There's been plenty of talk about the recent exit environment for the U.S. private equity industry, but Canada also enjoyed a big payday last year. According to the PitchBook Platform, PE firms exited more Canada-based portfolio companies last year than in any other year. The huge spike in total capital exited in 2013 is somewhat misleading—the C$5.1 billion acquisition of Inmet Mining (minority-backed by Temasek) accounts for almost half of that $10.4 billion figure. Still, the marked increase in the number of exits in Canada stands in contrast to the 18% decrease in exit activity for U.S.-based companies from 2012 to 2013.
Starting in 2011, PitchBook data show a noticeable increase in secondary buyouts of Canada-based companies. Only four were recorded in 2010, accounting for about 12% of the overall exit activity. By 2011, those figures jumped to 13 such deals accounting for 33% of the overall exit activity, and they have since remained at the higher levels.
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