Global Private Equity M&A Review. November 2018

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2 The following report details global private equity activity in 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. PE volume declines but value rises month-on-month The volume of global private equity (PE) investment declined from 502 deals in October to 445 deals in November, significantly lower than the 633 deals recorded in November While volume declined month-on month, value actually increased by 27 per cent, from USD 40,227 million in October to USD 51,110 million. In fact, this marks the second consecutive monthly increase in value, bolstered by November s largest deal, worth USD 13,200 million, which accounts for 25 per cent of the month s total value. Deals by volume and value Announced date No of deals Nov ,110 Oct ,227 Sep ,597 Aug ,361 Jul ,769 Jun ,624 May ,874 Apr ,249 Mar ,187 Feb ,788 Jan ,641 Dec ,045 Nov ,647 Total deal value 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 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10, Number of deals 0 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 0 Total deal value Number of deals Page 2

4 Only two deals break USD 5bn-barrier in November The largest PE deal announced in November involved Brookfield Asset Management agreeing to buy Johnson Controls International s power solutions divisions for USD 13,200 million. This deal was followed by Veritas Capital Fund Management agreeing to buy athenahealth for USD 5,700 million. Only the top two deals broke the USD 5,000 million-barrier. The third-largest deal involved Allianz Capital Partners and OMERS Infrastructure Management investing USD 2,049 million in SFR. Brookfield Asset Management, Veritas Capital Fund Management and CVC were among the investors involved in November s largest deals. Only Platinum Equity featured more than once in the top 20, targeting US-based Newell Brands Jostens business and Lonza Group s Water Care business and operations. Top four sectors by value all increase in November The top four sectors targeted by global PE investors in November each improved month-on-month, with the largest overall, namely machinery, equipment, furniture and recycling, being targeted in deals worth USD 17,558 million, up from USD 5,206 million in October. Gas, water and electricity was second with USD 5,426 million, a steep increase on the USD 316 million-worth of deals targeting the sector announced in October. In terms of volume, machinery, equipment, furniture and recycling was again top of the list, with 62 deals, an increase on 54 deals in October. Publishing and printing ranked second with 34 deals, slightly down from 45 deals in October. Third was wholesale and retail trade with 25 deals, a modest decline from 32 deals in October. US tops volume and value rankings in November US-based companies were targeted in 102 private equity deals in November, down from 124 deals in October, and considerably less than the 185 deals announced in November Nevertheless, it still topped the country rankings in terms of volume. Second place was taken by China, which was targeted in 85 deals, up from 80 deals in October. Third was the UK (43 deals), and France was fourth with 36. In terms of value, the US led the way with deals worth USD 20,902 million for November, a considerable increase on October s USD 12,533 million. Interestingly, Ireland was second, increasing significantly from USD 168 million in October to USD 13,200 million. It is worth noting that all of this amount was due to the aforementioned Johnson Controls International deal. Page 3

5 Top 20 private equity deals by value Deal value Deal type Target Target country General Partner/Fund Manager Deal status 1. 13,200 IBO 100% Johnson Controls International plc's power solutions division IE Brookfield Asset Management Inc. Announced 2. 5,700 IBO 100% athenahealth Inc. US Veritas Capital Fund Management LLC Pending 3. 2,050 Minority stake 49% SFR FttH FR Allianz Capital Partners GmbH; OMERS Infrastructure Management Inc. Announced 4. 1,940 IBO 100% Apptio Inc. US Vista Equity Partners Management LLC Announced 5. 1,800 IBO 100% ConvergeOne Holdings Inc. US CVC Capital Partners Ltd Announced 6. 1,591 IBO majority stake Eolia Renovables de Inversiones SCR SA ES Alberta Investment Management Corporation Pending 7. 1,300 IBO 100% Newell Brands Inc.'s Pure Fishing business US Sycamore Partners Management LP Announced 8. 1,300 IBO 100% Newell Brands Inc.'s Jostens business US Platinum Equity LLC Announced 9. 1,100 Minority stake View Inc. US Completed IBO 100% Veracode Inc. US Thoma Bravo LLC Pending IBO 100% Essel Infraprojects Ltd's solar power porjects IN Actis LLP Announced IBO 100% QEP Energy Company's natural gas and oil producing properties US Aethon Energy Management LLC Announced IBO 100% Greencross Ltd AU TPG Capital Advisors LLC Pending IBO majority stake Stella Holding SAS FR PAI Partners SAS Announced IBO 100% Lonza Group AG's Water Care business and operations US Platinum Equity LLC Announced Minority stake Hangzhou NetEase Cloud Music Technology Co., Ltd CN General Atlantic LLC; Boyu Capital Management Ltd Completed IBO 100% Bojangles' Inc. US The Jordan Company LP; Durational Capital Management LP Announced IBO 100% Bridgeport Energy LLC US Carlyle Group LP Pending MBO 100% Franchise Service Asia Limited Co. KR MBK Partners HK Ltd Announced IBO 100% TransMontaigne Partners LP US Pending Page 4

6 Target sectors by volume Target sectors by value Target sector Nov-17 Oct-18 Nov-18 Target sector Nov-17 Oct-18 Nov-18 Other services Machinery, equipment, furniture, recycling Publishing, printing Wholesale & retail trade Chemicals, rubber, plastics Gas, water, electricity Food, beverages, tobacco Education, health Hotels & restaurants Insurance companies Metals & metal products Primary sector Transport Wood, cork, paper Construction Textiles, wearing apparel, leather Post and telecommunications Banks Public administration and defence Other services 18,340 20,117 17,844 Machinery, equipment, furniture, recycling 4,236 5,206 17,558 Gas, water, electricity 2, ,426 Wholesale & retail trade 3, ,776 Post and telecommunications 1,487 1,285 2,050 Chemicals, rubber, plastics 2,407 4,633 2,036 Hotels & restaurants 3, Primary sector 2, Insurance companies Publishing, printing 3,512 1, Textiles, wearing apparel, leather Food, beverages, tobacco 1, Transport 918 3, Education, health Metals & metal products Wood, cork, paper Banks Construction 11,475 1, Public administration and defence Page 5

7 Top target countries by volume Top target countries by value Target country Nov-17 Oct-18 Nov-18 Target country Nov-17 Oct-18 Nov-18 US China UK France Japan South Korea Germany Netherlands Australia Israel India Spain Italy Canada Finland Singapore Brazil Portugal Sweden Belgium US 15,128 12,553 20,902 Ireland ,200 China 11,724 2,559 4,041 France 3, ,317 Spain 4, ,136 Australia ,993 South Korea 556 6,366 1,626 India 2, ,188 Brazil UK 3,121 4, Sweden Germany 341 1, Portugal Japan 3, Hungary Israel Singapore Italy 212 2, Hong Kong UAE 1, Page 6

8 Top private equity providers Private equity firm Number of deals Number with consideration Total deal value Average deal value 1 Brookfield Asset Management Inc ,200 13,200 2 Veritas Capital Fund Management LLC 1 1 5,700 5,700 3 Evergreen Coast Capital Corporation 1 1 5,700 5,700 4 OMERS Infrastructure Management Inc ,050 2,050 5 Allianz Capital Partners GmbH 1 1 2,050 2,050 6 Vista Equity Partners Management LLC 3 1 1,940 1,940 7 Platinum Equity LLC 3 2 1, CVC Capital Partners Ltd 2 1 1,800 1,800 9 Clearlake Capital Group LP 1 1 1,800 1, Alberta Investment Management Corporation 1 1 1,591 1, Oaktree Capital Management LP 1 1 1,591 1, Sycamore Partners Management LP 1 1 1,300 1, Thoma Bravo LLC Actis LLP TPG Capital Advisors LLC Canada Pension Plan Investment Board Aethon Energy Management LLC General Atlantic LLC Carlyle Group LP PAI Partners SAS Intermediate Capital Group plc Page 7

9 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 01/11/ /11/2018 inclusive