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Business Process Outsourcing M&A Update1Q 2020

CONTENTS

2 Coronavirus Impact3 Federal Stimulus4 Opportunities 5 Global Deal Analytics9 Valuation Multiples13 Our Service Offerings14 Selected Transactions

Trevor HulettManaging [email protected]

Jason [email protected]

For more information on R.L Hulett & Co. or this report please visit our website at rlhulett.com or call us at (314) 721-0607

REPORT HIGHLIGHTS

BPO M&A market was active in Q1 2020 with a record high 39 deals closed in the first three months

Total capital invested was up 15% from Q1 2019 as there were more large $1B EV tranche transactions in Q1 2020

In Q1 2020, public companies in the BPO sector underperformed the S&P 500 index by 4.7%

PE investors were more active than strategic buyers in both deal volume and capital invested in Q1 2020

The acquisition of Competence Call Center by Telus International in an approximately $1 billion deal represented the largest transaction in Q1

Valuations (stated as multiples of EBITDA and revenue) for M&A transactions trended upwards in Q1

BPO M&A Update | 1Q 2020

R.L. Hulett & Company, Inc.

Coronavirus Impact

Shortage of BPO SuppliersThe IT outsourcing sector is experiencing a shortage ofsuppliers. Amid the global pandemic, western firms areincreasingly reliant on business process outsourcing (BPO)functions provided by companies in Asia, especially India.However, these firms face logistical and technical hurdles suchas the current lockdown policy and unemployment in India.According to This Week In Asia, there are 4 million peopleemployed in the IT and outsourcing industry in India, whichwas worth $180 million in 2019. The pandemic caused joblosses and business shutdowns in India, which will impact therevenue of those western firms such as Citibank, Bank ofAmerican and General Electric.

Source: S&P Global, This Week In Asia, WSJ

Industry PerformanceThe BPO public market underperformed the S&P 500 in Q1 2020, where the world’s largest 10 companies had anaverage of -25% YTD return compared to a -20.3% YTD return for the S&P 500 as of March 31. Conduent, a leadingprovider of business process services, had experienced an 82% decrease in the stock price during the past 12 months.

60.00

70.00

80.00

90.00

100.00

110.00

120.00

BPO Public Comps

-25%

Low DemandWith the coronavirus outbreak, firms are having to rationalize costs, which in many cases is resulting in reductions in ITbudgets. Many companies put noncritical projects on hold or canceled plans for projects that were in the planningprocess. Forrester Research Inc. expects spending by U.S. companies on tech consulting and systems integration services,two core areas of the IT services market, to drop as much as 4% this year. Moreover, the work-from-home mandate iscreating challenges for the BPO industry, especially on companies with operations in India and the Philippines wherepeople do not have the best IT infrastructure at home. Lastly, companies will want to re-negotiate long-term outsourcingcontracts, since their capital is drying up right now and business needs might change after the pandemic.



Federal Stimulus – COVID-19

Source: SBA, Federal Register

CARES Act – Paycheck Protect ProgramFollowing President Trump’s signing of the historic Coronavirus Aid, Relief, and Economic Security (CARES) Act, SBA andTreasury Department announced on March 31st that the SBA and Treasury Department have initiated a robustmobilization effort of banks and other lending institutions to provide small businesses with the capital they need.

The CARES Act established a new $349 billion Paycheck Protection Program. The Program will provide much-neededrelief to millions of small businesses so they can sustain their businesses and keep their workers employed.

CARES Act – Economic Injury Disaster Loan (EIDL)In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., andterritories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance will provideeconomic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made availablefollowing a successful application. This loan advance will not have to be repaid.

Paid Sick Leave For EmployeesThe Secretary of Labor (“Secretary”) is promulgating temporary regulations to implement public health emergency leaveunder Title I of the Family and Medical Leave Act (FMLA), and emergency paid sick leave to assist working families facingpublic health emergencies arising out of Coronavirus Disease 2019 (COVID-19) global pandemic. The leave is created by atime-limited statutory authority established under the Families First Coronavirus Response Act, Public Law 116-227(FFCRA), and is set to expire on December 31, 2020. The FFCRA and this temporary rule do not affect the FMLA afterDecember 31, 2020.

Expansion of Unemployment BenefitsUnder the new CARES Act responding to the COVID-19 pandemic, all states will be allowed to provide up to 13 additionalweeks of federally funded extended benefits to people who exhaust their regular state benefits. Under the Act, throughthe end of this year, people who exhaust both regular and extended benefits, and many others who have lost their jobsfor reasons arising from the pandemic but who are not normally eligible for UI in their state, are eligible for PandemicUnemployment Assistance. People can receive a maximum of 39 weeks of benefits this year from all three sourcescombined.

Tax ReliefThe Treasury Department and the Internal Revenue Service are also providing special tax filing and payment relief toindividuals and businesses in response to the COVID-19 Outbreak. On March 30th, they announced that distribution ofeconomic impact payments will begin in the next three weeks and will be distributed automatically, with no actionrequired for most people. However, some taxpayers who typically do not file returns will need to submit a simple taxreturn to receive the economic impact payment.

The filing deadline for tax returns has been extended from April 15 to July 15, 2020. The IRS urges taxpayers who areowed a refund to file as quickly as possible. For those who can't file by the July 15, 2020 deadline, the IRS remindsindividual taxpayers that everyone is eligible to request an extension to file their return.



Opportunities

AI Call Center SolutionsCOVID-19 has accelerated the need for AI-powered contact center messaging. Customer service centers are experiencingan unprecedented uptick in overall call volume as the continued spread of COVID-19 disrupts workplaces. Customers areseeing longer-than-average hold times when seeking customer services. To solve the problem, some companies areturning to AI to bridge the resulting gaps in service. For example, LivePerson, a global tech company that developsconversational commerce and AI software, said it has observed significant increases in volume on its conversationalplatform. Overall conversation volume has jumped by about 20% since Mid-February.

Social Media as a Customer Service PlatformAccording to Gartner, 90% of businesses will use social media channels for customer service by 2020. Doubling socialmedia as a tool to offer quality support can go a long way in creating an online presence. With a vivid online presence,organizations can leverage social media analytics to optimize campaigns and garner incomparable results. Only a handfulof businesses have leveraged the power of social media analytics to predict customer behavior. By outsourcing customerservice where social media is the preferred channel of communication, enterprises can kill two birds with one stone. Theincreasing demand for customer service outsourcing would be an opportunity for companies in the BPO industry.

FlexibilityThe coronavirus is forcing more people to work remotely than ever before. This will show companies that it is possible todo work remotely just as efficiently. Before the virus, only 3.8% of the workforce was working from home, according tothe Chicago Tribune. This creates an opportunity for the BPO sector because many companies will learn that employeesdo not have to be at the office to do a certain job. It will be easier for BPO firms to convince potential clients of theirservices because they will already know that working remotely is possible. With that extra argument, BPO will be in astronger position, since it already boosts advantages such as lower costs and better flexibility.

Source: Chicago Tribune, Customer Think


Source: PitchBook Data, data as of 04/07/2020 R.L. Hulett & Company, Inc.

We tracked 39 BPO deals in Q1 2020 across the globe, 74% of which came from the North American market. Europe was

the second most active market, with 8 deals in the Business Process Outsourcing sector. However, the largest three deals

are all in Europe, including Telus International’s acquisition of Competence Call Center and Oaktree Capital’s investment

in MBE Worldwide.

0 1-5 6-20 >20

829

United States Regions:

Canada: 0Mexico: 2

In the United States, the South region was the most active area in terms

of Business Process Outsourcing M&A transactions in Q1, with 6 closed

deals. Titus Industrial and Connectyx Technologies were the notable

sellers in the South region. The West Coast region and Mid Atlantic

region contributed 37% of the total deals, followed by the Great Lakes

and Midwest regions, with 3 deals and 1 deal, respectively.

Outside of the U.S., 2 transactions closed in the Mexican market in Q1,

and no deals transacted in the Canadian market.

South: 6

Mid Atlantic: 5

West Coast: 5

Great Lakes: 3

Midwest: 1

Other: 7

1

1

Global Deal Analytics



Customer Management ServiceTechnology Consulting Service

2111

43

Call Center SoftwareBusiness Service Management

Among the 39 BPO deals in Q1 2020, 21 deals were done in the business service management subsector, making it the

most active subsector in the BPO space in terms of M&A activities. There were 11 closed deals in the technology

consulting services subsector, led by Titus Industrial’s $7.3M of financing and Palladium Equity Partner’s buyout of

Accupac. Customer management service and calling center software providers followed with 4 deals and 3 deals,

respectively.


Deal by BPO Subsector



Deal volume in the BPO sector was not as

significantly impacted as other industries.

Under the pandemic, 39 deals were

completed in Q1, down 11% from 44 in Q4

2019 but up 15% from 34 in Q1 2019. While

the global M&A market is set for its slowest

first three months since 2005, BPO sector

had its best first quarter since 2007, where it

had 41 deals in Q1.

The total global deal volume in 2020 is

predicted to decrease by at least 25%, which

will lead to a total of 137 deals in the BPO

sector. However, this projected deal volume

represents the second highest level over the

last six years. Additionally, we anticipate

seeing an uptick in M&A activity in the 3rd

and 4th quarters as business activity begins

to normalize late in Q2, leading to more

appetite for “risk-on” investing and M&A

later in the year.

Total capital invested has followed a similar

trend to deal volume. Total capital invested

in the BPO sector in Q1 2020 was $1.22

billion, down 22% from Q4 2019 but up 15%

from Q1 2019.


39

182

89

112 112 120

137

-

50

100

150

200

2020*20192018201720162015

Deal Volume

3944

5549

34

262620

1722

2925

36

18

283333

10

20

30

40

50

60

1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q

20202019201820172016

Deal Volume

1.22

2.19

0.97

0.16

1.06

2.97

1.69

0.44

0.05

2.98

- B

1 B

1 B

2 B

2 B

3 B

3 B

4 B

1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q

2020201920182017

Total Capital Invested



Deal volume in the lower middle market ($0-

$50MM) saw a significant increase as a % of

overall volume from 69.4% in calendar year

of 2019 to 75% in Q1 2020. Additionally, deal

volume in the upper tranche of the market

($1B+) increased by 9.7%. Of note was a

meaningful drop in middle-market deals

($50MM-$1000MM).

In 2018 and 2019, strategic buyers were

more active than PE investors in the BPO

sector in terms of deal volume. In Q1 2020,

volume flipped around in favor of PE

investors at 59% of total deal volume.

Strategic deal volume declined 10.1% from

the prior year, from 51.1% to 41% in 2019

and 2020, respectively.

Since 2014, private equity buyers have

accounted for the majority of capital

invested in BPO deals with the exception of

2018, where strategic buyers contributed

nearly 90% of total capital invested. Q1 2020

was no exception with PE investors

accounting for 93% of the total investment.


75.0%69.4%54.2%54.3%46.2%

58.8%55.2%

12.5%25.0%37.5%37.1%

38.5%32.4%

20.7%

2.8%4.2%2.9%12.8%5.9%17.2%

12.5%2.8%4.2%5.7%2.6%2.9%6.9%

0%

20%

40%

60%

80%

100%

2020*201920182017201620152014

Deal Volume by Deal Value

0-50 50-500 500-1000 MM 1000 MM +

59.0%48.9%41.6%

58.9%63.4%52.5%44.7%

41.0%51.1%58.4%

41.1%36.6%47.5%55.3%

0%

20%

40%

60%

80%

100%

2020*201920182017201620152014

Deal Volume by Acquirer

Private Equity Strategic

93.0%82.9%

10.4%

90.6%69.3%

41.9%59.3%

7.0%17.1%

89.6%

9.4%30.7%

58.1%40.7%

0%

20%

40%

60%

80%

100%

2020*201920182017201620152014

Total Capital Invested by Acquirer

Private Equity Strategic



Valuation Multiples

EV/Revenue

EV/EBITDA

9.7x

7.1x

9.7x8.4x

9.3x10.1x

7.0x

17.9x

14.9x

12.6x

0.00x

2.00x

4.00x

6.00x

8.00x

10.00x

12.00x

14.00x

16.00x

18.00x

20.00x

2020*201920182017201620152014201320122011

3.0x

1.0x

2.1x

1.0x0.9x

0.4x

0.8x

1.2x

0.5x

1.3x

0.00x

0.50x

1.00x

1.50x

2.00x

2.50x

3.00x

3.50x

2020201920182017201620152014201320122011



Revenue EBITDA

06-Mar-2020 Connectyx Technologies SunMed Advisors Merger/Acquisition - - -Provider of ground transport solutions based in

Hoofddorp, Netherlands

03-Mar-2020 Bark Verpakkingen Quadrum Capital PE Growth/Expansion - - -Manufacturer of fire engines and rescue vehicles

based in Jyväskylä, Finland

03-Mar-2020 Cosmetic Labs of America Caisse de dépôt et placement du QuébecBuyout/LBO - - -Operator of a less-than-truck load trucking logistics

company

02-Mar-2020 OBS Financial Services AssetMark Merger/Acquisition 20.00 - -Provider of warehousing, transportation, installation

and home delivery services

25-Feb-2020 Fruendo (Italy) Accenture Merger/Acquisition - - - Provider of tailored transportation services

19-Feb-2020 MBE Worldwide Oaktree Capital Management PE Growth/Expansion 131.85 - -Manufacturer Autonomous Underwater Vehicles

(AUVs)

18-Feb-2020 Blue River Partners AlpInvest Partners, Astorg Buyout/LBO - - -Manufacturer of heavy-duty lighting and safety

components

18-Feb-2020 Constellation Advisers TZP Group PE Growth/Expansion - - - A ship with a net tonnage of 13,660

13-Feb-2020 Titus Industrial - Corporate 7.74 - -Retailer of touring caravans based in the United

Kingdom

13-Feb-2020 Accusource (Exton) STP Investment Services Merger/Acquisition - - - Provider of temperature-controlled logistics services

12-Feb-2020 Agile Sourcing Partners Post Capital Partners PE Growth/Expansion - - - A road project located in Pune, India

06-Feb-2020 Connectyx Technologies - PIPE 7.00 - -Manufacturer of outdoor cleaning vehicles based in

Longueuil, Canada

05-Feb-2020 Gomti Life Sciences Advinus Therapeutics Merger/Acquisition - - - Operator of cold storage facilities in Canada

04-Feb-2020 Competence Call Center Baring Private Equity Asia Buyout/LBO 1,014.83 2.98x -Provider of a motor-vehicle leasing service based in

Moscow, Russia

29-Jan-2020 Customer Management Center M+ Group Merger/Acquisition 40.02 - -

Provider of oil changes and other preventative

maintenance services for medium and heavy-duty

trucks

27-Jan-2020 UMA Precision Machining Prather Capital Partners Buyout/LBO 1.37 - - Operator of an agricultural product logistics platform

23-Jan-2020 AWS Electronics Group Incap Merger/Acquisition 17.64 - -

Operator of a logistics company intended to provide

warehouse storage, pick, pack, dispatch and delivery

services

21-Jan-2020 Activer Solutions Xceedance Merger/Acquisition - - -Provider of transportation and logistics services for

the construction industry based in Sweden

21-Jan-2020 Alltran Platinum Equity Buyout/LBO - - - Developer of a warehouse management system

21-Jan-2020 Clayton Holdings Aquiline Capital Partners Buyout/LBO - - -Provider of specialist maintenance and support

services

21-Jan-2020 Ellesmere Group Cinven Buyout/LBO - - - Developer of environmentally-friendly electric trucks

17-Jan-2020 Accupac Palladium Equity Partners Buyout/LBO - - -Provider of a tech-enabled, people-centric freight

brokerage services

17-Jan-2020 Benchmark Electronics CapitalWorks Buyout/LBO - - - Provider of end-to-end telecom logistics services

13-Jan-2020 Foundation Source Incline Equity Partners Buyout/LBO - - -Provider pf warehousing and storage services in the

Minneapolis-St

09-Jan-2020 First Kontact Advantage Communications Merger/Acquisition - - -Operator of a logistics, transportation and

warehousing company based in Canada

02-Jan-2020 Altair Technologies Addison Capital Partners Buyout/LBO - - -MPC Container Ships ASA engages in the investment

in and operation of shipping assets

Target Business DescriptionDeal Date Company Name Investor Deal TypeDeal Size

($mm)

EV

Largest Deals (Disclosed)



Leading M&A Deals

Deal Deal Synopsis Driver

Competence Call Center was acquired by TelusInternational via its financial sponsor, Baring Private Equity Asia, through a $1 billion LBO on February 4, 2020. The expanded capabilities of the combined companies will further elevate the globally admired customer experience and innovative digital solutions that are synonymous with the TELUS International brand.

Strategic Growth

MBE Worldwide received $131 million of development capital from Oaktree Capital Management on Feb 19, 2020. Post transaction Oaktree holds just under 50 percent of the capital, leaving control to the Fiorelli family. Shareholders plan to further increase MBE’s competitive position, international presence and financial strength in the years to come.

International Presence

Customer Management Center was acquired by M+ Group, a subsidiary of Customer Management Center, for $36 million on January 29, 2020. CMC is Turkey's largest outsourced call center and customer management services provider, employing more than 4,000 people. Following the merger, M+ Group is expected to emerge as a leading regional contact center and BPO services provider.

Synergy Opportunity

OBS Financial Services, a subsidiary of The Canandaigua National Bank and Trust Company, was acquired by AssetMark (NYS: AMK), a subsidiary of Huatai Securities (SHG: 601688), for $20 million. Following the closing of the deal, the company will be integrated, where appropriate, into AssetMark's systems and infrastructure. The acquisition will help AssetMark expand their base of independent advisors and presence in the bank Trust market.

New Market Entry



Public Comps

$MM

Company 18A 19A 20E 18A 19A 20E 18A 19A 20E 18A 19A 20E 18A 19A 20E

Cognizant Technology SolutionsNAS:CTSH 46.5 33960.0 1676.0 32559.0 2.1x 2.0x 1.9x 10.7x 10.5x 9.7x 10% 5% 4% 39% 37% 37% 19% 19% 17%

Broadridge Financial SolutionsNYS:BR 94.8 14163.4 2013.0 15818.1 2.8x 3.6x 3.5x 15.6x 19.6x 16.1x 5% -1% 1% 27% 28% 27% 18% 19% 18%

PRA Health SciencesNAS:PRAH 83.0 7030.1 1592.8 8441.1 2.5x 2.8x 2.5x 25.0x 17.9x 14.4x 35% 7% 7% 28% 29% 29% 10% 16% 15%

Flextronics Software SystemsNAS:FLEX 8.4 6414.8 3502.4 8101.8 0.2x 0.3x 0.3x 5.0x 9.4x 4.7x 8% -3% -5% 6% 5% 5% 4% 4% 4%

JabilNYS:JBL 24.6 6333.0 2496.5 8554.3 0.2x 0.3x 0.3x 4.2x 6.3x 5.0x 16% 14% 11% 8% 8% 7% 6% 5% 5%

51jobNAS:JOBS 61.4 5634.3 13.5 4253.4 5.5x 7.4x 6.9x 23.7x 23.9x N/A 32% 12% N/A 72% 71% N/A 23% 31% N/A

WNS Global ServicesNYS:WNS 43.0 3279.7 236.8 3375.8 2.6x 4.0x 3.5x 15.2x 20.3x 12.5x 18% 8% 11% 35% 37% 37% 17% 20% 19%

ExlService HoldingsNAS:EXLS 52.0 2368.2 345.1 2432.5 2.2x 2.5x 2.3x 14.6x 16.8x 12.7x 14% 15% 12% 34% 34% 34% 15% 15% 18%

TTECNAS:TTEC 36.7 1841.8 366.5 2135.3 1.0x 1.3x 1.2x 10.5x 11.1x 9.5x 9% 6% 9% 24% 24% 24% 10% 12% 12%

ConduentNAS:CNDT 2.5 1310.7 1860.0 3084.7 0.6x 0.7x 0.7x 9.9x N/A 6.7x -7% -17% -17% 26% 22% 22% 6% -23% -35%

Mean2.0x 2.5x 2.3x 13.4x 15.1x 10.1x 14% 5% 4% 30% 30% 25% 13% 12% 8%

Median2.1x 2.2x 2.1x 12.7x 16.8x 9.7x 12% 6% 7% 28% 28% 27% 13% 15% 15%

Revenue Growth Gross Margin EBITDA MarginTicker Stock Price

Market

CapTotal Debt

Enterprise

Value (EV)

EV/Revenue EV/EBITDA

0.00

20.00

40.00

60.00

80.00

100.00

120.00

140.00

160.00

NAS:CTSH NYS:BR NAS:PRAH NAS:FLEX NYS:JBL

NAS:JOBS NYS:WNS NAS:EXLS NAS:TTEC NAS:CNDT

Stock Prices



Our Service Offerings

Sell-Side Advisory: Sell your business

Sell your business for the highest price and for the best terms. At R.L Hulett,communicating the value of your business to targeted buyers and finding the best fit foryour team is our forte. We strive to maintain your company’s culture and heritage evenas you transition out of your business.

Buy-Side Advisory: Buy a business

Searching for acquisition targets can be a challenging and time-consuming task whentrying to run your own business at the same time. Navigating the risks and pitfalls innegotiating valuation and deal structure can also be a daunting task for many businessowners. Let our team help you minimize your risk and reduce time wasting efforts withour decades of experience in advising in both buy and sell-side M&A transactions. Weutilize industry-leading M&A databases to scout for opportunities and pre-screen for“real” actionable targets so you can stay focused on what matters.

Capital Raise: Gain financial support

With nearly 40 years of experience in middle-market M&A advisory, we know how topackage up your deal and put you in front of the right kind of investors who have thecapital and the industry expertise you need to grow your business. Our team willdevelop a go-to-market strategy and advise on deal structure, valuation, due diligenceand transition issues. Whether you are seeking capital for growth or trying to buy outother shareholders, we have the tools, expertise, and experience to execute a strategicprocess and find the optimal outcome to meet your objectives.

Restructuring: reorganization of your business

In today’s uncertain economic times, more and more companies are finding themselvesin unfamiliar, and unwanted, positions. Many business owners are hoping recovery isjust around the corner; however, proactive measures are often required to maximizethe remaining value of the business. Our team can aid banking institutions with workoutsituations by implementing internal controls over cash management and performing on-going cash flow modeling for their clients. We can also help business owners avoidhaving trouble making payments on their debts and avoid the cumbersome and low-value asset liquidation process.


Transaction Experience

Over the years, R.L. Hulett & Company has completed hundreds of transactions in a wide variety of industries. Pleasenote that this list is not comprehensive. It is common for sellers and/or buyers to request confidentiality regarding theirtransactions, and R.L. Hulett & Company respects such requests as a matter of policy.



Our M&A Deal Leaders

Mr. Hulett founded the firm in 1981 and has negotiated and completed more than 200transactions throughout his career. He began his career as a Certified Public Accountant andpracticed with Peat, Marwick, Mitchell & Co. in St. Louis as an Audit Manager and in New Yorkas the Director of Training for Private Business. Mr. Hulett has also served as Chief Executive &Board Member for various middle market companies. As an educator, he was an adjunctprofessor at New York University and a tenured faculty member at Lindenwood University in St.Louis. He conducted training sessions for middle market CPA firms throughout the country formore than ten years. Mr. Hulett earned his BS/BA Cum Laude in Accounting from the Universityof Missouri-Columbia, and an MBA from Lindenwood University.

Robert L. HulettChairman & Managing

Director(314) 721-0607 x103

[email protected]

R. Trevor Hulett, CPAManaging Director

(314) 721-0607 [email protected]

Mr. Hulett has led M&A transactions in a variety of industries includingmanufacturing/industrial, software development/IT, business services and value-addeddistribution for over 15 years. Prior to joining the firm, he held senior level accounting andfinancial management positions in both public accounting and large corporations. Mr. Hulettbegan his career as a Certified Public Accountant with MPP&W, a St. Louis-based publicaccounting firm specializing in middle market companies. He then held various managementpositions in internal audit and corporate accounting with a Fortune 1000 industrialmanufacturing company and also spent nine years with Enterprise Rent-A-Car Company as adepartment manager in the Corporate Accounting group. Mr. Hulett holds his Series 62, 63 and79 securities registration. Mr. Hulett earned a Bachelor’s Degree in Accounting from theUniversity of Missouri, Columbia.

Mr. Vass has over 30 years of business management experience including more than 10 yearsas President of a highly successful consumer products manufacturing company with revenuesexceeding $25 million. During this time, he not only reversed a declining sales and earningstrend, but increased both sales and operating income over 100%. In addition, he has spent over20 years at the executive level of Vice President of Sales and Business Development. Mr.Vass also has experience in a number of other industry niches including consumer products,commercial furniture and fixtures and metal recycling. He holds a Bachelor’s Degree inEconomics from DePauw University and an MBA from the University of Michigan.

David T. VassDirector

(314) 721-0607 [email protected]



About R.L. Hulett & Company

R.L. Hulett & Company is a middle-market investment bank based in St. Louis, Missouri. Since 1981, the firm specializes inproviding financial advisory services to middle market companies. Since IB inception, the firm has advised in over 230transactions in a variety of industries including manufacturing, distribution, business services, transportation/logistics, healthcare and software/technology. The firm has an experienced team of M&A advisors consisting of former business owners,seasoned corporate executives, professional service firm partners, CPAs and MBAs. Our ability to deliver customized solutionsto meet or exceed our clients’ expectations is what sets us apart from our competitors.

Industry Sectors Covered:

Disclaimer

The data in this document has been derived from PitchBook Data and has been compiled by R.L. Hulett & Company. Thisdocument is strictly for illustrative purposes only. The data presented in this document is not comprehensive and should notbe used for benchmarking, valuation, or for any other decision making. R.L. Hulett & Company accepts no responsibility forloss or damage caused by dependence on the information in this document.

Industrial Transportation and Logistics Food & Beverage

Business Services Tech-enabled Services Healthcare

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