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6.1%
4.7% 4.0%
3.0%
8.7%
0%
2%
4%
6%
8%
10%
Facilities Industrial Staffing Logistics BPO
1-Ye
ar R
even
ue G
row
th
17.5% 22.6%
47.3%
19.4% 18.8%
0%
10%
20%
30%
40%
50%
Facilities Industrial Staffing Logistics BPO
1-Ye
ar S
tock
Ret
urn
S&P 500 Return
Leverage Multiples Gross & EBITDA Margins
1-Year Revenue Growth1-Year Stock Returns
1.6x 1.4x
0.7x 0.8x 0.7x
0.0x0.2x0.4x0.6x0.8x1.0x1.2x1.4x1.6x1.8x
Facilities Industrial Staffing Logistics BPO
LTM
Deb
t / E
BITD
A
18.3%
13.1%
22.4% 23.0%
31.9%
6.1% 6.2% 4.9%
14.3% 13.3%
0%
5%
10%
15%
20%
25%
30%
35%
0%
5%
10%
15%
20%
25%
30%
35%
Facilities Industrial Staffing Logistics BPO
LTM EBITD
A M
argin LTM
Gro
ss M
argi
n
Target Acquiror Acquisition Synopsis
Faci
litie
s •
••
Interserve, an international, UK-based facilities management, support service and construction company, acquired the Initial Facilities business from Rentokil Initial for ~$420m or 9.7x 2013 EBITDAPositions Interserve to become one of the three largest providers of facilities support services in the UKFollowing the divestiture, Rentokil will focus on three core categories: pest control, cleaning, workwear
Indu
stri
al •
•
US Ecology, an industrial waste management and recycling services company, acquired EQ, a provider of hazardous waste treatment and disposal services (T&D), for ~$465m or 12.6x 2013 EBITDAEQ provides a complementary T&D facility footprint with 13 locations east of the Mississippi River and broadens US Ecology's offering to include remediation and industrial cleaning and maintenance services
Staf
fing •
•
Addison Group, a professional staffing firm and portfolio company of Trilantic Capital Partners, acquired HireStrategy, a leading staffing services company located in the Mid-Atlantic regionThe combined entity now offers staffing and recruiting services for a variety of industries across nine states throughout the U.S., covering the Southwest, Great Lakes, Mid-Atlantic and Northeast regions
Logi
stic
s •
••
Laclede, a natural gas utility based in Missouri, acquired Alagasco, Alabama's largest natural gas distributor and marketer, for ~$1.5b or 11.6x LTM EBITDALG purchased Alagasco from Energen, allowing Energen to focus purely on exploration and productionAlagasco will increase LG's geographic and regulatory diversity while adding over 420,000 customers
BPO
•
•
Brown & Brown, which offers a broad range of insurance products and related services for businesses, public entities and individuals, acquired PacRes, an independent employee benefits advisory firmB&B's domain expertise and deep resources will help PacRes meet the increasing demand for new service offerings in response to changes induced by healthcare reform and other industry trends
1. Headline Transactions
Business Services MonthlyApril 2014 in Review
Business Services Headline Transactions
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 $14 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, valuations, as well as litigation support. 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 member firm of M&A International Inc., the world’s leading alliance of mid-market investment banks with over 600 M&A professionals in 40 countries. Members have closed over 1,300 transactions totaling more than $75 billion in value over the past five years. For more information, visit www.tmcapital.com.
James S. Grien President and CEO
[email protected] 404-350-7943
Jarrad S. Zalkin Managing Director
[email protected] 617-259-2207
Michael P. Locker Managing Director
[email protected] 404-995-6252
Facilities Services Transactions (April 2014) Industrial Services Transactions (April 2014)
Staffing Services Transactions (April 2014) Distribution & Logistics Transactions (April 2014)
BPO Services Transactions (April 2014)Target Acquiror Target Description
Brown Printing Company
Quad/Graphics Inc Provides magazine and catalog printing anddistribution services to publishers, catalogers andretailers
Eurowage Ltd Bond International Software plc
Provides international payroll and HR services toorganizations expanding into new countries
Nelson, Watson & Associates LLC
CBE Companies Inc Offers debt collection services, including developingdebt recovery programs for higher educationinstitutions
The Mufson Partnership LLC
Nelson & Assoc. Interior Design and Space Planning Inc
Offers design integrity, pragmatism, and creativityservices to help companies configure office space topromote optimal efficiency
4. Transactions (for PDF)
Target Acquiror Target Description
Montgomery Professional Services
Global Upside Inc Offers recruiting, temporary staffing and on-siteoutsourcing services
Beilby Consulting Pty Ltd
CoreStaff Admin Pty Ltd Provides a range of executive recruitment and HRmanagement services
cph Consulting Ltd Wilson Human Capital Group Inc
Provides recruitment process outsourcing and directrecruitment services across the EMEA region
Integral Resources Inc
Noor Inc Provides recruiting services for the legal communityacross various practice areas
4. Transactions (for PDF)
Target Acquiror Target Description
Action Pest Control Inc
Arrow Exterminators Inc Provides pest control services for pharmaceutical,food processing, healthcare, restaurant andhospitality clients in the Midwest
Billon SA Hervé Thermique SA Provides commercial HVAC installation andmaintenance services in Europe
DynaTen Corporation
Comfort Systems USA Inc.
Provides engineering, mechanical contracting andmaintenance services, specializing in design-build anddesign-assist projects
Staff Pro Inc. U.S. Security Associates Inc
Offers personnel and security services for facilities,events, venues, conventions and trade shows
4. Transactions (for PDF)
Target Acquiror Target Description
Clear Environmental Consultants Ltd
RPS Group plc Provides environmental consulting, modeling andpollution management services, specializing in thearea of wastewater
NCM Group Holdings LLC
LVI Services Inc. Provides environmental abatement and remediationservices for commercial, industrial and governmentclients
PSC Environmental Services LLC
Stericycle Inc Provides recycling and industrial cleaning services andtransportation and storage of hazardous and non-hazardous materials
Quiktrak Inc Bureau Veritas SA Provides field inspections, verifications andequipment/ inventory auditing services
4. Transactions (for PDF)
Target Acquiror Target Description
Jim Palmer Trucking Inc
Transportation Logistics Corporation
Operates as a refrigerated interstate truckingcompany in the U.S. and is based in Montana
Sterling Corporation
Lambert, Edwards & Associates Inc
Provides asset based logistics solutions, includinglocal and national distribution services andwarehousing services
Tropical Shipping and Construction Company Ltd
Saltchuk Resources Inc Provides a broad range of cargo transportationservices in the Caribbean, Bahamas, U.S. and Canada
Via Mat Management AG
Loomis AB Provides transportation and logistics solutions,including cash logistics services for retailers
4. Transactions (for PDF)
EBITDA Multiples Over Time
10.1x
9.0x
12.7x
10.9x
10.3x
5.0x6.0x7.0x8.0x9.0x
10.0x11.0x12.0x13.0x14.0x
Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Apr '14
TEV
/ EBI
TDA
Facilities
Industrial
Staffing
Logistics
BPO
www.tmcapital.com
New York641 Lexington Avenue30th FloorNew York, NY 10022Tel: 212.809.1360
Boston200 Clarendon Street25th FloorBoston, MA 02116Tel: 617.259.2200
Atlanta15 Piedmont Center NE Suite 1010Atlanta, GA 30305 Tel: 404.995.6230
