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Volume I, No IMay 2010
The BGL Environmental Services Insider is published by
Brown Gibbons Lang & Company, a leading independent investment bank serving middle market companies and their owners throughout the U.S. and
internationally.
For more information on how BGL’s Global Environmental Services
Practice can assist your company, please contact:
Effram E. [email protected], x6634
Michael E. [email protected], x6612
Brown Gibbons Lang &
CompanyCleveland
1111 Superior AvenueSuite 900
Cleveland, OH 44114
ChicagoTwo Prudential Plaza
180 N. Stetson AvenueSuite 3600
Chicago, IL 60601
www.bglco.com
Environmental Services Insider
Highlights
Source: Capital IQ.
Index Performance
Environmental Services
Market
75
100
125
150
175
May-09 Jun-09 Aug-09 Sep-09 Oct-09 Dec-09 Jan-10 Mar-10 Apr-10
BGL Solid Waste BGL Special Waste BGL E&C / Remediation
75
100
125
150
May-09 Jun-09 Aug-09 Sep-09 Oct-09 Dec-09 Jan-10 Mar-10 Apr-10
S&P 500 DJIA
Market at a GLaNCeActivity in the broader M&A market is steadily improving. The number of announced transactions increased in each of the last three consecutive quarters, with deal volume in the most recent period up 11 percent and 45 percent from the prior quarter and year-ago period, respectively. Deal value remains down with the reduced appetite for large cap transactions (Page 2).
Environmental services industry M&A activity remains steady but is off the pace of peak years, showing a trend toward small, bolt-on on acquisitions (Page 3).
Purchase price multiples are inching up given the backdrop of improving economic conditions and loosening credit markets (Page 3). Strategic and financial buyers remain cautious, however, in a still fragile economic environment and so are building conservatism into valuations.
Broader equity indices have increased more than 40% from the year-ago period, reflective of the ongoing economic recovery and stabilization in the financial markets. Environmental Services stocks have gained over the same period, led by Solid Waste, resulting in EBITDA multiple expansion across all sectors. Public company valuations have increased to 7.8x in Q1 2010 for Solid Waste (5.8x in Q1 2009), 9.6x (7.9x) for Special Waste, and 7.8x (6.7x) for E&C/Remediation (Pages 4 and 5).
Industry at a Glance
NOTE:(1) As of 5/3/2010.(2) BGL Environmental Services indices defined on Page 5.SOURCE: Capital IQ.
Financial Highlights
Solid Waste Special Waste E&C/RemediationSector Market Cap $49,734.2 $9,767.7 $13,472.5
Sector Enterprise Value $92,189.3 $13,305.6 $13,034.2
EV/ TTM Revenue 2.0x 1.4x 0.52x
EV/TTM EBITDA 7.8x 9.6x 7.2x
EV/TTM EBIT 15.8x 16.7x 10.4x
Leverage:
Total Debt/TTM EBITDA 3.7x 2.0x 2.0x
Operating Performance:
Revenue Growth -3.39% -1.6% 2.6%
TTM Gross Margin 37.4% 29.9% 11.3%
TTM EBITDA Margin 24.6% 14.1% 5.8%
TTM EBIT Margin 13.6% 9.3% 4.3%
Environmental Services Sector
2
Environmental Services InsiderMergers & Acquisitions Overall M&A Activity
North aMerICaN M&a
Strategic Buyer M&A Activity
Sector Breakdown
Financial Buyer M&A Activity
Strategic and Financial Buyer Valuation Trends Leverage Trends
Source: Capital IQ.
Source: Capital IQ.
Source: Capital IQ.
Source: Capital IQ.
Source: Capital IQ.
Source: Standard & Poors LCD
Strategic Buyer M&A Activity Financial Buyer M&A Activity
For the last 12 months ended 2/28/2010 For the last 12 months ended 2/28/2010
$0
$100,000
$200,000
$300,000
$400,000
Mar
'06
- May
'06
Jun
'06
- Aug
'06
Sep
'06
- Nov
'06
Dec
'06
- Feb
'07
Mar
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- May
'07
Jun
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- Aug
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Sep
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- Nov
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Dec
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'08
Mar
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Jun
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Sep
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Mar
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Jun
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Sep
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Dec
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- Feb
'10
Tran
sact
ion
Valu
e ($
in m
illio
ns)
0
1,000
2,000
3,000
4,000 Num
ber of Transactions
$0
$50,000
$100,000
$150,000
$200,000
$250,000
Mar
'06
- May
'06
Jun
'06
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'06
Sep
'06
- Nov
'06
Dec
'06
- Feb
'07
Mar
'07
- May
'07
Jun
'07
- Aug
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Sep
'07
- Nov
'07
Dec
'07
- Feb
'08
Mar
'08
- May
'08
Jun
'08
- Aug
'08
Sep
'08
- Nov
'08
Dec
'08
- Feb
'09
Mar
'09
- May
'09
Jun
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- Aug
'09
Sep
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- Nov
'09
Dec
'09
- Feb
'10Tran
sact
ion
Valu
e ($
in m
illio
ns)
0
100
200
300
400
500 Num
ber of Transactions
4.0x
6.0x
8.0x
10.0x
12.0x
Mar
'06
- May
'06
Jun
'06
- Aug
'06
Sep
'06
- Nov
'06
Dec
'06
- Feb
'07
Mar
'07
- May
'07
Jun
'07
- Aug
'07
Sep
'07
- Nov
'07
Dec
'07
- Feb
'08
Mar
'08
- May
'08
Jun
'08
- Aug
'08
Sep
'08
- Nov
'08
Dec
'08
- Feb
'09
Mar
'09
- May
'09
Jun
'09
- Aug
'09
Sep
'09
- Nov
'09
Dec
'09
- Feb
'10
EV /
EBIT
DA
Strategic LBO
29%
27%15%
10%
6%5%
4%3%1% .4%
Consumer Discretionary
Financials
Industrials
Information Technology
Healthcare
Materials
Consumer Staples
Energy
Utilities
Telecommunication Services
23%
16%
15%14%
10%
8%
8%3%2%1%
Financials
Consumer Discretionary
Information Technology
Industrials
Materials
Healthcare
Energy
Consumer Staples
Utilities
Telecommunication Services
4.25.1
3.72.5 2.7
0.6
0.5
0.8
0.7
1.5
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
2006 2007 2008 2009 Q1 2010
Senior Debt/EBITDA Sub Debt/EBITDA
Based on announced deals, where the primary location of the target is in North America.
Based on announced deals, where the primary location of the target is in North America. Issuers with EBITDA of less than $50 million
Based on announced deals, where the primary location of the target is in North America.
3
Environmental Services InsiderMergers & Acquisitions Environmental Services M&A ActivityAcquisitions remain a priority for growth, and the recent focus on capital preservation by both strategic and financial buyers has created substantial ‘fire power’ for deal making, driving a competitive M&A market for quality businesses. Strategic buyers speak to healthy acquisition pipelines which should fuel steady deal activity in the coming months. Additionally, more accommodating credit markets will facilitate private equity activity, particularly in the form of add-ons to existing platforms, while the economy is in the early stages of recovery.
Purchase multiples are ticking up. Capital IQ reported a median purchase multiple for strategic transactions of 8.5x in the recent quarter (vs. 7x in 2009) and 9x for LBO transactions (vs. 6x in 2009). Leverage multiples have increased from the lows of early 2009, with total leverage averaging a full turn higher for middle market LBO transactions, according to S&P Leverage Commentary and Data. While credit is returning, average equity contribution in LBO transactions remains at record high levels as valuations have held firm relative to trends in leverage.
BlackEagle Partners, LLC, a special situations, middle market focused private equity firm, acquired Waste Associates Holdings from Gemini Investors, in February. Waste Associates, headquartered in Richmond, Virginia, is a vertically integrated regional waste management company specializing in the transportation and disposal of construction and demolition debris, non-hazardous contaminated soils, and certain types of industrial waste and serves the Baltimore, Washington, Richmond, Northern Virginia, and Virginia Tidewater markets. BlackEagle platform InStar Services Group, a provider of disaster response, insurance restoration, and reconstruction services, completed the acquisition of Colorado-based Horizon Restoration Incorporated in February and New York-based B. Poole Restoration in January, providers of emergency response, temporary power/climate control, loss mitigation, cleaning and decontamination, fire and flood remediation, and reconstruction services.
quarterLy M&a aCtIVIty
seLeCted traNsaCtIoNsSolid Waste was the most active sector in Q1 2010. Notable transactions include Waste Pro USA’s (Waste Pro) January purchase of Delta Sanitation, the largest acquisition in the company’s history. The acquisition marks Waste Pro’s first entry into Mississippi, establishing a base for continued growth along the Gulf coast stretching from Louisiana to Florida. The purchase included a residential, commercial and roll off hauling company, a recycling facility, and two construction & demolition and industrial landfills. The $25 million purchase price consisted of cash and Waste Pro stock. Private equity firms Ares Capital Corporation and Roark Capital Group are investors in Waste Pro.
Advanced Disposal Services completed a number of tuck-in acquisitions during the period, including multi-material recycler Sumrall Recycling Services (Sumrall), in January. Mississippi-based Sumrall recycles materials ranging from cardboard, newsprint, and paper to metals like aluminum, brass, and copper. The company has customers and operations in nine Southeastern states that include industrial and commercial companies, military bases, cities, and counties. In February and March, Advanced Disposal expanded its Nashville footprint with the acquisitions of Waste Removal Services, LLC and Excel Waste, allowing the company to grow its presence in the Middle Tennessee market. Also in March, the company acquired Florida-based Trash Prince, a waste removal company providing trash collection services in commercial, industrial, and residential locations in Michigan, Georgia, and Colorado. In January, Advanced Disposal refinanced its existing credit facility with a $400 million first lien bank credit facility, providing the company with approximately $80 million in available borrowing capacity to be used for acquisitions or general corporate purposes.
Strategic Buyer M&A Activity
Sector Breakdown
Financial Buyer M&A Activity
Strategic and Financial Buyer Valuation Trends Leverage Trends
Source: Capital IQ.
Source: Capital IQ.
Source: Capital IQ.
Source: Capital IQ.
Source: Capital IQ.
Source: Standard & Poors LCD
Strategic Buyer M&A Activity Financial Buyer M&A Activity
For the last 12 months ended 2/28/2010 For the last 12 months ended 2/28/2010
$0
$100,000
$200,000
$300,000
$400,000
Mar
'06
- May
'06
Jun
'06
- Aug
'06
Sep
'06
- Nov
'06
Dec
'06
- Feb
'07
Mar
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- May
'07
Jun
'07
- Aug
'07
Sep
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- Nov
'07
Dec
'07
- Feb
'08
Mar
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Jun
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- Aug
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Sep
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Dec
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Mar
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Jun
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Sep
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- Feb
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Tran
sact
ion
Valu
e ($
in m
illio
ns)
0
1,000
2,000
3,000
4,000 Num
ber of Transactions
$0
$50,000
$100,000
$150,000
$200,000
$250,000
Mar
'06
- May
'06
Jun
'06
- Aug
'06
Sep
'06
- Nov
'06
Dec
'06
- Feb
'07
Mar
'07
- May
'07
Jun
'07
- Aug
'07
Sep
'07
- Nov
'07
Dec
'07
- Feb
'08
Mar
'08
- May
'08
Jun
'08
- Aug
'08
Sep
'08
- Nov
'08
Dec
'08
- Feb
'09
Mar
'09
- May
'09
Jun
'09
- Aug
'09
Sep
'09
- Nov
'09
Dec
'09
- Feb
'10Tran
sact
ion
Valu
e ($
in m
illio
ns)
0
100
200
300
400
500 Num
ber of Transactions4.0x
6.0x
8.0x
10.0x
12.0x
Mar
'06
- May
'06
Jun
'06
- Aug
'06
Sep
'06
- Nov
'06
Dec
'06
- Feb
'07
Mar
'07
- May
'07
Jun
'07
- Aug
'07
Sep
'07
- Nov
'07
Dec
'07
- Feb
'08
Mar
'08
- May
'08
Jun
'08
- Aug
'08
Sep
'08
- Nov
'08
Dec
'08
- Feb
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Mar
'09
- May
'09
Jun
'09
- Aug
'09
Sep
'09
- Nov
'09
Dec
'09
- Feb
'10
EV /
EBIT
DA
Strategic LBO
29%
27%15%
10%
6%5%
4%3%1% .4%
Consumer Discretionary
Financials
Industrials
Information Technology
Healthcare
Materials
Consumer Staples
Energy
Utilities
Telecommunication Services
23%
16%
15%14%
10%
8%
8%3%2%1%
Financials
Consumer Discretionary
Information Technology
Industrials
Materials
Healthcare
Energy
Consumer Staples
Utilities
Telecommunication Services
4.25.1
3.72.5 2.7
0.6
0.5
0.8
0.7
1.5
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
2006 2007 2008 2009 Q1 2010
Senior Debt/EBITDA Sub Debt/EBITDA
Based on announced deals, where the primary location of the target is in North America.
Based on announced deals, where the primary location of the target is in North America. Issuers with EBITDA of less than $50 million
Based on announced deals, where the primary location of the target is in North America.
Solid Waste
Special Waste
E&C / Remediation
Source: Capital IQ.
012345678
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2007 2008 2009 2010
0
1
2
3
4
5
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2007 2008 2009 2010
0123456789
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2007 2008 2009 2010
4
Environmental Services InsiderIndustry ValuationhIstorICaL VaLuatIoN MuLtIPLes
Solid Waste
Environmental Services Aggregate
E&C / Remediation
Special Waste
4.0x
6.0x
8.0x
10.0x
12.0x
1.0x1.2x1.4x1.6x1.8x2.0x2.2x
EV / TTM EBITDA 9.6x 10.6x 9.9x 9.9x 10.1x 10.5x 8.7x 7.4x 6.7x 7.6x 8.5x 8.5x 8.6x
EV / TTM Revenue 1.9x 1.9x 1.7x 1.6x 1.5x 1.5x 1.4x 1.1x 1.1x 1.1x 1.3x 1.4x 1.4x
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2007 2008 2009 2010
0.0x
3.0x
6.0x
9.0x
12.0x
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
EV / TTM EBITDA 9.3x 10.3x 9.3x 8.8x 8.1x 8.0x 7.0x 5.7x 5.8x 6.3x 6.9x 8.1x 7.8x
EV / TTM Revenue 2.2x 2.4x 2.1x 1.8x 1.9x 2.0x 1.6x 1.3x 1.2x 1.4x 1.4x 1.8x 2.0x
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2007 2008 2009 2010
7.0x
9.0x
11.0x
13.0x
15.0x
17.0x
0.0x0.5x1.0x1.5x2.0x2.5x3.0x
EV / TTM EBITDA 10.6x 11.1x 10.9x 13.8x 16.0x 14.2x 11.5x 10.4x 7.9x 8.9x 9.4x 11.7x 9.6x
EV / TTM Revenue 2.5x 2.6x 2.4x 2.5x 2.1x 2.5x 1.8x 1.3x 1.4x 1.8x 1.6x 1.5x 1.4x
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2007 2008 2009 2010
2.0x
5.0x
8.0x
11.0x
14.0x
0.0x
0.5x
1.0x
1.5x
EV / TTM EBITDA 9.4x 13.6x 12.8x 11.2x 11.3x 12.2x 9.1x 7.4x 6.7x 7.0x 6.8x 8.2x 7.8x
EV / TTM Revenue 0.7x 0.9x 0.8x 0.7x 0.6x 0.6x 0.5x 0.5x 0.4x 0.5x 0.4x 0.4x 0.5x
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2007 2008 2009 2010
BGL Environmental Services indices de�ned on Page 5.SOURCE: Capital IQ.
5
Environmental Services InsiderIndustry Valuation
($ in millions, except per share data) Current % of Market Enterprise Total Debt/ TTMCompany Name Country Ticker Stock Price (2) 52W High Capitalization (3) Value (4) Revenue EBITDA EBITDA Revenue Gross EBITDASOLID WASTEWaste Management, Inc. United States NYSE:WM $35.08 97.5% $16,944.3 $25,195.3 2.1x 7.9x 2.8x $11,916.0 37.9% 26.4%Veolia Environnement S.A. France ENXTPA:VIE 31.54 88.3% 15,105.8 38,947.1 0.9x 8.1x 5.8x 49,517.7 16.7% 10.5%Republic Services Inc. United States NYSE:RSG 31.58 99.9% 12,058.3 19,093.0 2.3x 7.6x 2.9x 8,096.3 41.1% 30.8%Waste Connections Inc. United States NYSE:WCN 35.62 98.7% 2,765.3 3,642.6 2.9x 9.5x 2.3x 1,236.3 42.2% 30.9%IESI-BFC Ltd. Canada TSX:BIN 20.10 99.3% 1,651.4 2,363.4 2.2x 7.7x 2.4x 1,048.6 42.0% 29.0%Waste Services Inc. Canada NasdaqGM:WSII 11.60 99.8% 542.7 936.8 2.0x 8.6x 3.7x 458.1 37.4% 23.7%Newalta Corporation Canada TSX:NAL 9.76 96.6% 473.4 768.5 1.6x 9.7x 3.7x 461.5 28.1% 16.7%Casella Waste Systems Inc. United States NasdaqGS:CWST 5.30 98.3% 137.4 709.0 1.4x 6.2x 5.0x 511.2 33.8% 22.6%WCA Waste Corporation United States NasdaqGM:WCAA 4.92 93.7% 99.4 322.8 1.6x 6.6x 4.7x 198.3 31.2% 24.6%Median $20.10 98.3% $1,651.4 $2,363.4 2.0x 7.9x 3.7x $1,048.6 37.4% 24.6%Mean $20.61 96.9% $5,530.9 $10,219.8 1.9x 8.0x 3.7x $8,160.4 34.5% 23.9%SPECIAL WASTEStericycle Inc. United States NasdaqGS:SRCL $58.61 98.5% $4,961.5 $5,963.1 4.8x 15.5x 2.6x $1,235.8 47.0% 31.0%Covanta Holding Corporation United States NYSE:CVA 17.69 89.8% 2,753.5 4,819.9 3.0x 10.3x 5.3x 1,608.5 38.2% 27.9%Clean Harbors, Inc. United States NYSE:CLH 66.98 95.0% 1,758.2 1,823.8 1.7x 12.0x 2.0x 1,074.2 29.9% 14.1%EnergySolutions, Inc United States NYSE:ES 7.3 68.6% 647.8 1,159.3 0.7x 7.8x 3.7x 1,623.9 13.2% 8.7%US Ecology, Inc. United States NasdaqGS:ECOL 15.74 77.1% 286.2 252.1 2.2x 9.4x 0.0x 117.1 28.2% 22.9%Perma-Fix Environmental Services Inc. United States NasdaqCM:PESI 2.25 82.7% 123.0 136.5 1.4x 9.6x 0.9x 100.7 27.0% 14.1%Heritage-Crystal Clean, Inc United States NasdaqGM:HCCI 10.17 73.7% 109.7 108.6 1.1x 15.3x 0.0x 98.4 73.5% 7.2%Median $15.74 82.7% $647.8 $1,159.3 1.7x 10.3x 2.0x $1,074.2 29.9% 14.1%Mean $25.53 83.6% $1,520.0 $2,037.6 2.1x 11.4x 2.1x $836.9 36.7% 18.0%E&C/REMEDIATIONURS Corporation United States NYSE:URS $51.92 97.5% $4,300.9 $4,399.2 0.5x 6.9x 1.5x $9,249.1 7.3% 5.8%AECOM Technology Corporation United States NYSE:ACM 30.45 91.7% 3,470.3 3,439.3 0.6x 9.3x 0.5x 6,147.6 5.8% 5.7%Shaw Group Inc. United States NYSE:SHAW 37.86 93.5% 3,192.5 2,397.1 0.3x 6.5x 4.2x 7,194.5 8.6% 5.0%Arcadis NV Netherlands ENXTAM:ARCAD 21.71 95.8% 1,443.5 1,664.6 0.7x 8.2x 2.4x 2,559.3 20.3% 8.6%Tetra Tech Inc. United States NasdaqGS:TTEK 24.95 78.0% 1,539.8 1,469.3 1.1x 9.8x 0.1x 1,393.3 19.8% 10.8%Great Lakes Dredge & Dock Corporation United States NasdaqGS:GLDD 5.61 75.2% 328.42 512.93 0.8x 6.8x 2.5x 622.2 14.2% 12.1%TRC Companies Inc. United States NYSE:TRR 3.25 65.4% 63.6 74.4 0.3x NM NM 238.5 11.3% -2.1%Median $24.95 91.7% $1,539.8 $1,664.6 0.6x 7.5x 2.0x $2,559.3 11.3% 5.8%Mean $25.11 85.3% $2,048.4 $1,993.8 0.6x 7.9x 1.9x $3,914.9 12.5% 6.6%
TTM MarginsTTM Enterprise Value /
NOTE: Figures in bold and italic type were excluded from median and mean calculation.(1) As of 5/3/2010.(2) Market Capitalization is the aggregate value of a firm's outstanding common stock.(3) Enterprise Value is the total value of a firm (including all debt and equity).Source: Capital IQ.
BGL’s dedicated Environmental Services Group provides global corporate finance solutions to private and public middle market companies representing a broad demographic of the overall environmental services sector.
Complementing our transaction experience is thorough and up-to-date knowledge of industry trends within the various environmental services markets, as well as deep understanding of the primary end markets that drive overall demand.
The information contained in this publication was derived from proprietary research conducted by a division or owned or affiliated entity of Brown Gibbons Lang & Company LLC. Any projections, estimates or other forward-looking statements contained in this publication involve numerous and significant subjective assumptions and are subject to risks, contingencies, and uncertainties that are outside of our control, which could and likely will cause actual results to differ materially. We do not expect to, and assume no obligation to update or otherwise revise this publication or any information contained herein. Neither Brown Gibbons Lang & Company LLC, nor any of its officers, directors, employees, affiliates, agents or representatives makes any representation or warranty, expressed or implied, as to the accuracy, completeness or fitness of any information contained in this publication, and no legal liability is assumed or is to be implied against any of the aforementioned with respect thereto. This publication does not constitute the giving of investment advice, nor a part of any advice on investment decisions and nothing in this publication is intended to be a recommendation of a specific security or company, nor is any of the information contained herein intended to constitute an analysis of any company or security reasonably sufficient to form the basis for any investment decision. Brown Gibbons Lang & Company LLC, its affiliates and their officers, directors, employees or affiliates, or members of their families, may have a beneficial interest in the securities of a specific company mentioned in this publication and may purchase or sell such securities in the open market or otherwise. Nothing contained in this publication constitutes an offer to buy or sell or the solicitation of an offer to buy or sell any security.
For questions about content and circulation, please contact editor, Rebecca Dickenscheidt, at [email protected] or 312-513-7476.
Effram E. [email protected] x6634
As the exclusive U.S. partner of Global M&A, BGL has access to global buyers, sellers, and financing sources throughout Europe, Asia, Australia, the Middle East, and North and South America that is unparalleled in the middle market.
Global EnvironmentalServices Practice
PENDING
Reclaimer ofOzone-Depleting &
Global Warming Gases
PENDING
Reclaimer ofHazardous Waste
PENDING
Provider of Emergency Response,Industrial Cleaning & Remediation Services
a portfolio company of
has sold its testing and engineering services division to
a portfolio company of
has been acquired by
andhas been acquired by
Michael E. [email protected] x6612
Hazardous Waste Disposal•Reclamation•Ecycling•Environmental Engineering•Waste Management•Recycling•Water Treatment•Biosolids Processing•
