Berkery Noyes: Private Equity Industry - 2012 3rd Qtr Trends Report

Complete report

Q3 2012 KEY HIGHLIGHTS

• The most active acquirer through Q3 2012 was Apax Partners with 10 transactions. Four of these occurred within Q3 2012: Solarsoft Business Systems, RivalEdge, CWIEME Ltd, and ClaimLogic, Inc.
• The largest announced transaction in Q3 2012 and year-to-date was The Carlyle Group's acquisition of Getty Images from Hellman & Friedman LLC for $3.3 billion.

Q3 2012 KEY TRENDS

• Total transaction volume in Q3 2012 decreased by four percent over Q2 2012, from 119 to 114.
• Total transaction value in Q3 2012 increased by 10 percent over Q2 2012, from $11.4 billion to $12.5 billion.

MULTIPLES & VALUE TRENDS

• The median revenue multiple from 2011 through the 1st 3 Quarters of 2012 decreased by 28 percent, from 1.8x to 1.3x.
• The median EBITDA multiple from 2011 through the 1st 3 Quarters of 2012 increased by eight percent, from 8.8x to 9.5x.
• Thoma Bravo, LLC's announced acquisition of Mediware Information System's Inc. represented a 2.4x revenue multiple and 11.4x EBITDA multiple.

TOP TEN DEALS THROUGH Q3 2012

The top ten deals by value have seen five new additions since our half year report: The Carlyle Group's announced acquisition of Getty Images, Hellman & Friedman LLC's announced acquisition of Wood Mackenzie, One Equity Partners' acquisition of M*Modal, Thoma Bravo, LLC's acquisition of Deltek, Inc., and Syniverse Technologies, Inc.'s acquisition of MACH S.à.r.l.

These five transactions, with an aggregate value of $7.1 billion, represented 22 percent of transaction value in the 1st 3 Quarters of 2012 and 57 percent of Q3 2012 transaction value.