REUTERS / Thomas White SMALL CAP M&A...

SMALL CAP M&A REVIEW FINANCIAL ADVISORS First Half 2017

REUTERS / Thomas White

15

16

17

18

11

12

13

14

1

2

European Involvement Small Cap Rankings (MM3a)

19

German Involvement Small Cap Rankings (MM6a)

Italian Involvement Small Cap Rankings (MM7a)

Spanish Involvement Small Cap Rankings (MM8a)

Benelux Involvement Small Cap Rankings (MM10a)

Hochinma Involvement Small Cap Rankings (MM13a)

10

Indian Involvement Small Cap Rankings (MM21a)

Australia/New Zealand Involvement Small Cap Rankings (MM11a)

First Half 2017 | Mergers & Acquisitions | Financial Advisors

Small Cap M&A ReviewTable of Contents

Worldwide Small Cap M&A Deals Intelligence

Worldwide Small Cap Rankings (MM1a)

US Target Small Cap Rankings (MM2a) 3

Canadian Involvement Small Cap Rankings (MM22a)

Hong Kong Involvement Small Cap Rankings (MM12a)

Singapore Involvement Small Cap Rankings (MM14a)

4

22

UK Involvement Small Cap Rankings (MM4a)

French Involvement Small Cap Rankings (MM5a)

Nordic Involvement Small Cap Rankings (MM9a)

Ranking Criteria Summary

Eastern Europe Involvement Small Cap Rankings (MM16a)

20

Latin America Involvement Small Cap Rankings (MM17a) 5

Japanese Involvement Small Cap Rankings (MM15a)

21

https://www.thomsonone.com

6

7

8

9

Chinese Involvement Small Cap Rankings (MM20a)

http://banker.thomsonib.com/

Jan 1 - Jun 30Announced Small-Cap M&A by Target Nation Up To US$50m

646

51187

▲

816.324.930.3

-11.9

▲215

M&A Rankings For Mid-Market Deals Valued Up To US$500m Are Also Available

▲

174

5.9

▲▼

2.6

▼

-34.0

-33.7

-18.4

1,653.2-35.1-15.1

▼-46.1

-41.3

▲

▼

▼

▼

25.3

22,026.3

56.5

658.0

4612,013.5

39,167.62,076

5,373.52,933.0

151

312

1,676.9

952.6

1,185.2

151

615.7

69

710.4

5,285

2,660.6

344 30.6

2.7

▼▲

-58.2

388

7,807

171.7

Rank

Value

Change

(%)

16.127.3

-2.8

# of

Deals

▲▼

22.2▲▲

922

Region/Nation

1/1/2017 - 06/30/2017 1/1/2016 - 06/30/2016

5,768 4,858

47

13,267.1

45

311.6

Rank Value

US$m

80,099.7 21,060

16,341.7

20,21077,856.8

# of

Deals

218

197.1

6,129

1,194.6

2,133.2 1,3123,747.2

438

40

1,213

▼

▼

▲▼

2,411.6 689256

-2.622.4

75

-12.255.3

▼

14.5

▲

▲

0.9-13.7

-28.6

▲

▲▲

10.5821.9

678307

386.9

First Half 2017

DEALS VALUED UP TO US$50 MILLION

SMALL-CAP M&A REVIEW

Hong Kong

IndiaAustralia

3,702.1

362

777.3

3,674.63,151.8

176

581592121

Malaysia

1,063.6Taiwan

Japan 4,203.4

Singapore

2,093.7

201908.0

1,1911,099


▼

91

-6.1

-50.6▼

▼

United KingdomFrance

Finland

927.9

5,689.8South Korea

3,779.2

10.9 15

Norway

191.11,726.2 518

Switzerland

648

210.4209.9

295.3

16,992.3

▼318.0

80

30

113

5,151

138

425.7

783522.3

371.2747.8

292

1,821

120

372

630

1,450.11,163.4

1,523.2

626,37114,109.9

838

914.6

475

Sweden

227578.3

Europe

635.3

Mexico 130.2

Italy

53

1,227

159

1,378.6

132

Spain

598.2216

Netherlands

380.7

352615

Russian Federation

240.9Republic of Ireland

Germany

Poland403.2

53

China

Israel

Africa/Middle East/Central Asia

36,652.9

227.3558.6South Africa

Rank Value

US$m

202.4

Greece

Small-Cap Deals Intelligence

Peru 177.4 40 65.3 32

17,726.521,665.6

7642,800.9

Chile

Canada

278.8

7,069

723.3179.5

▲

-22.9

▲

ArgentinaWorldwide Small-Cap M&A up to US$50m by Target Industry

▼

▲

Asia-Pacific (ex Central Asia) -6.4

Brazil

▼

Jan 1 - Jun 30

WorldwideAmericas

United States of America 16,888.6

Worldwide Small-Cap M&A up to US$50m by Rank Value Range

227 -18.4 ▼

Worldwide announced Small-Cap M&A deals valued up to $50 million (including undisclosed value deals) totaledUS$77.8 billion in the first half of 2017 – a 2.8% decrease year-on-year.

The Asia-Pacific (ex Central Asia) region (by target domicile) led the Small-Cap market, with US$36.6 billion ofannounced deal activity.

Americas (by target domicile) led the market in the number of deals announced, with 7,069 transactions for the first halfof 2017, representing 35% of the 20,210 deals announced worldwide.

The High Technology sector captured 15.5% of total announced Small-Cap value deals, followed by Real Estate andIndustrials, each respectively registering 14% and 12.6% of the overall market.

KPMG tops the worldwide Small-Cap rankings for deals valued up to $50 million for the first half of 2017, working on123 deals with a combined value of US$540.4 million.

-

2,000

4,000

6,000

8,000

10,000

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

# of

Dea

ls

Ran

k Va

lue

(US

$b)

US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m # of Deals

15.5%

14.0%

12.6%

10.3%

8.9%

8.4%

8.1%

6.3%

5.7%

4.9%

3.6% High Technology

Real Estate

Industrials

Financials

Materials

Consumer Products and Services

Healthcare

Energy and Power

Media and Entertainment

Consumer Staples

Retail

Telecommunications

1


Source: Thomson Reuters

*tieSource: Thomson Reuters

54.5

13.6

104.3 40-

-65

-19

152.1 22

120.3

35.40

6271.0

Rank Value

10

23.4

-1.3

-

Rank

Rank Value

-51.0

100.0

▼

9.2

31.8

134.4

74

147.811.0

8.8

6.6

-25

-

24

337.7253.0

77.2

14

Worldwide Small-Cap Rankings (MM1a)

Jan 1 - Jun 30

-852

--34.2

64

† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.

-

▼-47.0

-0.5

-75.5

Jefferies LLCAlantra Partners SA

30Grant Thornton

34*

3737

31*33

Daiwa Securities Group Inc

Industrial & Comm Bank China 22Citi

29*

BNP Paribas SA

Global M&A

3327*

1

30

3923*23*

Rank

4

-6

44*

-1032

Deals

19*

14 1015*

43

# of DealsRankFinancial Advisor

20162017 2016Change in ** Fee

Worldwide Small Cap M&A up to US$50m by Target Nation Region

2016# of

-10

MM1a - Undisclosed Values & Values up to US$50m

4313

Rothschild & Co 3 5

Rank Value per Advisor (US$m)

▼

18103

▼

Clairfield International0Generational Equity

IMAP 5

11*

Raymond James Financial Inc

Oaklins (FKA M&A Intl Inc)13

Morgan Stanley 11*

39

-

27

14

50*15*15* 21

4118

▼1 ▲

4346

▼-26-8

27*31*11

▲33

-19.8▼

-38.8

▼-26.041

▲▼▼

43.3

192.9-75.4

4,552.5

19

▼▼

0

38.9

44.80.0

▼

▼

15

345.80

-

▼

-▼

84.0157.3

First Half 2017 │ Small-Cap M&A Up To US$50m │ Financial Advisors

Change (%)

Stifel/KBW

Credit Suisse

Duff & Phelps

-9

390

16

37

-

▼

18*

-

45.0

▲

▼

19*

▲

-11

▼

2-3021*

21*

-14

-17

-11

14.52.25.7

32

31130.1

▼17

29

▲

-

-1-10 104*

19.9

24.9

5▼79.6

17-36.2

0.0 -

-

-

-

11

148.1

-

77.3

11.656.7

98.5

57.9

37.1

20*-

-

0.0-

-81.2 44.0

-86.2

9.7

-100.0

37.6

82

-

31.8

1.4

65

12.9

-

▼

10▼

20*▼

-2.8

78


SunTrust Banks

▼▼-

26

15.037.4

2322

38

Moelis & Co

27*

-

1320.00▲

85.3

Evercore Partners

41*

Piper Jaffray Cos

34*

18*39*

34*

40

42*

Gram Capital

31*

218.7-11

27

▼-17

▼▼▼

62*

74*

41*

Barclays 34*

23*

74*

41*

45*38

151*Industry Total

56*

-12

-3Robert W Baird & Co Inc

20

BCMS Corporate Ltd 4420

BDOCapitalmind

45*

45*45*

4

** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region.

45*

-87

20 14

▼17.5

20

-69.6

25.4

40

▲

58.7

▲ -

▼

77,856.8

34.5

▲-17

131.0▼

▼

▼

162.227

25

-22

-16

8

226.0

▼

2221

-723

-7

GCA Corp22

24

ING

39*

34*

UBS

Kaede Group

29*

90*

23* 30

2829

Nomura 31*RSM Corporate Fin LLPGlobalscope

15* 3126*

3123*

26*KBS Corporate Sales Ltd 23* 26

▼26*

-

32Clearwater InternationalBaker Tilly International

-8

-34.8

▲

53.0-

3391.3▼

-7.2

▲

- ▼26

49.8

▼ 16162.5

▲ 8▼

83.9

34

0.4179

33.8

3.8-44.1

34.1

120

▼

17 48

315612.1

▲▲

448.6 ▲ 23.8

-46.1▲

JP Morgan

35.1 16-59.3

813

-0.1

Lincoln International

-Lazard 10

Goldman Sachs & Co 49 12 ▲

12 66

31*18* 49

5

-15 4 8.1346.7▼ ▲

12

22

-53.9

9240.7Mizuho Financial Group 9 9 67

8 8 68Houlihan Lokey

KPMG

101

6

6

7

4

15*Sumitomo Mitsui Finl Grp Inc

1

Deloitte 92

2

70

7

2PricewaterhouseCoopers

Ernst & Young LLP7

1

13

161.3

268.4137.1

▲

123 1

22

-32.5-89

3 72

▼

-47.5▼▼

85-39

Exp (%)

159*24▼

▼510.3 ▲2

-77.6

94.8411

▼

-2.5

72.637.2

▼

227.5▼

▲-49.1

▼

108.7

74.6▼-52.4

▲-68.3

37.0-18.5

-6.5▲

▼

▼

▼

▼

▼25.9

-

-31.8

-76.643.6

-

▼

25.8▲

▼68.2

40.758.6

▼

▼

20

20,208

6

-

100.012.749.3

87.8

64.819.9

18.054

27.644.3

68*

25

22.4▼

261*

6.087*183*

27*

24.5 33

23.3

100.0100.0

42.129.9

100.0

3027.4 35.1

75.9100.0

Worldwide Estimated Small Cap Investment Banking Fees by Quarter*

63.4 6

48

3635

9.2

33.5

18.5

77.429.1

51.9

97.172.1

95.6

52

25.2

66.1

44.7

93.1

55.0

6.36.3

7.6

11.07

142.4

48.8

5.6

15.9

100.0

29.4Fees

11.0

43.8

Advisor

2108.130.393.9

13.4

3

Rank

1427

▼

15.4 39.7

US$m

540.40

Imputed Fees (US$m) †

# of Deals per Advisor

4 ▲

-23 ▼

79.10

-11-11

4 73.6

-

-62-4

184.8169.4

27.1

29

7.9

28.9

26.218

$0 $10 $20 $30 $40 $50 $60 $70 $80

2012

2013

2014

2015

2016

2017

Rank Value (US$b)

Africa/Middle East Americas Asia-Pacific Europe Japan

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q

2011 2012 2013 2014 2015 2016 2017

Per

cent

age

of T

otal

Fee

s

Inve

stm

ent B

anki

ng F

ees

(US

$b)

% of Total Fees Small Cap I.B. Fees ($50mil or

2


*tie

▲ 1,555.2

12.5

4

30*

9.4

17.2

195*

24

100.0

100.0

100.0

105*

6.1

1.4

71.1

8.4

6.9

34

11.8.6

4.3

Jan 1 - Jun 30

▲

100.0

30.0

12.1

-14.7-

29.9

15.8

89.6

91.0

26.2

15

-22.5

34.5

37

62.3

7.9

25.5

410.6

54.46.9

4.638.9

16

27.8

41

21.519.3

15.148.6

37.2

3

2856.6

56.527

4.4

1933

5

8.0

125.1

1

1 56.9153.10

-

Rank

25.7

2017

1


** FeeAdvisor

US Small-Cap M&A up to US$50m by Rank Value Range

US Target Small-Cap Rankings (MM2a)

Rank


22.6

Rank Value

Exp (%)


6 4.5

95.0

36.41040.9

14

# of Change in

78.4

4 ▼Fees

71.2US$m

2017

▲

14216*

61*

▲

909

▲

8

18

2

15

85*

22*5

20 -7

5

21*

-1

21

Morgan Stanley

251

258

19

25

-1

-74*

2017

295.8

Rank Value

-

Change (%)

▲

0.0

828.728.8

Generational Equity1Houlihan Lokey

2

2016

Rank

# of Deals per Advisor Imputed Fees (US$m) †

▼-17

▲▼

Deals # of Deals

40 5226.9Raymond James Financial Inc 3 633 2

Financial Advisor Rank

5*8*

▲Stifel/KBW ▲44* 25

8* -8

JP Morgan 4* 14*16*

23Duff & Phelps 4* ▲9

4 20Evercore PartnersGoldman Sachs & Co 7 11* 0.0

-▲

-

74* -▲▼

▼▼

0.00

37.1

-15.0 - -47.0

▼ -75.453.0▼29.5 -11.9

85.3

16

▼-

Lincoln International 8*

PNC Financial Services Group

5*

11*SunTrust Banks 10

17* 1617*

Jefferies LLC 11*Robert W Baird & Co Inc

16*181018

711*

17

16

Credit Suisse 16 36

LazardKPMG

Piper Jaffray Cos 11*

▼-1-11

11*Moelis & Co

183 18 52*

0.0

-8 ▼▼

37.5

15.0

2

9

98.0

▼- --

7.7

29.3-

▼7

28.3

▲-

59.433.6

-8.6

▲

50.0 19*

9-93.4

23.125*

37.4

38-

-

396.0

60.8-78.3

0.0

37.0

25*

32.4▲

-0.00 -

-

- --

4874*

-

▼

-

IMAP27*

22*22*

▲

19.5

12MarshBerry & Co Inc 0.014

▲▲

Citi▼Barclays

20 0

William Blair & Co

-19*

-211* ▼

▲

19*

AGC Partners

29*

32

40

175.7

16.2

23

25*

-

74*-88.6

-

-

▲11.7

--

11.9-

15.4▲

37* 412

158*

111-6

0.0

▼

1224

10

11-516* 0.0

15.0▼-1

1125*

▲

▲11 ▼11

Cascadia Capital

25*RBC Capital Markets 25*

27*27*

47*

41*Prairie Capital Advisors Inc

Rothschild & Co

--

48.2

10.0 58*40 0.0 --

-22.00

-0.0-

-

78.9

21

-34.0-1

Deloitte 32*

Oaklins (FKA M&A Intl Inc)33*

29*10Chartwell Financial Advisory 29*

PricewaterhouseCoopers 927*27*

1032*

▼

9 ▲47*

-1

3-1

35*

35* 827*

109*35* 61* 8

835*

25

37*3

--8

-9 -2

6Signal Hill Capital Group LLCFig Partners LLC

Sandler O'Neill Partners 32* ▼

21*41*BB&T Corp

-6

Industry Total 5,767


▼▲

74* -8 -6-7.3

Stephens Inc

8

35*

1

Pendo Advisors LLC 35* 109* 8 6

▲ 27.316,889.2

0.0



11.7

Jan 1 - Jun 30

▲▲

▲


BMO Capital Markets

-

-

▼-

-

11.6

-

-▲

10.0

- 15.2

-

11

7

30*

15.9

35*

9.0

8.6

13

51

98.711.8

73.1

2.9

1223.929.1

3.0

13.3 20

100.0

60*

10.1

100.05.5Global M&A 21*

0.0

▼

▼

▼

▲

▲

699.20

41.5

3▲

US Small-Cap M&A up to US$50m by Target Industry

0.0 -▲

21.5100.08.8

1560.7

-

-

224.0

9.0

-82.4216.1

-▼

- 18

--6.0 52*

0.0

KeyBanc Capital Markets Inc 35*

212.4

47* 8 2

35*

▲

57.045

68.40 10 3157.1 1.7- - 7.1

100.068.3

96*

6.0 43* 100.0

1.47.5 39

12.0Wells Fargo & Co 43* 33* 7 -3 ▼Bank of America Merrill Lynch 43* 47* 7 1 ▲PJT Partners Inc 43* 14* 7 -10Cain Brothers Co. 46* 41* 6 -1Alantra Partners SA 46* 47* 6 0 -

▼

0.0 74*

0.0 74*

0.0 -0.0 -

▼

- -0.0 - - -

- -

- -

10.06.6 42 23.2- -

26.0%

16.9%

12.3%

8.5%

8.1%

7.3%

6.6%

4.3%

3.8%

3.1% 3.1% Real Estate

High Technology

Healthcare


Financials

Industrials


Energy and Power

Retail

Consumer Staples

Materials

-

500

1,000

1,500

2,000

2,500

3,000

3,500

$0

$1

$2

$3

$4

$5

$6

$7

$8

$9

$10

# of

Dea

ls

Ran

k Va

lue

(US$

b)


3


*tie

Rank Value


Change in 2017 2016

MM22a - Undisclosed Values & Values up to US$50m Jan 1 - Jun 30

2017

Rank Deals

32* 2.6- 1.12 -2 ▼ 13.8 32 -


Canadian Involvement Small-Cap Rankings (MM22a)

22* 14*

Canadian Small-Cap M&A up to US$50m by Rank Value Range

# of Deals per Advisor Rank Value per Advisor (US$m) Imputed Fees (US$m) †

# of Rank Value Advisor 2017 ** Fee

# of Deals US$m Rank Change (%) Fees Rank Exp (%)

BMO Capital Markets 1 4* 10 4 ▲ 87.10 3 - - 3.9 5 4.1TD Securities Inc 2 14* 9 5 ▲ 77.7 4 - - 3.8 6 5.4Haywood Securities Ltd. 3 1* 7 0 - 76.5 6 75.5 ▲ .9 52* 56.3Raymond James Financial Inc 4* 8* 6 1 ▲ 139.3 1 - - 2.7 12* 100.0RBC Capital Markets 4* 8* 6 1 ▲ 49.9 11 - - 6.0 2 7.4Cormark Securities Inc 4* 14* 6 2 ▲ 76.7 5 - - 2.0 18* 26.0Duff & Phelps 4* 47* 6 5 ▲ 48.2 13 - - 2.4 17 100.0Houlihan Lokey 8* 4* 5 -1 ▼ 0.0 45* - - 8.0 1 80.8CIBC World Markets Inc 8* 8* 5 0 - 0.0 45* - - 3.0 9 6.4GMP Capital Corp 8* 28* 5 3 ▲ 94.4 2 - - .7 55* 70.0National Bank of Canada Fin'l 8* 28* 5 3 ▲ 56.40 9 - - 2.5 16 9.3Evercore Partners 12* 22* 4 1 ▲ 0.0 45* - - - - -Ernst & Young LLP 12* 22* 4 1 ▲ 19.6 26 -32.4 ▼ .6 57* 100.0IMAP 12* 28* 4 2 ▲ 50.0 10 - - 5.0 3 86.2Canaccord Genuity 12* 14* 4 0 - 66.0 8 - - - - -Baker Tilly International 12* 8* 4 -1 ▼ 0.0 45* - - .4 66* 100.0Lazard 12* 14* 4 0 - 20.0 25 - - 3.5 8 17.3Generational Equity 18* 28* 3 1 ▲ 9.2 - - - 1.2 30* 100.0Origin Merchant Partners 18* 47* 3 2 ▲ 0.0 45* - - 2.7 12* 100.0Oaklins (FKA M&A Intl Inc) 18* 28* 3 1 ▲ 0.0 - - - 4.0 4 100.0JP Morgan 18* 47* 3 2 ▲ 15.00 - - - 2.8 11 2.0KPMG 22* 1* 2 -5 ▼ 0.0 45* - - .2 73* 100.0Scotiabank 22* 14* 2 -2 ▼ 69.9 7 - - 2.7 12* 11.7Blair Franklin Capital Part 22* - 2 2 ▲ 39.0 16 - - - - -Piper Jaffray Cos 22* 47* 2 1 ▲ 0.0 - - - 2.9 10 44.6BNP Paribas SA 22* 28* 2 0 - 0.0 - - - 2.0 18* 100.0Rothschild & Co 22* 4* 2 -4 ▼ 49.6 12 - - 2.6 15 16.3Lincoln International 22* - 2 2 ▲ 0.0 - - - 2.0 18* 100.0 Canadian Small-Cap M&A up to US$50m by Target Industry Jan 1 - Jun 30Evans & Evans Inc 22* 47* 2 1 ▲ 25.6 24 - - .3 69* 100.0Macquarie Group 22* 8* 2 -3 ▼ 27.1 20 -80.8 ▼ .6 57* 5.9HSBC Holdings PLC 22* - 2 2 ▲ 0.00 - - - - - -Jefferies LLC 22* 14* 2 -2 ▼ 0.0 45* - - 2.0 18* 15.9Benchmark International 22* - 2 2 ▲ 0.0 - - - 2.0 18* 100.0Maxit Capital LP 22* 47* 2 1 ▲ 16.3 28 - - - - -INFOR Financial 22* 47* 2 1 ▲ 3.9 41 -68.0 ▼ .1 76* 100.0Mackie Research Financial Corp 22* - 2 2 ▲ 3.0 - - - .1 76* 100.0Chartwell Financial Advisory 22* - 2 2 ▲ 0.0 - - - 2.0 18* 100.0Goldman Sachs & Co 22* 28* 2 0 - 0.0 45* - - 3.6 7 2.8Tequity Inc 22* - 2 2 ▲ 0.0 - - - 1.5 29 100.0Echelon Wealth Partners 22* 47* 2 1 ▲ 5.7 39 - - .1 76* 100.0

76* 100.0Needham & Co LLC 22* - 2 2Credit Suisse

▲ .1▲ 27.60 19 117.3

Industry Total 1,186 95 ▲ 4,878.1 21.1 ▲ 234.5 15.0

Source: Thomson Reuters ** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region.† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.


22.2%

14.8%

13.1% 11.6%

8.9%

8.5%

7.3%

5.4%

3.1% 2.6% 2.5% Materials

Real Estate

Energy and Power

Industrials

Healthcare

High Technology


Financials


Retail

Consumer Staples

-

100

200

300

400

500

600

700

800

900

$0

$1

$1

$2

$2

$3

$3

$4

# of

Dea

ls

Ran

k Va

lue

(US$

b)

US$0 - 10m US$10 - 20m US$20 - 30m US$30 - 40m US$40 - 50m Total # of Deals

4


*tie

Cormark Securities Inc

Clairfield International 14*

▲RGS Partners 14* - 2 2- -

BR Partners 14*-

16* 2 0.0HSBC Holdings PLC 14* 0.2

0.00.0

- 2 2 ▲

50.0

0.5-23

26*

9.9-

-1 ▼25

0.0 26*

33.339.2

Exp (%)

100.0

▼

-

▲

3.0

- - -

48.8

80.02.0

2.0

-

1.7

-2.02.0

- 24 100.0

21 62.1

0.7

0.0

--

-

-

-

-

1,912.8

64.5

100.0100.0

2.0 9*

33

▲

0.1

18.2-

100.0

9*

1.3

▼

- 11.6

3.2

Fees

9*

-

26*

-

-

-

-

-

-9*

6*

-

-

-

0.1-57.321

-

6*

-

48.7

9*

9*

2.040.8

45*

9*

26.52

-

1*

26*0.0

-

135.1

37*

- 2.0



100.0

1.8

Latin American Small-Cap M&A up to US$50m by Target Industry

100.0

UBS 14* 16*

Quarton International 14*27*

14*

Industry Total

2

-29

2 22 0

2 -1

2

2

5*2-3

-

-1▲▼

▼- 2

▲

5*4

-1

214*

3

5*

4*

3Deals

14*33*

9*

-

# of Deals

14*

Rank

9*

2

9*Banco do Brasil SAArtica Participacoes e Assesso

KPMG

14*

-

9*-

Jan 1 - Jun 30

-Banco Bradesco SA

Lazard5.7

Banco BTG Pactual SA

9.95.4

1

100.0

8

6*

526.4

Financial Advisor

2016


Latin America Involvement Small-Cap Rankings (MM17a)


9*3-

# of 2017

▲

0.0

-2

4

1*26*

-1

▲2

20

56.4

4

9*

4*

26*

15.4

PricewaterhouseCoopers 16*Credit Suisse

9*

3*26*

14.1

▼

** FeeAdvisorRank Value

0.0

▲0.0

56.4

33

9*

0.050.0

-50.0

6.5

3

1


IMAPMorgan Stanley

Santander

-

2.8

▼

BNP Paribas SA

4*

100.0

22

-

13.8

1

-6.8 30.52

9*

INFUPA SA

Banco Fator SABanco Votorantim

16*

14*

6*

45*

Rank

2.0

3.06.0

--24

-2.0▼

-

-

-

Change (%)

4

-


27.4

Rank

25


▲ Jan 1 - Jun 30

-66.7

0.0

Rank

12*26*

0.0

-4

▲

▼

4*

3*

▲

-

Change in

▼44*

▲

0

1

1*

2*

9*

1* 91

4Rothschild & Co

0

Itau Unibanco 9

16*

BBVA 3

▼

-1 ▼-7

▼ -2 ▲National Bank of Canada Fin'l

21.5

31

2*5

9*

421.5

Latin American Small-Cap M&A up to US$50m by Rank Value Range

▼-71.3

2017

US$m

12*

2017Rank Value


9.5

1.1

--

--

26*3

14* - -26.52Bank of America Merrill Lynch 14* 16* 2 -1 -

-

24.4


▼538

22*0.0 26* - -

1.5-

22.5%

14.9%

14.2% 11.3%

8.9%

7.7%

6.0%

6.0%

4.1% 2.6%

Materials

Energy and Power

Financials

Industrials

Consumer Staples


Real Estate

High Technology

Healthcare

Telecommunications

Retail

-

50

100

150

200

250

300

350

400

450

500

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

# of

Dea

ls

Ran

k Va

lue

(US

$b)


5


*tie

Industry Total

0.0

51.5

14.2

47.8

107.3 96.6

17.2

37.1

-9.7 ▼

223.2

-47.3

10934.5

0.012.8

--

-

Exp (%)


4

21.2

69.7

34

Advisor

4413.6

87.4

6.2

75.997.1

94.874.8

100.0


0.0

66.770.7

0.0

16,092.8

0.0

7.4-

100.7

44.016.2

43.5 40.3-

44.7

0.0

30

32.5

40.9

-

-

47.2

-

12.4

79.726.6

100.088*

18

31.8

57.033

100.0

3.5

20.8

18.6

-

0.0

517

88.9

100.0

41.3

39.6

63.4

116*

100.0100.0

100.0

-12 50.8

18

0.0

10

Raymond James Financial Inc

15.1

71.2

30.4

41*

▲

23

- -

29*

28


-70.9

29.0

56.7

-1419

30.2

31.1

100.0

8.5--

4.3

100.0

99*

17.3

96.4100.0

57

24

23

37*37*

97.6

132

8

12

6

16

100.0

27

53*

54.0

21

20

4.5

31

100.0

11

19

84*100.0

39*

13.4

68*

92.3

53.6

25.318.3

32

47.9

100.0

9.5

3647

23.3

14

▼

7.0

8.0.9

17,423.8

-37.0

130.4

▼7,413

10

178*

▲

16.1▼

-75.7

17.9

28

100.0

-

1,980.0

35

8.0

▲

314

9.0▲

13.6

22

41*

25*

29.1

71*

-49.4

▲

▼

-87.7

-77.1

56.7

15

▼▲

-

-19.8

0.02480.0

--8.0

32.5

▼

-8

▲

13

12

▲

10

10

▼

-

-89.1

▼0.0

40

10

3.7

0.0

▼

-

136.1

358.0

▼

-

▼

▼

▼

-▲

▲

38.07.8 59.1

Rank Value

29*

** Fee2017

21.5

-

-47.9

-39.3

51.319.4 ▼

Euro mil

2

▼21.030.5

7.4

3.0

▼72.17

9.8

US$m

▼1922

304.6

-56.6

▼

Change (%)Rank

Rank Value2017

-

-

-11.2

-

-184.9

-1.3▲

43.3

-55.4

1103.7

▼

-

▼

69.10.0

27

91.0

0.0

-

▼127.6

4

▼

-

80*

-▲

-

46.7

-2.4

-

Global M&A

BNP Paribas SA

Rabobank NV

Goldman Sachs & Co

-49.5

90*

46*46*46*

12

▼

12

13

Baker Tilly International

Benchmark International

6

32*UniCredit

Livingstone Partners

16.6

13

-67.4

▼

-

▼

-1213 ▼

18.5

18.1

7

75.0

-2 -24

▼-50.6

Jones Lang LaSalle Inc

Roedl & Partner

Capitalmind

Societe GeneraleMazars SA

Alantra Partners SA

Credit Agricole CIB

Kon SpA

ING

28*BCMS Corporate LtdCredit Suisse

28*

26*

21*

26*

21*

40*

DC Advisory

32*

40*

Fineurop SpA 46*

Natixis

▼

▲- 21.2

9.0-

6.214.0

16.010.5-91.0

▼

4.50.04.0

▼ 0.0

50.0 - -

-11

▼

77.4

151.2

-

4-

-162.234.3

-3

-11 ▼

▲

▼

12

-4-8

▼▼

15.4

13-81

-13

-9 26.9

4.1

▼

133*8.0

14

-5

16

▼

-

15

50.9

47.8

0.014

▼2.8-

109.4

21.4

▲

▲

-

46*

39*Deutsche Bank

49*40*

46*

52*

19.5

2.25

BDO 35*

32*

324*

21*

35*

UBS

Houlihan Lokey

2630*

3331

24*35*

28*

36*

21*

7

42*21*

18 -12

17

17

-128*

20

25

20

19*

19*46*

-16

26

▲

0

-10

-17

28

▼

6

16

83.933-18

79.0

76.2

11.0

▼▼

28.2- -10.0▼14 ▼-44.1 28.877.6

102.8▼

23.229.9

▼ ▲15

110.4 22.582.3

217.1334.6

▲

44.0

162.4 149.0

35

368.8

▼

18

19*15*

28*

19

-0.0

0

40*Liberum Capital

813

872.9

35*

2065.4▲


Arkios Italy SpA

Citi-

Duff & Phelps

5.9

19.0-

12.0

13.1

3.4

14.516.1

-

-

▼▼

4.5

73.7

▲▼

▼

0.0

148.14.2

▼533

47.6

▼ 23.3

-31.671.067.5

77.1

-62.2

-53.9

▼

# of Change in

67-37-16

Jan 1 - Jun 30

European Involvement Small-Cap Rankings (MM3a)

12 -1229

▼Deals

52

▼

-2510*

2715*

13

15 -610

1

36.23*

1KPMGRothschild & Co

▼

1

-10

283.8-87.5-32.5

36

Rank


RSM Corporate Fin LLP

Clairfield International

Clearwater International

89

-388

-34

Lazard

IMAP56

12

4

6


KBS Corporate Sales Ltd 32

Deloitte

Oaklins (FKA M&A Intl Inc)

2

Ernst & Young LLP7

3*

2017 2016

# of Deals

JP Morgan 19*

▼▲

Globalscope

42* 20

2123

-830* 21

10*45

70


5

Morgan Stanley

PricewaterhouseCoopers

91426


Grant Thornton

38

11 14

▼-81

72

70

87

39.2

-5

▼

8

-8

1736*

13 ▼-8

▲

30*

1212

34*90*

16

17

16

14

-6

-1 ▼

-3

-108


Jan 1 - Jun 30

European Small-Cap M&A up to US$50m by Rank Value Range

Fees

-83.3

86.1

21*-3

Rank

European Small-Cap M&A up to US$50m by Target Industry


0.0-15 0.0-

183* -CFIfinnCap Ltd 44*

▼

720

3

1 30.0102.1

Rank Value per Advisor

44* 23 11

-

1160* 2

35*

14.1%

13.5%

12.7%

9.6% 8.9%

7.5%

7.2%

7.1%

6.9%

5.7%

5.3% High Technology

Real Estate

Industrials


Financials


Healthcare

Materials

Energy and Power

Consumer Staples

Retail

Telecommunications

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

$0

$2

$4

$6

$8

$10

$12

# of

Dea

ls

Ran

k Va

lue

(US

$b)


6


*tieSource: Thomson Reuters ** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region.

▼36*

5.83.2

▲

668.9 34.1

100.01.4

100.034.9

4.0 28* 100.02.20.4 192*

0.8

▼ 7.3

-

▼40*

▲

40*

-19.4

-0.06.0 40* -88.4

▼

-

100.05.7 23

40*

32* 53.8-40*40*

40*▼ 0.0

0.0

- -

-87.5Cairn Financial Advisers LtdEvercore PartnersSmith & Williamson GroupCushman & Wakefield IncLivingstone PartnersClairfield International

54*

4 325*

4

5 1

-34

Jefferies LLC

109*

-240*

4 -4-7

40*

40*

45*

45*

29*

5

440*

-3

▲▼

117.7

36*

0.0

81.6

-31.0

6,083.5

211*

46

0.1 211*

0.1

344.7

-

17.9

86.8

40.1

0.034.7

3.2

20.5

38.9

0.0

29*

4,828.3

27.2

-14.2

29*36*

40*

61.1

7.0

13.2

165*10.5

16

-

-

-13.2

▼36*

71.9

64.1

97.4

89.3

8.9

17

2.7

96.0

58.8 25.0

0.0

40.0

100.05.2

197*

61*

10.9

24*24*

0.0

60

13

30.4100.0

62.597.1

4336.3

220*9* 84.5

100.0

45.2

2.1-

2.6

-

-

▲

6.9

-

-

0.3

190.7108.1

-

-▲

39.8

-

▼

1.81.9

8.1 75.5

22*

29* 1

5.5

9

7

9

6

32*

0.0

72.5

5.5

30.0

29*

36*

▼

▲

68.0

4

0.0

8

6

-4

100.0

48*▲

73*38.9

--

2.0

▲ 1.0

-

0.7

7.6

711.5

18*

0.9

11

33159

8.0

9.3

9*

8.5

30.6

18*

100.0

UK Involvement Small-Cap Rankings (MM4a)


100.0

Exp (%)

6.9

14*

42

100.0

8.7

45

8

87.9

4.7

87.52.194.5

** Fee

▲

3.4

10.9

2.5

17*

5

45*

36*25*

20*

40*

5

Alantra Partners SA 29*

36*

29*

109*

54*

45*

Morgan Stanley109*

Investec25*

26*

Canaccord Genuity

29*


36*

1 ▲Global M&A

54*

BNP Paribas SA

Nomura

Cenkos Securities PLC 2526*Numis

29*WH Ireland Ltd

Sentio Partners LLP

Houlihan Lokey

Shore Capital Group

Goldman Sachs & Co

25*

54*

29*

▲-2

7

-11

Citi

JP Morgan 17*

22*Lincoln InternationalCatalyst Corporate Finance 40*

32*2120*

100.0

100.0

66*

▲

34.89.9

-26.2-15.5

1.5

41-

594.0

1-39.3

▼

▼

-

4

5

2017

29.1

▼

-

▼

▼


Rank Value

110.4

UK Small-Cap M&A up to US$50m by Rank Value Range

36.11*

-32.84

354.0

52.0

Duff & Phelps


IMAP

Rothschild & CoKBS Corporate Sales Ltd

-68.7

▲1*

RankRank

-68.2

-19.8

-

-

2.4

▼

1*

148.128

-▼113.5

-

▼79.0

115.9

20*

2016

7

4

1*6

5

3

DeloitteClearwater International

14

11

7

12*


4

1*

PricewaterhouseCoopersKPMG

6

Grant Thornton

Mazars SA12*12*

Deals

Benchmark International

Baker Tilly International

21

8

Financial Advisor

9 6

12*

10*10*13

10* 9*

14*12

-2

14*

12

-3-8

1413

Liberum Capital

LazardErnst & Young LLP

17*

8

9*BCMS Corporate Ltd14*

20*

-

BDO 17* 1*finnCap Ltd

Rank Value

Jan 1 - Jun 30

2017

Rank

Industry Total 1,948

32*

9

6

0.0

1

26*

16

51*

71

26

2

2017

2.3

29

28.232

-11

Change in

GBP m Change (%)

# of Deals per Advisor Rank Value per Advisor

-

64.0

0.037.1

148.6

21

38.70.0

49.4

0.0

8

0.0

Fees

39.9

▼

8.5Rank


11.0

# of

▼

32 -8▲

# of Deals

23.3

Advisor

17

90.03

49.4▲1 62.3

-8

0.0

89.3

-1214

-2

15

▼▼

325

▲▲▼

918

-1267

9

13.7

10*

49.3

8.0

22*

17*38.9

▲

-45.8-

--

10* - -

4.5

0.00.016.0

▼

▲

16.70.0

57.5

3.6

14.0 612

4

17*

43.50.0

51.5

14*

10*

▲

17*

15.01.3

14*

22.3

34.5

2.8

-89.1

11.4

-

17*41.1

13

▼

-

▼-14*

-

▲2

▼

-29

▼

-7

▼

▼

▼12

1111

10

8

12

-5

311

▲

55.5

▲-5

17*

22*

64* 11

▼

2▲

22*22*25

6.3

4

3

0.0 0.0▲ 28.7 22.7

56.3

18.4

▲▲163.3

26*29*

43.7 14.7

-

▲

0.0

58.0 47.115.0

29* 144.1

26*

▲

▼

0.0

26*

▼

▲

75.0

0.029*

2.6

▼

▲

-2▲

26

▲1

6

4

0

3

▼

▲

6

▼

-7

44

473 97.1

UK Small-Cap M&A up to US$50m by Target Industry Jan 1 - Jun 30

6

-26

0.0

▲

29* -

US$m

72.9

10.5

54*

0.0


12.8%

12.7%

11.3%

10.8%

10.3%

10.0%

8.4%

7.8%

6.5%

6.2% 2.6% High Technology

Real Estate


Industrials

Healthcare


Financials

Energy and Power

Materials

Retail

Consumer Staples

Telecommunications

-

200

400

600

800

1,000

1,200

$0

$1

$1

$2

$2

$3

$3

$4

$4

$5

# of

Dea

ls

Ran

k Va

lue

(US

$b)


7



38* 104*

-15.7 ▼

▼8*

▲▼

Adviso Partners SAS

-90.2

▲

2

-1

3

11*

0

17*

0.0▲

▼

▲

Global M&A 28*

37.1

17.2

2.7

0.0

▲

Houlihan Lokey

5.6▲

2017

26.0

-

4

-


16

5.0

4.0

12

▼

-1

-2

0.0

0.0

-

1

1

▼

11.1

41.9

0.0

0.0

10.4

18.5

41.9

0.0

0.0

4104*

8*

13*11*

16.2

Euro mil

34.5

12

7

34.9

100.0

3.2

100.0

100.0

23.3

4.5

100.0

24.4

Rank Value 2017 ** Fee

7*

100.0

50.8

69.0

51.4

Advisor

9

3

Jan 1 - Jun 30

59.8

46.9

2

92.0

100.0

79.7

96.334.4

100.0

30.44

1.6

27.2

Rank


59*5

100.0

100.0

17

Exp (%)

20

14

100.0

41.3

42*

100.0

KPMG

13*Financiere Cambon 7

13*MBA Capital SARLBanque Degroof Petercam SA


11*

11*

Lazard

15*8

DC Advisory


Credit Agricole CIB 11*Clairfield International 8

6

17* 7

11

53*

118

1

13*

Rothschild & CoFinancial Advisor

BNP Paribas SA



21*

21*

0.04

French Small-Cap M&A up to US$50m by Rank Value Range

17* 17*

21*21*

32

-5

Pax Corporate Finance

Bryan Garnier & Co

17*

15*

21*Clearwater International 17*

UBS

17*

24*

4

17*17*

-16

5

-27

104*

0

▼-1

▼

-▲

-8

-6

0

-3

17*

▼

27.7

66

US$m

0.0 0.0

6*

0.0

9.5

19.9

100.0

1-

43*

4.4

-1

-▲

26*

5.1

▼

Change in

Rank

2016

7

5


8*

21

Rank

2

▲

23.8Deloitte

7

2* 213*

-12Natixis

Ernst & Young LLP

4

Societe Generale6*6*

5

IMAP

8*

Linkers33*

0.0

1,243

Clipperton Finance SARLAccuracy SASTranslink Corporate Finance

▼

59*

2017

▲

# of Deals

-1

39

0

-4-61

# of

Deals

▼-12▼13

16

▼

-11

11 -110

▲

▲▲

▲

▼

▼

0.0

5.2

47.4

6.5

6.5

1.0

Fees

6

14.3

0.0137.6

Rank

-

Rank Value

60*

French Involvement Small-Cap Rankings (MM5a)

Change (%)

18.3

17.2

2

-37.0

4.0

-87.714.267.872.1

21*

25

-

▼

-

-▼

-

30.2

21*

2475.012.8

12▼

-

-66.7 ▼

-11.2

-

1631.3

--0.0-

60*

-8.7

-

-

-

29.0

-2.5

-

-

-

-

0.0

1317

-

-

-50.9 ▼

-

▲

-

13

16

100.0

22*

4.46.0-4.5

-32.8 ▼

- 5.7

▼-

10*7*

-83.1

-

21

4.0

8.0

22*3.7

8.07.0

49.2

46*11

▼

0.0

0.0

4 3

Industry Total


18* 100.0

100.0

4469*

15

100.0

1.12.4

12

66*

-

-18* 100.0-22*

100.031

100.0

70.0

100.0

3.3

4.028

French Small-Cap M&A up to US$50m by Target Industry

497.5

6.3

41

Jan 1 - Jun 30


38*

-5

0.0

-

-

33

-15

Goldman Sachs & Co

5

-

59*

Messier & Associes

47.20.0

2,311.9

46.8AP Management

2* 6

1

▼

28*

2,499.3

5.6

10*

50.0

-6*

1

46.8

-74.9

▲

17.018.1

-477

▼

20.021.2

2

0.7

36

-5

-

--

--

-

38* 104* 3 2 ▲

▼


0.0

-

-

-

-

▼

3

5.0

2.2

0.0

▼

159.2

5.5

9.02.3

ING

16.2

52.10.0

173.7

3

5

Eurohold SL 28* - 4

21* 26*33*21*

Capitalmind5

428* 43* 4

4104*28*

28* -

4

-0.0

280.6

-0.03

4

4

-3

25.5134*- -

-

Grant Thornton

27.4

CBRE Holding SAS 38* 43* 3 0 -

54.4

Canaccord Genuity 38* 43* 3 0 -Citi 38* 104* 3DDA & Co LLC 38* 104* 3 2

Morgan Stanley

▲Fineurop SpA 38* 104* 3 2 ▲

▲

38* 33* 3 -1 ▼PricewaterhouseCoopers 28* 11* 4 -7 ▼

Drake Star Partners 4 4 ▲Invest Corporate Finance SAS 28* - 4 4 ▲

28*

28* -

2 ▲Vulcain SAS 38* 59* 3 1 ▲CFI

Edmond de Rothschild Hldg SA 38* 9 3 -10 ▼

- -0.0 0.0 - - -

51.4

0.0 0.0 - - -0.0 0.0 - - -0.0 0.0 - - -0.0 0.0 - - -0.0 0.0 - - -

12.3 11.0 - - -17.4 16.4 19* -60.2 ▼0.0 0.0 - - -0.0 0.0 - - -

12.9 12.2 - 3125.0 ▲0.0 0.0 60* - -

2.52.5

3.0

3.0

3.0

38* 100.00.9 131 64.33.6 29 8.2

33* 100.03.0 33* 100.04.0 22* 16.5

33* 36.12.1 45 100.00.4 152* 100.0

33* 100.02.3 42* 100.03.5 30 100.0

21.9%

18.0%

9.7% 9.4%

9.3%

9.2%

7.8%

6.8%

3.5% 2.2% 2.2% High Technology


Industrials

Healthcare

Retail


Consumer Staples

Real Estate

Financials

Energy and Power

Materials

-

100

200

300

400

500

600

700

800

900

1,000

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

$1.4

$1.6

$1.8

$2.0

# of

Dea

ls

Ran

k Va

lue

(US

$b)


8


*tieSource: Thomson Reuters ** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$50m as a percentage of its overall M&A fees in the relevant region.† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.

- -0.0 0.0 25* - - -

32* 30.30.0 0.0 25* - - - - -0.0 0.0 25* - - 2.0

48* 100.026.5 25.0 12 - - 0.7 71* 100.00.0 0.0 25* - - 1.0

32* 100.00.0 0.0 25* - - 2.0 32* 100.00.0 0.0 25* - - 2.0

- -0.0 0.0 25* - - 2.0 32* 60.60.0 0.0 25* - - -

31 20.40.0 0.0 25* - - 1.0 48* 100.0

46.7 44.0 3* 134.7 ▲ 2.1

13 11.80.0 0.0 25* - - 1.5 42* 100.00.0 0.0 25* - - 4.50.0 0.0 25* - - 1.00.0 0.0 25* - - 3.3

Duff & Phelps 18* 61* 4 3 ▲ 0.0

▼

-

Rank Value

20 6.448* 100.0

Industry Total 991

18* 19* 4 -1JP Morgan

-151 23.8-20.0

Deutsche Bank 29* 26* 3 -1 ▼-9 ▼-2

25* - - 0.7410.0

Change (%)

Concentro Management AG 29* 9 3Network Corporate Finance 29* 19* 3VR Corporate Finance GmbH 29* 61* 3 2 ▲

▼

15.3

-GCA Corp

▼

70.7

HSBC Holdings PLC 29* 61* 329* 3

7.5

▲Societe Generale 29*

# of Deals

66.70.0

0.0

0.0

-0.0-

1.3

▼

13.6

1,817.9 1,680.3

1.50.0

9

7

-

23

0.0

-

- 3

4

-

100.0

2017Advisor

1

German Involvement Small-Cap Rankings (MM6a)

94.8

2.2

65.2

Rank

100.0

14*

100.0

100.0100.0

100.042*

66.7

16*

26*

241.9

4.0

36.1

100.0


100.012.8

100.0

100.0100.0

100.0

12.4

12

100.0

14*

-

Fees

5.8

▼

▲0.0

▲4

2 2 ▲

3

▲

▼

418*

Global M&A ▼Cushman & Wakefield Inc

4-2

Jan 1 - Jun 30

24

German Small-Cap M&A up to US$50m by Rank Value Range

2.2

2017

100.0

100.0

2.2

▲

ACXIT Capital Partners

6

2Alantra Partners SA

Raymond James Financial IncStifel/KBW 18*

18* 42*


3.5 19

48*66.6

26*

4.2

6.0

1.0

18*

0.0

Livingstone Partners

18*

Deals

6

7*

8

3

0.0

11

7

Capitalmind

10*


8

Clearwater International

Ernst & Young LLP

-4▲

0.0

4*

14*

3

6

0.0

242*

5

0.0



0.0

25*

-3

9

11*

4

4

216*

3 5*

# of

Financial Advisor

1 0.012

42*

10 ▼▼

-4 11.0

US$m

KPMG

GlobalscopePricewaterhouseCoopers

IMAPRothschild & Co


10* 4

7*

Rank

Roedl & Partner

7*2

Rank

Deloitte 4*

6

-11

6

5

71

6

1

6

-20

-27

2

61*1

14*

-6

7.0

▼

0.0 0.0

▼▲

Rank Value

0.0

--

8.0

6.5

9*▲

19.0

0.0

▲

▲

31.2▲▲

1.1

▲

7*

7*

5.0

4.2

11

Goldman Sachs & Co 29* 61* 3 2 ▲

Rank

-73.4

-

25*

-

18*

25*

▼

-

-

▼-

25*

25*

25*

-93.4

▲

-

-

-25*

-78.2

16*

-

-

--▼

17

237.4

0.019*

6

-32*

8.019*

33.6 -0.0▲

UniCredit 10*

10* 10

32*0.0

1.2

32*25*


Houlihan Lokey

Quarton International

0 -

10*10*

26*


-

44.0

-

-

46.7

-

3*

0.00.0

25*25*

2

-

-25*

25* -

-

-

--

2.2

--

16*

-

25*

20

25*

16

0.0

▼

▼

Euro mil

German Small-Cap M&A up to US$50m by Target Industry

4.6

2.8

Exp (%)

10

8.111.0

44*

26*

25

100.04.0 16*

3

100.0

4.0

8*

100.02.5

Jan 1 - Jun 30

7

** Fee

4

26*

71* 25.0

-

-

2017

-71.6

2016


25*

-

▼

10.1

0.0

0.0

▼

Wells Fargo & Co 37*

▲

0.0

30.0

0.0

0.0

0.0

0.0

33.4

Change in

▼-12

0.048.6

-2

-

-

0.0

7.9

218*

46.018* 14* 4 -2

IMAP M&A Consultants AG 18* 61* 4 3 ▲

19* 4 -1 ▼Daiwa Securities Group Inc 18* - 4 4Clairfield International

25* - -0.0 0.00.0

25* 2.0 32* 100.01.0 48* 100.0

2 ▲-

goetzpartners Corp Finance 37* 32* 2 -1Barclays 37* - 2

▲

13

▼61* 2 137*

IEG-Investment Banking 37* 11* 2 -6

▲ 2.2

UBS

GP Bullhound Ltd 37* 42* 2 0 -Macquarie Group 37* 42* 2 0 -BCMS Corporate Ltd 37* 61* 2 1 ▲

26* 3.8

CBRE Holding SAS 37* 61* 2 1 ▲CFI 37* 42* 2 0 -

1 -

Mazars SA 37* 42* 2 0 -

- 1.3 44*

Ludwig & Co GmbH 37* 61* 2 1 ▲

4.20.0 25*

CorestarPartners GmbH 37* - 2 2 ▲

- -

Commerzbank AG 37* 14* 2 -4 ▼

3.0 21* 100.03.5 3.3 22 -92.3 ▼ 0.1 96* 100.00.0 0.0 25* - - 3.0 21* 100.00.0 0.0 25* - - - - -0.0 0.0 25* - - 0.4 88 100.00.0 0.0 25* - - 6.8 5 66.7

28.6%

19.0%

17.7%

7.1%

5.6%

4.6%

4.4%

4.1%

3.4% 2.9% 2.6% Real Estate

High Technology

Industrials

Materials

Financials

Energy and Power

Healthcare


Consumer Staples


Retail

-

100

200

300

400

500

600

700

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

$1.4

# of

Dea

ls

Ran

k Va

lue

(US$

b)


9



Industry Total

0.0

0

1

71.4

▲

-

15.80.0

19

21.60

5.4

--

100.017* 100.0

100.0

100.0100.07*

5.9

2.3

11.0

24.5

-

-

-

25

17*

0.0

31.8

-

▲

319* ▲

2

0.0-0.0

0.0

Societe Generale

5

3

30.5

▼2

3 0.0-25*

-

25*20.0

-

-

-

49*

31.5

16

1.2

2.0

-

6 -

1

0.0

-

8*

25*

25*

25*

32.4

-48.2

15

0.0

▲


1Banca IMI (Intesa Sanpaolo)

-2

5

8*

37*

18*

2

3-8

2016 2017

UniCredit

3

3.4

Change in

Rank

-14

0.0

1

▼-26-3

▲

▲2-3

5

▲

0.0

▲

70.9

▼

14.5

5

8

▲▲

▼

6

1

7

Deloitte


Mediobanca

Spada Partners

16*Leonardo & Co

Deutsche Bank 19*


19*19*

UBS

16*

Banco Fator SA

12*Clairfield International

IMAP

4

9

12*Credit Suisse 12*

BNP Paribas SA

Morgan Stanley

12*

5

10

12*

24*

8*

4*

4*

12*

3

3

Deals

19

16*

8*

99 4

100.012.0 2


Rank Value 2017

100.052*26

100.0

Exp (%)

100.0

71.4

13*17*

13*

22.381.4

28.3

71.4

100.0100.0

100.0

59.3

2.0

-


3.01.10.0

34.0

598

3*

13*


1

16.3

3*

11

7*

- 100.032.7

7.06

2.0

20

10

1

2

138*11

-

KPMGFinancial Advisor

▼# of Deals

1


▲

1.3

25* -

4.0

17*

123.2

7.0

30.0

-

38.9

32.60.0

7

0.0

-

1103.7

0.0

4

▲

32.5

-

25*

0.0

▼

▲

8

4

4*

-

12*18*

37*

18*

27*18*

32.5

-45.877.6

▲ 0.0

-

# of

43

8*

DVRCapital SpA

2017

Rank

11

Rothschild & CoFineurop SpA

2

Ernst & Young LLP

5*5*

LazardArkios Italy SpA

5*

Kon SpA

24*

IEG-Investment Banking24*

Unione di Banche Italiane Scpa 24*

19*

- Jan 1 - Jun 30Italian Small-Cap M&A up to US$50m by Target Industry

46.2

6.0 5 69.0

25* -

--

-

- 2.0

24

-


-- -

182.0

-

0.0

3

25*

▼

▲

0.0

▲

25*

-2

-

22

10

40.9

0.0

4

▼

1

▲

25*

-1

- 2

- 2 218* 2

Goldman Sachs & Co 24*

37

JP Morgan 24* 27*

-

** FeeAdvisor

0.6

-3.0

-

25*


Italian Involvement Small-Cap Rankings (MM7a)

Fees

Rank Value

Italian Small-Cap M&A up to US$50m by Rank Value Range

134

0.0

US$m

▲ 5.60.0

0.0-87.3

-

▲

-

1.6


Rank

1.6-

19.0

4.0

▼

▼ 22*

22*

3.6

4.1

0.8

10

-

-

-

-

7*

440.325*

30.525* -0.0

-26.1 ▼

▲0.0 0.0

-

8*

-

30.5

25.0

34.5-1

▲

-

-70.0

Rank

Jan 1 - Jun 30

25*-

1

Euro mil Change (%)

7.9 21

4*

-

13*

3.0

0.0

8.4

0.0

0.0

22.3 20.3

35.3

▲ 0.0

-

1,772.9 1,627.1

2

29.8 ▲2 0 - 28.0 12 - -

19.7%

15.1%

12.2%

8.9%

8.7%

8.5%

7.4%

6.9%

6.0%

4.3% 2.3% Financials

Industrials

High Technology

Retail

Materials

Consumer Staples

Energy and Power

Real Estate



Healthcare

-

50

100

150

200

250

300

350

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

# of

Dea

ls

Ran

k Va

lue

(US

$b)


10


*tie


33.81,512.3

0.0

12

-

-7.3

- 10.0

-1.0

35.1

-13*

13*

13* -

-- -

--

14.41.4

Jan 1 - Jun 30

Industry Total 474 -42 ▼13*

36* 2

0.0 0.0

▲

▲

-5Goldman Sachs & Co 17* 2 0 -

13*36* 2

0.0

▲▼

13*0.0

1,399.0

2 ▲ 0.02 0 -

0.013*13*

0.013* -

-0.0

10

7

0.0

▲

13*

13*

0.0

0.0

0.00.0

0.00.0

20.0

0.0

0.00.0-1

1

6*2

2017

-

6.2▲

--

5

0.0

-

-

- 2.0-13*

-

-

2.0


39.0 -

-3-8


9*

▼

-

17*

3

1

16*

17*

639.4

- 2.0

Deals

-12-10

0.0

37.8

▼▼

-

2.0

5.1

-1.0

0.2--

-

-17.0

261.5

-

-

35.2

3.44.4

2.813*

▼

18.1 187.3

-

13*

-0.0

-1.50.0

Rank Value

49.2

67.31.7

BBVA

Rank

Deloitte

Change in

21 28

# of Deals

4

-13*

3

100.0

13*

2.0

145.1

78.9

23*

13*

-

100.0

2

87.0-

-13*

100.04.139.5

-

38* 100.0

100.0

13*

100.013* 100.0

100.0

50.7100.06

100.0

3.6

45.7

82.4

69.7

4

984.2

1

1.6

▲

-

24.0

23*-

11

-

1.0

8.0

4

# of Deals per Advisor Imputed Fees (US$m) †

320*22

12


2017

-96.6

22.01

-71.0

Rank Rank

5 2.3Exp (%)

34.8

Spanish Involvement Small-Cap Rankings (MM8a)

2016

▼▼

** Fee2016Rank Value Advisor

Fees

47.1

Financial Advisor

▼-142.5

-

0.03 13*

0.0

0.0▼

Rothschild & Co

Eurohold SL

Ernst & Young LLP

Norgestion

4

7*

9*

BNP Paribas SA7*

5

Citi

11*Morgan Stanley9*

Santander


11*11*

11.6

13*2 ▲

▼13*

▲

0.0

0.0

0.00.00.0

17*5

3 ▲

4▲

17*

-1

13*6*

339*

4

54

762.0

11▼

9

23.7

1.952.5

▲▲

1

16

8 3

-1

▼

68

313

US$m Euro mil

Spanish Small-Cap M&A up to US$50m by Rank Value Range

KPMG24

# of

-65.2

Change (%)

Houlihan Lokey

3

Rank


Deutsche Bank-

16* -

9* -1Societe Generale 11*

2

3

BDO

216*

16*Lazard 16*Alantra Partners SA 16* 5

2

Lincoln InternationalGBS Finanzas SA

IMAP1

2 -416* -

Baker Tilly International 16*


Montalban Atlas Capital 11*

17*

JP Morgan 0.0

16* 9* 216*


38* 0.92

▼

▼

-2

▼

▼

-

3

Spanish Small-Cap M&A up to US$50m by Target Industry

-82.7

Jan 1 - Jun 30

-

- 23*

3.0


16* - 2 0.0▲ - 0.2-

▼

2

17.3%

13.4%

10.6%

10.0% 9.3%

7.9%

7.7%

7.0%

5.8%

4.8%

3.3% 2.9%


Real Estate

Consumer Staples

Energy and Power

High Technology


Financials

Healthcare

Industrials

Materials

Retail

Telecommunications

-

50

100

150

200

250

300

350

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

# of

Dea

ls

Ran

k Va

lue

(US

$b)


11


*tie


1

-

-20

0.0

0.0

127.8

38.1

0.0

41.4

0.0

0.0▲

0.0

0.0

4.5

▲


27.957.3

44.4

-

1.0

-

0.0

34.9

9.50.0

3.7

0.0


0.014.9

10.7

0.0 0.0

0.0

118.8

-

0.0

20.1

-0.0

2

0.025.0 15

2.0

61*5

28▲ -

19

▼

28*

180.9

-


3.0

1.0

13

-

-

71*

5.0

30*

2.0

1.0

60

14*

1.1

0.6

100.0

30*-

100.0

19*

100.0

90.03

100.0

14.6

100.0

100.0

71.47.1

100.0

100.0100.0

11.6

71.0

Exp (%)

-

100.0

17.7

▼

-

-

▼

-

-83.6-

▼-59.4

-

5*71*

19*

▼

--

273.5

-

-47.9

4

4170.3

- -

0.9

10*

21*

46.4 ▼96.2

Financial Advisor

16*

-

IMAPDanske Bank

8.8-5 0.0

Rank Value

25


Fees

100.012

2017

41.5

-

-

-

-61.2

-

-

-

-

-

1.5

2

38.4

970.0

34.0

2

-

▼80.0

29

2 21

1 18.9

242*

26.6

-721*

42*42*

26*

Change in

▼

2PricewaterhouseCoopers

5*

▲

-

# of Deals

1▲

US$m

1

172

# of

15.30.0

Advisor2016

2.210.2

37.5

-

1.7

3.1

145*

Rothschild & Co10* 04

▼

5*

Rank Deals

5* 21* 4

3

16* 8

3

Euro mil


3

▼

-5 ▼

-

▲

2

22.3

▲

▼

▲▲

2

10.7▲ 23.8

0.0

21*

PNC Financial Services Group2

2

26*

3Newsec Corporate Finance AB

8*1

Translink Corporate Finance


Cushman & Wakefield Inc

Pangea Property Partners AB

-

DNB ASA

26*26*

2

--▲

0

4.01

-

26*26*


26*

▲

SwedbankAdvium Corporate Finance

Citi 29*

24*

BCMS Corporate Ltd

26*

Industry Total

Credit Agricole CIB

▲

0.00.0

53.1 219.4


Rank

32*16

2017

8

18.2

14.3 21*26.2

0.0

31

332*

▲

0.0

20

50.00.0

▼

3.5

4 ▼

14.24▲1

12.4

15.3

2

21*

26*

11.1▲

5 ▲

0.0

3-8

--

-

-30*

- -

10.0

2.0

3.0

Grant Thornton21*

100.0

-12.8

100.07.6

4.1

14.0

70

38.7

10*

0.4

6.0

14*

3.0

100.08

12.0

6100.0

3.3

1.3

-

31.1-32*

1.0 30*

26*

41.7

- -

▲

2

▼

▲0.0

14-8

2

1

-88.6

▼

26*

42*-

3

-13.7

4

-

48.1

100.0

-

41.7

19*

2.8

2.5

9

2.5

-

Change (%)

-

154.1-16.7

-

Nordic Involvement Small-Cap Rankings (MM9a)

Capitalmind

▲

▼

1

-

-

26*

4

▲-6

Globalscope

2

Catella ABRaymond James Financial Inc

42*Baker Tilly International

5

41.3

1 ▲

9

▼

0.0

▲

0

▲

2017

32*

Rank Value

0.0

Nordic Small-Cap M&A up to US$50m by Rank Value Range

40.1 7

Jan 1 - Jun 30

Rank

▼

Clearwater InternationalErnst & Young LLP 8* 3*

85* 14*7

Handelsbanken Capital Markets 8* 14* 0

KPMG 78*7

Livingstone Partners 12* 19*12*

1-18* 7

6SEB

Carnegie 12* 10* -36

Mid-Capital 14* 21* 5

ABG Sundal CollierDeloitte

5

FIH Partners AS

14* 42*

24*

19*14*8*

4Oaklins (FKA M&A Intl Inc)Morgan Stanley

18*Credit Suisse

21* 42*

-

18* 7

18*

2

2

42*329*

-

-

2

12*

999


-27.4

100.0

** Fee

Rank

-3.4

Nordic Small-Cap M&A up to US$50m by Target Industry

-

-14*

-

-

16▲

- Jan 1 - Jun 30

-

25

-

11

32*

32*

0.3-▼

-

-29.0

0.3

-

--

-32*

--

-

-

-

7

0.0 32*

2.2

-9.3

28*

-

1

-

10*

8*

16*-

-1

▲

2

0.0


- 2 2

-82 -3.5 ▼

0.0

JP Morgan 26* 24* 2 -1 ▼ 0.0 0.0

26*

▼32* -

2,481.0 2,293.8

22.8%

16.2%

14.7%

9.1%

7.5%

5.6%

5.4%

4.7%

4.4%

4.4% 3.0%

2.2% Real Estate

High Technology

Industrials

Financials


Healthcare

Materials


Telecommunications

Energy and Power

Consumer Staples

Retail

-

100

200

300

400

500

600

700

800

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

$1.4

$1.6

$1.8

# of

Dea

ls

Ran

k Va

lue

(US

$b)


12


*tie

35* 100.00.0 0.0 24* - - 1.0

- -3.0 2.8 22 - - 0.6 75* 100.0

37.1 34.5 5* - - -

23* 100.024* - - - - -

- 0.9 70 6.10.0 0.0 24* - - 2.0

-0.0 0.0 24* - - 2.0 23* 100.0

100.057.7 53.8 2 130.8 ▲ 0.7 72* 100.0

Lincoln International 19* 21* 3 -1 ▼ 11.0 10.1

1,773.1Industry Total 781 -153 ▼ 1,916.0

0.0 0.0 24*

0.0 0.0

0.0 0.0 24*

▼

- -

-

Rank

19

-4.8

0.0

Rank Value

0.0

-1.2 306.8

-

72

2.4

8.2

35*

- -

2017

24*

0.00.0

US$m Change (%)

0.0

-


51

2017

27.0

Exp (%)

-

15.0

100.01.3

6.0

34

56.9

11

24*

▼10.0

27.4

-

4.04.1

910*

824*

21-

-

-▲

-

-

Rank

17.8 ▲-

Advisor

0.6

-

11.0

29.0

Fees

--

23*

2.082*-23*

2.0

51

5*34.3

▲

25.0

0.0

▼

15*

-24*

14

85.110*3

-

15

18

24*

-0.0-1

42.4

18

0.0

-11 24*


10*0.0

Natixis 19* 32* 3 1

Global M&A 14*32*

Goldman Sachs & Co14*14*

Baker Tilly InternationalNIBC NV 14*

14*

8

PricewaterhouseCoopers9

LazardOaklins (FKA M&A Intl Inc)

CFI 12

Capitalmind

Rabobank NVErnst & Young LLPKPMG

CBRE Holding SAS 13

Deloitte 10*

6*

45

1

6*

2

Rothschild & Co 2*

1 11*Financial Advisor Rank

INGIMAP

0.0▲

2016

2*

2017

Euro mil

▲9*3 ▼

26.56

-11

8

0.0▼96.4-3 1

24*0.0

▼

18.3

37.1 34.5

▼

45.6

0.0

20.0

0.0

0.0

-17.4

0.0-

-0.0▲

24*

0.00.00.0

15*

▲

24*2

4

0.0



20.3

-

-

▲

4

3

Benelux Small-Cap M&A up to US$50m by Target Industry

4

3

-

8


DC Advisory

-4

47*26*

-10

32*

-449*

4 1

-7* 86

-6

26*▲

24*16.4

▼▲

▼

0.0

100.0

23*2.0

100.0

100.0

-

--

Rank Value

6.0

-81.0

Benelux Involvement Small-Cap Rankings (MM10a)

39.7100.0

Rank Value per Advisor Imputed Fees (US$m) †

14

100.0

58.5

100.0

** Fee

96.2

100.0

75* 42.9

# of Deals

24*

32.64

32.5

31.9

18.5

100.0

▼

▼

4


Rank

12

Change in # of

13

10

-8

▲8

5

Deals

141111

11*

9*16* 9

2 1 ▲

100.00.4


2.6

-

Jan 1 - Jun 30

Jan 1 - Jun 30 Benelux Small-Cap M&A up to US$50m by Rank Value Range

100.03

▲

2

CitiCushman & Wakefield Inc 19* 49* 3 2 ▲

19* - 3 3 ▲ 0.0Quarton International 19* - 3 3 ▲Alantra Partners SA 19* - 3 3 ▲Barclays 25* 49* 2 1 ▲PNC Financial Services Group 25* 49* 2 1 ▲Raymond James Financial Inc 25* 49* 2 1 ▲Mizuho Financial Group 25* 32* 2 0 -Morgan Stanley 25* - 2 2 ▲Credit Suisse 25* 32* 2 0 -IMAP M&A Consultants AG 25* - 2 2 ▲BMO Capital Markets 25* 49* 2 1 ▲Ledouble SA 25* - 2 2 ▲BCMS Corporate Ltd 25* 26* 2 -1 ▼

▲HSBC Holdings PLC 25* 32* 2 0 -

25* - 2 2 ▲RSM International Ltd 25* - 2 2

Robert W Baird & Co Inc 25* 49* 2 1Daiwa Securities Group Inc

▲

100.0

Globalscope 25* 19* 2 -3 ▼Edmond de Rothschild Hldg SA 25*

19 -73.4 ▼ 4.3 13

48.6 46.0 - - 2.2 22 100.02.3 1.0 35*

0.0 24* - -

23 - -

-

6.0 10* 16.00.0 0.0 24* - - 3.0 17* 100.0

31.4 29.3 9 - - 0.3 85* 27.30.0 0.0 24* - - 18.0 4 41.50.0 0.0 24* - - 2.0 23* 38.50.0 0.0 24* - - 3.0 17* 100.00.0 0.0 24* - - 1.5 33 100.00.0 0.0 24* - - 1.0

49*

35* 1.50.0 0.0 24* - - 4.0 15* 13.80.0 0.0 24* - - 1.0

12.5%

12.5%

10.9%

9.8%

9.5%

9.5%

8.8%

6.9%

6.3%

5.3%

4.8% 3.2% Financials

Real Estate

Industrials


Materials

Consumer Staples


High Technology

Healthcare

Energy and Power

Retail

Telecommunications

-

100

200

300

400

500

600

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

$1.4

$1.6

# of

Dea

ls

Ran

k Va

lue

(US

$b)


13



32* 100.00.0 0.0 14* - - 0.7

4* 41.00.0 0.0 14* - - 0.7 32* 6.50.0 0.0 14* - - 8.0

- -0.0 0.0 14* - - 1.8 17 100.09.9 9.2 10 - - -

20 100.00.0 0.0 14* - - 1.0 21* 100.0

39.6 34.6 1 - - 1.1

- -0.0 0.0 14* - - - - -0.0 0.0 14* - - -

-0.0 0.0 14* - - 1.0 21* 100.0

- - -0.2 0.2 13 - - 0.0 48

-0.0 0.0 14* - - - - -

12.3 -

Bain & Co 14* 29* 1 0

0.0 0.0 14* -

UBS 14* 29* 1 0 -Lazard 14* 29* 1 0 -Societe Generale 14* - 1 1 ▲Equity Advisors Sp zoo sk 14* - 1 1 ▲VGD Corporate Finance sro 14* - 1 1 ▲Azimutus Associates Sp zoo 14* 29* 1 0 -Grubisic i Partneri doo 14* - 1 1 ▲Daiwa Securities Group Inc 14* - 1 1 ▲ACXIT Capital Partners 14* - 1 1 ▲RSM International Ltd 14* - 1 1 ▲GCA Corp 14* - 1 1 ▲UAB Summa Advisers 14* - 1 1 ▲SPARK Advisory Partners Ltd 14* - 1 1 ▲ - -

6

▲

7.6

▼

-

0.0

--

0.3

3.3

-97.4 ▼12

2017


-

Rank

▼-

Change (%)

-

64.5-

-42.6

-


28.014*

0.6

2017

1

6.4

100.0

11

43*37.5

31.4

16.7

100.041.7

21*

13*

35*

14.0

100.0

100.0100.0100.0

35*

47

23.3

Exp (%)

100.0

60.0

8*41*

12

3


-

100.0

40.0

58.5

0.0

1

0.1

1

2

14*

5*

3

13.4

▼3

PricewaterhouseCoopersKPMGVTB Capital

Taiga Capital

7*

1

IMAP4

11*

Wielkopolski Bank Kredytowy11*

5*5*

Ernst & Young LLP7*JP Morgan

11*

7*

Globalscope

3Rothschild & Co

Deloitte

5

2


Houlihan Lokey

KBC Group NV

7*

CFI

-

2

22

29*

14*-14*

7*

1

3

▲

10*9

2

-11

3

▲

▲

▲11

▼

-5 ▼

54

11.3

0.0

4▼▲

3

-3

US$m

0.0

Rank Value

▲ 0.01.7

0.0▼▼

▼

4

14*

7*7.4

0.00.0

10.4

0.00.0

0.010.0

14.5

0.0

0.0

0.010.4

10.9

0.0

11.30.0

2017 2016

0.0▼

▼

13*

13.8

# of

2

1

6

29*

31

-29

-10

13*

-28

13*RankFinancial Advisor Rank

Change in

911

-2

-6

▲1


-

-

-

0.2

2.0

4.0

14*

▼

-

-

-

-

-

-

14*

-

14*

Jan 1 - Jun 30

0.6

2.0

1.0

7.0

0.47*

-

-13*

464.0

9

Advisor

Fees

-80.7 6.0

Danske Bank

▲

18.5

1,765.3

14*

-38.7

0.0-

- -

-

1,907.5

13*

1

-1

▲

1

11

▼14*


14*

-1BNP Paribas SA 14*

0.0 0.0

14*

14*

0.0

13.8

0.00.0


-

Eastern Europe Involvement Small-Cap Rankings (MM16a)

Rank Value

1.8

8*

-

0.0

30.1


13*32*

** Fee

7

Euro mil

-19.914*

Jan 1 - Jun 30

▼

Eastern European Small-Cap M&A up to US$50m by Target Industry


14*

1

Xenon Capital Partners 14* -1-14*Singhi Advisors Ltd

BCMS Corporate Ltd 14* -

▲1

▼14* - 1 1

1 -2

Deals

-1Global M&A 14* 10*

▲

▼13*PRAGMA Corporate Finance 14*

Concentro Management AG

-

11

-0.0

0.0 0.0

- -

0.0 14* -

3 -

-0.0

17.4

-

-

-

Rank

9.0

12.3

2.2

-

Eastern European Small-Cap M&A up to US$50m by Rank Value Range

# of Deals

0.0 14*

0.0

14*

0.014*

21*Norgestion 14* - 1 1 ▲Standard Bank Group Ltd 14* 29* 1 0 -

0.0-

Bank Polska Kasa Opieki SA 14* - 1 1 ▲

100.0

- -0.0 14* - -

-

-

21*

0.7

100.00.5 37* 100.0

100.01.0 21* 100.01.0

100.0

1.0

- --

21*

1.0

-1.0 21* 100.0

183.7 33.1Industry Total ▼-

5* -

1,369 -616

19.3%

12.9%

11.5%

9.9%

9.7%

8.4%

8.0%

6.0%

5.5%

5.3% 2.1%

Industrials


Consumer Staples

Materials

High Technology

Retail

Energy and Power

Real Estate

Financials


Healthcare

Telecommunications

-

200

400

600

800

1,000

1,200

1,400

1,600

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

# of

Dea

ls

Ran

k Va

lue

(US

$b)


14


*tie


1.3

0.5


▲

- 0.1

-70.3

▲137*

TC Capital International Ltd 37* 63* 4 2 1.2 38*

Zhaobangji Intl Capital Ltd 37* - 4 4 ▲Duff & Phelps 37* 72.1 7.7

75.025 76*

100.092.4 14 -

-

--

-

Rank Value

0

3

4 2

▲

-

▲

-

8

106*3

-

100.089*-

24.3

98.0

0.00.0

38.5

▼

1.7

-113.3

-

M and A Securities Sdn Berhad

4

-1

4 ▲▲

▼

15.8

42*10.8

-62.5

24.4

28.4

32.1

-25.0

-

34*

4.617

65

15.5

100.0

34*

12.5

30

42*

137*31 4.4

34*

157*

27.1

51.2

39.14

0.1

137*

40*

-

1.7

37.537.1

51.2

15.1

2017

100.0

28.08.6

1

40*

-

24.3

0.816

-

12.4

2.8

80.4

-28.3

44.7

68

-

25

27*27*

4-27.4

77.1

-

37*

-

4

1

4

-

-

20 137.2

5

-3

▲

4

4

5

0.334.4

47.5

-

--

1.0

5

-1

▲171.1 ▲ 0.6

-

982.2

775.0

5.82.3

▼

106*18*32*

101*

137*1.42.2

133.2

Rank Value

32*

69*

Fees

1.439.6

0.7▼

** Fee

Rank

2017

US$m

# of

Hochinma Involvement Small-Cap Rankings (MM13a)

# of Deals

▼

Jan 1 - Jun 30

2

Exp (%)

Advisor

0.3

7.1

8

0.0

11.4

1.3

-9.4-

23*

-

- -

▲▼

-

2017

Rank

-47.0

50.0

33.3

6-76.9

76*

118*

100.0

-95.2 0.2

2.5▼

3.518.3

18*

118*

▼

▼

-

81.5

59.2-

-

-▲

-

-

20*

- 9.3

11*

▼ 0.1

-11.8 ▼

-69.6 ▼

▲

92*

29*

5 -4

-

5

0

▼

-

-9

5

5

6 2

31

4

6

Deals

437*

29*

49*

92*29*

Zhongtai Securities Co Ltd

TA Securities Holdings Bhd

12*

-

29* 5

INCU Corporate Finance Ltd

619*

92*Altus Capital Ltd

11*

▲

▲

5


37*

29*

Financial Advisor

AMMB Holdings Bhd

Anglo Chinese Corp Finance

China Merchants Securities Co

29*Amasse Capital Ltd

Platinum Securities Co Ltd

-

UBS

37*

Malayan Banking Bhd

437*Messis Capital Ltd 437*

49*

63*

37*Daiwa Securities Group Inc 92*

337*

4


▲

26,661.6

37* 4

37*

37*

4

92*

▲

-▲

▲

-59.9

-2.3

-

-

10

86.5

-68.3

40.5

162.5

58

-43.0

48.354.8

106.8

Change (%)

1

22.7

-

-99.1

▲

0.0

▲

61.3

100.0

▼0.6

▼

3.2

157*

2.2

122.7-

CIMB Group Holdings Bhd

Lego Corporate Finance Ltd

China CITIC Bank Corp Ltd

▼

16*7*

115.0▲

1058.5

573.4

2

-10 2670.83 ▲

▼ 2.59

Morgan StanleyKingston Corporate Finance Ltd

27*

4


Rank

Change in

-172

24

2016

Industrial & Comm Bank China

3

4*

2China Renaissance Partners

1

Mercury Securities4*

4*

▲46

19*11Veda Capital Ltd10

▲314* 11

111 -13 ▼14

9*11* 37*

Gram Capital

361

CITICErnst & Young LLP 9*

27*

▲ 159

48

-54

5

▲

8 -75.7-15.4

▲81.91.2 133

-8 39.3

12.0211* -3 ▼

▲19*7*

▼

Citi

8Somerley 11* 27*8

11* 49*Haitong Securities Co Ltd

RHB 18 7*Red Sun Capital Ltd 11*

11* 9* -234*

-

86127.0▼

7

▼-

3149.9 3

7 -4- -

66

19* 9* -4K&N Kenanga Holdings BerhadRothschild & Co

19* - 6

6China Construction Bank 19*19* 6

63* 46Crescendo Capital 11.0▲

-0 98.8

4

11

122.5

211.7Guotai Junan Securities

▲▲

66

▲- -

6Octal Capital Ltd

19*92* 5

6-19*5.0 - -79.20

-

137.876.2 21

112.5 9

52.9▼

▲▲

60.426.7

25.8▲

48.75

5

▲

6

▲

▲

▼ 81.7

Hochinma Small-Cap M&A up to US$50m by Target Industry37*▼

17

-7.5

-

1.5


Jan 1 - Jun 30

-

5

100.0

▲

87.5

-

1.3

2.1

0.0

▼

-

--

1.0

▼

-67.5

1.369.2

1.1

34* 10.5

0.2

118*

11*157*

0.0

▼

1.1

▼▼

0.2

7.00.4

Hochinma Small-Cap M&A up to US$50m by Rank Value Range


42.724.1


Rank

25.6

3.2

-30.2

218.7

▲

▲

-36.7

- -9.5

-13.1

16- ▲

-0.1

0.9▲▼

▲

12 63.9

KPMG

33

42.4

8

77.2▼

8

5

▲

58.5

43.1

Dakin Capital Ltd

29*

▼

▲

China International Capital Co

Credit Suisse

▲

Affin Holdings Bhd

19*19*

29*Lazard

Avendus Capital Pvt Ltd 37*Nuada Ltd 37* 16*

-

19*

19*

Optima Capital Ltd 19*

Deloitte

7*

19

- - -37.167.3

133.7


2.1 20*- -

35.0

-

3.897.5

▼ 489.9Industry Total 3,522 -194 22.8▼

16.3%

14.1%

13.7%

11.3%

9.1%

8.2%

7.6%

7.2%

5.5%

3.5% 2.0%

Industrials

High Technology

Financials

Materials

Real Estate

Healthcare


Energy and Power

Consumer Staples


Retail

Telecommunications

-

500

1,000

1,500

2,000

2,500

$0

$2

$4

$6

$8

$10

$12

$14

$16

$18

$20

# of

Dea

ls

Ran

k Va

lue

(US

$b)


15


Industry Total


27.2

Opus Capital Ltd 27* 33* 2 1 ▲ 0.027* - 2 2 ▲

38.5 600.0- - 0.1

▲ 0.0 81*72* 100.0

Prosperity Capital Hldg Ltd 27* - 2 2 ▲ 43.5 - 100.0SW Sec (HK) Capital Ltd 27* 33* 2 1 16.7 48* -18.5 ▼

335.60.2

- - 0.862*26*

2 1 ▲ 19.6 -

-3.0 -

0.1 72*▲

100.0100.0

56* 100.0

TC Capital International Ltd 27* 20* 2 0 - 37.1 - 14.2 13* 100.0

140.3

▲ 1.2

16.7

33* 100.0- - -

▲

0.6

▲

-

46.2

0.3

1.0 12.00.5 41* 19.2

0.1 72*

0.3

7,372.7

100.00.5 41* 100.00.6 33*

- -

56*

100.01.2 13* 31.60.2 62* 100.0

0.7 30* 100.0- - -

6.3 - - -

100.00.3 56* 27.30.2 62*

42.0 - - -62.3 15 111.2 ▲

46.2 25 - -40.5 - - -

37.1 - - -81.3 10 561.0 ▲

50.3 23 - -26.4 43* 38.2 ▲

-16.7 ▼26.4 43*

▲

2

51.2

33.3

16*

Shinco Capital Ltd 27* 33*

Mackie Research Financial Corp

-16*

-

33*

9

20*

100.01.0--

-

84.0

- -

0.4GF Securities 27*

-

0.4

30.4

8440.0 ▲

--

0

33* 2 1 ▲

▼

-

1

Platinum Securities Co Ltd 27*

- 2Rothschild & Co 27* 10* 2

2

PricewaterhouseCoopers 25

GMP Capital Corp 27* - 2 2

Emperor Capital Ltd 27*

▲

81.9

Change in

213.8US$m

26.80.0

Guotai Junan Securities -1

-43.5 ▼-

1.7

110.5

-

-

- 2.1

16*

6*

0.0

11.4

- -6*

0.0

48*

48*

-

133.7 52.5

3

29.257.9

2.1

-9.5

10

26*-58.0

▲

▲

0.6

▼

42.7 -

45.4

42

3.0 -

1.1

72*

81*

100.0

100.0

56*

0.1

38.5

100.0

5

3.2

55.62.2

1

** Fee


Exp (%)Rank

11 24.6

0.658.5

92.44

10.8

21

▲

▼

▲▲

0.0

52.1

▲

5

Rank Value

-

-

▼

6 11

106.64

2017 # of


8

6


# of Deals

▲

-

Deals

4

-

1.4

98.1▼

1▲

FeesRank

8▲

26*

3.1

20*

6Gram Capital

-

6*Kingston Corporate Finance LtdVeda Capital Ltd

Financial Advisor

8

15

2*2*1

4

9*

10*1

2016

8

33*-

55.2

8

12*-

10*

Rank

6*

-▲5

5

6*

Rank

Haitong Securities Co Ltd 12*

2*

Messis Capital Ltd 6*

10.8

481.7

3

▲

-3

25.8

112.5▲

-

3-

▲2.5


2122.5

-40.6

76.2

17

▲

▲

-

Change (%)

Rank Value

2

100.0

34*4

▲

2

-1

0.8


2 ▼▲

0.3

2

▲


▲Convoy Financial Group

33*

22

-

- -

3

▲

▲

60.651.576.0

1

34.7

69*-3

2

▲ ▲197.122

-

▼63.9

-36.7

6▲

0.8

2

2017

Jan 1 - Jun 30

▲


Altus Capital Ltd

▲

▲China Construction Bank

▲

Red Sun Capital LtdSomerley

Crescendo Capital 9*

Amasse Capital Ltd

55

Anglo Chinese Corp Finance 9*

--

-

6

- 5Dakin Capital Ltd

Octal Capital Ltd

2*

Optima Capital Ltd

3

-3

4

Jan 1 - Jun 30

▼

▲6

6

4

100.0

100.048*

14

37.556*

0.0

5

5

--

1857.0

▲8

-2

-

86.9

18.5100.012

▲

81*

150

149.9

-

▼

-

9

▼

-

97.574.0 13

126.724

-

7▲ -

-73.420.7

10.2▲47.5

▲

33▲

37.14

1.3- ▲1.5-9.4

Hong Kong Small-Cap M&A up to US$50m by Rank Value Range


0.3

54.3

0.0

Advisor

100.0

-

Hong Kong Small-Cap M&A up to US$50m by Target Industry

33*

-

37.5

0.4

46.4

12-

Hong Kong Involvement Small-Cap Rankings (MM12a)

24.3

19

1.0

2017

20*

BNP Paribas SA

INCU Corporate Finance Ltd

3

4Lego Corporate Finance LtdZhaobangji Intl Capital Ltd

-

Nuada Ltd 12*

UBS 20*19*

19*

China Merchants Bank

Akron Corp Finance Ltd

19*

19*

33*

-

33*

VC Capital LtdIndustrial Securities Co Ltd

20*

33*

27*

19*

4

10*

3

-

5

6*

12*

2*

12*2*

19* - 313

123

19*

3

Titan Financial Services Ltd 3 ▲

27*

3

RHB 1

▲

27*

19*

772 69

-

BaoQiao Partners Capital Ltd

2

27* 33* 2Citi

Industry Total

▲

12*

12*

Dongxing Securities 27* -

-

F.E. Corporate Finance Advisor

2 2 ▲

--

2 2

-

▲

27* -

27* -

27* 10*

Guoyuan Securities Co Ltd

1 ▲VMS Securities Ltd 27* - 2 2

27* -

2 ▲Donvex Capital Ltd 27* 10* 2 -1 ▼Hooray Capital Ltd 27* - 2

16

Grand Harbour Corporate Fin 27* - 2 2 ▲ 54.1 20 - - - -

22.8%

13.1%

12.6%

9.2%

8.1%

7.0%

6.7%

6.4%

5.6%

5.3% Financials

Industrials

Real Estate

High Technology

Consumer Staples

Materials

Healthcare

Energy and Power



Retail

Telecommunications

-

50

100

150

200

250

300

350

400

450

500

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

$4.0

$4.5

$5.0

# of

Dea

ls

Ran

k Va

lue

(US

$b)


16


*tie


100.0

1221 -79.6

26.7 10*

▲ 100.0- -7.8 ▼0.6

- -

100.0527*

Clairfield International 12*

22

12* 27*1.5


27* ▲-3

2

26.7


-

100.0

1-

4*

1-

2

0.5

4.4

3

12.035.2

1.0

2.0131.2

1.6

34.6

▲2

Credit Suisse

12* ▲2

▼1

-

2Allier Capital



0.0


27*

1

Miles Advisory Partners

2*

Grant Samuel

012*

-

-4BDOUBS

12*Baker Tilly International

-1277

12*

Moelis & Co

15*

14*

55.2

-

14*

-

-

15* 2 28*

-

-1.0

28*0.00.0

100.0

8*

4.1

34*7

43.5

30.3

1

28

-

-

100.0

-▲ 50.0

-

2.0-

-- -

5.0

15*6*

KPMG

4*Goldman Sachs & CoHoulihan Lokey

2016 Change in

Macquarie Group

1 ▲-1

9 2▼

Financial Advisor

15* 23*

-

5

2

10*

8*

Exp (%)

13.6

38.1

9.8

6

▼

2.6

▼▲

0

0.2

3.2

--3.4


-83.3-

15.0

6

28*0.0-

1 0.0

548.3-

--

22- -

17*

▼

▼

-

Rothschild & Co

▲4

6

47.9

73.9

-38.7▼

27* --

-82.4

Gresham Partners 9*7*

Ernst & Young LLP

3Morgan Stanley

2

0.3-

3.63 ▲

▲

253

130.6

-

▲4 65.4

-71.8

1

Australia/New Zealand Small-Cap M&A up to US$50m by Rank Value RangeMM11a - Undisclosed Values & Values up to US$50m

▼

2017

# of Deals

2017

Deals


29*

4*

Rank

2

32*

Change (%)

19.3


Advisor2017

Australia/New Zealand Involvement Small-Cap Rankings (MM11a)

# of

Fees

Jan 1 - Jun 30

▲34*15

3.61.9

Rank Value

8.5

** Fee

66.70.4-48.1 0.2

▼

Rank

566.7

Jan 1 - Jun 30Australia/New Zealand Small-Cap M&A up to US$50m by Target Industry

148.8▲

11

▲

843 112 ▲

US$m

86.0

7

Rank Value

5.9

2* 1

Rank

PricewaterhouseCoopersRank

9*9*

2

6

7*

3

6*4

6* -2

2

141.5▲

0.0

0

▲

▼

6

3*

4* 6

2


12*

12*

12*

4,493.0Industry Total 36.8

0.0 - - -JP Morgan 12* 27* 2 1 ▲ - - -

15.7%

15.7%

10.1%

9.8% 9.3%

7.0%

6.9%

6.7%

6.5%

5.9%

4.8% Real Estate

Materials


Industrials


Consumer Staples

Financials

Energy and Power

Healthcare

High Technology

Retail

Telecommunications

-

100

200

300

400

500

600

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

# of

Dea

ls

Ran

k Va

lue

(US

$b)


17


*tie


-0.0 31* --

1.0 21* - -0.0 24* - - -

0.7 23 - - 0.031.3 8 100.0

-

- - 0.2 25*

-100.0

5.2 17*

31* -0.0 24* - - -0.0 24* - - 1.0 11*

5.2 17* - - --

11*

- - - -

100.0-

0.0 24*

- -0.0 24* - - 1.00.0 24* - - - -

35.0 6* - - 0.6-

-

- - - -

--

10.2 14

15* 100.00.0 24* - - -

2.0 5*

0.0 24* - - - -

- -- - 0.2 25*

0.4 20* 100.024* - - - - -

PKF Melbourne Corporate Pty 18* - 1 1 ▲Lazard 18* 20* 1 0 -MS Corporate Finance Pte Ltd 18* - 1 1 ▲RHT Capital Pte Ltd 18* - 1 1 ▲HSBC Holdings PLC 18* 20* 1 0 -Pickering Pacific Pte Ltd 18* - 1 1 ▲Grant Thornton 18* - 1 1 ▲

- -

16.5-

100.0

- -Rothschild & Co 18* 20* 1 0

- 1 1 ▲ -Stirling Coleman Capital Ltd 18* - 1 1 ▲SAC Capital Private Ltd 18*

Signal Hill Capital Group LLC 18* - 1 1 ▲

- 0.0 24*13.06.3

0.0 24*

- -4.3

- -

- 0.1

-


0.0

10.5

-

▼24*24*

19- -

-

-

15* - --

-

-

13 -

24*

12 -

0.0

24*0.0

-

24*

15*

1.0

29*

472.7

5

-95.9-

-

-

-0 - 0.0 -

-

▼

-

5*

2

2 -10.0

1

1

-1

▲1 1

0

1

1- 1 ▲

▼

2

10*

Oversea-Chinese Banking 10*

Evercore PartnersDeloitte

10*

Goldman Sachs & CoJP Morgan

Standard Chartered PLC

18*


Industrial & Comm Bank China

RHB

5*

10*

5*

KPMG

10*

PricewaterhouseCoopersDeutsche Bank

18*

▲

▼-3

▲

20*

24*24*

Moelis & Co 10* -

-

Global M&A -BDO

0.0

2

▲

▲

1.7

15.0-

▲

Morgan Stanley 2*

▲

Mercury Securities 18*

10

20*

10*

2017


-24

▲5

20*1Credit Suisse

Rank US$m

Singapore Involvement Small-Cap Rankings (MM14a)

2017

▲

-

10*

72.0

Viel & Cie Finances 18*

100.0

-

20*20*

112

6.3

Provenance Capital Pte Ltd

5*

10*2

2

Change in

15*

-

100.0

-

38.4


Jan 1 - Jun 30

▲

Rank Value

1

2016

20*

77.0

-11*

-

20

-9.9

0.6

-

0.2

-

2

# of 2017

9

2

5


53*

-20*

Rank Deals

6

33

3

Financial Advisor

5*

2*


▲

25*

-

1

Rank

-

9

209.7 ▲

6.9

-

-

-

0.2

2.0

-

100.0

** Fee

23*

▲0.5

66.7

-24*

- -


1 ▲

-

-

▼

Zico Holdings Inc

4 1

-

5*

3*

Jan 1 - Jun 30

25*

-2 ▼

11.01.0

5*100.0

-

20.2

0.6

Singapore Small-Cap M&A up to US$50m by Target Industry

2

100.0

100.0

-

5*

50.015*

5*

33

-

0.010--

-

18*22.2

11*

-10--

-

▼-78.740.011.7

-

7.175.0

3

-

Singapore Small-Cap M&A up to US$50m by Rank Value Range

Exp (%)

100.0

--

1.62.8

-

1888.6

Rank Value

9.2

6*3 47.52

--

Fees

Advisor

1.54

1.0

24*

73.0

Change (%)

-

121*

29.8

Rank

18.3

3

35.0

20*

▲

69.6

▲

0.0

2

Citi 18* 5*

5* 21

1

18*

UBS

1 ▲1

1

# of Deals

4▲



-

▼

Strata Partners 18*

3

10.0 -

Industry Total 405 -50 ▼ 2,206.9

0.0

Growin Partners Inc 18* - 1

2.0

2

0.3

▲Business Development Asia LLC 18* 20* 1 0 -Axis Capital Holdings Ltd 18* - 1 1 ▲Avendus Capital Pvt Ltd 18* - 1 1 ▲Credit Agricole CIB 18* - 1 1 ▲Baker Tilly International 18* 10* 1 -1 ▼Itau Unibanco 18* - 1 1 ▲finnCap Ltd 18* - 1 1 ▲

-

19.9

15.6%

13.4%

13.2%

13.1%

12.3%

10.7%

7.2%

5.0%

3.3%

3.3% 2.2% Industrials

Real Estate

Financials


Healthcare


High Technology

Consumer Staples

Energy and Power

Materials

Telecommunications

Retail

-

50

100

150

200

250

300

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

$1.4

$1.6

# of

Dea

ls

Ran

k Va

lue

(US

$b)


18



-5.8 - - - - - -5.8 - - - - -

29.40.0 - - - 2.0 28* 100.00.2 - - - 0.5 60*

100.071.8 10 - - 0.5 60* 100.034.6 23 - - 0.1 74*

100.01.8 48 -90.9 ▼ 1.1 37 100.00.0 - - - 1.0 38*

100.00.0 - - - 2.0 28* 14.50.0 - - - 1.0 38*0.0 - - - 2.0 28*0.0 - - - - -

▲ 20.6 3 53.50.0 - - - 4.0 21*

F&Link 32* - 2 2 ▲Gracchus & Associates Inc 32* - 2 2 ▲RSM Corporate Fin LLP 32* 38* 2 0 -HSBC Holdings PLC 32* - 2 2 ▲Azone Partners 32* - 2 2 ▲Akasaka International Account 32* - 2 2 ▲NEC Capital Solutions Ltd 32* 27* 2 -2 ▼Avendus Capital Pvt Ltd 32* - 2 2 ▲Moelis & Co 32* 27* 2 -2 ▼Global M&A 32* - 2 2 ▲Lincoln International 32* 53* 2 1 ▲ING 32* 53* 2 1 ▲

39.3 19 112.4Houlihan Lokey 32* 53* 2 1 ▲Rothschild & Co 25* 23* 3 -2 ▼

Industry Total 1,490 -135 ▼ 4,938.7 415.8▼


6.3

69.8

10

28.7-8.5

100.01.0-

▲▲ 127.1Alantra Partners SA 25* 53* 3 2

▲33▲

▲

▲

▼

--

-43.3

-

-74.0

US$m

100.0100.0

0.3 66*

-

-

338*

-▲

-

- - 1.0 38*4.0

-

38*

-31.5

▲

-

24

Rank Value

▼

▲

100.044.8

100.0

--

13.7

-

21*

-

▼

-

3.8

40.6

113

22 268.4

11

0.0 -

1

▲12.8

Change (%)

-- - -

▼

-

3

▼


Japanese Small-Cap M&A up to US$50m by Rank Value Range

5

1.7

3 1

0.0

▼

-

▼

-103

-141

2524.9

Rank Value

# of Deals

▲

# of

Network Corporate Finance

38*

25* 38*IMAP

7

-25*

Citi

KPMG

5

Sangyo Sosei Advisory Inc 25*

RA Capital Advisors

Daiwa Securities Group IncKaede Group

43

Deals

14.5


100.0

11.6

▼100.0

53.3

82.3

54

15.9▼

▼34

1.6

6

35

2017

80.4

1Sumitomo Mitsui Finl Grp Inc

Change in

20

49.8100.07

11▼ 94.4

▲Fees RankRankFinancial Advisor

Advisor

15.4

2016 2017

Jan 1 - Jun 30

Exp (%)

** Fee

67

Nomura

Rank

Japanese Involvement Small-Cap Rankings (MM15a)

8.1

2017

13*

1Rank


41.42

-

38.964.3

30.217


-36.2

97.1

20.6192.9

129.8

11.1

232 5.8

8*Mitsubishi UFJ Financial Group

-3226.0

2

75.9

156

Corporate Advisers

6Deloitte

28

917


2 70

21 ▼-222

8* 10

8*

Mizuho Financial Group

7

13*-11-12

346.7

4128.9297.8

▼

▼15

▼

Maxus Corporate Advisory Inc 0.749.2

▼-1151411* 8 -10

Plutus Consulting Co Ltd95.0 8

113.0 7GCA Corp 11* 11

12*137

-▼7 7.9

23.0 -

0

▲

-▼

37.046.6-

16

38*-

16*6

-25

516*

617 6

AGS Consulting Co Ltd 16*

YAMADA & Partners 21 18*Duff & PhelpsGrowin Partners Inc

22* 15 4

▲ 0.061.2

53*-2

-6

▼

CLARIS CAPITAL 22* 22 4Sumitomo Mitsui Trust Holdings

2039.1▼

-Tokyo Financial Advisers

-218* -34 ▼

▼

▼-72.7

2729.5▼

▲117.0-

-30.4

-

38.4

Ernst & Young LLP

12 21

-es Networks Co LtdMitsubishi UFJ Morgan Stanley 16*

-64

61.426

50.0100.0Frontier Management Inc 3.314

-18.9

10

5.0


49

4

3

-

8.8

54*

▲

13

-55*

-

240.9

6

7

100.0

16.1

▲


34*

616*

16*

3.133

18

25

1460*

-

0.56.0

1.8

-1

4 68.1

-19.6-17.0

▼

-56.7▼

▲

-

▼▼

22

-1

-98.2

5.1

-

2.6

0.7

-

-245.8

-21.8

▲

47.0 14*31.1

-

▼

0.2-

66*

0.0 -7.3

0.3

0.022*

25*

25* 3

1412

Japanese Small-Cap M&A up to US$50m by Target Industry Jan 1 - Jun 30

15

12


-2

▲

22.1-

43.5

19.7%

14.1%

12.8%

11.4%

8.4%

8.2%

7.2%

5.7%

5.3%

3.8% 3.4% High Technology

Industrials


Real Estate


Retail

Materials

Consumer Staples

Financials

Healthcare

Energy and Power

Government and Agencies

-

100

200

300

400

500

600

700

800

900

1,000

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

# of

Dea

ls

Ran

k Va

lue

(US

$b)


19


*tie


298.6▼ 19.9Industry Total 2,207 -225 ▼ 20,326.6

0.3-

53*▼

Fees


-4.956* 3 2 ▲

353.0 20 -

F.E. Corporate Finance Advisor 21*Amasse Capital Ltd 21* 56*China Securities Co Ltd 21* 21*

▲-

▼

21* 56* 3 2 ▲-

3 -13 2 ▲

3 51.5 21

0.0 82* -

-17.9

643*

2.0-0.5

-

11

▲

-0.4

455.1

45.5

7.7

0.2

60* 100.0

67* 4.783.3

Jan 1 - Jun 30

19.2

6

Rank

2017

0.6

Change in 2017Rank Value Rank Value

Exp (%)

1Rank

-68.3 28.42 25.6▼

Advisor

Jan 1 - Jun 30

▼


Rank

-9Rank

-14 ▼Gram Capital 2


162.5Industrial & Comm Bank China 1


Change (%)


Financial Advisor

** Fee# of 2016

US$m

2017

Deals # of Deals

137*▼ 0.7

China Renaissance Partners 3 3 142 20

42.7▼ 11.513 -30.2

9.660*2

16

58.3

▲

177.4 -70.515

-76.9▲ -99.1

-47.0 ▼

▲0.3

54.51.80.8

Veda Capital Ltd 5*CITIC 0.2

103.833* 9 75* 18* 9 4 ▼ 67*791.2

- 0.64

▲8 -6 4

147.0▲

▼

22.8122.5

-49.714.60.6

1.7

▼

-10

7▲ 2.9

211.7

37.5

▲9* 13* 6 0 -894.6

98.8Haitong Securities Co Ltd 9* 5* 6 -3 ▼Guotai Junan Securities

0.018.90.7 37*

90*Zhongtai Securities Co Ltd 9* - 6 6 ▲China International Capital Co 13* 5* 5 -4 ▼

--7.5 ▼ 1.5

- 0.0

81.8 ▲ 1.0 20* 16.1Optima Capital Ltd 13* 56* 5 418

9

Kingston Corporate Finance Ltd

Morgan Stanley 13* 21* 5 1Rothschild & Co 16* 18* 4

- - 9.4 3 15.7

16* 27* 4 1 ▲-10.948.3

55.1-1 23

88.9

▼ 5.1 39.5

-

5

17Altus Capital Ltd 16* - 4 4

021* 4Citi 16* 27* 4 1

-Somerley 16*6.4 4

▼▲

9.8 67*-

812.1

▼ ▼KPMG 21* 5* 3 -6 11.7- - 0.6 43* 100.0

100.080*0.1

3 2 ▲3- 3

47.5Credit Suisse 21* 21* 3 -1

21* 27*▼

3 0 -

3 2 ▲

3.8-

-

Chinese Small-Cap M&A up to US$50m by Target Industry

▼-

-45.8

- -

5.9

20.078.9

13*0.0 -

-15

- -

▼

24

-

0.0▲

▲

-

-50.220.7

80.4

-91.1

-

-


▼1.2

21* 62.83 -3

--

Kaiyuan Securities Co Ltd

2.3 12

-

-83.3 0.0

--

90*-

▼

24.53.4

-41.418 0.41.6

53*▼ 19.0-

133.7

59.244.7

339.3▼ 38

▲73.4

30

▲

17-

▲-

8 -3

3▲

7

1

China CITIC Bank Corp Ltd 7 4

China Merchants Securities Co 4 9* 11

86.0

115.0


7.9

China Construction Bank

Chinese Small-Cap M&A up to US$50m by Rank Value Range

10

Nuada Ltd

9* 33*Red Sun Capital Ltd 7

21*

12.0

171.1

69

Chinese Involvement Small-Cap Rankings (MM20a)

19-

China Merchants Bank 21*

Duff & Phelps

China eCapital Corp

33* ▲

12.0

72.1 14

21* 56*

13*

21*

UBS

3 1

Platinum Securities Co Ltd

56*


Goldman Sachs & Co 21*

0.0

4.4

43*

0.4 53*43*

17.2%

16.3%

12.9%

11.9%

8.6%

8.0%

7.8%

7.2%

3.9% 2.6%

Industrials

High Technology

Materials

Financials

Healthcare

Real Estate


Energy and Power

Consumer Staples


Retail

Telecommunications

-

200

400

600

800

1,000

1,200

1,400

1,600

$0

$2

$4

$6

$8

$10

$12

$14

$16

# of

Dea

ls

Ran

k Va

lue

(US

$b)


20



0.3 31* 100.00.2 33* 100.0

- - -1.0 10* 100.0

0.6 20* 100.01.0 10* 100.0

- - -- - -

1.0 10* 100.0- - -

1.0 10* 100.0- - -

- -1.0 10* 100.0

36* 100.0

29.8

Axis Capital Holdings Ltd 14* -

55 ▲ 2,403.7

PL Capital Markets Pvt Ltd-

14*

Industry Total 688

-0.6

- -

95.6

- 1

18.8 ▲

1 ▲

24*

▲

-25.0

Veda CorporateAdvisors Pvt Ltd 14* - 1 1

1 0

-1 ▼

▲15.1 14 - -

-

-

0.5 24*

- -

100.00.0 24* -▲

-100.0

-0.6 20*

16

-

-

14* 16* 1 0 -Amidas Partners Inc 14* - 1 1

Benchmark International 14* - 1 1 ▲

-

CFI

Mark Corp Advisors Pvt Ltd 14* - 1 1 ▲

20* 100.0

9 281.89.3

▼-

▲ 0.0 24*

-

-

-

0.0 24*

1 1 ▲ 0.0

21.0

24*-

-- - -

37.2 2- -

-38.3

-Livingstone Partners 14* 16* 1 0 -

0.2 33* 1.8Morgan Stanley 14* - 1 1 -

50.0

ICICI Bank Ltd 14* 11* 1 -1 ▼ 17.7 13 -

1.05 107.3 ▲ 0.5

10*24*

24* - -Kotak Mahindra Bank Ltd 14* 16* 1 0 0.0

- 1.0 10*Yes Bank Ltd 14* 16* 1 0 - 31.1IMAP 14* - 1 1 ▲

Wodehouse Capital Advisors 14* 16* 1 0

0.0 24* -

▲

1 1 ▲

15.0 150.0

-

▲

CapitalSquare Advisors Pvt Ltd 14* - 1 1 ▲SDAO Advisory Services LLC 14* -

- -

▼GCA Corp 14* 7* 1 -2

Systematix Corporate Services

▲

Meghraj Bank Ltd 14* - 1 1-0.0-

PricewaterhouseCoopers 14*

11* 1 -1 ▼


▲

1

Indian Small-Cap M&A up to US$50m by Rank Value Range


Daiwa Securities Group Inc 14* - 1 1

0.0 24*▲Signal Hill Capital Group LLC 14*

0.0 24*0.0

22

0.0

-

159.0

UBS 14* - 1 1

0.0 24*

-

-

24*

Indian Involvement Small-Cap Rankings (MM21a)

-10*

-

- 10*-

0.0-

0.0

-

128

7

-

--

31*1.0

--

-

-

100.0

20.0

Globalscope 8* 25.98*Singhi Advisors Ltd

1.0

0.3

100.0

87.5

-

-

▼

▲ 28.8 2.0-

302.0

-

0.7

100.024*

100.0

21

36*

Indian Small-Cap M&A up to US$50m by Target Industry

100.0

-




Jan 1 - Jun 30

14* - 144.4

-100.0

0.11* 1 -11 24*▼

33.3

0.4-

9-▲ 19.1 1.2-▲ -24*

Translink Corporate Finance 8* 16* 2 1

7* 2 -1Citi 8* - 2 2

19 100.0100.0

▼

36.8- 2 2 10*▲ 18.5 --

Ambit Corporate Finance 8* 16* 2 1 3▲Rothschild & Co 8* 16* 2 1 - 3* 21.7Lazard 5* 16* 3 2 ▲

- -24*0.6 20*24* - 42.9

- -Zico Holdings Inc 5* - 3 3 ▲--RHB 5* - 3 3 ▲ -

775.0 ▲ 2.1- -

7* 4 1 ▲ 35.0 45.0 18 -79.2 ▼ 3.1

0.51 125.4Deloitte 3 4* 5 0 -

0.1 36*▲

2.5 21 -93.9121.5 100.0KPMG 1* 3 8 0 -

Ernst & Young LLP 1* 1* 8 -4 ▼Rank Change (%) Fees Rank Exp (%)Financial Advisor Rank Rank Deals # of Deals US$m

Rank Value 2017 Rank Value Advisor


2017 ** Fee

▲Drake Star Partners 14* - 1 1 ▲

Avendus Capital Pvt Ltd 4

2017 2016 # of Change in


MM21a - Undisclosed Values & Values up to US$50m Jan 1 - Jun 30

Duff & Phelps 14* - 1 1Sett & Lucas Inc 14* - 1 1 ▲Positron Consulting Svcs Pvt 14* - 1 1 ▲

-

Sparrow Business Solutions LLP 14* - 1 1 ▲

23 -

4.2

▲0.0 24* - -3.0 20

-

1

0.0 24* - -0.7

19 - -0.0 24* - -7.1 17 -73.2 ▼

30.0 6 - -

-0.0 24*

-19.1 10* - -

- -0.0 24* -

Frontier Management Inc 14* - 1o3 Capital Advisors Pvt Ltd 14* 11* 1Business Development Asia LLC 14* 16*

▲Axis Bank Ltd 14* 4* 1 -4 ▼

0.0 24* - -

- -

0.1

0.0 24* -

16.7%

15.6%

11.0%

10.0%

9.6%

8.1%

6.9%

6.9%

5.1%

4.9% 3.5%

Industrials

Financials

Consumer Staples

Real Estate

High Technology

Materials


Energy and Power

Healthcare


Retail

Telecommunications

-

50

100

150

200

250

300

350

400

450

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

Ran

k Va

lue

(US

$b)


# of

Dea

ls

21


-

-

-

-

-Asia-PacificCatherina Guinto-RoldanTel: +81 3 6441 1142E-mail: [email protected]

Japan -Kaori Motohashi Tel: +813 6441 1142

-


Americas

League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, minority stake purchases and debt restructurings.

Ranking Criteria Summary

Deals with undisclosed dollar values are rank eligible but with no corresponding Rank Value. Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of announcement of terms.

E-mail: [email protected]

Announced league tables include all deals that were announced between January 1, 2017 and June 30, 2017 and of which Thomson Reuters was made aware. All current data and previous year's data is as of 6:00am EST on July 7, 2017.

Ewelina JareckaTel: +44 (0) 207 542 2246

If you would like to participate in the submissionprocess, receive quarterly press releases, or havequestions about league table criteria pleasecontact:

A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declared wholly unconditional.

Europe, Middle East & Africa

Robert LevineTel: +1 646 223 5682


While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.

© 2017 Thomson Reuters. All rights reserved.

Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.


Any Involvement league tables include deals where the target, acquiror, or either ultimate parent are domiciled (nation of headquarters) in the specified region or nation.

Financial and legal advisors receive full credit for each deal on which they provide financial or legal advisory services, unless they represent minority sellers or advise on only a portion of the transaction or Thomson Reuters has not been made aware of their participation in that transaction. For pending transactions, advisors to targets of multiple bids receive credit for the transaction agreed to or, in the absence of an agreement, the value of the highest offer.

League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, and unconditional transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction.


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