Top 5 buyouts of 2012 so far

While we might not see any records set, buyouts so far this year have set the bar high for those hoping to bag the title of biggest deal in 2012.

5) CPA Global – €1.14bn

Cinven's acquisition of CPA Global from Intermediate Capital Group and Electra Private Equity is the first of our chart topping deals. Cinven bought the firm for around $1bn (€1.14bn) back in January. The company provides intellectual property management services to law firms and corporates. Notably, it was acquired at a time when a number of GPs were looking at acquisitions in the legal sector following a relaxation in ownership regulations, though CPA itself was not directly affected by these regulations.

unquote” looks back on the five largest buyouts completed so far this year in Europe

4) Wood Mackenzie – €1.37bn

In at number four is a very recent acquisition, the tertiary buyout of Wood Mackenzie by Hellman & Friedman in July, worth €1.37bn. Consultancy firm Wood Mackenzie, which specialises in energy and life sciences research consultancy, had been majority owned by Charterhouse Capital, which reinvested in the buyout to retain a 13% stake, while Hellman & Friedman took a 63% share.

Charterhouse itself had acquired the firm for £553m in 2009 through a secondary buyout from Candover. The acquisition by Charterhouse was one of the very few large buyouts seen in 2009 and Candover achieved an impressive 56% IRR in some very difficult economic conditions.

3) Misys – €1.5bn

US private equity player Vista Equity Partners sits in third place with its £1.27bn (€1.5bn) take-private of banking software provider Misys. The deal followed an intensive bidding process that saw Vista face off against several private equity rivals. CVC had also been vying for the firm, along with Misys's then largest shareholder, ValueAct Capital Partners.

Vista already had experience in the finance software market, having acquired Thomson Reuters' capital markets software developer Turaz. It plans to merge the two firms.

2) Ahlsell – €1.8bn

In second place is another tertiary buyout, this time worth a whopping €1.8bn, with CVC's acquisition of Ahlsell. The Stockholm-based company, which distributes tools and construction equipment, had been owned by Cinven and Goldman Sachs Capital Partners' (GSCP), which bought the business from Nordic Capital in 2006 for €1.3bn.

1) BSN Medical – €1.82bn

Reigning supreme so far in 2012 is, unusually, a German company, BSN Medical, which manufactures and distributes medical supplies. EQT's latest fund bought BSN medical for €1.82bn – just edging ahead of the Ahlsell deal – from Montagu Private Equity in June.

BSN had shown strong growth under Montagu ownership, increasing sales by some 30% over the six-year holding period. EQT now plans to grow the firm further by assisting its expansion in the Asian and Latin American markets.

The deal was also supported by one of the biggest debt packages seen this year, with senior debt and mezzanine thought to amount to around €1.13bn, indicating that strong companies can still raise significant leverage packages when needed.

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• Topics
• Industry
• Buyouts
• EQT
• Montagu Private Equity
• CVC Capital Partners
• Cinven
• Goldman Sachs
• Vista Equity Partners
• Hellman & Friedman LLC
• Charterhouse Capital Partners
• Candover
• Intermediate Capital Group