14
M&A Report 2017 2Q
M&AReport
20172Q
Credits & ContactPitchBook Data, Inc.
JOHN GABBERT Founder, CEO
ADLEY BOWDEN Vice President,
Market Development & Analysis
ContentDYLAN E. COX Analyst
KORY HOANG Data Analyst
JENNIFER SAM Senior Graphic Designer
Contact PitchBook pitchbook.com
RESEARCH
EDITORIAL
SALES
COPYRIGHT © 2017 by PitchBook Data, Inc. All rights reserved. No part of this publication may be reproduced in any form or by any means—graphic, electronic, or mechanical, including photocopying, recording, taping, and information storage and retrieval systems—without the express written permission of PitchBook Data, Inc. Contents are based on information from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. Nothing herein should be construed as any past, current or future recommendation to buy or sell any security or an offer to sell, or a solicitation of an offer to buy any security. This material does not purport to contain all of the information that a prospective investor may wish to consider and is not to be relied upon as such or used in substitution for the exercise of independent judgment.
Introduction 3
Overview 4-5
Spotlight: Cross-border Investment 6
M&A by Sector & Size 7
Spotlight: IT 8
Spotlight: B2C 9
Private Equity 10-11
2Q 2017 League Tables 12
Methodology 13
Contents
The PitchBook PlatformThe data in this report comes from the PitchBook Platform–our
data software for VC, PE and M&A. Contact [email protected]
to request a free trial.
2 PITCHBOOK 2Q 2017 M&A REPORT
Although robust st ill , M& A continues to
trend downIntroduction
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Key Takeaways
» M&A activity slowed in the first half of 2017. In North America and
Europe, $910.6 billion in deal value was completed across 8,982
transactions (both figures estimated) in 1H 2017—each on pace for
more than 20% year-over-year decreases.
» Though overall M&A activity has been slower, the rate of cross-border
deals has increased. 9.8% of European deal flow involved a North
American acquirer in 1H 2017.
» Private equity now makes up a larger part of total M&A activity.
Sponsor-backed acquisitions have grown steadily from 24.7% of all
transactions in 1Q 2016 to 29.8% in 2Q 2017.
The pace of M&A activity, while strong on a historical basis, decreased
significantly in the first half of the year. European and North American
markets have shown distinctly different pricing trends, while sectors such
as IT have grown in popularity in both regions. Beginning this quarter,
we’ve included estimates on top of the usual deal flow data that our
readers are accustomed to. Due to the nature of private market data,
information often does not become available until well after a transaction
takes place, so shifts tend to occur over time. With these new estimates,
we aim to provide an even more comprehensive picture of the private
markets. Please see the methodology page of this report for more details.
We hope this report is useful in your practice. As always, feel free to send
any questions or comments to [email protected].
DYLAN E. COX
Analyst
3 PITCHBOOK 2Q 2017 M&A REPORT
The M& A cycle winds downOverview
Set for a decline in volume & value
M&A activity in North America & Europe
After two years of gargantuan M&A
activity, the pace of consolidation
slowed in the first half of the year,
largely in response to perceptions
of political and economic
uncertainty. In North America
and Europe, $910.6 billion in deal
value was completed across 8,982
transactions in 1H 2017 (estimated).
At this pace, 2017 on the whole
would see a decrease exceeding
20% in both volume and value of
M&A transactions.
European market slows, despite asset
inflation
Activity fell sharply in Europe,
which is unexpected, given the
recent stock market gains and
promising GDP growth figures
out of the region. What’s more,
the ECB insists it won’t stop its
QE program anytime soon, which
should only bolster asset prices
and investor confidence further.
However, many potential buyers
are worried about what might
happen when the music stops:
when the ECB does finally raise
rates, when Brexit negotiations
turn sour, or when another member
country decides to seriously
consider leaving the EU. Each
of these could have an adverse
impact on regional trade and
therefore gives many potential
buyers cause for concern. The
median EV/EBITDA multiple for
M&A transactions in Europe fell to
just 8.1x in 1H 2017, slightly below
the 8.3x recorded for the entirety
of last year and the lowest figure
since 2013.
Source: PitchBook
*As of 6/30/2017
$990
$1,1
90
$1,2
19
$1,3
28
$1,7
79
$2,2
07
$2,2
99
$888
16,061
19,380 19,918 19,695
23,30125,646
22,468
8,982
2010 2011 2012 2013 2014 2015 2016 2017*Deal Value ($B) Es�mated Deal Value ($B)
Deal Count Es�mated # of Deals Closed
$22.6
EV/EBITDA multiples stay relatively high
Median European EV/EBITDA multiples
3.2x 3.6x
3.4x 4.
0x 5.1x
4.6x
3.8x 4.
4x
3.5x 3.
9x
3.7x 3.
1x
3.7x
3.8x
4.5x 3.7x
6.7x7.5x 7.1x 7.1x
8.8x8.3x 8.3x 8.1x
2010 2011 2012 2013 2014 2015 2016 2017*
Debt/EBITDA Equity/EBITDA Valua�on/EBITDA
Source: PitchBook
*As of 6/30/2017. Note: The sample size for debt statistics was insufficiently robust on a normative basis.
4 PITCHBOOK 2Q 2017 M&A REPORT
North America holds on
The M&A slowdown has been less
pronounced in North America,
which investors still view as
relatively stable compared to other
economic regions. The median
EV/EBITDA multiple jumped from
9.7x in 1Q to 10.4x in 2Q, but has
stayed at more-or-less 10 times
earnings for the last 18 months.
This expensive environment causes
concern for many dealmakers.
$627.7 billion in deal value
was completed across 4,584
transactions in 1H 2017—on pace
for 18.5% and 23.6% year-over-
year decreases, respectively. On a
historical basis, however, activity
is still very strong. 2017 is on pace
to see the third-most deal value of
any year since 2010.
Transactions trend larger
The median M&A deal size has
skyrocketed to $45.0 million in 1H
2017, up from $30.9 million for the
entirety of last year. For the almost
one-third of M&A transactions that
are backed by PE sponsors, larger
fundraises and easy access to
leveraged loans have allowed—and
in some cases necessitated—that
target sizes balloon. The median
size for platform buyouts in 1H 2017
was $159.9 million, a 52% increase
from the $105.0 million recorded
last year. Add-on buyouts have
also grown in terms of enterprise
value, likely to retain compatibility
with their platform company
counterparts. The median deal
size for add-on transactions in 1H
2017 was $95.0 million, more than
double the $40.0 million we saw in
2016.
North American M&A stays relatively more robust
European vs. North American M&A activity
Source: PitchBook
*As of 6/30/2017.
Note: The sample size for debt statistics was insufficiently robust on a
normative basis.
Median North American EV/EBITDA multiples Median transaction sizes ($M) by type
4.6x 4.8x
4.3x 5.
3x
5.0x 5.4x
5.1x 5.
9x
3.5x 3.
9x
3.8x
3.5x
3.9x 4.
2x 5.1x 4.
1x
8.1x8.8x
8.1x8.8x 8.9x
9.5x10.3x 10.0x
0x
2x
4x
6x
8x
10x
12x
2010 2011 2012 2013 2014 2015 2016 2017*
Debt/EBITDA Equity/EBITDA Valua�on/EBITDA
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
2010 2011 2012 2013 2014 2015 2016 2017*
Acquisi�on Add-On Buyout Pla�orm Buyout
$672
.1
$699
.4
$805
.6
$790
.9
$1,1
58.9
$1,4
78.3
$1,5
39.9
$627
.7
$318
.0
$490
.6
$413
.0
$536
.9
$619
.8
$728
.7
$759
.6
$260
.310,469
4,584
3,690 2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
2010 2011 2012 2013 2014 2015 2016 2017*$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
North America Deal Value ($B) Europe Deal Value ($B)
North America Deal Count Europe Deal Count
0
11,999
Source: PitchBook
*As of 6/30/2017
Source: PitchBook
*As of 6/30/2017
5 PITCHBOOK 2Q 2017 M&A REPORT
2017 sees increase in dealmaking across the pondCross-border Investment
Sudden rise from 2016
M&A activity in North America with Europe-based acquirer participation
Cross-Atlantic activity on the rise
Though overall M&A activity in
North America and Europe has
been slower in 1H 2017, the rate of
cross-border deals has increased.
9.8% of European deal flow
involved a North American acquirer
in the first half of the year, a figure
that has risen steadily from 7.65%
in 2010. One cause of this increase
is the broadening reach of North
American PE firms, many of whom
now have well-established offices
in Europe and elsewhere around
the globe. Similarly, though to a
lesser extent, European investors
are upping their antes across the
Atlantic. 6.8% of North American
deals now involve European
investors, up from 5.3% in 2016.
Moreover, cross-Atlantic deals
are on pace to set new records
in terms of the value of those
transactions. $138.3 billion in deal
value was completed by European
investors in North America in 2017
thus far, on pace to beat last year’s
total by 94%. In Europe, North
American investors completed
$67.1 billion in transaction value in
the first half, on pace for a 34% YoY
increase.
Despite—or perhaps because
of—the fears of protectionist
policies and an ensuing slowdown
in global trade, dealmakers aren’t
suppressing their own international
ambitions. Modern technology
and workplace tools have only
made cross-border collaboration
easier for multinational companies.
At the same time, consolidation
within the asset management and
PE industries means that more
investors will have a global reach.
Source: PitchBook
*As of 6/30/2017
$81.
5
$75.
0
$71.
7
$28.
4
$148
.8
$230
.5
$142
.3
$138
.3
5.3% 5.25%
4.8%
5.04%5.% 5.3% 5.7%
6.8%
2010 2011 2012 2013 2014 2015 2016 2017*
Deal Flow ($B)
% of Total M&A Deal Count
A new high by a healthy margin
M&A activity in Europe with North America-based acquirer participation
$61.
3
$84.
5
$71.
7
$46.
1
$102
.2
$110
.2
$99.
8
$67.
1
7.65% 7.4%7.8%
8.35%9.15% 8.7% 8.5%
9.8%
2010 2011 2012 2013 2014 2015 2016 2017*
Deal Flow ($B)
% of Total M&A Deals
Source: PitchBook
*As of 6/30/2017
6 PITCHBOOK 2Q 2017 M&A REPORT
M&A activity ($) by sector
M&A activity (#) by sector
M&A activity (#) by deal size
Propor tionally, smaller transactions trend down in volumeM&A by sector & size
After a blockbuster year for mega-deals, a slower start to the year, although larger deals still predominate
B2B deal value resurges in the first half of 2017
Source: PitchBook
*As of 6/30/2017
0
5,000
10,000
15,000
20,000
25,000
30,000
2010 2011 2012 2013 2014 2015 2016 2017*
$5B+ $1B-$5B $500M-$1B
$250M-$500M $100M-$250M
Under $100M
Source: PitchBook
*As of 6/30/2017
M&A activity ($) by deal size
$0
$500
$1,000
$1,500
$2,000
$2,500
2010 2011 2012 2013 2014 2015 2016 2017*
$5B+ $1B-$5B
$500M-$1B $250M-$500M
$100M-$250M Under $100M
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
2014 2015 2016 2017
Materials &Resources
IT
Healthcare
FinancialServices
Energy
B2C
B2B
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
2014 2015 2016 2017
Materials &Resources
IT
Healthcare
FinancialServices
Energy
B2C
B2B
Source: PitchBook
*As of 6/30/2017
Source: PitchBook
*As of 6/30/2017
7 PITCHBOOK 2Q 2017 M&A REPORT
Technology acquisit ions prominent , driven by PE interestSpotlight: IT
IT M&A activity
Median IT deal size ($M) IT M&A (#) by acquirer type
Technology-focused companies
have become a more prominent
part of the global economy
and, subsequently, the M&A
marketplace. IT deals accounted for
18.6% of all transactions through
1H 2017, up from 15.9% last year
and the highest in our dataset. The
growth is driven mostly by financial
sponsors, who are attracted by a
maturing industry with recurring
revenue streams, but also strong
prospects for growth in the next
decade. PE firms accounted for
29.5% of all tech deals in 1H 2017,
the highest of any year since at
least 2010.
While tech deals make up a larger
portion of activity, we’ve seen a
smaller percentage of total deal
value come from the IT sector. Just
11.6% of completed transaction
value was attributed to IT
companies in 1H 2017, compared to
20.8% last year. However, industry
observants should not be fooled
into thinking this trend is indicative
of smaller tech deals coming to
market. In fact, median deal size
in the industry has grown in each
of the last two quarters and now
sits at $45 million. Instead, 2017
has been marked by the absence
of mega-deals that we witnessed
in 2016, including Dell’s $67 billion
take-private of EMC, Avago’s $35.7
billion merger with Broadcom,
and SoftBank’s £24.35 billion
acquisition of ARM. We expect
these larger transactions to pick
up in the second half of the year as
technology-focused mega-funds at
firms such as SoftBank, Silver Lake
and Vista Equity continue to deploy
capital in this area.
Source: PitchBook
*As of 6/30/2017
$190
$177
$155
$225
$327
$256
$478
$103
2,4762,783
2,932 2,860
3,3573,712
3,570
1,538
2010 2011 2012 2013 2014 2015 2016 2017*
Deal Value ($B)
Deal Count
$24
$28
$25
$30
$22
$20
$30
$33
$29
$18
$30
$25
$35
$45
$200
$516
$261
$617
$183 $2
45
$198
$439
$649
$516
$74 6
$500
$410
$229
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
2014 2015 2016 2017
Median Average
Source: PitchBook
0%
5%
10%
15%
20%
25%
30%
35%
0
200
400
600
800
1,000
1,200
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
2014 2015 2016 2017
Sponsor-backed Corporate M&A
Sponsor-backed
Source: PitchBook
8 PITCHBOOK 2Q 2017 M&A REPORT
Omnichannel strategy drives recent high-profile dealsSpotlight: B2C
Deal flow slow to start 2017
B2C activity
B2C M&A (#) by acquirer type
Consumer-focused companies—
especially those in the retail,
apparel and restaurant industries—
have been rocked by changing
consumer preferences and the
growing dominance of e-commerce
over the last few years. Such a
dynamic business environment
often necessitates adaptation,
which sometimes means survival by
acquisition. “If you can’t beat them,
join them,” the saying goes. In 2016,
nearly 4,800 B2C M&A transactions
were completed, totaling $561.9
billion in value, the latter of which
is the highest since at least 2010.
And while dealmakers in this
industry got off to a slow start in
1H 2017, we expect deal flow to
increase again in 2H, given that the
fundamental factors disrupting the
industry are still in play.
Such disruption in today’s economy
often means blending online and
traditional distribution strategies,
sometimes called an “omnichannel”
approach. Consider Nike, which
recently decided to start selling
its shoes directly through Amazon
after its traditional retail approach
had struggled. Other examples
of blending digital with brick-
and-mortar strategies include
Walmart’s recent deal to acquire
digital native Bonobos and
Amazon’s recently announced
acquisition of Whole Foods.
PE involvement in the B2C sector
has accounted for about one
quarter of all M&A activity since
2011, but we expect PE involvement
to increase in the coming years.
Turnaround artists will have plenty
of work as more and more of these
companies struggle to adapt in this
changing market.
Source: PitchBook
*As of 6/30/2017
$158
$235
$193
$264
$352
$408
$562
$191
3,425
4,116 4,238 4,292
5,026
5,841
4,794
1,717
2010 2011 2012 2013 2014 2015 2016 2017*
Deal Value ($B)
Deal Count
Source: PitchBook
0%
5%
10%
15%
20%
25%
30%
0
200
400
600
800
1,000
1,200
1,400
1,600
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
2013 2014 2015 2016 2017
Sponsor-backed Corporate M&A Sponsor-backed
9 PITCHBOOK 2Q 2017 M&A REPORT
Add-on % stays high
PE add-ons (#)
Financial sponsors more inf luential in M& A marketsPrivate equity
PE now makes up a larger part of
total M&A activity. Sponsor-backed
acquisitions have grown steadily
from 24.7% of all transactions in
1Q 2016 to 29.8% in 2Q 2017. The
growth reflects both the resilience
of PE firms and the patience of
strategic acquirers. When prices
are high and economic outlook
uncertain, strategic acquirers
can afford to wait for the right
opportunity or choose not to use a
growth-by-acquisition strategy at
all. Financial sponsors, on the other
hand, continue to raise funds at
pre-financial-crisis rates and must
deploy capital relatively quickly.
Source: PitchBook
*As of 6/30/2017
PE buyers are staying active
M&A (#) by acquirer type
Source: PitchBook
0%
5%
10%
15%
20%
25%
30%
35%
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
2010 2011 2012 2013 2014 2015 2016 2017
Sponsor-backed Corporate M&A
Sponsor-backed %
1,96
0
2,48
2
2,57
7
2,53
5
3,13
5
3,41
1
3,31
7
1,32
5
1,97
1 2,20
6
2,27
1
2,13
5 2,64
6
2,73
4
2,54
9
999
50%53% 53% 54% 54% 56% 57% 57%
2010 2011 2012 2013 2014 2015 2016 2017*
Add-On
Non Add-On
Add-On %
10 PITCHBOOK 2Q 2017 M&A REPORT
Given current public market valuations, it is unsurprising most PE firms are still shying away from take-privates.
Exit cycle slows
The number of PE-backed exits
in North America and Europe
decreased by 9.4% in 2016 and
is on pace to decrease by an
additional 20.5% this year. 51.6%
of the 988 exits in 1H 2017 were
sold to other PE firms—the highest
such percentage on record. As
PE becomes a more prominent
part of the M&A landscape, we
expect the frequency with which
companies change hands between
two financial sponsors to remain
high. It ’s possible that some limited
partners will be exposed to funds
on both sides of a deal, meaning
that they’re paying transaction and
advisory fees to sell a company
to themselves. General partners
will argue, however, that value can
still be created after a secondary
buyout since different firms have
expertise with different scales
or operational improvement
methodologies.
PE-backed exit activity (#) by type
Source: PitchBook
*As of 6/30/2017
PE-backed exit activity ($B) by type
Source: PitchBook
*As of 6/30/2017
615 78
7
836
940
1,06
4
1,17
9
1,13
9
510
895 1,
060
1,11
9
1,13
3 1,30
6 1,56
7
1,34
8
478
2010 2011 2012 2013 2014 2015 2016 2017*
Secondary Buyout Strategic Acquisi�on
$77.
4
$102
.1
$130
.2
$127
.5
$173
.7
$198
.9
$141
.9
$71.
8
$126
.7 $212
.6
$196
.3 $342
.1 $348
.3 $422
.8
$391
.9
$149
.1
2010 2011 2012 2013 2014 2015 2016 2017*
Secondary Buyout
Strategic Acquisi�on
PE buyers still tend to stay out of the public markets nowadays
Delistings (#) by acquirer type
48%52%
38%
62%
38%
62%
34%
66%
22%
78%
27%
73%
Financial Buyer
Strategic Buyer
201220132014201520161H’17
11 PITCHBOOK 2Q 2017 M&A REPORT
2Q 2017 League Tables
Company Deal Size (M) Buyer Date HQ Industry
Mead Johnson Nutrition $16,700 Reckitt Benckiser Group 6/15/2017 Glenview, IL Food Products
Valspar $11,300 The Sherwin-Williams Company 6/1/2017 Minneapolis, MN Industrial Chemicals
B/E Aerospace $6,700 Rockwell Collins 4/13/2017 Wellington, FL Aerospace & Defense
Altaba $4,830 Verizon Communications 6/13/2017 Sunnyvale, CA Publishing
CST Brands $4,400 Alimentation Couche Tard 6/28/2017 San Antonio, TXGeneral Merchandise Stores
Select largest North American acquisitions in 2Q 2017
Source: PitchBook
Company Deal Size (M) Buyer Date HQ Industry
Actelion Pharmaceuticals $30,060 Johnson & Johnson 6/16/2017Allschwil, Switzerland
Pharmaceuticals
UK Green Investment Bank £2,300Macquarie Group, Universities Superannuation Scheme
4/20/2017 Edinburgh Investment Banks
Host Europe $1,820 GoDaddy 4/3/2017Cologne, Germany
Internet Service Providers
Arkhangelskgeoldobycha $1,450 Otkritie Financial Corporation Bank 5/25/2017Arkhangelsk, Russia
Precious Metals & Minerals
Vanderlande Industries ¤1,200 Toyota Industries 5/18/2017Veghel, Netherlands
Logistics
Select largest European acquisitions in 2Q 2017
Source: PitchBook
Company Deal Size (M) Investor(s) Date HQ Industry
DH $3,600 Vista Equity Partners 6/13/2017 Toronto Financial Software
Air Methods $2,500 American Securities 4/21/2017 Englewood, CO Air
Intel Security $1,100 TPG Capital, Thoma Bravo 4/3/2017 Santa Clara, CA Database Software
SavATree $990 CI Capital Partners 6/5/2017Bedford Hills, NY
Commercial Services
CIBT Global $800 Kohlberg & Company 6/1/2017 McLean, VA Services
Select largest North American buyouts in 2Q 2017
Source: PitchBook
Company Deal Size (M) Investor(s) Date HQ Industry
Alight Solutions $4,800 Blackstone 5/1/2017 LondonBPO/Outsource Services
Clarion Events £600 Blackstone 6/24/2017 LondonMedia & Information Services
Generator Hostels ¤450 Queensgate Investments 5/12/2017 LondonRestaurants, Hotels & Leisure
Chryso Group ¤330 Cinven 6/28/2017Issy-les-Moulineaux, France
Specialty Chemicals
Abax Group $210 Investcorp 5/25/2017 Larvik, Norway Application Software
Select largest European buyouts in 2Q 2017
Source: PitchBook
12 PITCHBOOK 2Q 2017 M&A REPORT
Methodology
Deal Flow Estimation
Due to the nature of private market
data, information often does not
become available until well after a
transaction takes place. To provide
the most accurate data possible,
we estimate how much of this new
information will become available
in the next quarter by calculating
the average percentage change in
deal flow from the first to second
reporting cycle over the trailing 24
months. We then add this estimate
to the reported figure for the most
recent quarter. Both the original
reported figure and the estimated
figure are provided for your
reference.
Note: Corporate asset purchases
were not considered an eligible
transaction type until the 2Q 2017
edition of this report. As such,
some historical deal flow figures
will have shifted beginning at this
time.
M&A is defined as the substantive
transfer of control or ownership.
We track only completed control
transactions. Eligible transaction
types include control acquisitions,
leveraged buyouts (including
asset acquisitions), corporate
divestitures, corporate asset
purchases, reverse mergers, spin-
offs, and asset divestitures.
• Debt restructuring or any other
liquidity, self-tenders (in which
a company undertakes an offer
for a typically limited number
of its own shares to ward off
a hostile takeover) or internal
reorganizations are not included
• The target company (the
entity being acquired) must be
headquartered in either North
America or Europe
• Announced, rumored or canceled
deals are not included
• Aggregate transaction value is
not extrapolated using known deal
values, unless otherwise noted as
estimated
Find out more
at pitchbook.com
This report sums up the big trends.
Dig into the details on the PitchBook Platform.
13 PITCHBOOK 2Q 2017 M&A REPORT
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next deal.
We do EBITDA multiples,private comps,valuations,market trends,growth metrics.
You build a better portfolio.
