Consulting firm Freeman & Co. said that the first half of 2013 saw 50 closed deals including entry and exit transactions totalling $9.9bn. Disclosed deal value slid 26 per cent year on year, while the number of deals climbed four per cent.
The average deal size was $354m, down from $393m in the first half of last year.
Activity in the asset management segment increased with the number of transactions climbing to seven from three in the first half of 2012. The deals included two transactions with disclosed value, which combined for $128m.
In the banks and broker-dealers segment, the number of closed deals was flat at ten including six with disclosed value totalling $4bn.
Meanwhile, activity in the specialty finance sector declined with the number of deals dropping from eleven a year ago to nine including six deals totalling $6bn.
The largest deals in the sector in the first half was the $1.2bn acquisition of Cabot Credit Management by JC Flowers.
The insurance sector also saw a decline in activity with eleven transactions closed during the period. The total included four deals with disclosed value worth $1.1bn.
The report noted that Hellman & Friedman’s $4.4bn buyout of Hub International is expected to close in the second half of the year.
The report also showed that exits continued to outpace entry investments with exit and sponsor-to-sponsor deals accounting for 28 of the top 50 deals and eight of the top ten in the year to end June. Such deals amounted to $7.8bn in the first half of this year, Freeman.
Copyright © 2013 AltAssets