middle market report - madison capital funding€¦ · [email protected] m | pitchbook.com bet t er...
TRANSCRIPT
S T RONG S TAR T F OR U.S . MIDDL E M ARKE T IN 20 15 F UNDR AISING CON T INUE S AT FA S T CL IP
Average time on fundraising trail keeps fallingPAGE 15»
MIDDLEMARKETREPORT
2Q 2015
U.S.
S P O N S O R E D B Y
Exits slow in 1Qfollowing 2014 sell-offPAGE 12»
C O - S P O N S O R E D B Y
Announcing a merger between confidence and value
M & A is one of the quickest paths to growth. But it’s not always the surest. That’s why at PwC, we help you understand the risks in your transactions, so you can be confident that you are making informed strategic decisions. From your deal negotiations, to capturing synergies during integration, we help clients gain value. And ultimately, deliver this value to stakeholders. Like we’ve done for countless stakeholders of middle-market companies, private equity funds and families. Leverage the experience of our global network of firms. Learn how at pwc.com/us/deals
© 2015 PwC. All rights reserved. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.
MW-15-1858-Middle-Market Pitchbook Ad.indd 1 3/16/2015 6:55:02 PM
®
CONTENTSIntroduction
Middle Market Overview
Deals by Region
Deals by Industry
Middle Market Breakdown
Exit Activity
Fundraising Activity
League Tables
4
5-6
8
9
10-11
12-13
14-15
16
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RESEARCH
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COPYRIGHT © 2015 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.
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PwC helps you achieve your growth initiatives from deal strategy through value capture. PwC’s Deals professionals support clients on a wide range of transactions including domestic and cross-border acquisitions, divestitures, business restructuring and spin-offs, capital events such as IPOs and debt offerings.
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3 PITCHBOOK 2Q 2015
U.S . PE MIDDLE MARKET REPORT
®
IntroductionComing off a record year in 2014, private equity (PE) activity in the U.S. middle market remains
strong in the early innings of 2015. Final first quarter numbers have been tabulated and both capital invested and deal counts kept pace with quarterly totals seen last year, which added up to $359.7 billion across 1,791 deals. Total value was up 21% last year compared to 2013, while counts were up 24%.
Valuations outside the middle market, particularly at the highest end, have pushed more PE investors downstream. Last year, 72% of all PE buyouts occurred in the middle market, the highest ratio on record and a testament to investor enthusiasm. That percentage has already increased in 2015, to 78% through the the first quarter. That ratio will likely come down a bit as the year drags on, but it’s clearly not an aberration. It will likely stay relatively high over the next few years, if fundraising totals are any indicator; the $140 billion raised in 2014 was the most raised for middle-market funds since the recession. The momentum continued into 2015, with another 32 middle-market funds closing through 1Q totaling $33.1 billion. Dry powder won’t be drying up any time soon, in other words.
As we’ll detail further on pages 9 and 10, investor appetite for the upper middle market (UMM) is growing. Both in absolute terms and relative to the core and lower middle markets (CMM, LMM), activity in the $500 million to $1 billion range has strengthened. That’s due in large part to the amount of cheap and available credit in the current market. Also at play, however, is a push by PE firms to cut larger checks for UMM companies when they hit the market. While it’s
true that smaller targets are more plentiful and oftentimes command smaller multiples, PE firms would still rather put their money to work in a few relatively large transactions, rather than several smaller deals. It’s not surprising to see that corner of the middle market seeing more activity today, at least while interest rates remain low. If and when debt becomes
more expensive, we may see some changes in middle-market figures. Until then, the data shows a vibrant U.S. middle market that hasn’t yet slowed.
We hope the data and commentary in this report prove helpful and informative in your decision-making process in the coming quarters. If you have any questions, comments or suggestions, please reach out to us at [email protected].
Middle-market activity hasn’t shown any signs of slowing in 2015. Another big
year in the works?
Madison Capital’s focus is to provide superior financing solutions to a wide range of private equity sponsors. Our products and services support the acquisition, recapitalization and growth investment efforts of private equity firms focused on middle market companies.
Our reputation is built on key relationships and effective communication.
We build relationships by concentrating on the needs of our clients and delivering outstanding services.
4 PITCHBOOK 2Q 2015
U.S . PE MIDDLE MARKET REPORT
®
Middle Market Overview
Through the first quarter, U.S. middle-market activity got off
to a strong start this year. About $69 billion was invested in the timeframe through 418 transactions. Capital invested is down a little from 2014, but activity is mostly in line with quarterly totals from 2014. Given the strong fundraising totals last year (a post-crisis record $140 billion), we should see much of that capital put to work this year. And if the makeup of that new dry powder forecasts anything, 2015 should see more deals at the upper end of the market. The number of funds raised in the $1 billion to $5 billion bucket (46 in total) was a 31% increase by count over the number of funds raised in 2013. The second largest size bucket—funds of $500 million to $1 billion—saw another 21% increase by count last year. Those new funds will have an impact on deal flow in 2015, especially with the specter of rising
MIDDLE MARKET DEAL FLOW BY QUARTER
Source: PitchBook
MIDDLE MARKET DEAL FLOW BY YEAR
Source: PitchBook
Middle-market momentum carried into 2015, with a considerable $69 billion invested across 418 transactions.
$50
$49
$49
$80
$65
$67
$61
$73
$59
$63
$67
$98
$71
$60
$81
$86
$96
$85
$88
$90
$69
231 235
254
399
300
361
299
339
327358 358
543
315274
436
421
510455 443
382
418
0
100
200
300
400
500
600
$0
$20
$40
$60
$80
$100
$120
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
2010 2011 2012 2013 2014 2015
Capital Invested ($B) # of Deals Closed
$274
$349
$204
$83
$228
$266
$286
$297
$360
$69
1,423
1,791
1,194
648
1,119
1,298
1,587
1,446
1,791
418
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
$0
$50
$100
$150
$200
$250
$300
$350
$400
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015*Capital Invested ($B) # of Deals Closed
*as of 3/31/2015
5 PITCHBOOK 2Q 2015
U.S . PE MIDDLE MARKET REPORT
2015* DEALS BY SECTOR AND SEGMENT
Source: PitchBook
interest rates on the horizon. Generally speaking, the U.S. PE
industry has been selling more than it’s been buying in recent quarters. While that is evident in the exit totals, the historic trend for first quarters shows sharp declines following heavy fourth quarter sell-offs. That appears to be the case again in 2015, with
The ratio of PE deals being done in the middle market keeps hitting record highs.
just $16 billion of PE capital exited through the end of 1Q through 205 liquidity events. All four quarters of 2014 hovered around the $25 billion level, a substantially higher sum. The differentiating factor this year is that, amidst the buoyant seller’s market of 2014, many of the best portfolio companies held by PE firms were sold off while demand and multiples were high. Should interest rates rise later this year, we may see a drop-off in secondary buyouts (SBOs), since sponsor-to-sponsor deals are highly impacted by financing costs. Should SBOs decline, that may have
a cooling effect on the deal-making side, as well, as PE firms will have to set their sights on deal origination outside of the PE market.
As the graph below shows, though, the middle market has become a
haven for PE firms, anyway. Almost four of five buyouts completed in 2015 have been for middle-market companies, another record percentage.
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What will you do with it?PITCHBOOK FOR PE FIRMS
27%
18%
33%
20%
9%
33%
7%
18%
17%
13%
9%
17%
7%
14%
13%
18%
13%
14%
0% 20% 40% 60% 80% 100%
LMM
CMM
UMM
Business Products and Services (B2B) Consumer Products and Services (B2C)Energy Financial ServicesHealthcare Information TechnologyMaterials and Resources
MIDDLE MARKET AS % OF ALL BUYOUTS
65.5%68.0%
62.7%
58.5%
65.7%66.8%
68.5% 68.9%
72.2%
78.3%
55%
60%
65%
70%
75%
80%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015*
*as of 3/31/2015
Source: PitchBook*as of 3/31/2015
®
Deals by Region
MIDDLE MARKET DEALS (#) BY REGION
Source: PitchBook
Source: PitchBook
So far this year, there appears to be no sizable shift in regional
deal flow from the numbers seen last year, apart from the increase in middle-market dealmaking on the West Coast. It’s worth noting that the South, which enjoyed a resurgence in activity over the past few years, may continue to attract substantial PE interest, especially given its capital invested numbers. Part of this is due to industry consolidation across the relatively fragmented healthcare sector and strong interest in energy currently. The South and Southeast have collected the most capital invested in 2015 to date—a hefty $16.8 billion and $27.7 billion, respectively.
The map corresponds to the graph below, which shows relative middle-market deal flow between eight U.S. regions.
LEGEND
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015*
West Coast
Southeast
South
Great Lakes
New England
Mountain
Midwest
Mid-Atlantic
*as of 3/31/2015
8 PITCHBOOK 2Q 2015
U.S . PE MIDDLE MARKET REPORT
®
Deals by Industry
MIDDLE MARKET DEAL FLOW ($) BY INDUSTRY
MIDDLE MARKET DEAL FLOW (#) BY INDUSTRY
Another strong year expected for B2B, which is coming off its biggest year in decades.
Source: PitchBook
Source: PitchBook
One of the bigger PE storylines last year was the boom in B2B
investment. Driven by improving fundamentals in the U.S. economy, B2B benefited from stronger growth expectations across the board. PE firms seized the opportunity last year and, based on the data seen in 2015 to date, continue to do so, particularly in the middle market, where purchase price multiples are not quite as high as elsewhere.
Healthcare saw a surge not only in deal count last year but also in value, reaching $59.2 billion in total capital invested. Factors driving that growth have been well documented: Widespread fragmentation among care providers, an increase in niche opportunities, anticipated growth in retirees and a substantial uptick in the number of insured Americans. A slowdown is unlikely, especially in the middle market, because the same growth drivers active last year are still very much in place.
Unsurprisingly, PE interest in the energy sector is off to a strong start. $10.8 billion worth of deals has already closed in 2015, which represents 36% of total 2014 value ($29.9 billion) with another three quarters to go. Given the amount of dry powder available for energy investments, not to mention the new funds popping up left and right, PE will likely be one of the most active investors in the industry this year and likely for the next few years. It wouldn’t be unexpected if 2015 breaks the all-time record of capital invested, currently held by 2013 ($47.2 billion).
0%
20%
40%
60%
80%
100%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015*
B2B B2C EnergyFinancial Services Healthcare IT
0%
20%
40%
60%
80%
100%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015*
B2B B2C EnergyFinancial Services Healthcare IT
*as of 3/31/2015
*as of 3/31/2015
9 PITCHBOOK 2Q 2015
U.S . PE MIDDLE MARKET REPORT
®
Middle Market Breakdown% OF MIDDLE MARKET DEALS (#) BY SEGMENT
% OF MIDDLE MARKET INVESTMENT ($) BY SEGMENT
Source: PitchBook
Source: PitchBook
All segments of the middle market saw considerable
activity in 2014, with the bulk occurring in the core—$100 million to $500 million. The front half of 2014 saw capital invested outpacing even the heights of 2007. The UMM also saw gradual (if slight) growth in its proportion of deals, with the totals in 2015 thus far adding to that increase. Meanwhile, the LMM bounced back from a relatively quiet 4Q 2014 to post healthy numbers in early 2015.
These trends are in line with some predictions for the industry made at the beginning of the year: With plenty of dry powder to burn but facing high valuations, PE firms would continue or even increase activity in the middle market, much as they did in 2014. Some concluded the UMM would not see much investment, as higher purchase multiples could depress activity there, but that doesn’t appear to be the case—at least so far. Cheap and abundant credit played, and continues to play, a significant role in UMM activity.
However, the upswing in activity in the LMM in 2015 to date also could portend what the rest of the year has in store. If higher valuations are maintained or spread across the board even further, PE firms may well have no other recourse than to pay up or sit on the sidelines or continue to move downstream in search of lower price tags.
2015: The Year of the Upper Middle Market? $500M-$1B activity off to a strong start.
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015*LMM CMM UMM
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015*
LMM CMM UMM*as of 3/31/2015
*as of 3/31/2015
10 PITCHBOOK 2Q 2015
U.S . PE MIDDLE MARKET REPORT
®
Company Name
1Q ‘15 Deal Month
Size ($M) Industry
Deal Type
North American Breaker
Jan. $87 B2B SBO
Cimarron Jan. $80 Energy SBO
ChemAid Jan. $70 B2C Add-on
Chaparral Gold Feb. $59 Materials P2P
Manna ProProducts
Jan. $41 Materials LBO
Company Name
1Q ‘15 Deal Month
Size ($M) Industry Deal Type
EmployBridge Feb. $410 B2B Add-on
Axia Energy March $200 Energy LBO
Nomacorc Jan. $200 B2B LBO
ChyronHego March $120 B2B P2P
Meridian Healthcare Group
Feb. $100 Healthcare Add-on
Company Name
1Q ‘15 Deal Month
Size ($M) Industry Deal Type
PODS Feb. $1,000 B2C SBO
Neovia Logistics
March $1,000 B2B SBO
Digital River Feb. $840 B2B P2P
Moda Midstream
March $750 Energy LBO
Cassidy Turley
Jan. $600 B2C Add-on
UPPER MIDDLE MARKE T SELEC T DEAL S
CORE MIDDLE MARKE T SELEC T DEAL S
LOWER MIDDLE MARKE T SELEC T DEAL S
UMM DEAL FLOW
CMM DEAL FLOW
LMM DEAL FLOW
Source: PitchBook
Source: PitchBook
Source: PitchBookSource: PitchBook
Source: PitchBook
Source: PitchBook
$13
$24
$36
$48
$38
$20
$35
$37
$36
$35
$42
$40
$28
22
38
65
100
63
29
6067
53
6268
61 58
0
20
40
60
80
100
120
$0
$10
$20
$30
$40
$50
$60
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
2012 2013 2014 2015
Capital Invested ($B) # of Deals Closed
$10
$9 $6 $7 $7 $5 $8 $5 $8 $6 $6 $3 $5
169 182
149
189
121
93
174
139
182
156
164
92
146
0
20
40
60
80
100
120
140
160
180
200
$0
$2
$4
$6
$8
$10
$12
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
2012 2013 2014 2015
Capital Invested ($B) # of Deals Closed
$36
$30
$24
$42
$26
$35
$38
$44
$52
$44
$39
$47
$36
136 139 144
255
131
152
201216
276
237
211
229
214
0
50
100
150
200
250
300
$0
$10
$20
$30
$40
$50
$60
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
2012 2013 2014 2015
Capital Invested ($B) # of Deals Closed
11 PITCHBOOK 2Q 2015
U.S . PE MIDDLE MARKET REPORT
®
Exit ActivityMIDDLE MARKET EXITS BY QUARTER
Source: PitchBook
From 1Q 2013 to the end of 2014, PE sellers enjoyed a
nearly uninterrupted quarter-on-quarter increase in exit counts, capping off 2014 with an impressive 235 in 4Q. Capital exited totals nearly rose in tandem: Last year saw a combined $100.6 billion exited through corporate acquisitions, IPOs and secondary buyouts alone, easily dwarfing any other tally in middle-market sales of the decade.
These elevated figures were the result of several positive trends, some of which were still in place heading into 2015. PE firms seized the opportunity presented by bull markets worldwide last year and took many portfolio companies public, and low interest rates helped buoy SBO activity to a decade high.
Maintaining that momentum
Source: PitchBook
MIDDLE MARKET EXITS BY YEAR
Exits are off to a slower start in 2015, possibly due to the massive sell-off last year.
$14
$18
$18
$32
$11
$16
$16
$26
$24
$26
$25
$26
$16
186 188
161
243
129
163 171
227
187 193
221235
205
0
50
100
150
200
250
300
$0
$5
$10
$15
$20
$25
$30
$35
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
2012 2013 2014 2015
Capital Exited ($B) # of Exits
*as of 3/31/2015
$61
$76
$38
$21
$64
$69
$81
$69
$101
$16
509586
379
223
532
601
778
690
836
205
0
100
200
300
400
500
600
700
800
900
$0
$20
$40
$60
$80
$100
$120
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015*
Capital Exited ($B) # of Exits
12 PITCHBOOK 2Q 2015
U.S . PE MIDDLE MARKET REPORT
®
MIDDLE MARKET EXITS ($) BY TYPE
MIDDLE MARKET EXITS (#) BY SIZE
Source: PitchBook
Source: PitchBook
If interest rates rise later this year, SBO activity may take a hit, since PE buyers are so sensitive to financing costs.
will be difficult in 2015. The public markets have become more volatile as discussions of an interest rate rise heat up. If and when interest rates increase, the cost of borrowing will head north, which should have an impact on price-sensitive SBO activity. At the same time, if higher interest rates have a downward effect on the stock markets, we may also see a marked decrease in PE-sponsored IPOs this year, at least until the markets stabilize.
Outside of SBOs and IPOs, however, it’s less likely that strategic sales will slow significantly. Interest rate levels have had relatively little correlation with the overall M&A market. Aiming for synergy capture, strategics have stretched their bids for target companies, including many PE portfolio companies, in order to grow market share in a low-growth environment. Strategics did so in large numbers last year, acquiring $53.6 billion worth of PE middle-market holdings, an all-time high and a 56% increase over 2013 levels. Given that the fundamentals in the M&A market haven’t changed, we should see another strong year for corporate acquisitions, which should help prop up overall exit numbers.
That said, the kind of seller’s market that we witnessed in 2012-2014 doesn’t come too around often, and it may have played out somewhat. As many have pointed out, PE firms by and large have been selling off their best portfolio companies while investor demand is high and multiples are buoyant.
$0
$20
$40
$60
$80
$100
$120
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015*
Corporate Acquisition IPO Secondary Buyout
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015*
$25M-$100M $100M-$500M $500M-$1B
*as of 3/31/2015
*as of 3/31/2015
13 PITCHBOOK 2Q 2015
U.S . PE MIDDLE MARKET REPORT
®
Fundraising Activity
Source: PitchBook
Source: PitchBook
PE firms have closed 32 funds thus far in 2015 on a
combined $33 billion in capital commitments. The tally puts the year on a slightly slower pace than last; similar counts haven’t been seen since 2Q and 3Q of 2012. The slowdown was foreshadowed somewhat, as fund counts slid a little in the back half of 2014. Unpacking the fundraises by size buckets, we see roughly similar proportions to years past, with a little over 28% of all funds raised to date in 2015 in the $1 billion to $5 billion range, while the smallest size bucket—$100 million to $250 million—boasts the largest single share of fund count, over 34%. That 34%, and the fact the number of $1 billion+ funds is on pace to decline, may indicate what we’ve been hearing from GPs: Plenty of competition on the fundraising trail, even with allocations to PE increasing.
MIDDLE MARKET FUNDRAISING BY QUARTER
MIDDLE MARKET FUNDRAISING BY YEAR
LP commitments continue to flood into middle-market funds, which bodes well for future deal activity.
$18
$17
$17
$16
$33
$30
$24
$19
$32
$30
$25
$20
$26
$38
$26
$30
$42
$37
$28
$32
$33
33 27
18
29
36 34
29
38 41
32 31 36
44 44 42 46
50
43 40 41
32
0
10
20
30
40
50
60
$0
$5
$10
$15
$20
$25
$30
$35
$40
$45
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
2010 2011 2012 2013 2014 2015
Capital Raised ($B) # of Funds Closed
$126
$145
$143
$83
$68
$106
$108
$120
$140
$33
181
218196
110 107
137140
176 174
32
0
50
100
150
200
250
$0
$20
$40
$60
$80
$100
$120
$140
$160
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015*Capital Raised ($B) # of Funds Closed
*as of 3/31/2015
14 PITCHBOOK 2Q 2015
U.S . PE MIDDLE MARKET REPORT
®
MIDDLE MARKET FUNDS (#) BY FUND SIZE
MIDDLE MARKET BUYOUT FUNDS AVERAGE TIME TO CLOSE (IN MONTHS)
This competition could result even though LPs have plenty of reason to invest in PE funds, particularly in vehicles geared for the middle market: By and large, PE fund performance beats other private asset classes across multiple time horizons, and PE firms could achieve a record for U.S. distributions back to LPs once last year’s final numbers are tallied. Meanwhile, the middle market is widely anticipated to be a hotbed of PE activity in the coming year.
However, as the slowdown reflects, LPs have become quite selective in the currently heated, competitive dealmaking
Source: PitchBook
Source: PitchBook
The average time to close middle-market funds is closing in on 12 months, an average not seen in ten years.
environment. LPs keenly aware of sustained, lofty market valuations are doubtless leery of vehicles targeting the UMM, and consequently are primarily backing funds targeting that space from firms with established brands, such as Siris, HGGC and Crestview. They may also be anticipating an eventual decline in valuations, if the higher proportion of funds in the $100 million to $250 million range closed to date this year is anything to go by. Whatever the case, when LPs do commit, they are doing so quickly; the average time to close a buyout fund continues to fall, down to 12.8 months for buyout funds in 2015 from an average of 21.3 months in 2011.
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015*
$100M-$250M $250M-$500M $500M-$1B $1B-$5B
AVERAGE FUND SIZE BY YEAR ($M)
5
10
15
20
25
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015*
$500
$700
$900
$1,100
$1,300
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015*Buyout Funds All PE Funds
Source: PitchBook
*as of 3/31/2015
*as of 3/31/2015
*as of 3/31/2015
15 PITCHBOOK 2Q 2015
U.S . PE MIDDLE MARKET REPORT
®
MOST ACTIVE INVESTORS MOST ACTIVE LAW FIRMS
MOST ACTIVE ADVISORS
Source: PitchBook Source: PitchBook
Source: PitchBook
The Carlyle Group 14
Hellman & Friedman 12
ABRY Partners 10
GTCR Golder Rauner 8
Audax Group 6
Vista Equity Partners 6
Goldman Sachs 5
Marlin Equity Partners 5
The Blackstone Group 5
The Riverside Company 5
TPG Capital 5
Wasserstein 5
First Capital Partners 4
Genstar Capital 4
Insight Venture Partners 4
Kohlberg Kravis Roberts 4
Ontario Teachers’ Pension Plan 4
TSG Consumer Partners 4
Welsh, Carson, Anderson & Stowe 4
Wind Point Partners 4
Firm Deals
Kirkland & Ellis 22
Jones Day 20
Ropes & Gray 12
Morgan, Lewis & Bockius 8
Debevoise & Plimpton 7
Weil, Gotshal & Manges 7
Willkie Farr & Gallagher 7
Hogan Lovells 6
Shearman & Sterling 6
Morrison & Foerster 6
Paul, Weiss, Rifkind, Wharton & Garrison 5
Goodwin Procter 5
Skadden, Arps, Slate, Meagher & Flom 5
Proskauer 4
Winston & Strawn 4
Latham & Watkins 4
Vinson & Elkins 4
DLA Piper 4
Foley & Lardner 4
Wilson Sonsini Goodrich & Rosati 4
Houlihan Lokey 8
William Blair & Company 7
Lincoln International 6
Harris Williams & Co. 5
KPMG 5
Deloitte 5
Morgan Stanley 5
Piper Jaffray 4
Macquarie Capital 4
Moelis & Company 4
Duff & Phelps 4
Goldman Sachs 4
Raymond James & Associates 4
Robert W. Baird & Co. 4
Firm Deals
Firm Deals
MOST ACTIVE LENDERS
Source: PitchBook
GE Capital 16
BMO Harris Bank 7
Golub Capital 6
Wells Fargo 4
Bank of Ireland 4
TCF Capital Funding 3
Regions Financial 3
PNC Financial Services Group 3
Babson Capital Management 3
Firm Deals
1Q 2015 Middle Market League Tables
16 PITCHBOOK 2Q 2015
U.S . PE MIDDLE MARKET REPORT
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