July, 2016.

Packaging M&A continues to see steady activity. Year-to-date 2016 transaction volume of 32 deals is just below pace of 2015 levels.

For the year-to-date 2016 period, strategic buyers accounted for 91% of the packaging M&A transactions with financial buyers making up the difference. During 2015, strategic buyers accounted for approximately 81% of the transactions.

Peakstone equally weighted packaging index continues to trend with the S&P 500.

Notable publicly announced 2015 and 2016 transactions:

‒ Stone Canyon Industries announced it will acquire BWAY Parent Company for $2.4 billion in June 2016.

‒ WestRock Company acquired SP Fiber for approximately $290 million.

‒ KapStone acquired Victory Packaging for $640 million.

‒ Jarden Corp. acquired WNA for approximately $1.4 billion.

‒ WestRock Company acquired MeadWestvaco Corporation for approximately $11.6 billion.

June, 2016.

For year-to-date 2016, strategic buyers accounted for 92% of Consumer & Retail M&A transactions

– During 2015, strategic buyers accounted for 87% of the transaction

For reported closed transactions, Consumer & Retail transaction multiples have ranged between 8x and 12x since 2010

Select recent notable publicly announced M&A transactions:

– Samsonite International entered into a merger agreement to acquire Tumi Holdings, Inc. for approximately $1.8 billion

– JAB Beech entered into a definitive agreement to acquire Krispy Kreme Doughnuts, Inc. for $1.3 billion

– SBE Entertainment Group, LLC entered into a definitive agreement to acquire Morgans Hotel Group Co. for approximately $790 million

– GP Investments Acquisitions Corp. entered into a definitive agreement to acquire WKI Holding Company, Inc. for approximately $500 million

– Hunter Douglas entered into a definitive agreement to acquire window coverings business from Rubbermaid, Inc. for approximately $270 million

– DS Healthcare Group, Inc. entered into a stock purchase agreement to acquire WR Group, Inc. for approximately $42 million

Notable IPO’s include US Foods Holdings, MGM Growth Properties, Atkore International Group and Paragon Commercial Corp.

June, 2016.

For YTD 2016, strategic buyers accounted for 91% of Business Services M&A transactions. During 2015, strategic buyers accounted for 94% of the transactions.

Many Business Services categories continue to outperform the S&P 500.

Notable publicly announced 2016 M&A transactions:

– Envision Healthcare Holdings, Inc. signed a definitive merger agreement to acquire AmSurg Corp. for approximately $7.6 billion.

– Thoma Bravo, LLC entered into a definitive agreement to acquire Qlik Technologies, Inc. for approximately $2.9 billion.

– Platinum Equity, LLC signed a definitive agreement to acquire Electro Rent Corporation for approximately $320 million.

– Vista Equity Partners Fund VI, L.P. entered into an agreement to acquire Marketo, Inc. for approximately $1.7 billion.

– Quintiles Transnational Holdings Inc. signed an agreement to acquire IMS Health Holdings, Inc. for approximately $8.8 billion.

– Leonard Green & Partners, L.P. entered into a definitive agreement to acquire ExamWorks Group, Inc. for approximately $2.0 billion.

June, 2016.

For year-to-date 2016, strategic buyers accounted for 91% of industrial & manufacturing M&A transactions

During 2015, strategic buyers accounted for just over 90% of the transactions

For closed transactions, industrial & manufacturing transaction multiples increased from 8.4x EBITDA and 1.3x revenue in 2014 to 10.5x EBITDA and 1.1x revenue in 2015

Notable publicly announced 2016 M&A transactions:

– American Securities signed a definitive agreement to acquire Blount International, Inc. for $882 million

– Acon Investment, Fairfax Financial Holdings and Albright Capital Management made an offer to acquire APR Energy plc for approximately $771 million

– LKQ Corporation entered into a definitive merger agreement to acquire Pittsburgh Glass Works LLC for approximately $635 million

– Southern Company entered into an agreement to acquire PowerSecure International, Inc. for approximately $445 million

– Salini Impregilo S.p.A. agreed to acquire Lane Industries, Inc. for approximately $410 million

Notable IPO’s include CNX Coal Resources LP, Green Plains Partners LP, Milacron Holdings, JELD-WEN Holdings, Inc. and Atkore International Group, Inc.

June, 2016.

E-Commerce M&A continues to see strong activity. YTD 2016 transaction volume of 166 deals is on pace with 2015 levels. During 2015, there were 320 transactions.

For Year-to-Date 2016, strategic buyers accounted for 87% of the e-commerce M&A transactions with financial buyers making up the difference. During 2015, strategic buyers accounted for approximately 80% of the transactions.

For announced transactions (albeit a limited sample size), e-commerce multiples saw 9.7x EBITDA and 2.0x revenue in Year-to-Date 2016.

Peakstone equally weighted e-commerce index continues to outperform the S&P 500.

Notable publicly announced transactions:

– Salesforce.com Inc. announced the acquisition of Demandware Inc. for approximately $2.8 billion.

– GP Investments Acquisition Corp. entered into a definitive agreement to acquire WKI Holding Company, Inc. for approximately $741 million.

– MKS Instruments, Inc. signed a merger agreement to acquire Newport Corp. for approximately $1 billion.

– Dalian Wanda Group Corporation Ltd. agreed to acquire Legend Pictures, LLC for approximately $3.5 billion.