1ST HALF 2012 KEY HIGHLIGHTS
Advent International Corporation and GS Capital Partners' announced acquisition of TransUnion LLC, a subsidiary of Madison Dearborn Partners, was the largest transaction for 1st Half 2012, with an acquisition price of $3.12 billion.
The most active acquirers were Hellman & Friedman LLC and Vista Equity Partners. Both Private Equity firms had seven acquisitions each.
The segment with the largest transaction volume was Health and Pharmaceutics, which was responsible for 34 transactions.
1ST HALF 2012 KEY TRENDS
Total transaction volume in 1st Half 2012 increased by two percent over 2nd Half 2011, from 219 to 224.
Total transaction value in 1st Half 2012 decreased by eight percent over 2nd Half 2011, from $18.90 billion to $17.33 billion.
The median revenue multiple declined from 2.0x in 2nd Half 2011 to 1.4x in 1st Half 2012, while the median EBITDA multiple fell from 12.4x to 9.5x.
M&A Market Overview
Berkery Noyes tracked 983 transactions between 2010 and 1st Half 2012, of which 288 disclosed financial terms, and calculated the aggregate transaction value to be $60.66 billion. Based on known transaction values, we project values of 695 undisclosed transactions to be $15.30 billion, totaling $75.96 billion worth of transactions tracked over the past two and a half years.
Of all the Private Equity transactions within the Information Industry during the last two and a half years, transactions valued at more than $160 million garnered a median enterprise value multiple of 2.1x revenue. This was 110 percent greater than for companies with transaction values between $10 to $20 million, as they captured a median enterprise value multiple of 1.0x revenue.
The disclosed median revenue multiple for all segments combined for the timeframe covered in this report was 1.67x revenue.