Million

Page | 1
Annual Trend
# Deals
$ Millions
42,197
Up 19%
from 2014
Up 27%
from 2013
Tim Hortons
deal worth
$11,827
Up 277%
from 2013
Down 46%
from 2014
263
334
399
11,204
30,370
22,817
2013
2014
2015
2013
2014
2015
Page | 2
Quarterly Trend
$ (Millions)
88
83
78
101
Deals (#)
108
107
97
87
81
64
55
47
2,528
2,796
1,844
4,037
6,277
5,250
7,817
22,852
7,045
1,841
11,363
2,568
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
2013
2014
2015
Page | 3
Activity by Province – 2015
# Share
$ Share
All others
6%
All others
1%
BC
14%
BC
13%
AB
35%
QC
38%
AB
14%
QC
24%
ON
29%
ON
26%
Page | 4
Activity by Sector – 2015
# Deals
$ Millions
Industrial & Manufacturing
62
ICT
Up 48%
from 2014
59
Mining & Resources
48
Consumer & Retail
39
Agri-Forestry
Down 41%
from 2014
CleanTech
2,173
Mining & Resources
21
1,667
Real Estate
1,108
Automotive & Transportation
1,005
Financial
825
Automotive & Transportation
17
CleanTech
652
Financial
17
Life Sciences
629
ICT
556
Life Sciences
13
Real Estate
3
0
Business Products & Services
20
40
60
80
Up 40%
from 2014
1,848
Agri-Forestry
28
Down 34%
from 2014
3,107
Consumer & Retail
37
Business Products & Services
8,620
Industrial & Manufacturing
52
Oil & Gas, Energy
Oil & Gas, Energy
300
-
2,000
4,000
6,000
8,000
10,000
Page | 5
Activity by Deal Type – 2015
$ Millions
# Deals
Other
4%
Debt
15%
Infrastructure
2%
Buyout
Buyout
23%
13,419
Add-on
4,394
Growth
3,129
Infrastructure
Growth
35%
Add-on
22%
945
Debt
594
Other
336
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Page | 6
Exit Trend
# Deals
2013
2014
$ Millions
74
2015
2013
2014
2015
62
20,671
56
50
16,733
42
14,313
11,251
33
10,724
10,030
8,247
21
15
17
3,814
3
M&A
Secondary
5
IPO**
4
2,932
2,547
657 1,173
Total*
M&A
Secondary
IPO**
Total*
2015 TOTAL: 56 exits, $16.7B transaction value
*includes transactions with undisclosed values and RTO transactions
** IPO valuation
Page | 7
Top 10 Disclosed Canadian Deals – 2015
Company
Province
PE Firm (s)
$ Millions
Heritage Royalty Limited Partnership (HRP)
Alberta
Ontario Teachers' Pension Plan (OTPP)
3,300
KIK Custom Products Inc.
Ontario
Centerbridge Partners
1,871
Brookfield Residential Properties Inc.
Ontario
Brookfield
1,013
Ainsworth Lumber Co. Ltd.
BC
Brookfield
875
Encana Dawson Natural Gas Assets
BC
KKR
760
Brookfield
605
Ontario Teachers'
604
Encana Clearwater Assets
Amica Mature Lifestyles Inc.
Alberta
BC
Transamerica Life Canada
Ontario
Canada Pension Plan Investment Board (CPPIB)
600
Niobec Inc.
Quebec
CEF Holdings, Temasek Holdings
597
CanEra Inc.
Alberta
NGP Energy Capital, Riverstone Holdings
465
Page | 8
Most Active Investors – 2015
PE Firms
# Deals
$ Millions*
Investissement Québec
64
1,321
Fonds de solidarité FTQ
53
1,942
Caisse de dépôt et placement du Québec
17
3,091
Fondaction CSN
16
680
Desjardins Venture Capital Inc.
15
593
ARC Financial Corp.
11
688
Brookfield Asset Management Inc.
10
3,167
BDC Capital
9
68
RCF Management LLC
8
66
Ontario Teachers' Pension Plan (OTPP)
7
4,300
PFM Capital Inc.
7
265
Westcap Mgt. Ltd.
7
257
* Total deal values (includes all participating investors)
Page | 9
Most Active Law Firms – 2015
Law Firms
# Deals
$ Millions*
Blake, Cassels & Graydon LLP
31
6,973
McCarthy Tétrault LLP
23
24,657
Stikeman Elliott LLP
19
3,450
Osler, Hoskin and Harcourt LLP
16
7,198
Torys LLP
14
23,575
Norton Rose Fulbright Canada LLP
7
6,078
Gowling Lafleur Henderson LLP
7
652
*Total deal value of disclosed deals.
Page | 10
Most Active Investment Banks – 2015
Investment Bank
# Deals
$ Millions*
Barclays
8
21,967
BMO Capital Markets
8
3,697
RBC Capital Markets
8
2,930
CIBC World Markets
7
922
JPMorgan Securities
6
36,089
TD Securities Inc.
6
5,462
Morgan Stanley
5
21,075
Goldman Sachs
5
20,516
National Bank Financial Inc.
5
215
* Total deal values
Page | 11
Top 5 Disclosed Canadian Exits – 2015
Selling or backing PEs
Target
Buyer
$ Millions
Birch Hill Equity Partners
Shred-it International Inc.
Stericycle, Inc.
2,976
Caxton-Iseman Capital
KIK Custom Products Inc.
Centerbridge Partners
1,871
KERN Partners, Westcap Mgt.
Legacy Oil & Gas Inc.
Crescent Point Energy
1,530
Fairfax Financial Holdings Limited
Cara Operations Limited
IPO
1,126
Crestview Partners, CITIC Capital Holdings Stackpole International
Johnson Electric
800
Page | 12
Fundraising – 2015
Fund Type
# Funds
# Closings
$ Raised (Million)
Retail
5
5
350
Buyout, stress/turnaround
19
28
11,514
Mezzanine, debt
4
7
1,140
Infrastructure
3
4
1,075
31
44
14,079
TOTAL
Page | 13
CVCA Methodology
• Dataset includes only completed private equity deals for
consistency and quarter-to-quarter /year-to-year
comparison.
• Announced, but yet to be completed deals are not included
Page | 14