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Healthcare Services | Fourth Quarter 2014

February 2015 – With more than $386.7 billion and 1,256 deals, 2014 healthcare M&A volume was the largest in this century, according to preliminary figures from Irving Levin Associates, Inc. The combination of robust levels of private equity (over $1.2 trillion dollars committed to private equity funds as of Q4 2014, according to Preqin) and favorable credit markets helped spur deal activity during the year. For global institutions, the favorable corporate tax rates for companies domiciled overseas accelerated transaction volume.

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Business Services | Fourth Quarter 2014

February 2015 – After underperforming for much of 2014, the SCA Business Services Index outperformed the broader markets in Q4 2014, increasing by over 11.2 % compared to an increase of 5.8% for the S&P 500. Virtually all subsectors of the SCA Business Services Index outperformed the broader market as a result of consensus predictions of enhanced economic growth in the U.S. during 2015. In particular, the SCA Marketing Services sector (+29.6%), the SCA IT Consulting sector (+16.9%), and the SCA Professional Staffing sector (+11.6%) recorded significant growth.

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Industrial Growth | Third Quarter 2014

November 2014 – The industrial sector is beginning to face some cyclical headwinds as market indicators are sending a range of mixed messages with respect to expansion or contraction. Certainly, to the positive, the latest ISM Report reflects strong growth with a composite index for October of 59.0 vs. consensus of 56.0 and a September mark of 56.6. This matches August’s level and is the strongest since February 2011. Conversely, the PMI Manufacturing Index came in at 55.9, below both consensus (56.1) and last month (57.5). Key to this report was (i) new business as monthly growth slowed to its lowest rate since the severe winter weather in Q1, (ii) slow export sales, and (iii) little increase in total backlog orders. Given the mixed readings, the sector, predictably, is experiencing cyclicality in light of the pockets of positive momentum and declining input costs, such as oil, which are offset by rising geopolitical instability, concerns of overbought equity markets reaching new all-time highs, and a search for sustainable drivers of growth.

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Capital Restructuring | Third Quarter 2014

November 2014 – In this edition, we provide our third quarter 2014 perspectives on the restructuring market. Default rates reported by Moody’s and S&P held relatively steady during the Third Quarter 2014, remaining low at 1.7% and 1.6%, respectively. With some indications of strengthening economic conditions, few corporate defaults are expected in the near term. Loan investors who responded to a recent survey predict loan default rates will remain low for the next 12 months in part because low amounts of debt are coming due in the short term, U.S. companies as a whole are expanding their cash flow, and a moderate economic forecast through 2016.

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Business Services | Third Quarter 2014

November 2014 – The SCA Business Services Index underperformed the broader markets in Q3 2014, declining by 4.5% compared to an increase of 0.5% for the S&P 500. In particular, the SCA Marketing Services sector (down 17.0%), the SCA Professional Staffing sector (down 10.0%), and the SCA IT Consulting sector (down 5.0%) reflected growing concerns about slowing revenue growth and missed revenue forecasts. Despite overall investor caution regarding the Business Services sector, there were several bright spots. Healthcare staffing stocks in particular showed strong appreciation based on the positive impact of health reform driving demand for physicians and nurses. AMN Healthcare (NYSE: AMN) was up 24.1% in the third quarter and Cross Country Healthcare (NASDAQ: CCRN) was up 42.3% during this same period.

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Healthcare Services | Third Quarter 2014

November 2014 – Merger and acquisition volume for the healthcare industry in Q3 2014 set a record high in terms of deal value compared to all previous third quarter results on record, according to preliminary figures from Irving Levin Associates, Inc. Figures show a total of 323 deals were announced, totaling $119.5 billion. The closest Q3 period was in 2011, when 336 deals were announced, totaling $118.3 billion. The Pharmaceutical sector contributed to 75% of the quarter’s dollar volume with $89.4 billion in transaction volume as six of the 10 largest deals in Q3 2014 were for pharmaceutical targets. Biotechnology, eHealth, Long-Term Care and Medical Device targets made up the remainder of this transaction list.

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