The following report details mergers and acquisitions activity in North America in November 2013 using data from the Zephyr database. It focuses on deal activity by target company.

1. Zephyr Monthly M&A Report
North America, November 2013

2. Zephyr Monthly M&A Report
North America, November 2013
The following report details
mergers and acquisitions
activity in North America in
November 2013 using data
from the Zephyr database.
North American M&A value lowest since
March
The value of mergers and acquisitions (M&A)
targeting companies based in North America
during November decreased by a third from
October’s result and marked the second
consecutive monthly decline.
Announced date
No of deals
Total deal value
(mil USD)
Nov-13
951
69,502
Oct-13
1,275
101,766
Sep-13
1,108
201,250
It focuses on deal activity by target company.
There were 951 transactions worth a combined
USD 69,502 million in the four weeks under
review compared to USD 101,766 million the
previous month and USD 201,250 million in
September, and, by value, it is the lowest result
since March when USD 54,185 million was
recorded. However, the trend is similar to that seen
at the same time last year, when value weakened
from USD 116,155 million to USD 83,087 million
between October and November 2012.
Aug-13
1,191
97,525
Jul-13
1,269
133,520
Jun-13
1,140
104,000
May-13
1,256
101,920
Apr-13
1,201
74,347
Mar-13
1,146
54,185
Feb-13
1,054
141,833
Jan-13
1,588
75,494
Dec-12
1,584
124,315
M&A activity in the US largely dictated results
for the entire region: there were 704 transactions
worth a total USD 60,001 million in November
which in monetary terms was the second decrease
in a row (September 2013: USD 195,344 million;
October 2013: USD 92,714 million).
Nov-12
1,318
83,087
Click here to access the raw data in an Excel
spreadsheet.
North America deals by volume and value
However, Canada bucked this trend, with 247
deals worth a collective USD 9,501 million
announced during November, a 22 per cent
decline by volume but a 5 per cent increase by
value month-on-month (October 2013: 316 deals
worth USD 9,053 million).
Page 1
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Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed
financial information on companies. For more information visit www.zephyrdealdata.com.
Contact
+44 161 838 9554
Zephyr Editorial: zephyreditorial@bvdinfo.com
You are free to use any data or commentary
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source is cited as “Zephyr published by BvD”

3. Zephyr Monthly M&A Report
North America, November 2013
US deals by volume and value
Canada deals by volume and value
Announced date
No of deals
Total deal value
(mil USD)
Announced date
No of deals
Total deal value
(mil USD)
Nov-13
704
60,001
Nov-13
247
9,501
Oct-13
958
92,714
Oct-13
316
9,053
Sep-13
825
195,344
Sep-13
282
5,906
Aug-13
900
89,790
Aug-13
290
7,735
Jul-13
958
114,729
Jul-13
313
18,791
Jun-13
879
89,059
Jun-13
261
14,941
May-13
963
96,007
May-13
293
5,896
Apr-13
878
67,810
Apr-13
323
6,537
Mar-13
857
47,129
Mar-13
290
7,061
Feb-13
758
133,619
Feb-13
296
8,214
Jan-13
1,261
62,991
Jan-13
329
12,605
Dec-12
1,185
114,096
Dec-12
401
10,233
Nov-12
941
73,538
Nov-12
379
9,549
Page 2
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Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed
financial information on companies. For more information visit www.zephyrdealdata.com.
Contact
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Zephyr Editorial: zephyreditorial@bvdinfo.com
You are free to use any data or commentary
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source is cited as “Zephyr published by BvD”

4. Zephyr Monthly M&A Report
North America, November 2013
North America deals by volume and value
250,000
1,800
1,600
Deal value (mil USD)
200,000
1,400
1,200
150,000
1,000
800
100,000
600
400
50,000
200
0
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Aggregate deal value(mil USD)
Page 3
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Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed
financial information on companies. For more information visit www.zephyrdealdata.com.
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
0
Number of deals
Contact
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from this report in your articles as long as the
source is cited as “Zephyr published by BvD”

5. Zephyr Monthly M&A Report
North America, November 2013
Oil and gas deals come top
Chemicals sector M&A value rises in November
While November lacked the mega-transactions of previous months there were
still some high-value deals, with the top two deals by value in November both
targeting companies operating in the oil and gas sector.
The value of dealmaking targeting companies operating in the chemicals,
rubber and plastics sector increased by 48 per cent month-on-month from
USD 6,495 million in October to USD 10,264 million, its best result since
April.
The highest of these was Devon Energy’s USD 6,000 million purchase of
assets from fellow US oil and gas player GeoSouthern Energy in a deal
expected to close early in 2014.
Behind this, the number two transaction by value involved LINN Energy
making an offer for publicly-listed oil and gas explorer Berry Petroleum worth
USD 4,900 million, including assumed debt.
Once again, US-based targets dominated the top 20 deals by value with
Canadian companies targeted in only four of these, the highest of which
involved Dutch group Koninklijke DSM and JLL Partners teaming to make a
USD 1,950 million takeover offer for Ontario-based drug maker Patheon.
Koninklijke was one of a small number of overseas acquirors featuring in the
top 20 deals by value in November, with buyers from the UK and Ireland also
involved in cross-border M&A.
Page 4
© Zephyr
M&A value in the machinery, equipment, furniture and recycling industry put
the sector fairly high in the rankings at USD 5,457 million but was lower than
the USD 5,860 million recorded the previous month, while just behind this,
the value of dealmaking targeting the construction sector leapt from USD 226
million to USD 4,693 million.
In monetary terms, M&A activity in many sectors decreased month-on-month;
notable exceptions include wholesale and retail, where value more than
doubled, and textiles, wearing apparel and leather, where there was an eightfold increase from USD 11 million to USD 831 million.
Machinery, equipment, furniture and recycling was one of the most frequently
targeted industries, with 98 transactions announced during November, but the
result was the third decline in a row for the sector (August: 126; September:
122; October: 118).
Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed
financial information on companies. For more information visit www.zephyrdealdata.com.
Contact
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6. Zephyr Monthly M&A Report
North America, November 2013
Top 20 deals by value
Deal value
(mil USD)
Deal type
Target
Target
country
Acquiror
Acquiror
country
Deal status
1.
6,000
Acquisition 100%
GeoSouthern Energy Corporation's assets
US
Devon Energy Corporation
US
Announced
2.
4,900
Acquisition 100% Bid 2 – Increased offer Berry Petroleum Company
US
Linn Acquisition Company LLC
US
Pending
3.
4,200
Acquisition 100%
ViroPharma Inc.
US
Shire plc
GB
Pending
4.
2,700
Acquisition 100%
Weyerhaeuser Real Estate Company
US
Tri Pointe Homes Inc.
US
Pending
5.
2,600
Acquisition 100%
Santarus Inc.
US
Salix Pharmaceuticals Ltd
US
Announced
6.
1,950
IBO 100%
Patheon Inc.
CA
JLL/Delta Patheon Holdings LP
US
Pending
7.
1,819
Minority stake 9%
T-Mobile US Inc.
US
8.
1,600
Acquisition 100%
Shapell Industries Inc.'s single-family home building business
US
Toll Brothers Inc.
US
Pending
9.
1,600
IBO 100%
The Brickman Group Ltd LLC
US
Kohlberg Kravis Roberts & Company LP
US
Announced
10.
1,535
Acquisition 100%
Paladin Labs Inc.
CA
New Endo
IE
Pending
11.
1,435
Acquisition 100%
Talisman Energy Inc.'s Montney natural-gas producing assets in CA
northern British Columbia
Progress Energy Canada Ltd
CA
Pending
12.
1,250
Minority stake
Yahoo! Inc.
US
13.
1,165
Acquisition 100%
GXS Group Inc.
US
Open Text Corporation
CA
14.
1,000
Minority stake
BlackBerry Ltd
CA
15.
978
Acquisition 100%
Trunkline LNG Company LLC
US
Energy Transfer Equity LP
US
Announced
16.
862
IBO 100%
Siemens Water Technologies Corporation's municipal, industrial US
and services water and wastewater treatment operations and assets
AEA Investors LP
US
Pending
17.
850
Acquisition 100%
Passport Health Communications Inc.
US
Experian plc
GB
Completed
18.
800
IBO 100%
Tekni-Plex Inc.
US
American Securities LLC
US
Announced
19.
775
Minority stake 39%
Northern Tier Energy LP
US
Western Refining Inc.
US
Completed
20.
761
Minority stake 13%
Hologic Inc.
US
Mr Carl C Icahn
Page 5
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financial information on companies. For more information visit www.zephyrdealdata.com.
Announced
Announced
Announced
Completed
Contact
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Completed
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source is cited as “Zephyr published by BvD”

7. Zephyr Monthly M&A Report
North America, November 2013
Top 20 private equity deals by value
Deal value
(mil USD)
Deal type
Target
Target
country
Equity provider
Deal status
1.
1,950
IBO 100%
Patheon Inc.
CA
JLL Partners Inc.
Pending
2.
1,600
IBO 100%
The Brickman Group Ltd LLC
US
Kohlberg Kravis Roberts & Company LP
Announced
3.
862
IBO 100%
Siemens Water Technologies Corporation's municipal, industrial US
and services water and wastewater treatment operations and assets
AEA Investors LP
Pending
4.
800
IBO 100%
Tekni-Plex Inc.
US
American Securities LLC
Announced
5.
670
IBO 100%
DSM Pharmaceutical Products Inc.
US
JLL Partners Inc.
Pending
6.
381
IBO 100%
Anaren Inc.
US
Veritas Capital Management LLC
Pending
7.
350
Minority stake
Silverback Exploration LLC
US
EnCap Investments LP
Completed
8.
264
IBO 87%
Anaren Inc.
US
Vintage Capital Management LLC
Announced
9.
205
Minority stake
Panther Energy Company LLC
US
Kayne Anderson Capital Advisors LP
Completed
10.
200
IBO 100%
Allen-Edmonds Shoe Corporation
US
Brentwood Associates
Completed
11.
160
Minority stake
Rimrock Midstream LLC
US
Energy Capital Partners LLC
Completed
12.
141
Minority stake
Envision Rx Options Holdings Inc.
US
13.
125
IBO 100%
Sealed Air Corporation's rigid medical packaging business
US
14.
110
Minority stake
Moderna Therapeutics Inc.
US
15.
109
IBO 100%
Innotrac Corporation
US
Sterling Capital Ltd
16.
79
Minority stake
Quirky Inc.
US
General Electric Company; Kleiner Perkins Caufield & Byers; RRE Ventures Completed
LLC; NVP Associates LLC; Andreessen Horowitz
17.
58
Minority stake
SimpliVity Corporation
US
Kleiner Perkins Caufield & Byers; Draper Fisher Jurvetson; Accel Management Completed
Company LLC; Meritech Capital Partners; Charles River Ventures Inc.;
Swisscom Ventures
18.
57
Minority stake 2%
LendingClub Corporation
US
Coatue Management LLC; Mail.ru Group Ltd
19.
50
Minority stake
Kingsoft Office Software Inc.
US
GGV Management LLC; Morningside Capital; Beijing Shunwei Venture Capital Completed
Co., Ltd
20.
50
Minority stake
Redfin Corporation
US
Completed
Page 6
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financial information on companies. For more information visit www.zephyrdealdata.com.
Completed
Mason Wells Inc.
Announced
Completed
Contact
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Announced
Completed
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8. Zephyr Monthly M&A Report
North America, November 2013
Canadian PE value leaps
The value of private equity and venture capital investment targeting North
American companies weakened for the third month in a row to USD 9,791
million (August: 37,149 million; September: USD 12,095 million; October:
USD 11,464 million) and was also lower than USD 14,446 million a year ago.
There were also fewer transactions, slipping from 337 in October to 276.
PE investment targeting US companies reflected the regional results, with 257
transactions worth a collective USD 7,787 million recorded, compared to 310
worth USD 11,304 million last month. (September: 296 worth USD 12,026
million).
However, Canada once again differed considerably from this trend, and
value hit USD 2,003 million, the country’s second highest level of the last
12 months under review, despite volume slipping 30 per cent from 27
transactions in October to 19.
Almost all of the increase in Canadian PE value was attributable to the
Patheon deal, which, at USD 1,950 million, accounted for 97 per cent of the
country’s total investment value.
North America private equity deals by volume and value
Announced date
No of deals
Total deal value
(mil USD)
Nov-13
276
9,791
Oct-13
337
11,464
Sep-13
314
12,095
Aug-13
348
37,149
Jul-13
400
7,045
Jun-13
370
5,959
May-13
348
21,757
Apr-13
360
8,092
Mar-13
361
9,588
Feb-13
303
32,032
Jan-13
438
11,499
Dec-12
384
17,142
Nov-12
359
14,446
This was one of two North American PE transactions to surpass USD 1,000
million in value during November, the other being Kohlberg Kravis Roberts
buying US landscaping and horticultural firm Brickman Group for USD 1,600
million.
Page 7
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Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed
financial information on companies. For more information visit www.zephyrdealdata.com.
Contact
+44 161 838 9554
Zephyr Editorial: zephyreditorial@bvdinfo.com
You are free to use any data or commentary
from this report in your articles as long as the
source is cited as “Zephyr published by BvD”

9. Zephyr Monthly M&A Report
North America, November 2013
US private equity deals by volume and value
Canada private equity deals by volume and value
Announced date
No of deals
Total deal value
(mil USD)
Announced date
No of deals
Total deal value
(mil USD)
Nov-13
257
7,787
Nov-13
19
2,003
Oct-13
310
11,304
Oct-13
27
160
Sep-13
296
12,026
Sep-13
18
69
Aug-13
326
32,528
Aug-13
22
4,622
Jul-13
365
7,018
Jul-13
35
27
Jun-13
348
5,850
Jun-13
22
110
May-13
326
21,364
May-13
22
393
Apr-13
335
7,248
Apr-13
25
844
Mar-13
338
9,027
Mar-13
22
561
Feb-13
280
31,040
Feb-13
23
992
Jan-13
404
11,064
Jan-13
34
435
Dec-12
368
16,973
Dec-12
16
170
Nov-12
329
14,281
Nov-12
31
166
Page 8
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Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed
financial information on companies. For more information visit www.zephyrdealdata.com.
Contact
+44 161 838 9554
Zephyr Editorial: zephyreditorial@bvdinfo.com
You are free to use any data or commentary
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source is cited as “Zephyr published by BvD”

10. Zephyr Monthly M&A Report
North America, November 2013
North America private equity deals by volume and value
500
40,000
450
Deal value (mil USD)
35,000
400
30,000
350
25,000
300
250
20,000
200
15,000
150
10,000
100
5,000
0
50
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Aggregate deal value(mil USD)
Page 9
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Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed
financial information on companies. For more information visit www.zephyrdealdata.com.
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
0
Number of deals
Contact
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11. Zephyr Monthly M&A Report
North America, November 2013
M&A target sectors by volume
M&A target sectors by value
Target sector
Nov-12
Oct-13
Nov-13
Target sector
Nov-12
(mil USD)
Oct-13
(mil USD)
Nov-13
(mil USD)
Other services
792
760
561
Other services
24,776
28,155
34,971
Machinery, equipment, furniture, recycling
118
118
98
Chemicals, rubber, plastics
8,994
6,945
10,264
Banks
82
90
56
Machinery, equipment, furniture, recycling
3,212
5,860
5,457
Wholesale & retail trade
57
43
50
Construction
1,749
226
4,693
Chemicals, rubber, plastics
63
57
32
Wholesale & retail trade
5,017
2,306
4,243
Education, health
38
35
27
Banks
14,932
17,792
3,392
Transport
21
23
20
Transport
2,498
10,152
2,793
Metals & metal products
21
17
19
Primary sector
4,639
13,517
914
Primary sector
34
38
18
Textiles, wearing apparel, leather
220
11
831
Construction
18
11
15
Wood, cork, paper
691
545
513
Gas, water, electricity
20
14
14
Education, health
1,470
2,322
435
Food, beverages, tobacco
16
16
14
Insurance companies
0
1,581
412
Publishing, printing
7
18
14
Gas, water, electricity
1,992
4,637
315
Hotels & restaurants
10
18
10
Hotels & restaurants
142
886
179
Wood, cork, paper
10
3
5
Metals & metal products
3,241
3,768
145
Textiles, wearing apparel, leather
5
2
5
Food, beverages, tobacco
7,464
1,884
132
Insurance companies
5
10
3
Publishing, printing
2,486
976
6
Post and telecommunications
1
0
1
Post and telecommunications
17
0
0
Public administration and defence
1
0
0
Public administration and defence
1
0
0
Page 10
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Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed
financial information on companies. For more information visit www.zephyrdealdata.com.
Contact
+44 161 838 9554
Zephyr Editorial: zephyreditorial@bvdinfo.com
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from this report in your articles as long as the
source is cited as “Zephyr published by BvD”

12. Zephyr Monthly M&A Report
North America, November 2013
Private equity target sectors by volume
Private equity target sectors by value
Target sector
Nov-12
Oct-13
Nov-13
Target sector
Nov-12
(mil USD)
Oct-13
(mil USD)
Nov-13
(mil USD)
Other services
256
246
192
Other services
6,764
5,303
4,779
Machinery, equipment, furniture, recycling
41
40
36
Chemicals, rubber, plastics
1,278
413
3,619
Chemicals, rubber, plastics
15
13
12
Machinery, equipment, furniture, recycling
276
1,958
920
Wholesale & retail trade
12
5
8
Textiles, wearing apparel, leather
7
0
207
Publishing, printing
2
4
7
Transport
300
895
160
Education, health
5
8
5
Education, health
6
2,302
28
Construction
1
2
5
Construction
0
100
26
Banks
4
4
4
Banks
1,419
210
17
Transport
3
3
3
Gas, water, electricity
702
25
12
Hotels & restaurants
4
2
2
Wholesale & retail trade
701
300
10
Textiles, wearing apparel, leather
2
0
2
Metals & metal products
10
17
7
Metals & metal products
5
3
1
Publishing, printing
2,402
39
6
Gas, water, electricity
4
3
1
Food, beverages, tobacco
372
2
2
Food, beverages, tobacco
3
2
1
Public administration and defence
0
0
0
Public administration and defence
0
0
0
Primary sector
46
0
0
Primary sector
1
2
0
Insurance companies
0
0
0
Wood, cork, paper
1
0
0
Hotels & restaurants
130
0
0
Post and telecommunications
0
0
0
Wood, cork, paper
16
0
0
Insurance companies
0
0
0
Post and telecommunications
0
0
0
Page 11
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Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed
financial information on companies. For more information visit www.zephyrdealdata.com.
Contact
+44 161 838 9554
Zephyr Editorial: zephyreditorial@bvdinfo.com
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from this report in your articles as long as the
source is cited as “Zephyr published by BvD”

13. Zephyr Monthly M&A Report
North America, November 2013
Top 20 private equity providers
Equity provider
Number of deals
Number with consideration
Total deal value (mil USD)
Average deal value (mil USD)
1
JLL Partners Inc.
2
2
2,620
1,310
2
Kohlberg Kravis Roberts & Company LP
1
1
1,600
1,600
3
AEA Investors LP
1
1
862
862
4
American Securities LLC
1
1
800
800
5
Veritas Capital Management LLC
1
1
381
381
6
EnCap Investments LP
1
1
350
350
7
Vintage Capital Management LLC
1
1
264
264
8
Kayne Anderson Capital Advisors LP
2
1
205
205
9
Brentwood Associates
1
1
200
200
10
Kleiner Perkins Caufield & Byers
4
4
165
41
11
Energy Capital Partners LLC
2
1
160
160
12
Andreessen Horowitz
6
4
149
37
13
Accel Management Company LLC
3
3
128
43
14
Mason Wells Inc.
1
1
125
125
15
Sterling Capital Ltd
1
1
109
109
16
RRE Ventures LLC
4
4
101
25
17
Battery Management Corporation
5
5
101
20
18
Lightspeed Venture Partners
4
4
97
24
19
New Enterprise Associates Inc.
4
4
93
23
20
Bain Capital Venture Partners LLC
5
5
90
18
Page 12
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Zephyr is a database of M&A, IPO, private equity and venture capital deals with links to detailed
financial information on companies. For more information visit www.zephyrdealdata.com.
Contact
+44 161 838 9554
Zephyr Editorial: zephyreditorial@bvdinfo.com
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14. Zephyr Monthly M&A Report
North America, November 2013
Notes to editors
Activity is based on the activity of the target company
Deal status is announced within the time period
The sector breakdown uses targets’ activities as
defined to be ‘Major Sectors’ by Zephyr
The date range is 01/11/2013 - 26/11/2013
inclusive
Page 13
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