Million
Transcription
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