reuters /lucas jackson small cap m&a review€¦ · worldwide announced small-cap m&a deals...

SMALL CAP M&A REVIEW FINANCIAL ADVISORS First Nine Months 2016

REUTERS /Lucas Jackson

krizvi

Clairfield

Worldwide Small-Cap M&A up to US$50m by Rank Value Range

258 -16.3 ▼

Worldwide announced Small-Cap M&A deals valued up to $50 million (including undisclosed value deals) totaledUS$111.6 billion in the first nine months of 2016 – a 1.1% decrease year-on-year.

The Asia-Pacific (ex Central Asia) region (by target domicile) led the Small-Cap market, with US$58.6 billion ofannounced deal activity.

Europe (by target domicile) led the market in the number of deals announced, with 10,545 transactions for the firstnine months of 2016, representing 36.5% of the 28,895 deals announced worldwide.

The High Technology sector captured 15.6% of total announced Small-Cap value deals, followed by Industrials andFinancials, each respectively registering 12.4% and 11.6% of the overall market.

KPMG tops the worldwide Mid-Market rankings for deals valued up to $50 million in the first nine months of 2016,working on 233 deals with a combined value of $836.3 million.

Jan 1 - Sep 30

WorldwideAmericas

United States of America 15,700.6

Worldwide Small-Cap M&A up to US$50m by Target Industry

▲

▼

Asia-Pacific (ex Central Asia) 9.4

Brazil

▼

11.6

▲

▲

Rank Value

US$m

307.9Argentina

21,753.3

9403,230.9

Mexico

Canada

394.9

7,974

Small-Cap Deals Intelligence

Chile 280.4 63 415.2 78 -32.5

27,039.2

Finland

China

Israel

Africa/Middle East/Central Asia

58,582.4475.7865.5South Africa

99

Netherlands

436.1Switzerland

Russian Federation

Poland859.8

220

879.5

118

Germany

1,034.1412

Sweden

671.4

5351,254

Spain

456940.0

Europe

1,039.9

Colombia 180.0

Italy

62

1,615

5410,54522,362.9

1,770

1,041.3

600

221

1,119

449

1,766.81,758.8

2,893.0

203

413.7

1,176962.7

490.5866.0

532

3,140

232.6

33,092.4

▼549.3

246

200

230

7,813

398.4 173

Denmark

355.13,145.6 838

Turkey

863

405.4384.9

United KingdomFrance

Norway

1,748.5

8,461.7South Korea

5,276.1

▼

232

-19.3

-2.0▲

▼

https://www.thomsonone.com

730

Taiwan

2,635.0

2841,165.3

1,5971,725Japan

302

Singapore

1,367.2Malaysia

Hong Kong

IndiaAustralia

5,736.6

471

979.1

4,207.03,235.5

140

720

First Nine Months 2016DEALS VALUED UP TO US$50 MILLION

SMALL-CAP M&A REVIEW

250

19.5

187 -25.81,570.4

892388

626.8

▼

▼▲

▼

-38.0-2.3

▼

7.4

▼

▼

-5.40.9

-7.0

▲▲

▲

▼▲

3,405.6 1,029384

14.441.0

▲▲

10.75110,711

1,677.2404.0

Rank Value

US$m

112,767.7 29,374

22,155.2

28,895111,580.7

# of

Deals

334

396

Region/Nation

1/1/2016 - 09/30/2016 1/1/2015 - 09/30/2015

6,232 6,811

113

20,219.8

111

162.6

68.4

1,536.9

3,109.1 1,8995,574.6

512

41

1,758

1,086

Rank

Value

Change

(%)

-5.1-22.4

-1.1

# of

Deals

8,699 ▼▼

-19.5▼

650 -2.6

350.1

438

2,908.4

1,169.8

1,253.1

197

1,164.7

73

1,795.9

7,504

4,181.3

29,660.0

-8.0

1,148.4

7663,517.1

53,544.83,062

-24.8-24.6

▼-0.7

-24.1

▲

▲

▼

192

24.0

▼▼

36.9

▼

-29.9

18.4

87.5

-10.9

▲

M&A Rankings For Mid-Market Deals Valued Up To US$500m Are Also Available

5,847.3

-9.41.6

-1.9

▼

7393531,346.0

6,825.43,520.7

▼

1,019

Jan 1 - Sep 30Announced Small-Cap M&A by Target Nation Up To US$50m

-

2,000

4,000

6,000

8,000

10,000

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

# of

Dea

ls

Ran

k Va

lue

(US

$b)

US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals

15.6%

12.4%

11.6%

10.1% 8.6%

8.1%

7.9%

7.4%

6.3%

5.3%

4.5% 2.2% High Technology

Industrials

Financials

Real Estate

Materials

Energy and Power

Healthcare

Consumer Products and Services

Media and Entertainment

Consumer Staples

Retail

Telecommunications

1

http://banker.thomsonib.com/

Source: Thomson Reuters/Freeman Consulting

*tieSource: Thomson Reuters/Freeman Consulting

92.4

420*

6.4

7.8

25.4

88.4

92.1

▼

▼-29.7

196.2

▼

2015 # of

203.70

▲

-124-15

486.4

195.5

3

Imputed Fees (US$m) †

# of Deals per Advisor

Deloitte

Houlihan Lokey

US$m

935.6

3

21

1

51.6

52.5

25.0Fees

98.2

Advisor

38.3

20.8100.0

83.7

21.8

15.9

44.554

100.053.4

40.5

95.1

68

9.5

25.0

12.1

37*

21.227.4

6724

64.7

13

4316

18.2

46

18

22

50*

944

43.4

▼

16.9

98.66.0

30.3 32.9

10

▼

13.764.1

Worldwide Estimated Small Cap Investment Banking Fees by Quarter*69.9▼ 11.7

17.915109.5 30.6

11▲

8

33

106.2

44.7

6

2869

▼

▲

60.7

▼

▼

75

15.1100.096.0

9.750*17

100.0

-

50.6

0.0

-4.4

-12.1

-

132.6

▲

--

-

9

▼▼

76.6-70.7 151.3

14.1

140.2-61.6

-32.432.3

▲

▼

-

-46.1

▲ 122.5137.5

▼68.3

-44.4

▲

▲

26.2

52.0

42.9

7.0

▲▼-45.6

15.6

▼

▲

23.1

12.4

5190.3

11 9.7▲12▲ 18.7

42.639.3

Rank

42

Exp (%)

237*

2016

-6.9▼

▼

-56.6▼

▼▼

157.414 ▼-56.4

257.8344.3

836.30

19

2

7

-22.6

▼

-85

8 107

▼127

-10

2

7

426

360.4358.7

-9412

6-38

▲

BDO

11

133

2

99

PricewaterhouseCoopersKPMG

141

233

8 4 98 -91 ▼ 7402.3M&A International 9 5 93

10 90

59

-67 21 -36.6254.1▼99.8 -

▼-4560

398.1▼

IMAP 10-19 ▼ 138.70

4.8▼Lazard 11 11 85

13Sumitomo Mitsui Finl Grp Inc 71Baker Tilly International

94.2304

-6.4 ▼44.1 -

- - 23.8 41

-51.6

30.9 32

110.2▲

3534

113.6

97.5208.5

71295.3

▲▼42

128.2

10

-

147.407.2 26.6

▼ -119.8

▲ -▲

366.856 -28.8

17

▼

▲ -

▲

97.622

4621.7

171.6

▲BNP Paribas SA 25* 44*

▼27*

▼54

Goldman Sachs & Co52

-5

-23

▲32

Credit Suisse

13 54

▲13N+1

38

45 5

BCMS Corporate Ltd

3042

-19

DC Advisory39

43

474.4

12.0-15

45

▼-8

▲

8

▼

111,580.7

-9

3939

-945.4

▼▼

274.7 16219.4

▼

-86.5

23.8

1940.0

-1.1

▲56.539.3

3.3

▼

55*4647*

Rabobank NV

Macquarie Group

Piper Jaffray Cos

41*

41* 3919*

Deutsche Bank 39*39*

49*3549*

Mitsubishi UFJ Financial Group

47*

60*

37

-23

-4

124.3▲▼

-7

69.051 -4

39

35*

40

260.056.20

-

22 44

-243

3718

5129*

29

32*49*

32*

33*48

Citi

Daiwa Securities Group Inc

2146*

Bank of America Merrill Lynch

41*

Gram Capital

33*

55*117*

41*32*

3735*

41

9

53941*

11

4 ▲▲

-22

38

3552*

Industry Total

** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region.

Livingstone PartnersPlutus Consulting Co Ltd

28,895

William Blair & Co

-4

5,140.7

68.315- 51.8

16.9

▲

16.3▲

▼- 144.3

-10.5

-

▼

-

18.8 -

▲

36.3

4.6

.9

5

45

30.5

60.869.2

19.7 57.1


21.525

119*20.6

34.6

100.0

723.3

-59.2-22.1

56.0

75.0 27

23241.6

-47.9

Barclays

Raymond James Financial Inc

17.367.023.0

18*

▼

22.1Global M&A

3

▼

▲

▼

3

49

▼

23*

4-18

6

57

Nomura

KBS Corporate Sales Ltd

Morgan Stanley168.1

172.4

First Nine Months 2016 │ Small-Cap M&A Up To US$50m │ Financial Advisors

Change (%)

Globalscope31 ▼ ▼

-

▼

▲

394*

85.6

23*

56

▼

▼

▼

▲

28102*

21*

370.7

44.2

▲-74.1

44*▲

39*

19* 68

14*

14*1715* 598*

5718*

-23

10 ▲6 ▲

Lincoln International 6366

12 9

Clairfield International

JP Morgan 14 2615* ▼

58

18*

62

57

Ernst & Young LLP

Moelis & CoRSM Corporate Fin LLP

Mizuho Financial Group 5

Rothschild & Co 3 6

Rank Value per Advisor (US$m)

▲

1200

▼

▼

▲63-12

17

MM1a - Undisclosed Values & Values up to US$50m

Worldwide Small-Cap Rankings (MM1a)

Jan 1 - Sep 30

2016 2016Change in ** Fee

Worldwide Small Cap M&A up to US$50m by Target Nation Region

Rank Deals # of DealsRankFinancial Advisor

564320

5621*

39*UBS

27*

1825*

Jefferies LLC 23*6

-14

15

242.5

▼

29*

17

-155

52

50

4646

Clearwater International27

30*21*24

CFI

Stifel/KBWDuff & Phelps

38Evercore Partners

35*

283.4-479 ▼

-46.1

-

38.5

-22.7

--13.96

5124

-39.3

Rank

Rank Value

† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.

38.3

17.3

152*86.755

-74.8

13.4

30.0

▲

20.6

63.2

10.6

-

8

Rank Value

-

-31.9

143.9

173.5

--

233.2152.2

-227.5 81.7

220.2

$0 $10 $20 $30 $40 $50 $60 $70 $80 $90 $100 $110

2012

2013

2014

2015

2016

Rank Value (US$b)

Africa/Middle East Americas Asia-Pacific Europe Japan

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q

2011 2012 2013 2014 2015 2016

Per

cent

age

of T

otal

Fee

s

Inve

stm

ent B

anki

ng F

ees

(US

$b)

Small Cap I.B. Fees ($50mil or less) % of Total Fees

2


krizvi

Highlight

*tie

0 31* - -7.8 26* 56.0 ▲

0 31* - -3.1 - - -

0 - - -0 31* - -

0 31* - -0 31* - -

0 31* - -12.0 21 - -

2.0 17* 5.41.1 28 100.0

29* 45.53.9 11 100.00.6 37* 100.0

16 35.71.0 29* 11.41.0 29* 100.0

M&A International 26* 13* 2 -2 ▼Goldman Sachs & Co 26* 6* 2 -5 ▼Cypress Associates 26* - 2 2 ▲PJT Partners LP 26* 40* 2 1 ▲Clairfield International 26* 27* 2 0 -Haitong Securities Co Ltd 26* - 2 2 ▲BR Partners 26* 6* 2 -5 ▼N+1 26* 13* 2 -2 ▼M&A International GmbH 26* - 2 2 ▲Alpax Inc 26* 13* 2 -2 ▼ 1.0 29*

0.7

24*9.5 25 - -

1.531*56* 100.0

-

100.036 100.0

2.5

Ernst & Young LLP 26* - 2 2Arab Banking Corporation 26* 13* 2 -2 ▼

1.5

11

▲ 0.10

1.0

180.4

-

5

--62.0


68.8

Latin American Small-Cap M&A up to US$50m by Rank Value Range

▼20.9

-68.8

2016

US$m

3.314-12

55

13*

18 5.8

27*

5

100.0

▼

2

-

13*7

5

10*

▼ 127.6

▲Banco Bradesco SA

-4

Itau Unibanco 14

20*

IMAP 3*▲3*

78

5*54

▲

70.231*

31.0

31*

20

5*

7*11.2▲

3

▲

2

1*1* ▼

13.7

00

136.0

Rank

28

Latin American Small-Cap M&A up to US$50m by Target Industry

-31*31*

-

▼-71.8


▼

Jan 1 - Sep 30

100.0

6.07.3

1.84.0

-

▲

▼

LazardPricewaterhouseCoopers

7*

4

5

-48.6

14

149

41*

Rank

Rothschild & Co

-

7.1

▼

Greenhill & Co, LLC

7*

Deutsche Bank

5

Moelis & Co27*

13*▲

74.9

10

2-4

Artica Participacoes e Assesso

-2

1

6*

50.0

▲0

20.0

44

3

33.0

▲11*

BBVACredit Suisse

--

Change (%)

# of

11*1

▲420*40*11*

▲3

Rank

Latin America Involvement Small-Cap Rankings (MM17a)

Rank Value


2016 Change in

2

** Fee2016 AdvisorRank Value


Financial Advisor

2015


24*

22

4

94.7

9.9

7

9.315.8

12.0

5

12

23*▲

13*

-

Jan 1 - Sep 30

41.5Santander

Banco BTG Pactual SA11.0

KPMG 3

16*

BNP Paribas SA

40*


0Global M&A

40*16*

Rank

11*

3▼

▲

# of Deals

16*

4

10*

7*

-4Deals

11*

UBS

3

4

32

-11▲

-73

-74

3 13 3

793

316*

Industry Total

-

20*Citi 16*

▼

-

148.1

37*

- 1.6



- 31*00

▼

0

--

-77.0

17

1031* 13.3

9.9100.0

26

0.8 13.134*

2

8

17*

- -

-

34*17*

-

6

-

-

▼

--8.312

-14.7--

2.9

Fees

19.2

0.5

23

2.7

▼

▼


19.5

-

▲

-

1.4100.018.8

-

0.82.0

▼

-

14.3

39.0

-

2,739.4

35.3

27

0.6

31* -

63.2

100.02.0

1.3

-

-22.4

4.8

5.98.515

8.0 15.6

6.6100.0

Exp (%)

100.0100.0-

337* 2.7

9.9 0.6▲CFI 16* 7.8Bank of America Merrill Lynch 16* 6* 3 -4 ▼ 0

4

27*24.8▲ 16

31*26*

15.3 19

32.4 13 -MAGMA Brasil Consultoria Ltda 16* 40* 3 2 ▲13*JP Morgan 16* 12 3 -2 ▼ 0 - 2.9

APOYO Consultoria SAC 16*

Morgan Stanley

17.1%

15.0%

13.5%

10.1%

9.9%

7.8%

6.9%

5.7%

4.9%

4.6% 4.5% Materials

Consumer Staples

Financials

Industrials

Energy and Power

High Technology


Healthcare

Real Estate

Retail


-

50

100

150

200

250

300

350

400

450

500

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

# of

Dea

ls

Ran

k Va

lue

(US

$b)


4


krizvi

Highlight

*tie

26 56.519.1

Concentro Management AG 44* 43* 19 -1 ▼ -

▲

16-00

Jones Lang LaSalle Inc 44* 74* 19 10 ▼▲

European Small-Cap M&A up to US$50m by Target Industry


Rank

Jan 1 - Sep 30

European Small-Cap M&A up to US$50m by Rank Value Range

Fees

-54.8Rothschild & Co

55.1

24*

▼

12.5

▼

128.9 115.620

15 -16

29.6

10.9

-26.0▲42

53*38*

34*

▲199

23▲

2437* 1

32

40*

49*7

▲

1435*

27* ▲2

10*

12.6▼

15.11

-74

484.2▼-77

3159.34

136PricewaterhouseCoopers

15*

3

8

57

8

9

3269.8

12*

105

-6-287

59*

▼

152.2

N+116

24*

-15

DC Advisory

18 35

3939


5209.4

# of Deals

Ernst & Young LLP

RSM Corporate Fin LLP

2

6

Financial Advisor Rank

2016 2015

Rank

▼2

Deals

123

-481 186

-5 ▼

Deloitte7

-257

Clearwater International

68

10*Lazard 579KBS Corporate Sales Ltd

M&A International

Baker Tilly International319*

IMAP

BDO56

36

7

KPMG

10

72

63

10*

24*14 2112*

5115

43

European Involvement Small-Cap Rankings (MM3a)

Rank Value per Advisor

▼

12

482.3

Jan 1 - Sep 30

-55.3

# of Change in

85-46-29 43.1

▼

▼▲

14

9

242.4▼

82.7170.1

▲-

14.6

16.0-

30.4

11.5

55.2

73*


Barclays

Capitalmind47*

William Blair & Co

-14.6

17*

22.7


9.88.1Financiere Cambon

813.5 12.41

Citi

1

▲


187.9 8

▼

2

186.34

70

6.4

Euro mil

-34.8

-209.4 14.7

24

429.9538.5

US$m

143.1▼

▼

Change (%)

Rank Value2016

-22.11

▲5*

Rank

39.9▲▲

▼

-

▲-

5*- 58.5

-54.429.43 10.4

62 23.8155.611.5

90.5

173.5

-94.0

▲26.6

▼-68.621

▼ 186.1

107.6

22*

30

47

15*

41

▲

-6

10

0

52

22*

9

13

32*19

233

-817*

13

33

24*

40

30*

61*

43*29*

32

11

38*

35*29

26

32*14

24*

27*

Morgan Stanley

Credit Suisse

40*29*34*

Jefferies LLC 34*

33

12.5

32.9

17.3

15

Deutsche Bank

20*

Industry Total

43

46* 43*

▼ -5.0 ▼


-11

▼

52*

-33.2

▼ 58-

9.5

-12

30

31

29

2526

-16

28

21

22

▲

28

▲

▲

5

-11 ▼

8▼▲ 71.0

115.0

38.0

-

11

17*

102.9

102.4

0

50.1▼-

83

36.2

▼

62.9

▲

13.8

53

▼

-

▼

-58.6

-73.2

-68.5

-

-

▼

▲-29.1

▼-

-

▲

▼

-14.7-69.1

▲

50.114.5

48.6

▼11.1-

▲

▲▼

-73.638.7

-278 -39.1

▼-2

Goldman Sachs & Co

30*

41*

Benchmark International

32

41*

ING

21Global M&A 20

22*

Livingstone Partners

Bank of America Merrill LynchKon SpA

Lincoln International

27*JP Morgan

Globalscope

Translink Corporate Finance

Evercore Partners

Natixis

UBSUniCredit

CFI

46*48

BCMS Corporate Ltd

17*5 -

39

9.1

18.8

17.3

12

45.2

35*

24

23

21

▲

1124

▲

2439.4

BNP Paribas SA

Houlihan Lokey

-4

34*La Compagnie Financiere

Altium Capital Limited

Rabobank NV


20*

26,292.4 23,557.8

39.527* 18 ▼


-

50.9

▼-

-65.6

2,508.1

30*

16.7

64*

69.9

169.1

-

-0.6

-

▲

27.78.8

-

Hoodless Brennan & Partners 50* 150*

11,929

-

▲

-

▼

-

236.1

-17*

-80.8

▼

-49.5▲

-97.1

38.1

55*

▼

38.5

** Fee2016Advisor

30.2

Rank Value

38


36.0

Exp (%)

509.9135.6

-

▲

81.2

▼

▼

128.1

38.4

143.9137.0

29.5

-71.8 ▼

▼

96.2

115.0

▼

27.0▲

43.4

▼12.6

64.5

7.2

-▼ 42*▼

57

33.4

37.589.6

42*

-

47.4 20.7

19

100.0

-9.1

-18.7

16.9 49.0

42*

18.8

151.4

13

2

▲

156.0

71.9

41.3

▲

-18.5

▼

33

13.3

16.3

-47.9

9.5

12.5

16.9

-93.7

-48.4

39.8

37

8

6

43.947

54

5

114

60.7

100.0

32.2

100.0

32*30*

90.1

27.1

58.9

84.9

46

50.1

10

15.4

32*

39

57.556

53.8

2.3

13.2

18.2100.0

22

122*2.2-34.9 ▼

-

29

17

51

27.4100.08.2

10.7

100.09

52.4

29.2

▼

-281

18

Panmure Gordon & Co Ltd

▼

100.0

91.988.0

38.6

18.652*

10.5

10.448.1

44.0192.330.0

▲15

2

17

94.8

160*

80.0

22.2

-4

14.5

7

37.3

3

97.1

2

98.5

16

18

20 100.0

21

138.8

218.1

23.941.826.2

16.956.0242.5

0

170.4

-85.5

40.9

55.6 -2.7

14*-

7.3251*

25

21.696.6

100.0100.0

90.92325

60.5

100.054.9

19.9414

14.8

65.4

40

2.4

11.0

138.4

--

-50.5

30.53.3

170.8 7

155.8

3.7

12.0

16.6

61.8

0

00

90.8

12.2

▼

-12.9

-2121.1

-

▼ 1.5

▲▲

28.0

4950* 74* 14 5 ▲

22*231* 21266.7

6.666* 14

48

▼

17.4-3

065.4▲ 58.6 -

-

Banca IMI (Intesa Sanpaolo) 50* 61* 14 1 -38.430.5▲SEB 50* 93* 14 7 ▲ 74.9 66.9 - -17.9 ▼ 6.2 68 17.9

14.0%

11.7%

11.7%

10.6% 9.1%

7.8%

7.7%

7.6%

6.4%

5.6%

5.5% 2.3% High Technology

Financials

Industrials

Real Estate



Energy and Power

Healthcare

Materials

Consumer Staples

Retail

Telecommunications

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

$0

$2

$4

$6

$8

$10

$12

# of

Dea

ls

Ran

k Va

lue

(US

$b)


5


krizvi

Highlight

*tieSource: Thomson Reuters/Freeman Consulting ** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region.

US$m

158.6

128.5

▼

UK Small-Cap M&A up to US$50m by Target Industry Jan 1 - Sep 30

126.0


12

-19

-11

▼-13

2

33.1

50.464.7

▼

▲ 13.0

1210

- 11 11

▲

87.6

27* -76.9

27*

27*

▼

▼

-

1.7-

-

▲8.55.3

-

9

▲

-843.7

61.8 46.7

51.7

38.5

39.3

▼

5

▲9

-1

16*1415

1313

▲

14

-1824

6-1

10

13.8

-1

26▼

34.9

187.5▼▼

▼-14-63.6

▲

▲19*

▲

▲

16*

-12.9

-70.6

18

11

3510

10.6

12.52.7

4.9

20

54*

2.9

21

7.8 26

69*1.7

10.5

19

235.4

7

111.1 17522.2

154.217.0

71.092.8▲

24.2

9.637.8

13

▲

▲

▲▲

16.6

9.8

14

12 -

▼

--

94.7 9*11

9*

-

26.7

45.8

23*

19*

59.6

65.4

19*

19*

23*23*

16*

3

Rank

8

11.7

131.6

67136.7

24.8

# of

63

15

2

17 ▼

3

-3

31

▲

Rank

62121*RankGBP m Change (%) Fees

173.5 -

94.657 100.026.6

▲155.9217.747

39-9

250.9

4▼43

-▲


49.9

Advisor

▲

21.2

23.8

27

# of Deals

6.1

8

2016

10.7

-2 ▼

6,024.28,389.4

▼Natixis 37*

19*

12

9

Houlihan Lokey

▲

70*

▲-8

-11111

-23

0

Livingstone Partners 18 19*JP Morgan

25*N+137*

92*16*

3*

9*

Panmure Gordon & Co Ltd

DC AdvisoryM&A International 63.513*

1111

202324

19*15* 3

Ernst & Young LLP▲

19*0

15

13 19

16

00

4

▲

▼9*

14▲

▲

3*

Lazard 12

RSM Corporate Fin LLP

8

Financial Advisor

2

5

3

Benchmark International

Baker Tilly InternationalRothschild & Co

6

18

5

BDO

6

KPMG

PricewaterhouseCoopers 1BCMS Corporate Ltd

Deals

20162015

7

4

143

▲▲

13

UK Small-Cap M&A up to US$50m by Rank Value Range

Rank

Change in

56.3

19*

KBS Corporate Sales Ltd

Hoodless Brennan & Partners

WH Ireland Ltd

Clearwater International

Rank Value2016

▼-81.8

75.3

563.6

▼

▲

136.7

-

32.7

▲

-37.0

115.8

1089.8

-

-58.6

Rank Value

123.15.4 ▲

14.2

15

1

138.5 ▲

▼-80.75



Jan 1 - Sep 30

8

178.8

27.4

6

Exp (%)

▼

-

▲

-


13

-33


1037*19*58*finnCap Ltd

36

Deloitte

31*

19*

19*Clairfield InternationalJefferies LLC

23*

UBS 23*

27*23*Altium Capital Limited

27*

Barclays25*

Cenkos Securities PLC

37*

33*

Catalyst Corporate Finance

Numis

Industry Total

47*

58*

51*

70*

121*

33*

37*

Grant Thornton

Global M&A

-164

31*Deutsche BankBank of America Merrill Lynch 10

8

23*

33*

11

27*

12

37*

58*19*

51*

27*

17

8

15*-

31*

Stockdale Securities LtdGoldman Sachs & Co

33*

Macquarie Group

2,640

3.0

0.8

60.0

1.3

53

100.0

** Fee

100.0

100.0

17*

7.2 38.5

▼

17.7

58.2

100.0100.0

100.0

25.4


17.4

100.0

100.016.2

6.7

3714

19.5

100.0

81*

58*21.4

38.7

2.7

878.6

25.4

92.28.5

50.6

100.0

26.4

Credit Suisse 37.0-3

25.1

2

25*928*

9

5

0

33*

28*

▼

13

8 -7

▼

▲

31*

12

36.2

18.8

▼67.5

▼

0

27*

0

▼

114*

1116.3

▲

▲-

-62.4

94.2

83*

▲

36

▼

- -111.1 -18.2 1.2

26.8

33*

6.4

▼

4.4

75.0

68.3

70.7

20.5

23.9

73*

25.93.923*

47.277.3

5.9

12

283269*1.7

127*0.516.4

742-

13.2

33

85*

23

28.1-

33* -84.4 ▼

1.1

1.533*

- - 12.531*

25.819.3

20.9

69*

417*

22.2

30.2

▼37*

100.0

100.0

UK Involvement Small-Cap Rankings (MM4a)

0

0

0

11.8

14.0

-▼

80.4

31*

91.3

-

188.8

0

0

0

61.9 45.8

18.9 37* -73.4

26.467.9

304.5

6.0

66

▼

▲

-

628*6 6 ▲

▼

58*▼

6 3 ▲

▲-3

6 1 ▲

7 351*

19* 7 -6

6 2

William Blair & Co

6 5 ▲

Lincoln InternationalPiper Jaffray CosUniCreditGP Bullhound LtdCairn Financial Advisers LtdSentio Partners LLP

CitiCFICanaccord GenuityEvercore PartnersBNP Paribas SAMorgan Stanley

46*46*46*46*

42*42*46*46*46*46*

37*

31* 8 -2

42*42*

31* 8 -2

58*

-37* - -37*

37*

54.9

53.57.3

-12.5 ▼

10.5 ▲-7 2

-5

2

7▲

0 0 42* -

-10 ▼ 68.2 50.1▼

37*37*

13* 8

0

0 0 42* -42*

▼ -

▲40.0

0 0 42* - -

555.730.0-

- -0 0 46* - -

0 46*0

24.4 17.0 46* -22.3 ▼29.2 21.0 46* -39.5 ▼

32.7 46* -8.8 ▼93.4 65.8 46* - -43.4

0 0 46* - -12.0 9.1 46* - -

26.7 5 42.93.2 48* 78.03.3 46* 55.0

31 5.012.8 16 68.135.3 3 16.73.7 43 40.75.0 34 24.94.1 40 45.63.0 51* 100.00.1 238* 100.02.2 58* 100.01.1 85* 100.08.0 24 2.6

25 43.97.9

15.9%

12.0%

11.8%

11.3% 11.2%

7.1%

7.0%

6.3%

6.1%

4.0% 3.8% 3.5% High Technology


Real Estate

Industrials

Financials


Healthcare

Retail

Materials

Consumer Staples

Energy and Power

Telecommunications

-

200

400

600

800

1,000

1,200

$0

$1

$1

$2

$2

$3

$3

$4

$4

$5

# of

Dea

ls

Ran

k Va

lue

(US

$b)


6


krizvi

Highlight


- - 100.049*0.5 123*- 102.2

-31* 48* 5 1

78* 5 331*

31* 32* 5Banque Degroof Petercam SA 25* 16* 6

248*11.036.06 -

37*8

4

25* 19* 6 -7 12.2 2.2-

Bryan Garnier & Co 25* 21* 6 -5 12.0

7.4

0 -16.7

11.3

1.325.5

-102*

42*

20*-

27*

▲▲

-10 ▼

2.2

▼

15.0

2.0

JP Morgan

Mazars SA

3* 4

40.5

1.4

12.7-85.3

-

- -

-▼

-

-

-


678*-94.8

-

25*

▼Barclays

-

-

-

39.3

-

-

-

3.0 French Small-Cap M&A up to US$50m by Target Industry

47.7

- Jan 1 - Sep 30100.0

▼

-


323.82.3

26*100.065.7

0.62.0

46*35 100.0

100.0

4.45.7


100.0

5

76*

8

12.0

3.6

14.3

17

29

16.3

▲

-85.0

3

▲

35.6

0

28.1

102.9

-

0

49*

4.5

7.02.0

4.5

37.8

--58.3 1.1

▲-

16

-11.7

26*

2.5

2.0

49* 29.0116* 46.2

21*

4

10.1

7

44*

33

▼11*

-

15*

-60.9

83*

-

-

▼

▼

27*13

-94.7 ▼-

- -

-

-378.2 28

▼

-59.6--

▲-

--24.6

0.3

▼

▲43.419.4

15.3

49.239.4

2.1

7.2

-8.41.7

▼

▲▲

-97.7 ▼

7

24

39.7 -60.2

26.0

2.3

110.7

44.3

123.2

82-

49.7

73.7Change (%)

33

1759

115.0

-9

▼

Rank

7.4

23.926.2

1-29.1

Fees

12

7.6

13*


Rank Value

French Involvement Small-Cap Rankings (MM5a)

30.0

6

Deals

Change in

▲11▲

-6


8

111*

▼

2

-40.857.4

▼

▲

▲

▲

▼

▼

▲

▼

▲

▼

Jones Lang LaSalle Inc

Global M&A

Invest SecuritiesChausson FinanceActicam SAS

8

11

5

2016

Financiere Cambon

3*

Deloitte67

M&A International

▼

7*

# of Deals

3BNP Paribas SA

-33

2 3413*

La Compagnie Financiere

33

Rank

Natixis


9* ▼16

2,333

62*

▲

1

2015

20

12

9▼

3,706.4

5.0-1

▼▲

9*

29.6

0

48.7▼

US$m

34.0 30.0

70.7

37.3

66.2

1

-1

4

55 5

-123

5

26*

5

1111

9

10

81.0 45.8

100.0

100.00

39.7

▼

-12

▲-3

▼

▲▼

-13

-7

6

-2

41*

9

32*

-9

13*24

-7

Linkers

Ernst & Young LLP 3

20*

IMAP17*

13*20*

17* 19*

0

▼

0 0

2

-8

6 -2

34.0

Industry Total 4,144.0



23*23*20*

2.5

25*

▲14

# of

French Small-Cap M&A up to US$50m by Rank Value RangeMM5a - Undisclosed Values & Values up to US$50m

KPMG

Rank

16*25

Rothschild & CoFinancial Advisor

Lazard11*

1

7*9*

13

PricewaterhouseCoopers

UBS

DC Advisory 5 169* 14

Lincoln International12

12

13*Credit Agricole CIB 6

13*

18

32* 12

19

-24

Clearwater InternationalSociete Generale

8

1

61*

46.3

Exp (%)

100.0

50.7

29.4

48

100.0

-

37*

15.9

100.0

13

2016

70.4

** Fee

54.1

Rank

40.9

94.4

59.8

57.5

Rank Value

2.0

Euro mil

2

-

63.2

Advisor

69.6

100.0

100.0100.0

70.5

100.0

41.0

100.0

28.6

24

0

-

-6.1

78*

1.4

15.7

1089*

0

0

--62.1

08*

63.3▼

29* 6

13*

35.657*

6

Jan 1 - Sep 30

70.1

5.0

44.7

-

3

19

23

12

▼

24

▼

▲

2

23

45.0

33.1

78.3

0

1.0

-

16.0


72.6

0

42.0

-

4.1

100.08.1

0 0

-

4.6

5.7

▲

4.2

38.4

--

1.6

6.7

2.5 37*

41*

13.4

0

3

5 5

Canaccord Genuity

Jefferies LLC

-

-

47.9

43.7

Capitalmind 25*

31* 32* 5 -131* -

MBA Capital SARL

BDO 31*-

▲31*

▲▲

▼

▼

654.1

Messier & Associes 0▲

0.9295.6

3.22934

-

-

106*0.4

0▲

2.4

-0 0 -

78*

2016

17.8

-Haitong Securities Co Ltd

▼4

-▼

-18.7

0.4

5

CM-CIC Conseil SAS 31* 78* 5 3 ▲

31* 48*

78* 5 3 ▲Vulcain SAS 31* 78* 5 3

100.0Goldman Sachs & Co 31* 62* 5 2 ▲ 3.0Avolta Partners SARL 31*

-0

19.2%

12.6%

12.5%

10.4%

9.9%

8.1%

7.3%

5.5%

5.5%

4.0% 3.0% 2.0% High Technology

Industrials

Healthcare


Retail

Energy and Power

Real Estate

Financials


Consumer Staples

Materials

Telecommunications

-

100

200

300

400

500

600

700

800

900

1,000

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

$1.4

$1.6

$1.8

$2.0

# of

Dea

ls

Ran

k Va

lue

(US

$b)


7


krizvi

Highlight

*tieSource: Thomson Reuters/Freeman Consulting ** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region.† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.

1.0 59* 100.0

1.5 53* 100.01.2 56* 100.0

1.5 53* 27.36.0 19* 37.5

2.0 41* 7.60.5 78* 23.8

8.5 14 27.815.6 4 63.2

1.0 59* 100.02.0 41* 100.0

15.7 3 42.22.0 41* 100.0

4.7 25* 12.22.5 33* 100.0

2.0 41* 29.02.2 39 100.0

37* 100.00.7 71* 100.03.0 29* 100.0

2.3

0 0 - - -0 0 31* - -

0 0 - - -0 0 31* - -

0 0 - - -0 0 - - -

0 0 31* - -0 0 - - -

0 0 - - -0 0 - - -

0 0 - - -0 0 - - -

0 0 31* - -0 0 31* - -

0 0 31* - -0 0 31* - -

0 0 - - -26.2 23.0 18 -16.8 ▼

34.1 30.0 14 - -41.4 36.5 7 - -

0 31* - -0 0 31* - -

RSM International Ltd 41* 54* 3 1 ▲One Square Advisors GmbH 41* 31* 3 -1 ▼CFI 41* 31* 3 -1 ▼Jefferies LLC 41* 70* 3 2 ▲CBRE Holding SAS 41* 45* 3 0 -Sigma Corporate Finance GmbH 41* - 3 3 ▲Credit Suisse 41* 70* 3 2 ▲BNP Paribas SA 41* 31* 3 -1 ▼Barclays 41* - 3 3 ▲Quarton International 30* - 4 4 ▲Capitalmind 30* 70* 4 3 ▲Stella Capital Advisors LLP 30* - 4 4 ▲Citi 30* 31* 4 0 -perspektiv GmbH 30* 13* 4 -5 ▼Bank of America Merrill Lynch 30* 45* 4 1 ▲Livingstone Partners 30* 16* 4 -3 ▼N+1 30* 13* 4 -5 ▼Cushman & Wakefield Inc 30* - 4 4 ▲Industrial & Comm Bank China 30* - 4 4 ▲Berenberg Bank 30* - 4 4 ▲JP Morgan 25* 54* 5 3 ▲

2.5 33* 100.0

49* 100.08.0 16 20.11.0 59* 100.015 -26.2 ▼

0 0 31* - -31.3

31* - -0 0 31* - -0 0

- - -0 0 31*

Mummert & Company 25* 54* 5 3 ▲goetzpartners Corp Finance 25* 45* 5 2 ▲Deutsche Bank 25* 22* 5 -1 ▼

▲Clairfield International 23* 16* 6 -1 ▼

DC Advisory 19* 16* 7 0 -Allert & Co GmbH 23* 45* 6 3 0 0

28.7

0

-

-

▲10

▲

10

▼-2

▼

0

16.5

0

▼

0

36.0

5

40.2

0

0-

2016

178.4

2015


31*

-97.7

04

-

3

-

Jan 1 - Sep 30

12

** Fee

36

3.0 29*

Exp (%)

-

▲

German Small-Cap M&A up to US$50m by Target Industry

2.0

75.02.5 33* 100.01.9

00

▼42.8

▲

31*

1

31*Euro milUS$m

0

--

19*

422.6

-27

40.5

- -


29*

-

2.3

45*31*

Deloitte

M&A International

Baker Tilly International

-6 ▼

14*12*

7*

Clearwater International 14*

12* 16*

11*28.0

010

▲▼

-31*

26.0-

31*

0-

0

31*0

6.0

-4.9

▲

14*

19*

11.8

16

54*

10

-

▲82.5-

9*

31.231*

16.0

-

-

--

-

-

-

8

29*

2

-

-

31* -

364.1

6

▼

26

▲

--

-

0

1.2

6

18.1

▲

-10

40.5▼

▼

1.1

47.3

38.0

▲

▲

▲

23.0

70.077.4

0

0

11

11*

13

4

22*9*

54

-24

-3

5

11

168

-4

8

8

14-3

8

10* 6

5*

Rank

KPMG

7*1*

Financial Advisor

1*


ACXIT Capital PartnersIEG-Investment Banking

Rothschild & CoErnst & Young LLP

Rank

Concentro Management AG


9*

# of

2

UniCredit

16

14*

3

0

3

24

22

1

3

19


16*

▲

22*

8

▲

45.5

16*

729*

4IMAP

10*

Globalscope

19*



-1▼

41.3

5*

45.6

24

-24

1Deals

Change in

5*

9

16

719*

Commerzbank AG

14*

55.884.2

100.0

4.7

13

51

26.7

52

4.9

49*


1.9

0

Rank Value

Global M&A

2.1Network Corporate Finance

4.9

9.2

1.722*

2.7 31*

German Small-Cap M&A up to US$50m by Rank Value Range

2016

Jan 1 - Sep 30

19*41*

William Blair & Co

7

8.6

2.7

6

17.9

6.08

2▲1093.3

8

19*

Industry Total

BDO -

100.0

31*

40

100.0

89.6

22*

36.5

100.0

41.0711

11.09.5

40.6

100.0

40.381.1

100.0

100.0

22*

84.6

1.6

25*

17

Rank Value

0

-

91.1

100.0


100.0

Rank

German Involvement Small-Cap Rankings (MM6a)

2016

77.3100.0

100.0

7.3

Fees

0

-52

Advisor

1,586 2,534.8 ▲2,824.9

-

--

2.4

1

Lazard 25* 15 5 -3 ▼ 9.63.4

28.828 7.410

Rank# of Deals

▼

Change (%)

23.3%

11.9%

11.3%

10.8%

9.8%

6.6%

6.1%

6.0%

5.3%

4.6% 2.6%

Real Estate

Industrials

High Technology

Healthcare

Financials


Materials

Energy and Power


Retail

Consumer Staples

Telecommunications

-

100

200

300

400

500

600

700

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

$1.4

# of

Dea

ls

Ran

k Va

lue

(US

$b)


8


krizvi

Highlight


1.0 40* 100.0

0.3 89* 100.01.0 40* 100.0

0.5 50* 17.90.5 50* 100.0

1.0 40* 100.00.9 47 100.0

1.0 40* 100.0- - -

2.0 20* 9.50.5 50* 100.0

1.9 28 12.51.0 40* 100.0

1.5 30* 100.01.5 30* 100.0

1.5 30* 5.30.5 50* 100.0

11.81.1 38* 100.02.5 17 100.0

0 0 - - -0 0 - - -

37.5 33.6 9 - -16.1 14.1 21* - -

21.7 20.0 17 10.2 ▲0 0 34* - -

9.5 8.5 25* - -19.0 17.5 18 -24.0 ▼

0 0 34* - -0 0 - - -

0 0 - - -0 0 34* - -

0 0 - - -0 0 34* - -

9.5 8.5 25* - -0 0 - - -

0 0 - - -58.2 52.7 5 12.1 ▲

0 - - -7.9 7.0 - - -

William Blair & Co 36* 43* 2 1 ▲Essentia Advisory Srl 36* - 2 2 ▲New Deal Advisors SpA 36* 43* 2 1 ▲Translink Corporate Finance 36* 22* 2 -2 ▼DC Advisory 36* 29* 2 -1 ▼Globalscope 36* 10* 2 -4 ▼Klecha & Co 36* 22* 2 -2 ▼Liberum Capital 36* - 2 2 ▲goetzpartners Corp Finance 36* - 2 2 ▲Global M&A 36* 43* 2 1 ▲Deutsche Bank 36* 34* 2 0 -Banca Profilo SpA 36* - 2 2 ▲JP Morgan 21* 34* 3 1 ▲M&A International 21* 22* 3 -1 ▼CP Advisors Srl 21* - 3 3 ▲Valore e Capitale Srl 21* - 3 3 ▲Equita SIM SpA 21* 29* 3 0 -

- 3 3 ▲Clairfield International 21* - 3 3 ▲

Bank of America Merrill Lynch 21* 34* 3 1 ▲ 021* 10* 3 -3

22* 3 -19

0

30.5

-

66.6

0

Italian Small-Cap M&A up to US$50m by Target Industry

9.8

11.1

2.1 19

30.5

28.9

64.5

▲

-81.1

34*

11.566.9

3034*

4

1092.1

Euro mil Change (%)

75.2 1Rank

-

2

-

US$m

▼34*

84.4

▲

034* -

-94.8

0

82.5

-1

44.637100.03

0 0

-

▼

▲

34*

▲ 0.4

38.07.2 6.7

▲

-

Fees

519.0

1.3

1

2

Rank

4.8

7

16.0-52.2

▼83.0

7

-

25 ▲17

▲49.1

-

42.5

** Fee

4▲


-38.413*4.9

Advisor

4.2

Change in


6

5

14

10*4

▼

-310*

-

1.4

1.0

2.7

-▲

-


20*

▲

▼ 0

32.4

23

▲-110*17*

-

2.7▼

27.837 100.0

29.6

4.0 12*

34* - 4.0 12*


Industry Total 2,099.1

IMAP

Jan 1 - Sep 30

1

43*-

29*

16*

22*

21*

Leonardo & Co

▲

Kon SpA

Rothschild & Co

4

Vitale & Co SpA

2

Fineurop SpA

6*

17*

3

8*


2016

Rank

118

14.315.9

2.4

4

74.4

40.0

▼7.3

▲

17*

34*

12*

0-

29

--19

89*8

35*

310

11

22*

7

Italian Small-Cap M&A up to US$50m by Rank Value Range

1


# of Deals

KPMGFinancial Advisor

▲

17*

32

8*

5*

55

14

1

5*

2*

6*

▲

06.2

51.5

28.0 18.2

37

48

6

▼

0.32.4

5.6

4

▼

16.0

0

2

34*

770 ▲

10*

-11.75.0

-2

4

6.1

44.67.1

75.0100.0

40*

48.8-

29

4.0

11.4

100.0

Exp (%)

100.0

88

23.0

51.1100.0

100.0

6.6

0.8

Rank Value

9

Rank Value

0

Jan 1 - Sep 30

22.5

32.70

10.5

2016

71.2

Ernst & Young LLP

1

IMAP

4

10

5*BNP Paribas SA 12*

CFI

Mediobanca

16*Deloitte

43*Morgan Stanley

16*

10

16*


12*Lazard

Ethica Corporate Finance SpA

Houlihan Lokey

Citi

Ambromobiliare SpA 21*

14*

21*

Arche Srl 16*

Natixis 21*

21*

FOR Advisory Srl

▲

▲

1

94

5*9

0

▲

1

4

▲1013 8

9

16.5

DealsRank

# of


▲

2* 14 ▲

▲

2015 2016

Banca IMI (Intesa Sanpaolo)

-▲

UniCredit

5

14*

▲

4

6

5

1,879.4 219.7



34

36.3

71.9


Italian Involvement Small-Cap Rankings (MM7a)

34*30*

8

3

-

31

75.1

-

-

--

--

-

-00

UBS

- 1.4-

00

▼

▼3

321*

34*-34*

21* ▲

-530

34*

-

28.0

6.5

13*

00

132.8

- -12

▼

-

138.2

-

30* 100.0

100.0

18.5

2.0

1.51.3

20.935*

1.5

38.1

-

5

-

-

45.2

100.0

32*

0

-2

233

17.8

0 34*

19.0%

15.5%

12.7%

9.4%

9.4%

9.3%

8.6%

3.7%

3.4% 3.4%

3.0% 2.6% Financials

Industrials

Energy and Power



High Technology

Consumer Staples

Healthcare

Materials

Telecommunications

Retail

Real Estate

-

50

100

150

200

250

300

350

$0.0

$0.1

$0.2

$0.3

$0.4

$0.5

$0.6

$0.7

$0.8

$0.9

$1.0

# of

Dea

ls

Ran

k Va

lue

(US

$b)


9


krizvi

Highlight

*tie


1.0 45* 9.8

37* 100.01.0 45* 100.01.0 45* 100.0

1.5

45* 100.014.1 3 44.90.6 62* 100.0

1.0

1.2 42* 100.01.5 37* 100.0

8.9 5 61.0

0.5

45* 100.01.0

1.0 45* 100.0

1.2

45* 100.0

0William Blair & Co 34* 16* 2 0 48* - -

0 0 - - -0 0 - - -

33.5 30.9 19 - -0 0 - - -

0 0 - - -0 0 - - -

35.1 31.4 18 - -0 0 - - -

0 0 48* - -0 0 48* - -

0 0 - - -0 0 - - -

0 - - -0 0 48* - -

Stephens Inc 34* - 2 2 ▲Simbios AB 34* - 2 2 ▲Impello Management AS 34* - 2 2 ▲Newsec Corporate Finance AB 34* 56* 2 1 ▲Jefferies LLC 34* - 2 2 ▲BCMS Corporate Ltd 34* 36* 2 0 -DC Advisory 34* 36* 2 0 -GP Bullhound Ltd 34* 25* 2 -2 ▼N+1 34* 56* 2 1 ▲Citi 34* 36* 2 0 -KBC Group NV 34* - 2 2 ▲Swedbank 34* 56* 2 1 ▲HLP Corporate Finance Oy 34* 16* 2 -3 ▼MCF Corporate Finance GmbH 34* - 2 2 ▲ING 34* 56* 2 1

-

-

327.7

3

-

48*

2

▼

16

-▲

47


1.0

40

-

-

27.7 22 -

▼

▲ -

Nordic Small-Cap M&A up to US$50m by Target Industry

▼▲

-

228.1

▲

▲ 30.00

Nordic Involvement Small-Cap Rankings (MM9a)

Rank

-48*

Rothschild & Co

** Fee

Rank

-

3815* 11* 8 12

-

Jan 1 - Sep 30

-

2

2.3

-6.5

65* 100.01.0

Industry Total

8

-3 ▼

28*

1,462

56* 3

4

56*428*4

6

17*

▲

-3▲

416*

16*

Global M&ADanske Bank

17*Deloitte

21* 28*

10

20 36*

Mid-Capital

Nordea 15* 16*ABG Sundal Collier

77

25*Globalscope

17*

Livingstone Partners 14 28* 69Clearwater International 10* 13* 3Handelsbanken Capital Markets 10* 13*

5310

Translink Corporate Finance -910*10

412

Carnegie 10* 8* -6BDO 128* 2* -13

SEBDNB ASA 8* 11*

137 13* 6

Clairfield International 5 8* -11011

40.744.2 38.515

0

48*

IMAP ▲18

M&A International

19Ernst & Young LLP ▼

78.9

2016

40.2 13KPMG 1

7

9

478.3

-

21.8-

21*

36*

-

32.8

-81.4

391.1

23

6

5.2

17

Rank Value


31*

2.5▲

12.5

29.1

3.0

2.3

-

42.1

100.0

100.0

100.0

Jan 1 - Sep 30

▲

▲

▲

3▲

1

5.9

-

-

▲

-

-

▲

-▲

-61.3

▲

7.4

-

HDR Partners

2

FIH Partners AS

23*Evercore Partners

25*56*

56.3

11*

100.0

26*

34*

58.1

19

45*

25

42* 57.1

18.4

100.0

42*

100.0

1.7

8*

17.4

5.2

-

23*

36

100.0

18.7

18

1.2

1.7

100.0

100.0

10

2.7

6

48*

-

7

27*27*

2

23*

27*

2016

4

4

-

35

48*

▼

▲

▲71.2

0

3

47.0-


1.5

27*34*

36*Goldman Sachs & Co

UBS

27*Advium Corporate Finance

27*CFIArctic Securities ASA

27*RSM Corporate Fin LLP

Morgan Stanley

-

-2

▲

Alpha Corporate Finance

1-1

33

23*

JP Morgan3

1

1

024.7

39.0

▲

2 00

34.7

▲

5

▼

0 -

▲10

10

▼

5

46*

26

2016

▲

2015

Deals

3

6

Rank

-17

1.0

22.9

2

1

61.1

0 48*94.1 83.7

-5

▼

Euro mil

6* -414

1

271

Nordic Small-Cap M&A up to US$50m by Rank Value Range

Rank

▼ ▼Fees


Rank Value

# of Deals

1

Advisor# of

Financial Advisor

Bank of America Merrill Lynch

Change in

▲

2PricewaterhouseCoopers

2*

▲

▲

36*

16*

0

2

-23

95

0

Change (%)

100.0

1.6

85.5

-

33.0

-

-

3

-8.6

-

▼

34

199.1

-

45

80.0

7

61.02

23*

32*

20*


13.3

26.122.9

Exp (%)

2.8

▼46.1

-

-80.3

4

-

▼

▼5

-93.0 ▼

▼

▲-

48*

26

37.0

3.5

14

57.4

2.8

▲

13.44.4

3.9

4

22

20*

70.834*100.0

15*-

1.9

4.4

▲

-

-

-17.9

-

- 6.0

-

283.1

5.9


3,413.6

2.0

15 8*

14.8

7.5

37*

9.1

100.0

29.4

56.6

31.3

1

30.6

11*


2.5

6.0

14.3

7.2

0.4

4.5

37*

37*

24.1

15*

2.0

103* 4.1

45*100.01.5

2.0 26*

1.026*

▲ 36.1

▲

▼

23*

36*-

34*

348*

3 ▲

0

-20.8

2

23.0

0

▲

-

14.8

44.2

10.8

66.9

64.2

0

0

3,053.7

--

155.1

1.51.5


49.3

172.6

US$m

37.7

0

5.2

58.6 51.6

1.6

5.7

72.3

53.2

12.6

43.6

12.2

0

74.9

0

54.5

39.5

32.1

0.9

0

00

0 011.0

8.6 7.9

0

64.9

033.5

22.6%

12.5%

11.8%

9.8%

8.0%

7.3%

6.7%

5.8%

4.9%

4.6% 4.2%

High Technology

Industrials

Real Estate


Energy and Power

Healthcare

Financials

Materials

Retail


Consumer Staples

Telecommunications

-

100

200

300

400

500

600

700

800

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

$1.4

$1.6

$1.8

# of

Dea

ls

Ran

k Va

lue

(US

$b)


11


krizvi

Highlight

*tie

-

Euro mil

2,985.9

3

42.516.9 31

Benelux Small-Cap M&A up to US$50m by Rank Value Range

** Fee

Jan 1 - Sep 30

▲

▼

--

244.7

▲

5

22*

2

19*

21*

3

4

6

11

6 0

10822*

1

89

27

33*

Deals # of Deals

11*1 13

13

▼

1323

94.2

0

43*

16.9

38.0▼

0

-

-


▲

6.0

14

10

# of Change in

36*

100.0

30

16*

37.1

79.5

7.22.4

18.4

44*

4.0

-

-77.3

--65.5

-

-34.9

Benelux Involvement Small-Cap Rankings (MM10a)

27

352.4

▼▼▲

-0

▲ 40

-312

4

2.3

-

55

Quore Capital

▲

12

-15

Industry Total

14*19.6

▲

Lincoln International 33*


https://www.thomsonone.com ** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region.

0

-

62.5

2,679.5

20*

100.043*

Benelux Small-Cap M&A up to US$50m by Target Industry

28.5

-

43*0

11

-0

2.5

39*

20*

21*

1,285

1- 36*-

43*-

-241.3

0

▲ -0

0 43*-- 8.0▲

-

▲

0

15

43*

3044.2

0

▲

63.943*

19.3

▲

-200

33.2 29.7

-3

-

0 04141.272.1

105.4

114.4

0

-44.4

-

▲ 1

0 43*12

▼43*

▲ 18.8-5

35.629.0

-8▲

▼3

5*0

2*4

18

23

5

2015

2

2016

14*

Rank

4

ING

6

Rothschild & CoErnst & Young LLPBNP Paribas SA

KPMGRabobank NV

IMAP

1 2*Financial Advisor

Baker Tilly International22.5-4

7*7*

Deloitte9*

Lazard


1

7

14

16

M&A InternationalCapitalmind 13*

PricewaterhouseCoopers 13*CFI 9*

Bank of America Merrill Lynch 13*

16

Houlihan Lokey

5*

22*

17

RBS

21*19*

18

Globalscope

William Blair & Co

8.2

0Nielen Schuman BV

Goldman Sachs & Co

39*

UniCredit

Jones Lang LaSalle Inc

0

0

18*

8

2*


9*27.713

5

Rank Value

12

30.0

100.0

67.9

▼

▼

-▼

-14

82.4

- 3.5▲

43*

BDO 9*

49.1

19.6

22

38*7

31

13

-

80.538.4


26.3

--15.4

24

US$m Change (%)


39.9

100.0▲

2.0

15

2

-

7

416.9

100.0

77.4

9

16*33.3

3.8

100.08.2

6.918*

100.0

9.622.6

1

51.8

-

53.8

▼

45.7

6

10*

0

Rank

16.9

- 6.16.4

1.4

25*

6.1

Exp (%)

43

Fees

42.1

Advisor 2016

Rank

64.259.7

100.0

2

3

25*

9.265.0

8

100.0

8.7

53

2016

-

- 20.9▼

▼-

9▲

2 -


▼-

--

177

▲

0

BCMS Corporate Ltd 32* 39*

DC Advisory

Cushman & Wakefield Inc 32* -

Evercore Partners

25* 51*

32* 67*CBRE Holding SASClairfield International 32*

0

61.9

0

Jan 1 - Sep 30

23

-

-

-54*

0

Rank Value

-

3

14.5

0 0 43*0

54.1

49*

4.6

23.9

3 -4 ▼ -3

2.50 43*

-0

UBS 32* 33* 31.3

-3 3

34.7Deutsche Bank 32*

18*- 6.0▼ 39.039* 3

14▲ 16.6 46.4-

-124

14.8

-00 - 0

47.2

43*4.2

100.0

43*5.4-

--

00

39*

11*

Rank

38

32*Barclays

39* 3 0-

0

0332*

43* 5.8

0 8.0-62.1220

25* 22* 4 -2 ▼ 3.74.0- 25*049.6- -

3.0

20

-

-0

12.00

-25* 33* 4 0

13.2-

4 2 ▲25* 17 4 -5 ▼ -43* - 100.0

49* 88.22.0 44*

13.864*0.8

NIBC NV 25* 14* 4 -6 ▼7.7

1.5- -

- 100.0- -

44*25* 22* 4 -2 ▼ 330 0

La Compagnie Financiere 25* 51* 4 2 00Credit Suisse

043*

- 4.0 55.60 43* -- 2.0

10*

-

1.5

▼

-

-

0

▲43*

0 43*

Banque Degroof Petercam SA 21* 13 5 -6

16.6%

12.2%

10.1%

9.4% 9.0%

9.0%

8.8%

6.8%

5.9%

5.8%


High Technology

Industrials

Energy and Power

Materials

Healthcare

Retail

Real Estate



Consumer Staples

Telecommunications

-

50

100

150

200

250

300

350

400

450

500

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

$1.4

# of

Dea

ls

Ran

k Va

lue

(US

$b)


12


krizvi

Highlight


0.5 41* 9.6

6.3 2 100.00.1 80* 100.0

0.5 41* 100.00.5 41* 2.9

0.5 41* 100.00.5 41* 100.0

1.0 24* 100.01.0 24* 100.0

3.3 10 100.01.0 24* 100.0

1.0 24* 100.00.6 37* 100.0

1.6 17* 100.01.4 22 48.3

8.1 7.2 24 153.1 ▲0 0 30* - -

0 0 30* - -12.6 11.0 21 - -

0 0 - - -0 0 30* - -

0 0 30* - -0 0 30* - -

-0 0 - - -

7 - -13.6 12.0 19 - -

0

47* 2 1 ▲UniCredit 20* 13* 2 -5 ▼

CFI 13* 6* 3 -7 ▼Jones Lang LaSalle Inc 13* 47* 3 2 ▲

29.6

Colliers Macaulay Nicholls 20* - 2 2 ▲

26.9 10 166.7 ▲

Global M&A 20* 20* 2 -1 ▼Danske Bank 20* - 2 2 ▲

Aday Bagimsiz Denetim 20*

20* 28* 2 0 -

▼

Swedbank 20* -Lincoln International

▼

28.0

0

▲

▼-

▼

PRAGMA Corporate Finance 20* 17* 22 1FIDEA

Euro mil

20* 47* ▲2 2 ▲

DC Advisory 20* 28* 2 0

Azimutus SA 20* 20*

26.9Rank

Rank Value

- -


23

30*

Eastern European Small-Cap M&A up to US$50m by Target Industry Jan 1 - Sep 30

▲

11

-17

# of Deals

Eastern European Small-Cap M&A up to US$50m by Rank Value Range

1.3 137.5


41.8▲7

28*



0 0

-

0

-

47*

** Fee

6

0.6

1.6

1

Globalscope-

-

23

11*41*

1.6

-

13*

10

Deals

33


9.3

3,515.2

-13.1-

1.2

▼

Fees

4.7

2015

▲

Advisor

14

15*

34.6

0.5

2 -1

-0 0 -

31.6

-2

30* -

-

30*18

Jan 1 - Sep 30

-

-

84.8

-

1.8

- -

6.02.03.6

- 2.5-

---

Industry Total


3,916.42,597

Eastern Europe Involvement Small-Cap Rankings (MM16a)

Rank ValueChange in

1

3

VTB Capital 20* 11* 2 -6 ▼

KBC Group NV 11*

2016

Rank

5

8*

8*

Financial Advisor

19

3

21.30

6.5

6

9

7

-21

-12

34.2

-2-2

1▼

▼ 36.1

-9

0

0

0

05.8

013.6

018.3

Rank

2016

9.8

▼

▲

# of

0

0

16.3

2*

528*

0

14.9

04

0

0

▲

11.2

-44

2

▲

▲

▼

▼

▲

▼

▲

▼-2

1

9*

2*

-1

-11

3

4

3

98

47*9*8

▲

▼

6*5

4

Rothschild & Co

13*Cushman & Wakefield Inc

JP MorganDeutsche Bank

28*47*

13*Erste Group

321

3

413* 17*

47*9*

BDO1

IMAP3*

2KPMG

3*PricewaterhouseCoopers

7


Industrial & Comm Bank China

6

9*

BNP Paribas SAErnst & Young LLPDeloitte

M&A International

13*

19.0

0

0


100.0

29.4

33.1


Exp (%)

64.0

59.2

24.3

-

50.4-82.2

100.0

100.0

100.0

35*

15*

100.0

66.737*

88.9

100.0

2016

100.034.7

9

3*

5

43.8

▲237.9

30*

14*

30*

-

30*

3

30*

30*

0 0

-

Change (%)

0.9

30.5 4

-

-

-▼

-

Rank

0.74.5

▲17*

12.9

- 2.5

32*

100.0- 11*

17*

1.8

- -

Bank of America Merrill Lynch 20* 13* 2 -5

US$m

14.8%

13.0%

12.8%

11.1% 10.1%

8.0%

6.8%

6.4%

5.7%

5.3% 4.2%

Financials

Energy and Power

Consumer Staples

Industrials

Materials

Real Estate


High Technology


Retail

Healthcare

Telecommunications

-

200

400

600

800

1,000

1,200

1,400

1,600

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

# of

Dea

ls

Ran

k Va

lue

(US

$b)


13


krizvi

Highlight

*tie


0.3 45* 100.07.7 3 33.8

- - -0.7 23* 100.0

-- - -

0.2 50* 2.9

100.00.8 22 40.00.4 39* 25.0

-2.7 9* 3.8- - -

0 - - -

- -

0.7 23*

- -

17.2 28 -58.9 ▼12.0 - - -

Euroz Securities Ltd 16* 35* 2 1 ▲UBS 16* 9* 2 -2 ▼RBC Capital Markets 16* 35* 2 1 ▲Generational Equity 16* - 2 2 ▲Flagstaff Partners Pty Ltd 16* 35* 2 1 ▲Miles Advisory Partners 16* 23* 2 0 -Peel Hunt LLP 16* - 2 2 ▲DC Advisory 16* 35* 2 1 ▲Fort Street Advisers 16* 16* 2 -1 ▼Somerley 16* - 2 2 ▲Allier Capital 16* 6* 2 -3 ▼Rabobank NV 16* - 2 2 ▲Bank of America Merrill Lynch 16* 35* 2 1 ▲

51.3 3 800.0 ▲50.0 4 12.9 ▲

53* - -0 - - -0

0 - - -

10.3 34* - -00 - - -

- --

0 53* - -8.8 - - -

16*

32.8

8*Credit Suisse

16

Rank Value

24

82.9▼

25.0 25*▲

8*

6*

8*

12*

2 -

4

▼32*

6*

36.5

2

35*0

16*

-4.7

12*

▲

35* 2

Rank

3

3


2016

3 6*

Rank

1,088

▲▲2

▼

US$m Rank

▲

-62.437.2

5.9


Jan 1 - Sep 30Australia/New Zealand Small-Cap M&A up to US$50m by Target Industry

▲4.0

47.1

Rank Value

10.2

** Fee

50.0▼ 2.711

5

Australia/New Zealand Small-Cap M&A up to US$50m by Rank Value Range

2016

Deals


Advisor

Exp (%)


Australia/New Zealand Involvement Small-Cap Rankings (MM11a)


9*

7

Rank

▲229.6 29.0

19*

428.2

3.0

0

▲43.9

8 ▼

Citi30

11.216* 5

6Lazard

-57.8

118

-

▼

-

-

4

-

-11.1

53*

910

0.7159.0

0.6

-

▲

-

▲

-3

0 --

▼-

11.2

21*-

-

2332.3

15.8

25.8

-

-

-

4.8

▲

-

--

28*28*

-45*

-77.6-34.6

15.0

1.0

Change (%)

29.9

100.0

2015 Change in 2016

-1228

# of

Fees

-

24.9

0.6

18

-

- 39*-

100.0-

10.0

4

Clairfield International 12*35* 3

- 34

3

Financial Advisor

5

KPMG

1

6*

Rothschild & Co

1

9*

Moelis & CoBDO

207.01710

4

97

▲

46.0▼

4

Jan 1 - Sep 30

▲2


Goldman Sachs & Co

# of Deals

16*

2

8*

35*

▲

16*2.1

-53*

Macquarie Group

DeloitteHaywood Securities Ltd.

12*

Morgan Stanley

23*Houlihan Lokey

2Investec


16*

3

▼

21

2

-141

Industry Total

Grant Samuel

16* ▲

Greenstone Partners

Ernst & Young LLP


4

2

9*

5

-72

2.6

2.0

32.868.6


13.9

21.4

100.0

186.7

12*

0.3

23*

6.3

100.0

3

0

1

12*

-Deutsche Bank 23*16* 7.8

▲

▲ ▼0

-6.84,903.9

-

▼ 21.2

2.0

-

0.4

4.4

0.3 45*22 2

35* 2

-81.453* - -

7.3 40

0 - -

100.00.2 50* 12.52.0 12*

18.5%

13.1%

10.0%

8.9% 8.8%

8.1%

7.1%

6.7%

6.4%

6.2%

4.8% Materials

Industrials

High Technology



Real Estate

Energy and Power

Financials

Consumer Staples

Healthcare

Retail

Telecommunications

-

100

200

300

400

500

600

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

# of

Dea

ls

Ran

k Va

lue

(US

$b)


16


krizvi

Highlight


Translink Corporate Finance 15* 2* 2 -10 ▼Goldman Sachs & Co 15* 16* 2 -1 ▼Societe Generale 15* 24* 2 0 -M&A International 15* 37* 2 1 ▲

37.5 10

MM21a - Undisclosed Values & Values up to US$50m Jan 1 - Sep 30

Change in


ICICI Bank Ltd 4*

2016 2015 # of

Indian Involvement Small-Cap Rankings (MM21a)First Nine Months 2016 │ Small-Cap M&A Up To US$50m │ Financial Advisors


2016 ** Fee

Indian Small-Cap M&A up to US$50m by Rank Value Range

Rank Value 2016 Rank Value Advisor

Financial Advisor Rank Rank Deals # of Deals US$m Rank Change (%) Fees Rank Exp (%)

Ernst & Young LLP 1 1 20 -10 ▼ 98.5 1 -19.1KPMG 2 2* 9 -3 ▼ 2 5.9 ▲ 1.4 9

▼ 1.5 7*

PricewaterhouseCoopers 3 2* 7 -5 ▼ 50.8 670.1

-24.3 ▼ 0.8 12 72.716* 6 3 ▲ 62.4 3 38*

60.3 4 -9.987.4 ▲ 0.2

▼ 0.6Axis Bank Ltd 4* 7 6 -1 ▼▲ 1.6

6.214*Globalscope 4* 37* 6 5 ▲ 59.7 6 100.05

0.1 45*9 23.5 1.5115.5

JM Financial Group 7* 16* 4 1 ▲Deloitte 7* 9* 4 0 ▲ 38* 50.0Avendus Capital Pvt Ltd 7* 2* 4 -8 25▼ 4.0Kotak Mahindra Bank Ltd 10* 16* 3 0 32*- 41.3 ▼

0.3 34* 8.613.8

o3 Capital Advisors Pvt Ltd 10* 6 3 -5 20.4Clairfield International 10* 16* 3 0 20 -21.8 ▼GCA Corp 10* 37* 3 2 32*-▲ 26.5

- 11.5- 0.4

1.3100.0

10 100.0

▼ 0Jefferies LLC 10* 24* 3 1 ▲

6.40 31*

15* 16* 2 -1 31*

Jan 1 - Sep 30




18.3

Indian Small-Cap M&A up to US$50m by Target Industry

7*

0.2

100.0

100.014.3

1.5Rothschild & Co 0.5- - 17*

14* 100.0▼

▼0.4

- 24.0 15▲

-53.417 0.6

788.9-97.8

-2.0

100.0

4*

45*

100.0-

0 31* - -

38.9

0.10 - - --

-

8

-

-54.1

Ambit Corporate Finance 15* 9* 2 -2


2▲

▼Standard Chartered PLC 15* ▲- 2

-0 -

-14

RBC Capital Markets 15* - 2 2

▼

Yes Bank Ltd 15* - 2 2 ▲ 17.4 18 - - 0.1 45* 100.0Arma Partners LLP 15* 24* 2 0 - 0 31* - - 7.3 1 100.0Corporate Finance Associates 15* 37* 2 1 ▲ 0 - - - 0.3 34* 100.0Signal Hill Capital Group LLC 15* 24* 2 0 - 33.8 11 69.0 ▲ 0.3 34* 100.0BCMS Corporate Ltd 15* 37* 2 1 ▲ 13.8 19 -Lazard 15* 9* 2 -2 ▼ 6.1 2

- 0.5 17* 100.0

-12.7

0 31* - --66.6 ▼

31.4 12

▼ 59.1 24.6

100.0

885 15 ▲ 3,012.6

210.9 ▲0.5 17* 100.0

0 31* - -7.8 23 - -

0.2 38* 3.85.1 3 100.00.6 14* 100.0

Industry Total

15.4%

11.3%

11.0%

10.8% 10.0%

9.9%

9.5%

9.2%

5.9%


Industrials

Healthcare

Materials

Energy and Power


Retail

High Technology


Consumer Staples

Real Estate

Telecommunications

-

50

100

150

200

250

300

350

400

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

Ran

k Va

lue

(US

$b)


# of

Dea

ls

20


krizvi

Highlight

reuters /lucas jackson small cap m&a review€¦ · worldwide announced small-cap m&a deals...

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