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4.3%
(5.6%)
1.0% 1.9%
7.2%
(8%)
(6%)
(4%)
(2%)
—
2%
4%
6%
8%
Facilities Industrial Distribution Logistics BPO
1-Ye
ar R
even
ue G
row
th
LTM Revenue Growth LTM Gross & EBITDA Margins
Enterprise Value / LTM EBITDAEnterprise Value / LTM Revenue
Target Acquiror Acquisition Synopsis
Faci
litie
s
•
•
•
U.S. Security Associates, a portfolio company of The Audax Group, acquired 50 State Security Service, a provider of physical security services for government, commercial and residential customersU.S. Security provides national security solutions, global consulting and investigation services through locally-responsive officesThe Audax Group also acquired McRoberts Protective Agency in March
Indu
stri
al •
••
Olympus Partners, a Connecticut-based private equity firm, acquired AmSpec Services, a provider of testing, inspection, and certification services for petroleum traders and refinersAmSpec was a portfolio company of Incline Equity Partners, who invested in the Company in 2013AmSpec committed over $50 million of capital during Incline’s investment period for expansion efforts
Dis
trib
utio
n •
••
Rentokil Initial plc (LSE:RTO), a provider of route-based services such as pest control, acquired Residex, a distributor of pest control and turf grass management supplies, for $30mResidex is the largest privately owned specialty chemical distribution business in the U.S.As a result of the acquisition, Rentokil’s distribution arm, Target Specialty Products will double its market reach in the U.S.
Logi
stic
s
•
•
•
American Fast Freight, a provider of freight and forwarding services, acquired Global Transportation Services, a provider air import/export servicesAFF is a portfolio company of The Jordan Company, a leading middle market-focused private equity firm headquartered in New YorkThis transaction is the second add-on transaction for American Fast Freight
BPO
•
•
•
Sentinel Capital Partners, a New York-based private equity firm, acquired Revenew International, a provider of cost recovery and cost containment servicesRevenew provides services and solutions including accounts payable/supplier payment review, contract compliance, project/construction review and risk assessmentRevenew was previously a portfolio company of Levine Leichtman Capital Partners
Tab - 1. Headline Transactions Page 1
Business Services Headline Transactions
20.8%
12.3%
28.1%
22.5%
33.6%
7.7% 5.8%
8.1%
17.0% 13.8%
0%
5%
10%
15%
20%
25%
30%
35%
—
5%
10%
15%
20%
25%
30%
35%
40%
Facilities IndustrialDistributionLogistics BPO
LTM EBITD
A M
arginLTM
Gro
ss M
argi
n
0.9x
0.5x
1.1x 1.1x
1.4x
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
11.5x
9.2x
12.3x
9.5x
11.3x
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 MonthlyAugust 2016
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
Boston Retail Partners, LLC
EarthLink Holdings Corp. Operates as a retail consulting firmhelping retailers identify and solvetheir business and technologychallenges
buw Holding GmbH Convergys Corporation Provides customer care solutions,including outbound, customerservice/inbound, opt-in verificationservices and more
MDG, LLC Marks Paneth & Shron LLP
Provides business, tax and financialmanagement services
4. Transactions (for PDF)
Target Acquiror Target Description
RelaDyne, Inc. Audax Group, Inc. Distributes lubricants, fuels, dieselexhaust fluids, filtration andchemical and cleaning products
Alltemp Products Co. Ltd.
DiversiTech Corporation Distributes HVAC parts, includingrefrigeration and air conditioningcomponents
Louisville Plate Glass Company, Inc.
Aldora Aluminum and Glass Products Inc.
Distributes and suppliesarchitectural glass products forglazing, building material andframing industries
4. Transactions (for PDF)
Target Acquiror Target Description
Van Gansewinkel Groep B.V.
Shanks Group plc Provides waste collection andrecycling services
Dominion Elevator Inspection Services Inc.
ALLSAFE Elevator Inspections, Inc.
Provides elevator and escalatorinspection and maintenanceservices
All-Green Turf Management, Corp.
Rahn Contracting LLC Provides commercial landscapeservices
4. Transactions (for PDF)
Target Acquiror Target Description
Managed Pressure Operations LLC
AFGlobal Corporation Provides managed pressure drillingand continuous circulating systemsfor onshore and offshore drillingmarkets
Ovivo Inc. SKion Water International GmbH
Provides water and wastewatertreatment equipment, technologyand systems for energy, municipal,and electronics markets
DJ Oilfield Services Co., Ltd.
National Oilwell Varco, Inc.
Offers inspection and maintenanceservices for oil country tubulargoods
4. Transactions (for PDF)
Target Acquiror Target Description
Span-Alaska Transportation, Inc.
Matson Logistics, Inc. Provides freight transportationservices to and from Alaska
Intelligrated Inc. Honeywell Sensing and Productivity Solutions
Provides automated materialhandling solutions for retailers,manufacturers and logisticsproviders
St. George Trucking & Warehouse Inc
Wind Point Partners Provides ocean and air containerfreight station, distribution andtransportation services for specialtyimport customers
4. Transactions (for PDF)
EBITDA Multiples Over Time
11.5x
9.2x
12.3x
9.5x
11.3x
5.0x6.0x7.0x8.0x9.0x
10.0x11.0x12.0x13.0x14.0x
Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Jul 16
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
Atlanta3575 Piedmont Road NESuite 1010Atlanta, GA 30305 Tel: 404.995.6230
