Global Private Equity, September 2014

Zephyr Monthly M&A Report
Global Private Equity, September 2014

The following report details

global private equity activity
in September 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.
Global PE dealmaking rebounds in

September
Global private equity (PE) investment in
September reversed declines recorded in August as
volume jumped 27 per cent while value grew at the
slower rate of 7 per cent month-on-month. There
were 393 deals worth an aggregate USD 39,676
million announced during the four weeks compared
to 310 transactions totalling USD 37,209 million
in August.
Dealmaking was supported by a blockbuster deal
worth more than USD 15,000 million, and which
accounted for 44 per cent of the months total
value. In fact, PE value was one of the highest
recorded for the 12 months under review (March
2014: USD 57,109 million).
In a year-on-year comparison, volume was up 12
per cent from 351 deals in September 2013 while
value rose 79 per cent from USD 23,232 million.
Page 1
Zephyr
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.
Deals by volume and value

Announced date
No of deals
Total deal value

(mil USD)
Sep-14
393
39,676
Aug-14
310
37,209
Jul-14
455
38,811
Jun-14
387
34,988
May-14
385
26,149
Apr-14
380
34,034
Mar-14
420
57,109
Feb-14
365
32,826
Jan-14
379
27,891
Dec-13
445
34,583
Nov-13
348
37,366
Oct-13
376
24,998
Sep-13
351
23,232
Contact
+44 161 838 9554
Zephyr Editorial: zephyreditorial@bvdinfo.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

Deals by volume and value
60,000
500
450
Deal value (mil USD)
50,000
400
350
40,000
300
30,000
250
200
20,000
150
100
10,000
50
0
Sep-13
Oct-13
Nov-13 Dec-13
Jan-14
Feb-14 Mar-14
Total deal value (mil USD)
Page 2
Zephyr
Apr-14 May-14 Jun-14
Jul-14
Aug-14 Sep-14
Number of deals
Contact
+44 161 838 9554


US targets dominate top 20 PE deals by value
China leads by value, US by volume
Companies based in the US dominated the top 20 deals in September and the
aggregate value of these deals amounted to USD 12,732 million, the largest
of which was Vista Equity Partners acquiring Tibco Software in an institutional
buyout worth USD 4,300 million
Unsurprisingly companies based in China were the most valuable targets of PE

dealmaking in September with USD 17,774 million invested across 30 deals,
compared to 15 transactions worth a total USD 3,941 million in August.
However, it was a Chinese target which accounted for the biggest PE deal by
value for the month as Sinopec Marketing, a wholly-owned subsidiary of China
Petroleum & Chemical, agreed to raise USD 17,442 million in cash through
the issue of new shares to investors.
Other targets featured in the top 20 include Sierra Oil & Gas of Mexico,
Pioneer DJ of Japan, Roc Oil of Australia and the UKs Bristol Airport.
The value of investment in US-based targets rose 48 per cent month-onmonth to USD 14,864 million (August: USD 10,044) against an 11 per cent
decline by volume. However, despite this weakening, companies in the country
remained the main targets of PE dealmaking in September.
An increase in the value of PE investment in companies based in Mexico,
Australia, Japan and India came at the expense of those in France (August:
USD 3,288 million; September: USD 245 million) and Canada (August: USD
12,032 million; September: USD 187 million).
PE favours wholesale and retail

Companies operating in the wholesale and retail trade received the lions share
of PE investment in September as there were USD 19,375 million-worth of
deals announced during the four weeks under review, representing a four-fold
increase from USD 4,362 million in August.
Value was stripped away from sectors such as education and health, chemicals,
rubber and plastics and transport in favour of companies operating in banks,
construction and publishing, among others.
Page 3
Zephyr
Contact
+44 161 838 9554


Top 20 private equity deals by value
1.
Deal value
(mil USD)
Deal type
Target
Target
country
17,442
Minority stake 30%
Sinopec Marketing Co., Ltd
CN
Equity provider
Deal status
Harvest Fund Management Co., Ltd; Harvest Capital Management Co., Ltd;
Bohai Huamei (Shanghai) Equity Investment Management Co., Ltd; Cinda
Sino-Rock International Energy Co., Ltd; HuaXia SSF1 Investors Ltd; RRJ
Management (HK) Ltd; Qian Hai Golden Bridge Management Ltd; Shenzhen
Baotengsheng Fund Management Co., Ltd; ENN Energy China Investment Ltd
Pending
2.
4,300
IBO 100%
TIBCO Software Inc.
US
Vista Equity Partners LLC
Pending
3.
2,500
IBO 100%
Compuware Corporation
US
Thoma Bravo LLC
Pending
4.
1,200
IBO 100%
Grocery Outlet Inc.
US
Hellman & Friedman LLC
Completed
5.
1,050
Minority stake
Sierra Oil & Gas S de RL de CV
MX
Riverstone Holdings LLC; EnCap Investments LP; Riverstone

Energy Ltd; Infraestructura Institucional S de RL de CV
Announced
6.
1,000
IBO 100%
Pro Mach Inc.
US
AEA Investors LP
Announced
7.
900
IBO 75%
Southeast PowerGen Holdings LLC
US
Carlyle Group LP
Announced
8.
644
IBO 100%
Lakeside 1 Ltd
GB
Sun Capital Partners Ltd; TDR Capital LLP
Pending
9.
565
Acquisition 100%
Bluestem Brands Inc.
US
Centerbridge Capital Partners LP
Announced
10.
551
IBO 100%
Pioneer DJ Corporation
JP
Kohlberg Kravis Roberts & Company LP
Pending
11.
500
Minority stake 20%
Vice Media Inc.
US
TCMI Inc.; A&E Television Networks LLC
Completed
12.
448
IBO 100%
Roc Oil Company Ltd
AU
Fosun International Ltd
Pending
13.
410
Minority stake 41%
Eureka Hunter Holdings LLC
US
Morgan Stanley Infrastructure Inc.
Completed
14.
405
IBO 50%
Bristol Airport Ltd
GB
Ontario Teachers' Pension Plan
Completed
15.
374
Acquisition 100%
Einstein Noah Restaurant Group Inc.
US
BDT Capital Partners LLC
Announced
16.
338
IBO 65%
Mechanics Bank
US
Ford Financial Fund LP
Pending
17.
325
Minority stake
21st Century Oncology Holdings Inc.
US
Canada Pension Plan Investment Board
Completed
18.
320
IBO 100%
McGraw-Hill Construction Information Group
US
Symphony Technology Group LLC
Pending
19.
300
IBO 65%
Global Environmental Management Services LLC
SA
Jadwa Investment Company; Fajr Capital Ltd
Completed
20.
295
Acquisition 100%
Endeka Ceramics Holding 1 SL
ES
Alchemy Partners LLP
Completed
Page 4
Zephyr
Contact
+44 161 838 9554


Target sectors by volume
Target sectors by value
Target sector
Sep-13
Aug-14
Sep-14
Target sector
Sep-13
(mil USD)
Aug-14
(mil USD)
Sep-14
(mil USD)
Other services
161
117
138
Wholesale & retail trade
6,326
4,362
19,375
Machinery, equipment, furniture, recycling
44
48
69
Other services
7,783
9,613
12,280
Wholesale & retail trade
26
21
30
Machinery, equipment, furniture, recycling
1,846
879
2,205
Chemicals, rubber, plastics
20
14
29
Banks
201
551
1,095
Publishing, printing
21
20
Gas, water, electricity
1,603
135
1,038
Banks
11
17
Construction
112
93
877
Metals & metal products
10
15
Education, health
1,530
1,425
537
Hotels & restaurants
11
13
14
Chemicals, rubber, plastics
191
2,155
525
Education, health
12
11
13
Transport
2,144
1,728
445
Food, beverages, tobacco
11
10
13
Publishing, printing
44
145
433
Gas, water, electricity
13
Metals & metal products
663
523
402
Construction
10
Hotels & restaurants
572
12,188
290
Textiles, wearing apparel, leather
Insurance companies
22
56
Insurance companies
Food, beverages, tobacco
163
66
52
Primary sector
Textiles, wearing apparel, leather
31
1,360
27
Transport
Post and telecommunications
17
Wood, cork, paper
Primary sector
23
1,300
13
Post and telecommunications
Wood, cork, paper
1,000
Public administration and defence
Public administration and defence
Page 5
Zephyr
Contact
+44 161 838 9554


Top target countries by value
Top target countries by volume

Target country
Sep-13
Aug-14
Sep-14
Target country
Sep-13
(mil USD)
Aug-14
(mil USD)
Sep-14
(mil USD)
US
120
145
129
China
151
3,941
17,774
UK
45
38
44
US
10,531
10,044
14,864
France
27
35
UK
2,681
3,011
2,370
China
10
15
30
Mexico
1,050
India
20
19
17
Australia
110
321
672
Germany
19
15
Japan
1,612
106
559
Canada
11
14
India
263
170
380
Spain
12
12
Spain
742
363
318
Netherlands
10
Saudi Arabia
300
Sweden
France
2,247
3,288
245
Finland
Canada
36
12,032
187
Italy
South Korea
109
11
175
Russia
Latvia
128
Norway
Vietnam
113
Australia
Germany
2,070
832
65
Japan
Mauritius
60
South Korea
Portugal
56
Ireland
Norway
12
525
50
Malaysia
Italy
14
67
39
Denmark
Jordan
38
Page 6
Zephyr
Contact
+44 161 838 9554


Top 20 private equity providers

Equity provider
Number of deals
Number with consideration
Total deal value (mil USD)
Average deal value (mil USD)
Cinda Sino-Rock International Energy Co., Ltd
17,442
17,442
ENN Energy China Investment Ltd
17,442
17,442
Qian Hai Golden Bridge Management Ltd
17,442
17,442
Shenzhen Baotengsheng Fund Management Co., Ltd
17,442
17,442
Harvest Fund Management Co., Ltd
17,442
17,442
RRJ Management (HK) Ltd
17,442
17,442
HuaXia SSF1 Investors Ltd
17,442
17,442
Bohai Huamei (Shanghai) Equity Investment Management Co., Ltd
17,442
17,442
Harvest Capital Management Co., Ltd
17,442
17,442
10
Vista Equity Partners LLC
4,300
4,300
11
Thoma Bravo LLC
2,500
2,500
12
Hellman & Friedman LLC
1,200
1,200
13
EnCap Investments LP
1,050
1,050
14
Infraestructura Institucional S de RL de CV
1,050
1,050
15
Riverstone Energy Ltd
1,050
1,050
16
Riverstone Holdings LLC
1,050
1,050
17
AEA Investors LP
1,000
1,000
18
Carlyle Group LP
900
900
19
Sun Capital Partners Ltd
704
352
20
Kohlberg Kravis Roberts & Company LP
676
225
Page 7
Zephyr
Contact
+44 161 838 9554


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
Page 8
Zephyr
Contact
+44 161 838 9554


Global Private Equity, September 2014

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Zephyr Monthly M&A Report