1. At a Glance
IMAP
BUSINESS...
ACCELERATING

3. 3
A team that is based on values
will outperform a team based on interests.
Excellence
Global Reach
Integrity
Leadership
Sector Expertise
Teamwork
Truly Local
Trust
Long-term Relationships
Our values

4. 4
Contents
/ Foreword Gilberto Escobedo 06
/ About IMAP 10
/ Sector expertise 15
Automotive 18
Chemicals 19
High Technology 20
Pharmaceuticals 21
/ Global Reach 23
China 26
Czech Republic & Slovakia 28
Germany 30
India 32
Japan 34
Mexico 38
Russia 40
Spain & Portugal 42
Turkey 44
United Kingdom 46
USA 48
/ Why IMAP 51
/ Video compilation 52

5. 5
Excellence
99% is as good as Zero
Excellence means giving your 100%
nothing less!

6. 66

7. 7
A
s we look ahead almost 6 years after
the financial crisis, it is clear that the
trends that started to take shape in and
before 2008 – namely a re-composition of the
global economic order, with many emerging
economies having clearly “emerged” and
taking centre stage – continue to forge the
path of global integration along with a new
local de-globalization.
Companies that do not take advantage of
moving into, or expanding their presence
within, the growing economies will lose the
edge to the ones that do. Even when we have
seen a difficult recovery of global M&A activity
from the pre-crisis levels at IMAP we believe
that the years ahead will be interesting to say
the least. Our philosophy has always been to
put our clients’ interests first, and, in keeping
with this, IMAP has remained by their side
during the prolonged downturn, preparing the
terrain, analyzing trends and opportunities,
in order to help our clients make their move
when the time is right.
Outlook
The fact is that while there are still strong
headwinds and challenges going forward,
such as central bank policy uncertainty,
stubbornly high unemployment rates,
depressed salaries, and sluggish growth in
Europe and the US, there are many other
positive signs, which point to growth in the
M&A market over the next few years. Let us
name a few:
Gilberto Escobedo

8. 8
Multinational companies have large reserves
of cash in their war chests and Private
Equity funds have impressive amounts
of un-invested capital. Interest rates are
at historic lows. There are opportunities
in emerging markets, with favorable
demographics and growth prospects. There
is also a great deal of pent up demand, and
decreasing uncertainty in the business world.
Geographically, M&A looks to be robust in
the USA, followed by the EU and Asia.
In spite of the uncertainty in the
macroeconomic picture, which has never
been a deciding feature or obstacle to
acquisition or exit strategies, one of the key
success factors in M&A has always been the
well-executed integration plan. Good times
always come back, but proper integration
will determine positioning when they do.
Seamless integration and, of course, realistic
deal valuations is what clients seek most,
whether economic conditions are optimal or
challenging.
Growth motivates deals, and companies are
driven by three things in the M&A market: a
desire to grow the customer base, expansion
across geographies, and entering new
business lines.
Going forward, the middle-market, IMAP’s
strong suit, is where the game will be
played, rather the blockbuster deal.
Challenges ahead, indeed, but expansion
areas abound for those who work them,
especially in Technology, Media and
Telecommunications, Industrials, as well as
Pharmaceuticals and Life Sciences, followed
by Financials and Energy.
Our values-based teams, cross-border
reach, sector expertise and entrepreneurial
spirit with hands-on partner involvement
will be key to meeting the challenges and
opportunities ahead.
IMAP
As the President of IMAP - the international
firm of firms - I cannot stress too forcefully
the things that make IMAP agile and
alert. Is it because we are both a cross-
border organization with the watch-work
cohesion of a unified organization bound
by excellence, shared values, professional
respect and sector expertise - Or is it
because we have the independence that
many of our competitors might lack
because of their chronic conflicts of
interest?
We can do the seamless cross-border deals
because our senior partners are always
directly involved and not mere supervisors.
Deals are conceived by putting ourselves
in our clients’ shoes. How we rank is
important, and we are up there, but sector
expertise, independence, integrity and
excellence got us there and have given us
our momentum.

9. 9
We know our sectors from the inside, as
our professionals are people who came
from technical backgrounds and were
transformed by the power inherent in the
IMAP entrepreneurial spirit.
I recommend you have a look at IMAP at a
Glance, as it will cover some relevant sectors,
illustrated by MIKO, showcasing our cross-
border capacity and pro-activeness. Examples
like these abound in IMAP. In short, a lot
depends on the ability to seize an opportunity,
and precision in execution.
This document highlights our geographic
reach across vast continental territories, as
well as our presence in smaller geographic
units. See how we can make a broad global
presence click with intense involvement in
local markets.
We share with you in this book our Values,
those of the firm and its people. We have
intercalated them throughout the text,
instancing them through videos and
testimonials, to show you who we are: the
seasoned professional enthusiastic about
deal making and excellence, or the young
professionals drawn to IMAP for accelerated
learning and experience.
Successful teams are made up of people with
shared values.
What will you feel when you see these values
illustrated by individuals?
Well, just that at IMAP there are great people
to work with; how comfortable they are with
each other and their professions. That’s what
makes our clients happy to work with us!
Let’s work together!
Gilberto Escobedo

10. 10
IMAP was founded in 1973
and has since proved itself
to be an international
benchmark in M&A. It is a
firm of firms with a well-
honed focus on middle
market transactions.
ONE Team across-borders,
IMAP has more than 450
advisors who give us an
advantage of being “Truly
local” in more than 35
countries.
Sharing
Sector-experts form
an integral part of our
transaction teams – many
of whom have extensive
industry experience. And
our Global Sector groups
regularly share knowledge
– trends – insights – best
practices to add real value
to our clients.
By Sharing expertise and
experience vertically in our
firm and horizontally across
borders we excel and
motivate.
Our core values: Excellence
– Integrity – Leadership -
Team work and Trust bind
our professionals locally and
our member firms globally.
Connecting
IMAP knows how to
establish a rapport, how to
connect within and without.
In every deal, at every
stage, our industry and
sector experts, our partners,
advisors and analysts are
all in, seriously engaged
from pitch to execution.
The most important
measure of our success
is the success of our
clients and the Long Term
Relationships that we forge
working with them.
We make Connecting with
our clients, teams and
member firms a core part of
who we are.
About IMAP
More than $83 billion
in transaction volume
and more than 2,100
transactions during the
last 10 years.

11. 11
IMAP advisors are located throughout North and South America, Eastern and Western Europe and Asia.
Argentina
Belgium
Bosnia and Herzegovina
Canada
Chile
China
Croatia
Czech Republic
Denmark
Egypt
Finland
France
Germany
Hungary
India
Ireland
Italy
Japan
Mexico
Netherlands
Norway
Peru
Poland
Portugal
Russia
Serbia
Slovenia
Spain
Sweden
Switzerland
Turkey
United Kingdom
United States
Vietnam
Every business day - somewhere in the world -
an IMAP advisor is closing an M&A transaction!

12. 12
IMAPHISTORYTIMELINE
Founding of IMAP by
a group of US-based
M&A Practitioners
under the acronym
NAMAC
Merger of two US-
based M&A advisory
organizations (IN-
TERMAC and IMAP)
into one.
Presence in UK,
France, Germany
Spain and Italy.
Merger of Central
and Eastern
European
organizations
(MACEE) into IMAP.
1973 1993 1999 2005
Source: Thomson Reuters
globalperformance2011-2013
Rank FinancialAdvisor
1 KPMG
2 PricewaterhouseCoopers
3 Ernst & Young LLP
4 Rothschild
5 Goldman Sachs & Co
6 IMAP
7 Deloitte
8 Lazard
9 Morgan Stanley
10 BDO
Undisclosed Values & Values
up to $500 million
(Based on number of transactions)
in the world in the number of closed
transactions valued up to
US$500 million
6th

13. 13
Consolidation of
cross-border
collaboration.
IMAP adds more
global locations.
IMAP adds Peru,
Norway, Vietnam and
in talks to incorpo-
rate more LatAm and
Asia locations.
2008 2010 2014
globalperformance2011-2013
in the world in the number of closed
transactions valued up to
Source: Thomson Reuters
US$200 million
Rank FinancialAdvisor
1 PwC
2 KPMG
3 Ernst & Young LLP
4 IMAP
5 Deloitte
6 Rothschild
7 BDO
8 Lazard
9 M&A International
10 Goldman Sachs & Co
Undisclosed Values & Values
up to $200 million
(Based on number of transactions)
4th

14. Integrity
IMAP will never compromise standards
in order to get a transaction done
either from a timing perspective or by violating
any confidentiality or legal requirements…
Even if it means losing our fees

15. Sector
Expertise
“We speak your language”

16. 16
We bring to the table strong Sector Expertise
who share thanks to our global sector-groups
Knowledge - trends - best practices
Many of our professionals have strong hands-on
experience and insights into the industry

17. 17
Global deals Distribution by value 2013
84
61
26
18
59
109
134
69
14
58
TMT
Industrials
Materials
Real
Estate
Retail9%
2%
11%
21%
17%
Consumer Products
and Services
Consumer Staples
Energy and Power
Financials
Healthcare
13%
10%
10%
4%
3%

18. 18
In 2008 and 2009 a dramatic
decline in the production
volume of vehicles shocked
everyone, as it was almost
unheard of in the automotive
industry. Rates of decline
on this scale could only be
found as far back as the
Great Depression in the US.
This crisis impacted every
industry player, from Tier 3
suppliers to General Motors,
who had to be bailed out
with government funds.
Since 2010 the sector has
been experiencing a slow,
steady growth - especially
in the emerging economies,
although somewhat uneven
across the board. In the case
of the BRICS, not all are
growing at the same rate.
China is the main driver
in the automotive sector,
outpacing the rest. Currently
producing 11 million vehicles
per year, the number is
expected to grow to 35
million by 2020.
India and Russia are growing
at a slower pace while Brazil
has stagnated. The players
from the mature markets,
such as the U.S. and Western
Europe, see their growth
coming from enhanced sales
in China. The MINT countries
(Mexico, Indonesia, Nigeria,
Turkey) are, on the other
hand, starting to out-produce
the BRICS (and in some cases
also outsell them), together
with Vietnam and Malaysia.
OEMs are now in the process
of reducing the number of
their Tier 1 suppliers. This
could start knocking over the
dominoes, given that Tier 1
providers are in turn forced
to shed suppliers. Moreover,
both OEMs and Tier 1 want
global suppliers, which is
starting to drive M&A in the
sector, leading to both sector
consolidation and stimulation
of local company acquisition
in markets where a lack of
presence is manifest.
The environmental regulatory
context is also impacting M&A.
Vehicle weight is becoming
critical to CO2
emissions
compliance and manufacturers
know this. They now need to
incorporate lighter materials,
and increase the proportion of
aluminum and plastics, which
involves a technological shift.
Therefore, companies must
either invest in R&D or acquire
companies with this know-how.
We expect steady growth in
the automotive sector for the
next 10 years.
Automotive is not a sector with
12-14 times EBITDA multiples.
Although in emerging markets
you can find EBITDA X 8
multiples, 5-6 is the norm.
While interest in investing in
Western Europe is generally
waning, there is some interest
in Eastern Europe (Czech
Republic, Poland) and some
other markets. But it is in
Mexico, China and India where
the highest EBITDA multiples
are being hit.
Automotive
José-María Alberú, Spain

19. 19
In M&A activity, Private
Equity has always
displayed a tremendous
interest in chemicals,
particularly in the USA and
Europe.
One of the drivers for the
Chemicals market has been
increasing Private Equity
appetite, especially of large
multinationals, for non-
core assets.
Another key factor driving
M&A in Chemicals is the
huge development of Oil
& Gas in North America.
Energy costs have declined
and raw materials are
increasingly available to
the chemical industry. This
tandem of bountiful supply
at lower cost is becoming
a key driver in re-setting
the market dynamics in
the chemical industry, thus
contributing to a significant
degree of repatriation of
production from emerging
economies.
North America is beginning
to satisfy its own demand
in the chemical market
(availability of raw
Constantine Biller, UK
materials in the value
chain). We could also see
this phenomenon emerge
elsewhere, specifically in
the UK.
Agrochemicals and crop
chemicals are two more
M&A drivers, unleashing
positive dynamics due
to the rising demand
for high quality food.
Moreover, certain world
regions are fast becoming
more developed and
experiencing stiffer
demand.
Another M&A market
driver today is made
up of pharmaceutical
ingredients to tend to
aging populations in
certain parts of the world
and the concomitant
swelling demand for high
quality healthcare.
There has also been a
major increase in personal
care and households
products.
Chemicals

20. The global High-Technology
sector, spanning industries
in e-commerce, computers
and peripherals, software,
internet software (such as
mobile applications) and
services, is fast-paced and
scoring tremendous growth-
rates over the past few years.
Technology is playing
a critical role in many
industries since machines
and products are getting
smarter (production 4.0)
and intelligent networks
coordinating the efficient use
of resources are developing
rapidly. An innovation-driven
high-tech industry will be
an engine for sustainable
High Technology
growth across a wide range
of industries going forward.
China is the largest high-
technology market in
the world (over €950bn
in 2012 – followed by
the United States with
€840bn and Europe with
€670bn). In M&A terms,
there were nearly 5,000
transactions globally in
Telecommunications and IT
in 2013, with average EBIT-
or EBITDA-Multiples ranging
from 6.3 to 8.4.
Our outlook is that the
M&A high-technology
market will expand even
more, especially due to the
continuous development of
cutting-edge technologies.
More and more key players
are seeking to acquire
competitors that have a
remarkable, unique selling
proposition. They are also
looking for transactions with
a game-changing impact.
Other key market drivers
include the growing demand
for cloud-based technologies,
new, innovative materials
(e.g. RFID-chips in clothes)
or mobile products (e.g.
Apps for mobile phones
or “Internet of Things”),
which still have swift market
anticipation. Internet-based
business models are also
evolving over time and
spreading to more and
more diverse areas (virtual
market places, advertising,
social networking services,
etc.). Therefore, in order
to bolster market position
or stay competitive in the
future, companies must stay
ahead of the market through
innovation, partnerships, and
decisive leadership.
We understand that
innovation and creativity
play an important role in
the success of companies
operating in such a
challenging environment.
IMAP is ranked among the
top five M&A Advisors in this
sector involving companies
with revenues up to $200m.
Therefore, over the past
two years, IMAP and its
dedicated, cross-border,
sector-expert teams, has
successfully advised on more
than 50 High Technology
transactions worldwide.
Dr. Heiko Frank, Germany

21. 21
In the pharmaceutical
industry, M&A activity
shattered records in 2013
in terms of deal numbers.
There were three major
drivers responsible for
this:
Valuations of companies
with products in
development spiked
dramatically, a sign that
large pharmaceutical
companies are competing
more fiercely than ever
in terms of innovation,
particularly in the highly
coveted launches of drugs
that treat rare (“orphan”)
diseases.
A plethora of M&A deals
were also tax-driven:
American companies
applied inversion in order
to shift their tax base to
Ireland. Transactions of
this type prompted many
of the heftier M&A deals
in 2013.
More diversified groups
such as Novartis, Merck,
Sanofi, Baxter and Pfizer
began to focus on selling
or spinning off businesses.
Pharmaceuticals
Christoph Bieri,
Switzerland
We expect the M&A
market to cool over the
next twelve months.
Valuations of public,
development-stage
companies are already
smarting from the pricing
issues impacting some
of the newest innovative
drugs, such as Gilead’s
Sovaldi (used to fight
HCV). Moreover, the
American government
is eyeing regulatory
changes for inversions.
Nevertheless, the break-
up of larger groups will
spark substantial, large-
transaction activity.
In China deal-making came
to a stand-still because of
the government inquiry
into the marketing
practices of multinational
companies operating
in the pharmaceutical
market. Almost all
major pharmaceutical
companies in China
fell under government
scrutiny, which made
planning impossible while
jacking up acquisition
risk. Now that most of the
investigations have been
settled, we expect deal-
making activity to reboot.
India remains a burgeoning
pharmaceuticals market
with exciting growth
prospects. The recent
manufacturing problems
faced by Indian generic
drug producers will
certainly be worked out
and inbound acquisitions
will heat up as a result.
We should also not fail to
mention that the global
aspirations of major Indian
pharmaceutical groups
have been escalating,
which could lead to larger
outbound transactions.

22. Leadership
IMAP is a leadership multiplier
not just because it ranks consistently
amongst the Top 5
in the Middle Market league tables
It is about how we do business
How our people are empowered
We live our values
excellence & integrity
forging long-term relationships

23. global
reach

24. Since 1973,
IMAP has grown across different geographies
keeping in tune with our client’ needs
Already present in 35+ countries
we continue to grow our presence to ensure that we
serve our clients globally!

25. Cross border transactions and % of cross border deals
40
35
30
25
20
2006 2007 2008 2009 2010 2011 2012 2013
% of Cross Border Deals
Trend Line
26% 25%
30%
30%
33% 33%
28%
29%
25

26. 26
China
InterChina (IMAP
in China) is an
M&A and strategy
advisory firm
founded in 1994
Over the last 15
years, InterChina
has become one of
the leading boutique
corporate advisors
in China
InterChina now
employs more
than 60 specialized
advisors, with
two offices in
China (Beijing and
Shanghai)
More than 150 transactions
successfully closed, translating
into $3.5 billion plus in overall
deal value
China
InterChina

27. 27
The Chinese economy
continues to chalk up
impressive growth rates.
After hitting a soft patch
in the first two quarters of
2013, it ended the year with
7.7% growth, practically
the same rate as in 2012
(7.8%). High frequency
indicators rebooted after
the summer with a high
degree of stability in the
most commonly watched
business barometers,
with retail sales, industrial
production and PMI
all moving in a narrow
range. Inflation remained
relatively subdued
throughout 2013, although
it has edged up in recent
months to 3%.
Nevertheless, there are
rising concerns as the
shift in the composition
of demand away from
investment and towards
consumption, which
we saw in 2012, made
an about-face in 2013.
Storm warnings have
also appeared in the
financial sector, which has
experienced rapid credit
expansion, and several
recent spikes in inter-bank
interest rates. Therefore,
while high frequency
indicators remain steady,
and the short-term
forecast is unchanged at
7.4% for both 2014 and
2015, significant risks are
stalking China.
Eduardo Morcillo
Managing Director

28. 28
Since 1995,
REDBAENK has had
a long record of
accomplishments
in the corporate
finance field in the
Czech and Slovak
markets
Ranking among the
Top 3 in the Czech
market
Team of experts has
gained extensive
experience from
successfully
managing and
closing transactions
offering value to its
clients
Czech Republic & Slovakia
IMAP in Czech Republic: REDBAENK

29. 29
Richard Kováˇr
Partner
The Czech M&A market
in 2013 strengthened
both in deal volume and
aggregate deal value.
Once again the Czech
Republic in 2013 was one
of the hottest CEE markets
for M&A. Two major
transactions, such as the
TELEFONICA divestment
from the Czech market
(e2.5bn) and the
acquisition of Net4Gas
– transmission systems
operator sold by RWE
(e1.2bn) represented the
two largest transactions
in the entire CEE. M&A
activity in 2013 was
mostly centred on energy,
telecom, real estates and
media.
The number of
transactions rose by
approximately 50 per
cent, and the main role
is still played by local
financial investors, such
as PPF, EPH, KKCG or
PENTA. This is in line
with the general trend
of the last few years in
which local strategic and
financial investors have
dominated the Czech M&A
market, which is driven
by consolidation and
the defensive strategies
of various international
groups. Czech investors
were also relatively active
in neighbouring countries
as EP Industries acquired
Eastern European assets
of the waste management
company AVE. Growing
cross border activity
of Czech investors has
consolidated a long-term
process that is expected
to continue.
2014 should bring growth
again to the Czech
economy. After two
years of sliding GDP, the
economy rebooted in Q4
2013. GDP is currently
driven by stiff industrial
production boosted
by the depreciation
of the Czech Crown in
November 2013, which
will have a positive
impact on household and
government spending.
Optimistic forecasts for
Czech market growth
should enable foreign
investors to become more
valuation competitive.
We therefore expect
increased cross border
transactions in 2014
and more transactions
in sectors such as
manufacturing, retail
& distribution and
healthcare.
The automotive industry is
the backbone of the Czech
economy and a strong
connection to German
automotive manufacturers
provides relative stability
to the Czech economy
in a turbulent global
environment. The
lowest interest rates on
record and easing bank
financing terms cement
the foundations for the
next acceleration of M&A
activity.

30. IMAP M&A
Consultants AG is
a full service M&A
firm committed
to providing
unsurpassed M&A
advisory services
Independent
Advisory firm
offering financial
services to the
middle-market: mid-
size companies,
Subsidiaries,
Holding companies
& Family owned
businesses
30
Germany
IMAP in Germany: IMAP M&A Consultants AG

31. 31
2014 activity is driven by
following factors:
Overall, the German
economy is healthy.
Stock market valuations are
high, perhaps too high for
current earnings. But while
earnings are rather robust,
valuations may slip in the
next consolidation. Therefore,
stock assets have little room
to advance further.
Interest rates have been
at all time lows for several
years. Accordingly, asset
managers have a hard
time making investment
decisions.
Many family firms have
re-directed their focus from
low interest bonds to direct
investment, i.e., private
companies, and mezzanine
and debt funds.
As a consequence, family
firms and Private Equity
groups are desperate to
find businesses to invest
in. However, these assets
are not easy to find. IMAP
helps family firms build their
portfolio. The market has
clearly shifted from a seller’s
market to a buyer’s market.
Most solid businesses,
across all sectors, are being
approached even before
they come to market.
Direct investment by
family firms is in serious
competition with classical
Private Equity Funds. PE
funds have slipped and
more and more former
PE specialists are now
managing the direct
investment by family
businesses.
On the strategic side, people
are still looking to the Far
East. Anyone who wants
to play a role in industrial
markets in the future
must be present in Asia,
especially China, India, and
the SEA. There is a lot of
two-way activity – German
companies investing in Asia
and vice-versa. We have
recently signed such a deal
in the automotive industry.
Industry consolidation is
taking place mainly in two
sectors: Automotive and
Energy.
The Automotive industry
as a whole is generating
excellent results, although
much of the growth is
in Asia while Europe is
declining. Tier 1 and Tier 2
suppliers are even being
forced to move into Asia,
following their OEMs. Tier 2
and Tier 3 suppliers often do
not have the financial and
management capacity for this
and are looking for integration
into other structures in order
to achieve critical mass.
Anyone with revenues under
€100M is going to find it hard
to survive in the automotive
sector, unless they have a
technological niche.
The change in government
energy policy has caused
turmoil at all levels of the
energy sector. Renewables
relying on subsidies are under
pressure and the big energy
suppliers are suffering from
the shutdown of nuclear
power. The entire industry
will be reconfigured, and,
accordingly, there will be a
lot of activity although deals
will be difficult given all the
uncertainty.
Karl
Fesenmeyer
President

32. One of India’s leading advisory
firms focussed on Investment
banking, o3 Capital provides advice
to its clients globally on a gamut of
strategic transactions, including
mergers, sell-side and buy-side
advisory, leveraged buy-outs and
other restructurings
IMAP in india: o3 capital
INDIA
o3 provides
independent,
research-driven
advice to help
clients glean
the maximum
value from their
transactions
Bangalore
32

33. 33
Gaurav Khungar
Managing Director
Restarting the
investment cycle
Industrial investment
themes have historically
rewarded investors only
over specific parts of the
investment cycle given
that relative to other
emerging markets the
Indian economy has been
more closed and insular.
Capital allocations by
large conglomerates in
India has been biased
to overseas rather than
Indian investment. It is
now evident that the new
Government will improve
the investment cycle by
consistently attracting
Foreign Direct Investment,
which will also stimulate
domestic private sector
capital expenditure. This
investment upcycle should
be visible in the latter
part of the next 12 months
and drive considerable
cross border M&A whilst
Indian demographics
will continue to favour
a steady growth in
consumption. This is an
enduring theme.
India will stimulate the
economy by building
infrastructure, enhancing
banking systems and
lending to consumers.
Learning from the past
will result in a focus
on domestic demand
replacing the traditional
reliance on international
trade. Sectors that are
expected to gain the
most include Capital
Goods, Construction
and Materials, and
Transportation. The
anticipated number of
skilled people joining
the work force over
the next 5 years offers
investment opportunities
in creating/expanding a
services model catering
to the clients of global
conglomerates across the
engineering goods sector
– similar to the success of
India in the Information
Technology space. Over
the next 5 years India
will witness greater
entrepreneurship and
the clearest investment
opportunities playing on
the demographics in the
healthcare and consumer
space.

34. Pinnacle advises
its clients in
every step from
strategy planning
to transaction
execution
Japan
A changing M&A marketplace
34
IMAP in Japan: Pinnacle.

35. 35
Among the world’s
leading economies, one
of the most noteworthy
shifts in economic and
corporate outlook has
occurred recently in
Japan. Since Abe became
Prime Minister in 2012,
the Japanese economy
as a whole and Japanese
corporations have been
driven by government
reforms and export
growth. These two policy
“arrows” from Abe’s
quiver have already hit
some targets, while a
third – private sector
growth – is gradually
being implemented. Both
business optimism and
land prices have been
recovering.
But with a declining
population, Japanese
companies cannot rely on
a domestic turnaround.
Since 2009/2010 Japanese
companies have been
aggressively pursuing
cross-border acquisitions.
Outbound acquisitions
are ascendant (and as
a percentage of total
acquisitions as well),
buttressed by buoyant
corporate balances (at a
record high of $3 trillion
at March 2014), as well as
increased bank lending,
thanks to the BOJ.
We see Japanese
companies taking on more
challenging deals and
not being afraid to fight
for the deals they seek.
In the large-cap company
spectrum, for example,
Softbank (Japan’s third-
largest telecom group)
acquired control of Sprint
(US) in a $20bn+ deal.
Suntory (a beverage group)
acquired Beam (US) in a
deal valued at some $16bn.
Similar trends are seen in
the M&A middle market
as Japanese firms are
deal-making in emerging
markets, especially in
Southeast Asia.
In spite of the outbound
M&A focus, in the last
12-18 months there also
been increased interest in
inbound M&A. A devalued
yen (-20% since 2013) has
sucked down acquisition
costs. But even before this
macro change, Pinnacle
(IMAP Japan) witnessed
a number of companies
seeking a place in Japan’s
large domestic markets
where there is often no
meaningful competition
from foreign players.

36. 36
Foreign companies can no
longer delay their long-
term strategies, which
include Japan. Recent
deals include the merger
of AMAT (world’s largest
semiconductor equipment
maker, US) with Tokyo
Electron (Japan’s largest
semiconductor equipment
maker). And Nippon
Paint opened the door to
Wuthelam (a Singapore-
based paint maker) to kick
up its stake to 30% in a
$1bn deal, showing that
preeminent blue-chips are
will pilot acquisition
numbers upwards. We
have seen increased
partnering with entities
that provide financial
and operating support,
such as INCJ and Japan’s
trading companies. In
the future, Private Equity
should increasingly fulfill
this role. For inbound
deals we expect that
foreign companies will
seek to acquire Japanese
technologies and brands,
and seek market entry into
the world’s third largest
economy.
Pinnacle, IMAP Japan, is
a leading firm in cross-
border M&A advisory,
with a dedicated cross-
border team lead by Jeff
Smith. Our advisors are
supporting foreign and
domestic firms in seeking
out and executing the
opportunities surfacing in
Japan. As Japanese firms
scout for more complex
and bespoke deals, the
cross-border, sector-
competent M&A advisor,
such as Pinnacle, will
be even more critical to
success.
willing to sell off to foreign
Private Equity.
Going forward, our outlook
is for a continuation of
these trends in outbound
and inbound deals in
Japan. For outbound
deals we expect that
consumer and retail
companies, seeking to
increase their presence in
growing markets, and high
technology companies
(services, equipment and
materials) seeking to build
more global businesses,
Ikuo Yasuda
Chairman

37. 37
Team Work
ONE Team
Working Together – Across Borders

38. 38
With more than 20
years of experience
in Corporate
Finance Advisory,
Serficor is the
most effective
independent
investment bank
in Mexico with a
strong global reach
IMAP in Mexico: Serficor Partners
Mexico

39. 39
Gabriel Millán
Partner
In 2013 Mexico attracted
$35 billion USD in Foreign
Direct Investment, a record
year. We expect this trend
to continue in 2014 with
an expected GDP growth
of 3.5%. Expectations
for 2014 include a lower
inflation rate against
those of other emerging
economies, a strong
Mexican Peso and stable
interest rates.
Several key reforms
have been implemented
by the Mexican
Government (Energy,
Telecommunications, Tax
law, Financial Services,
Labor law, and Anti-
Corruption initiatives). We
expect that the effects of
these reforms will initially
materialize in the second
half of 2014 and beyond.
The fine print on the
regulations accompanying
the reforms will be crucial
in determining how much
interest major players
(financial and strategic)
will have in investing in
Mexico.
The Outlook for M&A
in Mexico in 2014 and
beyond is positive. We
expect to see deal volume
pick up after the effects of
the reforms are perceived.
Deals could range from
the tens of millions into
the billions, considering
that there are companies
in Mexico offering value
across all markets. We see
the energy, distribution,
healthcare, financial
services, and retail and
consumer sectors to be
the most attractive with
acquisition multiples
similar to the past. The
most attractive companies
will command an
acquisition premium.

40. 40
Russia
Advance Capital is one
of the leading providers
of investment banking
services in Russia and
the CIS, with a focus on
mid-cap companies
IMAP in Russia: Advance Capital

41. 41
at a slower pace than in
the past, due to a weaker
exchange rate. The
current-account surplus
is expected to gradually
diminish by 2015.
Evgeny Antipov
Managing Director
Russia on the right
path
Russia recovered briskly
after the financial crisis
of 2008-09, but the pace
of growth has since
slowed, reflecting both
domestic and external
weaknesses, such as the
economy’s over-reliance
on commodity exports, its
low investment rate, and
lagging competitiveness.
GDP growth more than
halved from 3.4% in 2012
to 1.3% in 2013, although
is expected to rebound to
2.3% in 2014 and 2.7% in
2015. The 2014 outlook
is for a moderate uptick
in growth, reflecting
both improving global
prospects and upbeat
domestic economy
expectations – as
measured by a rising
composite Russian PMI
(52.5 at December 2013,
the highest level since
March 2013).
Household consumption
growth is expected to
remain strong, while
slowing due to a
slightly negative trend
in employment and an
increasing household
debt burden, which is
squeezing real disposable
income. Government
spending is expected to
pick up slightly over the
forecast horizon, spurred
by government plans
to boost infrastructure
investment through
public-private partnerships
and financing from the
National Welfare Fund.
A rebound in investment
should be among the
main drivers of GDP
growth in 2014-15. Private
investment is expected
to return to positive
territory as the temporary
factors that were a drag
on 2013 investment
(completion of large one-
off investment projects)
are expected to taper
off. Russia’s economy
is widely considered to
be running at close to
capacity, which should
underpin investment
recovery, although this
is expected to be gradual
given vestigial frailties
in the business climate.
Export volume growth is
expected to accelerate in
2014 and 2015, mirroring
the anticipated recovery in
the main export markets.
Imports are set to pick
up on the back of higher
final demand, although

42. 42
IMAP in Spain: Clearwater International iberia
Spain & Portugal
The firm has
sector expertise
in IT, Chemicals,
Healthcare,
Construction and
Infrastructure, Clean
Energy, Media and
business process
outsourcing
Clearwater International
Iberia provides M&A, corporate
finance and asset management
services to mid-size companies
in Spain and Portugal looking
to expand their value through
acquisitions, financing, and
divestments

43. 43
Spain is back!
Spain’s incipient economic
recovery is forecasted to
consolidate in the coming
quarters, backed by
improved confidence and
the easing of financing
terms. While the Spanish
economy is expected to
continue rebalancing, the
contribution to growth
from external demand
is expected to ebb.
Employment is expected
to begin to grow and the
unemployment rate to
retreat gradually, amidst
continued moderation
in unit labor costs. The
budget deficit is set to
narrow in 2014 although
government debt will
continue to expand.
Spain has returned to
positive GDP growth
since the third quarter of
2013, amidst improved
confidence and some
relaxation of financing
terms.
Spain successfully
exited the Financial
Assistance Program for
the Recapitalization of
Financial Institutions while
the Spanish financial
markets continue to
stabilize
now that sovereign-bond
yields are bottoming at
fresh lows. In general,
financing conditions have
improved, although they
remain onerous for some
borrowers, especially
for SMEs. Despite these
improvements, still
elevated debt levels and
high unemployment weigh
on growth prospects and
make Spain vulnerable to
adverse shocks.
Javier Pérez-Farguell
Managing Director
David Serra
Managing Director

44. 44
Leadership position
amongst financial
institutions in
Turkey in terms of
number of deals
closed
3 Seas Capital Partners is the
leading corporate finance
house in Turkey in M&A
Since its inception, the firm has
completed 87 successful M&A
transactions worth $.5 billion
Turkey
IMAP in Turkey: 3 Seas Capital Partners

45. 45
A growing country
with many
opportunities
In recent years M&A deals
in Turkey have numbered
between 230 to 250 and
$17 to 22 billion in volume
terms. Average deal sizes
fluctuated between $60-80
million.
The M&A market in Turkey,
which is lagging in maturity
compared to the dimension
of Turkey’s economy,
has mainly consisted of
privatizations. Privatization
deals comprise 50% of
annual transaction volume,
spiking to 60-65% in some
periods.
As a growing country,
Turkey has long served
as a hub for foreign M&A
investors. While this trend
continues, the presence
of domestic investors in
the M&A sector, especially
in privatization deals,
has increased vastly in
recent years, reaching
70% in 2013. This palpable
jump in domestic-party
transactions showcases
an important shift in the
country’s business culture,
leading to the formation of
a stable M&A environment
in Turkey.
US and EU investors have
paved the way in M&A
transactions for foreign
investors in Turkey.
They have recently been
joined mainly by the
Gulf countries, followed
by the Middle East, Asia
and the Far East, which
has increased the foreign
investment mix in Turkey.
In the past decade, Turkey
has entered a period of
rapid growth. However, its
dearth of natural energy
resources has led to a
significant energy deficit.
As a result, the energy
sector is the scene of the
largest M&A activity in
terms of deal numbers and
cash volume, followed by
information technology,
financial services and
food & retail.
Sevket Basev
Partner

46. 46
United Kingdom
Clearwater International UK
(IMAP UK) is a leading
independent mid-market
corporate finance advisory
firm operating in the UK
and internationally, with an
exceptional track record of
more than 400 completed
transactions
Through its four UK offices,
Clearwater International UK
advises on all aspects of
corporate finance transactions
including mergers and
acquisitions, divestments and
MBOs
Clients include large
corporations, private equity
firms, management teams, and
owner-managers. The size of
Clearwater International UK’s
team and the deals on which it
advises make the firm the most
active, independent corporate
finance house in UK
IMAP in UK: Clearwater International – UK
Michigan

47. 47
Strong economic
growth drives
business
UK is the fastest growing
economy in the G7.
Expected GDP growth for
2014 comes in around
2.9%.
Keys to the UK recovery
comprise a very effective
use of QE by the Bank of
England and appropriate
public expenditure by the
Government in transport
and infrastructure.
Manufacturing is a real
source for growth in the
UK along with many
government initiatives,
such as tax incentives
and a huge extensive
training program, as
well as repatriation from
manufacturing. Because of
debt market improvement,
banks are much more
receptive to providing
funding opportunities,
which is what’s driving
private equity appetite.
Mike Reeves
CEO

48. 48
USA
Amherst Partners
Founded in 1994, Amherst
Partners is completely
independent and one of the
Midwest’s largest and most
reputable boutique investment
banking and restructuring &
turnaround consulting firms
With offices in Birmingham
and Ann Arbor (Michigan) and
Chicago (Illinois), Amherst is
focused on providing middle-
market companies with financial
advisory expertise for mergers
and acquisitions, corporate
restructurings and management
consulting
A team of seasoned, hands-on
problem solvers linked by our
commitment to establishing a
“trusted advisor” relationship
with our clients and referral
partners

49. 49
The Year that Wasn’t
Despite a softer than
expected 2013 with
volumes at their lowest
levels since 2009, we are
encouraged by some
year-end 2013 momentum
and a very strong start in
2014. We also find it hard
to ignore the supportive
fundamentals that
continue to exist in the
M&A market today. The
dynamics include strong
corporate earnings and
cash balances, receptive
credit markets, attractive
interest rates and record
levels of investable funds
held by Private Equity
firms. As a result, we
expect 2014 to see an
uptick in dealmaking
activity from 2013 levels.
The U.S. M&A market
saw a decline in activity
in 2013, with the total
number of transactions
announced (9,263) falling
11% from 2012 (10,419).
Focusing on transactions
with $25 million to $250
million of total transaction
value, middle-market
activity saw an even larger
drop-off, falling 18% from
2012 levels (982 deals
announced in 2013 versus
1,191 in 2012).
Scott Eisenberg
Managing Partner and
Co-Founder

50. 50
Trust
We invest in
Trust based Relationships
with our clients…
For several years IMAP
Belgium had been asking
itself what its client,
MIKO, needed. Various
targets in Turkey and
Central Europe turned
out not to be the right fit.
After the mandate came
in, the IMAP network lit
Miko
Success Story: MIKO
up and our Belgian and
Danish professionals
found the right targets
and deals were signed.
Success was based on
loyalty to client, long-term
involvement and cross-
border focus.

51. 51
Why IMAP?
Connect and Share
For IMAP, strong long-term connections are the
cornerstone of successful deal-making.
They motivate and lead the way!
And sharing takes us beyond what the individual
professional and the member firm can do.
It is at the core of our team-making process!
By sharing we bring out the
Cross-border Excellence and Sector Expertise
that can make or break a deal.
Connect & Share - a simple formula that is as basic as
our values of Trust and Integrity.
Connect & Share - it is what our clients seek when
working with us and it is how we work for them.
Let’s Work Together.

52. Video
Compilation
Corporate video
Sector Expertise
Cross Border
China
Excellence
Integrity
TeamWork
Trust
Miko
Why IMAP

53. 53

54. 54
©IMAP,Inc.2014
IMAP, Inc.
Av. Diagonal, 618
08021 Barcelona - Spain
www.imap.com