1ST HALF 2013 KEY HIGHLIGHTS
- The largest transaction for 1st Half 2013 was BC Partners’ announced acquisition of Springer Science & Business Media for $4.42 billion.
- The most active acquirer in the Media & Marketing Industry year-to-date was WPP Group, plc with nine transactions. Other active acquirers during 1st Half 2013 were Dentsu Inc. with eight transactions and Reed Elsevier Group plc with seven transactions.
- There were 67 financially sponsored transactions with an aggregate value of $9.13 billion, representing eight percent of the total volume and 30 percent of the total value, respectively.
1ST HALF 2013 KEY TRENDS
- Total transaction volume in 1st Half 2013 decreased by less than one percent over 2nd Half 2012, from 800 to 794.
- Total transaction value in 1st Half 2013 fell by 37 percent over 2nd Half 2012, from $47.37 billion to $29.45 billion.
- There were six transactions above the $1 billion threshold in both 1st Half 2013 and 1st Half 2012, compared to 11 such deals in 2nd Half 2012.
- The median revenue multiple increased from 1.6x in 2nd Half 2012 to 2.1x in 1st Half 2013. The median EBITDA multiple remained constant at 8.3x.
- The segment with the largest rise in volume in 1st Half 2013 over 2nd Half 2012 was Consumer Publishing with an increase of 21 percent, from 73 transactions in 2nd Half 2012 to 88 transactions in 1st Half 2013.
M&A Market Overview
Berkery Noyes tracked 4,044 transactions between 2011 and 1st Half 2013, of which 1,077 disclosed financial terms, and calculated the aggregate transaction value to be $136.37 billion. Based on known transaction values, we project values of 2,967 undisclosed transactions to be $36.41 billion, totaling $172.78 billion worth of transactions tracked over the past two and a half years.
Disclosed median enterprise value multiples for all segments combined in this report during the last 30 months were 1.8x revenue and 9.0x EBITDA.