Industrials Monthly March 2015 - TM Capital...
Transcript of Industrials Monthly March 2015 - TM Capital...
2.9% 1.8%
3.8% 3.6%
(3.4%) (5%)
(3%)
(1%)
1%
3%
5%
7%
IndustrialEquip. &
Tech.
EnergyEquip. &Services
SpecialtyMaterials
Paper &Packaging
BuildingProducts
1-Ye
ar R
even
ue G
row
th
Industrials Monthly March 2015
2.5%
(23.8%)
-4.0%
21.2%
6.0%
(30%)
(20%)
(10%)
0%
10%
20%
30%
IndustrialEquip. &
Tech.
EnergyEquip. &Services
SpecialtyMaterials
Paper &Packaging
BuildingProducts
1-Ye
ar S
tock
Ret
urn
S&P 500 Return
Industrial Headline Transactions
Leverage Multiples Gross & EBITDA Margins
1-Year Revenue Growth1-Year Stock Returns
1.9x 1.9x
2.9x 2.9x 3.1x
0.0x0.5x1.0x1.5x2.0x2.5x3.0x3.5x
IndustrialEquip. &
Tech.
EnergyEquip. &Services
SpecialtyMaterials
Paper &Packaging
BuildingProducts
LTM
Deb
t / E
BITD
A
23.9% 26.4%
17.7% 20.9%
29.9%
13.2% 16.5%
11.5% 14.2% 12.7%
0%5%10%15%20%25%30%35%
0%5%
10%15%20%25%30%35%
IndustrialEquip. &
Tech.
EnergyEquip. &Services
SpecialtyMaterials
Paper &Packaging
BuildingProducts
LTM EBITD
A M
arginLTM
Gro
ss M
argi
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Target Acquiror Acquisition Synopsis
Industrial Equipment
& Technology
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Terex Corporation (NYSE: TEX), a lifting and material handling solutions company, acquired Dueco, Inc. Dueco, Inc. manufactures, sells, leases and services equipment for utility and related industries in the U.S.
Energy Equipment & Services
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•
IHS (NYSE: IHS), a leading provider of critical information, insights and analytics, acquired Rushmore Reviews Ltd.Rushmore Reviews Ltd. is a Scotland-based provider of offset well data services to exploration and production operators in the oil & gas industry
Specialty Materials
•
•
Arkema (ENXTPA: AKE), a French producer and marketer of chemical products worldwide, acquired Bostik, Inc. for approximately $2.2 billionBostik, Inc. is a leading global adhesive specialist in the industrial manfacturing, construction and consumer markets
Paper & Packaging
•
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Caraustar Industries, a manufacturer of recycled paperboard and converted paperboard products, acquired The Newark GroupThe Newark Group is a producer and marketer of recycled paper products including paperboard, linerboard and tubes
Building Products
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Geberit (SWX:GEBN), a Switzerland-based producer and distributor of sanitary products and related systems, acquired Sanitec for approximately $1.6 billionSanitec is a Finland-based distributor of branded bathroom ceramics, fixtures and accessories in Europe
Note: EBITDA Margins in red
TM Capital’s Industrial Contacts
Selected Industrial Equip. & Tech. Transactions Selected Energy Equip. & Services Transactions
Selected Specialty Materials Transactions Selected Paper & Packaging Transactions
Selected Building Products TransactionsTarget Acquiror Transaction Description
Atis Group, Inc. Consortium of Canadian private equity firms
A consortium of four Canadian private equity firms acquiredAtis Group, a Canadian manufacturer and distributor of doorsand windows, for $2.5 billion
Paroc Group Oy CVC Capital Partners
CVC Capital Partners, a U.K. private equity firm, acquiredParoc Group Oy, a Finland-based producer and supplier ofstone wool insulation products, for $885 million
Ideal Pipe Ltd. Advanced Drainage Systems, Inc. (NYSE: WMS)
Advanced Drainage Systems (NYSE: WMS), a manufacturer ofcorrugated pipes and other products, acquired Ideal Pipe, adesigner and manufacturer of HDPE pipe systems
Target Acquiror Transaction Description
ANGUS Chemical Company
Golden Gate Capital
Golden Gate Capital, a U.S. private equity firm, acquiredANGUS Chemical Co., a manufacturer of nitroalkanes and itsderivatives, from Dow Chemical Company for $1.2 billion
Wharf Resources U.S.A. Inc.
Coeur Mining, Inc. (NYSE: CDE)
Coeur Mining, Inc., an owner, explorer and developer of silverand gold mines, acquired Wharf Resources U.S.A., an ownerand operator of gold mines, for $105 million
Aleris Recycling and Specification Alloy Business
Signature Group Holdings, Inc. (OTCPK: SGRH)
Signature Group Holdings, an investor in U.S. industrial andcommercial companies, acquired the Recycling andSpecification Alloys business of Aleris Corp. for $525 million
Target Acquiror Transaction Description
GPM Geräte-und Pumpenbau GmbH
Nidec Corporation (TSE:6594)
Nidec Corporation (TSE:6594), a Japanese manufacturer ofelectric motors and related components, acquired GPM, aGerman developer and manufactuer of pump systems
Marchi Thermal Systems, Inc.
Ultra Clean Holdings Inc. (NasdaqGS: UCTT)
Ultra Clean Holdings (NasdaqGS: UCTT), a precisionmanufacturing provider, acquired Marchi Thermal Systems, adesigner and manufacturer of heaters and sensors
Aspen Pumps Ltd. 3i Group plc (LSE:III)
3i Group plc (LSE: III), a U.K. private equity firm, acquiredAspen Pumps Ltd., a U.K. designer, manufacturer and supplierof pumps and accessories, for $162 million
Target Acquiror Transaction Description
CH Offshore Ltd. Falcon Energy (SGX: 5FL)
Falcon Energy, a Singaporean service provider to the O&Gindustry, acquired CH Offshore, a Singaporean marinesupport services provider to the offshore O&G industry
TGC Industries Inc. Dawson Geophysical Co. (NasdaQ: DWSN)
Dawson Geophysical Company, a provider of seismic dataacquisition services, acquired TGC Industries, a provider ofgeophysical services to the O&G industry
J-Mac Tool, Inc. Forum Energy Technologies, Inc. (NYSE: FET)
Forum Energy Technologies, a manufacturer of products tothe O&G industry, acquired J-Mac Tool, a manufacturer of wellservice pumps for the O&G industry
Target Acquiror Transaction Description
Presentation Products Group
Multi Packaging Solutions
Multi Packaging Solutions, a provider of value-addedpackaging, acquired Presentation Products Group, a Scottishmanufacturer and supplier of packaging products
Popular Ink, LLC Highlander Partners
Highlander Partners, a U.S. private equity firm, acquiredPopular Ink, LLC, a producer and marketer of packagingproducts
Charter NEX Films Inc.
Pamplona Capital Management
Pamplona Capital Management, a U.K. private equity firm,acquired Charter NEX Films Inc., an independent producer ofhigh-performance polyethylene films
EBITDA Multiples Over Time
5.0x
6.0x
7.0x
8.0x
9.0x
10.0x
11.0x
12.0x
Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14 Jan '15 Feb '15
TEV
/ EBI
TDA
Industrial Equip. & Tech.
Building Products
Energy Equip. & Services
Specialty Materials
Paper & Packaging
9.6x
9.1x
7.6x
9.8x
11.6x
W. Gregory RobertsonChairman
212-809-1410
Selected TM Capital Industrial Experience
Paul R. SmolevitzManaging Director
212-809-1416
Michael S. GoldmanManaging Director
212-809-1419
Jerome S. RomanoManaging Director
617-259-2206
www.tmcapital.com
New York641 Lexington Avenue30th FloorNew York, NY 10022Tel: 212.809.1360
Boston201 Washington Street32nd FloorBoston, MA 02108Tel: 617.259.2200
Atlanta3575 Piedmont Road NESuite 1010, Building 15Atlanta, GA 30305 Tel: 404.995.6230