Slideshow: Ten Largest Buyout Deals Of Q1

The numbers are in, and the biggest buyout deal by a U.S. sponsor in Q1 was…the $5.3 billion take-private of Del Monte Foods Co., by KKR, Vestar Capital and Centerview Partners.

To find out who rounded out the Top 10, below sister magazine Buyouts has put together a slideshow (with data from publisher Thomson Reuters as of March 25). Some interesting highlights:

• All but one of the deals was agreed to in Q4 2010. Of course there’s often a lag between when firms announce a deal and when it’s closed. But as Peter Clare, co-head of U.S. buyout group at the Carlyle Group (which closed two of the 10 largest deals), told Buyouts, “There was a reasonable level of activity but it was not robust. A lot of capital we invested in Q1 was committed in Q4.”
• Lots of new platform investments. At least eight of the 10 largest deals could be characterized as new, or platform, investments. This was a trend industrywide in Q1, with at least 92 of 170 deals closed in the quarter being platform investments. In recent previous quarters, add-ons had dominated.
• Lots of take-privates. Buyout shops targeted public companies with renewed vigor, with at least six of the 10 largest deals being take-privates. Leonard Green was particularly active here, taking part in two take-privates that were among the 10 largest deals.

[slideshow]
[slide title=”No. 10: HIG Capital Carve-Out of Cytec Industry’s Building Block Chemicals Business”]

HIG Capital LLC

Target: Cytec Industries Inc-Building Block Chemicals Business

Value: $180M

Sector: Materials

Deal Type: Carve-out/Platform Investment

[slide title=”No. 9: Veritas Capital Buys CPI International”]

Veritas Capital Partners LP

Target: CPI International Inc.

Value: $522M

Sector: High Technology

Deal Type: Platform Investment/Take-private

[slide title=”No. 8: TPG Axcan Add-on of Eurand”]

TPG Capital LP

Target: Eurand NV

Value: $526M

Sector: Health care

Deal Type: Add-on to Axcan Pharma Inc./Take-private/Sponsor-to-sponsor

[slide title=”No.7 Blackstone buys Polymer”]

Blackstone Group LP

Target: Polymer Group Inc.

Value: $654M

Sector: Consumer Staples

Deal Type: Sponsor-to-sponsor

[slide title=”No. 6: TPG Carves out Property Info Biz”]

TPG Capital LP

Target: MacDonald Dettwiler & Associates Ltd-Property Information Business

Value: $850M

Sector: High Technology

Deal Type: Carve-out/Platform Investment

[slide title=”No. 5: Leonard Green Takes Jo-Ann Stores Private”]

Leonard Green & Partners LP

Target: Jo-Ann Stores Inc.

Value: $1.5B

Sector: Retail

Deal Type: Platform Investment/Take-private

[slide title=”No. 4: Carlyle Buys Syniverse”]

Carlyle Group LLC

Target: Syniverse Technologies Inc.

Value: $2.6B

Sector: Telecommunications

Deal Type: Platform Investment/Take-private

[slide title=”No. 3: TPG, Lenny Green Take Preppy Retailer Private”]

TPG Capital, Leonard Green & Partners

Target: J. Crew Group Inc.

Value: $2.7B

Sector: Retail

Deal Type: Platform Investment/Take-private

[slide title=”No. 2: Carlyle Buys CommScope”]

Carlyle Group LLC

Target: CommScope Inc.

Value: $3.7B

Sector: High Technology

Deal Type: Platform Investment/Take-private

[slide title=”No. 1: KKR Leads Del Monte Buyout”]

KKR, Vestar Capital, Centerview Partners

Target: Del Monte Foods Co.

Value: $5.3B

Sector: Consumer Staples

Deal Type: Platform Investment/Take-private

[/slideshow]