2011 ANNUAL REPORT - proman.fi annual report 2011.pdf · 2011 Annual Report aims to display the global reach of IMAP, as well as the local depth realized through our partnership

2011 ANNUAL REPORT

IMAP is a global partnership of leading M&A and corporate

finance firms focusing on the middle market. Formed in

1973, IMAP is the world’s most experienced provider of

premium M&A services, through the collaboration of

hand-selected partner firms.

Introduction

CHAIRMAN’S MESSAGE

ABOUT IMAP

GLOBAL REACH

INDUSTRY EXPERTISE

IMAP EVENTS

02/

04/

08/

30/

69/

IMAP 2011 ANNUAL REPORT

TABLE OF CONTENTS

2 3

I am pleased to present the IMAP 2011 Annual Report, showing our progress over the last year. The 2011 Annual Report aims to display the global reach of IMAP, as well as the local depth realized through our partnership.

To Our Esteemed Stakeholders,

We have accomplished a great deal in 2011 and I am

proud of our success. Our strength, our premium

service quality and our proficient management

continue to allow us to offer significant value to our

clients and stakeholders under any type of market

conditions.

This last year has been eventful: important political

events, economic issues and natural phenomena

have had a major impact on the world, on society

and on every segment of the market. We have

observed a significant shift in deal flow to emerging

markets and to growing economies, where IMAP

has a recognized presence and established insight

and expertise.

We continued to stand out in 2011; ranked No. 3 globally

by Thomson Reuters for number of completed

transactions in 2011 with values up to US$500

million. IMAP also ranked No. 3 in Europe, and

No. 1 in the CEE and Nordic Region for number of

completed transactions with values up to US$500

million.

For completed transactions with values up to

US$200 million, IMAP was also ranked No. 3

globally by Thomson Reuters, No. 2 in Europe,

No. 1 in CEE and the Nordic Region, No. 3 in Latin

America, and No. 4 in North America.

Last year, IMAP completed 227 M&A deals and

38 capital raising deals, with a strong showing in

emerging markets. For completed transactions with

values up to US$500 million, Thomson Reuters

ranked IMAP No.1 in Turkey, and No. 2 in India. Our

rankings in other countries were equally impressive.

These results clearly demonstrate our commitment

to providing the most effective service to our

clients. Our comprehensive reach and unmatched

collaboration infrastructure allow us to offer our

clients premium expertise and customized guidance

through our processes; this is why we are preferred

in global, regional and local M&A markets.

IMAP’s entrepreneurial nature and customized

service approach are key to our position as the

world’s most well-established provider of premium

M&A and corporate finance services to the middle

market. We operate on a personal level that ensures

senior-level, decision-maker attention for each and

every client: we build sustainable relationships

with our clients. IMAP’s transaction advisors are

connected with their markets, culture and community,

thus we have the knowledge, perspective and

authority necessary to structure deals with a long-term

approach that benefits all parties.

Even as markets become more intricately connected,

our first priority at IMAP continues to be the stable

provision of seamless results that deliver value on a

global and regional scale; and the foundation of long-

term relationships with our clients and stakeholders.

To support the achievement of these objectives,

IMAP has expanded its reach into Russia, and has

implemented new services and high-quality offerings

that present our clients with an even broader range of

solutions.

As we extend our scope of coverage, our already

extensive local depth worldwide becomes even

greater. Our track record in industry transactions

shows our expertise extends into all sectors; IMAP

ranked among the top five in terms of number

of deals closed by industry and held top ranking

worldwide in the healthcare and retail sectors for

number of deals closed with values up to US$500

million and US$200 million. IMAP’s advisors

consistently advance and refine their industry

knowledge, and are recognized as authorities in

these specific areas by clients and peers alike.

Our network of local contacts, know-how and

experience is strengthened every day, providing

more value for our clients and stakeholders.

Our dedication to our clients is precisely what

drives us to develop new products and innovative

services. It is why we provide partner-level attention

to each client interaction and ensure that clients

are matched with the local contacts who can best

facilitate their transactions, along with the IMAP

industry experts in the field.

As IMAP continues to grow its service offerings, our

activity in the market will also amplify. We are ready

to fulfill your requirements in the area of M&A with

an enhanced selection of advisory services and

products, and our consistent professionalism and

dedicated global and local approach

I wish you all a happy, successful and prosperous

year.

Sincerely,

Şevket Başev

Chairman and CEO

IMAP’s entrepreneurial nature and customized

service approach are key to our position as

the world’s most well-established provider of

premium M&A and corporate finance services

to the middle market.

Cha

irm

an’s

Mes

sage

4 5

About IMAP

Core Values

IMAP values and respects the

priorities and expectations of its

stakeholders. It fosters an open and

inclusive environment, treating each

client in a manner that reflects its

core value of emotional intelligence

in business making through empathy,

integrity, trustworthiness, honesty and

responsibility

Global Reach

IMAP is located in more than

40 countries. The Partnership is

represented by more than 400

experienced transaction advisors and

analysts working seamlessly across

borders for a wide range of clients.

IMAP offers a comprehensive and

integrated array of corporate investment

banking services related to M&A,

corporate finance and business

valuation. Our diverse, dynamic and far-

reaching international partnership allows

IMAP to assemble customized teams of

dedicated professionals - leaders in their

practice - who offer specialized expertise

in specific products and industries, to

help sellers and buyers find customized

solutions to accomplish their objectives.

IMAP’s Industry Expert initiative has

further strengthened our service

proficiency and our reputation as the

go-to experts within specific industries

and sectors. Additionally, in the IMAP

Industry Reports published each year

for specific categories, IMAP Industry

Experts provide not only hard data,

but informed analysis that clients and

readers can use.

IMAP rose in global and regional M&A rankings, reaching No. 3 globally in the number of completed transactions with values up to US$500 million and up to US$200 million. Regional rankings showed particular strength in emerging markets.

IMAP’s expertise across a wide range of industries is evident: the partnership led the market in healthcare, and consumer products and services transactions, with a strong showing in other industries as well.

1 KPMG 368

2 PricewaterhouseCoopers 269

3 IMAP 225

4 Ernst & Young LLP 216

5 Rothschild 175

6 Goldman Sachs & Co 170

7 Morgan Stanley 168

8 Deloitte 166

9 Lazard 151

10 JP Morgan 151

10* UBS 143

12 Credit Suisse 143

13 Deutsche Bank AG 138

14 Nomura 133

15 Bank of America Merrill Lynch 130

Based on Number of Transactions 01/01/2011 - 31/12/2011Source: Thomson Reuters

Rank Financial AdvisorNumber of Transactions

Undisclosed Values & Values up to $500 million

Global


1 KPMG 342


3 IMAP 221


5 Deloitte 153

6 Rothschild 134

7 M&A International 124

8 Lazard 122

9 Morgan Stanley 121

10 Nomura 116

10* BDO International 116


13 Houlihan Lokey 108

14 UBS 106

15 Sumitomo Mitsui Finl Grp Inc 99



Global

6 7

Transaction Volume & Value

YearNumber of

TransactionsTotal Value of Transactions

(million USD)Average Value per Transaction

(million USD)

2000 182 3,151.0 17.3

2001 199 2,096.0 10.5

2002 217 4,425.0 20.4

2003 210 3,470.0 16.5

2004 190 5,803.0 30.5

2005 220 4,079.0 18.5

2006 218 6,341.0 29.1

2007 254 9,946.0 39.2

2008 252 13,024.0 51.7

2009 179 6,159.3 34.4

2010 184 11,010.8 59.8

2011 227 11,289.8 49.8

2011 Transactions by Region

RegionNumber of

TransactionsValue of Transactions

(million USD)Average Value of Transaction

(million USD)

Asia 21 1,570.7 74.8

EMEA 138 2,640.7 19.1

Latin America 18 2,564.6 142.5

US & Canada 50 4,513.8 90.3

IMAP’s exceptional combination of

global reach and local depth, coupled

with consistently high standards

of market knowledge and industry

expertise, ensures maximum service

quality and best results.

Measurable Results

IMAP has successfully completed more

than 2,000 transactions in the last 10

years, and in 2011, 227 M&A transactions

and 38 capital raising mandates.

Tailored Approach

IMAP provides strategic and financial

advisory services according to

the unique characteristics of each

transaction.

Each evaluation is based on delivering

exceptional service and value to the

M&A client-advisor relationship. IMAP

professionals share common values

and principles, reinforced by rigorous

standards and qualifications to ensure

unmatched service and results.

IMAP’s leadership and staff are

committed to leveraging their global

network to provide the dedicated

proprietary marketing and technology

to support clients and the cross-border

teams who serve them.

IMAP ensures that each stage of the

client-advisor relationship is handled

with the utmost care, partner-level

attention, due diligence and attention

to detail: from start to a successful

conclusion, every transaction is guided

flawlessly and seamlessly through each

phase.

Our attention to detail includes follow-

up: IMAP Partners know that what

happens after the completion of a

successful transaction is as fundamental

as the deal itself. Post-transaction data

is tracked, and added to an extensive

knowledge base that provides a solid

foundation for future activities.

IMAP completed more than 227* transactions in 2011, from 184* completed transactions in 2010.*As recorded in the Thomson Reuters database as of 2011 Q4 (Feb 28, 2012).

IMAP Partners possess extensive experience across markets, including emerging markets and growing economies that require particular expertise and insight.

Şevket Başev

Chairman and CEO

Scott Eisenberg

USA

Jurgis V. Oniunas

CroatiaMichael Reeves

UK

Michael Drury

USAEduardo Morcillo

China

Steven Dresner

USA

Antonio Zecchino

Italy

Søren Nørbjerg

Denmark

Gilberto Escobedo

Mexico

Boa

rd O

f Dire

ctor

s

The IMAP Board of Directors is comprised of leading international investment banking and corporate finance professionals who are also shareholders of IMAP. The Chairman of the Board of Directors is Şevket Başev.

IMAP

For values up to 200 million USD

Worldwide3rd


Worldwide3rd


in CEE and Nordic Region1st


in Europe3rd


in Latin America3rd


in North America4th


in Europe2nd


in CEE and Nordic Region1st

Karl Fesenmeyer

Germany

Jose A. Sauma

Costa Rica

8 9

Globally, IMAP provides premium M&A services, focused on the

middle market, extending across Europe and North America

and the advanced emerging economies of Asia and Latin

America to the burgeoning economies of Eastern Europe and

the Middle East.

Our ground-level approach means that IMAP’s advisors are able

to connect with clients on a decision-maker basis. IMAP’s teams

are familiar with their local markets, culture and values, and are

often active in the community as well.

These connections serve to forge a foundation of trust between

IMAP advisors and clients, particularly in developing economies

where IMAP leads the middle market.

IMAP offers a comprehensive and integrated array of corporate

investment banking services related to M&A, corporate finance

and business valuation.

Mergers and Acquisitions

Merger and acquisition advisory work is the central platform

of IMAP’s service offerings. The investment bankers at

IMAP assist clients seeking to sell their businesses, or advise

buyers in identifying expansion opportunities and executing

acquisitions. IMAP colleagues work actively with corporate and

private equity entities in terms of both client service and specific

transactions.

Variations of the basic buying or selling theme include

management buyouts (MBOs), management buy-ins (MBIs),

recapitalizations, strategic partnerships, product line additions,

divestitures, mergers and rationalizations.

IMAP specializes in guiding the parties involved to achieve the

appropriate combination of business structure, with the ultimate

goal of benefiting our clients.

Corporate Finance

IMAP has colleagues who specialize in early stages of funding

and venture capital, and others who focus on growth capital

and later-stage funding. Still others specialize in corporate

restructuring and turn-around funding.

MBO and MBI transactions often require financial assistance

to complete the transaction. Knowledge of funding and the

corresponding financial structure is a hallmark of IMAP client

service.

IMAP provides a variety of investment banking services, in addition to our primary focus on M&A. From valuation consulting to financial restructuring, senior-level advisory based on deep transactional experience is a fundamental IMAP strength.

Global Reach

IMAP’s global reach and local depth are unparalleled in the middle market worldwide. With offices covering more than 40 countries, IMAP’s investment bankers can leverage the experience and knowledge of their peers regionally, assembling customized teams of professionals who offer specialized expertise in specific products as well as those with certain geographic knowledge or industry know-how.

10 11

Aneesh Matapurka

IMAP in ASIA PACIFIC and SOUTH ASIAStaggeringly diverse in size, population and economy, Asia comprises 48 countries. IMAP has established itself in Japan, India, and China, the biggest advanced emerging economies in the region.

The increase in wealth and population growth across the Asia-Pacific region and South Asia has contributed to rising levels of consumer goods consumption in these regions. Along with abundant natural resources and a commitment to getting business done no matter what, India, China and Japan have managed to weather recent crises – both financial and natural - successfully.

IMAP’s teams in Asia have a consummate understanding of the complex market environment of this region.

China

In China, IMAP is based in Beijing and Shanghai and is one

of the country’s leading advisory teams.

With 60 investment bankers operating in the China offices, IMAP

has conducted in excess of 160 transactions in China, with

an aggregate value of US$5 billion. In 2011, IMAP concluded

eight transactions with an accumulated value of US$900 million,

ranking it among China´s top three mid-market advisory firms.

A key strength is that IMAP adeptly negotiates the specific

requirements of the market in which it operates: in China, this

requires both a carefully drafted strategy and a flexible corporate

execution capacity. IMAP provides genuine understanding,

delivers practical outcomes, and knows how to get results,

providing advisory for both Western inbound and Chinese

outbound M&A activities.

Contact: Eduardo Morcillo / [email protected]

Japan

In Japan, IMAP supports foreign and domestic firms

in seeking out and executing opportunities arising from

Japan’s changing markets. Cross-border M&A of Japanese

corporations is rapidly growing and, in 2011, Japan-related cross-

border M&A comprised 46% of the country’s total deals. While

outbound M&A of cash-rich Japanese corporations is driving

most of this volume, there is also a renewed interest in Japan by

international corporations who had been putting off entry into the

market.

Providing a market-specific suite of services designed to ease the

entry of foreign firms into the Japanese market, IMAP’s seasoned

investment bankers are well-established professionals from major

domestic and international investment banks and accounting

firms, most with more than 10 years of experience. Japan’s

corporate culture is special and IMAP can translate the gap in

cultures and business practices.

Contact: Jeff Smith / [email protected]

Jan Borgonjon Eduardo Morcillo

Marco Zhu

Shyam Shenthar

Samanda Shu

Srinivas Tekal

Kiyoshi Odawara

Tomoyuki Izumi

Barry Chen

India

With offices in Bangalore and Mumbai, two financial

centers of this vast country, IMAP has high visibility across

industries and was ranked among India’s top three mid-market

M&A advisors for number of closed transactions with values up

to US$500 million and US$200 million by Thomson Reuters.

IMAP advisors in India are thoroughly familiar with this

multifaceted market: in 2011, the firm closed 17 transactions

with a total deal value of US$1.2 billion, and was ranked fourth

by Bloomberg in terms of deal count among all global and

local banks working in India. IMAP also closed one of the

year’s biggest cross-border automotive deals, working with

IMAP’s team in Germany. At the prestigious 2011 India M&A

Atlas Awards, IMAP won the Equity Deal of the Year Award

in the Middle Market category for its role as advisor to SFO

Technologies, a multinational engineering services firm.

IMAP’s Shyam Shenthar and Srinivas Tekal were recognized as

the Investment Banking Team of the Year.

Contact: Shiraz Bugwadia / [email protected]

Adam Larkey

Ikuo Yasuda

Deepesh Garg

Jeff Smith

Shiraz Bugwadia

Kishio Shindo

12 13

IMAP in CEE, MIddlE EAST And AFRICAIMAP’s long-established role as a financial advisory in the emerging economies of Central and Eastern Europe, the Middle East, and Africa, has given each team valuable real-life experience and knowledge of how the markets work and how to make a deal succeed.

Croatia

Headquartered in Zagreb, with additional offices in

Sarajevo, Belgrade, and Ljubljana, IMAP was ranked No.1

in Croatia by Thomson Reuters for number of completed

transactions valued up to US$500 million and US$200 million

in 2011. To date, IMAP has closed deals worth in excess of

US$350 million in almost 30 different transactions.

In the past two years IMAP has become the leading advisory

in the region covering the mid-market sector, with deal sizes

ranging from US$7 million to US$50 million.

Contact: Jurgis V. Oniunas / [email protected]

Czech Republic

IMAP’s investment bankers serving the Czech Republic

and Slovakia have completed over CZK10 billion of

completed transactions over the last five years. IMAP has been

ranked among the country’s top three mid-market advisors for

number of completed transactions with values up to US$500

million and US$200 million by Thomson Reuters for the last

three years and completed 12 M&A transactions in 2011. The

IMAP office in the Czech Republic is headquartered in Prague.

Contact: Richard Kovár / [email protected]

Hungary

Operating in Hungary and Romania, IMAP is one of

Hungary’s most productive M&A advisors, according to ISI

Dealwatch: between 2006 and 2010, IMAP closed 17 M&A

and financing transactions. In 2011, IMAP was recognized

by Thomson Reuters as No.1 in the country for number of

deals closed with values up to US$500 million and US$200

million. ISI Dealwatch put IMAP at the top of its league table

of M&A advisors in Hungary, by number of deals closed (five

transactions). In Hungary, IMAP is headquartered in Budapest,

and covers Romania from the IMAP Bucharest office.

Contact: Istvan Preda / [email protected]

Jurgis V. Oniunas

Richard Kovár

Istvan Preda

Alexander Paine

Michal Mišun

Janos Robert Nagy

Slaven Kordic Tarik Bilalbegovic

Laszlo Papp

Kemal Sikiric

Radek Schmied

Peter Huncsik

1 IMAP 40

2 KPMG 22



4* Rothschild 13

4* Clairfield International 13




Any CEE Involvement

1 IMAP 41

2 KPMG 25


3* Rothschild 17


6 Gazprombank 13

6* Clairfield International 13




Any CEE Involvement

Egypt

Headquartered in Cairo, IMAP is considered one of the

region’s leading corporate finance houses providing M&A

services across the Middle East and Africa.

Contact: Khaled El Ghannam / [email protected]

Khaled El Ghannam

14 15

Turkey

Leading the mid-market in Turkey and ranked by Thomson

Reuters as the country’s No.1 team for number of completed

transactions for the last four consecutive years, IMAP has

completed more than 50 M&A transactions valued in excess of

over US$4 billion. In Turkey, IMAP is headquartered in Istanbul.

Contact: Emre Erginler / [email protected]

Şevket Başev Emre Erginler

İbrahim Arınç

Tarık Şarlıgil

Russia

IMAP’s investment bankers in Moscow serve one of

the world’s largest advanced emerging markets. With an

historical focus on telecommunications and IT, oil & gas, FMCG,

retail, construction and infrastructure, IMAP closed several

significant domestic and cross-border deals valued at more than

US$279 million in 2011; and was ranked No.7 in the region,

according to the ratings of Mergers.ru.

Contact: Evgeny Antipov / [email protected]

Evgeny Antipov Karen Dashyan Dmitry Kasyanenko

IMAP in WESTERn EUROPEIMAP’s operations in Western Europe are well-established. Ranked No. 2 in Europe for number of completed transactions valued at up to US$500 million and US$200 million, IMAP is the go-to advisory for most of the middle market seeking cross-border or domestic deals with European involvement.

Poland

Ranked No. 2 in 2011 by Thomson Reuters for number

of deals closed with values up to US$500 million, and No. 1

for number of deals closed with values up to US$200 million in

Poland, IMAP has a broad range of experience dating back to

the early Polish privatizations. IMAP also supports companies

entering the Warsaw Stock Exchange, one of the fastest growing

European stock markets; this is an attractive product available

to CEE companies seeking access to capital markets. IMAP’s

investment bankers have in-depth expertise in negotiating the

complexities of operations in Poland and often serve as both

advisors - preparing analysis and recommendations - and as

coordinators and managers throughout each project.

Contact: Pawel Jagiello / [email protected]

Pawel Jagiello Andrzej Wrebiak

Magda Gruszczynska Tomasz Rudawski

Adam Gorecki

Stefan Camerlynck

Nikolaus Pogany

Belgium

IMAP, in Mechelen, operates seamlessly within the

local and multinational business environment in Belgium’s

common languages, Dutch, French and English. In 2011, IMAP

advised on a number of high-profile transactions in the fields of

energy, food, construction and ICT. Due to strict confidentiality

clauses in many of the transactions in the Belgian market,

these assignments have not been disclosed; however, IMAP is

ranked No. 2 in the country by Thomson Reuters for number of

completed deals with values up to US$500 million and US$200

million.

Contact: Peter De Waele / [email protected]

Austria

In Austria, IMAP is an exclusive middle-market M&A

advisory firm and a Vienna Stock Exchange (VSE) accredited

advisor and capital market coach for mid-market IPO services.

In the Vienna office IMAP operates a specialized Slovenia &

CEFTA (Central European Free Trade Agreement member

states) Desk. The firm’s seasoned M&A, IPO and privatization

advisors possess specialized knowledge in the finance,

manufacturing, high tech, telecom, and consumer products and

services industries, with a transaction expertise up to one billion

euro.

Contact: Heinz Brasic / [email protected]

Phillippe Craninx

Heinz Brasic

Peter De Waele

Peter Koerner

Kris Van Camp

Andreas Rokietowski

16 17

Johannes Eckhar

Wolfgang Wagner

Manfred Moll

Michael Rieder

Mathias Weidner

R. Paul Vuolle

Dr. Franz X. Keilhofer

Germany

IMAP’s investment bankers have extensive experience

as entrepreneurs, board members or managing directors,

differentiating them from other advisors in Germany.

The renowned IMAP China Desk offers dedicated China

expertise and the transaction experience of multinational

M&A professionals to German companies, ensuring that their

investments in China become sustainably successful; and to

Chinese investors seeking to realize strategic partnerships with

German companies. In 2011, IMAP, in Germany, supported their

IMAP colleagues in India on a remarkable Indian investment in

the German automotive industry with a total deal size of over

US$300 million. Also in 2011, IMAP became an accredited

Bondm coach in Germany, supporting mid-cap clients regarding

both the discharge and the compliance with obligations

subsequent to their Bondm admission.

Contact: Karl Fesenmeyer / [email protected]

Klaus Basse Karl Fesenmeyer Peter A. Koch

Italy

In 2012, IMAP celebrates its 25th year of activity in the M&A

and corporate finance advisory in Italy.

Today, with eight deal makers and partners and two offices,

in Bologna (headquarters) and Milan; and with collectively

more than 200 transactions closed, most of them cross-border

and middle-market focused, IMAP is among the top 10 Italian

corporate finance boutiques in the mid-market.

IMAP specializes in M&A, debt restructuring, fairness opinions

and equity capital market in Italy, and has been a Partner of the

Italian Stock Exchange since 1999.

Contact: Antonio Zecchino / [email protected]

Antonio Zecchino

Giovanni Belli Gabriele Brusa Paolo Figini

Mario Maestroni

Antonio Flores

Alberto Scandroglio

Roberto Dunatov

Ireland

In Ireland, IMAP is based in Dublin, and has successfully

completed corporate transactions domestically and cross-

border with an aggregate value of more than 5 billion euros.

In 2011, IMAP sourced almost 100 potential acquirers across

18 countries in just three weeks, completing a major power

generation industry deal involving the acquisition of Shanahan

Engineering, LTD. by Wood Group Power Solutions. IMAP holds

distinct expertise in accelerated M&A, and is a noted leader for

mid-market financial industry transactions.

Contact: John Sheridan / [email protected]

Ken Mintern

Kieran O’NeillConor McInerney

John Sheridan Conor Moran

France

IMAP is one of the oldest and most experienced M&A

advisory providers in France. Based in Paris, the team

in France has historically led the SMid-Cap market, closing

between 20 and 30 transactions per year in all sectors within

the mid-market. Completing more than 50 valuations per year,

IMAP has closed deals worth in excess of US$400 million in the

last years. Though traditionally a generalist firm, IMAP’s team in

France has gained significant expertise in food and beverage, IT,

construction, automotive, defense and aeronautics, clean tech,

and transportation.

Contact: Michel Champsaur / [email protected]

Bernard Maussion

Axel Fuhri Snethlage Peer C. Joosten

Robert Westenberg

The netherlands

In the Netherlands, IMAP has closed more than 150

deals. The team has experience across industries and a

history of working closely with management teams and boards

to optimize balance sheets, create value, and restructure

companies; and a strong track record in analyzing complex

financing structures and finding solutions to financing issues,

merger and acquisitions advisory and restructuring.

Contact: Axel Fuhri Snethlage / [email protected]

Arjen Rijpkema

Pascal Riviere

Krzysztof Giecold Michel Champsaur François Germain

18 19

United Kingdom

IMAP’s team in the United Kingdom operates throughout

the country, with offices in London, Manchester, Nottingham,

and Birmingham.

One of the leading investment banker teams in the UK, IMAP

has completed more than 400 transactions, with specialized

industry-sector experience in consumer, technology, industrials,

chemicals, healthcare, and support services.

In 2011, IMAP completed 39 deals with values of up to US$500

million.

Additionally, IMAP’s UK operations include a team dedicated

solely to research and origination.

Contact: Andy Moore / [email protected]

Mike Simson / [email protected]

Mike Simson

Michael Reeves

Stephen Bennett

1 KPMG 242

2 IMAP 154



5 Rothschild 110




Any Europe Involvement

1 KPMG 262


2* IMAP 156


5 Rothschild 141


Rank Financial Advisor


Any Europe Involvement

Nick Jones

Chris Smith

Jon Hustler

Philip Nuttall

Phil Burns

Carl Houghton

Marc Gillespie

Graham Hallworth

Paul Jones

Andy Moore

Gareth Iley

Marcus Archer

Paul Newel

Constantine Biller

Juerg Kurmann

Switzerland

In Switzerland, IMAP has closed more than 150 advisory

assignments; and is one of the select non-bank “Recognized

Representatives” at the leading Swiss stock exchange, SIX

Swiss Exchange. In 2011 IMAP closed five cross-border

transactions, two of which had a disclosed transaction value

in excess of US$100 million. IMAP, based in Basel and Zurich,

serves all industries, with specific expertise in the pharmaceutical

and biotech as well as in the chemicals and plastics sector.

Contact: Juerg Kurmann / [email protected]

Bernard Pellereau

Dr. Christoph Bieri Peter Degen

Jose-Maria Alberu Jose Lemos Miguel Lorenzo

Javier Perez Fargell

Spain and Portugal

Led by some of the Iberian Peninsula’s most talented

investment bankers, IMAP focuses on IT, chemicals,

healthcare, construction and infrastructure, automotive,

renewables, media and business process outsourcing. In Spain,

IMAP is based in Madrid and Barcelona. In Portugal, IMAP is

based in Lisbon, providing M&A advisory for one of the country’s

most prominent media deals last year, the acquisition of a

minority stake in Portugal’s Grupo Media Capital.

Contact: Francisco Asís Gomez / [email protected]

David Serra Miguel Oliveira Francisco Gomez

20 21

IMAP in nORdIC REGIOnIMAP has a long record of success in Scandinavia: in 2011, for the sixth consecutive year, Thomson Reuters listed IMAP in the Nordic Region as the No.1 M&A advisor based on the number of deals closed with values of up to US$500 million and US$200 million.

Lars Ehlig Andreas L. Lauridsen

denmark

There are 20 investment bankers operating from IMAP’s

offices in Copenhagen and Aarhus, in Denmark: the largest

corporate finance firm in the market for mid-sized companies.

IMAP has closed approximately 200 transactions to date in all

industry sectors, and 60 transactions in the last five years.

Contact: SorenNorbjerg / [email protected]

Finland

The professionals in IMAP’s Helsinki office are recognized

regionally for their cross-border expertise. One quarter of the

firm’s transactions involve a foreign buyer or seller and more

than 120 transactions have been closed to date in all industry

sectors, with special expertise in ICT, technical trading and

materials, as well as in industrials.

Contact: Lars Wikholm / [email protected]

Soren Norbjerg

Per Surland

John Jensen

Lars Wikholm

Kai Bech Andersen

Mikko Sistonen

norway

In Norway, IMAP operates with 10 investment bankers.

One third of IMAP’s executed projects are cross-border

transactions, and a considerable number of projects are buy

side mandates. IMAP has a particularly strong position within

the business sectors of energy, retail and business services. The

IMAP Energy & Power Industry Group is chaired by the Norway.

team on a global basis.

Contact: Ketil Wig / [email protected]

Ketil Wig Thomas Kvaal Oddbjoern Skredderberget

1 IMAP 36

2 KPMG 31

3 SEB Enskilda 25






Any nordic Involvement

1 IMAP 36

2 KPMG 32

3 SEB Enskilda 28






Any nordic Involvement

Andreas Karlsson Tim Persson

Sweden

In Sweden, IMAP has been ranked No.1 in the mid-market

by Thomson Reuters for the past four years for number

of completed transactions valued up to US$200 million.

IMAP closes cross-border and domestic deals from offices in

Halmstad, Gnosjö, Stockholm and Gothenburg.

Contact: Jan-Olof Svensson / [email protected]

Jan-Olof Svensson

Michael Holmgren

Bengt Jonsson Jorgen Larsson

22 23

IMAP in lATIn AMERICAThe IMAP team in Latin America closed several noteworthy deals in 2011 and was ranked among the top five mid-market M&A advisors by Thomson Reuters for number of completed transactions with values of up to US$500 million and US$200 million. The region’s financial health and growing prosperity provide fertile ground for domestic and international M&A in a number of industries, including healthcare, finance, consumer staples, agriculture, chemicals and petrochemicals.

Ruben Puentedura

Argentina

IMAP, in Argentina, advised on several significant cross-

border transactions, including the sale of the Waicon division

of Laboratorios Pförtner Cornealent, Argentina’s largest eye

care company, to Bausch & Lomb, the global eye care company.

Additionally, IMAP advised on the sale of Darmex SA, a maker of

rubber bladders, to the RheinChemie subsidiary of Lanxess, the

German specialty chemical company; and the sale of Argentine

company Medix ICSA to Natus Medical Inc, based in the United

States. IMAP is also on the forefront of cross-border interaction

with China, Argentina’s second-largest trading partner, and was

invited to participate in an event organized by the Ministry of

Foreign Affairs of Argentina with the participation of a selected

group of entrepreneurs of Argentina and China, to further

promote Chinese investment in the country.

Contact: Mario Hugo Azulay / [email protected]

Pedro Querio / [email protected]

Mario Hugo Azulay

Mario J. Zaffarana

Eduardo Rodriguez

Maria del C. Moschella

Pablo Teubal

Dimitri Abudi André Glezer

Brazil

From its establishment in Brazil, in 1997, IMAP has

closed more than US$6 billion in transactions. It is one of

the country’s oldest M&A advisors and, since 2005, has been

Brazil’s largest as well. IMAP’s team of 26 people have put

together some of the most newsworthy deals in the region. In

2011, IMAP represented DASA - Diagnósticos da América S.A.

in its acquisition of Cerpe, another Brazilian company, in one of

Brazil’s largest healthcare deals. The team has broad expertise

across a variety of industries.

Contact: Dimitri Abudi / [email protected]

Felipe Lobo Vianna

Chile

Between 1995 and 2011, the professional team that

composes IMAP Chile participated in domestic and cross-

border transactions worth more than US$11.5 billion. IMAP has

been involved in the most significant transactions in Chile to date

within the electricity, water and wastewater and ports sectors.

IMAP’s team also has strong experience in the mining, real

estate, telecommunications, forestry, agro-industrial and financial

services sectors.

Contact: Sergio Milic / [email protected]

Sergio Milic Francisco Gutierrez Gabriel San Martin

24 25

Mexico

Ranked among Mexico’s top three mid-market M&A

advisors in 2011 by Thomson Reuters for number of deals

closed valued up to US$500 million and US$200 million, over

75% of the transactions closed in Mexico by IMAP are cross-

border; specific areas of expertise include consumer products,

manufacturing, transportation & infrastructure, along with the

financial and educational services industries, with transactions

generally ranging between US$25 million and US$250 million.

IMAP has successfully closed more than 60 transactions, valued

at more than US$3 billion to date.

Contact: Gilberto Escobedo / [email protected]

Gabriel Millán Gilberto Escobedo

1 Banco BTG Pactual SA 27

2 Itau Unibanco 22

3 IMAP 20

4 Credit Suisse 17





Any latin America Involvement

1 Banco BTG Pactual SA 37

2 Credit Suisse 28

3 Itau Unibanco 26


5 IMAP 20




Any latin America Involvement

IMAP in CAnAdA And THE UnITEd STATESIMAP has coverage throughout Canada and the continental United States. North America maintains its status as a center for finance and business of all kinds and, despite the economic challenges of 2011, continues to present opportunities for deal making, as illustrated by IMAP’s ranking among the top three mid-market M&A advisors in the Americas in 2011 for number of deals completed with values up to US$200 million by Thomson Reuters.

Canada

Dominating the mid-market in Western Canada, IMAP, in

Vancouver, has performed successful transactions worth in

excess of US$3 billion. IMAP’s reputation for rapid mobilization

and significant value strategy mobilization is renowned

throughout Canada. The IMAP teams based in Vancouver and

Toronto are recognized for their success in dealing with complex

situations, knowledge of the markets in Canada, and ability

to harness competitive forces to help clients achieve the best

outcomes.

In both Toronto and Vancouver, the IMAP professionals in

Canada have expertise across industries: of particular interest in

2011 were financials, industrials, materials and high technology.

Contact: Ian Macdonell / [email protected]

Doug Irwin / [email protected]

Ian Macdonell Colin Walker

Mel Margolese

Ed Giacomelli

Doug Irwin

Reynaldo González Leonardo Najmias

Costa Rica

Ranked the No.1 M&A advisor in the region in 2011 by

Thomson Reuters for number of completed transactions

with values up to US$500 million and US$200 million, IMAP’s

team is the market leader in mid-market M&A advisory for

Central America. IMAP has completed close to US$11 billion

in transactions during the last decade, across 20 industries

including construction materials, financial services, consumer

goods, beverages, agro-industry and telecommunications. With

a direct presence in Colombia since 2008, IMAP has led cross-

border M&A consulting between the Central American and

Andean countries.

IMAP established the Mesoamerica Foundation, headed by Luis

Javier Castro, and focusing primarily on education and youth

development, CSR advocacy, entrepreneurship and regional

leadership and institutionalism.

Contact: Jose Antonio Sauma / [email protected]

Harry Strachan Luis Javier Castro Jose Antonio Sauma

26 27

Steve Dresner

Brian Schofield

Tom Pyra

Chicago, Illinois

In Chicago, IMAP introduced sophisticated Wall Street

investment banking practices to the middle market. The

team’s investment bankers have more than 100 years of

collective investment banking experience working with mid-

market companies. IMAP is a registered broker-dealer and

FINRA member firm, specializing in industry coverage for

the following sectors: basic industrials, metals, healthcare,

aerospace, business services, consumer products, education

and financial services.

Contact: Brian Schofield / [email protected]

Jamie Lisac

Stephen Mullin

Omar Diaz

Paul Hoffman

Kevin McMurchy

Don Luciani Partner

detroit, Michigan

In Detroit, IMAP has advised on a number of prominent

transactions in the region, including advising the Irish Dairy

Board on an acquisition in the U.S.; the Oxford Financial Group

on its investment in the financial services industry; Mesco in

its sale to TVS (India); and the Detroit Science Museum on

its restructuring process. The firm’s co-founder served as the

President of the Detroit Chapter of the Turnaround Management

Association (TMA) and is on the International TMA Board. IMAP,

in Detroit, is well-known regionally and advisors have particular

expertise in the manufacturing, service, technology and

distribution industries.

Contact: Scott Eisenberg / [email protected]

des Moines, Iowa

Founded in 1988, IMAP in Des Moines, Iowa and

Lincoln, Nebraska has established itself itself as a premier

provider of both M&A and business valuation services.

IMAP’s services include merger & acquisition consulting,

corporate finance, business valuation, litigation support, and

business consultation services to privately held businesses.

Uniquely organized to assist companies in preparing for exit

or acquisitions by providing optimum business transfer and

valuation services, IMAP, in Des Moines and Nebraska, has an

in-house staff of 10 accredited professionals dedicated to this

discipline. To date, IMAP has advised on more than 100 M&A

transactions and completed over 1,000 business valuation

assignments in a wide variety of industries, with a special niche

expertise in manufacturing and business.

Contact: Steven G. Jacobs / [email protected]

Charles Chandler Andrew Chidester Scott Eisenberg

Don Luciani

Gordon Gregory

los Angeles, California

Recognized as California’s “go-to” investment banking

firm for the middle market, in Los Angeles, IMAP has successfully

completed transactions worth in excess of US$5 billion for clients.

Contact: Garry Michael Kann / [email protected]

Garry Michael Kann

The United StatesWith offices across the USA, IMAP is nationally recognized as a leading mid-market investment bank across all industries, ranked among the top five by Thomson Reuters for number of deals completed with values up to US$200 million.

IMAP is located in: Atlanta, Georgia; Chicago, Illinois; Des Moines, Iowa; Detroit, Michigan; Lincoln, Nebraska; Los Angeles, California; Miami, Florida; Naples, Florida; New York, New York; San Francisco, California; Salt Lake City, Utah.

Steven G. Jacobs

R. Brad Harse James D. Nalley Tom R. Cavanagh

Alan D. Ryerson Gregory L. Weber

28 29

1 Houlihan Lokey 99


3 Jefferies & Co Inc 61

4 Lazard 59

5 IMAP 54

6 UBS 52

7 Morgan Stanley 50

8 JP Morgan 49

8* Bank of America Merrill Lynch 49

10 Lincoln International 48

11 William Blair & Co 47

12 Duff and Phelps 43

13 Robert W Baird & Co Inc 42

13* KPMG 42


15* Credit Suisse 40




Any USA Involvement Completed

1 Houlihan Lokey 110


3 Jefferies & Co Inc 84

3* Bank of America Merrill Lynch 84

5 JP Morgan 82

6 Morgan Stanley 77

7 Lazard 74

8 UBS 72

9 Credit Suisse 68

10 Citi 58


11* IMAP 57

13 Lincoln International 54

14 Barclays Capital 53

15 William Blair & Co 50




Any USA Involvement Completed

Mike Drury

Noall Knighton Shannon Carlson Shaun Bunting

Salt lake City, Utah

In Salt Lake City, IMAP has advised clients on more than

720 transactions across virtually all industries including

construction and contractor services, oil field supply and

services, business services, light and industrial manufacturing

and online distribution services; IMAP has specific expertise in

metals and minerals, and the energy belt extending to the Mid-

Western States.

Contact: Michael Drury / [email protected]

Adam Nelson Mike McBride

Gene Ramirez Alice Feng

Richard Juarez

Marc Cabrera

Peter LaFleche

John Sorte

new York, new York

In New York, IMAP is one of the largest investment banking

teams in the U.S., with over 50 investment bankers and more

than 55 operating partners. IMAP provides advisory and capital

raising services in the U.S., Asia and Europe and provides industry

coverage that includes consumer, retail and leisure, healthcare,

industrials, technology, media and communications, and business

services. The professionals working in New York, Miami, Atlanta and

San Francisco have private equity relationships with more than 700

firms.

IMAP has completed over US$96 billion in transactions since June

2001; over 250 M&A transactions and restructuring assignments;

and over 140 completed financings, including private equity and

debt placements, high yield debt and public equity offerings.

.Contact: John Sorte / [email protected]

Dennis Galgano Scott Isherwood

naples, Florida

In Naples, IMAP has successfully closed more than

500 transactions with a combined enterprise value of

several billion dollars. The team developed a proprietary Pre-

Engagement Marketing Assessment Program (“PMAP”) tailored

for every prospective client. This analysis involves a deep dive

into the market sector and prospective buyers or sellers. This

“PMAP” analysis helps both IMAP and the prospective client

determine whether they are the right “team” together and if the

market timing is right for the transaction.

Contact: Kerry Dustin / [email protected]

Kerry Dustin

Michael Wellman

Kurt Andersen

Ian Dunn

Maegan Evans

30 31

In this section you will find a comprehensive list of transactions closed by IMAP within our 13 key industry sectors. We have also listed key deals in selected sectors.

We use the same 13 key sectors mentioned in this

report to track our current projects and completed

transactions. Tracking project activity and advisor

expertise based on industry provides an important

collaboration tool, for both internal and external

use: IMAP colleagues have the ability to quickly

and effectively share mandates with other IMAP

advisors who have the same industry focus; identify

opportunities based on clients’ interests; and target

opportunities to those contacts that likely have the

most interest in the project.

Clients have the ability, via an easy-to-navigate tool

on our public web site, to find advisors within their

region who have developed a focus on a particular

industry; and to review IMAP-completed transactions

relevant to an industry in which they may have an

interest.

IMAP advisors publish Industry Reports covering

their area of expertise. These thoughtful, informed

analyses are anticipated by the market and used as

references by both clients and other advisors.

IMAP’s corporate investment banking services are tailored for each client by customized teams of dedicated professionals -leaders in their practice- who hold specific vertical industry expertise.

Industry Expertise

32 33

Consumer products and services include sub-

industries such as educational services, travel

services, legal services and so on. Despite the impact

of the 2011 crisis, those sectors remained attractive

to consumers and investors: ranked No. 2 in the

consumer products industry for number of completed

transactions valued up to US$200 million and US$500

million, IMAP partners completed 38 M&A deals* in

professional services, employment services and home

furnishings.

In Denmark, Inwido AB, Sweden’s market leader in

window and door manufacturing, saw an opportunity

to solidify its market position in both countries with the

acquisition of Danish window and door manufacturer

Protec Vinduer A/SS. With IMAP acting as the

advisor, the innovative Protec Vinduer A/SS provided

significant synergy for Inwido.

IMAP was involved in a cross-border acquisition in the

pet food sector, advising Provimi Pet Food, a leading

provider of animal nutrition, in its acquisition by the

Advent International Group, a global private equity firm

from the Czech Republic. By acquiring majority control

of the business operations of Provimi Pet Food, based

in Hungary, Advent’s investment supports Provimi in

expanding both its market reach and product line.

Consumer Products and Services

IMAP has advised Ochre House Limited, the recruitment outsourcing and talent

management business backed by NBGI Private Equity, on the sale of the entire issued share capital of its wholly owned subsidiary,

ITN Mark Education Limited, a leading provider of supply teachers and teaching assistants in England and Wales, to Core

Education and Consulting Solutions.

Døvre Search & Selection merged with the recruitment agency

Headvisor.

REPL is one of India’s largest test preparation coaching institutes (for

entrance examinations for engineering and medical sciences). The Company has over 38 centers across 18 Indian cities and has trained over 125,000

students.

PMV has invested in Ginsenga, the holding company of Select Human

Resources (HR services to businesses and public agencies). This investment

supports the holding in further expansion and professionalization of its subsidiaries

network and services.

Professional and managerial recruitment specialist, Antal International, has

acquired finance and office support recruiter Parkside Recruitment from the talent management group Ochre House,

backed by NBGI Private Equity.

Lagercrantz, an industrial technology group in electronics, electricity, communication and adjacent areas, has acquired

100% of the business operations of Svensk Stålinredning, a niche

manufacturer of specially designed storage solutions for professional

environments.

Domino,100% controlled by Certina Holding, received a syndicated loan

and additional bank facilities.

An undisclosed buyer acquired the entire capital share of Vehicle Care

Systems, a Salt Lake City-based distributor of vehicle care supplies.

Intelgia Partners, a financial and strategic advisory & investment firm, has acquired 75% of the shares of LMV, kitchen and closet design.

Inwido, northern Europe’s largest provider of window and door solutions, acquired 100% of shares in the Danish

window company Protec Vinduer.

Certina Holding acquired 100% of CMV, a market leader in the design and marketing of saunas, Turkish

baths, and steam baths.

Precintia, a Spanish security sales manufacturer, obtained additional

financing through new lines of credit from major international banks.

*Based on Number of Transactions 01/01/2011 - 31/12/2011 Source: Thomson Reuters

Consumer Products and Services

34 35

The Stanton Group, a portfolio company of MML Capital Partners, has been acquired by Gibson Guitar Corp.

Suomen Kultatehdas Oy acquired PlatinOro Oy’s bullion product design, handcrafting, marketing and sales business. PlatinOro

Oy handcrafts silver ornaments and articles designed by Finnish designers.

Advent International, the global private equity firm, acquired majority control of Provimi Pet Food, from Provimi Group,

a leader in animal nutrition.

IMAP has advised the shareholders of Alter Technology Group (ATG), the European leader in the procurement

and independent testing of high reliability electronic components for

space, aerospace, defense and other industrial applications.

STIL is the French leader in this market. Production was mainly in

China but specific products or short series remain manufactured in France,

where the design is conceived.

Rejlers AB has initially acquired 49% of Nettkonsult AS as a first step in the group’s acquisition plan of the

company, which has a leading position in technical consultancy services within

the electricity market in Norway.

IMAP advised Cummings Incorporated in a sale of substantially all its assets to

Prophet Equity LLC pursuant to Article 9 of the Uniform Commercial Code.

CED International, a full-service claims process manager, has acquired a 100%

capital share of Jordens & Mertens Expertise bvba.

UK member firm of Nexia International, Smith & Williamson, the award-

winning accountancy and investment management group, has acquired the trade and assets of BTG Tax, the tax

arm of Begbies Traynor Group.

Katy Industries, Inc, a portfolio company of Kohlberg & Company

L.L.C., has sold DISCO, its foodservice disposable products division, to

Cellucap Manufacturing Company.

IMAP has provided senior debt of 32 million euros in Nordea Bank for

Eson Pac Group in its acquisition with Strålfors Identification Solution and

Eson Pac AB.

A group of private Turkish investors have invested in Usta Turizm ve Yat

Isletmeciligi Ltd, a Turkey-based luxury sailboat and yacht manufacturer.

The management of Catalyst, a specialist technology and operations consultancy, acquired the company from the major global consultancy,

ABeam Consulting of Japan.

Securitas AB, the Sweden-based global security services provider, has acquired 51% shareholding of UGM, the Turkey-

based provider of monitoring and reporting services to residential, commercial and

industrial customers for different fields of activities.

An undisclosed buyer acquired the entire capital share of Western Gateway

Storage, an Ogden-based provider of cold storage services.

Pacific National Security Inc, a security services company, acquired 85% of

Metro Protective Services, a Salt Lake City-based provider of manned security

services.

Boom Finland Oy’s partner, Juha Lundberg, sold his part of the company’s share capital

(50%) to investment companies Nutrifen Oy (40%) and Guarneri Oy (10%), owned by Jari Kotiranta and Petri Saavalainen,

respectively. Boom Finland’s founder and largest owner (50%) Marcus Kärkkäinen

continues to work with his new partners as a member of the board.

Securitas AB has acquired 51% stake in Sensormatic Guvenlik Hizmetleri

A.S., the Turkey-based company engaged in providing technical security

services.

IMAP served as Co-Manager for Skylink Aviation’s C$125 million offering of Senior

Secured Second Lien Notes.

Overture Technologies is a leading provider of decisioning software solutions. Its

mortgage division enables the lending processes required for the mortgage and finance industries. CompuGain is a global

provider of professional services and innovative IT Solutions.

A group of private investors acquired 100% of the shares of Wasned BV, a Mijdrecht-based wholesaler of textile

products and provider of laundry services.

Warsaw Airport Services, the handling company operating at Warsaw Airport,

has acquired WAS-KRK Airport Services, Handling Services in Balice-

Cracow Airport.

IMAP has advised Hasgrove Plc, a marketing and communications service, on the disposal of 100% of its public affairs and strategic

communications division, Interel, to its existing management team.

IMAP served as co-manager for Regent Seven Seas’ US$225 million offering of

Second Priority Mortgage Notes.

Consumer Products and Services Consumer Products and Services

36 37

Increased purchasing power in emerging markets,

driven by the exponential rise of a middle-class

population, makes certain sectors very attractive for

investors. IMAP was ranked among the top five M&A

advisors for number of deals closed in the consumer

staples sector with values up to US$500 million and

US$200 million by Thomson Reuters, with food and

beverage, textiles and agriculture just some of the

areas where deals were completed.

In the food sector, increasingly demanding regulations

for food safety have motivated players to seriously

assess their business models and seek improvements

in current businesses.

In New York, IMAP represented 57th Street General

Acquisition Corp., a special-purpose acquisition

company, in its majority acquisition of Crumbs Bake

Shop. The publicly-listed Crumbs Bake Shop is the

largest U.S.-based retailer of cupcakes, producing and

marketing in 43 locations in or nearby New York City.

IMAP served as the financial advisor to 57th Street

General Acquisition; the company changed its name to

Crumbs Bake Shop, following the merger.

The Sopraval-Agrosuper deal in Chile provides another

example of merging as a solution to a specific market

situation. The IMAP team in Chile advised Sopraval,

Chile’s largest producer and seller of turkey, on their

sale of a 40% stake in the company to Agrosuper

Group, a leading Chilean producer of meat and fresh

products. Agrosuper is owned by the investment

group Inversiones Cerro la Campana, who saw the

acquisition as an advantageous add-on to their current

portfolio.

Consumer Staples Agrosuper, the largest meat and fresh products producer in Chile, has acquired

an additional 40.6% of capital share of Sopraval S.A., the largest producer and

seller of turkey in Chile.

Hørkram Foodservice, a Danish supplier of food to professional caterers, has acquired

100% of the shares in the Copenhagen-based abattoir and wholesale company,

ECB Kød.

As its first investment, Alandia has acquired in a secondary LBO the

leading manufacturer of viennoiseries sold to prestigious hotels in the Paris

area.

Kerten Private Equity, an Ireland-based private equity firm, has bought

a minority share in Elit Çikolata ve Sekerleme, one of the first chocolate and confectionery factories in Turkey.

Africa’s leading private equity group, Africinvest - Fund II, has invested an undisclosed amount in the form of convertible bonds financing MIMS Investments Ltd., the controlling

shareholder of Jafara, to cover the expansion and working capital needs of Jafara company, a Bosnian-owned

soft drinks bottling and packaging plant located in Tripoli, Libya.

IMAP has advised on the reorganization of ownership within this family-owned

company.

The Irish Dairy Board (IDB) has acquired U.S.-based Thiel Cheese & Ingredients, a

company involved in the custom formulation and production of cheese-based ingredient

solutions primarily for sale to U.S.-based food manufacturers. Thiel was owned by

FCF Partners, a private equity firm based in Milwaukee.

IMAP advised C.J. Vitner Company, a leading manufacturer and distributor of snack foods in the greater Chicago

market, on its sale to Snak King Corporation. Snak King is one of

the largest independent snack food manufacturers in the United States.

Florida Bebidas SA, a unit of Florida Ice & Farm Company SA {Fifco}, the company that

owns Cerveceria Costa Rica, acquired the entire share capital of Corporacion Musmanni Internacional, a San Jose-based producer and

wholesaler of bread products.

Agrofert Holding has acquired the remaining 25% capital shares of

Chovanecek - a mid-sized production plant producing smoked meat products.

AGROFERT Holding, the largest integrated agriculture-food production group in the

Czech Republic, has acquired 100% capital shares of ZEDNICEK, the largest

Czech importer of chilled foods. ZEDNICEK co-owns and operates retail stores and

manufacturing facilities that supply branded smoked meat products.

Agrofert Holding has acquired the remaining 25% of Z.O.P. capital shares.

Z.O.P. runs a mid-sized production plant producing smoked meat

products.

Consumer Staples

38 39

Matec Industrial and Ledervin have merged their businesses of Voga (synthetic laminates

and printed fabrics) and Longships (roofs and awnings). The two companies increased significantly in recent years and the merger

is to further accelerate this growth.

Ballarpur Industries Limited (BILT), India’s largest manufacturer of writing and printing

paper, acquired Premier Tissues India (PTIL). Premier Tissues is one of the

leading manufacturers and exporters of tissue products in the Indian market; and a fully integrated tissue products player with a

paper mill and a converting plant.

DK Company, a significant player in the Danish fashion industry, acquired all the

assets and activities of the Danish fashion company Kello. Kello will in the future be a part of DK Company’s subsidiary DKC

Classic Division.

The Swiss Napac Group developed and owned a patented technology for the

manufacture of biodegradable products based on renewable raw materials.

Within the framework of an exit process of the investors, the business operations were sold to the German Biofibre, which expanded its technology and customer

portfolio with this transaction.

Onyx Retail acquired Ollie & Nic, a London-based retailer of handbags

and accessories, from Morley Trading.

Cydel Developpement SARL acquired 100% of the capital of Chantal SAS, a manufacturer and wholesaler of women’s nightwear. The company

had an office in China for sourcing and controlling the production.

SDE Group, with CM-CIC Capital Finance, acquired the entire share capital of Vivaraise, a manufacturer

and wholesaler of textiles, from the Blanchard family and other

shareholders.

PastisArt, a Spanish frozen bread and confectionery manufacturer, obtained additional financing through new lines

of credit from major international banks.

Granit Agriculture Kft, part of Axereal Group, a French farmers’ cooperative, has acquired two grain silos in Hungary for an undisclosed consideration. In addition to Central Europe, Axereal is also present in Belgium and the

British Isles.

57th Street General Acquisition Corp. has merged with Crumbs Bake Shop,Inc., a neighborhood bakery and

a retailer of cupcakes.

Consumer Staples

Energy and power, as the “engine” of industries worldwide,

have always enjoyed considerable interest from investors. With

a rise in environmental awareness, renewable energy, and water

and waste management have become more visible. Countries

with very large populations, and emerging economies like India,

China and Brazil, are considering reforms in the sector, creating

opportunities for new mergers and acquisitions. IMAP partners

closed deals in a number of sub-sectors of the energy and power

industry.

In Asia, IMAP partners advised Cofides, a Spanish private equity

sovereign fund, on an investment in Befesa Shandong Water,

a Chinese water desalinization facility. This cross-border deal,

valued at US$25 million, illustrates IMAP’s solid global reach and

ability to cross borders to reach our clients’ goals.

Energy and Power

40 41

IMAP provided advisory services and acted as the exclusive placement agent for Power

Partners in a US$30 million debt refinancing.

Kellerstrass Oil Company, Inc., a second-generation petroleum marketer from Ogden,

Utah, has acquired 100% of Black Oil’s wholesale business, a third-generation

business headquartered in Monticello, Utah.

Energonova has raised fresh equity capital for further expansion into new hydropower projects from a private investor. Energonova – with ownership of two small hydroelectric plants (SHE) in

Bosnia - has a total of 1.6 MW of installed capacity.

A consortium led by Saria Industries, specialized in biomass conversion,

has acquired a controlling ownership (90% stake) of Biogasyl, a biogas

plant (recovery of sludge, grease and agricultural waste). The capital share of Saria Industries in Biogasyl is 51%

after the acquisition process.

IMAP acted as placement agent for Applied Solar Technologies in securing

a debt facility from Ex-Im bank.

Way Spa, high-voltage industrial electrical systems, has acquired 100% of two photovoltaic plants of Industrie

Alimentari Rolli Spa.

Mitek, a Berkshire Hathaway subsidiary and a leading supplier of products and

services to the building components industry, acquired 100% of Battery

Technology Group from Teck Resources, one of Canada’s largest

mining companies.

State-owned animal waste processor, ATEV Zrt of Hungary, acquired Phoenix Farm, a holding

company owning Protan S.A., the leading animal waste processor in Romania.

Fortnight Investments Inc has acquired the entire capital share

of Instrument Service & Controls, a South Jordan, Utah-based provider of

electrical services.

IMAP acted as placement agent for Myriant Technologies in securing a

strategic equity investment from PTT Chemical Public Company.

Cofides, a private equity sovereign fund, has acquired an investment

interest in Befesa Shandong Water, a water desalinization plant.

Ranked No. 3 in the financial sector for number of

completed deals with values up to US$500 million and

US$200 million by Thomson Reuters, IMAP partners

closed several deals in the financial sector, reaching a

value of more than half a billion US dollars.

Deals completed by IMAP were, namely, in asset

management and the diversified financials areas;

regulatory reforms, ongoing globalization in both

financial and nonfinancial markets, financial distress

and technological advancements in electronic banking

are all factors contributing to these financial merger

activities.

In Japan, IMAP partners represented Webmoney

Corporation – pioneers in the electronic money

business – on its sale to KDDI Corporation, a Japanese

telecommunications firm. In this deal, KDDI acquired

100% of Webmoney’s business operations. Following

the acquisition, KDDI is able to integrate Webmoney’s

services with its own services, offering Webmoney’s

existing services at its branded shops; it will also allow

the Japanese buyer to expand in other Asian countries.

In Canada, IMAP represented VenGrowth Funds in its

acquisition by Covington Fund II. The acquisition of

VenGrowth Funds, a collection of five venture capital

mutual funds, by Covington Fund II, one of Canada’s

largest venture capital investment funds, allows the

buyer to offer wider investment opportunities to

Canadian clients.

Financials

Energy and Power

42 43

Oregon Capital Partners, a UK-based private equity house, has acquired investment

interest in Clode Retail Finance Limited. Clode is the largest independent provider of point-of-sale retail finance to the customers

of UK retailers.

Sun Life Financial Inc., one of Canada’s largest life insurance companies, has purchased the minority shares (32%)

of McLean Budden, its investment management subsidiary.

Rothschild Credit Management Limited, a 100%-owned subsidiary of investment bank NM Rothschild, has entirely acquired Elgin Capital, the European CLO and hedge fund

asset manager.

IMAP acted as co-manager on Trio Merger Corp’s US$69 million IPO.

IMAP has advised the management of Mizuho Investment Management(UK)

Limited on the agreement with its parent company, Mizuho Corporate Bank Ltd., to sell the business to 3i

Group Plc.

Desjardins Credit Union, has merged with Meridian Credit Union to form the fourth largest credit union in Canada, with more than US$8 billion in assets

under management and 263,000 members.

Nadathur Group entered into a Joint Venture (JV) Agreement with Sunshine

Holdings to develop and manage several new hotels in Sri Lanka. The JV is

expected to invest in a phased manner to develop, acquire and manage hotel

assets. Sunshine Holdings is a diversified conglomerate with interests in healthcare,

plantations, FMCG, tourism, telecom and power. Nadathur is an investment

company founded by N.S. Raghavan, one of the co-founders of Infosys.

Private equity firm Covington Capital Corporation has acquired, through its Covington Fund II Inc., the assets of 5

VenGrowth venture funds. IMAP advised the Special Committee of the Board of Directors of

the 5 VenGrowth funds. Ranked No.1 by Thomson Reuters in number of deals

closed with a value up to US$200 million and US$500

million, IMAP partners closed more than 20 healthcare

sector M&A deals in 2011, with a total deal value

surpassing US$800 million. In addition, IMAP closed

eight financial advisory deals in this sector.

Representing an advance in patient services for

developed countries, emerging economies are seeing

both conventional and new business opportunities,

as large populations age and public expenditure on

healthcare rises.

IMAP in Switzerland initiated the transaction and

advised the buyer, Halma, a British safety, health and

sensor technology group, on the purchase of Medicel,

a Swiss manufacturer of single-use lens injectors.

The CEO of Halma stated that the joint strength of

Medicel and Halma will allow the company to extend

its presence in the ophthalmic surgical instrument

market, where growth is tending towards single-use

intraocular lens (IOL) injectors. Medicel had an already-

established strong market position, with products that

have significantly improved patient safety.

In a domestic deal in New York, IMAP partners advised

Metropolitan Health Networks (a healthcare services

provider) on its acquisition of Continucare Corporation,

a U.S.-based provider of primary care physician

networks and services. By acquiring Miami-based

Continucare Corp., Metropolitan Health Networks is

now a company with 32 primary care centers and a

network of more than 250 medical practices, making it

one of the largest medical practice groups in Florida –

a state with a large market in this sector.

Healthcare

Financials

44 45

BTG VivaSanté of France acquired a majority controlling interest in LMFarma,

a Sao Paulo-based manufacturer and wholesaler of pharmaceuticals.

IMAP provided financial advisory to Synta Pharmaceuticals.

IMAP advised the founders of LP DUO PRO, one of the leading anti-lice OTC

products, in the sale of its entire capital to Omega Pharma NV, the Belgium player

in the global OTC market. Omega is interested in international development of

this innovative product.

Cord Blood America, Inc., focused on bringing the life-saving potential of stem cells to families nationwide and

internationally, has acquired a minority interest in Stem Cells VIDAPLUS, a

Spanish-owned company which preserves umbilical cord stem cells at the Institute of Transfusion Medicine and Immunology of

the Red Cross in Frankfurt, Germany.

Neolab Limited, based in Hampshire, is involved in the sourcing, registration,

sales, marketing and distribution of generic pharmaceuticals and sells

into the British community pharmacy sector under the Neolab and private

label brands.

Dermapharm has acquired 95% of the shares of Croatian pharmaceutical company Farmal, with 85% procured

from the previous owner Miljenko Borscak and his company Bomark, and

10% from minority shareholders.

Biological Mimetics, Inc. has entered into a Collaborative Research & Option Agreement with Crucell Holland B.V., an operating subsidiary of Johnson &

Johnson.

IMAP served as a co-manager for NeoStem, Inc. in an Underwritten Registered Direct

Offering.

The Avallon private equity investment company’s subsidiary, Medort, a Polish manufacturer and distributor of medical

equipment, has acquired 100% of Rehab-Trade, a distributor of medical products.

Universal Medicare (Universal) sold its business of the marketing and distribution of branded nutraceutical formulations in India to Aventis Pharma Limited (part of

the Sanofi Group). Under the transaction, Aventis Pharma paid over US$125 million as the consideration. Universal Medicare’s

portfolio of more than 40 branded formulations represents key categories

within the nutraceutical market.

Bausch & Lomb, Inc., the global eye health company, has acquired 100% of the outstanding shares of Waicon,

a division of Laboratorio Pförtner Cornealent. Waicon is the Argentinean

market leader in contact lenses and lens care products.

Berner Osakeyhtiö has acquired Normomedical Oy’s entire share

capital. Normomedical Oy, founded in 1993, is an importer and wholesaler of

healthcare and wellness products.

Helion Venture Partners and Nexus Venture Partners, both India-focused venture capital funds, invested in Eye-Q Super-specialty eye hospitals. Eye-Q is North India’s leading eye

care hospital, which currently operates a 12-center chain of super specialty eye hospitals

in Delhi and the National Capital Region.

Halma plc., to expand its fast-growing health optics division, acquired 100% of the

share capital of Medicel AG, Wolfhalden, Switzerland, a leading manufacturer of

disposable injectors for intraocular lenses, in an early succession solution from its owner who continues to manage the

company. The English Halma is a multi-country client of IMAP and a serial acquirer.

Microsulis Holdings Limited has sold its female gynaecology and urology business

to Hologic, Inc., manufacturer and wholesaler of healthcare equipment.

Healthcare Global Enterprises (HCG) is South Asia’s largest cancer care

network. HCG owns and operates a network of 18 cancer centers across India. The deal testifies to the strong

fundamentals of the Company, wherein the existing Investors, PremjiInvest, and

Religare Milestone, bought out IDFC PE’s stake.

Utah Medical Products has acquired Femcare Holdings Limited of the

United Kingdom, including its trading subsidiaries, Femcare-Nikomed

Ltd. of Southampton, England and Femcare Australia. Femcare is best

known for its leading global brand the Filshie Clip System – a female surgical

contraception device.

Poliklinika Medikol, Medikol group, has successfully raised 26 million euros for the

construction of a new medical center (Medical Centre Medikol-“MCM”)in Zagreb, Croatia.

CryoLife Inc., a tissue processing and medical device company focused on

cardiac and vascular surgery, provided Private Placement and Debt Commitment to

ValveXchange Inc.

US - Cab Merger Sub Inc, a wholly-owned unit of Metropolitan Health Networks,

healthcare services provider, has acquired 100% of capital share of Continucare Corporation, provider of primary care

physician services.

Erba Diagnostics Mannheim GmbH, a German manufacturer of in vitro diagnostic testing products, has acquired the Turkish

company, DDS, engaged in developing and selling optimized reagents for clinical chemistry and immunoturbidimetric tests in more than 15 countries in addition to

Turkey.

The Avallon private equity investment company’s subsidiary, Medort, a Polish manufacturer and distributor of medical

equipment, has acquired 100% of Rehab-Trademark, the owner of the

trademarks and intellectual properties of the Rehab Group of companies.

Cremer, one of Brazil’s leading suppliers of healthcare products, has acquired 100%

capital share of P. Simon, manufacturer of healthcare devices.

DASA - Diagnósticos da América, a Brazilian leader in the diagnostic medicine space, has

acquired the entire share of MD1 Diagnosticos and its subsidiaries operating in the segment of clinical analysis and diagnostic imaging for

US$1.2 billion. MD1 subsidiaries are Laboratórios Médicos Dr. Sérgio Franco Ltda., CDPI – Clínica

de Diagnóstico por Imagem Ltda., Clínica de Ressonância e Multi Imagem Ltda., Pro-Echo

Cardiodata Serviços Médicos Ltda.

Healthcare Healthcare

46 47

CONMED Corporation entered into a Sports Medicine Joint Development and Distribution Agreement with the

Musculoskeletal Transplant Foundation, a non-profit and the world’s largest tissue

bank.

Felicitas-Klinikka Group, one of the biggest private infertility treatment clinics in Finland, was acquired by Mehiläinen Oy, provider of private health care and social services in

Finland.

DASA Diagnosticos da America SA, a Brazilian leader in the diagnostic medicine space, has purchased the business interests of Cerpe, a

medical diagnostics company.

Mid Europa Partners, a London-based independent private equity firm, has

acquired a 65% stake in Kent Hastane Grubu, a leading private hospital operator based in Izmir, Turkey.

Healthcare

Ranked among the top five M&A advisors for number

of deals closed in this sector with values up to US$500

million and US$200 million, IMAP partners understand

that innovation and creativity can play a major role

in the success of companies operating in the high

technology industry. IMAP partners, specialized in this

sector, closed 29 cross-border and domestic deals*,

and a number of financial advisory transactions.

Companies working with hardware and software,

e-commerce, electronics, semiconductors and

associated advisory services like IT consulting seek

improved business solutions every single day. Despite

a sometimes challenging environment, in 2011 there

were large players in the market for smaller high-

tech companies that promise growth and innovative

business ideas.

In UK, ECI Partners - a British mid-market private equity

fund - was advised by IMAP on its acquisition of Fourth

Hospitality. Fourth Hospitality provides SaaS (Software-

as-a-Service) for the hospitality sector. ECI backed

the Fourth Hospitality Management team in a primary

MBO from the founders of the business in March

2011. Fourth is a market leading SaaS provider of back

office systems to the hospitality sector, headquartered

in London. It employs 167 staff and delivers material

benefits to over 20,000 users.

High Technology


48 49

IMAP served as Joint Book-Runner for Identive Group’s US$20 million common

stock offering.

KDDI Corporation, a Japan-based telecommunications company, has

acquired 100% of the shares of WebMoney Corporation, engaged in the provision of

electronic payment services, from Faith Inc.

London-based CMS Peripherals, which is a subsidiary of the StorIT Group, has acquired 100% of CCI Distribution, a

storage distributor, for an undisclosed amount.

Franklin Templeton Private Equity invested in SFO Technologies. SFO Technologies is an end-to-

end technology solutions provider with a focus on electronic designs,

manufacturing, embedded software and box-build solutions and services.

The Company serves Fortune 100 clients in U.S., Europe and Japan

across the medical, energy, industrial automation, automotive and aerospace

sectors.

Local.com Corporation, a leading online local media and search

company, acquired the entire share capital of Krillion, Inc., a provider of

location-based product search.

IMAP served as the exclusive advisor for Procon and Enfotrace in its debt private

placement from Bertram Capital.

Domij Holding, a fast-growing constructor of fiber optic infrastructures (FttH and FttX) raised new debt to finance a relocation and working capital. IMAP was retained for debt

advisory services.

TNS, European consumer electronics and accessories distributor, with the assistance

of IMAP, has been acquired by PCH International, a world-class supply chain

management company.

Securitas AB, the Sweden-based global security services provider, has acquired

51% shareholding in Y3K, a leading supplier of CCTV, access control,

biometrics solutions and intruder system products for system integrators and

installers in Turkey.

IMAP provided a fairness opinion on Richardson Electronics’ sale of the RF,

Wireless & Power Division to Arrow Electronics.

PKN ORLEN, Polish crude oil refinery and petrochemical products, has

acquired 47.58% of votes on General Meeting of Shareholders of ORLEN

Automatyka, industrial control systems.

dotSyntax LLC (dba digsby) has been acquired by Tagged Inc., a social

network website.

Croatia’s Nexus Private Equity Partners acquired majority interest with an option for 100% in HPD. HPD is a leading company in the Croatian market, and specializes in providing document production services.

Woo Media, the live interactive video network, with web properties including WooMe.com, Shufflepeople.com, and

Monsterchat.com, has been acquired by Zoosk, the world’s largest social dating site.

GlobalSCAPE, a leading developer of secure information exchange solutions for businesses and consumers, has acquired the privately-held, Seattle-based mobile file

sharing innovator TappIn, Inc.

Croatia’s Nexus Private Equity Partners acquired majority interest with an

option for 100% in Trigger, which has developed a unique marketing tool (an innovative IT-supported technological

solution for the execution of direct marketing campaigns) under the brand

“Direct Marketing Solutions”.

ASP AS, an application service provider, was acquired by EG A/S, a Scandinavian IT consulting and software development company.

Swedish technology company Hexagon, a leading global provider of 3D solutions to design, measure and position objects, and to process and

present data, has acquired all shares of Brazilian software and services provider

Sisgraph.

Clear2Pay, a global payment processing solutions firm backed by U.S.-based Aquiline

Capital, acquired ISTS Worldwide, a U.S.-based services organization specialized in retail payments technology. ISTS is a leading payment services company with a focus on

electronic payments for retail customers with an offshore delivery platform. Its core solutions are focused on the card transaction space and it serves top tier payment processors such as

Paypal and Euronet.

UK mid-market private equity firm ECI Partners has acquired majority control of Fourth

Hospitality, a SaaS provider of back-office systems to the hospitality industry, as part of a

management buyout transaction.

RipNET, an Internet service provider, has been acquired by Xplornet Communications Inc., Canada’s leading national satellite and

wireless Internet service provider.

IMAP served as co-manager for the offering of $1.5 billion of Senior

Unsecured Notes due 2021.

IMAP served as co-manager for the offering of $750 million of Senior Notes due 2020.

High Technology High Technology

50 51

LDC, the leading UK regional mid-market private equity house, has acquired an

investment interest in the software developer for field force automation, Kirona Solutions.

(mt) Media Temple, Inc. has agreed to sell the assets of Reinvigorate, a developer of analytics system software, to WebTrends Corporation, the global leader in unified

mobile, social and web analytics and engagement.

Eficode Oy, the Finnish IT company creating tailored software realizations and projects, has acquired the entire

capital share of Videnhuset A/S, a Danish consultant company that advises, develops,

implements and trains its customers in data management and communications

solutions.

Via Venture Partners, a Danish private equity and venture capital firm, has

acquired a majority stake in B.V. Electronic. B.V. Electronic offers computer-based SRO systems for process control and software

products and solutions for integrated production and inventory management.

Docler Investments Ltd, the investment arm of Docler Group, a global player in website development and

maintenance, has gained an interest and raised capital in Ceudata Ltd, to further develop and

commercialize the company’s product. Ceudata develops corporate mobile solutions under the

brand-name Synaptel that enable the comprehensive monitoring of mobile communications and the

exploitation of corporate dataflow.

Berger-Levrault, a software solutions company, has acquired 100% of

Aductis, mainly owned by Didier Valley (90%). Founded 15 years ago, Aductis is a profitable niche software publisher

developing applications for the management of the technical means of the local authorities, and enjoying continuous growth from its creation.

CSC (UK) Limited, a BIM specialist that designs and develops 3D structural

analysis, design, and drafting software for steel, concrete, timber, and masonry

framed buildings, has acquired the entire shares of SoftTech Engineers

Pvt. Ltd in India. SoftTech develops the STRUDS CAD solution for structural

engineers.

RFID Library Solutions of Netherlands acquired Intellident Limited, a UK-based provider of systems integration services,

from Chamonix Private Equity LLP.

Syncreon, a global provider of integrated logistics services and highly customized

supply chain solutions, has acquired the entire share of Compuspar, a supply chain services

company providing repair, warranty and reverse logistics solutions to the hi-tech industry.

Industrials

This sector includes aerospace and defense,

automobiles and components, building construction,

industrial conglomerates, machinery, transportation

and infrastructure

IMAP’s No. 3 ranking in this sector by Thomson

Reuters, with 56 M&A deals closed with values up

to US$500 million and US$200 million, is even more

impressive considering the significant decline in

worldwide M&A deals in the first nine months of 2011.

Average profit margins started to recover in late 2011

and emerging economies led the growth, although

consumers and businesses were not yet completely at

ease investing.

In Naples, Florida, IMAP advised JANTRAN, Inc., the

primary dry goods barge towing company in Arkansas,

in its sale to Bruce Oakley, Inc., a bulk commodity

distribution transportation company.

IMAP advisor Kerry Dustin said, “We are pleased

to have been associated with the owners and

management of both JANTRAN, Inc. and Bruce

Oakley, Inc. The operations of JANTRAN and Oakley

are highly complementary, and we believe this

transaction represents a terrific outcome for both

companies.”

Showcasing IMAP’s cross-border collaboration

capability, IMAP advised in the acquisition of 80%

of Germany’s Peguform Group and a 50% stake in

the Wethje Groupon by Indian company Motherson

Sumi. In this cross-border deal, the IMAP team in

India advised the joint venture formed with Motherson

Sumi Systems Pvt. Ltd., and its parent company,

Samvardhana Motherson Finance Ltd., while in

Mannheim, the IMAP deal team supported their Indian

colleagues.

This was one of the largest outbound transactions in

the Indian automotive components sector. Motherson

Sumi Systems Ltd. - with an FY11 turnover of €1.3

billion - acquired a firm that was equally large in

terms of turnover. The deal was a remarkable Indian

investment in the German automotive industry. In

recent years, IMAP has advised in several India-

Germany transactions in the automotive sector; with

this one being the largest.

High Technology

52 53

Motherson Sumi Systems Ltd (MSSL), an Indian Company in the auto components

space, acquired a majority stake in the German firm, Peguform GmBH. Peguform

manufactures plastic components, with operations spread across Germany, Spain,

Portugal, Latin America, and China. The transaction is one of the largest deals in the

Indian auto components sector.

Progen Projetos Engineering and Design Services has acquired 50% of capital shares

of Auding Intraesa Brasil, Engineering Services in Public Transportation.

IMAP advised Emivest Aerospace Corporation in a sale pursuant to Section

363 of the United States Bankruptcy Code.

IMAP has advised Farsound, a leading manufacturer and supply chain manager

of precision components for the aerospace and defense industries, on its sale to RG Industries, a new partnership between Rubicon Partners & Grovepoint Capital

formed to build a global portfolio of high quality industrial businesses.

IMAP has advised the INFUN Group in corporate restructuring at INFUN

China. The INFUN Group is a leading and high-quality producer of metal

parts and components for the automotive sector.

Progen Projetos, engineering and design services, has acquired a

majority stake of R. Peotta, a company based in Rio de Janeiro. R. Peotta was founded in 1994 and is specialized in

engineering of ports.

Capidea, a Danish private equity group, has acquired the majority stake in Danish auto spare parts distributor

Klokkerholm Karosseridele.

Rudhäll Industrier, a complete supplier of machined parts, through its wholly-

owned subsidiary Hallborn, working with contract manufacturing in machining and custom products in welding equipment, has acquired the entire capital share of Haga Metall. Haga Metall is processing

details in CNC machines.

Fronpeca, a Spanish civil works and residential construction company, was advised on a L/T

debt restructuring transaction.

Yellow Point Equity Partners, a private equity investment firm based in

Vancouver, BC, acquired a 50% stake in CIMS Ltd., a leading provider of heavy-duty mechanical maintenance services.

Dévelop-Elec has been totally acquired by external managers with a private equity

group. Founded two decades ago, this firm is a regional operator with high profitability

and well-known in electrical operations of low and high voltage; specialized in

supplying retailers, service providers and local authorities.

Michael Baker Corporation, which provides engineering, design, planning and construction services, has acquired 100% of the business operation of RBF Consulting, an engineering, planning, surveying and environmental services

firm based in Irvine, California.

The Finnish air-conditioning equipment manufacturer, Chiller Oy, acquired 100%

of the shares of Forsberg & Tibell Kyl AB, a market leader in the installation and service

of cooling equipment company in the region.

The investment firm Kirk & Thorsen has acquired a majority stake in Vinderup

Træbyg, a producer of prefabricated pavilion and modular buildings for institutional and

office use and cottages for private use.

BOUTET DESFORGES is a Parisian architecture and engineering firm, mainly focused on commercial and real estate

businesses. Both founders wished to retire but they will remain active for a few years with the new majority shareholder. The company was quite profitable (20% in

EBITDA), which allowed organization of the LBO under good conditions.

XANO Group, which develops, acquires and operates manufacturing businesses, has acquired the entire share capital of Metall Göte, a manufacturer of industrial

components.

IMAP acted as financial advisor to the Official Unsecured Creditors Committee

during the Chapter 11 bankruptcy of Palm Harbor Homes, Inc.

The Swiss P&S Vorspannsysteme AG is a leading developer, engineer

and manufacturer of high-end bolting systems for the heavy machine

industry. For succession reasons of the owner the company was sold to

Investment AB Latour, complementing the product range of its portfolio

company Nord-Lock.

Kofler Energies Power, a majority-owned unit of Georg Kofler Group’s

Kofler Energies AG subsidiary, wholly acquired Dr Ing Bernd Kriegel Ingenieure, a Kiel-based provider of

building & engineering services for the construction industry.

Weeks Marine, a marine construction and dredging company, has acquired

100% of McNally International, a family-owned business and Canada’s leading

tunnel and marine contractor.

IMAP has advised ISIS Equity Partners, a private equity firm, in acquiring a

minority stake in Hurleypalmerflatt, a mechanical & electrical engineering design, and energy & sustainability

consultancy.

Rossi Residencial, one of Brazil’s leading property developers and builders, has entered a strategic partnership with Norcon Sociedade Nordestina de Construções, one of the largest

homebuilders in Brazil.

Imtech, a mechanical & electrical engineering and ICT services provider, acquired 100% of

the share capital of Inviron, a UK technical maintenance specialist with revenues of 140 million euros. IMAP has acted as the

financial and strategic advisor to Imtech on the acquisition.

Mesta Drift acquired 100% stake of Sande Maskin og Transport Molde, a construction

machinery operator.

IndustrialsIndustrials

54 55

Bobst Group has acquired 65% of capital share of Gordon Ltd., the Hong Kong-based holding company of Shanghai Eternal Machinery Co., with the option

to purchase the remaining shares. Shanghai Eternal Machinery Co. is a

leading Chinese company specialized in the manufacturing of automatic/

semi-automatic flat-bed die cutting and creasing, foil stamping as well as folding

& gluing equipment.

AmbiRad, a heating equipment manufacturer, has been acquired by

Thomas & Betts Corporation, a specialist in systems and components used to

manage transmission of electrical power in industrial, utility and construction

sectors.

Kulickove Srouby Kurim, a traditional producer of ball screws owned by Alta

Group, one of the most prominent Czech trade-engineering companies, has been fully acquired by producer of machine tool parts Lunerox, a subsidiary of OC

Schweiz Maschinen Bau AG.

The Swiss X-Compound is a highly successful company operating in the

niche segment of Co-Kneaders for plastics compounding and chemical

processes; it was sold as a succession solution of the owners, who continue to manage the company to the German family-owned Troester Group, which has expanded its product range with

the transaction.

An external manager acquired 100% of the capital of the Covadis company, a wholesaler specialized in the import

and distribution in France of equipment and consumables dedicated to the flat

glass industry.

Hamworthy, a world leader in the design and manufacture of innovative

marine and offshore fluid handling systems, has acquired AW Flow

Holdings Limited and its subsidiary undertakings, a group of UK-based

specialist valve manufacturing businesses predominantly supplying

the oil and gas sector.

Charter International, through its subsidiary, Howden, a world-leading

air and gas handling division, has acquired the entire issued share capital of Thomassen Compression Systems,

a leading supplier of high-power engineered compressors to the oil and gas and petrochemical industries, from

Citadel Industries.

IMAP advised Citadel Enterprises in selling 100% of Citechma Holding,

a group of industrial & trading companies to an industrial investors

group, Bela Beheer.

Skoda Machine Tool, a world’s leading manufacturer of heavy horizontal milling and boring machines, has

been acquired by Alta, one of the most prominent Czech trade-engineering

companies.

Landteknikk AS, a distributor of food processing machinery, has acquired 100% of equity shares of BM Food Tech AS, a supplier of production equipment and processing lines

for the meat processing industry.

ITECO, a Czech leading industrial cranes seller and manufacturer, has seen a buy-out of the founding partner, and consolidation of its

ownership structure.

IMAP has advised UK-based industrial investor Rubicon Partners Industries on its sale of

PCL Air Technology to HORN TECALEMIT, a portfolio company of German industrial investor

group INDUS Holding AG.

Zenith Cutter Co. has been acquired by The Fisher-Barton Group. Zenith is a leading manufacturer and supplier of industrial

replacement blades and related parts and accessories. Zenith has operations in Loves Park, Illinois and Ho Chi Minh City, Vietnam.

To penetrate the French market, the Taurus Group, a family-owned Spanish company with presence in multiple countries, has

acquired White & Brown, a French company specializing in small kitchen appliances and

air conditioning.

JP Morgan Asia Infrastructure Fund invested US$100 million in Nandi

Infrastructure Corridor Enterprises (NICE). NICE is executing the Bangalore-Mysore

Infrastructure Corridor, an integrated infrastructure corridor consisting of a 120 km expressway between Bangalore and

Mysore, a 42 km peripheral ring road around Bangalore, and development of six commercial and industrial townships

between Bangalore and Mysore.

IMAP served as co-manager for Park-Ohio Holding’s US$250 million offering of Senior

Subordinated Notes.

IMAP advised Roscoe Steel & Culvert Co. on its sale to TrueNorth Steel

(formerly known as The Rommesmo Companies). For more than 50 years,

Roscoe Steel & Culvert has been a leading manufacturer, fabricator, and distributor of a wide range of

infrastructure-related products. TrueNorth Steel designs steel products

and structures.

JANTRAN, Inc., a leading barge towing company on the Arkansas and

Mississippi Rivers, was acquired by Bruce Oakley, Inc., a bulk commodity distribution transportation company.

A private investor has acquired a majority control in the Swedish lighting

company, Bergdahls AB.

Puerto de Lirquén S.A., awarded bidder for at least 20-year concession for the

Costanera Espigón Terminal at the Port of San Antonio, with an expected

investment of US$336 million.

21 Investimenti, a private equity firm, has aquired majority shares of Viabizzuno, a leading

Italian interior and exterior lighting designer.

Nashville Wire Products, manufacturer of steel and wire products, has acquired all of the assets of their leading competitor, AWP

Industries of Frankfort, one of the largest United States-based suppliers of wire mesh storage products. Nashville Wire’s primary products

include OEM parts, wire mesh, retail displays, store fixtures, and wire products.

IndustrialsIndustrials

56 57

With completed transactions valued at approximately

US$2 billion, IMAP was ranked No. 3 in 2011 in this

sector, by Thomson Reuters, for number of deals

closed with values up to US$500 million and US$200

million.

Stock price volatility in the materials sector was intense

in 2011, particularly between July and December.

European companies, and other sector players, were

closely following the news, adjusting their production

accordingly.

Still, investors were able to see opportunity in the

sector and IMAP closed 30 deals in 2011*, mainly

in chemicals, construction materials, packaging, and

metals and mining.

Acting as sole financial advisor, IMAP’s New York team

advised a Japanese Consortium on its acquisition of

U.S. rolled aluminum sheet manufacturer and supplier

Arco Aluminum, Inc., a wholly-owned subsidiary of

BP Company North America Inc. The Consortium’s

joint partners included the Sumitomo Corporation,

Sumitomo Light Metal Industries, Furukawa-Sky

Aluminum Corporation, ITOCHU Corporation and

ITOCHU Metals Corporation. The company resulting

from the acquisition is called Tri-Arrows Aluminum Inc.

The sale of ARCO is part of BP’s overall divestment

plan of non-core assets.

In an innovative deal, IMAP in Sweden advised Eson

Pac AB on its acquisition of Strålfors Identification

Solutions, forming one of Scandinavia’s leading

packaging groups.

The Eson Pac Group has production units in Sweden,

Denmark and Switzerland with sales offices in Norway,

England, Germany and France, after this acquisition.

The Group is expected to have a turnover exceeding

1 billion SEK and employ 550 individuals.

IMAP also provided advisory for CEPSA, a Spanish

company, in a cross-border deal to advance CEPSA’s

capacity for product and geographic expansion

through acquisitions. In a privately negotiated

transaction, IMAP advised Cia Espanola de Petroleos

SA of Spain, a wholly-owned unit of International

Petroleum Investment Co, in its acquisition of a

minority share in Shanghai SCIP, a manufacturer of

chemicals.

Materials


Tennants Consolidated Ltd, a UK privately-held chemical manufacturing

and distribution group, acquired the entire issued share capital of

Tessenderlo Fine Chemicals Ltd from the Belgium-based Tessenderlo Group.

IMAP advised Maxam Group, downstream civil explosive manufacturer

& retailer, in its acquisition of assets into a majority control joint venture with Shandong Tianbao Chemical Industry,

civil explosive materials.

IMAP has advised Diversified Chemical Technologies in selling its subsidary

COAT-IT, a producer of sealers, dampers, adhesives and reinforcing

parts for the auto industry, to BSR Group through its subsidiary REVOCOAT, a global supplier of sealers, dampers,

adhesives and reinforcing materials to the auto industry.

Mobielcenter, a Belgium-based varnish producer, has been acquired by

undisclosed buyer.

Univar Inc., a leading global chemical distributor, has acquired Arinos Quimica, a leading distributor of

specialty and commodity chemicals in Brazil.

Asia Debt Management Hong Kong Ltd, the Hong Kong-based employee-owned investment manager of private equity and hedge funds, has acquired a 45.7% stake in AKG Gazbeton, the Turkey-based concrete manufacturer, for a consideration of 15 million euros.

Rhein Chemie, a subsidiary of the Lanxess Group that develops,

produces and sells additives, specialty chemicals and service products for the rubber, lubricant and plastics

industries, acquired 100% of Darmex, a leading manufacturer of release

agents and curing bladders for the tire industry.

CEPSA, a wholly-owned unit of International Petroleum Investment Co,

acquired assets in Shanghai SCIP in order to develop a Phenol/ Acetone

project valued at US$300 million.

Grupo KUO, leading downstream petrochemicals in Mexico, established

a JV with Jiangsu GPRO Group, leading Chinese private petrochemical

group. The JV, called INSA GPRO (Nanjing) Synthetic Rubber Co.

Ltd., is to manufacture nitrile rubber in China, and will jointly invest in a

new plant located in Nanjing. Grupo KUO’s subsidiary, INSA, will be the

technologist of the new joint venture.

Origin Enterprises, a focused agri-services group with strategic

investments in consumer foods and marine proteins and oils, has acquired

100% of the share capital of Rigby Taylor, a service provider to the

professional sports turf, landscape and amenity sectors.

Silos, a wholly owned subsidiary of Origin Enterprises, a focused agri-services listed

group with strategic investments in consumer foods and marine proteins and oils, acquired

the entire issued share capital of agrochemicals business United Agri Products Limited (UAP).

Montefibre, a Spanish acrylic fiber manufacturer, obtained additional financing

through new lines of credit from major international banks.

Materials

58 59

IMAP advised Vitro America, LLC in a sale pursuant to Section 363 of the

United States Bankruptcy Code.

Ambalažni Servis, a cardboard packaging manufacturer, has acquired a packaging production line of corrugated

cardboard from Polet; it includes a long-term agreement for the use of the designated space in the factory, as well as the work force team designated to be

operators of the line.

IMAP advised Tritech Group, a manufacturer of complex investment

castings, on its cross-border sale to Uni Deritend Limited, which is part of the Neterwala Group and India’s largest manufacturer of air-melt investment

castings.

India-based TVS Logistics Services Limited has acquired 100% stake of Michigan-based Manufacturers

Equipment and Supply Co. (MESCO). MESCO provides logistics services to the automotive and industrial tool and

die sector.

Eson Group AB, a producer of complete packaging solutions, has

acquired 100% of business operations of Eson Pac AB, a producer of complete packaging solutions.

A Consortium of Japanese Partners has acquired ARCO Aluminum Inc.

from BP Company North America Inc.

IMAP advised the The Merit Group in a sale of substantially all its assets

to Centre Lane Partners pursuant to Section 363 of the United States

Bankruptcy Code.

Contiga AS (KB Gruppen Kongsvinger AS) has acquired

Tinglev Elementfabrik, in the future to be named Contiga Tinglev.

Tinglev Elementfabrik is a supplier of prefabricated concrete elements.

Imperial Metals Corporation through its wholly owned subsidiary Red Chris

Development Company Ltd. has acquired 48% of the shares that it did not already own of American Bullion

Minerals Ltd, an exploration stage mining company.

Lentex has acquired an 85% stake of Gamrat from the Polish government through its privatization plan. IMAP represented the Polish Ministry of

Treasury.

Finland-based packaging manufacturer Huhtamäki has acquired the entire capital

share of the Brazilian hygienic films manufacturer Prisma Pack Indústria de Filmes

Técnicos e Embalagens Ltda.

EMC Metals Corp., a mining development group, entered into an earn-in agreement with REE Mining AS, where the agreement is based on 100% interest in two exploration properties, encompassing 120 sq km, located in southern

Norway.

Materials Materials

Jansen Recycling Groep, a leading ferrous and non-ferrous metal trading company, secured its funding for the acquisition of their fifth plant and for additional working capital to realize future expansion. IMAP Netherlands

arranged the debt.

IMAP acted as Co-manager for Verso Paper Corp’s US$360 million offering of

Senior Secured Notes.

IMAP advised Tom Martin’s Management Team in the

management buyout process of Tom Martin Metal Holdings.

Althera Capital acquired a controlling ownership of Lewis Industries, a family-owned company specialized in metal subcontracting for industrial clients

with a revenue of 12 million euros and 10% EBITDA. The majority shareholder

sought to retire, but is a minority shareholder of the new company.

De Hoge Dennen Capital, a private equity firm, and management acquired

100% of shares of HJ Wiefferink, flexible plastic sheeting manufacturer.

IMAP has advised Key Capital Partners and the management on the acquisition

of Polysource Holdings Group, the holding company of Wells Plastics

Limited, a UK-based specialist additive and masterbatch manufacturer.

60 61

The benefits from M&A - new operating models, larger

market exposure, better content management and

integrated services – apply to nearly all the sectors

in the entertainment business, including advertising

and marketing, as well as broadcasting, casinos and

gaming, hotels, publishing, recreation and leisure.

In 2011 IMAP partners closed several deals in the

media and entertainment sector but there is room for

even more success.

In Portugal: IMAP advised Portquay I West IBV on its

acquisition of a 10% share in Grupo Media Capital,

with an option to purchase a further 20 percent in 12

months. The diversified financials company will provide

the TV broadcasting company with more options and

avenues for service improvement.

In the Netherlands, IMAP advised CirclePrinters on

its acquisition of J. Fink Druckerei GmbH & Co. KG

through its Austrian subsidiary, Oberndorfer Druckerei

GmbH. This cross-border deal combines the two

players’ capacities in the printing sector with modern

facilities, longtime expertise and the best market

positioning. This major publishing deal will result in

specialization and efficiency improvement through a

strong coordination of companies, as well as expanded

growth opportunities and a larger footprint in the

European market.

IMAP’s Manchester UK office advised mid-market

private equity firm LDC on its investment in leading

international creative live events and marketing agency,

WRG Creative Communications; the firm plans to

target emerging markets in central and eastern Asia.

Mike Reeves, who along with Nick Horrocks and

John Clarke comprised the IMAP team, said “The

equity investment from LDC will enable WRG to

rapidly expand its global reach through an ambitious

buy and build strategy. For us, the marketing and

communications sector is one to watch as businesses

look to capitalize on the economic success stories in

the emerging markets and build global brands.”

Media and Entertainment LDC, the leading UK regional mid-market private equity house, has acquired

investment interest in Manchester-based live events and marketing agency WRG

Creative Communications.

IMAP acted as co-manager on Digital Domain Media’s US$42 million IPO.

Resort Solution Co Ltd, acquired 100% of business operations of Nagano Golf

Club, a golf course operator.

Portquay West I BV, a holding company owned by Miguel Pais do Amaral and Bo Nilsson, and Grupo

Prisa had acquired a minority interest of 10% stake in Media Capital plus an

option to acquire a further 20% interest in a year.

Porto Editora Group, a publishing group in Portugal, has a partnership agreement in the areas of publishing

and distribution with Assírio & Alvim in which this agreement covers the entire

catalog of Assírio & Alvim, including designated fund editorial. Assírio & Alvim is renowned in Portugal for

its high-quality catalog of literature, essays, arts, etc.

IMAP acted as Joint Book-Runner for Affinion Group Holdings’ US$250 million offering of incremental term

loan.

Dogus Holding, one of Turkey’s largest conglomerates, has agreed to acquire Swissotel Göcek Marina and Resort from Turkon Holding, an established container and shipping transportation

group in Turkey.

Aalborg Boldspilklub (the group behind the football club AaB Fodbold

and the ice hockey club AaB Ishockey) has raised 39.3 million DKK (5.33 million euros) on the Copenhagen Stock Exchange (NASDAQ OMX).

IMAP Advised Aalborg Boldspilklub on Rights Offering.

Canaan Partners invested in Loylty Rewardz, leading provider of end-

to-end loyalty solutions in India. Established in 2009, Loylty Rewardz is engaged in the development and management of consumer loyalty,

rewards, data intelligence and direct marketing communication programs.

CirclePrinters Holding, through its subsidiary Oberndorfer Druckerei, Austria`s second

largest company in the industry and one of the most efficient web-offset printers in Central

Europe, has acquired the web-offset part represented in J. Fink Druck GmbH from Fink

group.

Media and Entertainment

62 63

Ranked No.1 by Thomson Reuters in this industry

for number of deals closed with values up to US$500

million and US$200 million, IMAP is a leader in

successful transactions closed in the retail sector;

despite the challenging economic environment in

2011, investors continued to seek quality long-term

investment.

Gareth Iley, from IMAP’s UK office, has pointed out the

primary factors affecting this industry and increasing

M&A deal volume: the power of the Internet has

dissolved borders for consumers, forcing brands to

go global and motivating cross-border deals; and

restructuring deals and M&As are taking place as some

business models fail under these dynamic market

conditions and seek a healthy exit. Finally, the role of

BRIC countries, which possess enormous purchasing

power, and are incubating many future global brands,

is significant, as Western companies discern this

potential and move towards cross-border deals.

IMAP’s Turkey office acted as the exclusive financial

and strategic advisor to Yargici in a cross-border deal.

Global Capital Management, the alternative asset

management arm of Kuwait-based Global Investment

House, invested in Yargıcı, Turkey’s leading women’s

apparel and accessories brand. With the opening of its

first boutique abroad, in Paris, last year, the investment

in Yargici leaves it well-positioned for international as

well as domestic growth.

In Ireland, IMAP advised the shareholders of TNS

Distribution Ltd on the sale of the business to PCH

International Ltd., in a domestic deal. TNS is a leading

European-based trade-only distributor of third party

Apple accessory products; it also owns its own

proprietary label, JIVO. The acquisition is expected

to greatly enhance PCH’s distribution capabilities in

Europe, as well as to create jobs in Ireland.

Retail

The real estate sector contributed to the turmoil in the world

economy over the past three years, but is starting to stabilize.

New regulations on purchase of property by foreigners are

important factors that shape the business and drive M&A deals.

In Finland, IMAP advised on the entire process of the sale

of Kiinteistö Oy Työpajatie 13 to the S Group cooperative

Osuuskauppa Varuboden Osla Handelslag in this major Finnish

real estate transaction. Kiinteistö Oy Työpajatie 13 was formerly

owned by discount store Porvoon Mikrokulma Oy and is in one

of Porvoo’s most strategically located areas.

Real Estate

InfoTel, a leading Czech ICT company, acquired part of the real estate portfolio

of Mei Czech, a real estate company.

IMAP advised The Reybold Group in a US$117 million debt refinancing

transaction.

Osuuskauppa Varuboden – Osla Handelslag has acquired 100%

shares of the discount store Porvoon Mikrokulma Oy`s real estate company,

Kiinteistö Oy Työpajatie 13.

IMAP served as Co-Manager in Realogy Corp’s US$700 million offering of

Senior Secured Notes.

64 65

IMAP advised Macintosh Retail Group, a leading European retail group with a significant footwear retail business, on the acquisition of Jones Bootmaker, a

well established multi-brand shoe retailer with nearly 100 stores in UK.

Franklin Templeton Private Equity Equity Growth Capital invested US$13 million in Kimaya Fashions. Established

in 2002, Kimaya is a luxury fashion retailer working with India’s top fashion

designers, and sells designer wear under the Kimaya brand through exclusive

stores. Kimaya operates 16 stores across India and one store in Dubai.

Pep Boys – Manny, Moe & Jack, one of the fastest-growing companies in

the US providing automotive repair and maintenance services, has acquired Big

10 Tires & Automotive.

Magenta Partners, one of the private equity firms in UK, acquired a minority

interest in JoJo Mama Bébé, a specialist multi-channel baby, nursery

and maternity retailer operating through 41 stores, online and via a

catalogue.

Global Capital Management, the alternative asset management arm of Kuwait-based Global Investment

House has invested in Turkey’s leading women apparel and accessories

brand, Yargici.

Document management and IT support service company Canorama

Oy is the first investment of the Folmer Equity Fund I Ky managed by Folmer Management Oy. Folmer Equity Fund I acquired the entire share capital of

Canorama.

The French Lyon-based PEG Evolem, in association with an external

manager, acquired 100% of share capital of Capel. Capel is the French leader in the niche market of XL size

garments for large and tall men.

Nine International, fashion wholesale and retail company, acquired 100% of apparel retailing of Nine West brands

companies in several countries in Latin America and the Caribbean.

Fota, a leading Polish distributor of automotive spare parts, acquired

the remaining 20% of capital share of Automotorsport Centrum, one of the leading automotive spare parts

distributors in Eastern Slovakia.

IMAP acted as Joint Book-Runner for Claire’s US$450 million offering of

Senior Secured Second Lien Notes.

El Armario de la Tele, a Spanish fashion e-commerce retailer, was advised by IMAP on a round A Equity Capital Increase and

Subordinated Debt tranche. Bonsai Venture Capital led the equity increase while ENISA

(National Company for Innovation) took 100% of the debt.

Securitas AB, the Sweden-based global security services provider, has acquired 51%

shareholding of Bosell, the Turkey-based integrated Bosch Security Systems distributor, and Bosch Building Technology installer and

after sales services provider.

Agrofert Holding has acquired 16% of Eso-Land capital shares. Eso-Land

operates 49 retail stores supplying branded smoked meat products.

IMAP advised SSI Group Holding Corp in asset sales pursuant to Section 363 of

the United State Bankruptcy Code.

IMAP advised The Carle Foundation on the sale of Carle RxExpress to Walgreen

Co. Carle RxExpress is a leading provider of clinic-based retail pharmacy services

with ten locations in the Midwestern United States.

AMKO had a long-term lease for a number of sites owned by Merkur,

including more than 10,000 sq mtrs of retail space. Bosnia’s retail chain Merkur is owned by MIMS Group, one of the largest privately-owned

companies in Bosnia and Herzegovina. IMAP advised Merkur operations

on the leasing of its sites to AMKO Komerc doo.

iLab, the Turkey-based venture capital firm, acquired a minority stake in

eModa, the Turkey based online luxury apparel company.

Reliance Capital invested US$20 million in Shankara Pipes. Shankara is India’s largest distributor and retailer of steel tubes and pipes with operations spread across eight states through 20 offices, 35 formatted retail outlets and 21 warehouses. Shankara is India’s only organized building material and

hardware retail chain.

A fund managed by private equity company Sentica Partners has

acquired the majority share capital of Puuilo Oy, a retail discount store chain.

IMAP has advised Voicevale, importers of nuts, dried fruits and

seeds, on selling a significant minority equity stake in the US$225 million

turnover company to Toyota Tsusho Corporation of Japan.

Discapa, a Spanish vending machine supplier, obtained additional financing through new lines of credit from major

international banks.

Agrofert Holding has acquired 41% of Mistr Reznicek capital shares. Mistr

Reznicek operates 15 retail stores supplying branded smoked meat

products.

IMAP advised Investcorp on its acquisition of Sur La Table, a multichannel kitchenware

retailer with 86 stores in the U.S. and a catalog, website and gift registry.

MedPlus Health Services received funding from India Venture Advisors (promoted by the

Piramal Group). Established in 2007, MedPlus is the second-largest pharmacy retail chain in India, with over 800 stores. A critical aspect of the deal involved structuring the transaction to facilitate the exit of minority shareholders and also to be compliant with the retail FDI

regulations.

RetailRetail

66 67

Medipal Holdings has acquired minority interest in Hanshin Dispensing

Pharmacy. IMAP has acted as the exclusive financial and strategic advisor

to Medipal Holdings Corporation.

Lawson Inc, one of the largest Japanese convenience store operators

with a franchise chain of more than 10,000 stores in Japan and China,

acquired 100% of Sunkus & Associates Toyama, operator of Circle K Sunkus

convenience stores in Toyama prefecture.

B.W. Rogers, a leading distributor of fluid power, process and

electromechanical equipment, acquired an integrator and distributor of

automation systems and components, Industrial Logic Controls. This is B.W.

Rogers 16th acquisition completed with IMAP advising.

In 2011, IMAP was ranked among the top five M&A

advisors in this sector for number of completed

deals with values up to US$500 million and US$200

million; however, there was a general decrease in

M&A deals, namely among operator companies. The

telecommunications industry did, for the most part,

stand strong despite global turmoil, with Western

countries and giant players like China and India

possessing promising market opportunities for telecom

sub-sectors such as wireless technologies, space and

satellite devices, fiber optics networks, and so on.

The ever-increasing pace of technological innovation

creates new business models and improves service

quality.

In Croatia, IMAP advised Alt Telecom T3, a Bosnian

operator, in closing a deal to secure a new UK strategic

partner. UK-based Tactical Networks acquired an

undisclosed share in T3 as part of a strategy to

extend into southeast Europe. The deal represents

a significant step forward by the Bosnian telecom’s

regulatory authority to evolve the market in line with

other European countries.

IMAP advised Telelink Holdings BV, in Hungary,

on its acquisition of a 60% share in telecom system

integrator, Metalcom Zrt. Telelink, a leading system

integration company in Southeast Europe, with

locations in Bulgaria, Romania, Ukraine, Serbia and

Macedonia. With this deal Telelink becomes even

stronger in Central and Eastern Europe in the system

integration business, with presence in six countries.

Telecommunications

An Affiliate of Carl C. Icahn has acquired its remaining stake in XO Holdings, Inc.

UK-based telecommunication company Tactical Networks acquired an investment interest in T3, a leading alternative telecom provider in Bosnia.

Telelink Holding’s subsidiary Telelink EAD, a leading system integration company in South-East Europe, acquired 60% of the share capital of Metalcom Zrt.,

the market leader on the Hungarian wireless network integration market.

Retail

68 69

Every activity undertaken by IMAP is directed towards promoting internal cooperation and external relationship-building, to provide better service and added value for clients and stakeholders. IMAP events and activities are carried out on a regular basis. The IMAP annual symposium draws professionals across industries, while IMAP teams in different countries regularly participate in regional activities and events.

With two deals closed, IMAP ranked among the top five M&A

advisors in number of deals in this industry. Including city

agencies and governments, national agencies and governments,

public administrations, regional agencies and governments, as

well as supranational organizations, governments generally tend

towards domestic companies, though they sometimes seek

international mergers to acquire new perspectives.

In the U.S., IMAP advised the Irish Dairy Board, the national

cheese and dairy products agency, on its purchase of Thiel &

Ingredients, an American manufacturer of cheese ingredients.

with the acquisition, IDB aims to expand its presence in the

value-added cheese ingredients market and improve operations

through advanced technology and new product applications.

Government and Agencies

IMAP Events

70 71

İnşirah Sokak No: 18

Bebek, İstanbul 34342 / TURKEY

Phone: +90 (212) 257 60 00

Fax: +90 (212) 257 60 05

E-mail: [email protected]

Web: www.imap.com

IMAP Mergers & Acquisitions

Symposiums

The IMAP Mergers & Acquisitions

Symposiums are a forum for deal

generation: for buyers, investors and

professionals in the M&A industry to

engage in a dynamic interchange of

market perspectives while networking

on specific transaction opportunities.

IMAP brings together panels of experts

in cross-border M&A in highly interactive

sessions, where insight from both panel

participants and audience delegates

stimulates new ideas and opportunities.

The chance to network with M&A

advisors from more than 40 countries

representing all the major industry

sectors provides additional compelling

value for the attendees to these IMAP

events.

Spring 2011 International Mergers &

Acquisitions Symposium, new York

Hosted by IMAP in New York, this well-

attended conference featured sessions

on trends and industries for a wide

range of topics including markets in

the Private Capital Market for Growth

and Acquisition Financing in Public

Companies; International M&A Trends

for Industrial Products, Materials &

Services; and the Global Technology

M&A and Financing Forecast for 2011.

Panelists and moderators were drawn

from IMAP’s New York team and other

attending IMAP Partner Firms, as well

as from leading individuals from other

industries. The Symposium was held

in cooperation with Akerman, a market

leading business law firm.

IMAP Regional Meetings

IMAP Regional Meetings support

networking, and focus on regional

business and deal making opportunities.

Regional meetings are attended

by IMAP advisors, their business

partners and stakeholders, and local

media, providing an environment for

a face-to-face review of past, current

and upcoming M&A opportunities

and issues. Of particular value is the

opportunity for local IMAP experts to

exchange perspectives on emerging

markets with a need for middle market

M&A attention.

Summer 2011, CEE Regional

Meeting, Warsaw

Hosted by the IMAP team in Warsaw,

Poland, an IMAP Central and Eastern

Europe (CEE) Regional Meeting was

held in June. Advisors from IMAP offices

in Croatia, the Czech Republic, France,

Hungary, and Turkey attended, along

with market analysts from around the

region and the media.

A press conference at the meeting’s

conclusion featured IMAP Chairman

and CEO Sevket Basev, and Andrzej

Wrebiak, from IMAP’s Warsaw team,

offering their insights on the regional

M&A market.

The agenda also included presentations

from the IMAP team in Warsaw, Piotr

Janczak from the Erste Group Bank,

Prague, and other partners and

representatives from various regional

funds.

Analysts and journalists were offered a

session at the Warsaw Stock Exchange

to learn more about NewConnect, the

share market run by the Warsaw Stock

Exchange and conducted outside

the regulated market as an alternative

trading system.

IMAP Regional Meetings support networking, and focus on regional business and deal making opportunities.

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Documents

2011 ANNUAL REPORT - proman.fi annual report 2011.pdf · 2011 Annual Report aims to display the global reach of IMAP, as well as the local depth realized through our partnership