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