February 29, 2012, 2:56 AM EST
By Elisa Martinuzzi and Zijing Wu
Feb. 29 (Bloomberg) — Investment banks including Deutsche Bank AG and Morgan Stanley are vying for as much as $2 billion in annual fees in Europe arranging customized equity derivatives — a secretive market that has defied the downturn.
The business, about as large as underwriting initial public offerings before the 2008 financial crisis, is now three times bigger and held steady last year, according to estimates from six bankers who asked not to be identified because the information is private. The contracts accounted for almost 10 percent of total investment-banking fees last year in Europe, the Middle East and Africa as revenue from dealmaking and trading sank, data compiled by research firm Freeman & Co. show.
Because the deals, whose value is tied to stocks, are customized and not traded on exchanges, banks are able to charge higher fees than for contracts in which customers seek competing bids. They’re also attractive to lenders because new rules demanding capital buffers against potential losses aren’t as punitive as for other derivatives.
“Regulatory change may drive banks back to the business, not away from it,” said Rachel Lord, Citigroup Inc.’s London- based global head of corporate equity derivatives. “This is one part of the investment-banking industry where, despite compressed margins, the business remains a high priority because it’s so important to the client base.”
Tailor-Made
Investors such as Aabar Investments PJSC, the Abu Dhabi- based sovereign-wealth fund, and Italy’s Fondazione Monte dei Paschi di Siena, owner of the world’s oldest bank, sought derivatives to protect the value of their holdings or to borrow against equity stakes.
Banks including Deutsche Bank AG, Morgan Stanley and Goldman Sachs Group Inc. are competing in a region that’s the biggest in the world by fees, surpassing the U.S. and Asia. The annual notional value of tailor-made equity derivatives is typically more than $50 billion in Europe, the Middle East and Africa, according to estimates from two of the bankers.
The market is so big and lucrative that even lenders shrinking their investment-banking arms want to keep the business going. Royal Bank of Scotland Group Plc, which is selling or closing brokerage, merger-advisory and IPO- underwriting units, will continue arranging “profitable” equity derivatives, the London-based firm said last month. Credit Agricole SA, France’s second-largest bank by assets, will do the same for corporate clients, said Bertrand Hugonet, a Paris-based spokesman.
“There’s a lot of competition because there’s been a history of profitable transactions in this space,” said Samuel Losada, London-based head of European corporate equity derivatives at Bank of America Corp. “You can achieve over the long run, if risks are managed properly, above-market returns.”
Daimler Derivative
Because the deals are private, there aren’t any publicly available rankings. Based on bankers’ own assessments and the sharing of information among them, the business is dominated by the region’s top equity brokers and better-capitalized firms. Industry leaders include Frankfurt based Deutsche Bank, Morgan Stanley, Goldman Sachs and Citigroup, all in New York, and Zurich-based Credit Suisse Group AG, the bankers said.
Deutsche Bank, Morgan Stanley and Bank of America arranged a derivative in May that allows Abu Dhabi’s Aabar to keep its share of the potential near-term gains of Daimler AG, even as the fund sold a 1.25 billion-euro ($1.7 billion) bond exchangeable for the German automaker’s shares. The sale could cut Aabar’s Daimler holding to 7.2 percent from 9.1 percent when the bond matures in 2016.
The deal was the region’s largest ever derivative overlay, a strategy to hold multiple contracts against the same assets, linked to an exchangeable bond, according to Losada.
Emerging Markets
“There’s a clear trend that the emerging-market business is becoming more important,” said Losada. “We saw continuous activity in this space over the last 12 months.”
Increasing demand from emerging-market clients, such as Middle Eastern sovereign-wealth funds, has helped buck a slowdown in Western European deal flows.
“The business can be divided into two parts: the growth markets, where it’s harder for some to obtain liquidity and hence is driven by financing, and developed markets, where clients seek to manage their equity positions,” said Simon Watson, a managing director at Goldman Sachs in London who heads corporate equity derivatives for the region.
While financial firms are cutting employees in other investment-banking areas, many are looking to add to their equity-derivatives businesses in the region.
‘Beefing Up’
Bank of America, based in Charlotte, North Carolina, may hire two bankers this year to join the eight it has in London today, said Losada. Citigroup this month named Sophie Lecoq to the new position of head of corporate equity derivatives for Europe, the Middle East and Africa.
Morgan Stanley also may increase its team’s headcount, according to Daniel Palmer, the firm’s London-based global head of corporate equity derivatives.
“We expanded our business significantly over the past three years,” said Palmer. “Our team is now almost complete, but we might add one or two heads later in the year.”
Nomura Holdings Inc., which took over Lehman Brothers Holdings Inc.’s European business in 2008, may add one senior banker to its 12-person team in London, said Kenneth Brown, global head of equity capital markets. Lenders are “beefing up their European teams” of corporate equity derivatives because Europe is a now a bigger market than the U.S., he said.
It’s also a more resilient market, and the teams, which typically employ about a dozen people, are small compared with those that manage IPOs, said Christopher Wheeler, a banking analyst at Mediobanca SpA in London.
“It’s a business driven by the sweat of the brow,” Wheeler said.
Margin Loans
While banks can earn more arranging tailor-made equity derivatives than underwriting stock sales, increasing competition has driven down fees for financing some deals, including margin loans, or loans from securities firms backed by clients’ equity holdings used as collateral, the bankers said.
Margin loans are a way for investors who have limited access to bank funding or capital markets to raise money. At least 10 firms competed to win a margin loan from an Italian client this year, compared with three or four that would have bid for the business a couple of years ago, said one banker, who declined to be identified citing client confidentiality.
Monte dei Paschi
Fondazione Monte dei Paschi, the biggest investor in Banca Monte dei Paschi di Siena SpA, last year raised about 600 million euros through loans backed by collateral on its stake in the lender.
Eleven banks participated in the deal, which helped raise funds to pay for shares sold by the bank in June, said Gianni Tiberi, a spokesman for the foundation. The firms, which included Credit Suisse and JPMorgan Chase & Co., participated equally, Tiberi said, declining to elaborate. The loan was reduced to about 525 million euros as Monte dei Paschi shares fell, he said.
In one type of equity derivative, known as an equity swap, one party agrees to receive gains in a stock or basket of stocks and in return makes interest payments to the other party on the value of the securities it bet on. Investment banks typically act as intermediaries between the two parties in the swap.
Under the so-called Basel III rules, approved by the Basel Committee on Banking Supervision and scheduled to be phased in through 2019, banks will face a capital charge for potential mark-to-market losses on over-the-counter derivatives.
Data Gaps
“Because credit markets tend to be less liquid and transparent than equities, banks often need proxies to measure the counterparty risk in credit derivatives, creating data gaps and higher capital charges,” said Anastasios Zavitsanakis, a financial-risk consultant at PricewaterhouseCoopers LLP in London. “The actual exposure in equities is more measurable in the short term, and there might be more collateral, reducing further the capital charges.”
Still, banks’ waning risk appetite is spreading the business around more evenly, said Citigroup’s Lord.
“In the past 10 years, two to three banks would typically lead the industry, while over the last year it has been much more broad-based,” Lord said. “Before 2008, banks would have been happy to be sole books on very large deals. It’s not feasible to do that now, so there’s a lot more deal-sharing.”
Morgan Stanley has expanded its business by building up a book of margin loans, said Palmer.
“Some competitors are looking to sell their loans,” he said. “As banks de-lever, we’ve come across clients coming to us seeking to raise money on a shareholding, for example.”
‘Bespoke Solutions’
Even with the increased competition, Deutsche Bank sees demand from clients “as high as ever,” said Ian Holt, the bank’s London-based global head of equity structuring.
“It’s a good business because you are providing bespoke solutions and providing clients with what they need in and around complex situations, which makes higher margins naturally achievable,” said Holt.
Success for most firms this year depends on whether there’s a pick-up in mergers, bankers said. When companies combine, a seller left with a minority stake may seek to raise funds against the holding by buying put options on the shares and using the options to raise cash. Banks can also use derivatives to help investors who receive stock protect the value of their holdings.
“In M&A, you’re the exclusive adviser, and that’s where you can have prime access to interesting situations before they become public knowledge,” said Bank of America’s Losada. “That’s where the real alpha is.”
–With assistance from Ben Moshinsky in Brussels. Editors: Robert Friedman, Edward Evans
To contact the reporters on this story: Elisa Martinuzzi in Milan at emartinuzzi@bloomberg.net; Zijing Wu in London at zwu17@bloomberg.net
To contact the editors responsible for this story: Edward Evans at eevans3@bloomberg.net; Jacqueline Simmons at jackiem@bloomberg.net
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2012年1月23日星期一
NYT: Romney fan and private equity poster boy
updated 1 minute ago 2012-01-22T23:36:00
It was, the gossip pages would later report, the talk of the Hamptons — a midsummer night’s bacchanal in the playground of the 1 percent.
Beyond the windswept dunes in Bridgehampton, at a $400,000-a-month oceanfront mansion, bright young things bubbled up and the Champagne flowed fast. Into the small hours, professional dancers in exotic clothing gyrated atop platforms. One couple twirled flaming torches. The sounds of techno boomed over the beach.
The New York Post summed up the evening’s Dionysian mysteries with the following headline: “Nude Frolic in Tycoon’s Pool.”
The Post’s tycoon, and the party’s host, was a financier named Marc J. Leder, and those weekend revels last July had the East End of Long Island buzzing. Like many deal makers, though, Mr. Leder, 50, is virtually unknown outside financial circles. But from his headquarters in Boca Raton, Fla., he presides over a multibillion-dollar private empire. He is a practitioner of a Wall Street art that helped define an age of hyperwealth, and which has now been dragged into the white-hot spotlight of presidential politics: private equity.
It was through private equity that one Republican candidate, Mitt Romney, amassed his wealth — and, it turns out, it was through private equity that Mr. Romney first met Mr. Leder. A couple of months after the blowout in Bridgehampton, Mr. Leder was host for a fund-raiser at his Boca Raton home for Mr. Romney’s campaign. But the connection goes back even further. Years ago, a visit to Mr. Romney’s investment firm inspired Mr. Leder to get into private equity in the first place. Mr. Romney was an early investor in some of the deals done by Mr. Leder’s investment company, Sun Capital, which today oversees about $8 billion in equity.
Mr. Romney’s own time in the private equity business, at Bain Capital, has provoked fierce attacks from Republican rivals and others. It has also prompted a lot of questions, including the big one: What good is this business, anyway? Detractors say private equity has enriched a handful of financiers at the expense of ordinary Americans. The deal makers, this line goes, buy companies and then bleed the life out of them. Jobs are often among the casualties.
Whether there’s truth to such claims depends on whom you ask. Private equity executives, as well as Mr. Romney, who left Bain in 1999, say the industry fixes troubled companies and ultimately creates jobs. Whatever the case, three decades after this sort of deal-making burst onto the scene in the merger mania of the 1980s, there are surprisingly few solid answers from either side.
What is certain is that buyout specialists upended the old order and made vast fortunes for themselves. Fueled by easy money from banks, and from endowments and pension funds, these private investors were able to buy companies with borrowed money and put down relatively little of their own cash.
Today, many of these private kingdoms rival the nation’s mightiest public companies. In all, the private equity industry oversees $3 trillion in global assets, according to Preqin, the research firm. Buyout kings control more than 14,000 American companies, including brands like Hilton Hotels and Burger King.
But financiers weren’t the only ones to embrace private equity. On the campaign trail, Rick Perry called private equity artists “vulture capitalists.” But as governor of Texas, he blessed the largest corporate buyout in history — the $44.4 billion takeover of the utility TXU by several investment firms in 2007. Indeed, as in many other places nationwide, public pension funds in Texas used public money to bet on private equity, in hopes of generating the investment returns they needed to pay retirees.
Against this backdrop, the story of Marc Leder might seem a footnote in the nation’s economic ledger. But it is a story worth knowing. That’s because, in many ways, Mr. Leder personifies the debates now swirling around this lucrative corner of finance.
To his critics, he represents everything that’s wrong with this setup. In recent years, a large number of the companies that Sun Capital has acquired have run into serious trouble, eliminated jobs or both. Since 2008, some 25 of its companies — roughly one of every five it owns — have filed for bankruptcy.
Among the losers was Friendly’s, the restaurant chain known for its Jim Dandy sundaes and Fribble shakes. (Sun Capital was accused by a federal agency of pushing Friendly’s into bankruptcy last year to avoid paying pensions to the chain’s employees; Sun disputes that contention.) Another company that sank into bankruptcy was Real Mex, owner of the Chevy’s restaurant chain. In that case, Mr. Leder lost money for his investors not once, but twice.
Yet Mr. Leder doesn’t seem to be suffering too much himself. In fact, he is living so large that he can’t avoid the limelight. Last July, he used part of his personal fortune to join a group of investors in buying the Philadelphia 76ers. In December, he was spotted on St. Bart’s with Russell Simmons, of Def Jam and Phat Farm fame, and Rachel Zoe, the celebrity stylist. That again landed him in The New York Post, which dubbed him a “private equity party boy.”
Mr. Leder says that characterization couldn’t be further from the truth. He focuses on what are known as “scratch and dent” deals, which typically involve companies that are struggling to begin with. One-third of the companies Sun Capital has bought are losing money. It’s a tricky game in good times, and downright dangerous in bad ones. Mr. Leder and his defenders say Sun Capital has saved many companies and, with them, many, many jobs.
“I think the portrayal of me as having wild and crazy parties is absolutely incorrect,” Mr. Leder said during a wide-ranging interview in Sun Capital’s offices in Midtown Manhattan. “I spend a small percentage throwing some parties, attending some parties. I like music. I like to dance. But rather than reporting on how I spend 340 days and nights of my year, the media likes to report on the other 25.”
Paul Jones, chief executive of the Midwest retailer ShopKo, which Sun Capital acquired in 2005, said Mr. Leder has kept a close eye on his company. “I get e-mails from him, usually on Sunday mornings, in which he’s says we had an impressive week or sometimes it’s just to give our team an ‘attaboy,’ ” Mr. Jones said.
For more than 28 years, Helen Smolak worked at the Friendly’s in Denham, Mass. Day in and day out, she served Big Beef Burgers and Fribbles, collected tips and made a decent living.
All that changed one evening last October. That was when Ms. Smolak’s supervisor called to tell her the restaurant was shutting down — immediately.
“It was my family. That was my home,” said Ms. Smolak, 56. “Friendly’s always came first. I was supposed to retire with these people and with this company.”
What went wrong? Sun Capital acquired Friendly’s in 2007 for $395 million — an 8 percent premium based on Friendly’s stock price at the time. But now Sun was saying the weak economy and the rising prices of milk and other ingredients had pushed Friendly’s, a 76-year-old chain, to the brink.
The Pension Benefit Guaranty Corporation, the federal agency that helps safeguard corporate pensions, wasn’t so sure. It accused Sun Capital in bankruptcy court filings of using the bankruptcy to shift Friendly’s pension burden onto the agency.
“That’s absolutely not true,” Mr. Leder said. Friendly’s pension fund, he said, was underfunded well before Sun Capital bought the company. The outcome, he added, is simply the way the bankruptcy process works.
“We don’t make the rules,” he said with a shrug. He said the matter was settled with the agency for a “nominal” sum.
Bankruptcy is never pretty. But, in this case, Sun Capital was particularly adept at getting what it wanted. Only months after Friendly’s went bankrupt, Mr. Leder has already regained control of the company. It was a calculated move, and one that is potentially lucrative for Sun Capital and its investors. In filing for bankruptcy, Friendly’s also cut hundreds of jobs, closed dozens of restaurants and bought some time to regroup. Now, if Sun Capital can turn around Friendly’s, it might eventually be able to sell the chain at a profit.
Beyond the windswept dunes in Bridgehampton, at a $400,000-a-month oceanfront mansion, bright young things bubbled up and the Champagne flowed fast. Into the small hours, professional dancers in exotic clothing gyrated atop platforms. One couple twirled flaming torches. The sounds of techno boomed over the beach.
The New York Post summed up the evening’s Dionysian mysteries with the following headline: “Nude Frolic in Tycoon’s Pool.”
The Post’s tycoon, and the party’s host, was a financier named Marc J. Leder, and those weekend revels last July had the East End of Long Island buzzing. Like many deal makers, though, Mr. Leder, 50, is virtually unknown outside financial circles. But from his headquarters in Boca Raton, Fla., he presides over a multibillion-dollar private empire. He is a practitioner of a Wall Street art that helped define an age of hyperwealth, and which has now been dragged into the white-hot spotlight of presidential politics: private equity.
It was through private equity that one Republican candidate, Mitt Romney, amassed his wealth — and, it turns out, it was through private equity that Mr. Romney first met Mr. Leder. A couple of months after the blowout in Bridgehampton, Mr. Leder was host for a fund-raiser at his Boca Raton home for Mr. Romney’s campaign. But the connection goes back even further. Years ago, a visit to Mr. Romney’s investment firm inspired Mr. Leder to get into private equity in the first place. Mr. Romney was an early investor in some of the deals done by Mr. Leder’s investment company, Sun Capital, which today oversees about $8 billion in equity.
Mr. Romney’s own time in the private equity business, at Bain Capital, has provoked fierce attacks from Republican rivals and others. It has also prompted a lot of questions, including the big one: What good is this business, anyway? Detractors say private equity has enriched a handful of financiers at the expense of ordinary Americans. The deal makers, this line goes, buy companies and then bleed the life out of them. Jobs are often among the casualties.
Whether there’s truth to such claims depends on whom you ask. Private equity executives, as well as Mr. Romney, who left Bain in 1999, say the industry fixes troubled companies and ultimately creates jobs. Whatever the case, three decades after this sort of deal-making burst onto the scene in the merger mania of the 1980s, there are surprisingly few solid answers from either side.
What is certain is that buyout specialists upended the old order and made vast fortunes for themselves. Fueled by easy money from banks, and from endowments and pension funds, these private investors were able to buy companies with borrowed money and put down relatively little of their own cash.
Today, many of these private kingdoms rival the nation’s mightiest public companies. In all, the private equity industry oversees $3 trillion in global assets, according to Preqin, the research firm. Buyout kings control more than 14,000 American companies, including brands like Hilton Hotels and Burger King.
But financiers weren’t the only ones to embrace private equity. On the campaign trail, Rick Perry called private equity artists “vulture capitalists.” But as governor of Texas, he blessed the largest corporate buyout in history — the $44.4 billion takeover of the utility TXU by several investment firms in 2007. Indeed, as in many other places nationwide, public pension funds in Texas used public money to bet on private equity, in hopes of generating the investment returns they needed to pay retirees.
Against this backdrop, the story of Marc Leder might seem a footnote in the nation’s economic ledger. But it is a story worth knowing. That’s because, in many ways, Mr. Leder personifies the debates now swirling around this lucrative corner of finance.
To his critics, he represents everything that’s wrong with this setup. In recent years, a large number of the companies that Sun Capital has acquired have run into serious trouble, eliminated jobs or both. Since 2008, some 25 of its companies — roughly one of every five it owns — have filed for bankruptcy.
Among the losers was Friendly’s, the restaurant chain known for its Jim Dandy sundaes and Fribble shakes. (Sun Capital was accused by a federal agency of pushing Friendly’s into bankruptcy last year to avoid paying pensions to the chain’s employees; Sun disputes that contention.) Another company that sank into bankruptcy was Real Mex, owner of the Chevy’s restaurant chain. In that case, Mr. Leder lost money for his investors not once, but twice.
Yet Mr. Leder doesn’t seem to be suffering too much himself. In fact, he is living so large that he can’t avoid the limelight. Last July, he used part of his personal fortune to join a group of investors in buying the Philadelphia 76ers. In December, he was spotted on St. Bart’s with Russell Simmons, of Def Jam and Phat Farm fame, and Rachel Zoe, the celebrity stylist. That again landed him in The New York Post, which dubbed him a “private equity party boy.”
Mr. Leder says that characterization couldn’t be further from the truth. He focuses on what are known as “scratch and dent” deals, which typically involve companies that are struggling to begin with. One-third of the companies Sun Capital has bought are losing money. It’s a tricky game in good times, and downright dangerous in bad ones. Mr. Leder and his defenders say Sun Capital has saved many companies and, with them, many, many jobs.
“I think the portrayal of me as having wild and crazy parties is absolutely incorrect,” Mr. Leder said during a wide-ranging interview in Sun Capital’s offices in Midtown Manhattan. “I spend a small percentage throwing some parties, attending some parties. I like music. I like to dance. But rather than reporting on how I spend 340 days and nights of my year, the media likes to report on the other 25.”
Paul Jones, chief executive of the Midwest retailer ShopKo, which Sun Capital acquired in 2005, said Mr. Leder has kept a close eye on his company. “I get e-mails from him, usually on Sunday mornings, in which he’s says we had an impressive week or sometimes it’s just to give our team an ‘attaboy,’ ” Mr. Jones said.
For more than 28 years, Helen Smolak worked at the Friendly’s in Denham, Mass. Day in and day out, she served Big Beef Burgers and Fribbles, collected tips and made a decent living.
All that changed one evening last October. That was when Ms. Smolak’s supervisor called to tell her the restaurant was shutting down — immediately.
“It was my family. That was my home,” said Ms. Smolak, 56. “Friendly’s always came first. I was supposed to retire with these people and with this company.”
What went wrong? Sun Capital acquired Friendly’s in 2007 for $395 million — an 8 percent premium based on Friendly’s stock price at the time. But now Sun was saying the weak economy and the rising prices of milk and other ingredients had pushed Friendly’s, a 76-year-old chain, to the brink.
The Pension Benefit Guaranty Corporation, the federal agency that helps safeguard corporate pensions, wasn’t so sure. It accused Sun Capital in bankruptcy court filings of using the bankruptcy to shift Friendly’s pension burden onto the agency.
“That’s absolutely not true,” Mr. Leder said. Friendly’s pension fund, he said, was underfunded well before Sun Capital bought the company. The outcome, he added, is simply the way the bankruptcy process works.
“We don’t make the rules,” he said with a shrug. He said the matter was settled with the agency for a “nominal” sum.
Bankruptcy is never pretty. But, in this case, Sun Capital was particularly adept at getting what it wanted. Only months after Friendly’s went bankrupt, Mr. Leder has already regained control of the company. It was a calculated move, and one that is potentially lucrative for Sun Capital and its investors. In filing for bankruptcy, Friendly’s also cut hundreds of jobs, closed dozens of restaurants and bought some time to regroup. Now, if Sun Capital can turn around Friendly’s, it might eventually be able to sell the chain at a profit.
And profit, after all, is what private equity is really about. Among the Sun Capital investors that stand to benefit from all of this are the New York State Teachers’ Retirement System, the Indiana State Teachers’ Retirement Fund and the Ford Foundation.
Jeffrey States is the investment officer for the Nebraska Investment Council, another Sun Capital investor. He said some private equity firms do provide information about how their dealings might affect things like jobs. But not all investors ask for such details.
“The primary objective is returns,” Mr. States said.
Mr. Leder, for his part, has never been shy about turning a profit. He and another banker, Rodger R. Krouse, were working at Lehman Brothers when they saw the huge money-making potential of private equity. They hatched their plan to get into the business one April afternoon in 1995, after a meeting at Mr. Romney’s Bain Capital in Boston.
The executives at Bain had been grousing about a deal in which Bain had doubled its money. But the Bain executives were lamenting that if they had sold sooner, they could have made much more.
On the plane back to New York, Mr. Leder and Mr. Krouse sat stunned.
“We’re looking at each other saying, ‘This is an industry where double your money is not that good of a deal?’ ” Mr. Leder recalls.
At 10 the next morning, Mr. Leder and Mr. Krouse marched into their bosses’ offices and quit. They then decided to base their new private equity firm in Boca Raton, and became its co-chief executives, believing the location would give them an edge in spotting potential acquisitions in the Southeast before their rivals in New York and Boston. But competitors kept outbidding them for companies.
It took 20 months, but they finally got their foot in the door. Friends and family members invested in their first dozen deals. Mr. Romney also invested personally in some early transactions, including an acquisition of a company that made speakers for computers and another that made carbon paper.
(Mr. Romney’s 2011 financial disclosures included stakes worth less than $15,000 apiece in two Sun-controlled companies — a pittance, given his estimated wealth of as much as $250 million. A spokeswoman for Mr. Romney’s campaign did not respond to an e-mail or a call seeking comment.)
Sun Capital soon carved a niche in doing turnarounds. In 1997, it acquired a majority stake in a maker of injection-molded polypropylene panels. By 2002, that company had more than doubled its sales.
One success led to another. Mr. Leder and Mr. Krouse invested $1.5 million in a company that supplied parts for Corvettes and walked away with $20 million. Two Sun investors were so tickled that they bought each man a red Corvette.
Such successes aside, Mr. Leder and Mr. Krouse make something of an odd couple. Mr. Krouse has the quiet demeanor of an accountant and tends to shift in his seat when conversations turn to his private life. (Former associates say he is a family man who likes to spend his spare time reading.)
Mr. Leder, by contrast, is bigger than life. He storms into a room and seems to suck out all of the air. Several former colleagues say he appears to have a photographic memory. He speaks rapidly and rarely holds back.
In a conversation about his business dealings, he segued into how his father wanted him to be a doctor but that he opted for other pursuits because he hated dissecting frogs in biology class. And he mentioned how he used crushed graham crackers as the secret ingredient in the pancakes he used to make for his youngest daughter.
He also said he started reading The Wall Street Journal when he was 12, and that in high school he delivered chickens and started a D. J. business. And he said that he typically sleeps for two to three hours at a time at night before waking up to answer e-mails.
AS word got out about Sun Capital’s early investment successes, pension funds and endowments were soon clamoring to get into its funds. Sun Capital raised fund after fund, each bigger than the last. In 2007, it raised $6 billion for a single fund. Sun Capital had hit the big time.
Then the Great Recession struck. The private equity boom turned bust fast.
By early 2009, numerous companies that Sun Capital had acquired were struggling to survive. Sun was racked by internal dissent. And Mr. Leder’s personal life had hit a rough patch.
By that spring, several Sun companies, including Drug Fair, Big 10 Tires and Mark IV Industries, had spiraled into bankruptcy. The firm had already taken losses on a large deal, a hostile takeover of the fashion company Kellwood, which Sun Capital had acquired without the usual due diligence.
Then came other, more personal blows. Mr. Leder and Mr. Krouse both lost money that they had personally invested with Bernard L. Madoff. Mr. Leder and his wife of 22 years, Lisa, began to go through a messy divorce. She demanded half of his total wealth, which she contended was more than $400 million at the time. The two eventually settled for an undisclosed amount.
Its business in retreat, Sun Capital laid off a number of its own employees. Those who stayed were told they would receive no cash bonuses. Instead, everyone was given a bigger slice of the portfolio of companies that, at that time, was losing value every day.
Angry employees fired off a list of dozens of pointed questions to Mr. Leder and Mr. Krouse, asking how much money the two co-founders had been paid and how much they had taken out of Sun Capital. The employees wanted to know how a firm that had just raised a $6 billion fund, and which was collecting about $120 million a year in management fees alone, could possibly be running low on cash.
Mr. Leder and Mr. Krouse had, in fact, already paid themselves handsomely for their giant fund. As 50-50 partners, they kept the first year’s fees, in cash, for themselves, according to former employees. A spokesman for Sun Capital declined to comment.
Mr. Leder said that even during its worst year, Sun Capital booked a small profit. He denied that his decisions were driven by his own financial interests. And Sun Capital paid its employees cash bonuses early for 2009 , he said, because “we realized we had pulled in the reins a little too hard.”
To critics who say that Sun Capital grew too big, too fast, Mr. Leder pointed to ShopKo, which it bought for $1.2 billion. Sun brought in new management, freshened up stores and plans to merge it with another Midwest retailer, Pamida. Sun Capital has already paid itself a dividend on that deal, and Mr. Leder says he expects it will generate big returns.
In a smaller deal, Sun Capital bought the Midwest retailer Gordmans for $56 million in 2008. It doubled its returns through two dividend payments and proceeds from the Gordmans initial public offering in 2010.
When asked if private equity could withstand the heat of election-year politics, Mr. Leder seems unfazed. He is among the top contributors to the political action committee Restore Our Future, a so-called super-PAC created to help Mr. Romney. He insists his business isn’t politics — it’s private equity.
“I don’t worry about what I can’t affect,” he said.
This story, “In a Romney Believer, Private Equity’s Risks and Rewards,” oringinally appeared in The New York Times.
Copyright © 2012 The New York Times
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Jeffrey States is the investment officer for the Nebraska Investment Council, another Sun Capital investor. He said some private equity firms do provide information about how their dealings might affect things like jobs. But not all investors ask for such details.
“The primary objective is returns,” Mr. States said.
Mr. Leder, for his part, has never been shy about turning a profit. He and another banker, Rodger R. Krouse, were working at Lehman Brothers when they saw the huge money-making potential of private equity. They hatched their plan to get into the business one April afternoon in 1995, after a meeting at Mr. Romney’s Bain Capital in Boston.
The executives at Bain had been grousing about a deal in which Bain had doubled its money. But the Bain executives were lamenting that if they had sold sooner, they could have made much more.
On the plane back to New York, Mr. Leder and Mr. Krouse sat stunned.
“We’re looking at each other saying, ‘This is an industry where double your money is not that good of a deal?’ ” Mr. Leder recalls.
At 10 the next morning, Mr. Leder and Mr. Krouse marched into their bosses’ offices and quit. They then decided to base their new private equity firm in Boca Raton, and became its co-chief executives, believing the location would give them an edge in spotting potential acquisitions in the Southeast before their rivals in New York and Boston. But competitors kept outbidding them for companies.
It took 20 months, but they finally got their foot in the door. Friends and family members invested in their first dozen deals. Mr. Romney also invested personally in some early transactions, including an acquisition of a company that made speakers for computers and another that made carbon paper.
(Mr. Romney’s 2011 financial disclosures included stakes worth less than $15,000 apiece in two Sun-controlled companies — a pittance, given his estimated wealth of as much as $250 million. A spokeswoman for Mr. Romney’s campaign did not respond to an e-mail or a call seeking comment.)
Sun Capital soon carved a niche in doing turnarounds. In 1997, it acquired a majority stake in a maker of injection-molded polypropylene panels. By 2002, that company had more than doubled its sales.
One success led to another. Mr. Leder and Mr. Krouse invested $1.5 million in a company that supplied parts for Corvettes and walked away with $20 million. Two Sun investors were so tickled that they bought each man a red Corvette.
Such successes aside, Mr. Leder and Mr. Krouse make something of an odd couple. Mr. Krouse has the quiet demeanor of an accountant and tends to shift in his seat when conversations turn to his private life. (Former associates say he is a family man who likes to spend his spare time reading.)
Mr. Leder, by contrast, is bigger than life. He storms into a room and seems to suck out all of the air. Several former colleagues say he appears to have a photographic memory. He speaks rapidly and rarely holds back.
In a conversation about his business dealings, he segued into how his father wanted him to be a doctor but that he opted for other pursuits because he hated dissecting frogs in biology class. And he mentioned how he used crushed graham crackers as the secret ingredient in the pancakes he used to make for his youngest daughter.
He also said he started reading The Wall Street Journal when he was 12, and that in high school he delivered chickens and started a D. J. business. And he said that he typically sleeps for two to three hours at a time at night before waking up to answer e-mails.
AS word got out about Sun Capital’s early investment successes, pension funds and endowments were soon clamoring to get into its funds. Sun Capital raised fund after fund, each bigger than the last. In 2007, it raised $6 billion for a single fund. Sun Capital had hit the big time.
Then the Great Recession struck. The private equity boom turned bust fast.
By early 2009, numerous companies that Sun Capital had acquired were struggling to survive. Sun was racked by internal dissent. And Mr. Leder’s personal life had hit a rough patch.
By that spring, several Sun companies, including Drug Fair, Big 10 Tires and Mark IV Industries, had spiraled into bankruptcy. The firm had already taken losses on a large deal, a hostile takeover of the fashion company Kellwood, which Sun Capital had acquired without the usual due diligence.
Then came other, more personal blows. Mr. Leder and Mr. Krouse both lost money that they had personally invested with Bernard L. Madoff. Mr. Leder and his wife of 22 years, Lisa, began to go through a messy divorce. She demanded half of his total wealth, which she contended was more than $400 million at the time. The two eventually settled for an undisclosed amount.
Its business in retreat, Sun Capital laid off a number of its own employees. Those who stayed were told they would receive no cash bonuses. Instead, everyone was given a bigger slice of the portfolio of companies that, at that time, was losing value every day.
Angry employees fired off a list of dozens of pointed questions to Mr. Leder and Mr. Krouse, asking how much money the two co-founders had been paid and how much they had taken out of Sun Capital. The employees wanted to know how a firm that had just raised a $6 billion fund, and which was collecting about $120 million a year in management fees alone, could possibly be running low on cash.
Mr. Leder and Mr. Krouse had, in fact, already paid themselves handsomely for their giant fund. As 50-50 partners, they kept the first year’s fees, in cash, for themselves, according to former employees. A spokesman for Sun Capital declined to comment.
Mr. Leder said that even during its worst year, Sun Capital booked a small profit. He denied that his decisions were driven by his own financial interests. And Sun Capital paid its employees cash bonuses early for 2009 , he said, because “we realized we had pulled in the reins a little too hard.”
To critics who say that Sun Capital grew too big, too fast, Mr. Leder pointed to ShopKo, which it bought for $1.2 billion. Sun brought in new management, freshened up stores and plans to merge it with another Midwest retailer, Pamida. Sun Capital has already paid itself a dividend on that deal, and Mr. Leder says he expects it will generate big returns.
In a smaller deal, Sun Capital bought the Midwest retailer Gordmans for $56 million in 2008. It doubled its returns through two dividend payments and proceeds from the Gordmans initial public offering in 2010.
When asked if private equity could withstand the heat of election-year politics, Mr. Leder seems unfazed. He is among the top contributors to the political action committee Restore Our Future, a so-called super-PAC created to help Mr. Romney. He insists his business isn’t politics — it’s private equity.
“I don’t worry about what I can’t affect,” he said.
This story, “In a Romney Believer, Private Equity’s Risks and Rewards,” oringinally appeared in The New York Times.
Copyright © 2012 The New York Times
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2012年1月20日星期五
U.S. Venture Investment Rose 10% in 2011, Despite Fourth Quarter Decline
NEW YORK, Jan. 20, 2012 /PRNewswire/ – Venture capital investment slowed in the fourth quarter of 2011 as investors put $7.4 billion into 803 deals for U.S.-based venture companies, a decline in both capital invested and deal activity from the third quarter, according to Dow Jones VentureSource. The decline, which mirrors a fourth-quarter drop in exit activity, is notable because the final quarter of the year is traditionally one of the most active for financings and exits.
In all of 2011, investors put $32.6 billion into 3,209 venture deals, a 10% increase in capital raised and 6% increase in deals from 2010.
“The fourth quarter may have seen a temporary slowdown as venture capitalists reset their expectations for the exit market and entrepreneurs adjusted their companies’ valuations to suit the current climate,” said Jessica Canning, global research director for Dow Jones VentureSource. “Overall in 2011, venture investment continued its steady post-recession ascent with notable strength in enterprise solutions.”
The median amount invested in a financing round rose 16% to $5 million in 2011.
Healthcare and IT Investment Steady
In 2011, $8.4 billion was invested in 738 deals for Healthcare companies, a mild change from the previous year when the industry collected $8.3 billion for 747 deals. Biopharmaceuticals remained the industry’s most active investment area with 302 deals raising $3.9 billion, a 6% drop in deals and flat investment. Medical Devices was a close second with 290 deals raising $3.3 billion, a 3% decline in deal activity and 27% increase in investment.
The Medical IT sector, which has been benefiting from interest in electronic health records, Web and mobile applications, and information management solutions, saw a 26% increase in deal activity and 22% increase in capital raised as companies in the sector collected $633 million for 86 deals in 2011.
Companies in the Information Technology industry raised $7.9 billion for 1,004 deals in 2011, a slight uptick from 2010 when 967 deals raised $7.7 billion. The Software sector continued to be the most active investment area and was the only IT sector that saw an increase in both deals and capital raised as 743 deals raised $4.6 billion in 2011.
Venture capitalists’ interest in the hardware and chip sectors is steadily dwindling as much of the innovation in these areas is now done by corporations. Deals in the Electronics and Computer Hardware sector fell 13% to 110 and deals for Semiconductors fell 33% to 50. The Electronics and Computer Hardware sector and the Semiconductors sector raised $1.5 billion and $598 million in 2011 respectively.
VCs Put $5.2 Billion into Consumer Web Companies
Large later-stage rounds raised by well-known Web companies, including Twitter, Zynga and LivingSocial, pushed investment in the Consumer Information Services industry to $5.2 billion for 452 deals during 2011, a 23% increase in capital collected and 14% increase in deal activity from the previous year.
While 72% of the capital raised for the sector went to later-stage deals, there was still strong interest in seed- and first-rounds, which accounted for 57% of the sector’s deals.
“Venture capitalists still have a strong appetite for early-stage Web start-ups, but more mature companies may be swallowing some of the available cash,” said Zoran Basich, editor of Dow Jones VentureWire. “As companies delay the process of entering the public markets during a difficult time for IPOs, the additional venture funding they need is leaving investors with less capital for new investments.”
The median amount invested in a first round for a Web start-up shrank 33% to $2 million, while the median for a later-stage round ballooned 43% to $10 million.
Investment in Enterprise Start-Ups Rises
Driven by interest in data management, marketing and advertising companies, investment in the Business and Financial Services industry rose for the third consecutive year. In 2011, 546 deals for companies developing enterprise technologies or services raised $5.1 billion, a 9% increase in deals and 36% increase in capital collected from 2010.
Uptick in Energy Deals
The Energy and Utilities industry raised $2.9 billion for 134 deals, as investment was flat but deal activity rose 14%. As usual, Renewable Energy companies claimed most of the industry’s investment, as 110 deals raised $2.7 billion.
Early-Stage Deals Increase
Seed- and first-rounds accounted for 43% of deals and 18% of capital invested during 2011, an uptick in deal activity from the previous year when early-stage rounds claimed 39% of deals and 19% of capital raised. Second rounds dropped slightly from 21% of deal activity in 2010 to 20% in 2011, while the proportion of capital garnered by these deals rose from 18% in 2010 to 20% in 2011. Later-stage deals accounted for 35% of the year’s deals and 60% of total capital raised, a shift from the same period last year when they accounted for 38% of deals and 61% of capital raised.
For information on Dow Jones VentureSource’s research methodology, visit http://bit.ly/VSFAQs. For general information about Dow Jones VentureSource, visit http://www.dowjones.com/privatemarkets?from=pr-privatemarkets.
About Dow Jones
Dow Jones & Company is a global provider of news and business information and a developer of technology to deliver content to consumers and organizations across multiple platforms. Dow Jones produces newspapers, newswires, Web sites, apps, newsletters, magazines, proprietary databases, conferences, radio and video. Its premier brands include The Wall Street Journal, Dow Jones Newswires, Factiva, Barron’s, MarketWatch, SmartMoney and All Things D. Its information services combine technology with news and data to support business decision making. The company pioneered the first successful paid online news site and its industry leading innovation enables it to serve customers wherever they may be, via the Web, mobile devices and tablets. The Dow Jones Local Media Group publishes community newspapers, Web sites and other products in six U.S. states. Dow Jones & Company (www.dowjones.com) is a News Corporation company (NASDAQ: NWS, NWSA; ASX: NWS, NWSLV; http://www.newscorp.com/).
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In all of 2011, investors put $32.6 billion into 3,209 venture deals, a 10% increase in capital raised and 6% increase in deals from 2010.
“The fourth quarter may have seen a temporary slowdown as venture capitalists reset their expectations for the exit market and entrepreneurs adjusted their companies’ valuations to suit the current climate,” said Jessica Canning, global research director for Dow Jones VentureSource. “Overall in 2011, venture investment continued its steady post-recession ascent with notable strength in enterprise solutions.”
The median amount invested in a financing round rose 16% to $5 million in 2011.
Healthcare and IT Investment Steady
In 2011, $8.4 billion was invested in 738 deals for Healthcare companies, a mild change from the previous year when the industry collected $8.3 billion for 747 deals. Biopharmaceuticals remained the industry’s most active investment area with 302 deals raising $3.9 billion, a 6% drop in deals and flat investment. Medical Devices was a close second with 290 deals raising $3.3 billion, a 3% decline in deal activity and 27% increase in investment.
The Medical IT sector, which has been benefiting from interest in electronic health records, Web and mobile applications, and information management solutions, saw a 26% increase in deal activity and 22% increase in capital raised as companies in the sector collected $633 million for 86 deals in 2011.
Companies in the Information Technology industry raised $7.9 billion for 1,004 deals in 2011, a slight uptick from 2010 when 967 deals raised $7.7 billion. The Software sector continued to be the most active investment area and was the only IT sector that saw an increase in both deals and capital raised as 743 deals raised $4.6 billion in 2011.
Venture capitalists’ interest in the hardware and chip sectors is steadily dwindling as much of the innovation in these areas is now done by corporations. Deals in the Electronics and Computer Hardware sector fell 13% to 110 and deals for Semiconductors fell 33% to 50. The Electronics and Computer Hardware sector and the Semiconductors sector raised $1.5 billion and $598 million in 2011 respectively.
VCs Put $5.2 Billion into Consumer Web Companies
Large later-stage rounds raised by well-known Web companies, including Twitter, Zynga and LivingSocial, pushed investment in the Consumer Information Services industry to $5.2 billion for 452 deals during 2011, a 23% increase in capital collected and 14% increase in deal activity from the previous year.
While 72% of the capital raised for the sector went to later-stage deals, there was still strong interest in seed- and first-rounds, which accounted for 57% of the sector’s deals.
“Venture capitalists still have a strong appetite for early-stage Web start-ups, but more mature companies may be swallowing some of the available cash,” said Zoran Basich, editor of Dow Jones VentureWire. “As companies delay the process of entering the public markets during a difficult time for IPOs, the additional venture funding they need is leaving investors with less capital for new investments.”
The median amount invested in a first round for a Web start-up shrank 33% to $2 million, while the median for a later-stage round ballooned 43% to $10 million.
Investment in Enterprise Start-Ups Rises
Driven by interest in data management, marketing and advertising companies, investment in the Business and Financial Services industry rose for the third consecutive year. In 2011, 546 deals for companies developing enterprise technologies or services raised $5.1 billion, a 9% increase in deals and 36% increase in capital collected from 2010.
Uptick in Energy Deals
The Energy and Utilities industry raised $2.9 billion for 134 deals, as investment was flat but deal activity rose 14%. As usual, Renewable Energy companies claimed most of the industry’s investment, as 110 deals raised $2.7 billion.
Early-Stage Deals Increase
Seed- and first-rounds accounted for 43% of deals and 18% of capital invested during 2011, an uptick in deal activity from the previous year when early-stage rounds claimed 39% of deals and 19% of capital raised. Second rounds dropped slightly from 21% of deal activity in 2010 to 20% in 2011, while the proportion of capital garnered by these deals rose from 18% in 2010 to 20% in 2011. Later-stage deals accounted for 35% of the year’s deals and 60% of total capital raised, a shift from the same period last year when they accounted for 38% of deals and 61% of capital raised.
For information on Dow Jones VentureSource’s research methodology, visit http://bit.ly/VSFAQs. For general information about Dow Jones VentureSource, visit http://www.dowjones.com/privatemarkets?from=pr-privatemarkets.
About Dow Jones
Dow Jones & Company is a global provider of news and business information and a developer of technology to deliver content to consumers and organizations across multiple platforms. Dow Jones produces newspapers, newswires, Web sites, apps, newsletters, magazines, proprietary databases, conferences, radio and video. Its premier brands include The Wall Street Journal, Dow Jones Newswires, Factiva, Barron’s, MarketWatch, SmartMoney and All Things D. Its information services combine technology with news and data to support business decision making. The company pioneered the first successful paid online news site and its industry leading innovation enables it to serve customers wherever they may be, via the Web, mobile devices and tablets. The Dow Jones Local Media Group publishes community newspapers, Web sites and other products in six U.S. states. Dow Jones & Company (www.dowjones.com) is a News Corporation company (NASDAQ: NWS, NWSA; ASX: NWS, NWSLV; http://www.newscorp.com/).
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2012年1月3日星期二
Private Equity and Venture Capital (PE/VC) Activity in Medical Devices – Number of Investments in Smaller Companies …
NEW YORK , Jan. 3, 2012 /PRNewswire/ — Reportlinker.com announces that a new market research report is available in its catalogue:
Private Equity and Venture Capital (PE/VC) Activity in Medical Devices – Number of Investments in Smaller Companies has Increased over the Past Four Years
http://www.reportlinker.com/p0747902/Private-Equity-and-Venture-Capital-PE/VC-Activity-in-Medical-Devices—Number-of-Investments-in-Smaller-Companies-has-Increased-over-the-Past-Four-Years.html#utm_source=prnewswire&utm_medium=pr&utm_campaign=Medical_Devices
Private Equity and Venture Capital (PE/VC) Activity in Medical Devices – Number of Investments in Smaller Companies has Increased over the Past Four Years
Summary
GBI Research’s report, “Private Equity and Venture Capital (PE/VC) Activity in Medical Devices – Number of Investments in Smaller Companies has Increased over the Past Four Years” provides key data, information and analysis on the global medical devices market. The report provides private equity and venture capital (PE/VC) activity in 18 medical device market categories – In Vitro Diagnostics, Cardiovascular Devices, Orthopedic Devices, Anesthesia and Respiratory Devices, Dental Devices, Diabetes Care devices, Diagnostic Imaging, Drug Delivery Devices, Endoscopy Devices, Ear, Nose and Throat Devices, Healthcare IT, Hospital Supplies, Nephrology and Urology, Neurology Devices, Ophthalmic Devices, Patient Monitoring, Surgical Equipment and Wound Care Management. The report provides comprehensive information on the factors affecting PE/VC investment in these categories. The report also reviews the detailed analysis of the PE/VC deals worth greater than $100m in each category. This report is built using data and information sourced from proprietary databases, primary and secondary research and in-house analysis by GBI Research’s team of industry experts.
Scope
- Key geographies covered include North America , Europe and the Asia-Pacific .
- PE/VC activity in the following market categories – In Vitro Diagnostics, Cardiovascular Devices, Orthopedic Devices, Anesthesia and Respiratory Devices, Dental Devices, Diabetes Care devices, Diagnostic Imaging, Drug Delivery Devices, Endoscopy Devices, ENT Devices, Healthcare IT, Hospital Supplies, Nephrology and Urology, Neurology Devices, Ophthalmic Devices, Patient Monitoring, Surgical Equipment and Wound Care Management
- PE/VC deals from 2007 to 2010 in the medical device market and detailed analysis of deals greater than $100m in size.
- The report also covers top financial advisors for the PE/VC deals from 2007 to 2010 in the medical device market.
Reasons to buy
- Develop business strategies by understanding the trends and developments that are driving the medical devices market globally.
- Design and develop your product development, marketing and sales strategies.
- Exploit PE/VC opportunities by identifying market players with the most innovative pipeline.
- Develop market-entry and market expansion strategies.
- Identify key players best positioned to take advantage of the emerging market opportunities.
- Exploit in-licensing and out-licensing opportunities by identifying the products most likely to ensure a robust return.
- What’s the next big thing in the PE/VC activity in medical devices landscape? Identify, understand and capitalize.
- Make more informed business decisions from the insightful and in-depth analysis of the global medical devices market and the factors shaping it.
Table of Contents
1 Table of Contents
1 Table of Contents 4
1.1 List of Tables 7
1.2 List of Figures 8
2 Introduction 9
2.1 GBI Research Report Guidance 9
3 PE/VC Deals Summary in the Medical Device Industry 10
3.1 PE/VC Deals by Number and Deal Value, 2007–2010 10
3.2 Segmentation of PE/VC Deals by Stages, 2007–2010 11
3.2.1 Conclusion 12
3.3 Withdrawn/Terminated Deals 12
3.3.1 Ion Beam Applications Terminated Sale of Its BioAssays Unit 13
3.3.2 Smiths Group Rejects Cash Bid of Apax Partners for Smiths Medical 13
3.3.3 Ares Life Sciences, Essex , Intesa and Alpha Terminated Acquisition of Sorin 14
3.3.4 AMICAS Terminated Acquisition with Thoma Bravo 14
3.3.5 Q-Med Terminated Offer for Its Acquisition by Ivytan 15
3.3.6 Endologix Terminated Offer for Its Acquisition by Elliot Associates 15
3.3.7 Conclusion 16
4 PE/VC Deals in Medical Devices by Geography 17
4.1 PE/VC Deals in North America 17
4.2 PE/VC Deals in Europe 19
4.3 PE/VC Deals in the Asia-Pacific 21
4.3.1 Conclusion 22
5 PE/VC Activity in Medical Devices by Market 23
5.1 In Vitro Diagnostics 23
5.1.1 Deals Analysis 24
5.1.2 PE/VC Deals – In Vitro Diagnostics 24
5.1.3 Pacific Biosciences Secured Additional $59m in Series F Round of Financing 25
5.1.4 Legal & General Ventures Sells LGC to Bridgepoint 25
5.1.5 Welsh, Carson, Anderson & Stowe Acquired Spectrum Laboratory Network from Apax Partners 26
5.1.6 Bridgepoint Capital Acquired Terveystalo Healthcare 27
5.1.7 Duke Street Acquired Biomnis 27
5.1.8 The EQT V fund Acquired Dako Denmark 28
5.2 Cardiovascular Devices 29
5.2.1 Deal Analysis 30
5.2.2 Ares Life Sciences Acquired Stake in Esaote 30
5.2.3 Boston Scientific Sells Fluid Management and Venous Access Businesses To Avista Capital 31
5.2.4 Cardionet Secures $110m in Series E Financing 32
5.3 Orthopedic Devices 33
5.3.1 Deals Analysis 34
5.3.2 Small Bone Innovations Secured $108m in Series D Financing 36
5.3.3 Globus Medical Secures $110m Series E Financing 36
5.4 Anesthesia and Respiratory Devices 38
5.4.1 Deals Analysis 39
5.4.2 Water Street Healthcare Acquires Stake in CareCentrix from Gentiva Health 39
5.5 Dental Devices 40
5.5.1 Deals Analysis 41
5.5.2 TA Associates Acquired Stake in Amann Girrbach 41
5.5.3 Palamon Capital Partners Completes Acquisition of Associated Dental Partners 42
5.6 Diabetes Care Devices 43
5.6.1 Deals Analysis 44
5.6.2 The Blackstone Group Acquires Apria Healthcare 44
5.7 Diagnostic Imaging 45
5.7.1 Deals Analysis 46
5.7.2 Bridgepoint Capital Acquired Terveystalo Healthcare 46
5.7.3 Merrill Lynch and Ares Acquires Euromedic from Warburg Pincus 47
5.7.4 Avista Capital Partners Acquired Bristol-Myers Squibb Medical Imaging 48
5.7.5 Dubai International Capital Acquired Alliance Medical from Bridgepoint Capital 48
5.7.6 DeA Capital and Mediobanca Acquired 53% Majority Stake in Generale de Sante 49
5.8 Drug Delivery Devices 50
5.8.1 Deals Analysis 51
5.8.2 Warburg Pincus Acquired Lifecore Biomedical 51
5.9 Endoscopy Devices 52
5.9.1 Deals Analysis 53
5.9.2 TPG Capital Acquires Axcan Pharma 53
5.10 Ear, Nose and Throat (ENT) Devices 54
5.10.1 Deals Analysis 55
5.10.2 Technitrol Sells Medtech Component Business To Altor 55
5.11 Healthcare IT 56
5.11.1 Huntsman Gay Global Acquires 51% Stake in Sunquest Information from Vista Equity Partners 58
5.11.2 BC Partners and Silver Lake Acquires MultiPlan from the Carlyle Group and Welsh, Carson, Anderson & Stowe 58
5.11.3 OMERS Private Equity Completes Acquisition of Logibec Groupe Informatique 59
5.11.4 Francisco Partners Completes Acquisition Of Quadramed 60
5.11.5 ikaSystems Received Additional Investment From Essex Woodlands Health 61
5.11.6 Truveris Raises $3.8m in First Venture Financing Round 61
5.11.7 Glocal Healthcare Systems to Raise $3.25m in Venture Financing 62
5.11.8 Apax Partners, Bluecross Blueshield and Regence Group Acquired the TriZetto Group 62
5.11.9 Merrill Lynch and Ares Acquired Euromedic From Warburg Pincus 63
5.11.10 General Atlantic And Hellman & Friedman Acquires Remaining 48% Stake In Emdeon Business Services From HLTH 64
5.11.11 TA Associates Acquired Alere Medical 64
5.12 Hospital Supplies 66
5.12.1 Deals Analysis 67
5.12.2 The Blackstone Group Completes Acquisition of Polymer Group 67
5.12.3 EQT Partners Completed Acquisition of HTL-Strefa 68
5.12.4 Lehman Brothers Acquired Angelica 68
5.12.5 Tenet Healthcare Sells Its Majority Stake in Broadlane to TowerBrook Capital Partners 69
5.13 Nephrology and Urology Devices 70
5.13.1 Deals Analysis 71
5.13.2 Merrill Lynch and Ares Acquired Euromedic from Warburg Pincus 71
5.14 Neurology Devices 72
5.14.1 Deals Analysis 73
5.15 Ophthalmic Devices 73
5.15.1 3i Acquired Ultralase from Corporacion Dermoestetica 74
5.15.2 Warburg Pincus Acquired Bausch & Lomb 75
5.16 Patient Monitoring 76
5.16.1 Deals Analysis 77
5.16.2 TA Associates Acquired Alere Medical 77
5.17 Surgical Equipment 78
5.17.1 Deals Analysis 79
5.17.2 PerkinElmer Sells Illumination and Detection Solutions Business to Veritas Capital Fund Management 79
5.17.3 HLTH Sells Porex to Aurora Capital 80
5.18 Wound Care Management 81
5.18.2 Investor Acquired 34% Stake in Molnlycke Health Care 82
5.18.3 Nordic Capital Fund and Avista Capital Partners Acquire ConvaTec from Bristol-Myers Squibb 83
5.18.4 Investor and Morgan Stanley Completed Acquisition of Molnlycke Health Care from Apax Partners 84
6 Global Medical Devices, Top Financial Advisors 86
6.1 Top Financial Advisors, PE/VC Deals Medical Devices 86
7 PE/VC Activity in Medical Devices- Appendix 87
7.1 Acronyms 87
7.2 Research Methodology 88
7.2.1 Secondary Research 88
7.2.2 Primary Research 88
7.2.3 Models 89
7.2.4 Forecasts 89
7.2.5 Expert Panels 89
7.3 Contact Us 89
7.4 Disclaimer 90
7.5 Sources 90
List of Tables
1.1 List of Tables
Table 1: Medical Devices Market, Global, PE/VC, by Number of Deals and Deal Value, 2007-2010 10
Table 2: Medical Devices Industry, Global, PE/VC Deals, Number of Deals by Stages, 2007-2010 11
Table 3: Medical Devices Industry, Global, PE/VC Deals, Withdrawn/Terminated Deals, 2007–2010 12
Table 4: Medical Devices Industry, North America , PE/VC Deals, by Deal Volume and Deal Value ($m), 2007–2010 17
Table 5: Medical Devices, Europe , PE/VC Deals, by Deal Volume and Deal Value ($m), 2007–2010 19
Table 6: Medical Devices Industry, Asia-Pacific , PE/VC Deals, by Deal Volume and Deal Value ($m), 2007–2010 21
Table 7: In Vitro Diagnostics Market, Global, PE/VC, by Number of Deals, 2007–2010 23
Table 8: In Vitro Diagnostics Market, Global, PE/VC, by Deal Value ($m), 2007–2010 23
Table 9: In Vitro Diagnostics, Global, PE/VC Deals, 2007–2010 24
Table 10: Cardiovascular Devices Market, Global, PE/VCs, by Number of Deals, 2007–2010 29
Table 11: Cardiovascular Devices Market, Global, PE/VCs, by Deal Value ($m), 2007–2010 29
Table 12: Cardiovascular Devices, Global, PE/VC, 2007-2010 30
Table 13: Orthopedic Devices Market, Global, PE/VC, by Number of Deals, 2007–2010 33
Table 14: Orthopedic Devices Market, Global, PE/VC, by Deal Value ($m), 2007–2010 33
Table 15: Orthopedics Devices Market, Global, PE/VC, 2007–2010 35
Table 16: Anesthesia and Respiratory Devices Market, Global, PE/VC, by Number of Deals, 2007–2010 38
Table 17: Anesthesia and Respiratory Devices Market, Global, PE/VC, by Deal Value ($m), 2007–2010 38
Table 18: Anesthesia and Respiratory Devices Market, Global, PE/VC, by Volume, 2007–2010 39
Table 19: Dental Devices Market, Global, PE/VC, by Number of Deals, 2007–2010 40
Table 20: Dental Devices Market, Global, PE/VC, by Deal Value ($m), 2007–2010 40
Table 21: Dental Devices Market, Global, PE/VC, 2007–2010 41
Table 22: Diabetes Care Devices Market, Global, PE/VC, by Number of Deals, 2007–2010 43
Table 23: Diabetes Care Devices Market, Global, PE/VC, by Deal Value ($m), 2007–2010 43
Table 24: Diabetes Care Devices, Global, PE/VC, 2007–2010 44
Table 25: Diagnostic Imaging Market, Global, PE/VC, by Number of Deals, 2007–2010 45
Table 26: Diagnostic Imaging Market, Global, PE/VC, by Deal Value ($m), 2007–2010 45
Table 27: Diagnostic Imaging Market, Global, PE/VC, by Deal Value ($m), 2007–2010 46
Table 28: Drug Delivery Devices Market, Global, PE/VC, by Number of Deals, 2007–2010 50
Table 29: Drug Delivery Devices Market, Global, PE/VC, by Deal Value ($m), 2007–2010 50
Table 30: Drug Delivery Devices, Global, PE/VC, 2007–2010 51
Table 31: Endoscopy Devices Market, Global, PE/VC, by Number of Deals, 2007–2010 52
Table 32: Endoscopy Devices Market, Global, PE/VC, by Deal Value ($m), 2007–2010 52
Table 33: Endoscopy Devices Market, PE/VC, by Volume, Global, 2007–2010 53
Table 34: ENT Devices Market, Global, PE/VC, by Number of Deals, 2007–2010 54
Table 35: ENT Devices Market, PE/VC, by Deal Value ($m), Global, 2007–2010 54
Table 36: ENT Devices Market, Global, PE/VC, by Deal Volume, 2007–2010 55
Table 37: Healthcare IT Market, Global, PE/VC, by Number of Deals, 2007–2010 56
Table 38: Healthcare IT Market, Global, PE/VC, by Deal Value ($m), 2007–2010 56
Table 39: Healthcare IT Market, Global, PE/VC, by Deal Volume, 2007-2010 57
Table 40: Hospital Supplies Market, Global, PE/VC, by Number of Deals, 2007–2010 66
Table 41: Hospital Supplies Market, Global, PE/VC, by Deal Value ($m), 2007–2010 66
Table 42: Hospital Supplies Market, Global, PE/VC, by Deal Volume, 2007–2010 67
Table 43: Nephrology and Urology Devices Market, Global, PE/VC, by Number of Deals, 2007–2010 70
Table 44: Nephrology and Urology Devices Market, Global, PE/VC, by Deal Value ($m), 2007–2010 70
Table 45: Nephrology and Urology Devices Market, Global, PE/VC, by Deal Volume, 2007–2010 71
Table 46: Neurology Devices Market, Global, PE/VC, by Number of Deals, 2007–2010 72
Table 47: Neurology Devices Market, Global, PE/VC, by Deal Value ($m), 2007–2010 72
Table 48: Ophthalmic Devices Market, Global, PE/VC, by Number of Deals, 2007–2010 73
Table 49: Ophthalmic Devices Market, Global, PE/VC, by Deal Value ($m), 2007–2010 74
Table 50: Ophthalmic Devices Market, Global, PE/VC, by Deal Volume 2007-2010 74
Table 51: Patient Monitoring Devices Market, Global, PE/VC, by Number of Deals, 2007–2010 76
Table 52: Patient Monitoring Devices Market, Global, PE/VC, by Deal Value ($m), 2007–2010 76
Table 53: Patient Monitoring Devices Market, Global, PE/VC, by Deal Volume, 2007–2010 77
Table 54: Surgical Equipment Market, Global, PE/VC, by Number of Deals, 2007–2010 78
Table 55: Surgical Equipment Market, Global, PE/VC, Deal Value ($m), 2007–2010 78
Table 56: Surgical Equipment Market, Global, PE/VC, 2007–2010 79
Table 57: Wound Care Management Market, Global, PE/VC, by Number of Deals, 2007–2010 81
Table 58: Wound Care Management Market, Global, PE/VC, by Deal Value ($m), 2007–2010 81
Table 59: Wound Care Management, Global, PE/VC Deals, 2007–2010 82
Table 60: Medical Devices, Top Legal Advisors, 2007–2010 86
List of Figures
1.2 List of Figures
Figure 1: Medical Devices Market, Global, PE/VC, by Number of Deals and Deal Value ($m), 2007–2010 10
Figure 2: Medical Devices Industry, Global, PE/VC Deals, Deals by Stages (%), 2007–2010 11
Figure 3: Medical Devices Industry, North America , PE/VC Deals, by Deal Volume and Deal Value ($m), 2007–2010 17
Figure 4: Medical Devices Industry, Europe , PE/VC Deals, by Deal Volume and Deal Value ($m), 2007–2010 19
Figure 5: Medical Devices Industry, Asia-Pacific , PE/VC Deals, by Deal Volume and Deal Value ($m), 2007–2010 21
Figure 6: In Vitro Diagnostics Market, Global, PE/VC, by Number of Deals and Deal Value ($m), 2007–2010 23
Figure 7: Cardiovascular Devices Market, Global, PE/VCs, by Number of Deals and Deal Value ($m), 2007–2010 29
Figure 8: Orthopedic Devices Market, Global, PE/VC, by Number of Deals and Deal Value ($m), 2007–2010 33
Figure 9: Orthopedic Devices, Global, Pipeline Products Summary, 2010 34
Figure 10: Anesthesia and Respiratory Devices Market, Global, PE/VC, by Number of Deals and Deal Value ($m), 2007–2010 38
Figure 11: Dental Devices Market, Global, PE/VC, by Number of Deals and Deal Value ($m), 2007–2010 40
Figure 12: Diabetes Care Devices Market, Global, PE/VC, by Number of Deals and Deal Value ($m), 2007–2010 43
Figure 13: Diagnostic Imaging Market, Global, PE/VC, by Number of Deals and Deal Value ($m), 2007–2010 45
Figure 14: Drug Delivery Devices Market, Global, PE/VC, by Number of Deals and Deal Value ($m), 2007–2010 50
Figure 15: Endoscopy Devices Market, Global, PE/VC, by Number of Deals and Deal Value ($m), 2007–2010 52
Figure 16: ENT Devices Market, PE/VC, Global, by Number of Deals and Deal Value ($m), 2007–2010 54
Figure 17: Healthcare IT Market, Global, PE/VC, by Number of Deals and Deal Value ($m), 2007–2010 56
Figure 18: Hospital Supplies Market, PE/VC, Global, by Number of Deals and Deal Value ($m), 2007–2010 66
Figure 19: Nephrology and Urology Devices Market, Global, PE/VC, by Number of Deals and Deal Value ($m), 2007–2010 70
Figure 20: Neurology Devices Market, Global, PE/VC, by Number of Deals and Deal Value ($m), 2007–2010 72
Figure 21: Ophthalmic Devices Market, Global, PE/VC, by Number of Deals and Deal Value ($m), 2007–2010 73
Figure 22: Patient Monitoring Devices Market, Global, PE/VC, by Number of Deals and Deal Value ($m), 2007–2010 76
Figure 23: Surgical Equipment Market, Global, PE/VC, by Number of Deals and Deal Value ($m), 2007–2010 78
Figure 24: Wound Care Management Market, Global, PE/VC, by Number of Deals and Deal Value ($m), 2007–2010 81
Figure 25: Medical Devices, Global, PE/VC Deals, Top Financial Advisors, 2007–2010 86
Companies Mentioned
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Medical Devices Industry: Private Equity and Venture Capital (PE/VC) Activity in Medical Devices – Number of Investments in Smaller Companies has Increased over the Past Four Years
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Private Equity and Venture Capital (PE/VC) Activity in Medical Devices – Number of Investments in Smaller Companies has Increased over the Past Four Years
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Private Equity and Venture Capital (PE/VC) Activity in Medical Devices – Number of Investments in Smaller Companies has Increased over the Past Four Years
Summary
GBI Research’s report, “Private Equity and Venture Capital (PE/VC) Activity in Medical Devices – Number of Investments in Smaller Companies has Increased over the Past Four Years” provides key data, information and analysis on the global medical devices market. The report provides private equity and venture capital (PE/VC) activity in 18 medical device market categories – In Vitro Diagnostics, Cardiovascular Devices, Orthopedic Devices, Anesthesia and Respiratory Devices, Dental Devices, Diabetes Care devices, Diagnostic Imaging, Drug Delivery Devices, Endoscopy Devices, Ear, Nose and Throat Devices, Healthcare IT, Hospital Supplies, Nephrology and Urology, Neurology Devices, Ophthalmic Devices, Patient Monitoring, Surgical Equipment and Wound Care Management. The report provides comprehensive information on the factors affecting PE/VC investment in these categories. The report also reviews the detailed analysis of the PE/VC deals worth greater than $100m in each category. This report is built using data and information sourced from proprietary databases, primary and secondary research and in-house analysis by GBI Research’s team of industry experts.
Scope
- Key geographies covered include North America , Europe and the Asia-Pacific .
- PE/VC activity in the following market categories – In Vitro Diagnostics, Cardiovascular Devices, Orthopedic Devices, Anesthesia and Respiratory Devices, Dental Devices, Diabetes Care devices, Diagnostic Imaging, Drug Delivery Devices, Endoscopy Devices, ENT Devices, Healthcare IT, Hospital Supplies, Nephrology and Urology, Neurology Devices, Ophthalmic Devices, Patient Monitoring, Surgical Equipment and Wound Care Management
- PE/VC deals from 2007 to 2010 in the medical device market and detailed analysis of deals greater than $100m in size.
- The report also covers top financial advisors for the PE/VC deals from 2007 to 2010 in the medical device market.
Reasons to buy
- Develop business strategies by understanding the trends and developments that are driving the medical devices market globally.
- Design and develop your product development, marketing and sales strategies.
- Exploit PE/VC opportunities by identifying market players with the most innovative pipeline.
- Develop market-entry and market expansion strategies.
- Identify key players best positioned to take advantage of the emerging market opportunities.
- Exploit in-licensing and out-licensing opportunities by identifying the products most likely to ensure a robust return.
- What’s the next big thing in the PE/VC activity in medical devices landscape? Identify, understand and capitalize.
- Make more informed business decisions from the insightful and in-depth analysis of the global medical devices market and the factors shaping it.
Table of Contents
1 Table of Contents
1 Table of Contents 4
1.1 List of Tables 7
1.2 List of Figures 8
2 Introduction 9
2.1 GBI Research Report Guidance 9
3 PE/VC Deals Summary in the Medical Device Industry 10
3.1 PE/VC Deals by Number and Deal Value, 2007–2010 10
3.2 Segmentation of PE/VC Deals by Stages, 2007–2010 11
3.2.1 Conclusion 12
3.3 Withdrawn/Terminated Deals 12
3.3.1 Ion Beam Applications Terminated Sale of Its BioAssays Unit 13
3.3.2 Smiths Group Rejects Cash Bid of Apax Partners for Smiths Medical 13
3.3.3 Ares Life Sciences, Essex , Intesa and Alpha Terminated Acquisition of Sorin 14
3.3.4 AMICAS Terminated Acquisition with Thoma Bravo 14
3.3.5 Q-Med Terminated Offer for Its Acquisition by Ivytan 15
3.3.6 Endologix Terminated Offer for Its Acquisition by Elliot Associates 15
3.3.7 Conclusion 16
4 PE/VC Deals in Medical Devices by Geography 17
4.1 PE/VC Deals in North America 17
4.2 PE/VC Deals in Europe 19
4.3 PE/VC Deals in the Asia-Pacific 21
4.3.1 Conclusion 22
5 PE/VC Activity in Medical Devices by Market 23
5.1 In Vitro Diagnostics 23
5.1.1 Deals Analysis 24
5.1.2 PE/VC Deals – In Vitro Diagnostics 24
5.1.3 Pacific Biosciences Secured Additional $59m in Series F Round of Financing 25
5.1.4 Legal & General Ventures Sells LGC to Bridgepoint 25
5.1.5 Welsh, Carson, Anderson & Stowe Acquired Spectrum Laboratory Network from Apax Partners 26
5.1.6 Bridgepoint Capital Acquired Terveystalo Healthcare 27
5.1.7 Duke Street Acquired Biomnis 27
5.1.8 The EQT V fund Acquired Dako Denmark 28
5.2 Cardiovascular Devices 29
5.2.1 Deal Analysis 30
5.2.2 Ares Life Sciences Acquired Stake in Esaote 30
5.2.3 Boston Scientific Sells Fluid Management and Venous Access Businesses To Avista Capital 31
5.2.4 Cardionet Secures $110m in Series E Financing 32
5.3 Orthopedic Devices 33
5.3.1 Deals Analysis 34
5.3.2 Small Bone Innovations Secured $108m in Series D Financing 36
5.3.3 Globus Medical Secures $110m Series E Financing 36
5.4 Anesthesia and Respiratory Devices 38
5.4.1 Deals Analysis 39
5.4.2 Water Street Healthcare Acquires Stake in CareCentrix from Gentiva Health 39
5.5 Dental Devices 40
5.5.1 Deals Analysis 41
5.5.2 TA Associates Acquired Stake in Amann Girrbach 41
5.5.3 Palamon Capital Partners Completes Acquisition of Associated Dental Partners 42
5.6 Diabetes Care Devices 43
5.6.1 Deals Analysis 44
5.6.2 The Blackstone Group Acquires Apria Healthcare 44
5.7 Diagnostic Imaging 45
5.7.1 Deals Analysis 46
5.7.2 Bridgepoint Capital Acquired Terveystalo Healthcare 46
5.7.3 Merrill Lynch and Ares Acquires Euromedic from Warburg Pincus 47
5.7.4 Avista Capital Partners Acquired Bristol-Myers Squibb Medical Imaging 48
5.7.5 Dubai International Capital Acquired Alliance Medical from Bridgepoint Capital 48
5.7.6 DeA Capital and Mediobanca Acquired 53% Majority Stake in Generale de Sante 49
5.8 Drug Delivery Devices 50
5.8.1 Deals Analysis 51
5.8.2 Warburg Pincus Acquired Lifecore Biomedical 51
5.9 Endoscopy Devices 52
5.9.1 Deals Analysis 53
5.9.2 TPG Capital Acquires Axcan Pharma 53
5.10 Ear, Nose and Throat (ENT) Devices 54
5.10.1 Deals Analysis 55
5.10.2 Technitrol Sells Medtech Component Business To Altor 55
5.11 Healthcare IT 56
5.11.1 Huntsman Gay Global Acquires 51% Stake in Sunquest Information from Vista Equity Partners 58
5.11.2 BC Partners and Silver Lake Acquires MultiPlan from the Carlyle Group and Welsh, Carson, Anderson & Stowe 58
5.11.3 OMERS Private Equity Completes Acquisition of Logibec Groupe Informatique 59
5.11.4 Francisco Partners Completes Acquisition Of Quadramed 60
5.11.5 ikaSystems Received Additional Investment From Essex Woodlands Health 61
5.11.6 Truveris Raises $3.8m in First Venture Financing Round 61
5.11.7 Glocal Healthcare Systems to Raise $3.25m in Venture Financing 62
5.11.8 Apax Partners, Bluecross Blueshield and Regence Group Acquired the TriZetto Group 62
5.11.9 Merrill Lynch and Ares Acquired Euromedic From Warburg Pincus 63
5.11.10 General Atlantic And Hellman & Friedman Acquires Remaining 48% Stake In Emdeon Business Services From HLTH 64
5.11.11 TA Associates Acquired Alere Medical 64
5.12 Hospital Supplies 66
5.12.1 Deals Analysis 67
5.12.2 The Blackstone Group Completes Acquisition of Polymer Group 67
5.12.3 EQT Partners Completed Acquisition of HTL-Strefa 68
5.12.4 Lehman Brothers Acquired Angelica 68
5.12.5 Tenet Healthcare Sells Its Majority Stake in Broadlane to TowerBrook Capital Partners 69
5.13 Nephrology and Urology Devices 70
5.13.1 Deals Analysis 71
5.13.2 Merrill Lynch and Ares Acquired Euromedic from Warburg Pincus 71
5.14 Neurology Devices 72
5.14.1 Deals Analysis 73
5.15 Ophthalmic Devices 73
5.15.1 3i Acquired Ultralase from Corporacion Dermoestetica 74
5.15.2 Warburg Pincus Acquired Bausch & Lomb 75
5.16 Patient Monitoring 76
5.16.1 Deals Analysis 77
5.16.2 TA Associates Acquired Alere Medical 77
5.17 Surgical Equipment 78
5.17.1 Deals Analysis 79
5.17.2 PerkinElmer Sells Illumination and Detection Solutions Business to Veritas Capital Fund Management 79
5.17.3 HLTH Sells Porex to Aurora Capital 80
5.18 Wound Care Management 81
5.18.2 Investor Acquired 34% Stake in Molnlycke Health Care 82
5.18.3 Nordic Capital Fund and Avista Capital Partners Acquire ConvaTec from Bristol-Myers Squibb 83
5.18.4 Investor and Morgan Stanley Completed Acquisition of Molnlycke Health Care from Apax Partners 84
6 Global Medical Devices, Top Financial Advisors 86
6.1 Top Financial Advisors, PE/VC Deals Medical Devices 86
7 PE/VC Activity in Medical Devices- Appendix 87
7.1 Acronyms 87
7.2 Research Methodology 88
7.2.1 Secondary Research 88
7.2.2 Primary Research 88
7.2.3 Models 89
7.2.4 Forecasts 89
7.2.5 Expert Panels 89
7.3 Contact Us 89
7.4 Disclaimer 90
7.5 Sources 90
List of Tables
1.1 List of Tables
Table 1: Medical Devices Market, Global, PE/VC, by Number of Deals and Deal Value, 2007-2010 10
Table 2: Medical Devices Industry, Global, PE/VC Deals, Number of Deals by Stages, 2007-2010 11
Table 3: Medical Devices Industry, Global, PE/VC Deals, Withdrawn/Terminated Deals, 2007–2010 12
Table 4: Medical Devices Industry, North America , PE/VC Deals, by Deal Volume and Deal Value ($m), 2007–2010 17
Table 5: Medical Devices, Europe , PE/VC Deals, by Deal Volume and Deal Value ($m), 2007–2010 19
Table 6: Medical Devices Industry, Asia-Pacific , PE/VC Deals, by Deal Volume and Deal Value ($m), 2007–2010 21
Table 7: In Vitro Diagnostics Market, Global, PE/VC, by Number of Deals, 2007–2010 23
Table 8: In Vitro Diagnostics Market, Global, PE/VC, by Deal Value ($m), 2007–2010 23
Table 9: In Vitro Diagnostics, Global, PE/VC Deals, 2007–2010 24
Table 10: Cardiovascular Devices Market, Global, PE/VCs, by Number of Deals, 2007–2010 29
Table 11: Cardiovascular Devices Market, Global, PE/VCs, by Deal Value ($m), 2007–2010 29
Table 12: Cardiovascular Devices, Global, PE/VC, 2007-2010 30
Table 13: Orthopedic Devices Market, Global, PE/VC, by Number of Deals, 2007–2010 33
Table 14: Orthopedic Devices Market, Global, PE/VC, by Deal Value ($m), 2007–2010 33
Table 15: Orthopedics Devices Market, Global, PE/VC, 2007–2010 35
Table 16: Anesthesia and Respiratory Devices Market, Global, PE/VC, by Number of Deals, 2007–2010 38
Table 17: Anesthesia and Respiratory Devices Market, Global, PE/VC, by Deal Value ($m), 2007–2010 38
Table 18: Anesthesia and Respiratory Devices Market, Global, PE/VC, by Volume, 2007–2010 39
Table 19: Dental Devices Market, Global, PE/VC, by Number of Deals, 2007–2010 40
Table 20: Dental Devices Market, Global, PE/VC, by Deal Value ($m), 2007–2010 40
Table 21: Dental Devices Market, Global, PE/VC, 2007–2010 41
Table 22: Diabetes Care Devices Market, Global, PE/VC, by Number of Deals, 2007–2010 43
Table 23: Diabetes Care Devices Market, Global, PE/VC, by Deal Value ($m), 2007–2010 43
Table 24: Diabetes Care Devices, Global, PE/VC, 2007–2010 44
Table 25: Diagnostic Imaging Market, Global, PE/VC, by Number of Deals, 2007–2010 45
Table 26: Diagnostic Imaging Market, Global, PE/VC, by Deal Value ($m), 2007–2010 45
Table 27: Diagnostic Imaging Market, Global, PE/VC, by Deal Value ($m), 2007–2010 46
Table 28: Drug Delivery Devices Market, Global, PE/VC, by Number of Deals, 2007–2010 50
Table 29: Drug Delivery Devices Market, Global, PE/VC, by Deal Value ($m), 2007–2010 50
Table 30: Drug Delivery Devices, Global, PE/VC, 2007–2010 51
Table 31: Endoscopy Devices Market, Global, PE/VC, by Number of Deals, 2007–2010 52
Table 32: Endoscopy Devices Market, Global, PE/VC, by Deal Value ($m), 2007–2010 52
Table 33: Endoscopy Devices Market, PE/VC, by Volume, Global, 2007–2010 53
Table 34: ENT Devices Market, Global, PE/VC, by Number of Deals, 2007–2010 54
Table 35: ENT Devices Market, PE/VC, by Deal Value ($m), Global, 2007–2010 54
Table 36: ENT Devices Market, Global, PE/VC, by Deal Volume, 2007–2010 55
Table 37: Healthcare IT Market, Global, PE/VC, by Number of Deals, 2007–2010 56
Table 38: Healthcare IT Market, Global, PE/VC, by Deal Value ($m), 2007–2010 56
Table 39: Healthcare IT Market, Global, PE/VC, by Deal Volume, 2007-2010 57
Table 40: Hospital Supplies Market, Global, PE/VC, by Number of Deals, 2007–2010 66
Table 41: Hospital Supplies Market, Global, PE/VC, by Deal Value ($m), 2007–2010 66
Table 42: Hospital Supplies Market, Global, PE/VC, by Deal Volume, 2007–2010 67
Table 43: Nephrology and Urology Devices Market, Global, PE/VC, by Number of Deals, 2007–2010 70
Table 44: Nephrology and Urology Devices Market, Global, PE/VC, by Deal Value ($m), 2007–2010 70
Table 45: Nephrology and Urology Devices Market, Global, PE/VC, by Deal Volume, 2007–2010 71
Table 46: Neurology Devices Market, Global, PE/VC, by Number of Deals, 2007–2010 72
Table 47: Neurology Devices Market, Global, PE/VC, by Deal Value ($m), 2007–2010 72
Table 48: Ophthalmic Devices Market, Global, PE/VC, by Number of Deals, 2007–2010 73
Table 49: Ophthalmic Devices Market, Global, PE/VC, by Deal Value ($m), 2007–2010 74
Table 50: Ophthalmic Devices Market, Global, PE/VC, by Deal Volume 2007-2010 74
Table 51: Patient Monitoring Devices Market, Global, PE/VC, by Number of Deals, 2007–2010 76
Table 52: Patient Monitoring Devices Market, Global, PE/VC, by Deal Value ($m), 2007–2010 76
Table 53: Patient Monitoring Devices Market, Global, PE/VC, by Deal Volume, 2007–2010 77
Table 54: Surgical Equipment Market, Global, PE/VC, by Number of Deals, 2007–2010 78
Table 55: Surgical Equipment Market, Global, PE/VC, Deal Value ($m), 2007–2010 78
Table 56: Surgical Equipment Market, Global, PE/VC, 2007–2010 79
Table 57: Wound Care Management Market, Global, PE/VC, by Number of Deals, 2007–2010 81
Table 58: Wound Care Management Market, Global, PE/VC, by Deal Value ($m), 2007–2010 81
Table 59: Wound Care Management, Global, PE/VC Deals, 2007–2010 82
Table 60: Medical Devices, Top Legal Advisors, 2007–2010 86
List of Figures
1.2 List of Figures
Figure 1: Medical Devices Market, Global, PE/VC, by Number of Deals and Deal Value ($m), 2007–2010 10
Figure 2: Medical Devices Industry, Global, PE/VC Deals, Deals by Stages (%), 2007–2010 11
Figure 3: Medical Devices Industry, North America , PE/VC Deals, by Deal Volume and Deal Value ($m), 2007–2010 17
Figure 4: Medical Devices Industry, Europe , PE/VC Deals, by Deal Volume and Deal Value ($m), 2007–2010 19
Figure 5: Medical Devices Industry, Asia-Pacific , PE/VC Deals, by Deal Volume and Deal Value ($m), 2007–2010 21
Figure 6: In Vitro Diagnostics Market, Global, PE/VC, by Number of Deals and Deal Value ($m), 2007–2010 23
Figure 7: Cardiovascular Devices Market, Global, PE/VCs, by Number of Deals and Deal Value ($m), 2007–2010 29
Figure 8: Orthopedic Devices Market, Global, PE/VC, by Number of Deals and Deal Value ($m), 2007–2010 33
Figure 9: Orthopedic Devices, Global, Pipeline Products Summary, 2010 34
Figure 10: Anesthesia and Respiratory Devices Market, Global, PE/VC, by Number of Deals and Deal Value ($m), 2007–2010 38
Figure 11: Dental Devices Market, Global, PE/VC, by Number of Deals and Deal Value ($m), 2007–2010 40
Figure 12: Diabetes Care Devices Market, Global, PE/VC, by Number of Deals and Deal Value ($m), 2007–2010 43
Figure 13: Diagnostic Imaging Market, Global, PE/VC, by Number of Deals and Deal Value ($m), 2007–2010 45
Figure 14: Drug Delivery Devices Market, Global, PE/VC, by Number of Deals and Deal Value ($m), 2007–2010 50
Figure 15: Endoscopy Devices Market, Global, PE/VC, by Number of Deals and Deal Value ($m), 2007–2010 52
Figure 16: ENT Devices Market, PE/VC, Global, by Number of Deals and Deal Value ($m), 2007–2010 54
Figure 17: Healthcare IT Market, Global, PE/VC, by Number of Deals and Deal Value ($m), 2007–2010 56
Figure 18: Hospital Supplies Market, PE/VC, Global, by Number of Deals and Deal Value ($m), 2007–2010 66
Figure 19: Nephrology and Urology Devices Market, Global, PE/VC, by Number of Deals and Deal Value ($m), 2007–2010 70
Figure 20: Neurology Devices Market, Global, PE/VC, by Number of Deals and Deal Value ($m), 2007–2010 72
Figure 21: Ophthalmic Devices Market, Global, PE/VC, by Number of Deals and Deal Value ($m), 2007–2010 73
Figure 22: Patient Monitoring Devices Market, Global, PE/VC, by Number of Deals and Deal Value ($m), 2007–2010 76
Figure 23: Surgical Equipment Market, Global, PE/VC, by Number of Deals and Deal Value ($m), 2007–2010 78
Figure 24: Wound Care Management Market, Global, PE/VC, by Number of Deals and Deal Value ($m), 2007–2010 81
Figure 25: Medical Devices, Global, PE/VC Deals, Top Financial Advisors, 2007–2010 86
Companies Mentioned
To order this report:
Medical Devices Industry: Private Equity and Venture Capital (PE/VC) Activity in Medical Devices – Number of Investments in Smaller Companies has Increased over the Past Four Years
More Market Research Report
Check our Industry Analysis and Insights
CONTACT
Nicolas Bombourg
Reportlinker
Email: nbo@reportlinker.com
US: (805)652-2626
Intl: +1 805-652-2626
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2012年1月2日星期一
Private equity players, venture capitalists cautious about 2012
Private equity players and venture capitalists are cautiously optimistic about the prospects of their businesses, yet are hopeful of clinching more deals in the New Year, say industry experts.
“We are cautiously optimistic about 2012 as global uncertainty still looms large. However, the number of deals is likely to be higher as valuation looks attractive,” IDG Ventures vice-president Ranjith Menon said.
He also said global PE players may invest less in 2012 due to the risk aversion of foreign investors to emerging markets.
In 2011, there was an increase in private equity investments as companies found rise in cost of borrowing due to repeated rate hikes by the Reserve Bank. Even some sectors found debt flow drying up from commercial banks as financial institutions deliberately cut exposure to certain sectors fearing rising delinquency.
According to a KPMG India [ Images ] report on PE investments, it is estimated that PE deals marginally rose and touched USD 8.6 billion in 2011 up from USD 8.2 billion in 2010.
Similarly, according to a Grant Thorton report, the top sectors for PE investments in 2011 were realty, infrastructure, automotive, power and energy, banking and financial services and information technology, contributing to around 67 percent of the total investment during the year.
While about 22 per cent of the total private equity investments were in the real state and infrastructure sectors, 13 per cent was in the automotive, and 12 percent in the power and energy sector during 2011, the report added.
“In 2012, total investment will be similar or higher than 2011 by PE players as a number of players are likely to take pre-IPO exposure in companies, which was nearly absent last year,” Fire Capital chief executive Om Chaudhry said.
As domestic economy does better, there is a line up of good IPOs that are expected to hit the market and they will provide good investment opportunities for PEs, he added. Even industry experts said that the number of PIPE (private investment in public equities) are also likely to be higher in the new year.
“Promoters are more realistic about valuations these days after the bad performance of equity market. So, there should be higher deals in the form of PIPE in 2012,” he said.
Referring to sectors, Chaudhry said real estate, financial services, education, and private sector healthcare would see higher PE fund inflows during 2012.
© Copyright 2011 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.“We are cautiously optimistic about 2012 as global uncertainty still looms large. However, the number of deals is likely to be higher as valuation looks attractive,” IDG Ventures vice-president Ranjith Menon said.He also said global PE players may invest less in 2012 due to the risk aversion of foreign investors to emerging markets.
In 2011, there was an increase in private equity investments as companies found rise in cost of borrowing due to repeated rate hikes by the Reserve Bank. Even some sectors found debt flow drying up from commercial banks as financial institutions deliberately cut exposure to certain sectors fearing rising delinquency.
According to a KPMG India [ Images ] report on PE investments, it is estimated that PE deals marginally rose and touched USD 8.6 billion in 2011 up from USD 8.2 billion in 2010.
Similarly, according to a Grant Thorton report, the top sectors for PE investments in 2011 were realty, infrastructure, automotive, power and energy, banking and financial services and information technology, contributing to around 67 percent of the total investment during the year.
While about 22 per cent of the total private equity investments were in the real state and infrastructure sectors, 13 per cent was in the automotive, and 12 percent in the power and energy sector during 2011, the report added.
“In 2012, total investment will be similar or higher than 2011 by PE players as a number of players are likely to take pre-IPO exposure in companies, which was nearly absent last year,” Fire Capital chief executive Om Chaudhry said.
As domestic economy does better, there is a line up of good IPOs that are expected to hit the market and they will provide good investment opportunities for PEs, he added. Even industry experts said that the number of PIPE (private investment in public equities) are also likely to be higher in the new year.
“Promoters are more realistic about valuations these days after the bad performance of equity market. So, there should be higher deals in the form of PIPE in 2012,” he said.
Referring to sectors, Chaudhry said real estate, financial services, education, and private sector healthcare would see higher PE fund inflows during 2012.
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2011年12月30日星期五
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Trump International Hotel and Tower — Up to 25% Off Your StayBook a room marked with the Up to 25% Off Your Stay offer at the Trump International Hotel and Tower between now and March 30, 2012, for stay dates between now and March 30, 2012, and receive up to 25% off your stay. This is a nonrefundable rate.
Details at VEGAS.com.
David Copperfield — Save $22 Per TicketFor a limited time only, save $22 per ticket when you book select David Copperfield tickets on VEGAS.com.
Details at VEGAS.com.
About VEGAS.comVEGAS.com is the largest city destination travel website in the world with extensive, constantly updated information and a full range of travel products including Las Vegas hotels, Las Vegas Air & Hotel Packages, Las Vegas shows, tours and golf. A state-of-the-art contact center provides customer support, expert information and sales 24 hours a day, seven days a week, 365 days a year to complement the information on www.VEGAS.com. VEGAS.com, through its Casino Travel & Tours unit, operates retail and concierge desks at more than 50 locations including the Palms, Paris, Harrah’s, Bally’s, Excalibur, New York-New York, Luxor and more. The company also offers a variety of excursions including city tours, the Hoover Dam and the Grand Canyon. VEGAS.com is a member of the Greenspun Family of Companies, privately owned and operating in Southern Nevada for more than 60 years.
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