In our latest issue of Multiple, our European PE report based on the latest data from the Centre for Management Buyout Research (CMBOR), we reveal the value of PE-backed IPOs and secondary buy-outs increased in 2013, but, due to the lack of activity from European corporates, trade sales dropped. 2014 needs the return of the corporate buyer to complete the deal cycle.

1. Multiple
Private Equity
Transaction Advisory Services
Issue 1
2014
Completing the cycle
The buyout market gave a steady performance
in 2013 but it was in the exit market that we
saw an improved level of return to investors.
The value of IPOs and secondary buyouts
increased in 2013, but trade sales dropped.
2014 needs the return of the corporate buyer
to complete the deal cycle.
Enter

2. Welcome
About Multiple
Multiple is a quarterly publication summarizing trends in buyouts* across Europe.
EY and Equistone Partners Europe are proud to sponsor the Centre for Management Buyout
Research (CMBOR), whose data is analyzed in Multiple.
The following analysis and commentary is based on research recorded by CMBOR.
Countries covered: Austria, Belgium, Czech Republic, Denmark, Finland, France, Germany,
Hungary, Ireland, Italy, Netherlands, Norway, Poland, Portugal, Romania, Spain, Sweden,
Switzerland, Turkey and the UK.
* uyouts: CMBOR defines buyouts as over 50% of shares changing ownership with management or private equity, or
B
both having a controlling stake upon deal completion. Equity funding must primarily be from private equity funds and
the bought-out company must have its own financing structure, e.g., management buyout (MBO) or management
buy-in (MBI).
For full details on the CMBOR methodology, please refer to page 15.
Multiple January 2014 | 2

3. Contents
4
2014 outlook
5
2013 in headlines
6
Pipeline prospects
7
Current conditions
9
Deal dynamics
11 Market watch
12 Country spotlight
16 Contacts
17
Further insights
“ he European PE market has seen a sustained recovery over the past year and the
T
outlook for 2014 is upbeat as confidence continues to grow. The total value of exits
has surpassed new deal values and the IPO market has been the real hero in 2013.
While secondary buyouts have remained steady, the lack of activity from European
corporates has been disappointing.
“ s economic prospects continue to improve, the PE market is clearly making the most
A
of the good conditions for exiting and returning capital to investors. However, it will
need to be more innovative, looking further afield in its hunt for both new investment
opportunities and corporate buyers, if it is to continue to deliver the strong returns it
has historically been able to achieve.”
Sachin Date, Europe, Middle East, India and Africa (EMEIA) Private Equity Leader, EY
The data in this report was captured on 7 January 2014.
Multiple January 2014 | 3

4. 2014 outlook
Megadeal trend will continue
• A healthy pipeline suggests there will be an increase in the
number of €1b-plus deals in the coming 12 months.
IPOs will continue to offer viable exit route
• A number of portfolio companies are already planning IPOs
for 2014, as the backlog of exits will continue to clear.
Fund-raising will drive more deals
• PE houses will be able to raise more funds as investors seek
higher yields and exits continue, following a successful
fund-raising year in 2013.
Non-European investors continue
buying spree
• US and Asian investors will continue to be attracted to
Will European corporates rejoin the market?
• The dearth of corporate buyers in the exit market is arguably
putting a brake on full recovery, as investors need to be able
to explore all avenues as they seek to clear their portfolio
overhang. While the return of the IPO market is very welcome,
corporates need to play their part as well in 2014.
European assets as economic recovery begins to bed in.
That said, the speed of this recovery may differ between
the individual economies.
IPO market summary
IPO activity
• 2013 was a record year for IPO by volume since 2007
for some markets. However, many other markets were
still impacted by the financial crisis.
• Size matters(ed): 2013 saw many visible and large
PE-backed IPOs.
IPO markets
• Mixed IPO weather conditions across EMEIA.
• General sentiment was impacted by monetary policy of
Dr. Martin Steinbach
EY IPO Leader EMEIA
ECB/FED, country economic outlooks, selection index levels
and low(est) interest rates.
Sectors
• 2013 was the year of real estate IPOs.
• In 2014, the technology sector is expected to make
a comeback.
• A shift from value to growth investments is expected on the
investor side, as there is much liquidity looking for return by
investing and taking more risk appetite IPO activity.
Sustainable in 2014?
• Sentiment has improved every quarter in FY13, with a positive
outlook for 2014.
• There were record highs (i.e., FTSE, DAX) in some EMEIA
selection indices and very low volatility (i.e., VDAX, VSTOXX)
feed IPO activity despite moments of crisis.
• Investor votes in the EY IPO survey, with regard to country
appetite, showed UK and Germany as prime investment
locations in EMEIA sectors.
Multiple January 2014 | 4

5. 2013 in headlines
Springer was the largest buyout of 2013
• BC Partners agreed to buy Springer Science Business Media
for €3.3b from EQT in a secondary buyout that was the largest
PE-backed acquisition in Germany for seven years.
IPO market returned to life
• There were some 20 exits made through initial public offerings
(IPOs) during the year, raising more than €25b during the year,
the highest total value ever recorded. In 2012, there was
only one IPO.
Germany claimed the largest buyouts
of the year
• Out of the nine €1b-plus buyout deals of 2013, four were
German, while only two were from the UK. The four German
deals happened to be the four largest during the year as well.
Lowest level of megadeals since 2009
• The nine €1b-plus deals in 2013 had a combined total of just
under €15b, making 2013 the quietest year for megadeals
since the low of 2009.
Confidence remained fragile, but Eurozone
fears abated
• The year began with fears that the financial crisis in Cyprus
could spread to other Eurozone economies, but such fears
proved unfounded as the zone stabilized during the year.
Even so, non-Eurozone countries appeared to remain attractive
to outside investors.
Post-crisis deals began to exit
• By the end of 2013, seven of the top 20 exits were from
post-2009 deals, showing that PE has been able to buy at good
prices and weather poor market conditions to grow their assets
and successfully exit in a three- to five-year period.
Deal: Largest UK deal in 2013 (BM Retail, €1.2b)
Exit: One GmbH/Orange €1.3b (trade sale)
Deal: Largest Norwegian deal in 2013 (Aibel, €1.2b)
Exit: Taminco €1b (IPO)
Deal: Largest Dutch deal in 2013
(Mediq, €0.8b)
Exit: Dematic €0.8b (secondary)
Jan
Feb
Deal: Largest deal of the month (Cabot
Financial, €0.9b, UK)
Exit: Constellium €1.4b (IPO)
Mar
Q1 2013
Deal: Largest Italian deal in 2013 (Cerved Business
Information, €1.1b)
Exit: Esure Insurance €1.4b (IPO)
Stat: Retail becomes highest valued sector in Q1 2013
(€3.8b), overtaking manufacturing (€2.8b)
Slow start,
but still all to
play for
Deal: Largest Spanish deal in 2013 (Befesa, €1.1b)
Largest French deal in 2013 (Allflex, €1b)
Exit: Ista €3.1b (secondary)
Apr
May
Jun
Q2 2013
Deal: Largest Danish deal in 2013 (Unifeeder, €0.4b)
Exit: Stille Linde/Kion €2.4b (IPO)
Stat: European buyout market reaches €21.8b in
first half of year
Attracting
interest
Deal: Largest Swiss deal in 2013 (Archroma, €0.4b)
Exit: The Colomer group €0.5b (trade sale)
Deal: Largest Austrian deal in 2013
(AHT Cooling Systems, €0.6b)
Exit: Merlin Entertainments €3.8b (IPO)
Deal and exit: Largest German deal and
exit in 2013 (Springer Science Business
Media, €3.3b)
Jul
Aug
Sep
Q3 2013
Deal: Largest deal of the month (CeramTec, €1.5b, DE)
Exit: Gambro € 3.1b (trade sale)
Stat: Refinancings hit highest level (€31.6b)
since 2007
Rising up
Oct
Nov
Dec
Q4 2013
Deal: Largest Finnish deal in 2013 (Terveystalo, €0.7b)
Exit: Moncler €2.6b (IPO)
Stat: IPO market reaches highest value ever (€25b) by
end of 2013
Completing the cycle
Multiple January 2014 | 5

6. Pipeline prospects
The 2013 recovery in the buyout market looks like it will be sustained in 2014. The new year will
get off to a strong start, with a number of large deals set to complete in the first quarter of the
year. These include Scout24, Germany’s largest property and dating portal owned by Deutsche
Telekom, which will be acquired by US PE firm Hellman Friedman in a deal valued at €1.8b
(Bloomberg); and 3i’s investment in Scandlines, a Baltic Sea ferry operator, valued at
€1.3b (3i press release).
In the UK, we will see the completion of CVC’s acquisition of domestic appliance insurance group
Domestic General, with a value of €750m (CVC press release). And US investor Corsair’s acquisition
of 314 RBS bank branches will see the return of the Williams Glynn bank brand when the €710m
deal (ft.com) completes.
The exit pipelines also remain healthy. Japan’s Lixil and the Development Bank of Japan are set
to acquire bathroom fitting maker Grohe in a €3b deal. The deal will mark the largest investment
made by a Japanese company in a German rival (ft.com) and provide an exit for TPG Capital.
The deal pipeline suggests the IPO exit route will remain popular. Companies, such as UK’s
discount retailer Poundland, are said to be planning a flotation during 2014 (telegraph.co.uk).
Food can maker Mivisa Envases is set to be acquired by US consumer goods packaging manufacturer,
Crown Holdings, in a €1.2b deal that will see Blackstone achieve an exit from the company.
Pipeline
€12b
from 17 deals
“Private equity has entered 2014 feeling more
optimistic than it has done for a number of
years. This optimism partly stems from the
reopening of the IPO window.
While public listings have been a viable exit
route in the US for some 18 to 24 months,
it has only been in the last year that IPO
investors have begun welcoming new issues
from Europe’s listed companies. PE has been
quick to capitalize on this shift in sentiment.”
Sachin Date
EMEIA Private Equity Leader, EY
Multiple January 2014 | 6

7. Current conditions
0
2010
Total number
2011
2012
Q4
€m
5,000
Q3
50
Q2
10,000
Q1
100
Q4
15,000
Q3
150
Q2
20,000
Q1
at more than €100m, debt accounted for 51%, while equity dropped to 42%, the lowest since 2007.
200
Q4
Debt rises to the highest ratio since 2007
• 2013 marked the first time that the debt ratio in deals rose above 50% since 2007. In deals valued
25,000
Q3
as the largest buyout market by value in Europe (€16.2b). However, by volume, the UK market
continued its dominance, with 188 deals during the year. France was the second-busiest market,
with 96 deals.
250
Q2
Germany challenges UK dominance
• The German buyout market saw €12.1b of deals in 2013, seriously challenging the UK’s position
European buyouts — volume and value
Q1
highest ever value, and the largest number since 2007’s 34 IPOs. This performance reflects the
context of the equity markets as a whole, which returned to favor for investors during 2013.
Investors have been able to recognize the underlying quality of assets coming to market at
good prices. Such businesses are well run, with transparent governance, and can look to equity
investors for the next stage of their growth.
Q4
• The exit hero in 2013 has been the IPO — 20 flotations during 2013 raised more than €25b, the
improving conditions in the debt market. This refinancing performance was the best since 2007,
suggesting that the finance markets are open, with banks racing to be competitive. However, one
should sound a note of caution, as quantitative easing tapering could have an impact during 2014.
Q3
suggesting that PE houses are making headway with their backlogs of portfolio companies.
In 2013, there were 393 exits, raising nearly €76.5b for investors. Secondary buyouts raised the
highest value (€30.5b), while trade sales were the most popular (175 trade exits). The largest
exit of the year was the flotation of Merlin Entertainments Group.
Refinancing value improves
• Some €43.1b of debt was refinanced during 2013, significantly up on the €24.6b of 2012, reflecting
Q2
Exits outstrip buyouts
• The value of exits during 2013 surpassed the value of new deals for the fourth year running,
invested. Buyout firms currently have more than US$391b in capital available to fund new deals,
up 10% relative to the end of 2012. These funds will need to find a home in 2014, so could lead
to an increase in buyout activity or else they could put a brake on further fund-raising activity.
Globally, 2013 was the best year for PE fund-raising since 2008. Firms raised a collective
US$401b, well above the US$341b they raised in 2012.
Q1
close to matching 2012’s levels. It was a similar story in terms of volume; at 539, the number of
deals was again the lowest since 2009. The figures were disappointing in the light of a strong
third quarter of the year, with €20.6b of deals, compared with €9.9b in the fourth quarter.
And at 121, the fourth quarter was the least active in terms of number since Q4 2009.
Increase in “dry powder”
• 2013 saw an uptick in the levels of “dry powder” — existing funds available at PE houses to be
Total number
Value and volume down in 2013
• With a total value of €52.3b, the buyout market in 2013 was the lowest since 2009, although
0
2013
Total value (€m)
Source: CMBOR, Equistone Partners Europe, EY — year 2013 to end Q4 only
Multiple January 2014 | 7

8. Current conditions (continued)
Largest European buyouts 2013
Vendor
Germany
Ista
8
BC Partners
EQT Partners
3,300
Actual
Germany
7
CVC Capital Partners
Charterhouse Capital
3,100
Actual
Douglas Holding
Germany
1
Advent International
Public-Private
1,498
Actual
CeramTec
Germany
9
Cinven
Rockwood Holdings (USA)
1,490
Actual
Aibel
Norway
4
Ratos and Ferd Capital
Partners
Ferd Private Equity
1,165
Actual
B M Retail
UK
1
Clayton Dubilier Rice
Private — Arora family
1,147
Actual
Cerved Business Information
Italy
3
CVC Capital Partners
Bain Capital and Clessidra
1,130
Actual
Vue Entertainment
UK
8
Alberta Investment
and OMERS PE
Doughty Hanson
1,094
Actual
Befesa
Spain
7
Triton Advisers
Abengoa
1,075
Actual
Allflex
France
7
BC Partners
Motion Equity
985
Actual
Cabot Financial
UK
5
JC Flowers
AnaCap
944
Actual
David Lloyd Leisure
UK
12
TDR Capital
London Regional Group
Holdings
900
Actual
RR Ice Cream/R R
UK
7
PAI Partners
Oaktree Capital
831
Actual
Mediq NV (AL Garden)
Netherlands
2
Advent International
Public-Private
819
Actual
EWOS
Norway
10
Bain Capital and Altor
Equity Partners
Cermaq
805
Actual
Dematic Holding
Belgium
2
AEA Investors and
Teachers Private Capital
Triton Beteilungsberatung
800
Estimated
Intertrust Group
Switzerland
4
Blackstone Group
Waterland Private Equity
675
Actual
Ansaldo Energia
Italy
Fondo Strategico Italiano
Finmeccanica
657
Actual
SMCP/Sandro/Maje/Claudie Pierlot
France
6
Kohlberg Kravis Roberts
L Capital
650
Estimated
Maisons du Monde
France
8
Bain Capital
LBO/Apax
650
Estimated
12
Value (€m)
Value type
H1 2013
Investor
275 deals €22b
H2 2013
Springer Science Business Media
Deal
month
264 deals €30b
2013
Country
539 deals €52b
2012
Company name
590 deals €54b
Source: CMBOR, Equistone Partners Europe, EY — year 2013 to end Q4 only
Multiple January 2014 | 8

9. Deal dynamics
By value, secondary buyouts remain significantly more popular
than other sources of transactions. This area accounted for
nearly €31.2b of deals during 2013. Local divestment and
private sales were the second and third most popular sources.
However, by value, at €7.9b and €6.8b respectively, they were
some way off that of the secondary buyout market.
For the first time since 2007, debt accounted for more than 50%
of the deals in the €100m-plus range. At 51%, the level of debt
was notably higher than the 38.4% recorded in 2012. At the
same time, the equity ratio in this bracket fell from 59.1% in
2012 to 42% in 2013. Mezzanine finance accounted for 4.5%
of deal value in 2013, with loan note and other financing making
up the remaining 2.5%.
Mixed story in terms of deal sizes
There were 133 deals in the mid-market range (deals with a
value of between €50m and €500m) during 2013, down from
146 in 2012, and there were 16 deals in the €500m to €1b
bracket, similar to the volume of deals in 2012. The combined
deal values for each segment was broadly similar between 2012
and 2103, suggesting investors remained committed to their
involvement in such deals.
The four largest deals were all based in Germany, the largest of
which was Springer Science Business Media. There were no
€1b-plus deals in the fourth quarter of the year, although
David Lloyd Leisure in the UK was close, with a value of €893m.
Deal size
2012
2013
Q3 2013
Q4 2013
€1b-plus
13
9
5
0
€500m–€1b
16
16
4
6
€100m–€500m
75
79
20
486
435
114
95
Total number of deals
590
539
143
“ ith MA volumes remaining low, most of the
W
transactions we supported in the early part of
the year related to growth capital, refinancing
and dividend recapitalizations. The dynamic has
begun to shift in the last quarter, as corporates
use cash and liquidity to seek MA opportunities.
“ e are very excited about 2014. We believe credit
W
markets will remain healthy, with the acquisitions
cycle beginning to find swagger. Corporates
with a clear credit proposition should find great
support across the debt markets in 2014.“
20
Up to €100m
“t was a great year for the credit markets. We
I
saw very healthy banking and capital markets,
debt funds continuing to raise substantial sums of
capital ready for deployment, retail bond markets
continuing to mature, strong structured finance
issuance and credit market support mechanisms,
such as Funding for Lending, really making their
presence felt.
121
Chris Lowe, Debt and Capital Advisory Partner, EY, UK
For more information visit ey.com/uk/cdainsights
Multiple January 2014 | 9

10. Deal dynamics (continued)
Largest European exits 2013
Company name
Country
Merlin Entertainments Group
UK
Springer Science Business Media
Deutschland
Germany
Ista
Exit
month
Exit value
(€m)
Vendor
Investor
Blackstone Group
Flotation
3,816
Flotation
8
EQT Partners
BC Partners
3,300
Secondary
buyout
Germany
7
Charterhouse Capital
Partners
CVC Capital Partners
3,100
Secondary
buyout
Gambro
Sweden
9
Investor AB and
EQT Partners
Baxter International Inc
(USA)
3,059
Trade Sale
Numericable/Altice One/Coditel
Belgium
11
Cinven
Flotation
3,000
Flotation
Moncler
Italy
12
Carlyle Group
Flotation
2,550
Flotation
Stille Linde/Kion
Germany
6
KKR
Flotation
2,392
Flotation
Partnership Assurance/Partnership Group
Holdings
UK
6
Cinven
Flotation
1,802
Flotation
European Oxo/Oxo Group/Oxea
Germany
Advent International
Oman Oil company
1,800
Trade Sale
Esure Insurance
UK
3
Motion Equity and Penta
Capital Partners
Flotation
1,398
Flotation
Constellium
France
5
Apollo Global Management
Flotation
1,380
Flotation
Just Retirement (Avalon Acquisitions)
UK
Permira
Flotation
1,344
Flotation
One GmbH/Orange Austria
Telecommunication
Austria
1
Mid Europa Partners
Hutchinson 3G (Hong Kong)
1,300
Trade sale
Aibel
Norway
4
Ferd Private Equity
Ratos/Ferd Capital
1,165
Secondary
buyout
Cerved Business Information
Italy
3
Bain Capital and Clessidra
CVC Capital Partners
1,130
Secondary
buyout
ProSiebenSat1 Media
Germany
Kohlberg Kravis Roberts and
Permira
Flotation
1,120
Flotation
Vue Entertainment
UK
8
Doughty Hanson
Omers PE
1,094
Secondary
buyout
Allflex
UK
7
Fleming Ventures
BC Partners
971
Secondary
buyout
Taminco
Belgium
4
Apollo Global Management
Flotation
963
Flotation
Cabot Financial
UK
5
AnaCap
JC Flowers
944
Secondary
buyout
11
12
11
11
Exit type
Source: CMBOR, Equistone Partners Europe, EY — year 2013 to end Q4 only
Multiple January 2014 | 10

11. Market watch
Manufacturing
The 156 deals in the manufacturing sector
accounted for more than €12.5b of value in
2013. The year saw manufacturing re-establish its
position as the most popular sector for PE-backed
deals, having slipped behind business and support
services (by value if not volume) in 2012.
The largest manufacturing deal of the year was
the foreign divestment of Germany’s CeramTec,
the global manufacturer of high-performance
ceramics, which was valued at nearly €1.5b
when it completed in September. The secondlargest manufacturing sector deal was Aibel,
the Norwegian oil and gas engineering services
supplier, which was acquired in a secondary
buyout, with a value of €1.2b.
During the year, 104 manufacturing companies
successfully completed an exit for their investors,
with a combined value of more than €15.1b.
Manufacturing
manufacturing this year, having been the most
valuable sector in 2012. During 2013, 77
companies were acquired in buyout deals, with
a combined value of more than €9.7b.
The largest deal in the sector during 2013 was
Ista, the German energy saving consultancy — a
secondary buyout valued at €3.1b. The deal
for Cerved Business Information, the Italian
business information database provider, ranked
second, with a value of €1.1b.
The sector was also the second largest for exits
during 2013, with 60 companies being sold on
for a combined value of €11.3b.
Telecommunications, media and
technology (TMT)
Business and support services
(BSS)
The TMT sector maintained its position as the
third most valuable sector for buyouts in 2013,
with 75 deals valued at €7b. The largest TMT
deal during the year was also the largest deal
overall — the €3.3b Springer Science Business
Media secondary buyout.
As noted earlier, the business and support
services sector lost its top position by value to
The sector was also the third largest in 2013 for
exits, with a combined value of nearly €10b.
“n terms of completed PE deals, activity in the EU healthcare sector for 2013
I
was down compared with the previous year and lower than expected. Trade
players were quite active in the market, a number of the deals took longer to
close than anticipated, and some processes that were planned for 2013 have
been delayed to 2014. Having said this, there is still strong interest in the
sector among financial sponsors and the outlook for 2014 is more robust.“
Adrian Gibb, Head of Life Sciences and Healthcare Practice, TAS, EY UKI
Q4
28 deals
€1.8b
2013
156 deals
€12.5b
BSS
Q4
20 deals
€1.1b
2013
77 deals
€9.7b
TMT
Q4
13 deals
€0.8b
2013
75 deals
€7b
Healthcare
Q4
9 deals
€1b
2013
27 deals
€3.3b
Multiple January 2014 | 11

12. Country spotlight
UK
Q4: 45 deals €3.5b
2013: 188 deals €16.2b
While remaining the most active in Europe by value and volume, buyout activity in the UK during 2013 was down on the previous year.
By the end of 2013, some 188 deals had completed, with a combined value of €16.2b. This compares with the 206 deals, valued at
more than €20b, recorded in 2012.
The absence of any €1b-plus deals in the fourth quarter meant that the final quarter of the year with 45 deals at a total value of
€3.5b, was significantly lower than Q4 2012 which had a total of 50 deals at €5.5b.
However, the relative security that sterling offers has ensured that businesses are still attractive to investors, particularly
US and Asian, looking to gain a foothold in Europe.
The UK market has also led the way for IPO exits. Three of the largest 10 exits were UK based, and all of them were flotations.
The largest exit was Merlin Entertainments Group, which raised €3.8b in an IPO in November.
Multiple January 2014 | 12

13. Country spotlight (continued)
Germany
Q4: 18 deals €646m
2013: 67 deals €12.1b
The German buyout market can now be said to performing as expected, vying with the UK as the most active market in Europe by
value. Its 67 deals during 2013 (2012: 70) had a combined value of €12.1b (2012: €8.3b). However, this high valuation was
undoubtedly bolstered by a handful of megadeals, including Springer Science Business Media (€3.3b), Ista (€3.1b),
Douglas Holding (€1.5b) and CeramTec (€1.5b).
Any uncertainty that may have been caused by the German general election soon disappeared, though the majority of value was
achieved during the third quarter (€9.1b). In comparison, only €646m was achieved in Q4 2013.
Some €16.5b was also returned to investors through 43 German exits during the year. As well as the secondary buyouts at Springer
and Ista, this total includes the flotation of Stille Linde/Kion, which raised €2.4b for its investors.
Multiple January 2014 | 13

14. Country spotlight (continued)
France
Q4: 16 deals €472m
2013: 96 deals €6.6b
France’s total combined value for 2013 was dragged down by a slow fourth quarter of the year, when 16 deals achieved a combined
value of just €472m. However, France is still Europe’s third most active buyout market. Overall, it saw 96 deals with a collective
value of €6.6b during 2013, compared with 101 deals valued at €6.3b in 2012.
The largest deal of the year was Allflex, valued at €985m. This deal was one of only four €500m-plus deals completed during the
year and, for the second year in a row, the French market failed to produce any €1b-plus deals — in 2011, there were four such deals.
The slowdown during the fourth quarter was emphasized by the fact that the largest deal in the final three months of the year was
valued at €150m. The next largest in the fourth quarter was Europeene des Desserts (€100m), followed by Carre Blanc (€60m).
Multiple January 2014 | 14

15. CMBOR methodology
The data only includes the buyout stage of the PE market (management buyout (MBO),
management buy-in (MBI), institutional buyout (IBO), buy-in management buyout
(BIMBO)) and does not include any other stage, such as seed, start-up, development or
expansion capital.
Unless otherwise stated, the data includes all buyouts, whether PE-backed or not, and
there is no size limit to deals recorded.
In order to be included as a buyout, over 50% of the issued share capital of the company
has to change ownership with either management or a PE company or both jointly having
a controlling stake upon deal completion.
Buyouts and buy-ins must be either management led or led by a PE company using equity
capital primarily raised from one or more PE funds.
Transactions that are deemed not to adhere to the PE or MBO/MBI model are not included.
Transactions that are funded from other types of funds, such as real estate and
infrastructure, are not included. Deals in which a PE firm buys property as an investment
are not included.
In order to be included, the target company (the buyout) must have its own separate
financing structure and must not be held as a subsidiary of a parent holding company
after the buyout.
Firms that are purchased by companies owned by a PE firm are treated as acquisitions
and are not included in the buyout statistics. However, these deals are recorded in the
“acquisitions by buyout companies” statistics.
All quoted values derive from the total transaction value of the buyout (enterprise value)
and include both equity and debt.
The buyout location is the location of the headquarters of the target company, and it is
not related to the location of the PE company.
The quarterly data only counts information on transactions that formally close in that
quarter, and does not include announced deal information.
Multiple January 2014 | 15

16. Contacts
Sachin Date
EMEIA Private Equity Leader
+ 44 20 7951 0435
sdate@uk.ey.com
Country contacts:
Marc Guns
Belgium
+ 32 2 774 9419
marc.guns@be.ey.com
Paul Gerber
France
+ 33 1 55 61 09 65
paul.gerber@fr.ey.com
Olivier Coekelbergs
Luxembourg
+ 352 42 124 8424
olivier.coekelbergs@lu.ey.com
Pedro Rodriguez Fernandez
Spain
+ 34 915 727 469
pedro.rodriguezfernandez@es.ey.com
Peter Wells
Central and Southeast Europe
+ 420 225 335 254
peter.wells@cz.ey.com
Klaus Sulzbach
Germany, Switzerland and Austria
+ 49 6196 996 26186
klaus.sulzbach@de.ey.com
Maurice van den Hoek
Netherlands
+ 31 88 40 70434
maurice.van.den.hoek@nl.ey.com
Demet Ozdemir
Turkey
+ 90 212 368 5264
demet.ozdemir@tr.ey.com
Leonid Saveliev
Commonwealth of Independent States
+ 7 495 705 9702
leonid.saveliev@ru.ey.com
Umberto Nobile
Italy
+ 39 028 066 9744
umberto.nobile@it.ey.com
Michel Eriksson
Nordics
+ 46 8 520 593 54
michel.eriksson@se.ey.com
Bridget Walsh
United Kingdom and Ireland
+ 44 20 7951 4176
bwalsh@uk.ey.com
Marketing:
Katherine Squier
Transaction Advisory Marketing
+ 44 20 7951 8531
ksquier@uk.ey.com
For more information, please visit ey.com/multiple.
Multiple January 2014 | 16

17. Further insights
2014 APAC PE outlook report
Credit Markets 2013–2014
Capital Insights
The APAC PE market is robust, and survey
respondents expect it to stay strong in the
coming year as opportunities abound and
credit remains ample.
Our annual publication providing analysis and
opinions on credit markets. The first edition
discusses the issues that have impacted the credit
markets during 2013 and gives a view on what
2014 might bring for businesses navigating debt
markets and capital providers.
How can companies combine the best traditional
business methods with innovative approaches to
help shape their destinies?
View report
View report
View report
Global Corporate Divestment
Study 2014
The 2014 Global Divestment Study focuses on
how companies review their portfolios and the
leading practices of those that are able to maximize
divestment outcomes.
View report
Global PE CFO survey
Financing the future energy landscape
Our inaugural global survey of PE chief financial
officers finds widespread belief in near-term
growth and an eagerness to leverage skills forged
by the crisis.
Our annual review of global oil and gas transaction
activity. In this report, we look at some of the main
trends in oil and gas deal activity over 2013 and
the outlook for transactions in the sector in 2014.
We analyze the diverse dynamics in the upstream,
midstream, downstream and oilfield services (OFS)
segments, as well as look at the regional trends that
underlie the macroenvironment.
View report
View report
Multiple January 2014 | 17

18. EY | Assurance | Tax | Transactions | Advisory
About EY
EY is a global leader in assurance, tax, transaction and advisory
services. The insights and quality services we deliver help build trust
and confidence in the capital markets and in economies the world
over. We develop outstanding leaders who team to deliver on our
promises to all of our stakeholders. In so doing, we play a critical role
in building a better working world for our people, for our clients and for
our communities.
EY refers to the global organization, and may refer to one or more, of
the member firms of Ernst Young Global Limited, each of which is
a separate legal entity. Ernst Young Global Limited, a UK company
limited by guarantee, does not provide services to clients. For more
information about our organization, please visit ey.com.
About EY’s Transaction Advisory Services
How you manage your capital agenda today will define your competitive
position tomorrow. We work with clients to create social and economic
value by helping them make better, more informed decisions about
strategically managing capital and transactions in fast changingmarkets. Whether you’re preserving, optimizing, raising or investing
capital, EY’s Transaction Advisory Services combine a unique set of
skills, insight and experience to deliver focused advice. We help you
drive competitive advantage and increased returns through improved
decisions across all aspects of your capital agenda.
© 2014 EYGM Limited.
All Rights Reserved.
EYG no. DE0500
EMEIA Marketing Agency
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ED 0115
This material has been prepared for general informational purposes only and is not intended
to be relied upon as accounting, tax or other professional advice. Please refer to your advisors
for specific advice.
ey.com/multiple
EY — recognized by
mergermarket as top of the
European league tables for
accountancy advice on
transactions in calendar
year 2012 and 2013
The views of third parties set out in this publication are not necessarily the views of the global
EY organization or its member firms. Moreover, they should be seen in the context of the time
they were made.