Microsoft PowerPoint - E&C Quarterly Reader Q12020
v11Engineering & Construction Q U A R T E R L Y S E C T O R R E
V I E W | Q 1 2 0 2 0
E N G I N E E R I N G & C O N S T R U C T I O N PAGE | 1
E&C QUARTERLY SECTOR REVIEW | Q1 2020
Harris Williams “HW” Overview
Drew Spitzer Managing Director
[email protected] Office: (804) 915-0174
Matt White Managing Director
• 175+ closed transactions in the last 24 months
• 10 industry groups
• #1 source of deal flor for middle market M&A
• 15+ closed transactions in the last 24 months
• Expertise across 8 distinct Vertical Focus Areas
Engineering & Construction
Vertical Focus Areas
• Engineering and Construction
Harris Williams Engineering and Construction Contacts
E N G I N E E R I N G & C O N S T R U C T I O N PAGE | 2
E&C QUARTERLY SECTOR REVIEW | Q1 2020
Should Designers and Contractors Become Technology Companies?
“As technology disruption continues to accelerate in our industry,
this is likely being discussed in boardrooms around the world.
Design firms and construction companies absolutely should become
technology companies, but becoming a tech company is much different
than becoming a software company. Technology has always disrupted
engineering. Consider the shift to computer-aided design (CAD), and
from CAD to building information modeling (BIM) and geospatial
information systems (GIS). The difference today is that the changes
are happening faster, at a pace that upskilling and behavioral
adaptation can’t maintain. This rate of change has many seeing
today’s technology disruption as something different, instilling
fear of commoditization or even obsolescence.”
ENR
Collaborative Contracting: Moving from Pilot to Scale-Up
“When it comes to the transition away from transactional
contracting practices, project owners do not have the luxury of
time. Major North American E&C companies have already
reconsidered whether they should bid competitively on lump-sum
contracts at all. As more project stakeholders take the same path,
project owners that stick to traditional contracts may soon be left
with fewer options and rising prices. Additionally, those that wait
to act risk missing out on the potential benefits of collaborative
contracts for the entire industry—benefits that are exciting to
contemplate. A 2017 McKinsey Global Institute (MGI) report on
construction productivity identified collaborative contracting as
one of the largest opportunities to improve the productivity of the
industry. Based on our research, we also believe that collaborative
contracts and practices serve to enable three of the other levers
to improve productivity: technology adoption, design and
engineering, and on-site execution.”
McKinsey
2020 Vision: Biggest Construction Stories of the Last Decade
“As construction enters its third decade of the 21st century, the
events and changes of the last 10 years within the industry and in
the world it serves have been hugely dramatic—generating challenges
yet to confront or understand, but also new opportunities for
next-generation professionals to provide critically needed
innovation in design and construction practice, technology and
business.
The growing impacts and implications of climate change over the
past 10 years have been a big story for ENR and its global
audience, as new studies show that the window to take action to cut
harmful emissions and address high-risk areas now is only a decade
away.”
ENR
From Utah to Florida, States Boost Spending on New Roads
“Buoyed by a recovering economy and increases in their revenue,
states from Utah to Florida are pumping more money into
transportation projects to speed up traffic- clogged highways and
modernize aging infrastructure. The 50 states collectively spent
$113.2 billion on transportation in fiscal year 2019, a 9% jump
from the previous year, according to the National Association of
State Budget Officers. It was the biggest jump since 2015, and
transportation industry trackers said they expect spending boosts
to continue in 2020. State transportation departments and local
governments are projected to spend $77.5 billion on highway and
street construction investments alone in 2020, a 6% increase over
2019, according to the American Road & Transportation Builders
Association.”
Wall Street Journal
E&C QUARTERLY SECTOR REVIEW | Q1 2020
Infrastructure Services
Engineering & Construction
TRANSACTION SIZE RANGE
$300+mm
has been acquired by
has been acquired byhas been acquired by has been acquired by
a subsidiary of
has been acquired by
has been acquired by has been acquired byhas been acquired by has
completed a
successful refinancing
Caltius Capital Management
has been acquired by has been acquired by has been acquired byhas
been acquired byhas acquired
have been acquired by
has been acquired by
x2
and
has been acquired byhas merged withhas been acquired byhas been
acquired byhas acquiredhas been acquired byhas been acquired
by
x2
a portfolio company of
has been acquired by
x2
E N G I N E E R I N G & C O N S T R U C T I O N PAGE | 4
E&C QUARTERLY SECTOR REVIEW | Q1 2020
HW Deal Spotlight | Atlas Technical Consultants
Atlas by the Numbers
Strategic footprint and critical mass in markets with significant
projected infrastructure spend
Atlas Locations
Key Markets
Atlas HQ
Company Overview
Specialized provider of testing, inspection, and engineering
services to support and maintain critical infrastructure.
Purpose-built platform assembled through the combination of proven
market leaders
Broad range of mission-critical, nondiscretionary services
Exceptional platform diversity from a geographically and
end-market-diverse customer base
Focus on high-volume, mission-critical services with revenue
touchpoints across the built environment
Highly skilled base of employees with advanced technical
expertise
Entrenched, long-term relationships with high-quality customer
base
Commercial 44%
Transportation 26%
Industrial 14%
Government 8%
Education 7%
has been acquired by
E N G I N E E R I N G & C O N S T R U C T I O N PAGE | 5
E&C QUARTERLY SECTOR REVIEW | Q1 2020
Select Recent M&A Transactions
WSP Global acquires LT Environmental
WSP Global acquired LT Environmental, an environmental consulting
firm serving clients in the Rocky Mountain West region.
The acquisition strengthens WSP’s expertise in the environmental
sector and expands WSP’s geographic presence in the Rocky Mountain
West.
Announced January 2020
The Kleinfelder Group acquires the Geotechnical, Environmental
& Testing Divisions of Advantage Engineers
The Kleinfelder Group acquired the Geotechnical, Environmental
& Testing Divisions of Advantage Engineers, a provider of
consulting services and engineering solutions for a range of
complex challenges. The Kleinfelder Group is a portfolio company of
Wind Point Partners.
Regional expansion and penetration into new markets fueled
Kleinfelder’s first acquisition since 2014.
EN Engineering acquires QC Data
EN Engineering acquired QC Data, an engineering and data services
company providing business process outsourcing and project delivery
services. EN Engineering is a portfolio company of Kohlberg &
Co.
QC Data will allow EN Engineering to expand utility and telecom
services, given their intelligent infrastructure services and data
capabilities.
TRC Companies acquires Environmental Partners
TRC Companies acquired Environmental Partners, a provider of
geo-environmental services including investigation and remediation
solutions.
The acquisition of Environmental Partners strengthens TRC’s
presence in the Southwest, in addition to broadening the range of
services provided to existing clients.
Atlas Technical Consultants acquires Long Engineering
Atlas Technical Consultants acquired Long Engineering, a provider
of civil engineering, architectural, and land surveying services.
Atlas Technical Consultants is a portfolio company of Boxwood
Merger Corporation.
Long Engineering’s strong technical capabilities and access to a
broad customer base were key for Atlas in deciding to complete this
tuck-in acquisition.
Announced December 2019
Announced November 2019
Announced November 2019
Announced November 2019
CONSOR Engineers acquires TKW Consulting Engineers
CONSOR Engineers acquired TKW Consulting Engineers, a provider of
engineering and inspection services for government and private
development, specializing in water and civil projects. CONSOR
Engineers is a portfolio company of Keystone Capital
Partners.
Strong cultural alignment and TKW’s technical expertise in
water/wastewater, a new discipline that helps CONSOR to diversify
its platform, facilitated this acquisition.
Announced October 2019
Geotechnical, Environmental, & Testing Divisions
E N G I N E E R I N G & C O N S T R U C T I O N PAGE | 6
E&C QUARTERLY SECTOR REVIEW | Q1 2020
1/27/2020 Brashear Construction Consulting U.S. based customized
construction consulting firm providing services including forensic
delay analysis and contract / risk management. Rimkus Consulting
Group
1/21/2020 Arrasmith U.S. based architectural and planning firm
specializing in healthcare, workplace, and community-centered
projects. Schmidt Associates
1/21/2020 Lundstrom & Associates U.S. based architecture firm
specializing in laboratory design for science, technology, and
education end markets. Lionakis
1/20/2020 Vieau Associates U.S. based provider of environmental
consulting and due diligence services. GZA GeoEnvironmental
1/15/2020 Sammel Architecture U.S. based architectural design firms
serving clients in the healthcare, education, corporate, municipal,
and transportation sectors. CPL
1/14/2020 Gilleece & Associates U.S. based provider of civil
engineering services, with a focus on residential subdivision
design in the Raleigh market. American Engineering
1/14/2020 Gills, Guard & Johnson U.S. based provider of
professional landscape architecture, planning, civil and
environmental engineering, construction inspection, and surveying.
LJB
1/14/2020 The Lion'esque Group U.S. based architecture and design
firm specializing in retail consultancy. MG2
1/11/2020 ECS U.S. based provider of environmental consulting
services. Atlanta Environmental Management
1/10/2020 GCA U.S. based consulting firm specializing in
transportation planning and engineering. KCI
1/10/2020 Massmann Land Surveyors U.S. based provider of land
surveying services in St. Louis. Weihe Engineers
1/9/2020 CME Associates U.S. based transportation engineering firm
with a focus on complex highway and bridge projects. CHA
Consulting
1/9/2020 Construction Project Analytics Group
U.S. based professional consulting firm for contract management,
planning, scheduling, project controls, and analysis for
construction projects. Vidaris
1/7/2020 Belt Collins Hawaii U.S. based provider of planning, civil
engineering, landscape architecture, and environmental consulting
services. Bowers + Kubota Consulting
1/7/2020 Naismith Marine Services U.S. based provider of
hydrographic and geophysical surveying and environmental solutions.
T. Baker Smith
1/7/2020 J.S. Dyer & Associates U.S. based provider of
structural engineering capabilities including risk assessments and
forensic engineering investigations. J.S. Held
1/7/2020 SAFire Korean-based major fire protection engineering firm
serving Asia-Pacific markets. Jensen Hughes
1/6/2020 Landpoint U.S. based provider of land surveying services
for sectors including energy, industrials, and utilities. Cotton
Creek Capital
1/6/2020 LT Environmental U.S. based environmental consulting firm
serving clients in the Rocky Mountain West region. WSP Global
Announced Date Target Target Description Acquirer
Recent M&A Transactions
E N G I N E E R I N G & C O N S T R U C T I O N PAGE | 7
E&C QUARTERLY SECTOR REVIEW | Q1 2020
1/6/2020 Primal Architecture U.S. based provider of architectural
and design services for large and small scale construction
projects. Method Architecture
1/3/2020 MC Consultants – Environmental Services Division
U.S. based provider of high quality and cost effective
environmental consulting and industrial hygiene services. Partner
Engineering and Science
1/2/2020 Vibrantcy U.S. based provider of consulting services for
commissioning, LEED, energy modeling, and MEP (mechanical,
electrical, plumbing) design. Energy Engineering Associates
1/2/2020 OMNITEC Solutions U.S. based provider of enterprise
technology, cloud, analytical, strategic advisory, and advanced
engineering solutions. Gryphon Technologies
1/2/2020 Pacific Power Engineers U.S. based power systems
engineering firm that offers electrical engineering and project
management services. Ulteig Engineers
1/2/2020 Halvorson Design U.S. based provider of landscape
architecture, planning, and urban design services for public,
private, and institutional clients. Tighe & Bond
1/2/2020 Puchlik Design Associates U.S. based architectural firm
specializing in healthcare facility design. HED
12/31/2019 W.L. Cassell & Associates U.S. based engineering
firm providing design and construction administration of
mechanical, electric, and communications systems. IMEG Corp.
12/31/2019 Monroe & Newell Engineers U.S. based structural
engineering firm providing a range of consulting services with
expertise in concrete, structural steel, and wood. IMEG Corp.
12/23/2019 Aptus Group USA U.S. based provider of turnkey
engineering and infrastructure services for utility companies,
natural gas providers, and state DOTs. 3 Rivers Capital
12/23/2019 Broadspectrum Australia based provider of operations and
maintenance, asset management, and project management services.
Ventia
12/20/2019 BC Consultants U.S. based multidisciplinary firm
providing planning, land surveying, civil engineering, and land
architecture services. LandDesign
12/20/2019 Southern Mapping Company South Africa based provider of
aerial and space-based remote sensing, topographic surveys,
mapping, and analysis for South Africa and internationally.
Woolpert
12/12/2019 Epoch U.S. based provider of in-house design services
including architecture, engineering, interior design, and landscape
architecture. Shive-Hattery
12/12/2019 IFIC Forensics U.K. based forensics firm specializing in
fire, explosion, chemical spill, and water escape investigations.
Jensen Hughes
12/11/2019 Advantage Engineers - Geotechnical, Environmental, &
Testing Divisions
U.S. based provider of geotechnical engineering, environmental
consulting, and construction observation and materials testing
(CoMET) services. The Kleinfelder Group
12/10/2019 RB Todd Consulting Engineers U.S. based provider of
civil engineering services to clients in educational, recreational,
municipal, and state sectors. ADC Engineering
12/9/2019 HFR Design U.S. based multidisciplinary architecture and
engineering design firm serving Tennessee. World Architects and
Engineers
12/9/2019 Brack.Hayes.Miller.Mahon U.S. based provider of
architectural design and planning services, specializing in
education and institutional projects. Bray Architects
Announced Date Target Target Description Acquirer
Recent M&A Transactions
E N G I N E E R I N G & C O N S T R U C T I O N PAGE | 8
E&C QUARTERLY SECTOR REVIEW | Q1 2020
12/7/2019 Destek Engineering U.S. based regional provider of
forensic engineering and investigation services to the property and
casualty industries and telecommunications sector. EFI Global
12/6/2019 JMC Professional Surveying and Mapping
U.S. based provider of surveying and mapping services. SAM
Companies
12/4/2019 Aztech Environmental Technologies U.S. based full-service
environmental firm of engineers, geologists, scientists,
hydrogeologists and technical field professionals. LeBella
12/3/2019 Main Line Energy Consultants U.S. based multi-disciplined
engineering firm providing transmission, distribution, and
telecommunications design and consulting services to utilities and
developers. Westwood Professional Services
12/3/2019 Pie Consulting U.S. based provider of engineering,
rehabilitative design, consulting, enclosure commissioning (BECx),
construction management, and field performance testing services.
Lerch Bates
11/25/2019 Prime AE Group U.S. based multidiscipline engineering
and architecture firm that provides creative solutions to
challenges across multiple sectors. NewHold Enterprises
11/25/2019 Jedco Energy Services Canadian based provider of
pipeline maintenance services, construction, engineering, and
procurement to the Western Canada O&G industry. Strike
Group
11/25/2019 QC Data U.S. based engineering and data services
company, providing business process outsourcing and project
delivery services. EN Engineering
11/25/2019 Environmental Partners U.S. based provider of
geo-environmental services including investigation and remediation
solutions. TRC Companies
11/20/2019 Long Engineering U.S. based provider of civil
engineering, architectural, and land surveying services in the
United States. Atlas Technical Consultants
11/20/2019 DW Smith Associates U.S. based consultancy provider
specializing in project management, engineering, planning,
surveying, and environmental services. Paulus, Sokolowski &
Sartor
11/19/2019 Penoyre & Prasad U.K. based architecture firm
specializing in sustainable, low-energy buildings in education,
healthcare, residential, and cultural sectors. Perkins and
Will
11/18/2019 RMS Engineers U.S. based provider of engineering
expertise in industrial, manufacturing, bulk material, chemicals,
and renewable energy projects. Salas O'Brien
11/18/2019 DBS & Associates Engineering U.S. based civil
engineering company focusing on industrial and commercial projects.
TTL
11/12/2019 GTC Engineering U.S. based engineering firm with
capabilities in professional planning, electrical, structural, GIS,
information technology, transportation and surveying services.
Baxter & Woodman
11/12/2019 Bioscope Environmental Australian based leader in
mine-life management, providing project lifecycle services from
early approval to post-closure environmental monitoring. CDM
Smith
11/12/2019 Cort Architectural Group U.S. based architecture,
interior design, and planning firm. McMillan Pazdan
11/11/2019 GHD Group – Forensic Engineering Business
U.S. based forensic engineering business of Australian based GHD
Group, a leading professional service firm in E&C and
environmental services. NV5 Global
11/9/2019 Quantum Spatial U.S. based full-service geospatial
solutions provider combining advanced remote sensing technology,
analytics tools, and subscription software. NV5 Global
Announced Date Target Target Description Acquirer
Recent M&A Transactions
E N G I N E E R I N G & C O N S T R U C T I O N PAGE | 9
E&C QUARTERLY SECTOR REVIEW | Q1 2020
11/7/2019 Gould Turner Group U.S. based full-service architectural,
planning, and interior design firm. Barge Design Solutions
11/6/2019 Timberlake Engineering Consultants U.S. based full
service mechanical/HVAC, electrical, lighting, plumbing, and LEED
consulting engineering company. Custom Engineering
11/5/2019 Pier Structural Engineering U.S. based telecommunications
engineering and inspection firm. Tower Engineering
Professionals
11/5/2019 Gaudreau U.S. based architecture and planning firm with
expertise in science & technology, academic, and corporate
facilities design. EwingCole
11/4/2019 Aqualyze U.S. based provider of civil and environmental
engineering services in storm water, wastewater, sewer collection,
and water distribution systems. Murraysmith
11/4/2019 Benchmark Consulting Services U.S. based full-service
construction consulting firm serving the Western United States.
J.S. Held
11/2/2019 Energy and Environmental Economics (E3)
U.S. based data-driven energy analysis and strategy consulting
firm. Willdan Group
10/30/2019 STV Group U.S. based provider of architectural,
engineering, planning, environmental, and construction management
services. The Pritzker Organization
10/26/2019 Ecosystem Research Group U.S. based environmental
consulting services provider. DJ&A
10/25/2019 WorkingBuildings U.S. based provider of owner's advocate
services including commissioning, related engineering, and
operational services for complex facilities. Trinity
Consultants
10/23/2019 DCBA Landscape Architecture U.S. based leading landscape
architectural firm that serves public and private sectors. LJA
Engineering
10/23/2019 Lockheed Martin – Distributed Energy Segment
U.S. based segment of Lockheed Martin, supplying distributed energy
services to electric and gas utility customers. TRC Companies
10/21/2019 Genesis Planning U.S. based medical equipment planning
and consulting firm. Ross & Baruzzini
10/15/2019 Natural Resources Engineering Company
U.S. based provider of engineering and management services related
to the transmission petroleum industry. LHB
10/15/2019 Kirlin Design Build U.S. based provider of engineering
and construction services for complex federal and private sector
projects in the U.S. and internationally. Blue Wolf Capital
Partners
10/14/2019 Boundary Engineering U.S. based civil engineering and
construction management company serving the municipal sector.
Houston Engineering
10/14/2019 AECOM – Management Services Branch
U.S. based E&C firm engaging in the designing, building,
financing, and operating of infrastructure assets worldwide.
American Securities LLC, Lindsay Goldberg
10/13/2019 Retention Pond Services U.S. based regional leader in
storm water compliance, maintenance, and repair services. Apex
Companies
10/11/2019 Plateau Excavation U.S. based leading provider of
complex, large-scale site infrastructure services in the
Southeastern U.S. Sterling Construction Company
Announced Date Target Target Description Acquirer
Recent M&A Transactions
E N G I N E E R I N G & C O N S T R U C T I O N PAGE | 10
E&C QUARTERLY SECTOR REVIEW | Q1 2020
10/11/2019 TKW Consulting Engineers U.S. based provider of
engineering and inspection services for government and private
development, specializing in water and civil projects. CONSOR
Engineers
10/11/2019 Lievense Holding Netherlands based multidisciplinary
consulting firm active in buildings, environment, energy,
infrastructure, and water sectors. WSP Global
10/9/2019 High Energy U.S. based provider of electrical, civil, and
structural engineering services for electric utility and associated
utility clients. Barr Engineering
10/2/2019 Garrett-Ihnen Civil Engineers U.S. based full-service
engineering firm specializing in site development and design for
commercial and residential end markets. Bleyl Engineering
10/1/2019 Muermann Engineering U.S. based provider of electrical,
technical, plumbing, HVAC and fire sprinkler design services. MSA
Professional Services
10/1/2019 Compliance Environmental International
U.S. based industrial hygiene and environmental consulting firm.
The Vertex Companies
10/1/2019 Traffic Technologies U.S. based provider of consulting
services in the areas of toll collection and intelligent
transportation systems. Gannett Fleming
Announced Date Target Target Description Acquirer
Recent M&A Transactions
E N G I N E E R I N G & C O N S T R U C T I O N PAGE | 11
E&C QUARTERLY SECTOR REVIEW | Q1 2020
Public Valuations1
Trended EV / EBITDA Multiples Quarterly EV / EBITDA Multiples
5-Year Revenue CAGR
En gi
ne er
in g
C om
ps C
on st
ru ct
io n
C om
ps
Trended EV / EBITDA Multiples Quarterly EV / EBITDA Multiples
5-Year Revenue CAGR
(6.4%)
(3.6%)
5.1%
6.4%
9.8%
12.7%
19.3%
30.9%
38.5%
16.1x
9.4x
7.6x
8.9x
18.0x
13.4x
13.0x
14.9x
19.9x
9.2x
9.3x
9.6x
11.7x
11.7x
13.6x
16.5x
20.8x
21.7x
Q4 2019 Q4 2018
E N G I N E E R I N G & C O N S T R U C T I O N PAGE | 12
E&C QUARTERLY SECTOR REVIEW | Q1 2020
Harris Williams has a broad range of industry expertise, which
create powerful opportunities. Our clients benefit form our deep-
sector experience, integrated industry intelligence and
collaboration across the firm, and our commitment to learning what
makes them unique. For more information, visit our website at
www.harriswilliams.com/industries.
U N I T E D S T A T E S E U R O P E
N E T W O R K O F F I C E S
Beijing
Shanghai
Boston One International Place Suite 2620 Boston, Massachusetts
02110 Phone: +1 (617) 482-7501
Cleveland 1900 East 9th Street 20th Floor Cleveland, Ohio 44114
Phone: +1 (216) 689-2400
Minneapolis 222 South 9th Street Suite 3350 Minneapolis, Minnesota
55402 Phone: +1 (612) 359-2700
Richmond (Headquarters) 1001 Haxall Point 9th Floor Richmond,
Virginia 23219 Phone: +1 (804) 648-0072
San Francisco 575 Market Street 31st Floor San Francisco,
California 94105 Phone: +1 (415) 288-4260
Washington, D.C. 800 17th St. NW 2nd Floor Washington, D.C. 20006
Phone: +1 (202)-207-2300
Frankfurt Bockenheimer Landstrasse 33-35 60325 Frankfurt Germany
Phone: +49 069 3650638 00
London 25 Savile Row London W1S 2ER, England Phone: +44 (0) 20 7518
8900
Harris Williams Office Locations
Our Firm
E N G I N E E R I N G & C O N S T R U C T I O N PAGE | 13
E&C QUARTERLY SECTOR REVIEW | Q1 2020
The information and views contained in this report were prepared by
Harris Williams LLC (“Harris Williams”). It is not a research
report, as such term is defined by applicable law and regulations,
and is provided for informational purposes only. It is not to be
construed as an offer to buy or sell or a solicitation of an offer
to buy or sell any securities or financial instruments or to
participate in any particular trading strategy. The information
contained herein is believed by Harris Williams to be reliable but
Harris Williams makes no representation as to the accuracy or
completeness of such information. Harris Williams and/or its
affiliates may be market makers or specialists in, act as advisers
or lenders to, have positions in and effect transactions in
securities of companies mentioned herein and also may provide, may
have provided, or may seek to provide investment banking services
for those companies. In addition, Harris Williams and/or its
affiliates or their respective officers, directors and employees
may hold long or short positions in the securities, options thereon
or other related financial products of companies discussed herein.
Opinions, estimates and projections in this report constitute
Harris Williams’ judgment and are subject to change without notice.
The securities and financial instruments discussed in this report
may not be suitable for all investors and investors must make their
own investment decisions using their own independent advisors as
they believe necessary and based upon their specific financial
situations and investment objectives. Also, past performance is not
necessarily indicative of future results. No part of this material
may be copied or duplicated in any form or by any means, or
redistributed, without Harris Williams’ prior written
consent.
Harris Williams LLC is a registered broker-dealer and member of
FINRA and SIPC. Harris Williams & Co. Ltd is a private limited
company incorporated under English law with its registered office
at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered
with the Registrar of Companies for England and Wales (registration
number 07078852). Harris Williams & Co. Ltd is authorized and
regulated by the Financial Conduct Authority. Harris Williams &
Co. Corporate Finance Advisors GmbH is registered in the commercial
register of the local court of Frankfurt am Main, Germany, under
HRB 107540. The registered address is Bockenheimer Landstrasse
33-35, 60325 Frankfurt am Main, Germany (email address:
[email protected]). Geschäftsführer/Directors: Jeffery
H. Perkins, Paul Poggi. (VAT No. DE321666994). Harris Williams is a
trade name under which Harris Williams LLC, Harris Williams &
Co. Ltd and Harris Williams & Co. Corporate Finance Advisors
GmbH conduct business.
Copyright© 2020 Harris Williams, all rights reserved.
1. Capital IQ