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Trend Reports

2011 Full Year

 
 

2011 l Full Year l Trends Report l Private Equity Industry

Thursday, January 26, 2012

2011 Key Highlights

  • Kohlberg Kravis Roberts & Co., Technology Crossover Ventures and Silver Lake Partners' announced acquisition of GoDaddy. com was the largest transaction for 2011, with an acquisition price of $2.25 billion.
  • The most active acquirer was Vista Equity Partners with 19 acquisitions: VaultWare, 360Facility, Beyond Compliance Inc., AngelPoints, Inc., Mitratech, Inc., Emerging Information Systems, Inc., Rainmaker Software, LLC, Bostonpost Technology, PowerPath from Elekta AB, Trade and Risk Management Business from Thomson Reuters, Sage Healthcare, CompuLaw LLC, Client Profiles, Inc., CyberShift, Inc., Workspeed Management, LLC, WellPoint Systems, Inc., EXPLORER Software Solutions Ltd., Siterra Corporation and GeoLearning, Inc.

2011 Key Trends

  • Total transaction volume in 2011 increased by 16 percent over 2010, from 336 in 2010 to 389 in 2011.
  • Total transaction value in 2011 increased by 28 percent over 2010, from $28.69 billion in 2010 to $36.75 billion in 2011.
  • The median revenue multiple remained nearly the same, going from 1.7x in 2010 to 1.8x in 2011, while the median EBITDA multiple decreased from 10.2x to 9.1x.

M&A Market Overview

Berkery Noyes tracked 1,002 transactions between 2009 and 2011, of which 302 disclosed financial terms, and calculated the aggregate transaction value to be $65.31 billion. Based on known transaction values, we project values of 700 undisclosed transactions to be $16.73 billion, totaling $82.04 billion worth of transactions tracked over the past three years.

The largest transaction tracked by Berkery Noyes between 2009 and 2011 was TPG Capital and CPP Investment Board’s acquisition of IMS Health Incorporated for $5.06 billion.



 

Transaction Volume/Value & Multiples

Transactional Analysis

M&A Dynamics by Acquirer Type

Purchaser Analysis

Transactions Involving an Online Component

Footnotes