SMALL CAP M&A REVIEW FINANCIAL ADVISORS. REUTERS / USA Today Sports

Transcription

1 SMALL CAP M&A REVIEW FINANCIAL ADVISORS REUTERS / USA Today Sports Full Year 01

2 Full Year 01 SmallCap M&A Up To US$0m s Worldwide SmallCap Rankings (MM1a) MM1a Undisclosed Values & Values up to US$0m Jan 1 Dec 31 Worldwide Small Cap M&A up to US$0m by Target Nation Region (US$m) # of Change in Rank Value 01 Rank Value Advisor 01 ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) * * * Mizuho Financial Group Industrial & Comm Bank China Houlihan Lokey Sumitomo Mitsui Finl Grp Inc Lazard Baker Tilly International * Goldman Sachs & Co 1 1* Clairfield International 1* Alantra Partners SA 1* 3* JP Morgan 1* 0* Generational Equity Morgan Stanley 1 * KBS Corporate Sales Ltd * Credit Suisse 3 3* Duff & Phelps 30* * * Jefferies LLC 1* Clearwater International 3* Raymond James Financial Inc * Stifel/KBW 30* 3* Grant Thornton 30* 0* * * Globalscope Piper Jaffray Cos 3 3* BNP Paribas SA 3* 30* Moelis & Co 3* Barclays 3 3* Evercore Partners 3* Citi 3* Benchmark International 0* RSM Corporate Fin LLP 0* * Kaede Group 1* * 10 Nomura 3 3* RBC Capital Markets * Deutsche Bank UniCredit PNC Financial Services Group * ,00 1,0 1,1.,. 33. $0 $ $0 $ $ $ $10 $ Africa/Middle East Americas AsiaPacific Europe Japan Worldwide Estimated Small Cap Investment Banking Fees by Quarter* Investment Banking Fees (US$b) $3.0 $. $.0 $1. % % % % 3% % $0. 1% $ % 1Q Q 3Q Q 1Q Q 3Q Q 1Q Q 3Q Q 1Q Q 3Q Q 1Q Q 3Q Q 1Q Q 3Q Q 1Q Q 3Q Q Percentage of Total Fees Small Cap I.B. Fees ($0mil or % of Total Fees ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$0m as a percentage of its overall M&A fees in the relevant region.

3 Full Year 01 SmallCap M&A Up To US$0m s Latin America Involvement SmallCap Rankings (MM1a) MM1a Undisclosed Values & Values up to US$0m Jan 1 Dec 31 Latin American SmallCap M&A up to US$0m by Rank Value Range (US$m) # of Change in Rank Value 01 Rank Value Advisor 01 ** Fee Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) Itau Unibanco Banco BTG Pactual SA Banco Bradesco SA 3* * * * *.1 1 BNP Paribas SA 1* * *. * * * Santander Global Corporate Bnk * * * Lazard * * * *. Credit Suisse 11* * Alantra Partners SA 11* 3* * * * 10 Arab Banking Corporation 1* 1* 0 * 3.0 1*. BBVA 1* * * 1. Morgan Stanley 1* * BR Partners 1* * *.0. Clairfield International 1* * * * 0 *.0 * 10 Artica Participacoes e Assesso 1* 1* 1 *.0 * 10 Bank of America Merrill Lynch 1* * 0 *.0 1. Houlihan Lokey 3* * 3 *.0 * 10 INFUPA SA 3* * GBS Finanzas SA 3* * 1* 3 * * * 3 1 * * 1* 3 * 3.0 1* 10 RGS Partners 3* * 10 Brava Negocios Ltda 3* Banco do Brasil SA 3* * 3. *. 10 Haywood Securities Ltd. 3* 11. Banco Votorantim 3* 3* 0. *.0 * 10 Evercore Partners 3* * * 10 Scotiabank 3* * *.0 3* 31* * 10 3* * 1.0 * 10 Citi 3* 1* 3 * Cormark Securities Inc 3*. 3* HSBC Holdings PLC 3* * 10 Translink Corporate Finance 3* 31* * 10 Quarton International 3*.0 * 10 Investment One Partners 3*.0 * 10 Duff & Phelps 3* * 1 0. * 10 National Bank of Canada Fin'l 3*. 3* Goldman Sachs & Co 3* * *. 1,0 3, $. $.0 $1. $0. $ US$0 10m US$10 0m US$0 30m US$30 0m US$0 0m Latin American SmallCap M&A up to US$0m by Target Industry.3%.%.%.0% 1.% 1.% Jan 1 Dec % ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$0m as a percentage of its overall M&A fees in the relevant region. 11.3% 11.%

4 Full Year 01 SmallCap M&A Up To US$0m s European Involvement SmallCap Rankings (MM3a) MM3a Undisclosed Values & Values up to US$0m Jan 1 Dec 31 European SmallCap M&A up to US$0m by Rank Value Range # of Change in Rank Value 01 Rank Value Advisor 01 ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp (%) Baker Tilly International * * 10 KBS Corporate Sales Ltd * Lazard 11.. * Clairfield International Alantra Partners SA Clearwater International Grant Thornton RSM Corporate Fin LLP BNP Paribas SA 1* Globalscope 1* UniCredit * 3* JP Morgan * * Benchmark International Morgan Stanley * Natixis * Credit Suisse Capitalmind * Cooperatieve Rabobank UA * 3* Goldman Sachs & Co * 0* ING Houlihan Lokey 33* * Credit Agricole CIB BCMS Corporate Ltd 33* 33* * Cambon Partners 3* * 10 Kon SpA 3* 3* Societe Generale 3* * *. Translink Corporate Finance 3 3* Livingstone Partners 0* 3* Citi 0* 3* Deutsche Bank * *.1 Jefferies LLC * 0* *. Mazars SA * * * 1. Barclays * * 1. DC Advisory * Concentro Management AG * 3* ACXIT Capital Partners * * Liberum Capital * 1* * 3. HSBC Holdings PLC * * Banque Degroof Petercam SA * 3* *.1 1, 1,0 3,3.1 3,1.3 1.,1. 3. $ $10 $ $ European SmallCap M&A up to US$0m by Target Industry.%.%.% Jan 1 Dec 31.3% 1.%.%.% 11.%.%,000,00,000 3,00 $ 1,00 1,000 $ 00 $0 US$0 10m US$10 0m US$0 30m US$30 0m US$0 0m 3,000,00,000.3% 11.1% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$0m as a percentage of its overall M&A fees in the relevant region.

5 Full Year 01 SmallCap M&A Up To US$0m s UK Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$0m Jan 1 Dec 31 UK SmallCap M&A up to US$0m by Rank Value Range # of Change in Rank Value 01 Rank Value Advisor 01 ** Fee Rank Rank Deals US$m GBP m Rank Change (%) Fees Rank Exp (%) KBS Corporate Sales Ltd Grant Thornton * 0. Baker Tilly International RSM Corporate Fin LLP * * 3. Benchmark International Clearwater International 11 * Alantra Partners SA * * BCMS Corporate Ltd * * 3.. 1* * 1* 1.. 1* Lazard 1* 1* * JP Morgan 1 1* Mazars SA Liberum Capital 1 * Cenkos Securities PLC * * 1. Morgan Stanley 3* * 1 3* Clairfield International 3* * *.. 1. Investec * * * *. Houlihan Lokey * 1* 1.3. * finncap Ltd * * * * 3.3 Goldman Sachs & Co * 3* 1 1 *.0 1. Barclays * 3* 1 * Sentio Partners LLP * * * Duff & Phelps * *.0.3 *.1.. Jefferies LLC * * Piper Jaffray Cos 33* 33* 1* 3* * 33* Credit Suisse 33* * *. *. 33* * 33*. *.1 Evercore Partners 3* 3* 11 3*. 3* 1. WH Ireland Ltd 3* 30* * Numis 3* * * * 3.1 3* 3* *.. 10 Deutsche Bank 1 3* Citi * 3* 3. 3 *.0 *. Bank of America Merrill Lynch * 3* * Canaccord Genuity * 0* *.1 3. * 3. Peel Hunt LLP * 3* 1.. * *.0 BNP Paribas SA * 1* * Cairn Financial Advisers Ltd * * * * 10 Quayle Munro Ltd * * * EMC Management Consultants Ltd * * 0 *.0 * 10 Hoodless Brennan & Partners 0* 30* 0.. 0* * 10 Stifel/KBW 0* * * 0.. 1* 10 Natixis 0* * 1 0*.0 30* Livingstone Partners 0* 1* * 1.. 3* 10,0 0,. 10, ,3. 3. $ $ $ $3 $3 $ $ $1 $1 $0 UK SmallCap M&A up to US$0m by Target Industry Jan 1 Dec 31 3.%.1% 1.1%.%.%.%.% 10.%.% 10.%.% 1,00 1, 1,000 US$0 10m US$10 0m US$0 30m US$30 0m US$0 0m ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$0m as a percentage of its overall M&A fees in the relevant region.

6 Full Year 01 SmallCap M&A Up To US$0m s French Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$0m Jan 1 Dec 31 French SmallCap M&A up to US$0m by Rank Value Range # of Change in Rank Value 01 Rank Value Advisor 01 ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp (%) Lazard.1.0 3* Natixis Credit Agricole CIB * 3.0 * 1.1 Cambon Partners BNP Paribas SA * *.1 Clairfield International * 1* Societe Generale 11* 31* DC Advisory * 10* * Alantra Partners SA * * Pax Corporate Finance 1* Capitalmind 1* 3* * 10 Invest Corporate Finance SAS 1* 1* * *. Clearwater International 0 1* * 0 3* * 10 * 0 3* 0. 1* 3.1 Bryan Garnier & Co * 1* Translink Corporate Finance * * 1* * Banque Degroof Petercam SA * * *.0 Edmond de Rothschild Hldg SA * * * 10 Aurignac Finance MBA Capital SARL * * 31* 1* * 0* * 10 Drake Star Partners * 1* ING 33 1*.0 3* 10 RBC Capital Markets 3* 1* * 3. Eurohold SL 3* * Clipperton Finance SARL 3* 3* * 10 Oddo & Cie SCA 3* * * 0. Linkers 3* *.0 * 10 Canaccord Genuity 3* 0* Grant Thornton 3* * 3* 0. 1* 10 Adviso Partners SAS 3* * ,1 3,11.,..3 1,00.. $.0 1,000 $1. $1. $1. $1. $0. $0. $0. $0. $ US$0 10m US$10 0m US$0 30m US$30 0m US$0 0m French SmallCap M&A up to US$0m by Target Industry Jan 1 Dec 31.%.%.%.%.% %.%.3%.% 10.% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$0m as a percentage of its overall M&A fees in the relevant region.

7 Full Year 01 SmallCap M&A Up To US$0m s German Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$0m Jan 1 Dec 31 German SmallCap M&A up to US$0m by Rank Value Range # of Change in Rank Value 01 Rank Value Advisor 01 ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp (%) *.0 *. 3 * * * * * *. 3. Concentro Management AG * 1 * * Globalscope * ACXIT Capital Partners * * * 1 * Quarton International * Roedl & Partner 1 * Alantra Partners SA 1 * Baker Tilly International * 10 Livingstone Partners 1 * 11 3 * Clairfield International 1* 1* 10 1 *.0 1* 10 UniCredit 1* * * * 10 *.0 * 10 Clearwater International 1* 11* 10 * 1 11* 10 Falkensteg GmbH 1* 3* 10 * 1 11* 10 Raymond James Financial Inc Deutsche Bank 3* 3* 1* * * * 0..3 Houlihan Lokey * * 1 *..0 goetzpartners Corp Finance * * 0 *. * 10 Capitalmind * *.0 1* 10 Centuros GmbH * * 0 *.0 0* 10 Goldman Sachs & Co * 3* *. One Square Advisors GmbH * *.0 30* 10 Lazard * 1* *.0 1*. 3* * JP Morgan 3* * * 1.3 Jones Lang LaSalle Inc 3* * *.. 3* 11* *. * 10 IEGInvestment Banking 3* 1* *.0 10 Commerzbank AG 3* * 10 Stifel/KBW 3*.0 0* 10 Cushman & Wakefield Inc 3* * Macquarie Group 3* * 1 * HSBC Holdings PLC 3* *.3 10 GCA Corp 3* * * 1.0 0*. Barclays 3* * 0 *.0 * 1.1 Standard Chartered PLC 3* *. Network Corporate Finance 3* * equinet AG 3* *.0 * 10 BCMS Corporate Ltd 3* * * 10 Ludwig & Co GmbH 3* * *.0 30*.1 Translink Corporate Finance 3* * CVM Capital Value Mgmt GmbH 3*.0 30* 10,11 3,3.3 3, $1. $1. $0. $0. $0. $0. $ US$0 10m US$10 0m US$0 30m US$30 0m US$0 0m German SmallCap M&A up to US$0m by Target Industry.%.3%.%.1%.%.1%.% 1.% 1.% Jan 1 Dec % 1.% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$0m as a percentage of its overall M&A fees in the relevant region.

8 Full Year 01 SmallCap M&A Up To US$0m s Italian Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$0m Jan 1 Dec 31 Italian SmallCap M&A up to US$0m by Rank Value Range # of Change in Rank Value 01 Rank Value Advisor 01 ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp (%) UniCredit Kon SpA Vitale&Co * * Lazard * 10* Fineurop SpA * * 1 0 * Arkios Italy SpA * *. 1. *. Mediobanca 10* * 10* * Banca IMI (Intesa Sanpaolo) Clairfield International 1* Unione di Banche Italiane Scpa 1* * Alantra Partners SA 1* BNP Paribas SA 1 1* * Credit Suisse 1* * * *. 1* 1 * 0. * 10 1* 1* 0 * * 31* *. 10 Ethica Corporate Finance SpA 0* 1* * 10 Brera Advisory Spa 0* Deutsche Bank 3 31* *. Morgan Stanley * 1* * *.1 * 1* 0 * 1. 0*.3 Leonardo & Co * * 1 * 3. 1* 10 * * * 10 Spada Partners * * 3.0 * 10 Bain & Co * 31* Citi * 1* * 3. * 1* 3 * DVRCapital SpA * * Partners SpA * * 10 3* 1* 3 * 1. * 10 Equita SIM SpA 3* * 3 1 *. 31* 3.1 Translink Corporate Finance 3* 31* * 10 Societe Generale 3* *. Goldman Sachs & Co 3* * 3 *.0 33*.0 Gresham Partners 3*.0 33* 10 Houlihan Lokey 3* 31* * 1. Credito Emiliano 3* * , 3,30. 3, $1. $0. $0. $0. $0. $ US$0 10m US$10 0m US$0 30m US$30 0m US$0 0m Italian SmallCap M&A up to US$0m by Target Industry Jan 1 Dec 31.%.%.0% 0.1%.1%.0% %.%.% 10.3% 11.% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$0m as a percentage of its overall M&A fees in the relevant region. 10

9 Full Year 01 SmallCap M&A Up To US$0m s Nordic Involvement SmallCap Rankings (MMa) MMa Undisclosed Values & Values up to US$0m Jan 1 Dec 31 Nordic SmallCap M&A up to US$0m by Rank Value Range # of Change in Rank Value 01 Rank Value Advisor 01 ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp (%) * * Clairfield International * Carnegie * 1* * * Clearwater International * 10* * 1* Danske Bank 10* * * 1.3 Globalscope 1* SEB * DNB ASA 1 *.3 0. * Credit Suisse 1* Lazard 1*..1 Handelsbanken Capital Markets 1* 1* *.0 ABG Sundal Collier 1* 1*.3 0. *.. 3* 3. Nordea 1* *. Livingstone Partners 1* 1* * 10 Jefferies LLC 1* *. 1. MidCapital 1* 1* 1 * Stella EOC 1* 1* *.. 1* 10 * * * 10 FIH Partners AS * * *.0 1*.1 Translink Corporate Finance * * 10 * 33* * 10 Raymond James Financial Inc * * 3 *. 10 HLP Corporate Finance Oy * * * 10 Baker Tilly International * 33* * 10 BCMS Corporate Ltd * * Capitalmind * * 3 * Catella AB 33* * *. Morgan Stanley 33* * 1.0 *. AGC Partners 33* * 3 * *.0 1* 10 Swedbank 33* * Alpha Corporate Finance 33* * 1 * 3.0 *. Moelis & Co 33* * *.0 1* 10 Bank of America Merrill Lynch 33* 33* Pangea Property Partners AB 33* 33* * 10 Grant Thornton 33* * * Goldman Sachs & Co 33* 33* 1 Alantra Partners SA 33* * 1. * 10 JP Morgan 33* * 0.0 1*.,0,01., $1. $1. $1. $1. $0. $0. $0. $0. $ US$0 10m US$10 0m US$0 30m US$30 0m US$0 0m Nordic SmallCap M&A up to US$0m by Target Industry Jan 1 Dec 31.1% 3.0%.1% 1.%.%.%.0%.3% 1.% % 11.% 1.% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$0m as a percentage of its overall M&A fees in the relevant region.

10 Full Year 01 SmallCap M&A Up To US$0m s Benelux Involvement SmallCap Rankings (MM10a) MM10a Undisclosed Values & Values up to US$0m Jan 1 Dec 31 Benelux SmallCap M&A up to US$0m by Rank Value Range # of Change in Rank Value 01 Rank Value Advisor 01 ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp (%) * *. * ING * Cooperatieve Rabobank UA * 1* 3 3*.0. 1* *. 1. Lazard * 10* 1 3* 1. *. Baker Tilly International 10* * 1 3* * 1 3* Capitalmind 1* 1* 1 0 3* * 3* Clairfield International 1* 3* Banque Degroof Petercam SA 1* * * 10 Goldman Sachs & Co 1 3* Haitong Securities Co Ltd 0* * Globalscope 0* 0* DC Advisory * *.0 1* 10 NIBC NV 3* * 1 3*.0 1* 10 Alantra Partners SA 3* * RBS * * 3*.0 1*. Citi * 1* 3 3* CBRE Holding SAS * 1* * 3. JP Morgan * 1* 3 3*.0 3*.1 Houlihan Lokey * 1 3*.0 1*. Morgan Stanley * * Credit Suisse * * 3*. 1.0 UniCredit * 1* * 10 Natixis * * Jefferies LLC * 1* 3*.0 3* 1. Deutsche Bank 3* *.0 Barclays 3* 0* 3*.0 3*. 3* * 3*.0 3* 31.3 MidCapital 3* 3. 30* 10 Quarton International 3* 3.0 3* 10 1,3 3,0., $1. $1. $1. $0. $0. $0. $0. $ US$0 10m US$10 0m US$0 30m US$30 0m US$0 0m Benelux SmallCap M&A up to US$0m by Target Industry Jan 1 Dec 31.3%.%.1%.%.% 1.3%.% %.%.%.% 10.1% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$0m as a percentage of its overall M&A fees in the relevant region.

11 Full Year 01 SmallCap M&A Up To US$0m s Eastern Europe Involvement SmallCap Rankings (MM1a) MM1a Undisclosed Values & Values up to US$0m Jan 1 Dec 31 Eastern European SmallCap M&A up to US$0m by Rank Value Range # of Change in Rank Value 01 Rank Value Advisor 01 ** Fee Rank Rank Deals US$m Euro mil Rank Change (%) Fees Rank Exp (%) * * * Globalscope * * * * 31* * Clairfield International 11 1* Barclays * 1 31* BNP Paribas SA * * * 3* * 10 VTB Capital 1* 1* * * 1 31* 0. 1* 10 Societe Generale 1* * *. Lazard 1* * 1 31*.0 1* 10 JP Morgan 1* 10 31*.0 3. Mediobanca 0* * 3 Turkiye Is Bankasi AS 0* 1* *.0 1* 10 Credit Suisse 0* 3* *.3 3. Citi 0* * *.0 1* 30.,1 3,., $. $.0 $1. 1,00 1,00 1, 1, $0. $ US$0 10m US$10 0m US$0 30m US$30 0m US$0 0m Eastern European SmallCap M&A up to US$0m by Target Industry Jan 1 Dec 31.%.%.3% 1.%.3%.%.0%.0% 11.%.3%.%.% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$0m as a percentage of its overall M&A fees in the relevant region. 1

12 Full Year 01 SmallCap M&A Up To US$0m s Australia/New Zealand Involvement SmallCap Rankings (MM11a) MM11a Undisclosed Values & Values up to US$0m Jan 1 Dec 31 Australia/New Zealand SmallCap M&A up to US$0m by Rank Value Range (US$m) # of Change in Rank Value 01 Rank Value Advisor 01 ** Fee $ Rank Rank Deals US$m Rank Change (%) Fees Rank Exp (%) 1 1* * 10 1* *. $. 00 Macquarie Group * * 1* $.0 00 Miles Advisory Partners * 1* Moelis & Co * * 0. 1* Goldman Sachs & Co * * $1. Gresham Partners 10 1* * 31. Houlihan Lokey 11* * Baker Tilly International 11* 1* *.. 0. * * 10* *. Lazard 1* * 0 1 3* 10 JP Morgan 1* * 1 3*. $0. Morgan Stanley 1* 1* Citi 1* Forsyth Barr 1* *. First NZ Capital 1* * * 3. $ Clairfield International 1* *.. 3. * 10 Allier Capital 1* 1* * 1.1 Investec 3* 1* Barclays 3* * 3 1* US$0 10m US$10 0m US$0 30m US$30 0m US$0 0m Greenhill & Co, LLC 3* * Industrial & Comm Bank China 3* * 3 1 *. 1.0 *. Burnvoir Partners 3* * 10 Cameron Partners Ltd 3* * 3. 1* 1.. Grant Samuel 3* 1* Australia/New Zealand SmallCap M&A up to US$0m by Target Industry Jan 1 Dec 31 Santander Global Corporate Bnk 3* * 10 Globalscope 3* * 10 Flagstaff Partners Pty Ltd 3* * * 10 RSM International Ltd 3* * 3 3 1* 0.3 * 10.% 1,3 3, % 1.3%.%.3%.% 1.%.% 1%.0%.% ** Fee exposure indicates each firm's midmarket fees from deals valued at up to US$0m as a percentage of its overall M&A fees in the relevant region. 1