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Canada Private Equity Market Overview - Canadian Venture Capital ...

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Business Products &. Services. 7%. Automotive & ... Automotive & Transportation. Business Products & Ser
Canada Private Equity Market Overview First Nine Months of 2015

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Page | 2

Deals by Quarter # Deals

$ Billions Invested

120

25.0

100

100

60

82

79

80

87

93 81

78

86

20.0 15.0

63

55

22.7

45

10.0

40 5.0

20

6.3

2.8

4.0

2.5

8.4

8.0 6.1

5.1

1.8

1.8

0.0

0

Q1

Q2

Q3

2013

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Q4

Q1

Q2

Q3

2014

Q4

Q1

Q2

2015

Q3

Q1

Q2

Q3

2013

Q4

Q1

Q2

Q3

2014

Q4

Q1

Q2

Q3

2015

Page | 3

Deals by Province – First 3Q 2015 # Share

$ Share

All others 7%

BC 8%

All others 2%

BC 13% QC 36%

QC 15% AB 46%

AB 13%

ON 31%

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ON 29%

Page | 4

Top PE Sectors – First 3Q 2015 # Deals

# Share

ICT

44

Industrial & Manufacturing

Financial 4%

34

Mining & Resources

32

Oil & Gas, Energy 27

Agri-Forestry

Automotive & Transportation 6%

23

Business Products & Services

19

Automotive & Transportation

13

Financial

11

Life Sciences

Agri-Forestry 9%

8

Real Estate

2

Others

2 0

Industrial & Manufacturing 13%

Business Products & Services 7%

15

CleanTech

Mining & Resources 12%

10

20

30

40

50 Consumer & Retail 10%

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Others 1% ICT 17%

CleanTech 5%

30

Consumer & Retail

Life Sciences 3%

Real Estate 1%

Oil & Gas, Energy 12%

Page | 5

Top PE Sectors – First 3Q 2015 $ Millions

$ Share

Oil & Gas, Energy

8,217

Industrial & Manufacturing Mining & Resources

1,376

Real Estate

Agri-Forestry 2%

ICT 3%

1,083

Automotive & Transportation

Consumer & Retail 1% Others 2%

938

CleanTech

550

ICT

456

Business Products & Services

298

Others

290

Agri-Forestry

243

Consumer & Retail

172

Financial

32

Life Sciences

16 -

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Business Products & Services 2%

2,658

CleanTech 3% Automotive & Transportation 6%

Oil & Gas, Energy 50%

Real Estate 7%

Mining & Resources 8%

2,000

4,000

6,000

8,000

10,000

Industrial & Manufacturing 16%

Page | 6

Deal Activity by Deal Type – First 3Q 2015 $ Millions

# Deals Debt 21

Other 7

Infrastructure 5

Buyout 62

Buyout

10,834

Add-on

2,134

Growth

2,061

Growth 101

Infrastructure

Add-on 64

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879

Other

238

Debt

185 -

2,000

4,000

6,000

8,000

10,000

12,000

Page | 7

Top 10 Canadian PE Deals – First 3Q 2015 Company

Province

PE Firm(s)

$ Millions

Heritage Royalty Limited Partnership (HRP)

Alberta

Ontario Teachers'

3,300

KIK Custom Products Inc.

Ontario

Centerbridge Partners

1,871

Brookfield Residential Properties Inc.

Ontario

Brookfield

1,013

Encana Dawson Natural Gas Assets

BC

Veresen Midstream Limited Partnership - KKR, Veresen

760

Encana Clearwater Assets

Alberta

Brookfield

605

Niobec Inc.

Quebec

CEF Holdings, Temasek Holdings

597

CanEra Inc.

Alberta

NGP Energy Capital, Riverstone Holdings

465

Prairie Storm Energy Corp.

Alberta

NGP Energy Capital

400

Terrapure Environmental

Alberta

Birch Hill Equity Partners

300

Arcan Resources Ltd.

Alberta

ARC Financial, Ontario Teachers'

299

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Page | 8

Most Active PE Investors – First 3Q 2015 PE Firms

# Deals

$ Millions*

Fonds de solidarité FTQ

39

1,307

Investissement Québec

38

588

Ontario Teachers' Pension Plan (OTPP)

14

14,764

Caisse de dépôt et placement du Québec

13

10,962

Canada Pension Plan Investment Board (CPPIB)

12

35,857

Desjardins Venture Capital Inc.

11

275

Fondaction CSN

9

267

Onex Corporation

8

6,113

Brookfield Asset Management Inc.

8

4,266

ARC Financial Corp.

8

621

* Total deal values (includes all participating investors)

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Page | 9

Most Active Law Firms in Canadian PE Deals Law Firms

# Deals

$ Millions*

McCarthy Tétrault LLP

15

18,924

Torys LLP

11

15,956

Stikeman Elliott LLP

11

2,181

Osler, Hoskin and Harcourt LLP

9

5,006

Blake, Cassels & Graydon LLP

7

3,761

Norton Rose Fulbright Canada LLP

6

3,985

Gowling Lafleur Henderson LLP

6

652

Weil, Gotshal & Manges LLP

5

3,758

MacPherson Leslie & Tyerman LLP

4

93

* Total deal values (includes all participating investors)

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Page | 10

Most Active Investment Banks Investment Bank

# Deals

$ Millions*

RBC Capital Markets

8

2,930

Barclays Bank PLC

7

16,337

BMO Capital Markets

6

2,822

CIBC World Markets

6

776

JPMorgan Securities LLC

5

29,945

Morgan Stanley

5

21,075

TD Securities Inc.

5

4,587

Goldman Sachs Group, Inc.

4

12,474

GMP Securities L.P.

4

2,141

* Total deal values (includes all participating investors)

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Page | 11

Top 5 Disclosed Canadian PE Exits Selling or backing PEs

Target

Buyer

KERN Partners, Westcap Mgt.

Legacy Oil & Gas Inc.

Crescent Point Energy

1,530

Fairfax Financial Holdings Limited Cara Operations Limited

IPO

1,096

Birch Hill Equity Partners

IPO

638

Caisse de dépôt et placement du Quebecor Media Inc. Québec

Quebec Inc.

500

Catalyst Capital Group

Rogers Communications Inc.

465

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Sleep Country

Mobilicity

$ Millions

Page | 12

PE Fundraising – First 3Q 2015 # Funds

# Closings

Raise ($ Million)

23

34

6,239

Median ($ Millions, excludes retail funds)

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Fund Size

Individual Closing

Initial Close (13 funds)

110

110

Subsequent Close (7, funds, 8 closings)

252

37

All Funds (18 funds)

128

105 Page | 13

CVCA Methodology

• Dataset includes only completed private equity deals for consistency and quarter-to-quarter /year-to-year comparison. • Announced, but yet to be completed deals are not included

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Page | 14