2009 Key Highlights

  • The largest transaction for 2009 was TPG Capital and CPP Investment Board who will acquire IMS Health Incorporated for $4.01 billion.
  • The most active buyer in the Private Equity Deals Only by way of volume of transactions either purchased direct or through partner or affiliated business announced for 2009 with 9 transactions to their credit was The Carlyle Group.
  • The segment with the largest transaction volume for 2009 was Health & Pharmaceutics with 36 transactions.

2009 vs. 2008 Key Trends

  • Total transaction volume in 2009 decreased by 11 percent over 2008 from 225 in 2008 to 200 in 2009.
  • Total transaction value in 2009 decreased by 25 percent over 2008, from $22.42 billion in 2008 to $16.78 billion in 2009.

2004-2009 Market Overview

Out of 1,475 transactions tracked by Berkery Noyes between 2004 and 2009 we determined the aggregate enterprise values paid for transactions, where the values of 568 were disclosed, to be $220.27 billion. Based on known enterprise values, using a logarithmic scale, we project values of 907 undisclosed transactions to be $49.00 billion for a combined total of $269.27 billion over the past six years.

Berkery, Noyes determined that the nearly one-third of companies sold between 2004 and 2009 received enterprise values between $12 million to $90 million.

Disclosed median multiples between 2004 and 2009 for all segments combined in this report was 11.20 times EBITDA and 1.89 times revenue.