Overview of Bentley Associates · 2016-09-13 · Overview of Bentley Associates . BENTLEY ASSOCIATES L.P. 2 OVERVIEW OF BENTLEY ASSOCIATES ... contractual referral relationships with

The Leader in M&A,

Financing, and Strategic

Advisory Services for the

Travel and Leisure Industries

BENTLEY ASSOCIATES L.P. CONFIDENTIAL

BENTLEY ASSOCIATES L.P.

Overview of Bentley Associates

BENTLEY ASSOCIATES L.P. 2

OVERVIEW OF BENTLEY ASSOCIATES

Relationship Team

BENTLEY ASSOCIATES L.P.

Travel and Leisure Group

Frank Sena Managing Director

Justin Hirs Director

Associates and Analysts



Background

Bentley Associates is an independent investment banking boutique offering the focused attention and

expertise of seasoned Wall Street professionals

Founded in 1990

Comprised of over 25 senior level investment bankers, typically with 20 to 25 years of experience

Prior to joining Bentley, our bankers have enjoyed careers at Bear Stearns, CIBC, Citicorp, Dean Witter

Reynolds, DLJ, JPMorgan Chase, Merrill Lynch, PaineWebber, PricewaterhouseCoopers, Prudential Securities,

and Salomon Smith Barney

Bentley has formal, contractual referral relationships with Morgan Stanley Wealth Management, Bank of

America Merrill Lynch, and Wells Fargo Advisors

These firms refer their middle-market clients based on our demonstrated investment banking expertise

We maintain active relationships with more than 900 middle and small market private equity firms

We provide a full spectrum of investment banking services to our clients:

Mergers and Acquisitions: exclusive sales and divestitures, mergers, acquisitions, recapitalizations

Private Placements: mezzanine debt and private equity

Strategic Advisory: IPO advisory, public company special committees, tender defense and response

Bentley was nominated as “Boutique Investment Banking Firm of the Year” by The M&A Advisor in 2013 and

2016



Travel and Leisure Group – Industry Focus1

A 24/7 focus on Travel and Leisure

Focus on “butts-in-seats” and “heads-on-pillows” yield management

We are “a mile deep” with experience in the “inch-wide” vertical of Travel and Leisure

The #1 ranked M&A track record on Wall Street

Total M&A Transactions (2005 – present)

1 Includes transactions completed by Travel and Leisure professionals while at previous firms.

0

2

4

6

8

10

12

14

16

18

20

22

24

Bentley

Associates (1)

Credit Suisse Morgan

Stanley

JPMorgan

Chase

Deutsche

Bank

UBS Citigroup Jefferies BofA Merrill

Lynch

Goldman

Sachs

Blackstone

22

13 13

11

9 98 8

7 76

Nu

mb

er o

f M&

A T

ran

sac

tio

ns



Travel and Leisure Group – Industry Focus

Areas of focus include:

Business Service Companies Online / Offline Distribution

Corporate / Leisure Travel Agencies Social Networking Companies

Deal Publishers Technology / Software Providers

Hotel Representation Companies Tour Operators

Meeting / Event Companies Travel Publications

Meta-Search Companies Vacation Rental / Exchange Companies

Mobile Applications and Technology Wholesalers



Travel and Leisure Group – Primary Services

Financial Advisory

Sellside Management Buyouts

Buyside Special Committee Assignments

Divestitures and Spinoffs Valuation Assignments

Financing

Venture Capital

Growth Equity

Senior and Mezzanine Debt

Strategic Advisory

Customized consulting

Contracted corporate development

Creation of strategic partnerships



Select Transactions and Assignments

DH Enterprise &

Associates

has completed a

bankruptcy sale to

has completed an

equity sale to has been acquired by

Sell-Side Advisor Strategic Advisory Sell-Side Advisor Valuation Analysis Valuation Analysis Sell-Side Advisor Sell-Side Advisor

December 2015 March 2015 March 2014 April 2013 February 2012 November 2012 January 2011

has acquired has acquired has acquired has been acquired by has been acquired by has been acquired by has been acquired by

Convention Housing

Buy-Side Advisor Buy-Side Advisor Buy-Side Advisor Sell-Side Advisor Sell-Side Advisor Sell-Side Advisor Sell-Side Advisor

July 2010 April 2009 November 2008 April 2008 March 2008 March 2008 September 2006

has been acquired by has invested in has been acquired by has been acquired by created from merger of has acquired has been acquired by

$26.3 million $533 million $425 million

Sell-Side Advisor Buy-Side Advisor Sell-Side Advisor Sell-Side Advisor Buy-Side Advisor Buy-Side Advisor Sell-Side Advisor

October 2005 October 2005 April 2005 January 2005 March 2004 September 2002 October 2001



Travel and Leisure Group – Transactions

has completed a

bankruptcy sale to

has completed an

equity sale to has acquired has been acquired by has acquired has acquired

Convention Housing

Sell-Side Advisor Sell-Side Advisor Sell-Side Advisor Buy-Side Advisor Sell-Side Advisor Buy-Side Advisor Buy-Side Advisor

December 2015 March 2014 November 2012 November 2011 January 2011 July 2010 April 2009

s

has been acquired by has acquired has been acquired by has been acquired by has been acquired by has been acquired by Senior Term Loan

Ansco Investment

Company

MEDIA MARKET GROUP LLC

Sell-Side Advisor Buy-Side Advisor Sell-Side Advisor Sell-Side Advisor Sell-Side Advisor Sell-Side Advisor Placement Agent

March 2009 November 2008 April 2008 March 2008 March 2008 December 2007 December 2007

has been acquired by Senior Term Loan has been acquired by has been acquired by Series C Preferred Stock has been acquired by has been acquired by

9013-3877 Quebec

$94 million

Sell-Side Advisor Placement Agent Sell-Side Advisor Sell-Side Advisor Placement Agent Sell-Side Advisor Sell-Side Advisor

August 2007 January 2007 December 2006 September 2006 June 2006 December 2005 November 2005

Hotels and DiscountsHotels and DiscountsHotelReservations.comHotelReservations.com

Hotels and DiscountsHotels and DiscountsHotelReservations.comHotelReservations.com



Travel and Leisure Group – Transactions

has been acquired by has invested in Series A Convertible Notes has been acquired by Series B Preferred Stock has been acquired by Series A Convertible Notes

$10 million $26.3 million $15.25 million

Sell-Side Advisor Buy-Side Advisor Placement Agent Sell-Side Advisor Placement Agent Sell-Side Advisor Placement Agent

October 2005 October 2005 October 2005 April 2005 March 2005 January 2005 December 2004

created from merger of Series I Preferred Stock has been acquired by has acquired has acquired has acquired has been acquired by

$533 million $55 million

Buy-Side Advisor Placement Agent Sell-Side Advisor Buy-Side Advisor Buy-Side Advisor Buy-Side Advisor Sell-Side Advisor

March 2004 August 2003 April 2003 October 2002 September 2002 July 2002 July 2002

has acquired has been acquired by has acquired

has been acquired by has been acquired by has been acquired by

$425 million $150 million $41 million $53 million

Buy-Side Advisor Sell-Side Advisor Buy-Side Advisor

Sell-Side Advisor Sell-Side Advisor Sell-Side Advisor

November 2001 October 2001 February 2001

January 2001 December 2000 July 2000

Aviation

Group, Inc.



Travel and Leisure Group – Strategic Advisory

DH Enterprise &

Associates

Strategic Advisory Financial Modeling Valuation Analysis Valuation Analysis Affiliate Partnership Affiliate Partnership Affiliate Partnership

March 2015 August 2014 April 2013 February 2012 June 2011 February 2011 July 2010

PARK AVENUE

TRAVEL

Affiliate Partnership Affiliate Partnership Affiliate Partnership Affiliate Partnership Affiliate Partnership Affiliate Partnership Affiliate Partnership

March 2010 January 2010 December 2009 November 2009 October 2009 September 2009 June 2009

Affiliate Partnership Strategic Advisory Strategic Advisory Strategic Advisory Strategic Advisory Strategic Advisory Strategic Advisory

February 2009 August 2008 January 2007 2007 December 2006 August 2006 August 2005



Travel and Leisure Group – Strategic Advisory

Strategic Advisory Strategic Advisory Strategic Advisory Strategic Advisory Strategic Advisory Strategic Advisory Strategic Advisory

November 2004 June 2004 November 2003 June 2003 May 2003 May 2003 February 2003

Strategic Advisory Strategic Advisory Strategic Advisory Strategic Advisory Strategic Advisory

January 2003 July 2002 April 2002 February 2002 May 2000

Strategic Advisory Strategic Advisory Strategic Advisory

2000 August 1999 1999

Citigroup Venture Capital



Other Representative Transactions

has acquired has acquired Benefits Enrollment Business

has been acquired by

Unemployment

Compensation Business has

acquired a subsidiary of

PeopleSoft Consulting

Group

has been acquired by

c

Fairness Opinion Fairness Opinion Buy-Side Advisor Buy-Side Advisor Sell-Side Advisor Buy-Side Advisor Sell-Side Advisor

December 2006 December 2004 October 2003 June 2003 April 2003 March 2002 February 2002

has been acquired by Web Hosting Division has

been acquired by

TPA Accounts Division has

been acquired by has acquired has been acquired by has been acquired by

Plan Administrators

Comm-ServicesCorp.

$130 million

Sell-Side Advisor Fairness Opinion Sell-Side Advisor Sell-Side Advisor Buy-Side Advisor Sell-Side Advisor Sell-Side Advisor

January 2002 November 2001 October 2001 September 2001 August 2001 July 2001 July 2001

has been acquired by has been acquired by Entertainment Business has

been acquired by has been acquired by has been acquired by has acquired has acquired

$300 million $200 million $140 million

Sell-Side Advisor Sell-Side Advisor Sell-Side Advisor Sell-Side Advisor Sell-Side Advisor Buy-Side Advisor Buy-Side Advisor

July 2001 May 2001 April 2001 April 2001 January 2001 July 2000 February 2000

SpringbowSpringbow



Other Representative Transactions

has been acquired by Telecommunications Group

has been acquired by has acquired has acquired has acquired has acquired has been acquired by

$325 Million $60 million $95 million $28 million $38 million $1.7 billion

Sell-Side Advisor Sell-Side Advisor Buy-Side Advisor Buy-Side Advisor Buy-Side Advisor Buy-Side Advisor Sell-Side Advisor

January 2000 January 2000 January 2000 December 1999 December 1999 December 1999 September 1999

has acquired the Palo Alto

Internet Exchange has been acquired by

Information Systems Division

has been acquired by has been acquired by has been acquired by has acquired

$75 million $6.8 billion $92 million $675 million $200 million

Buy-Side Advisor Sell-Side Advisor Sell-Side Advisor Sell-Side Advisor Sell-Side Advisor Buy-Side Advisor

June 1999 June 1999 April 1999 March 1999 March 1999 September 1998



Relationship Team Biographies

FRANK SENA, MANAGING DIRECTOR

Frank Sena began his career with Cambridge Technology Group where he held management positions at two

successful startup software companies. After business school, he joined the Investment Banking Department of Salomon

Smith Barney in their Technology Group, where he worked with clients in the telecommunications equipment,

information technology services, Internet, software and PC hardware sectors. In 1998, he joined CIBC World Markets as

an Executive Director in the Mergers & Acquisitions Group where he worked with clients from various industries, including

travel services, leisure, lodging, gaming and technology. In 2003, Mr. Sena joined Libra Securities, as Managing Director

and Head of the Travel & Leisure Investment Banking Group. During his career, Mr. Sena has completed an extensive

array of travel and leisure transactions in the areas of mergers, acquisitions, fairness opinions, private financings and

financial advisory assignments. He and his team joined Bentley in early 2009. Mr. Sena received his B.S. from Yale

University and his M.B.A. from the Wharton School, University of Pennsylvania.

Contact information: (212) 763-0361; [email protected]

JUSTIN HIRS, DIRECTOR

Justin Hirs joined Bentley Associates in 2009, focusing on mergers and acquisitions, financings, and strategic advisory

assignments for companies in the travel, leisure, and hospitality industries. Prior to Bentley Associates, Mr. Hirs held roles

at Libra Securities, a boutique investment bank founded by Drexel Burnham Lambert professionals. Mr. Hirs also held a

previous position at J.P. Morgan in 2001 in the Private Banking Group. Mr. Hirs has completed over 55 investment

banking assignments and has extensive experience working within the travel and leisure, e-commerce, and technology

industries. Mr. Hirs received a B.S. from the Wharton School, concentrating in finance and management, and a B.A. in

Economics from the University of Pennsylvania. He is also a CFA charter holder.

Contact information: (212) 763-0362; [email protected]

Documents

Overview of Bentley Associates · 2016-09-13 · Overview of Bentley Associates . BENTLEY ASSOCIATES L.P. 2 OVERVIEW OF BENTLEY ASSOCIATES ... contractual referral relationships with