Third Quarter Key Highlights
- The most active acquirers in Q3 2011 were Welsh, Carson, Anderson & Stowe, Accenture, GTCR, LLC, SunGuard Data Systems Inc., TPG Capital, and Emblaze Ltd., with 2 acquisitions each.
- MacAndrews & Forbes Holdings Inc.’s announced merger with M&F Worldwide Corp. was the largest transaction for Q3 2011, with an acquisition price of $2.3 billion.
- There were 32 financially sponsored transactions through Q3 2011 with an aggregate value of $3.44 billion, representing 17 percent of the total volume and 26 percent of the total value, respectively.
Third Quarter Key Trends
- Total transaction volume in Q3 2011 increased by 31 percent from Q2 2011, from 55 to 72 transactions.
- Total transaction value in Q3 2011 increased by 31 percent from Q2 2011, from $4.8 billion to $6.3 billion.
Multiples & Value Trends
- Median EBITDA multiples from 2010 to the first nine months of 2011 went from 13.5 to 12.8, a 5 percent decrease, while median revenue multiples rose from 2.4 to 2.6, an 8 percent increase.
- Median value saw a significant increase, in line with the overall increase in transaction value during this time period.
Top Ten Deals Through Q3 2011
- The top ten deals by value have increased, with three acquisitions entering the list from Q3 2011: MacAndrews & Forbes Holdings Inc.’s acquisition of M&F Worldwide Corp., Bankers’ Almanac’s acquisition of Accuity, Inc., and Welsh, Carson, Anderson & Stowe’s acquisition of Triple Point Technology, Inc.
- These three acquisitions, with an aggregate value of $3.3 billion, represent 12 percent of transaction value in the 1st 3 Quarters of 2011, and 52 percent of Q3 2011 transaction value.