The following report details mergers and acquisitions activity in North America in January 2014 using data from the Zephyr database. It focuses on deal activity by target company.

1. Zephyr Monthly M&A Report
North America, January 2014

2. Zephyr Monthly M&A Report
North America, January 2014
The following report details
mergers and acquisitions
activity in North America in
January 2014 using data from
the Zephyr database.
It focuses on deal activity by target company.
Click here to access the raw data in an Excel
spreadsheet.
North American M&A value down on
December
The value of mergers and acquisitions (M&A)
targeting companies based in North America
during January decreased 25 per cent month-onmonth, but was still up on a year ago.
There were 1,063 deals worth a combined USD
91,591 million in the four weeks under review,
compared to USD 122,616 million in December
2013 and USD 75,576 million in January 2013.
Despite the decline month-on-month, value
remained higher than November, when dealmaking
worth USD 83,244 million was recorded across
1,175 deals.
As usual, targets in the US made up the majority
of the region’s deals for the month. In total,
the country had 812 deals worth USD 83,948
million over the four weeks. This also represents
a decrease on last month in terms of both volume
and value (December 2013: 863 deals worth USD
113,125 million).
North America deals by volume and value
Announced date
No of deals
Total deal value
(mil USD)
Jan-14
1,063
91,591
Dec-13
1,237
122,616
Nov-13
1,175
83,244
Oct-13
1,310
103,410
Sep-13
1,141
203,035
Aug-13
1,207
97,430
Jul-13
1,280
133,639
Jun-13
1,153
116,813
May-13
1,272
102,295
Apr-13
1,218
74,897
Mar-13
1,155
54,307
Feb-13
1,073
137,194
Jan-13
1,605
75,576
Canada followed the same pattern, as volume
declined by a third and value by a fifth over the
four weeks to 251 deals worth an aggregate USD
7,643 million.
Page 1
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Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed
financial information on companies. For more information visit www.zephyrdealdata.com.
Contact
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Zephyr Editorial: zephyreditorial@bvdinfo.com
You are free to use any data or commentary
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source is cited as “Zephyr published by BvD”

3. Zephyr Monthly M&A Report
North America, January 2014
US deals by volume and value
Canada deals by volume and value
Announced date
No of deals
Total deal value
(mil USD)
Announced date
No of deals
Total deal value
(mil USD)
Jan-14
812
83,948
Jan-14
251
7,643
Dec-13
863
113,125
Dec-13
376
9,571
Nov-13
845
69,423
Nov-13
330
13,821
Oct-13
987
94,487
Oct-13
322
8,924
Sep-13
850
197,064
Sep-13
290
5,971
Aug-13
911
89,632
Aug-13
295
7,798
Jul-13
966
114,748
Jul-13
316
18,891
Jun-13
891
101,640
Jun-13
262
15,173
May-13
976
96,377
May-13
296
5,900
Apr-13
893
68,376
Apr-13
325
6,521
Mar-13
865
46,713
Mar-13
290
7,128
Feb-13
776
128,980
Feb-13
297
8,214
Jan-13
1,278
63,073
Jan-13
329
12,605
Page 2
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Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed
financial information on companies. For more information visit www.zephyrdealdata.com.
Contact
+44 161 838 9554
Zephyr Editorial: zephyreditorial@bvdinfo.com
You are free to use any data or commentary
from this report in your articles as long as the
source is cited as “Zephyr published by BvD”

4. Zephyr Monthly M&A Report
North America, January 2014
North America deals by volume and value
250,000
1,800
1,600
Deal value (mil USD)
200,000
1,400
1,200
150,000
1,000
800
100,000
600
400
50,000
200
0
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Aggregate deal value(mil USD)
Page 3
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financial information on companies. For more information visit www.zephyrdealdata.com.
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
0
Number of deals
Contact
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source is cited as “Zephyr published by BvD”

5. Zephyr Monthly M&A Report
North America, January 2014
Whiskey maker Beam is January’s top deal by value
Chemicals sector M&A value rises in January
January’s top sector was the machinery, equipment, furniture and recycling
industry, which was targeted in 124 deals worth a combined USD 18,225
million.
The chemicals, rubber and plastics sector was one of the biggest risers in
terms of value in January, as dealmaking increased from USD 3,187 million in
December to USD 13,679 million.
By value it was followed by food, beverages and tobacco on USD 16,173
million. This is perhaps unsurprising given that the month’s most valuable
deal involved alcoholic spirits manufacturer Beam, best known for its Jim
Beam range of whiskey, which has agreed to be bought by Japanese peer
Suntory for USD 16,000 million in a deal expected to close during the second
quarter of this year.
Sectors in which M&A value increased month-on-month include machinery,
equipment, furniture and recycling (December: USD 15,119 million, January:
USD 18,225 million) and food, beverages and tobacco (December: USD 713
million, January: USD 16,173 million), as well as wood, cork, paper, hotels
and restaurants, education and health, insurance and metals.
The number two transaction by value came some way behind and involved
Carlyle Group agreeing to buy New Jersey-headquartered in-vitro diagnostics
maker Ortho-Clinical Diagnostics for USD 4,150 million.
In terms of volume, M&A dealmaking targeting almost all the sectors declined
month-on-month; though notable exceptions include chemicals, rubber and
plastics, food, beverages and tobacco, insurance and wood, cork and paper.
US targets again accounted for the lion’s share of the top 20 deals by value
with Canadian companies targeted in just one of these. This deal involved
Vancouver-based gold, silver, copper, lead and zinc explorer Goldcorp’s hostile
USD 2,390 million-approach for Osisko Mining.
Page 4
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Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed
financial information on companies. For more information visit www.zephyrdealdata.com.
Contact
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source is cited as “Zephyr published by BvD”

6. Zephyr Monthly M&A Report
North America, January 2014
Top 20 deals by value
Deal value
(mil USD)
Deal type
Target
Target
country
Acquiror
Acquiror
country
Deal status
1.
16,000
Acquisition 100%
Beam Inc.
US
Suntory Holdings Ltd
JP
Pending
2.
4,150
IBO 100%
Ortho-Clinical Diagnostics Inc.
US
Carlyle Group LP
US
Pending
3.
3,650
Acquisition increased 59% to 100% Chrysler Group LLC
US
Fiat North America LLC
US
Completed
4.
3,200
Acquisition remaining stake
Nest Labs Inc.
US
Google Inc.
US
Completed
5.
3,024
Minority stake 27%
Ally Financial Inc.
US
6.
2,910
Acquisition 100%
Motorola Mobility Holdings Inc.
US
Lenovo Group Ltd
HK
Pending
7.
2,900
Acquisition 100%
Aptalis Holdings Inc.
US
Forest Laboratories Inc.
US
Pending
8.
2,700
Acquisition 100%
Texas Industries Inc.
US
Martin Marietta Materials Inc.
US
Pending
9.
2,400
IBO majority stake
Sedgwick Claims Management Services Inc.
US
Management; Kohlberg Kravis Roberts & Company LP US
Pending
10.
2,390
Acquisition 100%
Osisko Mining Corporation
CA
Goldcorp Inc.
CA
Announced
11.
2,300
Acquisition 100%
International Business Machines Corporation's x86 server US
hardware business
Lenovo Group Ltd
HK
Pending
12.
2,000
Minority stake
JP Morgan
US
13.
1,540
Acquisition 100%
AirWatch LLC
US
VMware Inc.
US
Pending
14.
1,400
Acquisition 100%
NewPage Corporation
US
Verso Paper Corporation
US
Pending
15.
1,300
IBO 100%
CEC Entertainment Inc.
US
Apollo Global Management LLC
US
Announced
16.
1,150
Acquisition 100%
Cetera Financial Group Inc.
US
RCS Capital Corporation
US
Pending
17.
1,120
Acquisition 100%
Undisclosed SandRidge Energy Inc.'s Mexico and Gulf Coast US
business unit entities
Fieldwood Energy LLC
US
Completed
18.
1,085
Acquisition increased 49% to 80%
Yankees Entertainment & Sports Network LLC
Twenty-First Century Fox Inc.
US
Pending
19.
1,060
Acquisition 100%
Thermo Fisher Scientific Inc.'s cell culture (sera and media), US
gene modulation and magnetic beads businesses
GE Healthcare Inc.
US
Pending
20.
935
Minority stake 15%
Envision Healthcare Holdings Inc.
Page 5
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financial information on companies. For more information visit www.zephyrdealdata.com.
US
Completed
Completed
US
Announced
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7. Zephyr Monthly M&A Report
North America, January 2014
Top 20 private equity deals by value
Deal value
(mil USD)
Deal type
Target
Target
country
Equity provider
Deal status
1.
4,150
IBO 100%
Ortho-Clinical Diagnostics Inc.
US
Carlyle Group LP
Pending
2.
2,400
IBO majority stake
Sedgwick Claims Management Services Inc.
US
Kohlberg Kravis Roberts & Company LP
Pending
3.
1,300
IBO 100%
CEC Entertainment Inc.
US
Apollo Global Management LLC
Announced
4.
800
Minority stake
Vogue International Inc.
US
Carlyle Group LP
Announced
5.
600
IBO 100%
Inmar Inc.
US
Abry Partners LLC
Completed
6.
500
Minority stake
American Energy NonOp LLC
US
The Energy & Minerals Group
Completed
7.
392
IBO 100%
American Pacific Corporation
US
HIG Capital LLC
Announced
8.
299
IBO 100%
Upper Peninsula Power Company
US
Balfour Beatty Infrastructure Partners LLP
Pending
9.
250
Minority stake 3%
DropBox Inc.
US
BlackRock Inc.
Completed
10.
160
IBO 100%
Compuware Corporation's Changepoint, Professional US
Services and Uniface business units
Marlin Management Company LLC
Announced
11.
150
Minority stake
Nest Labs Inc.
US
12.
130
IBO 100%
HealthTronics Inc.
US
Altaris Capital Partners LLC
13.
123
Minority stake
ADKM Inc.
US
Highland Capital Partners LLC; Tiger Global Management LLC; SV Angel LLC; Thrive Completed
Capital; Lakestar Advisors GmbH
14.
101
Minority stake
Nutanix Inc.
US
SAP Ventures; Riverwood Capital Management LLC; Greenspring Associates Inc.; MS Completed
Expansion Capital GP Inc.
15.
100
Minority stake
View Inc.
US
Madrone Capital Partners LLC
16.
97
Minority stake
Augustus Energy Partners II LLC
US
Lime Rock Partners LLC; Wells Fargo Energy Capital Inc.; Rivington Capital Partners LLC Completed
17.
80
Minority stake
Turn Inc.
US
Trident Capital Management LLC; Focus Management Inc.; Shasta Ventures Management Completed
LLC; Northport Investments; NVP Associates LLC; Firsthand Technology Value Fund
Inc.; Pine River Capital Management LP; ClearBridge Investments LLC
18.
75
Minority stake
Palomar Specialty Insurance
US
Genstar Capital LLC
Completed
19.
50
IBO 100%
Oxford County Telephone & Telegraph Company
US
Novacap
Pending
20.
44
Minority stake
AqueSys Inc.
US
Carlyle Group LP; Rho Capital Partners Inc.; Accuitive Medical Ventures LLC;
SV Life Sciences Advisers LLC; Longitude Capital Management Company LLC
Completed
Page 6
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Completed
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financial information on companies. For more information visit www.zephyrdealdata.com.
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Announced
Completed
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8. Zephyr Monthly M&A Report
North America, January 2014
PE value edges up slightly
The value of private equity and venture capital (PE and VC) investment
targeting North American companies climbed slightly over the four weeks to
USD 13,503 million, compared to USD 13,024 million in December. Value
has remained relatively stable over the last five months with only fairly small
fluctuations after falling from high of USD 37,188 million in August to USD
12,355 million in September.
The increase in value during January was counteracted by a decline in volume,
which fell from 323 deals in December to 255.
Almost all of the investment recorded was attributable to US targets, which
accounted for 241 deals worth an aggregate USD 13,409 million. The country
followed the trend recorded across the entire region, as value increased from
USD 12,407 million last month and volume declined from 298.
Canada was targeted in just 14 PE deals worth a combined USD 93 million,
representing a decrease in both volume and value month-on-month. The
country’s disappointing result is further highlighted by its failure to make the
top 20 PE deals by value for the month.
Page 7
© Zephyr
North America private equity deals by volume and value
Announced date
No of deals
Total deal value
(mil USD)
Jan-14
255
13,503
Dec-13
323
13,024
Nov-13
339
13,468
Oct-13
348
13,815
Sep-13
327
12,355
Aug-13
356
37,188
Jul-13
407
7,063
Jun-13
383
6,041
May-13
357
21,769
Apr-13
371
8,128
Mar-13
366
9,633
Feb-13
318
32,036
Jan-13
445
11,571
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed
financial information on companies. For more information visit www.zephyrdealdata.com.
Contact
+44 161 838 9554
Zephyr Editorial: zephyreditorial@bvdinfo.com
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source is cited as “Zephyr published by BvD”

9. Zephyr Monthly M&A Report
North America, January 2014
US private equity deals by volume and value
Canada private equity deals by volume and value
Announced date
No of deals
Total deal value
(mil USD)
Announced date
No of deals
Total deal value
(mil USD)
Jan-14
241
13,409
Jan-14
14
93
Dec-13
298
12,407
Dec-13
24
617
Nov-13
306
10,638
Nov-13
33
2,830
Oct-13
321
13,655
Oct-13
27
160
Sep-13
309
12,286
Sep-13
18
69
Aug-13
332
32,551
Aug-13
24
4,636
Jul-13
372
7,036
Jul-13
35
27
Jun-13
360
5,931
Jun-13
23
110
May-13
335
21,376
May-13
22
393
Apr-13
346
7,302
Apr-13
25
826
Mar-13
343
9,072
Mar-13
22
561
Feb-13
295
31,044
Feb-13
23
992
Jan-13
411
11,135
Jan-13
34
435
Page 8
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Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed
financial information on companies. For more information visit www.zephyrdealdata.com.
Contact
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Zephyr Editorial: zephyreditorial@bvdinfo.com
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source is cited as “Zephyr published by BvD”

10. Zephyr Monthly M&A Report
North America, January 2014
North America private equity deals by volume and value
500
40,000
450
Deal value (mil USD)
35,000
400
30,000
350
25,000
300
250
20,000
200
15,000
150
10,000
100
5,000
0
50
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Aggregate deal value(mil USD)
Page 9
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Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed
financial information on companies. For more information visit www.zephyrdealdata.com.
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
0
Number of deals
Contact
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Zephyr Editorial: zephyreditorial@bvdinfo.com
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source is cited as “Zephyr published by BvD”

11. Zephyr Monthly M&A Report
North America, January 2014
M&A target sectors by volume
M&A target sectors by value
Target sector
Jan-13
Dec-13
Jan-14
Target sector
Jan-13
(mil USD)
Dec-13
(mil USD)
Jan-14
(mil USD)
Other services
913
718
609
Other services
24,743
60,449
25,028
Machinery, equipment, furniture, recycling
155
132
124
Machinery, equipment, furniture, recycling
5,050
15,119
18,225
Chemicals, rubber, plastics
75
47
56
Food, beverages, tobacco
1,498
713
16,173
Banks
116
67
56
Chemicals, rubber, plastics
4,353
3,187
13,679
Wholesale & retail trade
80
59
56
Banks
15,996
11,747
9,296
Education, health
49
30
26
Primary sector
3,619
4,227
1,506
Primary sector
41
34
26
Wood, cork, paper
640
0
1,401
Food, beverages, tobacco
21
15
21
Wholesale & retail trade
6,082
11,490
1,398
Publishing, printing
22
24
18
Hotels & restaurants
690
613
1,313
Transport
27
20
14
Transport
6,447
1,759
1,240
Hotels & restaurants
19
15
13
Education, health
442
358
983
Insurance companies
23
9
10
Gas, water, electricity
1,248
9,629
773
Metals & metal products
23
20
10
Insurance companies
1,024
35
553
Construction
12
9
9
Metals & metal products
2,905
162
190
Gas, water, electricity
17
22
7
Publishing, printing
33
158
107
Textiles, wearing apparel, leather
8
10
7
Textiles, wearing apparel, leather
176
2,877
19
Wood, cork, paper
7
1
5
Construction
408
103
8
Post and telecommunications
1
1
0
Post and telecommunications
0
0
0
Public administration and defence
1
0
0
Public administration and defence
0
0
0
Page 10
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Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed
financial information on companies. For more information visit www.zephyrdealdata.com.
Contact
+44 161 838 9554
Zephyr Editorial: zephyreditorial@bvdinfo.com
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source is cited as “Zephyr published by BvD”

12. Zephyr Monthly M&A Report
North America, January 2014
Private equity target sectors by volume
Private equity target sectors by value
Target sector
Jan-13
Dec-13
Jan-14
Target sector
Jan-13
(mil USD)
Dec-13
(mil USD)
Jan-14
(mil USD)
Other services
307
205
169
Chemicals, rubber, plastics
196
258
5,486
Machinery, equipment, furniture, recycling
41
44
32
Other services
5,092
7,970
4,968
Chemicals, rubber, plastics
10
11
12
Hotels & restaurants
20
22
1,312
Wholesale & retail trade
21
9
9
Banks
539
640
541
Food, beverages, tobacco
4
4
6
Machinery, equipment, furniture, recycling
320
596
462
Hotels & restaurants
5
5
4
Gas, water, electricity
382
107
299
Banks
9
5
4
Wholesale & retail trade
3,363
414
183
Education, health
20
6
3
Primary sector
680
224
133
Gas, water, electricity
4
2
3
Insurance companies
15
28
105
Publishing, printing
2
11
3
Publishing, printing
2
40
8
Primary sector
6
3
3
Education, health
285
24
5
Textiles, wearing apparel, leather
3
4
2
Food, beverages, tobacco
423
22
1
Insurance companies
2
1
2
Textiles, wearing apparel, leather
0
2,425
0
Construction
2
3
2
Construction
53
0
0
Transport
4
2
1
Public administration and defence
0
0
0
Metals & metal products
3
5
1
Transport
200
251
0
Post and telecommunications
0
0
0
Metals & metal products
0
1
0
Public administration and defence
0
0
0
Wood, cork, paper
2
0
0
Wood, cork, paper
2
1
0
Post and telecommunications
0
0
0
Page 11
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Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed
financial information on companies. For more information visit www.zephyrdealdata.com.
Contact
+44 161 838 9554
Zephyr Editorial: zephyreditorial@bvdinfo.com
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13. Zephyr Monthly M&A Report
North America, January 2014
Top 20 private equity providers
Equity provider
Number of deals
Number with consideration
Total deal value (mil USD)
Average deal value (mil USD)
1
Carlyle Group LP
4
3
4,994
1,665
2
Kohlberg Kravis Roberts & Company LP
2
2
2,439
1,219
3
Apollo Global Management LLC
1
1
1,300
1,300
4
Apax Partners LLP
1
1
1,150
1,150
5
Apollo Management LP
1
1
902
902
6
Abry Partners LLC
1
1
600
600
7
The Energy & Minerals Group
1
1
500
500
8
Platinum Equity LLC
1
1
408
408
9
HIG Capital LLC
2
1
392
392
10
Headland Capital Partners Ltd
1
1
353
353
11
HgCapital LLP
1
1
331
331
12
Hony Capital Co., Ltd
1
1
301
301
13
CVC Capital Partners Ltd
1
1
300
300
14
Balfour Beatty Infrastructure Partners LLP
1
1
299
299
15
BlackRock Inc.
1
1
250
250
16
Oaktree Capital Management LP
2
2
220
110
17
Highland Capital Partners LLC
5
5
214
43
18
Insight Venture Partners
5
5
208
42
19
Eurazeo SA
1
1
194
194
20
Warburg Pincus LLC
2
2
193
97
Page 12
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Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed
financial information on companies. For more information visit www.zephyrdealdata.com.
Contact
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Zephyr Editorial: zephyreditorial@bvdinfo.com
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source is cited as “Zephyr published by BvD”

14. Zephyr Monthly M&A Report
North America, January 2014
Notes to editors
Activity is based on the activity of the target company
Deal status is announced within the time period
The sector breakdown uses targets’ activities as
defined to be ‘Major Sectors’ by Zephyr
The date range is 01/01/2014 - 30/01/2014
inclusive
Page 13
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Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed
financial information on companies. For more information visit www.zephyrdealdata.com.
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