Capstone Headwaters

3November 2019www.capstoneheadwaters.com

Source: Capital IQ, Pitchbook, FactSet, and Capstone Headwaters research

As equipment connectivity and monitoring capabilities continue to increase,technological advancements relating to system efficiency and the managementof critical infrastructures have become normative. Unexpected power outagesor interruptions in connectivity are costly and create disturbances thatbusinesses cannot afford. In fact, in mission critical commercial facilities such asdata centers, hospitals, or financial institutions an outage costs a third ofbusinesses over $50,000 and for a major corporation as much as $6.5 million perhour,1 while General Electric estimates that the complete stoppage of one liquidnatural gas (LNG) compressor train in the oil and gas market can cause lostproduction up to $7 million.2 Avoiding such detrimental downtime costs incommercial and related energy sectors will to continue to drive demand forhighly efficient power generation (powergen) and backup support equipment.

The PowerGen Equipment and Energy Procurement sectors have fosteredhealthy merger and acquisition (M&A) activity through year-to-date 2019.Strategic buyers have announced or completed the majority of transactionvolume, accounting for 63.3% of deals with 38.3% of the total acquisitions madeby public companies, often with intent to expand their product offerings. In onerecent instance, Eaton Corp. (NYSE:ETN), a leading power managementsolutions manufacturer, acquired Innovative Switchgear Solutions (termsundisclosed), a manufacturer of compact, maintenance-free medium-voltageswitchgear products used for utility, commercial, and industrial applications.

TABLE OF CONTENTS

M&A Overview Key Trends & Drivers Notable Transactions Select Transactions Public Company Data Firm Track Record

POWER GENERATION EQUIPMENTQ4 2019M&A OVERVIEW

CONTRIBUTORS

Ted Polk Managing Director 312-674-4531tpolk@capstoneheadwaters.com

Lisa TolliverDirector312-674-4532ltolliver@capstoneheadwaters.com

38.3%

25.0%

20.0%

16.7%STRATEGICPublicPrivate

FINANCIALDirectAdd-on

Buyer Breakdown: Power Generation Equipment

05

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KEY TRENDS AND DRIVERS

Demand for mission critical power generation systems hasbeen augmented by the heightened levels of natural gas andoil production in the U.S. The U.S. has quickly emerged as aleading producer of natural gas, with forecasted 2020production of 36.8 trillion cubic feet, an increase in capacityof 82% over the 20 year period, according to the U.S. EnergyInformation Administration (EIA).3 As it is the lowestproducing emissions fuel source, natural gas consumptionhas increased 28% since 2000. Elevated utilization has alsobeen supported by relatively low natural gas prices(September’s Henry Hub spot price down 424% off its 20-year high), heightened demand for cleaner energy sources,and its versatility as a complement to wind and solar energy.Global consumption of natural gas is expected to increasenearly 70% by 2040 compared to 2016, presenting key U.S.export opportunities, according to the EIA.

Robust production of natural gas in the U.S. is expected tofuel demand for industrial equipment and for backup powersources that support the uptime of this critical infrastructure.Unplanned downtime for mid-sized LNG or unplannedrefinery outages from motor failure result in a cost of $150million annually and $1.1 million per hour offline, respectively,also according to GE.2 The critical nature and detrimentalcost of downtime in the Energy sector are also helping todrive industrial equipment operators to utilize M&A toenhance their offerings. As for instance, in Februaryengineered critical components manufacturer ITT Inc.(NYSE:ITT) acquired Germany-based Rheinhütte Pumpen, amarket-leading manufacturer of centrifugal and axial flowpumps, for $91.3 million (1.3x revenue).

Power Generation Equipment | Q4 2019

U.S. Natural Gas Marketed Production

2

The sweeping emergence of cloud technology is enabling thenumber of data centers to increase from approximately500,000 in 2012 to more than 8 million in 2019, according tothe International Data Corporation.4 Data centers require animmense supply of energy, fostering heightened demand fordata center power generation equipment, driving the marketvalue to $10.8 billion by 2025, growing at 6.9% over theforecast period, according to Grand View Research.5

Advanced power management solutions that can increaseefficiency and reduce relative energy consumption areparticularly attractive investments that offer high growthpotential. Notably, leading manufacturer of power solutionsCummins (NYSE:CMI) recently acquired Hydrogenics, aprovider of fuel cell and hydrogen power systems, includingcritical backup power systems for data centers andtelecommunications firms.

Actual Forecasted

-1.8

+0.3+2.0

+4.6+7.2

-15

-10

-5

0

5

10

15

20

2016 2017 2018 2019 2020

Cubi

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ay (b

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Exports Imports Net Trade

U.S. Natural Gas Net Exports

Source: U.S. Energy Information Administration

U.S. Natural Gas Production

Data Centers

$6.8 $7.3 $7.8 $8.3 $8.8 $9.4$10.1

$10.8

$0

$2

$4

$6

$8

$10

$12

2018 2019 2020 2021 2022 2023 2024 2025

$ in

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Global Data Center Power Market

Source: Grand View Research

Cummins Inc. acquires Hydrogenics Corporation(June 2019, $288.6 Million)

Cummins (NYSE:CMI) has acquired an 81.4% stake in Hydrogenics (Nasdaq:HYGS) at an enterprise valueof $288.6 million, equivalent to 8.5x revenue. The acquisition was completed for a cash consideration of$15 per share.6 Hydrogenics will be integrated with Cummins’ Electrified Power business segmentwhich manufactures electric and hybrid powertrain systems as well as battery modules, packs, andsystems for commercial industrial, and material handling applications.

Hyrdrogenics is a premier manufacturer of industrial and commercial hydrogen generation, hydrogenfuel cells, and megawatt-scale energy storage solutions. Based in Ontario, the company’s powergeneration equipment includes proton exchange membrane (PEM) fuel cells for industrial processesand energy storage, critical stationary and stand-by power systems, hydrogen fuel cells fortransportation infrastructure, as well as other fuel cell products for freestanding electrical plants, criticalpower, and uninterruptible power supply solutions. Hydrogenics’ hydrogen-based fuel cells also offerdata centers a clean, secure, and cost effective backup power source. Cummins’ expects to leverageHydrogenics leading hydrogen-based power solutions to expand its Electrified Power business,penetrating and fostering growth in commercial and industrial end-markets.

Industrial Segment of Ingersoll-Rand plc merges with Gardner Denver Holdings, Inc. (April 2019, $8.7 Billion)

Ingersoll-Rand (NYSE:IR) has entered into an agreement to split its Industrial segment from its ClimateControl business and subsequently merge its Industrial segment with Gardner Denver (NYSE:GDI). Themerger is expected to result in 2019 pro forma revenue of ~$6.6 billion and adjusted EBITDA of ~$1.6billion.7 The combined industrial company is anticipated to be called Ingersoll Rand and trade under itsexisting ticker, while its Climate Solutions company will trade under a new name and ticker.

Under the terms of the agreement, the new Climate Solutions company will receive cash proceeds of$1.9 billion from Ingersoll Rand Industrial, financed by issued debt and assumed by Gardner Denver inthe merger. Existing Ingersoll-Rand shareholders will receive 50.1% of the shares in the Ingersoll RandIndustrial company on a fully diluted basis, while existing Gardner Denver's shareholders will retain49.9% of the shares. The transaction is expected to be tax-free for Ingersoll Rand and Gardner Denver’srespective shareholders for U.S. federal income tax purposes.

The deal is expected to create a global leader in mission-critical flow creation and industrialtechnologies and will be composed of Gardner Denver and Ingersoll Rand Industrial, in addition toIngersoll Rand’s recently acquired Precision Flow Systems of Accudyne Industries LLC (February, $1.45billion). Founded in 1859, Gardner Denver’s robust branded product portfolio serves Industrial, Energy,and Medical markets and includes mission-critical flow control and compression equipment includingcompressors, blowers, vacuums, high pressure solutions, engineered products, and transport solutions.Gardner Denver will complement Ingersoll Rand’s industrial compressor systems and fluid managementproducts, among others.

“This transaction will create a global leader in mission-critical flow creation and industrial technologies,and accelerate both companies’ strategic priorities of deploying talent, driving growth, expandingmargins through increased efficiencies, and allocating capital effectively,” said Vicente Reynal, CEO ofGardner Denver, in a press release.

Several notable transactions have been announced or completed in the industry through YTD 2019. Select transactions are outlined below, followed by a more comprehensive list on the following pages.

Merges with

Acquires

3

NOTABLE TRANSACTIONS

Power Generation Equipment | Q4 2019

Industrial business

Enterprise EV / LTMDate Target Acquirer Target Business Description Value (mm) Revenue EBITDA

10/08/19 Frontier Water Systems

Evoqua Water Technologies

Manufactures equipment for treatment of selenium and metals in wastewater for Energy markets. - - -

09/13/19 Cougar Wellhead Services PCM Produces drivehead products. - - -

08/22/19 Kraus Global ComTech Energy Manufactures dispensers and electronic systems for the Alternative Fuel market. - - -

08/20/19 PBM IMI Produces valves for Industrial and Energy sectors. $85.0 2.4x 12.5x

08/16/19 RTI Energy Systems Hunting Manufactures riser systems of offshore oil and gas

drilling. $12.5 1.8x -

08/14/19 Predominant Pumps Movement Industries Provides chemical injection pumps. - - -

07/31/19 Cougar Drilling

Industrialization & Energy Services

Produces downhole drilling tools for the Oil, Gas, and Geothermal Exploration industries. - - -

07/29/19 Siluria Technologies McDermott Produces ethylene and midstream gas processing

machinery. - - -

07/18/19 Innovative Switchgear Eaton Manufactures medium-voltage electrical equipment for

Utility, Commercial, and Industrial markets. - - -

07/04/19 Metso Minerals Outotec Manufactures valves and actuators used in the Oil & Gas, Aggregates, and Recycling industries. $3,343.5 1.2x 9.2x

06/28/19 Hydrogenics Cummins Produces hydrogen power generation products. $288.6 8.5x -

06/26/19 American Cylinder

Metal WorkPneumatic

Produces pneumatic cylinders and flow control solutions for the Fluid Power market. - - -

06/11/19 EnergyOr Plug Power Manufactures lightweight and compact PEM fuel cell systems. - - -

06/07/19 Bronco Manufacturing Mhwirth Produces replacement parts for oil and gas drilling

rigs. $31.5 - -

06/07/19 TRCW Pelagic Equipmentand Services

Manufactures pressure containing and retaining components for oil and gas applications. - - -

05/09/19 Air-X-Changersof Harsco Chart Industries Produces air-cooled heat exchanger systems used in

Oil & Gas markets. $592.0 - 11.2x

05/07/19 All-Flo Pump Dover Pump Solutions

Manufactures air-operated double-diaphragm pumps used in Industrial and Oil & Gas industries. $40.0 3.3x -

05/07/19 Industrial business of Ingersoll-Rand Gardner Denver Manufactures flow control and compression equipment

for heavy industries. $8,736.0 - -

04/01/19 Diamond Chain Timken Produces roller chains for Power Transmission markets in heavy industries. $84.9 1.4x -

Source: Capital IQ, Pitchbook, FactSet and Capstone Headwaters Research

SELECT TRANSACTIONS

4

Power Generation Equipment | Q4 2019

Enterprise EV / LTMDate Target Acquirer Target Business Description Value (mm) Revenue EBITDA

03/26/19 Power Partners TT Electronics Provides power products to Industrial and Medical markets. - - -

03/22/19 TMK IPSCO Tenaris Produces welded and seamless steal pipes and connections for the Oil & Gas industry. $1,286.62 0.9x 7.8x

03/19/19 DH Pump and Supply

Standard Industrial Manufacturing

Manufactures equipment and accessories for fracturing pumps. - - -

03/06/19 Process Equipment Carousel Capital Produces bulk material, air, and ash handling

equipment for heavy industry applications. - - -

03/04/19 Epic Lift Systems Tally Energy Services Manufactures systems that provide artificial lift solutions to oil & gas companies. - - -

02/22/19 Rheinhütte Pumpen ITT Produces hydraulic pumps and machinery for the

Industrial, Marine, and Petroleum markets. $91.3 1.3x -

02/15/19 Charles Machine Works Toro Manufactures industrial equipment and machinery for

heavy industries. $679.3 0.9x 8.0x

02/14/19 Stancor Pumps BJM Pumps Produces industrial pump and control systems used in heavy industries. - - -

02/13/19 Assets of Northern Power Systems WEG Manufactures energy storage systems and solar and

electronic batteries for renewable energy applications. - - -

02/12/19 Mill Log Equipment

Palmer Johnson Power Systems

Produces power transmission equipment used in Marine, Oil & Gas, and off-highway industries. $7.7 - -

02/11/19 Precision Flow Systems Ingersoll-Rand Manufactures fluid control systems, pumps, and

valves for the Oil & Gas industry. $1,450.0 3.6x -

02/11/19 Artisan Vehicle Systems Sandvik Produces electric battery powered underground

mining equipment and vehicles. - - -

02/04/19 Cryogenic Experts Acme Cryogenics Manufactures on-site generators for water disinfection. - - -

01/31/19 Redco Industrial Growth Partners

Produces pressure control equipment for use in the Oil & Gas market. - - -

01/24/19 Pioneer Critical Power CleanSpark Manufactures generator, uninterruptible power

source, and switchgear machinery. $4.6 - -

01/21/19 UQM Technologies

Danfoss Power Solutions

Produces electric motors, generators, power electric controllers, and fuel cell compressors. $100.9 7.1x -

01/16/19 L-K Industries Western Energy Support

Manufactures oil centrifuges and petroleum sampling and measurement equipment. - - -

01/14/19 API Heat Transfer Littlejohn; Guggenheim

Produces heat exchangers and pressure vessels for various industrial and energy markets. - - -

01/14/19 Precision Cooling of Parker-Hannifin

Advanced Cooling Technologies

Manufactures precision cooling systems for industrial, renewable energy, and data center applications. - - -

Source: Capital IQ, Pitchbook, FactSet and Capstone Headwaters Research

SELECT TRANSACTIONS

5

Power Generation Equipment | Q4 2019

7.7%2.3%

20.9%

0.4%10.1%

44.9%

0.2%

-1.0%

15.1%4.7%

14.3%

2.2%7.5%

1.5%

15.5%

27.5%

-10%0%

10%20%30%40%50%

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PUBLIC COMPANY TRADING & OPERATING DATAPrice % 52 Wk Market Enterprise LTM EV / LTM

Company 10/28/19 High Cap Value Revenue EBITDA Margin Revenue EBITDAAndritz AG $43.67 83.2% $4,409.5 $4,932.8 $7,204.6 $624.2 8.1% 0.7x 7.9x

Apergy Corporation $26.44 50.9% $2,048.0 $2,599.0 $1,197.3 $289.1 24.1% 2.2x 9.0x

CIRCOR International, Inc. $37.91 79.3% $754.6 $1,446.0 $1,138.9 $127.0 11.1% 1.3x 11.4x

Columbus McKinnon Corporation $37.80 87.7% $892.9 $1,180.4 $864.0 $126.4 14.6% 1.4x 9.3x

Crane Co. $82.64 87.3% $4,954.1 $5,708.7 $3,368.8 $591.5 17.6% 1.7x 9.7x

CSI Compressco LP $2.71 46.6% $127.6 $787.0 $492.6 $106.2 21.6% 1.6x 7.4x

Flowserve Corporation $48.69 87.9% $6,386.7 $7,461.3 $3,819.7 $513.9 13.5% 2.0x 14.5x

Gates Industrial Corporation plc $10.10 57.4% $2,930.1 $6,039.0 $3,235.3 $675.8 20.9% 1.9x 8.9x

Hunting PLC $5.35 58.8% $886.3 $867.1 $977.5 $138.0 14.1% 0.9x 6.3x

IMI plc $12.93 93.2% $3,502.7 $4,161.0 $2,418.3 $350.7 14.5% 1.7x 11.9x

Interpump Group S.p.A. $27.83 74.7% $2,921.8 $3,361.2 $1,523.6 $299.7 19.7% 2.2x 11.2x

ITT Inc. $61.04 91.3% $5,365.3 $5,097.1 $2,774.4 $485.0 17.5% 1.8x 10.5x

Rexnord Corporation $28.47 93.0% $3,014.0 $4,058.2 $2,055.6 $417.6 20.3% 2.0x 9.7x

Rotork plc $3.83 90.1% $3,334.3 $3,279.0 $868.3 $158.0 18.2% 3.8x 20.8x

SPX FLOW, Inc. $41.68 95.1% $1,774.0 $2,385.1 $2,073.5 $259.7 12.5% 1.2x 9.2x

The Weir Group plc $17.70 75.7% $4,5833.7 $6275.8 $3,448.6 $444.0 12.9% 1.8x 14.1x

Mean 16.4% 1.7x 10.7x

Median 16.1% 1.8x 9.7x

Harmonic Mean 15.2% 1.5x 9.4xEV = enterprise value; LTM = last twelve months$ in millions, except per share data

Last Twelve Month 1-Year Revenue Growth

Source: Capital IQ as of October 28, 2019 6

Power Generation Equipment | Q4 2019

49.8%

35.2%30.0%

35.0% 36.1%30.1% 33.3%

38.7%

29.0%

43.5%36.6%

32.0%38.6%

45.2%

31.6% 33.0%

8.7%

24.1%

11.1% 14.6% 17.6%21.6%

13.5%20.9%

14.1% 14.5%19.7% 17.5% 20.3% 18.2%

12.5% 12.9%

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10%

20%

30%

40%

50%

60%

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Gross Margin % EBITDA Margin %

Last Twelve Month Margin Performance

7

has been acquired by

a division of HUNT CAPITAL

has recapitalized with

H.P. White Laboratory, Inc.

has been acquired by

has been acquired by

a division of

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

FIRM TRACK RECORD

Capstone Headwaters maintains an active Industrial & Manufacturing practice in the middle market, with Power Generationand Industrial Equipment being an important vertical within our focus. This market presence allows Capstone Headwaters toprovide Industrial Equipment companies with experienced, up-to-date market data and access to key decision makersamong the industry’s most active acquirers and investors.

has been acquired by

Power Generation Equipment | Q4 2019

Corporate divestiture(in market)

Wholly-Owned Subsidiary of National Grid

Pursuing a corporate sale(in market)

CONFIDENTAL

Provider of Industrial Contracting Services

CONFIDENTAL

Pursuing a corporate sale(in market)

Pursuing a corporate sale(in market)

CONFIDENTAL

Manufacturer of Industrial Equipment

Provider of Industrial Mechanical

Contracting

has recapitalized with has been acquired by

TAG Equity Partners

1. General Electric, “Critical Power,” https://www.geindustrial.com/sites/geis/files/gallery/GE_CP_InfoGraph.pdf, accessed October 30, 2019.

2. GE Power Conversion, “Oil and Gas,” https://www.gepowerconversion.com/industries/oil-gas, accessed October 30, 2019. 3. U.S. Energy Information Administration, “Short-Term Energy Outlook,” https://www.eia.gov/outlooks/steo/, accessed

October 30, 2019. 4. Data Center Knowledge, “The Data Center Dilemma: Is Our Data Destroying the Environment?,”

https://www.datacenterknowledge.com/industry-perspectives/data-center-dilemma-our-data-destroying-environment, accessed October 30, 2019.

5. Grand View Research, “Data Center Power Market Size, Share & Trends Analysis Report By Product, By Region, And Segment Forecasts, 2019 – 2025,” https://www.grandviewresearch.com/industry-analysis/data-center-power-market, accessed October 30, 2019.

6. Cummins, “Cummins closes on its acquisition of Hydrogenics,” https://www.cummins.com/news/releases/2019/09/09/cummins-closes-its-acquisition-hydrogenics, accessed October 30, 2019.

7. Ingersoll Rand, “Gardner Denver to Combine with Ingersoll Rand’s Industrial Segment, Creating a Global Leader in Mission-Critical Flow Creation & Industrial Technologies,” http://ir.ingersollrand.com/investors/press-releases-and-events/press-releases/news-details/2019/Gardner-Denver-to-Combine-with-Ingersoll-Rands-Industrial-Segment-Creating-a-Global-Leader-in-Mission-Critical-Flow-Creation--Industrial-Technologies/default.aspx, accessed October 20, 2019.

8

CITATIONS

Disclosure: This report is a periodic compilation of certain economic and corporate information, as well as completed and announced merger and acquisi-tion activity. Information contained in this report should not be construed as a recommendation to sell or buy any security. Any reference to or omission ofany reference to any company in this report should not be construed as a recommendation to buy, sell or take any other action with respect to any security ofany such company. We are not soliciting any action with respect to any security or company based on this report. The report is published solely for thegeneral information of clients and friends of Capstone Headwaters. It does not take into account the particular investment objectives, financial situation orneeds of individual recipients. Certain transactions, including those involving early-stage companies, give rise to substantial risk and are not suitable for allinvestors. This report is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be reliedupon as such. Prediction of future events is inherently subject to both known and unknown risks and other factors that may cause actual results to varymate- rially. We are under no obligation to update the information contained in this report. Opinions expressed are our present opinions only and aresubject to change without notice. Additional information is available upon request. The companies mentioned in this report may be clients of CapstoneHeadwaters. The decisions to include any company in this report is unrelated in all respects to any service that Capstone Headwaters may provide to suchcompany. This report may not be copied or reproduced in any form, or redistributed without the prior written consent of Capstone Headwaters. Theinformation contained herein should not be construed as legal advice.

Power Generation Equipment | Q4 2019

Lisa TolliverDirectorltolliver@capstoneheadwaters.com | 312-674-4532

Lisa has over 18 years of experience in the investment banking industry, primarily focused on advisingmiddle market private business owners in liquidity related transactions. As a Director based in CapstoneHeadwaters’ Chicago office, she works closely with clients to advise and execute domestic and cross-border M&A transactions, recapitalizations and capital raises.

Prior to Capstone, Lisa worked in the Capital Strategies Group at Morgan Stanley Smith Barney and alsospent 10 years working for the middle market investment banking arm of Citigroup, where she wasinvolved in the evaluation, marketing and closing of numerous transactions involving private businessesand corporate divestitures. Over her career, Lisa has developed M&A expertise in several industrysectors including government & defense, training & simulation, infrastructure, technology, consumerproducts and e-commerce. Lisa received her BA on academic scholarship from Illinois State Universityand is a Series 7 and 63 Registered Securities Representative.

Ted PolkManaging Director tpolk@capstoneheadwaters.com | 312-674-4531

Ted is a Managing Director at Capstone Headwaters, based out of Chicago. Previously, Ted was also aManaging Director in Morgan Stanley’s Capital Strategies Group and with Citi Capital Strategies. He hasover 20 years of transactional experience in categories such as industrial equipment, services anddistribution. Transactions he has led have been the recipient of multiple industry awards including Cross-Border Middle-Market Deal of the Year, Middle-Market M&A Financing Deal of the Year, Middle-MarketDeal of the Year, Professional Services Deal of the Year, Corporate M&A Deal of the Year and USAPrivate Equity Recap of the Year. Previously, Mr. Polk worked at Valuemetrics, Inc. and in the CorporateBanking Group at The Bank of New York. Ted received his BSBA degree from Georgetown University andMBA from the University of Chicago. He is a Chartered Financial Analyst (CFA), a Series 7 and 63Registered Securities Representative, and a Series 24 Registered Securities Principal.

INDUSTRIAL EQUIPMENT REPORT CONTRIBUTORS

9

Brianna ConwayAssociatebconway@capstoneheadwaters.com | 312-674-4533

Brianna is an Associate in the firm’s Chicago office, working closely with private business owners toadvise and execute mergers, acquisitions and strategic capital raises. Prior to joining CapstoneHeadwaters, Brianna was an Analyst at PwC Corporate Finance on their M&A team where she focusedon healthcare provider and services sell-side transactions. Brianna graduated with honors from IndianaUniversity’s Kelley School of Business with a major in Business Economics and Public Policy. She holdsher Series 7, 63 and 79 licenses.

2019

GLOBAL M&A MIDDLE MARKETINVESTMENT BANK OF THE YEAR

2019

INVESTMENT BANKING FIRM OF THE YEAR

2019

TURNAROUND AWARDS

U.S. MIDDLE MARKET INVESTMENT BANK OF THE YEAR

2019

INDEPENDENT INVESTMENT BANKING FIRM OF THE YEAR

Power Generation Equipment | Q4 2019

12

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