 2,049 5 Sequoia Capital Operations LLC 7 4 8,190 2,048 6 FMR LLC 2 2 8,165 4,083 7 Hillhouse Capital Management Ltd 2 2 8,133 4,067 8 Summit Partners LP 2 2 8,030 4,015 9 Benchmark Capital Holdings Company LLC 2 2 8,028 4, Sberbank Rossii PAO 1 1 8,000 8, MoneyTime Inc ,000 8, LetterOne Holdings SA 1 1 8,000 8, Wellington Management Company LLP 1 1 8,000 8, Dragoneer Investment Group LLC 1 1 8,000 8, Menlo Ventures Management LP 1 1 8,000 8, Lowercase LLC 1 1 8,000 8, Founder Collective Management Company LLC 1 1 8,000 8, Valiant Capital Management LP 1 1 8,000 8, Lone Pine Capital LLC 1 1 8,000 8, Kleiner Perkins Caufield & Byers 1 1 8,000 8, BlackRock Inc ,000 8, First Round Capital LLC 1 1 8,000 8,000 Page 12

14 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 01/01/ - 31/12/ inclusive