Baird's Merger Monthly for the Middle Market - April 2008

Robert W. Baird & Co. is pleased to send you the April issue of Merger Monthly, our publication analyzing U.S., European and Transatlantic middle-market M&A activity. This month's issue contains:

*General M&A Market Commentary – M&A activity remains sluggish, unable to shake the effects of the turmoil in the debt markets and growing concerns over the health of the economy. The total number of global transactions for March was just 2,136, a 27.6% decline over the same period last year and the lowest monthly total in more than two years.

*U.S. Middle-Market M&A Update – Middle-market activity also remains rather weak, although not as slow as the mega-deal segment. There were a total of 211 announced middle-market transactions in March, a 36.1%
decline from the prior year period and significantly below the LTM monthly average of 324 transactions.

*Transaction Spotlight – Sale of Crestcom International, Ltd. In January, Crestcom International, Ltd. announced that it been acquired by Bear Growth Capital Partners, LP. Terms of the transaction were not disclosed.
Baird served as the exclusive financial advisor to Crestcom on this transaction.

*European Middle-Market Update – The total number of announced middle-market European transactions for March was 250, a 42.8% decline from last year and substantially below the trailing LTM monthly average of
348 transactions. European middle-market transaction dollar volume for the month was $25.3 billion, a 45.2% decline from last year and well below the LTM monthly average.

*Transatlantic Middle-Market Update – There were just 28 announced middle-market transatlantic transactions in March, a 28.2% decline compared to last year. However, the total dollar value of disclosed middle-market transatlantic acquisitions for the month was $6.2 billion, a modest 3.7% increase from the same period last year.

*Restructuring News – Our data indicate that while the grim conditions in the credit markets did not worsen last month (at least after the historic actions by the Fed allowed certain non-bank security dealers to borrow
from its discount window), liquidity remains relatively scarce and expensive for non-investment grade borrowers.

*U.S. Economic Commentary – Incoming economic data is increasingly consistent with an economy that is in recession. Whether the current period ultimately garners that designation from the academics at the National Bureau of Economic Research (NBER) matters little right now. Growth has certainly slowed in recent quarters and is likely struggling to remain positive in the first half of 2008.

*Highlights of Baird's U.S. Equity Research

*Summary of Recent Baird M&A Transactions


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