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Environmental Services
Industry Update │ November 2013
Harris Williams & Co. Environmental Services│November 2013
Page | 1
MONTHLY SPOTLIGHT CONTENTS
MONTHLY SPOTLIGHT
WHAT WE’RE READING
RELEVANT HW&CO. TRANSACTIONS
PUBLIC MARKETS
PUBLIC COMPARABLES
NOTABLE M&A ACTIVITY
M&A TRANSACTION DETAIL
OUR PRACTICE
Harris Williams & Co. is a leading advisor
to the environmental services M&A market.
Our Environmental Services (ES)
Practice includes experience across a broad
range of sectors, including services and
products that meet environmental demands
for a variety of end markets.
Environmental Services Sectors
Engineering, Construction, and
Consulting (ECC)
Remediation, Cleaning, and
Abatement
Test, Measurement, and Control
Waste Management and Recycling
Water and Wastewater
CONTACTS
Patrick Hanraty | Managing Director
+1 (267) 675-5915
Bob Baltimore | Managing Director
+1 (804) 915-0129
Brian Lucas | Managing Director
+1 (804) 932-1323
David Allebach | Vice President
+1 (267) 675-5920
Marshall Croft | Vice President
+1 (804) 915-0161
Waste Management and Recycling Q3 2013 Earnings Update
Most public market participants in the waste management and recycling sector continue
to exhibit strong performance, with many trading at 52-week highs. Positive momentum
this year extended into Q3 for most participants, as revenue and volume again showed
gains over prior periods with mixed results with respect to profitability. North America
is still exhibiting strength over Europe, although many participants are forecasting
stabilization in Europe in 2014. M&A activity also demonstrated strength in Q3, with
Waste Management, Clean Harbors, Stericycle, Nuverra, and Covanta all completing
one or more acquisitions in the quarter.
Providers of solid and other diversified waste management services generally reported
encouraging results in Q3, with Waste Management, Waste Connections, Progressive
Waste Solutions, and Republic Services all posting revenue gains in the quarter as well
as largely positive results with respect to profitability.
Providers of various specialty waste services also delivered favorable performance in
the quarter, including largely positive results from Clean Harbors, U.S. Ecology,
Stericycle, and Waste Connection’s R360 business.
Please follow the link below for our Q3 2013 earnings update on each of the public
market participants in the waste management and recycling sector.
WHAT WE’RE READING
Waste Management Energy Production Rivals Solar Industry. “By utilizing various
methods for creating energy from refuse, Waste Management generates almost as much
energy as the nation’s entire solar industry. Waste Management generates the equivalent
of 9.8 GW of power through waste-to-energy projects and harvesting landfill gasses. In
contrast, the U.S.’s entire solar industry generates around 10 GW of power. The
company has the ability to generate 680 MW of electricity from natural gas harvested
from its various landfill and dump sites — enough to power half of the homes in the
U.S. annually.” Read more here.
Waste Management and Recycling Q3 2013 Earnings Update
Waste Management and RecyclingEarnings Update – Q3 2013
Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and
Harris Williams & Co. Ltd, which is authorised and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name
under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.
1
August October November November
26 7 14 21 28 4 11 18 25
$30,000
$25,000
$20,000
$15,000
$10,000
$5,000
$0
Enterprise
Value
($ in mm)
Q3 2013 Earnings Release Calendar
Oct. 29
Nov. 7
Oct. 24
Oct. 17Oct. 29
Aug. 29
Oct. 31
Oct. 23
Oct. 22Oct. 24
Nov. 6
Nov. 5Nov. 7
Harris Williams & Co. Environmental Services│November 2013
Page | 2
WHAT WE’RE READING (CONT.)
U.N. Climate Talks in Warsaw: What You Need to Know. “The aim is to forge a legally binding global climate treaty in
Poland to cut carbon emissions. The U.N. talks have been going on since 1992, with annual conferences producing a few highs
and lows along the way, but so far no comprehensive legally binding agreement. The current goal of the negotiations is to forge an
agreement, to be signed in Paris in 2015 and to come into force by 2020, that would involve substantial reductions in greenhouse
gas emissions from all the major economies, as well as commitments from poorer countries.” Read more here.
Court Orders Government to Stop Collecting Nuclear-Waste Fees. “A federal court ruled Tuesday that the federal
government can’t keep collecting fees for nuclear-waste storage until it finds a way to store the waste, delivering a victory to
nuclear-power operators. Since the early 1980s, the government has collected more than $30 billion from nuclear-power operators
to pay for the eventual storage of the spent fuel from nuclear reactors. The U.S. Court of Appeals for the District of Columbia
Circuit ruled that the Energy Department must stop collecting fees until there is a plan to deal with nuclear waste.” Read more
here.
Sustainability Factors into Deal Making, PwC Says. “More than two-thirds of executives say they plan to evaluate
environmental, social and governance (ESG) factors in future deals, according to a poll of more than 300 professionals conducted
by PricewaterhouseCoopers (PwC) U.S.” Read more here.
Detroit Picks Two Companies to Privatize Residential Trash Service, Saving $6M Per Year. “The City of Detroit has picked
two waste-disposal companies to take over residential service and recycling, a deal expected to save the city $6 million a year.
Rizzo Environmental Services and Advanced Disposal Services won the contracts after bid requests were issued over the summer.
Emergency manager Kevyn Orr made the announcement in a letter dated Nov. 7 to local union heads. The city will now negotiate
five-year contracts with the two firms based on their proposals.” Read more here.
Fracking Profits Flow to Water Recyclers. “Fasken Oil and Ranch in West Texas now uses 90% recycled water for hydraulic
fracturing, putting the company 10% away from its goal of not using any freshwater for fracking, the Associated Press reports.
The company is among an increasing number of oil and gas operations reusing water in a boon to water companies that are
helping drillers use less freshwater and dispose of less wastewater.” Read more here.
EPA Endorses New Air Quality Measurement Methods. “The U.S. Environmental Protection Agency on November 8th
approved five new equivalent methods for states and air quality-monitoring agencies to apply when measuring ambient air quality
for particulate matter and other pollutants. The new procedures can now be used to determine compliance with National Ambient
Air Quality Standards. Two of the methods cover particulate matter less than 10 micrometers in diameter, two others are designed
for particulate matter less than 2.5 micrometers in diameter, and another is for nitrogen dioxide.” Read more here.
Global Waste Production to Triple by 2100, Led by Sub-Saharan Africa. “One of the unfortunate but inescapable
consequences of population and economic growth has been the unabated proliferation of trash. The ‘Great Pacific Garbage Patch’
has become as emblematic of our soaring waste output as have the millions of cheap, disposable goods that we’ve come to rely
on. Every day, we generate over 3.5 million tons of solid waste—a tenfold increase over the past century. That figure will likely
double again by 2025. On our current path, it could balloon to over 11 million tons per day by 2100, a tripling of today’s rate, with
sub-Saharan Africa fueling most of the growth. These worrisome projections, a group of authors argue in Nature, underscore the
already obvious need to balance future population growth and urbanization with more stringent waste reduction efforts.” Read
more here.
Global Waste-to-Energy Report Says Hundreds of Projects in Works. “A new study of global waste-to-energy market reports
that more than 100 projects are under construction, almost 62 have been approved and more than 210 are planned. The Dublin,
Ireland-based Research and Markets report, “Waste to Energy – The World Market for Waste Incineration Plants 2013/2014,”
provides a detailed analysis of pros and cons, technology and costs of waste incineration, including all the important political,
economic, managerial and technical trends, according to a news release.” Read more here.
Harris Williams & Co. Environmental Services│November 2013
Page | 3
RELEVANT HW&CO. ENVIRONMENTAL SERVICES TRANSACTIONS
Regulation, legislation, social awareness, and consumer preferences involving environmental and sustainability issues have
created substantial opportunity for companies that provide Environmental Services (ES). Harris Williams & Co. combines deep
sector knowledge and relationships with the middle market’s best M&A advisory services. We have an established track record of
navigating a complex ES landscape, offering differentiated strategic advice and superior execution to clients across the ES
spectrum.
Pine Environmental Services, Inc.
has been acquired by has been acquired by
has been acquired by
has been acquired by has been acquired by
• Enardo – Provider of safety and environmental control solutions for
storage tanks and vapor control systems.
• BLR – Provider of online employment, safety, and environmental
compliance solutions.
• Cimarron – Manufacturer of customized energy production,
processing, and environmental solutions.
• RECON – Environmental remediation and geotechnical
construction services.
• Hilex Poly – Manufacturer of recycled plastic bags and film
products.
• Pine Environmental Services – Environmental test and
measurement equipment rentals and sales.
• QualaWash – Industrial tank cleaning, maintenance, and repair
services.
• Capula – Independent energy and utility IT solutions provider.
• APS Energy Services – Provider of energy conservation and
renewable energy solutions in the Southwestern U.S.
• PSSI – Provider of contract cleaning for food processors.
• Soil Safe – Provider of soil treatment and placement services.
• ENTRIX – Provider of environmental consulting services in
water resource management.
has been acquired by has been acquired by
Relevant Transactions
has been acquired by
has been acquired by has been acquired by
has been recapitalized
has been acquired by
Harris Williams & Co. Environmental Services│November 2013
Page | 4
PUBLIC MARKETS
Key Trading Statistics1
(1) As of November 29, 2013.
Current Valuations Versus Historical Five-Year Average1
(Current TEV/LTM EBITDA multiple as a % of Five-Year Average)
Stock Price % Change TEV / EBITDA P/E
1 Month 12 Month Nov-12 May-13 Current 2013E 2014P Current 2013E
Engineering, Construction, and Consulting
Engineering, Construction, and Consulting 3.2% 42.1% 8.2x 8.9x 11.1x 8.6x 7.9x 17.4x 16.1x
Remediation, Cleaning, and Abatement
Products 0.1% 48.2% 10.9x 11.9x 15.0x 14.3x 12.8x 21.4x 24.1x
Services 1.1% 20.9% 7.6x 8.1x 8.9x 8.4x 6.9x 35.5x 18.9x
Test, Measurement, and Control
Test and Measurement Products and Technologies 3.5% 29.5% 11.7x 13.5x 14.4x 13.9x 12.7x 22.9x 20.9x
Testing, Inspection, and Certification Services (4.4%) 0.9% 11.8x 12.7x 13.3x 11.9x 10.5x 31.9x 23.6x
Control Products and Technologies 3.7% 44.4% 10.2x 11.5x 13.3x 12.8x 11.5x 25.9x 22.1x
Waste Management and Recycling
Diversified Waste Management and Recycling (1.9%) 36.7% 7.5x 9.8x 11.3x 8.8x 8.2x 23.8x 19.6x
Metals Processing and E-Waste 3.6% 9.0% 7.1x 8.6x 11.2x 8.2x 6.5x 14.4x 17.4x
Recycled Materials 0.3% 39.9% 6.8x 7.8x 8.5x 8.3x 7.0x 21.8x 16.5x
Solid Waste Management and Recycling 3.3% 28.9% 7.4x 8.4x 8.6x 8.3x 7.9x 29.5x 21.6x
Specialty Waste (2.0%) 11.7% 9.7x 12.6x 10.7x 9.4x 8.7x 29.2x 29.2x
Waste to Energy 2.7% (5.0%) 10.4x 11.7x 10.9x 9.3x 9.4x 49.1x 46.7x
Water and Wastewater
Products and Technologies 3.7% 46.9% 9.4x 11.2x 12.6x 12.2x 11.1x 39.1x 23.3x
Utilities and Services (2.6%) 13.9% 9.4x 9.7x 10.4x 10.0x 9.1x 20.8x 20.5x
TEV / LTM EBITDA as of
101%
103%
105%
122%
122%
123%
127%
128%
128%
128%
128%
140%
172%
0% 20% 40% 60% 80% 100% 120% 140% 160% 180% 200%
Specialty Waste
Water and Wastewater Utilities and Services
Solid Waste Management and Recycling
Testing, Inspection, and Certification Services
Diversified Waste Management and Recycling
Test and Measurement Products and Technologies
Recycled Materials
Remediation, Cleaning, and Abatement Services
Remediation, Cleaning, and Abatement Products
Engineering, Construction, and Consulting
Control Products and Technologies
Water and Wastewater Products and Technologies
Metals Processing and E-Waste
Harris Williams & Co. Environmental Services│November 2013
PUBLIC COMPARABLES
Page | 5
($ in millions, excluding stock price)
(1) As of November 29, 2013.
Stock Performance
Stock Price Change from 52-Week TEV / EBITDA P/E
TEV Nov-13 Oct-13 Nov-12 Prior Month Prior Year High % of High Nov-12 May-13 Current 2013E 2014P Current 2013E
Engineering, Construction, and Consulting1
Engineering, Construction, and Consulting
Abengoa SA $13,537 $3.31 $3.11 $2.75 6.1% 20.4% $3.79 87.2% 8.7x 8.0x 9.6x 7.9x 7.0x 34.0x 16.5x
AECOM Technology Corporation 3,479 29.47 32.11 22.20 (8.2%) 32.7% 35.24 83.6% 6.7x 8.6x 7.6x 7.3x 6.7x 12.4x 11.9x
AMEC plc 5,479 18.38 18.87 16.66 (2.6%) 10.3% 19.82 92.7% 9.1x 8.8x 10.6x 9.5x 8.6x 16.3x 13.4x
Arcadis NV 2,898 33.83 32.28 23.23 4.8% 45.6% 34.22 98.8% 9.9x 9.9x 10.3x 10.2x 9.1x 19.4x 17.7x
Cardno Limited 1,022 6.12 6.52 6.32 (6.1%) (3.1%) 6.90 88.8% 7.1x 6.5x 8.3x 7.7x 7.1x 12.6x 12.4x
Chicago Bridge & Iron Company N.V. 9,768 77.07 74.90 40.00 2.9% 92.7% 80.14 96.2% 6.6x 14.2x 12.0x 10.8x 8.7x 23.1x 18.4x
Fomento de Construcciones y Contratas, S.A. 11,844 21.17 22.96 11.90 (7.8%) 77.9% 24.15 87.7% 9.4x 12.7x 20.4x 11.4x 9.2x NM NM
GENIVAR Inc. 1,701 29.76 28.16 20.58 5.7% 44.6% 30.16 98.7% 12.2x 11.2x 11.7x 10.4x 9.4x 21.4x 21.7x
IHS Inc. 9,727 114.43 109.62 90.69 4.4% 26.2% 117.65 97.3% 21.7x 21.4x 26.5x 17.8x 14.1x 55.8x 23.3x
Interserve plc 1,393 10.67 10.04 5.73 6.3% 86.2% 10.80 98.8% 10.9x 11.0x 15.2x 7.3x 6.6x 5.1x 14.1x
Jacobs Engineering Group Inc. 7,092 59.84 60.63 41.01 (1.3%) 45.9% 64.27 93.1% 7.0x 9.0x 9.3x 7.9x 7.0x 18.5x 16.1x
Leidos Holdings, Inc. 5,040 48.95 47.25 46.68 3.6% 4.9% 64.36 76.1% 6.0x 6.3x 6.1x 8.4x 6.6x 9.8x 15.8x
Stantec Inc. 3,167 65.23 55.57 36.69 17.4% 77.8% 66.33 98.3% 9.0x 9.8x 12.8x 12.6x 11.4x 22.5x 21.6x
Tetra Tech Inc. 1,915 28.12 26.66 25.61 5.5% 9.8% 31.49 89.3% 7.7x 8.8x 14.0x 8.0x 7.2x NM 16.1x
TRC Companies Inc. 219 7.76 7.76 5.64 0.0% 37.6% 9.40 82.6% 7.0x 7.9x 24.8x NM NM 6.8x 16.6x
United Envirotech Ltd. 515 0.66 0.68 0.33 (3.2%) 98.1% 0.82 80.1% 10.1x 14.0x 13.0x 11.2x 8.7x 19.1x 24.3x
URS Corporation 5,721 52.26 54.57 37.41 (4.2%) 39.7% 55.79 93.7% 6.3x 6.7x 6.9x 6.7x 6.6x 12.9x 12.5x
WS Atkins plc 1,949 21.70 19.45 12.31 11.6% 76.2% 22.14 98.0% 6.3x 6.8x 9.8x 8.6x 7.9x 14.0x 16.1x
Median 3.2% 42.1% 92.9% 8.2x 8.9x 11.1x 8.6x 7.9x 17.4x 16.1x
Remediation, Cleaning, and Abatement1
Products
Ecolab Inc. $39,216 $106.42 $106.36 $71.81 0.1% 48.2% $108.34 98.2% 13.7x 13.4x 15.8x 15.4x 13.6x 35.7x 30.2x
Federal Signal Corp. 1,086 15.57 13.80 6.00 12.8% 159.5% 15.89 98.0% 8.2x 10.4x 14.3x 13.3x 12.0x 7.1x 18.1x
Swisher Hygiene Inc. 67 0.52 0.62 1.46 (16.3%) (64.4%) 1.94 26.8% NM NM NM NM NM NM NM
Median 0.1% 48.2% 98.0% 10.9x 11.9x 15.0x 14.3x 12.8x 21.4x 24.1x
Services
EMCOR Group Inc. $2,641 $39.88 $37.25 $33.04 7.0% 20.7% $43.98 90.7% 6.4x 7.6x 9.0x 8.6x 7.2x 21.8x 18.7x
Heritage-Crystal Clean, Inc 334 18.26 17.80 14.95 2.6% 22.1% 19.17 95.3% 20.9x 22.1x 27.0x 18.1x 9.2x 218.4x 68.4x
Newalta Corporation 1,193 15.30 15.35 15.11 (0.3%) 1.2% 15.92 96.1% 8.8x 8.6x 8.8x 8.1x 6.6x 24.4x 19.1x
Rentokil Initial plc 4,994 1.74 1.80 1.44 (3.3%) 21.1% 1.87 93.5% 5.9x 6.2x 7.5x 6.7x 6.4x 46.6x 12.6x
Median 1.1% 20.9% 94.4% 7.6x 8.1x 8.9x 8.4x 6.9x 35.5x 18.9x
TEV / LTM EBITDA as of
Harris Williams & Co. Environmental Services│November 2013
PUBLIC COMPARABLES
Page | 6
($ in millions, excluding stock price)
(1) As of November 29, 2013.
Stock Performance
Stock Price Change from 52-Week TEV / EBITDA P/E
TEV Nov-13 Oct-13 Nov-12 Prior Month Prior Year High % of High Nov-12 May-13 Current 2013E 2014P Current 2013E
Test, Measurement, and Control1
Test and Measurement Products and Technologies
Badger Meter Inc. $850 $53.90 $53.25 $45.47 1.2% 18.5% $55.00 98.0% 14.3x 13.6x 16.7x 16.5x 14.5x 33.3x 31.9x
Danaher Corp. 53,723 75.16 72.04 53.64 4.3% 40.1% 75.93 99.0% 9.8x 11.1x 12.7x 12.9x 11.9x 20.9x 21.9x
FLIR Systems, Inc. 4,103 29.54 28.53 20.32 3.5% 45.4% 33.82 87.4% 7.7x 9.4x 11.2x 12.1x 10.8x 19.1x 21.1x
Halma plc 3,814 9.51 8.98 7.02 5.8% 35.4% 9.81 96.9% 12.7x 14.0x 15.7x 14.2x 13.5x 24.9x 20.6x
Horiba Ltd. 1,224 35.48 36.82 28.69 (3.6%) 23.7% 39.53 89.8% 4.4x 8.6x 8.2x 7.4x 6.2x 20.5x 19.4x
Roper Industries Inc. 15,026 130.11 125.69 111.23 3.5% 17.0% 135.69 95.9% 14.6x 14.6x 15.0x 14.1x 12.8x 25.1x 23.2x
Teledyne Technologies Inc. 4,083 92.04 89.39 63.90 3.0% 44.0% 93.58 98.4% 10.0x 10.6x 11.3x 12.2x 10.7x 20.2x 19.9x
Thermo Fisher Scientific, Inc. 41,698 101.22 97.49 63.51 3.8% 59.4% 103.12 98.2% 11.5x 14.3x 15.3x 15.2x 13.2x 27.8x 18.5x
Trimble Navigation Limited 8,932 32.29 28.39 27.84 13.7% 16.0% 33.84 95.4% 19.9x 20.1x 21.1x 18.7x 16.2x 43.3x 21.2x
Waters Corporation 8,068 99.82 100.98 84.55 (1.1%) 18.1% 108.89 91.7% 12.0x 13.4x 13.9x 13.6x 12.6x 17.8x 20.1x
Median 3.5% 29.5% 96.4% 11.7x 13.5x 14.4x 13.9x 12.7x 22.9x 20.9x
Testing, Inspection, and Certification Services
Bureau Veritas SA $14,978 $29.32 $30.37 $27.69 (3.5%) 5.9% $34.56 84.8% 16.4x 15.5x 15.7x 14.7x 13.5x 31.9x 23.6x
Intertek Group plc 9,111 49.46 53.29 49.05 (7.2%) 0.8% 57.49 86.0% 14.5x 14.4x 14.8x 13.1x 11.9x 27.7x 21.9x
SGS SA 18,036 2,259.56 2,360.16 2,236.93 (4.3%) 1.0% 2,709.70 83.4% 15.7x 14.8x 14.7x 12.8x 11.4x 27.0x 23.5x
ALS Limited 3,640 7.57 9.57 9.79 (20.8%) (22.7%) 11.36 66.7% 8.9x 9.0x 10.8x 10.9x 9.6x 15.3x 15.9x
Eurofins Scientific SA 4,399 252.43 277.07 154.71 (8.9%) 63.2% 280.74 89.9% 12.4x 14.3x 17.6x 15.9x 13.0x 43.2x 36.1x
SAI Global Limited 966 3.67 3.84 4.44 (4.6%) (17.3%) 4.24 86.5% 11.1x 9.3x 10.3x 9.9x 9.2x NM 18.3x
Mistras Group, Inc. 633 19.98 18.92 21.62 5.6% (7.6%) 25.35 78.8% 10.3x 11.2x 10.2x 8.2x 7.5x 45.6x 23.6x
Furmanite Corporation 457 11.31 11.40 4.46 (0.8%) 153.6% 11.73 96.4% 8.7x 9.9x 12.0x 11.0x 8.7x 34.4x 24.3x
Median (4.4% ) 0.9% 85.4% 11.8x 12.7x 13.3x 11.9x 10.5x 31.9x 23.6x
Control Products and Technologies
Calgon Carbon Corporation $1,149 $20.76 $20.01 $13.52 3.7% 53.6% $21.00 98.9% 11.4x 13.0x 11.7x 11.8x 10.0x 25.9x 24.9x
CECO Environmental Corp. 486 15.58 18.36 9.64 (15.1%) 61.6% 19.42 80.2% 7.3x 11.2x 23.7x 19.9x 10.3x 42.8x 17.3x
CLARCOR Inc. 2,844 60.52 58.76 46.80 3.0% 29.3% 61.34 98.7% 10.2x 11.8x 13.4x 12.8x 12.1x 25.1x 24.3x
Flowserve Corp. 10,956 71.71 69.65 46.54 3.0% 54.1% 73.04 98.2% 10.4x 11.7x 13.3x 12.6x 11.5x 21.3x 20.8x
Franklin Electric Co., Inc. 2,201 44.04 38.12 29.98 15.5% 46.9% 44.86 98.2% 11.0x 11.8x 14.1x 14.0x 12.4x 26.5x 25.9x
IDEX Corporation 6,171 72.48 68.94 45.01 5.1% 61.0% 72.00 100.7% 9.4x 11.2x 13.2x 13.1x 12.1x 86.0x 23.3x
Johnson Matthey plc 11,866 51.71 47.94 38.29 7.9% 35.0% 54.43 95.0% 10.2x 11.3x 13.1x 12.1x 11.2x 21.1x 19.4x
L'Air Liquide SA 53,031 139.21 137.67 122.90 1.1% 13.3% 143.77 96.8% 9.9x 10.1x 10.9x 10.0x 9.2x 20.3x 19.5x
Pall Corporation 9,031 84.12 80.53 59.38 4.5% 41.7% 85.55 98.3% 11.1x 11.5x 15.8x 14.4x 13.2x 30.4x 24.5x
Pentair Ltd. 16,552 70.62 67.15 48.92 5.2% 44.4% 71.42 98.9% 28.7x 32.2x 19.3x 13.4x 11.9x 137.6x 22.1x
Rockwell Automation Inc. 15,260 112.97 110.06 79.00 2.6% 43.0% 114.76 98.4% 9.4x 10.6x 13.1x 11.3x 10.4x 21.2x 18.4x
Median 3.7% 44.4% 98.3% 10.2x 11.5x 13.3x 12.8x 11.5x 25.9x 22.1x
TEV / LTM EBITDA as of
Harris Williams & Co. Environmental Services│November 2013
PUBLIC COMPARABLES
Page | 7
(1) As of November 29, 2013.
($ in millions, excluding stock price)
Stock Performance
Stock Price Change from 52-Week TEV / EBITDA P/E
TEV Nov-13 Oct-13 Nov-12 Prior Month Prior Year High % of High Nov-12 May-13 Current 2013E 2014P Current 2013E
Waste Management and Recycling1
Diversified Waste Management and Recycling
Fomento de Construcciones y Contratas, S.A. $11,844 $21.17 $22.96 $11.90 (7.8%) 77.9% $24.15 87.7% 9.4x 12.7x 20.4x 11.4x 9.2x NM NM
ALBA SE 922 85.10 86.74 83.07 (1.9%) 2.4% 92.24 92.3% 20.7x 25.4x 37.1x NM NM 23.8x 0.0x
Séché Environnement SA 620 37.61 40.82 34.50 (7.9%) 9.0% 48.83 77.0% 6.1x 7.9x 8.1x 5.6x 5.2x NM 14.1x
Pennon Group Plc 7,641 10.50 11.09 10.01 (5.3%) 4.8% 11.94 87.9% 11.3x 11.8x 11.7x 11.2x 10.4x 55.8x 16.3x
Waste Connections Inc. 7,466 44.47 42.97 32.54 3.5% 36.7% 46.49 95.7% 9.7x 12.8x 11.8x 11.4x 10.4x 29.9x 25.3x
Suez Environnement Company SA 22,208 17.13 17.77 10.99 (3.6%) 55.8% 17.96 95.4% 6.6x 6.4x 7.2x 6.5x 6.2x 20.7x 19.5x
Shanks Group plc 1,227 1.77 1.70 1.30 4.1% 36.4% 1.83 96.8% 6.5x 9.8x 11.3x 8.3x 7.7x NM 19.6x
Transpacific Industries Group Ltd. 2,824 1.05 1.03 0.73 1.4% 44.6% 1.08 96.8% 6.5x 6.5x 7.8x 7.9x 7.7x NM 24.7x
Waste Management, Inc. 31,672 45.06 42.54 32.56 5.9% 38.4% 46.38 97.1% 7.5x 8.9x 9.3x 9.2x 8.7x 23.1x 21.0x
Median (1.9% ) 36.7% 95.4% 7.5x 9.8x 11.3x 8.8x 8.2x 23.8x 19.6x
Metals Processing and E-Waste
Commercial Metals Company $3,296 $19.62 $18.31 $13.68 7.2% 43.4% $19.70 99.6% 7.0x 8.6x 10.0x 7.7x 6.3x 30.3x 15.7x
Aurubis AG 3,060 59.37 65.73 63.26 (9.7%) (6.1%) 78.64 75.5% 3.2x 6.1x NM 7.8x 5.6x 5.4x NM
Dowa Holdings Co., Ltd. 4,131 10.04 9.48 6.59 5.9% 52.5% 10.23 98.2% 6.4x 8.1x 8.8x 8.5x 7.9x 14.4x 14.9x
Metalico Inc. 203 1.78 1.75 1.63 1.7% 9.2% 2.25 79.1% 9.7x 11.6x 12.4x 9.7x 6.6x NM NM
Schnitzer Steel Industries, Inc. 1,177 30.70 29.12 28.22 5.4% 8.8% 32.99 93.1% 7.3x 9.3x 13.8x 8.9x 6.8x NM 29.1x
Sims Metal Management Limited 2,030 9.28 9.53 9.19 (2.6%) 1.0% 10.41 89.1% 12.4x NM NM 7.9x 5.9x NM 19.2x
Median 3.6% 9.0% 91.1% 7.1x 8.6x 11.2x 8.2x 6.5x 14.4x 17.4x
Recycled Materials
Mondi plc $10,895 $15.99 $18.00 $10.33 (11.1%) 54.8% $18.52 86.3% 6.5x 7.6x 8.5x 7.4x 7.0x 21.8x 13.0x
Resolute Forest Products Inc. 1,876 16.06 14.01 11.76 14.6% 36.6% 17.54 91.6% 3.5x 4.5x 5.1x 5.6x 4.9x NM 15.5x
Clearwater Paper Corporation 1,680 53.16 51.56 40.20 3.1% 32.2% 53.10 100.1% 6.4x 7.6x 8.8x 8.6x 5.9x 27.3x 32.2x
LKQ Corp. 11,180 33.30 33.00 21.66 0.9% 53.7% 34.07 97.7% 15.4x 16.2x 19.0x 17.8x 14.7x 33.8x 30.7x
Colas SA 6,961 162.07 164.73 144.07 (1.6%) 12.5% 173.50 93.4% 5.5x 4.7x 7.3x NM NM 13.6x 0.0x
Eagle Materials Inc. 4,339 77.68 75.95 54.24 2.3% 43.2% 79.91 97.2% 25.5x 30.7x 22.4x 14.9x 10.4x 40.6x 28.7x
Sonoco Products Co. 4,910 40.42 40.54 30.21 (0.3%) 33.8% 41.13 98.3% 7.2x 8.0x 8.5x 8.3x 7.9x 19.9x 17.4x
Rock-Tenn Company 9,540 95.06 105.19 64.83 (9.6%) 46.6% 126.05 75.4% 7.0x 8.6x 6.7x 5.8x 5.4x 9.5x 11.1x
Median 0.3% 39.9% 95.3% 6.8x 7.8x 8.5x 8.3x 7.0x 21.8x 16.5x
Solid Waste Management and Recycling
Republic Services, Inc. $19,515 $34.94 $33.35 $28.24 4.8% 23.7% $35.61 98.1% 7.4x 8.4x 8.6x 8.3x 7.9x 26.5x 18.6x
Progressive Waste Solutions Ltd. 4,486 25.97 26.38 20.15 (1.6%) 28.9% 26.79 97.0% 7.2x 8.0x 8.4x 8.5x 8.0x 32.6x 24.6x
Casella Waste Systems Inc. 739 5.95 5.76 4.48 3.3% 33.0% 6.07 98.0% 8.4x 8.7x 9.4x 7.6x 7.1x NM NM
Median 3.3% 28.9% 98.0% 7.4x 8.4x 8.6x 8.3x 7.9x 29.5x 21.6x
Specialty Waste
Clean Harbors, Inc. $4,344 $52.97 $61.40 $57.31 (13.7%) (7.6%) $64.12 82.6% 9.7x 12.6x 9.7x 8.2x 7.0x 24.1x 26.8x
Stericycle, Inc. 11,426 118.01 115.46 93.79 2.2% 25.8% 121.61 97.0% 16.9x 18.3x 18.2x 17.8x 15.9x 33.9x 31.5x
US Ecology, Inc. 744 36.91 36.00 22.14 2.5% 66.7% 39.77 92.8% 7.9x 8.8x 11.3x 10.9x 9.9x 24.5x 22.5x
Heritage-Crystal Clean, Inc 334 18.26 17.80 14.95 2.6% 22.1% 19.17 95.3% 20.9x 22.1x 27.0x 18.1x 9.2x 218.4x 68.4x
Newalta Corporation 1,193 15.30 15.35 15.11 (0.3%) 1.2% 15.92 96.1% 8.8x 8.6x 8.8x 8.1x 6.6x 24.4x 19.1x
Perma-Fix Environmental Services Inc. 54 3.45 3.58 4.15 (3.6%) (16.9%) 5.25 65.7% NM NM NM NM 10.7x NM NM
Veolia Environnement S.A. 24,246 16.11 17.37 11.02 (7.3%) 46.1% 18.98 84.9% 9.5x 6.6x 6.8x 9.4x 8.2x 82.1x 66.0x
Nuverra Environmental Solutions, Inc. 972 1.76 2.39 4.05 (26.4%) (56.5%) 4.42 39.8% 22.9x 22.1x 10.7x 8.3x 6.9x NM NM
Median (2.0% ) 11.7% 88.8% 9.7x 12.6x 10.7x 9.4x 8.7x 29.2x 29.2x
Waste to Energy
Covanta Holding Corporation $4,542 $17.76 $17.30 $18.69 2.7% (5.0%) $21.89 81.1% 10.4x 11.7x 10.9x 9.3x 9.4x 49.1x 46.7x
Median 2.7% (5.0% ) 81.1% 10.4x 11.7x 10.9x 9.3x 9.4x 49.1x 46.7x
TEV / LTM EBITDA as of
Harris Williams & Co. Environmental Services│November 2013
PUBLIC COMPARABLES
Page | 8
(1) As of November 29, 2013.
($ in millions, excluding stock price)
Stock Performance
Stock Price Change from 52-Week TEV / EBITDA P/E
TEV Nov-13 Oct-13 Nov-12 Prior Month Prior Year High % of High Nov-12 May-13 Current 2013E 2014P Current 2013E
Water and Wastewater1
Products and Technologies
IDEX Corporation $6,171 $72.48 $68.94 $45.01 5.1% 61.0% $72.00 100.7% 9.4x 11.2x 13.2x 13.1x 12.1x 86.0x 23.3x
Mueller Water Products, Inc. 1,840 8.57 8.58 5.48 (0.1%) 56.4% 9.29 92.2% 11.1x 12.5x 11.8x 9.5x 7.8x 39.1x 26.7x
Pentair Ltd. 16,552 70.62 67.15 48.92 5.2% 44.4% 71.42 98.9% 28.7x 32.2x 19.3x 13.4x 11.9x 137.6x 22.1x
Watts Water Technologies, Inc. 2,203 60.06 57.93 40.88 3.7% 46.9% 60.70 98.9% 8.7x 9.8x 12.0x 11.7x 10.0x 30.1x 26.6x
Xylem Inc. 7,184 34.38 33.48 26.13 2.7% 31.6% 34.93 98.4% 9.1x 10.0x 12.6x 12.2x 11.1x 27.6x 18.1x
Median 3.7% 46.9% 98.9% 9.4x 11.2x 12.6x 12.2x 11.1x 39.1x 23.3x
Utilities and Services
Aegion Corporation $1,106 $21.97 $21.70 $20.61 1.2% 6.6% $26.10 84.2% 8.6x 9.7x 10.6x 8.8x 6.7x 16.9x 14.8x
American States Water Company 1,439 28.43 28.62 22.81 (0.7%) 24.6% 33.09 85.9% 7.8x 8.4x 9.0x 9.3x 9.0x 18.6x 20.0x
American Water Works Company, Inc. 13,212 42.12 42.82 37.99 (1.6%) 10.9% 45.09 93.4% 9.4x 9.7x 10.1x 9.8x 9.2x 20.8x 19.3x
Aqua America Inc. 5,878 23.78 25.35 20.33 (6.2%) 17.0% 28.12 84.6% 12.2x 13.4x 13.6x 12.9x 12.1x 18.9x 21.1x
California Water Service Group 1,532 22.15 21.56 17.99 2.7% 23.1% 23.14 95.7% 8.8x 9.3x 10.1x 10.3x 8.3x 22.1x 25.1x
Kurita Water Industries Ltd. 1,720 21.36 21.72 22.04 (1.7%) (3.1%) 22.78 93.7% 3.2x 4.9x 5.3x 6.0x 5.1x 24.6x 26.2x
Pennon Group Plc 7,641 10.50 11.09 10.01 (5.3%) 4.8% 11.94 87.9% 11.3x 11.8x 11.7x 11.2x 10.4x 55.8x 16.3x
Severn Trent Plc 14,049 28.59 30.15 26.25 (5.2%) 8.9% 36.03 79.4% 10.6x 12.2x 11.3x 10.2x 10.0x 9.3x 20.9x
Suez Environnement Company SA 22,208 17.13 17.77 10.99 (3.6%) 55.8% 17.96 95.4% 6.6x 6.4x 7.2x 6.5x 6.2x 20.7x 19.5x
The York Water Company 363 21.43 20.92 17.50 2.4% 22.5% 22.00 97.4% 12.3x 12.6x 13.8x 13.5x 11.8x 30.0x 29.3x
United Utilities Group PLC 17,079 10.71 11.47 11.12 (6.6%) (3.7%) 13.02 82.3% 11.6x 11.9x 10.9x 10.4x 10.0x 6.7x 15.5x
Veolia Environnement S.A. 24,246 16.11 17.37 11.02 (7.3%) 46.1% 18.98 84.9% 9.5x 6.6x 6.8x 9.4x 8.2x 82.1x 66.0x
Median (2.6% ) 13.9% 86.9% 9.4x 9.7x 10.4x 10.0x 9.1x 20.8x 20.5x
TEV / LTM EBITDA as of
Harris Williams & Co. Environmental Services│November 2013
Page | 9
NOTABLE M&A ACTIVITY
Mistras Group acquired Carmagen Engineering, a provider of engineering
consulting services to the oil and gas industry. Read more here.
AMEC acquired Automated Engineering Services, a provider of professional design
engineering nuclear services for $29 million. Read more here.
National Response Corporation, a portfolio company of J.F. Lehman & Co., has
acquired RK Contractors, a provider of specialty environmental and industrial
services. Read more here.
Engineering,
Construction,
and Consulting
Remediation,
Cleaning, and
Abatement
Test,
Measurement,
and Control
Waste
Management
and Recycling
Water and
Wastewater
Wafra Partners has agreed to sell its portfolio company Architectural Testing
Institute, a provider of building products testing and certification, to Intertek Group,
for $95 million. Read more here.
Environmental Express, a portfolio company of PNC RiverArch Capital, acquired
Daniels Scientific, a provider of consumables used in environmental testing
laboratories. Read more here.
Clairvest Group completed a $28.5 million investment in Winter Bros. Waste
Systems CT, a provider of trash-collection and recycling services. Read more here.
Rizzo Environmental Services, a portfolio company of Kinderhook Industries,
acquired Royal Oak Recycling, a provider of curbside collection services for
municipal solid waste. Read more here.
Scott Corporation, a transporter of hazardous materials and bulk solids in Australia,
was acquired by K&S Corporation for $75 million. Read more here.
Martex Fiber, a portfolio company of Milestone Partners, acquired Bollag
International, a provider of textile fibers and by-products including synthetic waste.
Read more here.
Vision Capital sold its portfolio company Inutec, a provider of radioactive waste
management and decommissioning services, to Tradebe Management, a portfolio
company of Advent International. Read more here.
American Water Works Company acquired Dale Service Corporation, a wastewater
utility company, for $28 million. Read more here.
Strength Capital Partners has agreed to sell its portfolio company Inland Industrial
Services Group, a provider of environmental and industrial cleaning services, to
Aquilex Holdings, a portfolio company of Centerbridge Partners and Kelso &
Company. Read more here.
Harris Williams & Co. Environmental Services│November 2013
Page | 10
M&A TRANSACTION DETAIL
Middle Market Envir. Services M&A Volume by Category for 2008 to YTD 20131,2
(# of transactions)
Annual Middle Market Envir. Services M&A Volume1,2
(# of transactions)
Quarterly Middle Market Envir. Services M&A Volume2
(# of transactions)
Middle Market Envir. Services M&A Volume
by Category for 2008 to YTD 20131,2
(% of total volume)
Middle Market Envir. Services M&A Volume
by Category for the Last Twelve Months1,2
(% of total volume)
(1) As of November 29, 2013.
(2) Includes only closed transactions with enterprise values between $50 million and $1.5 billion.
0
10
20
30
40
50
60
70
2008 2009 2010 2011 2012 2013 YTD
0
5
10
15
20
25
30
35
3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13
61
89
90
57
110
0 20 40 60 80 100 120
Water and Wastewater
Waste Management and Recycling
Test, Measurement, and Control
Remediation, Cleaning, and Abatement
Engineering, Construction, and Consulting
27%
14%
22%
22%
15%
Engineering, Construction, and Consulting Remediation, Cleaning, and Abatement
Test, Measurement, and Control Waste Management and Recycling
Water and Wastewater
26%
14%
11%
26%
23%
Engineering, Construction, and Consulting Remediation, Cleaning, and Abatement
Test, Measurement, and Control Waste Management and Recycling
Water and Wastewater
Harris Williams & Co. Environmental Services│November 2013
Page | 11
M&A TRANSACTION DETAIL1
(1) As of November 29, 2013.
Closed
Date Target Business Description Acquirer/Seller
Pending Nuclear Safety Associates, Inc. Nuclear Safety Associates, Inc. provides safety, security, and engineering services to the
nuclear markets.
WS Atkins plc (LSE:ATK) / -
Pending Architectural Testing, Inc. Architectural Testing, Inc. provides architectural testing, product certification, quality
assurance, forensic investigation, and building code compliance evaluation services.
Intertek Group plc (LSE:ITRK) / Wafra
Partners LLC
Pending Bandit Industries, Inc. Bandit Industries, Inc. manufactures chippers, grinders, and waste recycler units. Alamo Group, Inc. (NYSE:ALG) / -
Pending Taisei Co.,Ltd. (NSE:4649) Taisei Co., Ltd. offers various building maintenance services. Ikk Co.,Ltd. / -
Pending Inland Industrial Services Group, LLC Inland Industrial Services Group, LLC provides environmental and industrial cleaning
services in the Midwest and North Eastern United States.
Aquilex Holdings LLC / Strength Capital
Partners
Pending ZIM Plant Technology GmbH ZIM Plant Technology GmbH offers irrigation monitoring products for the remote control
of plant water status in real time through Internet.
Yara International ASA (OB:YAR) / High-
Tech Gründerfonds Management GmbH
Pending Wah Loon Engineering Pte Ltd Wah Loon Engineering Pte Ltd., provides mechanical engineering, electrical engineering,
systems integration, and project management services.
KLW Holdings Ltd. / -
Pending ProStar Dirt Work Inc. ProStar Dirt Work Inc. operates in excavation and construction business. Actionview International Inc. / -
Pending Scott Corporation Ltd. Scott Corporation Limited transports hazardous materials and bulk solids by road, rail, and
sea in Australia.
K & S Corporation Limited / A.A. Scott Pty
Limited
Pending Vattenfall AB, Heating Plant in Götene Vattenfall AB, Heating Plant in Götene comprises a water heating plant. Götene Vatten & Värme AB / Vattenfall AB
Pending IL Recycling AB, Scrap Metal Facility at the
Port of Gävle
IL Recycling AB, Scrap Metal Facility at the Port of Gävle comprises a scrap metal
recycling facility and is located in Gävle, Sweden.
Stena Recycling AB / IL Recycling AB
Pending Envirotest Systems Holdings Corp. Envirotest Systems Holdings Corp. provides vehicle emissions testing equipment, services,
and technology in North America.
Opus Inspection, Inc. / -
Pending Kreuz Holdings Limited Kreuz Holdings Limited, an investment holding company, provides subsea services to the
offshore oil and gas industry.
A Consortium of Financial Buyers / Swiber
Holdings Ltd.
Pending Air Filtration Business Air Filtration Business manufactures and distributes gas turbine filtration equipment,
industrial air filtration equipment, and membranes.
CLARCOR Inc. / A Consortium of Financial
Buyers
Pending Equipe Recycling CV Equipe Recycling CV offers plastics recycling services. Vivenda Media Groep N.V. / Sequoia
Amsterdam, Investment Arm; Sequoia
Infrastructure FundPending RS Used Oil Services, Inc., Certain Assets RS Used Oil Services, Inc., Certain Assets comprises service oil collection routes covering
Indiana, Ohio, Wisconsin, and portions of Illinois.
Heritage-Crystal Clean, LLC / RS Used Oil
Services, Inc.
Pending Suntech Metals Company Limited Suntech Metals Company operates as a metal recycling company. General Engineering Public Company Limited
/ Innopressive Limited
11/29/2013 Global Renewables Australia Pty Ltd. Global Renewables Australia Pty Ltd. provides municipal and urban solid waste
management solutions.
Palisade Investment Partners Limited /
Ironbridge Capital Pty Ltd
11/29/2013 Greencap Limited Greencap Limited provides professional consulting services, and advice in relation to a
range of risk management services primarily in Australia and southeast Asia.
Wesfarmers Industrial And Safety Pty Ltd. / A
Consortium of Financial Buyers
11/28/2013 Proactiva Medio Ambiente, S.A. Proactiva Medio Ambiente, S.A. offers waste management services. Veolia Environnement S.A. / Fomento de
Construcciones y Contratas, S.A.
11/27/2013 Ecovix-Engevix Construcoes Oceanicas S/A Ecovix-Engevix Construcoes Oceanicas S/A provides engineering consulting and
construction management services in the areas of infrastructure and offshore industry.
A Consortium of Financial Buyers / -
11/26/2013 MARMAC Field Services Inc. MARMAC Field Services Inc. provides engineering and design services, mapping, right-of-
way procurement, project support and construction management.
Jacobs Engineering Group Inc. / -
11/26/2013 Winters Bros. Waste Systems CT, LLC Winters Bros. provides residential, commercial and industrial waste and recycling
collection services.
Clairvest Group Inc.; Clairvest Equity Partners
IV, L.P. / -
11/22/2013 National Technical Systems Inc. National Technical Systems, Inc. provides testing and engineering services, including
environmental and safety testing.
Aurora Capital Group / Mill Road Capital
11/21/2013 RK Contractors RK Contractors is a provider of specialty environmental and industrial services. National Response Corporation / -
11/20/2013 Global ID Group Global ID Group, through its subsidiaries, provides testing, certification, and consulting
services for the production of food products worldwide.
Unknown / LFE Capital
11/15/2013 Automated Engineering Services Corp. Automated Engineering Services Corp. provides general and plant engineering services. AMEC plc / -
Harris Williams & Co. Environmental Services│November 2013
Page | 12
Closed
Date Target Business Description Acquirer/Seller
Boston
Phone: +1 (617) 482-7501
Cleveland
Phone: +1 (216) 689-2400
Minneapolis
Phone: +1 (612) 359-2700
Philadelphia
Phone: +1 (267) 675-5900
Richmond
Phone: +1 (804) 648-0072
San Francisco
Phone: +1 (415) 288-4260
London
Phone: +44 (0)20 7518 8900
Frankfurt
Phone: +49 069 3650638 00
HW&CO. OFFICE LOCATIONS
M&A TRANSACTION DETAIL1
(1) As of November 29, 2013.
11/15/2013 Fiberweb plc Fiberweb plc develops, manufactures, and supplies nonwoven fabrics in Europe, North
America, and the Asia Pacific.
Polymer Group, Inc. / A Consortium of
Financial Buyers
11/14/2013 Bollag International Corporation Bollag collects and markets textile fibers and by-products. Martex Fiber Southern Corp. /
11/14/2013 Dale Service Corporation Dale Service Corporation provides wastewater collection and treatment services. Virginia-American Water Company / -
11/13/2013 Four Winds Midstream Solutions Ltd. Four Winds Midstream Solutions Ltd. provides midstream solutions in marketable
hydrocarbon recovery, emulsion treating, and wastewater disposal.
Aqua Terra Water Management, L.P. / -
11/12/2013 Carmagen Engineering, Inc. Carmagen Engineering, Inc. provides engineering consulting and project management
services to the oil and gas industry.
Mistras Group, Inc. / -
11/11/2013 Oran Environmental Solutions, Dry Waste
Mobile Compaction Business
Waste Mobile Compaction Business of Oran Environmental Solutions offers waste
collection services.
William Tracey Ltd / Oran Environmental
Solutions
11/7/2013 Blacksburg Country Club Wastewater System
and Treatment Plant
Blacksburg Country Club wastewater system and treatment plant comprises wastewater
treatment facility in Montgomery County, Virginia.
Aqua Virginia, Inc. / -
11/7/2013 Royal Oak Recycling Royal Oak Recycling provides curbside collection services for municipal solid waste. Rizzo Environmental Services / -
11/7/2013 Anhui Clean Environment Biotechnology Co.,
Ltd.
Anhui Clean Environment Biotechnology offers waste water treatment services including
services for environment engineering projects and municipal water treatment.
Tritech Group Limited / -
11/6/2013 Inutec Ltd Inutec Ltd. provides integrated radioactive waste management and decommissioning
services.
Tradebe S.a.r.l / Vision Capital LLP
11/6/2013 SWS National Accounts, LLC SWS National Accounts, LLC provides municipal solid waste services throughout the state
of Florida.
Quest Resource Management Group, LLC /
SWS National Accounts, LLC
11/5/2013 Willunga Basin Water Company Pty Ltd. Willunga Basin Water Company Pty Ltd. owns and operates a water delivery pipeline. Water Utilities Group / -
11/4/2013 Maracor Technical Services, Inc. Maracor Technical Services, Inc. provides technical analysis and software development
services.
Enercon Services, Inc. / -
11/1/2013 JMJ Associates, LLC JMJ Associates, LLC provides management consulting services primarily for the energy,
mining, and construction industries.
3i Group plc / -
10/29/2013 Weidasar Engineering Sdn. Bhd. Weidasar Engineering Sdn. Bhd. engages in the construction and installation of sewage
treatment plants and bulk storage tanks.
Unknown / Weida Environmental Technology
Sdn. Bhd.
Harris Williams & Co. Environmental Services│November 2013
Page | 13
SOURCES AND DISCLOSURES
Harris Williams & Co. (www.harriswilliams.com) is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm
has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition
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which is authorised and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris
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