Business Services Monthly October 2017 - TM Capital Corp. · 2020-01-01 · TM Capital’s Business...
Transcript of Business Services Monthly October 2017 - TM Capital Corp. · 2020-01-01 · TM Capital’s Business...
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5.7% 3.8%
2.7%
4.8% 5.8%
(8%)
(6%)
(4%)
(2%)
—
2%
4%
6%
8%
10%
Facilities Industrial Distribution Logistics BPO
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LTM Revenue Growth LTM Gross & EBITDA Margins
Enterprise Value / LTM EBITDAEnterprise Value / LTM Revenue
Target Acquiror Acquisition Synopsis
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The ADT Corporation, a leader in security and automation solutions for homes and businesses in North America, has acquired MSE Corporate Security, a NJ-based commercial security integratorMSE provides networked and physical security products, installation and services to education, healthcare, retail, corporate and government clients throughout the U.S. This transaction enhances ADT's expansion of its integrated solutions division and represents the Company's second acquistion since being bought by Protection 1 in May 2016
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WSP Global, a Canadian engineering and professional services consultancy, acquired Leggette, Brashears and Graham ("LBG"), a CT-based groundwater and environmental engineering services firmLBG has 18 regional offices throughout the U.S. and provides expertise in hydrogeology, groundwater and surface water modeling, dewatering and depressurization, environmental investigation and remediationThe acquisition will bolster WSP’s Water and Environment practice by increasing its groundwater geology capabilities, strengthening its environmental services expertise and expanding its national footprint
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Clearlake Capital Group, a Santa Monica-based private equity firm, acquired FloWorks International, a supplier of pipe, valves and fittings ("PVF")Headquartered in Houston, FloWorks supplies PVF products from 44 distribution facilities worldwide, serving customers in the refining, petrochemical, mining and power end marketsThe Company distributes products from over 1,900 vendors and serves more than 5,000 customers across North America and internationally
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The Carlyle Group (Nasdaq:CG), a DC-based private equity firm, acquired United Road Services, a Michigan-based provider of vehicle transport and logistics servicesUnited Road hauls more than 3 million new and used vehicles annually for 10,000 plus customers, including manufacturers, retailers, finance and leasing companies, rental agencies and individualsUnited Road was a portfolio company of Charlesbank Capital Partners, a Boston-based private equity firm
BPO
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Genstar Capital, a San Francisco-based private equity firm, has agreed to acquire Institutional Shareholder Services ("ISS"), a provider of proxy advisory and corporate governance solutions, for $720 million ISS covers 40,000 shareholder meetings annually, offering recommendations on everything from votes on executive pay to a company's bylawsISS was a portfolio company of Vestar Capital Partners, a Boston-based private equity firm
Tab - 1. Headline Transactions Page 1
Business Services Headline Transactions
21.2%
13.8%
28.7%
21.1%
31.9%
8.0% 5.6%
8.8% 13.5% 13.2%
0%
5%
10%
15%
20%
25%
30%
35%
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5%
10%
15%
20%
25%
30%
35%
Facilities IndustrialDistributionLogistics BPO
LTM EBITD
A M
arginLTM
Gro
ss M
argi
n
1.0x
0.6x
1.2x
1.3x 1.5x
0.0
0.2x
0.4x
0.6x
0.8x
1.0x
1.2x
1.4x
1.6x
Facilities Industrial Distribution Logistics BPO
TEV
/ Rev
enue
12.8x
10.6x 12.4x 12.5x 11.9x
0.0
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
16.0x
Facilities Industrial Distribution Logistics BPO
TEV
/ EBI
TDA
Business Services MonthlyOctober 2017
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TM Capital’s Business Services Contacts
James S. Grien Managing Director
[email protected] 404-995-6235
Jarrad S. Zalkin Managing Director
[email protected] 617-259-2207
Facilities Services Transactions Industrial Services Transactions
Distribution Transactions Logistics Transactions
BPO TransactionsTarget Acquiror Target Description
TMJ, Inc. SECOM CO., LTD. (TSE:9735)
Provides call center and BPOservices
Kivala-HR SA Ernst & Young LLP Provides human resourceconsulting and advisory services
Interactive Broadband Consulting Group, LLC
Accenture plc (NYSE:ACN)
Provides consulting services forbroadband, mobility, media andtechnology companies
4. Transactions (for PDF)
Target Acquiror Target Description
Marshall Stone, Inc. SiteOne Landscape Supply, Inc. (NYSE:SITE)
Supplies natural and manufacturedstones and rocks
Honsador Holding, LLC
CanWel Building Materials Group Ltd. (TSX:CWX)
Distributes building products andelectrical supplies to residential andlight commercial market segments
Tri-State Technical Services, Inc.
EnviroStar, Inc. (AMEX:EVI)
Distributes commercial, industrialand vended laundry products
4. Transactions (for PDF)
Target Acquiror Target Description
Florida State Elevator, LLC
Oracle Elevator Company
Offers elevator maintenanceprograms, repair andmodernization services andcomplete installation services
Maintenance Design Group, LLC
HDR, Inc. Provides bus maintenance facilitydesign services
Girard Environmental Services, Inc.
BrightView Landscapes, LLC
Provides landscaping services to thecommercial clients in Florida
4. Transactions (for PDF)
Target Acquiror Target Description
Multi-Shot, LLC Patterson-UTI Energy, Inc. (NasdaqGS:PTEN)
Operates as an oilfield servicecompany that provides directionaldrilling services
VCT Vogel GmbH Chart Industries, Inc. (NasdaqGS:GTLS)
Offers welding and electricalcontract services
Acro Aircraft Seating Ltd.
Zhejiang Science and Technology Investment Co., Ltd.
Operates as an aerospaceengineering company in the UnitedKingdom
4. Transactions (for PDF)
Target Acquiror Target Description
TMC Supply Chain Solutions
TMC Workforce Solutions Inc.
Provides supply chain management,logistics and warehousing services
Sandifer-Valley Transportation and Logistics, Ltd.
Radiant Logistics, Inc. (AMEX:RLGT)
Provides domestic and internationallogistics services
RDK Transportation Co. Inc.
Mullen Group Ltd. (TSX:MTL)
Offers truck transportation services
4. Transactions (for PDF)
EBITDA Multiples Over Time
12.8x
10.6x
12.4x
12.5x
11.9x
5.0x6.0x7.0x8.0x9.0x
10.0x11.0x12.0x13.0x14.0x
Q2 '14 Q3 '14 Q4 '14 Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17 Q3 '17
TEV
/ EBI
TDA
Facilities
Industrial
Distribution
Logistics
BPO
www.tmcapital.com/business-services
New York641 Lexington Avenue30th FloorNew York, NY 10022Tel: 212.809.1360
Boston201 Washington Street32nd FloorBoston, MA 02108Tel: 617.259.2200
Atlanta1230 Peachtree Street NESuite 550Atlanta, GA 30309 Tel: 404.995.6230
David M. Felts Managing Director
[email protected] 404-995-6252