This deal terms study analyzes 925 private-target acquisitions ($165 billion) that closed from 2014 through 2017 in which SRS Acquiom provided professional and financial services. The vast majority of these deals are not required to be publicly reported. Data is presented on a calendar-year basis and is tied to the deal closing date. Medians are presented in addition to averages to counterbalance the effect of outliers. Sample sizes are larger in more recent years as a result of our growth.
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Unique data points include:
- Transaction values as multiples of equity capital invested
- Years from first investment round to exit
- Management carveout frequency and size
- Termination fees
- Second-tier caps and survival periods for carved out representations and warranties
Correlations among deal terms such as:
- Buyer type (public, private, financial, foreign)
- Transaction values
- Multiples of return
- Number of equity investment rounds
- Indemnification terms