1. SEE WHATS NOTEWORTHY IN PRIVATE EQUITY THIS WEEK /// ISSUE 98
DIGEST100
June 21, 2013
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Google’s Acquisition Strategy May Tap
PE Firms
Family Office Dealflow Hurdle;
Investec Survey
European PE Finds the IPO Exit
Cleantech Investment No Longer Just
For VCs
German Publishing Deal Breaks 7 Year
Record
Quote of the Week: Adding value

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Google’s Acquisition Strategy May
Tap PE Firms
Bloomberg reported that Google, which has been on the acquisition trail of late, is considering working
with PE companies to improve its M&A process and structure its deals. Dan Primack in his Term Sheet
blog questions the value of partnering with PE firms, pointing out that Yahoo boosted its M&A team
by putting industry insiders on the payroll. He argues Google doesn’t need the cash that PE partnering
would provide, and it can hire the acumen like Yahoo did if that’s what’s really necessary. The benefit of
is that Google would not dilute the risk/reward ratio, that is it would be more profitable to keep going it
alone.
(Image Source: Bloomberg
Family Office Dealflow Hurdle;
Investec Survey
This week unquote has a review of Family Office and
PE trends, discussing the results of an Investec survey.
It quotes the survey author’s comment that the survey
raised a lot of questions in addition to revealing insight
into Family Office investment preferences. It says that
the respondents desire to see more deals in the oil and
gas sector and that they are “hugely optimistic” hoping
to complete one to five deals this year in the face of a
lack of quality deals and fairly low dealflow. Most sur-
veyed view fewer than 20 investment opportunities per
year. Investec said it all comes down to dealflow and
without access to high quality deal origination, expertise and desire alone will not complete successful
deals. Find the Investec survey report here.

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European PE Finds the IPO Exit
It looks like PE-backed initial public offerings are returning after a long period when buyout firms
faced skepticism from investors and in the meantime sought exits via sales to rivals, reports eFinan-
cial News. The IPO wave was kicked off by the HellermannTyton floatation, a UK cable-tie company
that was backed by Doughty Hanson. It also says that BC Partners is expected to float Foxtons, the
London estate agent. While these two are in the UK, the report suggests it’s a European trend too.
Apparently, PE backed IPOs have been among the best-performing IPOs in the past two years. It is a
change in sentiment, not necessarily a structural change in the market, according to the report.qual-
ity deal origination, expertise and desire alone will not complete successful deals. Find the Investec
survey report here.
Time was when the only way to access clean energy investment was to become a venture capitalist or
an LP in a VC fund. But that has changed dramatically in the past few years. “Today, there are ‘clean’
investment opportunities available across all asset classes: fixed income, public equities and alter-
natives.” It is this change that spurred Capital Dynamics to publish a lengthy ebook , along with PEI,
about clean energy investment. It is a collection of essays by several clean energy experts who share
their views and expertise on the category. They look at the types of financing in use today, asset allo-
cation strategies, the clean energy technologies and segments, the legal and regulatory environment
for alternative energy investment and the role of private equity, as well as institutional investors in the
various forms of financing. It is a useful resource for those interested in learning more about clean
energy investment, particular those interested in a global approach.
Cleantech Investment No Longer
Just For VCs

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New Trend: LPs Seek Local Manag-
ers in Emerging Markets; PEI
German Publishing Deal Breaks 7
Year Record
This week’s deal of the week is the buyout of a publishing company Springer Science+Business Me-
dia by BC Partners. Reuters reports that the seller was another private equity group and the price is
USD 4.4 billion. It was the largest private-equity acquisition in Germany for seven years, said Reuters.
In another article Reuters reported that it raised USD 2.5 billion to fund the deal, a sign of a change
in deal financing trends. The WSJ has an article that discusses the return of cheap debt, offering a a
number of recent examples.
Quote of the Week: ADDING VALUE
Our experience has been that private equity buyouts provide the opportu-
nity to incentivise and lead labour in much more efficient and innovative
ways, rather than simply taking an axe to the workforce. The staggering
inefficiencies that are inherent in many companies today regardless of
size and maturity, and the opportunity to point a company in a new direc-
tion is where private equity really can add value.
Who said it: Alex Barr is manager of the Aberdeen Private Equity Fund
In Context: : In an editorial in the FT the rising stock market and its im-
pact on PE is discussed. On the one hand, it improves the exit strategy
for investors as the IPO window opens and appetite for shares increases. It also enables higher valua-
tions of portfolio companies on the books using data from comparable publicly traded companies. On
the other hand, a rising stock market means it becomes more difficult to do take-privates because pric-
es are higher. Barr writes in the second half points to other sources of dealflow for PE investors, mak-
ing the case that a lot of value can be created by improving inefficiencies. He says that it is not the same
as job-slashing and says that PE’s reputation for that is unjustified. (Image source: fundweb.co.uk)
Where we found it: Financial Times

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