M&A INSIGHT MERGERS, ACQUISITIONS, DIVESTITURES AND VALUATIONS FOR MIDDLE-MARKET COMPANIES - Raymond James
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INVESTMENT BANKING Q2 2021
M&A INSIGHT
IN THIS EDITION
Global M&A Commentary 3
Near-Term Leading M&A Indicator 4
U.S. Private Equity Commentary 5
U.S. Corporate Finance Commentary 6
M&A Market Statistics 7
MERGERS, ACQUISITIONS, DIVESTITURES AND VALUATIONS FOR Economic Commentary 9
MIDDLE-MARKET COMPANIES About Raymond James 10
Raymond James Investment Banking Transactions 11
FOR INSTITUTIONAL USE ONLY
M&A INSIGHT Q2 2021
Raymond James Contacts
JEFF MAXWELL – ST. PETERSBURG ALLAN BERTIE – LONDON
Managing Director Managing Director
Head of M&A Investment Banking Head of European Investment Banking
727.567.5222 44.20.3798.5701
jeff.maxwell@raymondjames.com allan.bertie@raymondjames.com
BRENT KRIEGSHAUSER – ST. PETERSBURG DON BLAIR – ST. PETERSBURG
Managing Director Managing Director
727.567.4339 727.567.5018
brent.kriegshauser@raymondjames.com don.blair@raymondjames.com
RAYMOND JAMES INVESTMENT BANKING 2
M&A INSIGHT Q2 2021
Global M&A Market Commentary
HISTORICAL ANNUAL M&A ACTIVITY(1) U.S. Disclosed Value ($B) Europe Disclosed Value ($B)
Asia Pacific Disclosed Value ($B) Total Number of Transactions
Total year-over-year (“Y-o-Y”) M&A deal counts involving targets
Y-O-Y
based in the U.S., Europe and Asia Pacific increased by Value Change
approximately 60% in 1H21 as the transaction market continues US: +436%
$3,500 EU: +163% 30,000
to exhibit very strong activity levels after the temporary slowdown
AP: +104%
observed at the onset of COVID-19 pandemic in 1Q20. Among $3,000 Total: +260% 25,000
other favorable factors contributing to the sustained elevated
$2,500
transaction activity in 1H21, inexpensive access to capital and 20,000
$2,000
record-high corporate cash balances (~$6.84T) have helped create 15,000
a buyer-friendly financing environment(2)(3). At the same time, with $1,500
public equity markets exhibiting robust valuation levels, 10,000
$1,000
corporates are looking to acquisitions to help drive the type of
$500 5,000
growth rates needed to support market multiples.
$0 0
2016 2017 2018 2019 2020 2020 YTD 2021 YTD
HISTORICAL QUARTERLY M&A ACTIVITY(1)
U.S. Disclosed Value ($B) Europe Disclosed Value ($B)
Asia Pacific Disclosed Value ($B) Total Number of Transactions
Y-o-Y global deal values increased over 120% to $1.5T in the
9,000
second quarter of 2021, the best second quarter of the calendar
year on record. In light of the historic first quarter, sequential $1,000
quarter-over-quarter global announced and completed volume
and disclosed value were muted, declining (11)% and (1)%, 6,000
$750
respectively. Cross-border activity also slowed, as geopolitical risk
increased in certain pockets of the world. As a result, there was a $500
higher concentration of deal volume and value domestically. 3,000
$250
$0 0
2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21
(1) FactSet; Number of transactions includes those with undisclosed values; Includes transactions with disclosed values over $10MM; Data as of 6/30/21.
(2) Reuters. RAYMOND JAMES INVESTMENT BANKING 3
(3) Wall Street Journal.M&A INSIGHT Q2 2021
Assessing a Near-Term Leading M&A Indicator
A Leading Indicator for Continued Strong M&A Activity Levels: HSR FILINGS(1)
New Hart-Scott-Rodino ("HSR") regulatory filings can be a leading indicator of M&A activity. M&A markets remain robust as 1H21 filings are up 145% over the same period a year ago;
Trailing 12 month average stands 51% higher than the historical average(2).
450
400 YTD 2021
Average:
350 287
300
2016 Average: 149 2017 Average: 172 2018 Average: 183 2019 Average: 166 2020 Average: 169
Monthly HSR Filings
250
200
150
100
50
-
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jul-16
Oct-16
Mar-18
Apr-18
May-18
Aug-16
Dec-16
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jul-17
Oct-17
Aug-17
Dec-17
Jan-18
Feb-18
Jul-18
Oct-18
Mar-19
Apr-19
May-19
Mar-20
Apr-20
May-20
Aug-18
Dec-18
Jan-19
Feb-19
Jul-19
Oct-19
Aug-19
Dec-19
Jan-20
Feb-20
Jul-20
Oct-20
Mar-21
Apr-21
May-21
Aug-20
Dec-20
Jan-21
Feb-21
Jun-16
Jun-17
Jun-18
Jun-19
Jun-20
Jun-21
Sep-16
Nov-16
Sep-17
Nov-17
Sep-18
Nov-18
Sep-19
Nov-19
Sep-20
Nov-20
HSR Filings Yearly Average
(1) Federal Trade Commission; Data as of 6/30/21.
(2) Historical period defined as 2016-2020. RAYMOND JAMES INVESTMENT BANKING 4Q2 2021
U.S. Private Equity Deal Flow(1) Debt multiples of large corporate LBO loans(2)
Capital Invested ($B) Number of Deals
Bank debt/EBITDA Non-bank debt/EBITDA
5.8x 5.9x 6.0x 5.9x
$1,000 6,000 5.7x
5.5x 0.2x 0.3x
5,500 0.3x 0.5x
U.S. PRIVATE EQUITY $900
$800
5,000
0.3x 0.4x
$745 $753
COMMENTARY $700 $648
$684 4,500
4,000
$596
$600 3,500
$505
$500 3,000
$400 2,500 5.2x 5.5x 5.7x 5.7x 5.3x 5.4x
$348
$283 2,000
$300
1,500
$200
1,000
$100 500
$0 0
2015 2016 2017 2018 2019 2020 YTD YTD
2020 2021 2016 2017 2018 2019 2020 2021 YTD
U.S. private equity activity deal value in the second quarter Similar to the M&A market, credit conditions have stabilized
of 2021 increased approximately 60%, when compared to in late 2020 after a period of significant dislocation earlier in
the same period a year ago. When measured by volume, over the year. While underwriting terms remain case specific,
1,283 transactions closed in the second quarter of 2021, access to cheap credit has promoted acquisition activity,
representing an increase of approximately 61%. particularly for those companies having shown good
Compositionally, deal sizes from $100M - $500M represented durability through COVID-19. Private equity acquirers
34% of the total count, an increase of approximately 10% should, however, expect lenders to remain reluctant to fund
from the same period a year ago; deals under $25M made up into thinly capitalized deals and, therefore, to require higher
34% of the total count, down 14% from the same levels of minimum equity contribution than would have
observation period. Deal sizes from $100 - $500M also been the case pre-pandemic. For more "storied" credits
recorded significant year-over-year increases in exit activity where access to traditional debt financing remains
of 500%, up over $15B to $18B from the same period in challenged, opportunistic credit and structured equity
2Q’20. Despite the jump in activity, deal sizes $2.5B+ investors are seeking to fill the void.
represents the largest portion of exit value at approximately
50%, when measured on a dollar basis.
(1) PitchBook, “US PE Breakdown”. Data as of 6/30/21.
(2) S&P LCD Report. Data as of 6/30/21. RAYMOND JAMES INVESTMENT BANKING 5Q2 2021
U.S. GDP Growth vs. M&A Activity(1) U.S. Corporate Spreads(1)
Announced M&A Volume Y-O-Y % Change 10-Yr. Treasury June Spot Rate
Avg. (6/30)
Real GDP, S.A.A.R. BAML US Corp. BBB Option-Adj. Spread
40.0% 1.52% 1.45%
U.S. CORPORATE
140.0% 5-Yr. Treasury 1.10% 1.07%
30.0% 0.84% 0.87%
120.0% Fed Funds Rate 0.25% 0.25%
FINANCE COMMENTARY 20.0% 100.0% 4.0%
1-Yr. Treasury
0.07% 0.07%
Announced M&A Volume
10.0% 80.0%
Real GDP, S.A.A.R.
0.0% 60.0% 3.0%
40.0%
(10.0%)
20.0% 2.0%
(20.0%)
0.0%
(30.0%) 1.0%
(20.0%)
(40.0%) (40.0%)
0.0%
2016 2017 2018 2019 2020 2021
U.S. real GDP growth, historically an indicator of M&A Credit spreads have remained tight since their spike in
activity and a barometer for overall economic health, is March of 2020. The continued market posture has driven
estimated to have increased at an annualized pace of over investors to search for higher yielding assets, such as
6.5% in 2Q21, which is up Y-o-Y as GDP contracted over speculative-grade (BB+ and lower rated) debt; such
(30)% in 2Q20. The increase in second quarter GDP instruments now comprise nearly 55% of the entire debt
reflected increases in personal consumption expenditures, market, up approximately 10% and 14% from year-end 2019
nonresidential fixed investment, exports and state and and 10 years ago, respectively(2). The stock market also
local government spending. Real personal spending, which continued its rally in the second quarter, as the S&P 500 rose
accounts for about 70% of GDP, was a significant driver of by approximately 7%. U.S. equities rose, in part, due to the
GDP growth, increasing 11.8% in the second quarter of prospect of the U.S. economy reopening and the Federal
2021. Government assistance payments, such as loans to Reserve’s receptiveness to continued stimulus in response
businesses and grants to state and local governments to the economic distribution caused by COVID-19(2).
increased, but was partially offset by lower social benefits
to personal households, such as direct economic impact
payments.
(1) FactSet, U.S. Bureau of Economic Analysis; GDP growth based on 2012
dollars; Data as of 6/30/21. RAYMOND JAMES INVESTMENT BANKING 6
(2) S&P Global; Capital IQ.M&A INSIGHT Q2 2021
M&A Market Statistics
Consideration Offered in U.S. M&A Transactions(1) U.S. Median Quarterly EBITDA Multiples(1)
Combination Stock Cash 14.0x Median EBITDA Multiples
12.0x
10.0x
54%
65% 68% 67% 62%
68% 74%
77% 76% 8.0x
6.0x
18%
15% 4.0x
8% 12% 13%
13%
9% 9%
8% 2.0x
23% 22% 28% 22%
17% 19% 21%
15% 15%
0.0x
2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21
Average Size of U.S. M&A Transactions(1)(2) U.S. Private Equity Fundraising(3)
Average Disclosed Value ($MM)
Capital Raised ($B) # of Funds Closed
$1,128 $350 450
$316
$1,006
400
$914 $300
$831 $252 350
$774 $785 $250 $224 $219
$203 300
$600 $200 $180
250
$150 200
$102 150
$100
100
$50
50
$0 0
2016 2017 2018 2019 2020 2020 YTD 2021 YTD
2016 2017 2018 2019 2020 2020 YTD 2021 YTD
(1) FactSet; Data as of 6/30/21.
(2) Includes transactions with disclosed values over $10MM.
(3) PitchBook, “US PE Breakdown”. Data as of 6/30/21. RAYMOND JAMES INVESTMENT BANKING 7M&A INSIGHT Q2 2021
M&A Market Statistics
Cross Border M&A Deal Activity – 2021 YTD(1)
$155.5B ` $89.4B
$117.2B $12.7B
United States Europe Asia Pacific
$63.9B $22.7B
(1) FactSet; Number of transactions includes those with undisclosed values; Includes transactions with disclosed values over $10MM;
Data as of 6/30/21.
RAYMOND JAMES INVESTMENT BANKING 8M&A INSIGHT Q2 2021
Economic Commentary
SCOTT J. BROWN, Ph.D.
July 30TH, 2021
Chief Economist, Gauging the Recovery
Private Client Group The New York Fed’s Weekly Economic Index edged down to +8.37% for the
week ending July 24, vs. +8.94% a week earlier, signifying strength relative
to the depressed level of a year ago. The WEI is scaled to year-overyear GDP
growth (GDP fell 9.1% y/y in 2Q20 and rose 12.2% y/y in 2Q21).
Economic Monitor
Breakeven inflation rates (the spread between inflation-adjusted and fixed-
The Federal Open Market Committee left short-term interest rates and the rate Treasuries, not quite the same as inflation expectations, but close
Gross Domestic Product monthly pace of asset purchases unchanged, but noted that “the economy enough) continue to suggest a moderately higher near-term inflation
has made progress” towards its goals (but not “substantial progress”). In its outlook. The 5- to 10-year outlook remains consistent with the Fed’s long-
The economy strengthened considerably in the first half of this year, much
World Economic Outlook, the IMF left its forecast for 2021 global growth at term goal of 2%. Jobless claims fell by 24,000, to 400,000 in the week ending
more than the headline GDP figure would suggest. The key components,
6.0%, but saw sharper divisions across countries (related to the availability July 24. Seasonal adjustment can be quirky in July, but the downtrend
consumer spending and business fixed investment, each rose at double-
of vaccines and the rise of the delta variant). appears to have flattened in recent weeks.
digit percentage rates. Higher inflation is widely expected to be transitory,
Real GDP rose at a 6.5% annual rate in the advance estimate for 2Q21 (vs. In the second week in July, the Chicago Fed Advance Retail Trade Summary
but there are concerns that it could last longer and lead to a higher trend.
+6.3% in 1Q21), held back by inventory declines, higher imports (which have (CARTS) data (based on multiple sources) showed a 0.1% decrease in retail
The delta variant is a wildcard.
a negative sign in the GDP calculation), and lower government spending sales (ex-autos), following a 0.4 decline in the previous week. July sales were
Real GDP rose at a 6.5% annual rate in the advance estimate for 2Q21, (relative to 1Q21). Real consumer spending rose 11.8%, while business fixed projected to be unchanged from June. The University of Michigan’s
following +6.3% in 1Q21 (averaging 6.4% in 1H21). Inventories fell in the first investment rose 8.0%. Consumer Sentiment Index edged up fell to 81.2 in the mid-month
quarter and even more sharply in the second, lopping nearly 2 percentage
The Employment Cost Index rose 0.7% in the three months ending in June assessment for July (the survey covered June 23 to July 26), vs. 80.8 at mid-
points from headline GDP growth in the first half. The trade deficit rose,
(+2.9% y/y, slightly higher than the +2.7% y/y figure for June 2020). Wages month, but down from 85.5 in June. Consumers generally expect higher
subtracting a full percentage point. Consumer spending rose at an 11.8%
and salaries rose 0.9% (+3.2% y/y). Benefits rose 0.4% (+2.2% y/y). inflation to be transitory, but remained concerned.
annual rate in 2Q21 (following +11.4% in 1Q12), while business fixed
There is still a high level of uncertainty in the economic outlook and the rise
investment rose at an 8.0% pace (following 12.9%). This is extremely strong. Personal income edged up 0.1% in June, as a 0.7% gain in wages income
of the Delta variant. A rebound in consumer services should drive strength in
offset an 11.0% drop in unemployment benefits. Personal Spending rose
Inflation is elevated. The PCE Price Index, the Fed’s key inflation gauge, rose the near term, more than offsetting a moderation in consumer goods. The
1.0%, as a 1.2% gain in services offset a 1.5% decrease in durable goods.
4.0% in the 12 months ending in June (in comparison, the Consumer Price job market is expected to strengthen, but labor market frictions could
Index rose 5.0%). Some of this reflects base effects (a rebound from the low The PCE Price Index rose 0.5% in June (+4.0% y/y), up 0.5% (+3.5% y/y) ex- create difficulties, restraining output growth in some areas. Inflation is
levels of a year ago -- the PCE Price Index was up just 0.5% in the 12 months food & energy. The Dallas Fed’s Trimmed-Mean PCE Price Index (the largest higher, reflecting base effects and re-start pressures. Bottleneck pressures
ending June 2020). Some of the increase reflects restart pressures. price moves are thrown out) rose 0.2% in June (+2.0% y/y). should correct over time, but may be larger and longer-lasting. A hike in
Production bottlenecks and materials shortages occur in every recession. The Conference Board’s Consumer Confidence Index was little changed at short-term interest rates is a long way off, but the Fed may reduce the
They are more intense this time because of the speed of the recovery. 129.1 in the initial estimate for July (vs, 128.9 in June), still at a high level. monthly pace of asset purchases later this year.
RAYMOND JAMES INVESTMENT BANKING 9M&A INSIGHT Q2 2021
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together with its subsidiaries Raymond James Financial Services BUSINESS DEVELOPMENT
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CONSUMER
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RAYMOND JAMES INVESTMENT BANKING 10M&A INSIGHT Q2 2021
Raymond James Recent Advisory Transactions (4/1/21 – 6/30/21)
June 2021 June 2021 June 2021 June 2021 June 2021 June 2021
Has entered into a
Has received a strategic Has received a strategic
Has acquired definitive agreement to be Has successfully exited Has been acquired by
investment from investment from
acquired by
June 2021 June 2021 June 2021 June 2021 June 2021 June 2021
A portfolio company of
Has received a growth Has received a growth Has entered into a
Has been recapitalized by Public takeover of Has been acquired by
investment from investment from definitive agreement to
be acquired by
A portfolio company of
June 2021 June 2021 June 2021 June 2021 June 2021 June 2021
Has entered into a
definitive agreement to A portfolio company of
sell substantially all A portfolio company of Has received a Series C
Has been acquired by Has acquired
assets to growth investment led
by
Has been acquired by
A portfolio company of Has been acquired by
Past performance is not indicative of future results RAYMOND JAMES INVESTMENT BANKING 11M&A INSIGHT Q2 2021
Raymond James Recent Advisory Transactions (4/1/21 – 6/30/21)
June 2021 June 2021 June 2021 June 2021 June 2021 June 2021
A portfolio company Has been acquired by A portfolio company
A portfolio company of Saltwater disposal
of of
facilities and trucking
assets in the Ark-La-Tex Has been acquired by
region
Has received a growth Has announced an
Has been acquired by A portfolio company of
investment from Has acquired investment from
June 2021 June 2021 May 2021 May 2021 May 2021 May 2021
A portfolio company of A portfolio company of
Has been acquired by Has been acquired by Has been acquired by
Has merged with
Has been acquired by
Has been acquired by
A portfolio company of
May 2021 May 2021 May 2021 May 2021 May 2021 April 2021
Has invested in Has acquired A portfolio company of
Has been recapitalized by Has been acquired by
Has acquired
& Has been acquired by
A portfolio company of
Past performance is not indicative of future results RAYMOND JAMES INVESTMENT BANKING 12M&A INSIGHT Q2 2021
Raymond James Recent Advisory Transactions (4/1/21 – 6/30/21)
April 2021 April 2021 April 2021 April 2021 April 2021 April 2021
A portfolio company of
Has been acquired by Has sold the assets of its A portfolio company of
Has entered into a A portfolio company of subsidiary
definitive agreement to
acquire Umpqua Investments
A portfolio company of Has received
financing from Has acquired to Has been acquired by
April 2021 April 2021 April 2021 April 2021 April 2021 April 2021
PSB Holdings, Inc.
Parent company of
Has entered into a Has received an
Has acquired Has agreed to acquire a Has combined in a definitive agreement to be Has been acquired by
investment from
Waukesha Bankshares, majority stake in strategic merger with acquired by
Inc.
Parent company of
Past performance is not indicative of future results RAYMOND JAMES INVESTMENT BANKING 13M&A INSIGHT Q2 2021
Raymond James Recent Capital Market Transactions (4/1/21 – 6/30/21)
June 2021 June 2021 June 2021 June 2021 June 2021 June 2021
$615,696,200 $313,950,000 $302,800,000 $793,500,000 $696,670,000 $111,900,000
Initial Public Offering Initial Public Offering Initial Public Offering Follow-on Offering Initial Public Offering Follow-on Offering
Co-Manager Passive Bookrunner Passive Bookrunner Co-Manager Co-Manager Passive Bookrunner
June 2021 May 2021 May 2021 May 2021 May 2021 May 2021
$57,316,000 $241,500,000 $288,144,000 $688,878,750 $1,469,700,000 $431,250,000
Follow-on Offering Initial Public Offering Initial Public Offering Follow-on Offering Follow-on Offering Initial Public Offering
Active Bookrunner Passive Bookrunner Passive Bookrunner Passive Bookrunner Co-Manager Co-Manager
May 2021 April 2021 April 2021 April 2021 April 2021 April 2021
$116,725,000 $506,832,000 $423,684,198 $522,422,500 $351,900,000 $655,500,000
Follow-on Offering Initial Public Offering Initial Public Offering Follow-on Offering Follow-on Offering Initial Public Offering
Active Bookrunner Co-Manager Co-Manager Co-Manager Passive Bookrunner Passive Bookrunner
Past performance is not indicative of future results RAYMOND JAMES INVESTMENT BANKING 14M&A INSIGHT Q2 2021
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