BRAZIL: Food and beverage deals spike
The number of food and beverage distribution deals in Brazil has increased by 143% YTD compared to the same period in 2014, according to TTR data (www.TTRecord.com). In both periods, transactions were mostly led by Brazilian buyers acquiring local peers.
COLOMBIA: Domestic firms demonstrate appetite for acquisitions abroad
Colombian buyers have been increasingly looking abroad for growth with 20 acquisitions of foreign targets YTD in 2015 compared to 13 in the same period of 2014, according to TTR data (www.TTRecord.com). Among the most popular target markets for Colombian buyers are Chile, Panama, Brazil, and the US, with three acquisitions in each country, and two in Mexico, YTD. 
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Rankings / League Tables
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Latin America Ranking – 2015
Financial Advisory – Year to Date (YTD)
Banco Itaú’s lead on Banco BTG Pactual at the top of TTR’s Latin America financial advisory ranking narrowed as July drew to a close, compared to the rivals’ relative positions in the chart a year ago. By volume of deals Itaú is down 28%, with 29 transactions YTD compared to 40 a year ago. The aggregate value of Itaú’s mandates has nearly tripled, however, from USD 6.8bn to USD 19bn. Banco BTG Pactual actually had greater aggregate value a year ago than the leading bank with its 23 deals worth USD 8.3bn. Its volume is now up 4% compared to the first seven months of 2014 with 24 transactions that rival Itaú’s in combined value at USD 18.5bn. At third, Credit Suisse Group climbed one spot to displace BAML by number of deals with 10 transactions together valued at USD 20.6bn to lead the chart by value. A year ago it had advised on nine deals worth USD 7.2bn putting it in fourth place. Banco Santander climbed two rungs to take fourth with nine deals worth USD 5.5bn compared to its nine deals worth USD 2.4bn a year ago, which had put it in sixth place. At fifth in the ranking, BAML has advised on eight transactions YTD worth USD 5.9bn compared to its 10 deals worth USD 4bn at this time last year, which had put it in third place. Bradesco slipped one spot from fifth to sixth place by volume, but more than doubled aggregate value with nine deals worth 4.2bn at the end of July 2014 and seven deals worth USD 9.2bn YTD in 2015. Goldman Sachs, at seventh, rose two positions from ninth a year ago and grew its combined deal value from USD 7.8bn to USD 9.2bn, despite advising on six transactions YTD rather than seven in the first seven months of 2014. Also with six deals under their belts, BBVA and PwC were both absent from the top-10 at this point in 2014. Deutsche Bank maintains the same place at the rear it held at the end of July, 2014, while more than tripling aggregate deal value from USD 5bn a year ago to USD 18.3bn YTD in 2015, despite declining volume from seven to five deals.
Legal Advisory – Year to Date (YTD)
Jones Day leads TTR’s Latin America legal advisory ranking YTD by a long shot, with 18 deals under its belt together worth USD 2.5bn. This compares to its third-place ranking a year ago when it’d advised on 10 deals worth USD 1.9bn combined, representing an 80% increase in deal flow and a 31% increase in aggregate value. Baker & McKenzie follows, with eight transactions together worth USD 1bn in the region. It fell from its number one position at this point last year when it’d advised on 20 deals worth USD 2.3bn. Akin Gump Strauss Hauer & Feld is at third place with six deals together worth USD 5bn, putting it in third place by combined value as well. Akin Gump was not among the top 50 at this stage in 2014. Holland & Knight, with six transactions worth USD 500m combined, ranks fourth, compared to its seventh place in the ranking a year ago when it’d advised on five deals together worth USD 3.1bn. Milbank, Tweed, Hadley & McCloy has advised on five deals YTD, together worth USD 5.6bn to put it in fifth place by volume and second place by aggregate value, a notch above Simpson Thacher & Bartlett, with five deals worth USD 3.1bn putting the firm in sixth place. Simpson Thacher ranked second for the first seven months of 2014 with 13 deals worth USD 6.4bn combined. White & Case has also advised on five transactions, worth a combined USD 983m, YTD, compared to 10 worth USD 1bn a year ago. Skadden, Arps, Slate, Meagher & Flom, at sixth in the chart and absent from the top-10 a year ago, has also had five advisory mandates YTD, together worth USD 766m, to close the first seven months of 2015 at eighth. Clifford Chance follows at ninth by volume with four deals under its belt, together worth USD 8.3bn, to put it in the lead by combined deal value. Sullivan & Cromwell brings up the rear with four deals worth USD 4.8bn in aggregate.
Brazil Ranking – 2015
Financial Advisory – Year to Date (YTD)
Banco Itaú BBA has a comfortable lead at the top of TTR’s Brazil financial advisory ranking at the start of August with 27 transactions together worth USD 18.9bn, with more than six times the combined value of its 32 transactions at this point in 2014. BTG rivals at second place by volume with just about USD 1bn less in combined deal value at USD 17.8bn for its 15 transactions. A year ago its 19 advisory mandates worth USD 7.3bn had also put it in second place by number of deals. Credit Suisse climbed two positions to take third in the ranking compared to its performance through 31 July, 2014, with nine deals together worth USD 20.6bn, putting it in the lead by value. Banco Bradesco BBI slipped one position to fourth compared to its run in 2014, with seven transactions together worth USD 9.2bn. BAML, in fifth, has advised on six transactions YTD in 2015 together worth USD 5.9bn. Goldman Sachs takes sixth place, with with five deals worth USD 9.2bn in aggregate. Deutsche Bank, at seventh, JPMorgan, at eighth, BR Partners in ninth, and Deloitte, in the tenth-place position, have all advised on four deals thus far in 2015. Deutsche Bank ranks fourth by combined value of USD 15.8bn, followed by JPMorgan with USD 12.9bn worth of combined deals. Both were absent from the top-10 in the first seven months of 2014, as was Goldman Sachs and BR Partners.
Legal Advisory – Year to Date (YTD)
Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados has overtaken Pinheiro Neto Advogados to lead TTR’s Brazil legal advisory ranking YTD in 2015 with 30 advisory mandates on deals worth USD 14.6bn combined giving it the lead also by aggregate value. It swapped positions with Pinheiro, which advised on 29 deals together worth USD 10bn for second place. At this time last year Pinheiro led with 34 advisory mandates worth USD 5.9bn combined, compared to Mattos Filho’s 31 deals worth USD 7.4bn combined. Machado, Meyer, Sendacz e Opice Advogados rose one spot in the ranking compared to the first seven months of 2014 to place third with 25 transactions worth USD 12.6bn combined, putting it about USD 2bn behind Mattos Filho by aggregate value. Barbosa, Müsnich, Aragão follows in fourth with its 19 deals together worth USD 9.8bn, compared to 14 worth USD 3.9bn at this time of year in 2014, which had put it at ninth place among the leading 10 firms. Souza Cescon Advogados is in fifth place with 18 deals worth USD 4.3bn, compared to its sixth place position at the end of July, 2014 when it had advised on 19 deals worth USD 10.3bn combined. Demarest Advogados climbed two positions in the ranking compared to last year to take sixth with 16 advisory mandates on transactions together worth USD 1.2bn. TozziniFreire Advogados has fallen two positions to seventh relative to its deal volume at this stage of 2014 with 16 advisory mandates on deals worth USD 917m combined YTD compared to 24 worth USD 3.3bn in the corresponding period of 2014. Veirano Advogados fell one position to eighth-place with 14 deals worth USD 5.4bn YTD compared to its 19 worth USD 987m at the end of July, 2014. Koury Lopes Advogados climbed one spot to ninth-place position by the end of July with 12 deals worth USD 92m this year compared to 13 worth USD 1.2bn last year when it’d placed tenth. Lefosse Advogados now brings up the rear with nine transactions together worth USD 5.1bn YTD. Lefosse did not place among the top-10 in the corresponding period of 2014.
Mexico Ranking – 2015
Financial Advisory – Year to Date (YTD)
Pablo Rión y Asociados climbed to the top of TTR’s Mexico financial advisory ranking by the end of July with four transactions worth USD 81m in aggregate. Spain’s Banco Santander follows in second with three deals worth USD 864m combined, up from ninth place at the end of July, 2014 when it’d advised on one transaction worth USD 1.3bn. BBVA, at third, has also advised on three deals YTD, together worth USD 672m. Alfaro, Dávila y Ríos ranks fourth with two transactions worth USD 2.2bn. Evercore Partners and Vace Partners also have two deals apiece under their belts at fifth and sixth place positions, respectively, with USD 648m and USD 480m in combined deals, respectively. BAML also advised on two deals YTD, as it did in 1H14, worth USD 88m this year compared to USD 634m a year ago, putting it in seventh place by weighted volume. Deutsche Bank, at eighth, Citigroup at ninth, and Moelis & Company at tenth, have each advised on one deal YTD in 2015, in the case of Deutsche Bank, worth USD 2.5bn, putting it in the lead by aggregate value. Citigroup also advised on one transaction in the corresponding period of 2014, worth USD 1.7bn then, compared to this year’s worth USD 1.2bn.
Legal Advisory – Year to Date (YTD)
Creel, García-Cuéllar, Aiza y Enríquez maintains a solid lead over Mijares, Angoitia, Cortés y Fuentes, with 17 transactions worth USD 2.7bn combined, compared to its closest rival’s 10 deals together worth USD 1.8bn in TTR’s Mexico legal advisory ranking for the first seven months of 2015. Creel remains at number one despite dropping one deal by volume and 68% by aggregate value compared to its 18 deals worth USD 8.6bn at this time of the year in 2014. Galicia Abogados climbed four positions from its seventh place in the ranking at this point last year to take third with nine deals together worth USD 5.3bn. At this stage of 2014 Galicia had advised on four deals together worth USD 1bn. Jones Day México was not among the top 10 at the end of July in 2014 and now ranks fourth, with eight deals together worth USD 2.2bn. Holland & Knight follows with five deals worth USD 500m, compared to its four worth USD 2.3bn at the end of July, 2014, which had put it in sixth place. Santamarina y Steta Abogados holds sixth place, with four transactions worth USD 2.8bn combined. The firm was not among the top 10 in the first seven months of 2014. White & Case has also advised on four deals, but falls behind Santamarina in the chart owing to its lower combined value of USD 983m. By the end of July, 2014 it had advised on six transactions together worth USD 686m. Nader Hayaux & Goebel Abogados, in eighth, Basham, Ringe y Correa, in ninth and Ritch Mueller, bringing up the rear, have advised on three transactions each YTD, Nader’s worth USD 3.3bn combined, Basham’s USD 1.3bn and Ritch Mueller’s USD 204m. Neither Nader, Basham nor Ritch were among the top 10 in the first seven months of 2014.
