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11.4x
8.9x
11.8x
10.0x 10.8x
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
TEV / EBITDA LTM Gross & EBITDA Margins
1-Year Revenue GrowthTEV / Revenue
Target Acquiror Acquisition Synopsis
Faci
litie
s •
••
CBRE Group, a commercial real estate services and investment company, acquired Environmental Systems, a provider of systems integration and energy management services in the U.S.CBRE Group boosts their Facilities Management division, adding significant systems integration capabilitiesThis transaction marks the 13th acquisition for CBRE Group in 2015
Indu
stri
al •
•
North American Lifting, D.B.A. TNT Crane & Rigging, a provider of lifting equipment rental services, acquired RMS Cranes, a provider of material handling equipment rental services in ColoradoThe acquisition significantly expands TNT's footprint in the Rocky Mountains region and adds an additional 3 branches and 66 cranes
Dis
trib
utio
n •
••
Builders FirstSource, a manufacturer and supplier of structural and related building products, acquired ProBuild Holdings, a distributor of lumber and building materialsBuilders FirstSource acquired ProBuild Holdings for $1.93b (0.4x LTM revenue)This combination creates the largest supplier of lumber and building materials focused on the professional contractor in the U.S.
Logi
stic
s •
•
FedEx, a provider of transportation, e-commerce and businesses services, acquired Netherlands-based TNT Express N.V., an express delivery service to businesses and consumers worldwideFedEx acquired TNT Express N.V. from a consortium of sellers for $4.8b (0.6x LTM revenue). Sellers include BlackRock, First Eagle Investment Management, Investec Asset Management, and others
BPO
•
•
Iron Mountain, a provider of storage and information management services, acquired Recall Holdings, a provider of document management solutions, data protection services and digital solutionsIron Mountain acquired Recall Holdings for approximately $2.2b (15.9x LTM EBITDA). Recall Holdings had previously rejected a $1.8b bid from Iron Mountain in December 2014
Tab - 1. Headline Transactions Page 1
Business Services MonthlyMay 2015
Business Services Headline Transactions
0.9x
0.4x
1.0x 1.1x
1.3x
(0.1)
0.1x
0.3x
0.5x
0.7x
0.9x
1.1x
1.3x
1.5x
Facilities Industrial Distribution Logistics BPO
TEV
/ Rev
enue
19.7%
14.1%
27.9%
21.3%
33.0%
7.5% 6.6% 8.3%
12.0% 14.1%
0%
5%
10%
15%
20%
25%
30%
35%
—
5%
10%
15%
20%
25%
30%
35%
Facilities IndustrialDistributionLogistics BPO
LTM EBITD
A M
arginLTM
Gro
ss M
argi
n
1.9%
1.1%
6.0% 5.7%
6.9%
—
2%
4%
6%
8%
Facilities Industrial Distribution Logistics BPO
1-Ye
ar R
even
ue G
row
th
11.4x
8.9x
11.8x
10.0x 10.8x
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
11.4x
8.9x
11.8x
10.0x 10.8x
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
TM Capital’s Business Services Contacts
TM Capital Corp. is a partner-owned investment banking firm based in New York, Boston and Atlanta which has completed over 250 transactions with a combined value in excess of $17 billion. Since 1989, we have advised clients navigating a full range of critical transactions including complex mergers, acquisitions, debt and equity financings, minority and majority recapitalizations, restructurings, and advisory services including takeover defense, fairness and solvency opinions and valuations. We have built deep industry expertise in key sectors, and our team regularly publishes research highlighting current and emerging trends in targeted industries and markets. TM Capital is a partner firm of M&A International Inc., the world’s leading alliance of mid-market investment banks with over 650 M&A professionals in 42 countries. Our MAI team has closed over 1,400 transactions totaling more than $75 billion in value over the past five years. For more information, visit www.tmcapital.com.
James S. Grien Managing Director
jgrien@tmcapital.com 404-995-6235
Jarrad S. Zalkin Managing Director
jzalkin@tmcapital.com 617-259-2207
Andrew O. Redmond Vice President
aredmond@tmcapital.com 617-259-2215
Facilities Services Transactions Industrial Services Transactions
Distribution Transactions Logistics Transactions
BPO Services TransactionsTarget Acquiror Target Description
Choice Drivers, Inc. TransForce, Inc. Connects businesses withexperienced drivers, as well ashelps drivers to find trucking jobs
Argus Pacific, Inc. Terracon Consultants, Inc.
Provides workplace health andsafety consulting and trainingservices
Dun & Bradstreet Credibility Corp.
Dun & Bradstreet, Inc. Provides credit building andcredibility solutions for businesses
4. Transactions (for PDF)
Target Acquiror Target Description
Carolina Gas Transmission Corporation
Dominion Midstream Partners, LP
Delivers natural gas to wholesaledistributors, industrial facilities,and utility companies in SouthCarolina and surrounding regions
GPA, Specialty Substrate Solutions Inc.
Fedrigoni S.p.A. Distributes printable substratesand custom surface treatmentservices
Connect-Air International, Inc.
EIS, Inc. Distributes low voltage wires andcables for HVAC, security, and firealarm system applications
4. Transactions (for PDF)
Target Acquiror Target Description
Team Termite & Pest Control Inc.
The Terminix International Company Limited Partnership
Provides termite and pest controlservices
Metier Holding AS RPS Group plc Offers project managementconsulting services for theconstruction industry
Cornerstone Environmental Group, LLC
Tetra Tech Inc. Operates as an engineering andenvironmental consulting, andfield services company
4. Transactions (for PDF)
Target Acquiror Target Description
TMP Consulting Engineers, Inc.
Bala Consulting Engineers, Inc.
Provides mechanical, electrical,plumbing, and fire protectionconsulting and engineeringservices
LRR Energy, L.P. Vanguard Natural Resources, LLC
Operates, exploits, and developsproducing oil and natural gasproperties in North America
Sumac Fabrication Co., Ltd.
Thermon Canada Inc. Offers equipment rental, industrialelectrical fabrication, and turnkeysolutions
4. Transactions (for PDF)
Target Acquiror Target Description
Command Transportation, LLC
Echo Global Logistics, Inc.
Provides freight brokerageservices for Fortune 500 and otherclients
MR Coal Marketing & Trading, LLC
Noble Americas Corporation
Provides logistic services to powerand natural gas companies
Baltic Trading Limited
Genco Shipping & Trading Ltd.
Engages in the shipping businessin the drybulk industry spotmarket worldwide
4. Transactions (for PDF)
EBITDA Multiples Over Time
11.4x
8.9x
11.8x
10.0x
10.8x
5.0x6.0x7.0x8.0x9.0x
10.0x11.0x12.0x13.0x14.0x
Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15 Apr '15
TEV
/ EBI
TDA
Facilities
Industrial
Distribution
Logistics
BPO
www.tmcapital.com
New York641 Lexington Avenue30th FloorNew York, NY 10022Tel: 212.809.1360
Boston201 Washington Street32nd FloorBoston, MA 02108Tel: 617.259.2200
Atlanta15 Piedmont Center NE Suite 1010Atlanta, GA 30305 Tel: 404.995.6230
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