Manufacturing Report Q2 2016 - sdr-uyfpxh6dk.netdna-ssl.com...5/9/2016 Elite Sportswear, L.P. •...

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MANUFACTURING REPORT

Q2 2016

Explore M&A Activity, Capital Market Conditions and Current Trends for the

Manufacturing Industry

http://sdrventures.com/

720.221.9220 | SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets, Inc., Member FINRA and SIPC.

MANUFACTURING REPORTQ2 2016 | VOL 4 | ISSUE 2

U.S. MANUFACTURING RECOVERYThe Institute of Supply Management’s Manufacturing Index (ISM) hit its highestlevel in 16 months at 53.2 in June, compared to a May index of 51.3. Ameasure above 50 for the index indicates that manufacturing activity in theU.S. is expanding while a measure below 50 indicates contraction. The indexhas been on an overall rise since the beginning of this year when it hit a two-year low of 48.0, showing a strong recovery for U.S. Manufacturing.

Top of mind for many U.S. Manufacturers within the recovery is the effect ofBrexit and the impact on the dollar. On June 23, ISM surveyed U.S.Manufacturers and a strong majority believe that the Brexit will have a negligibleimpact on their business strategy. With many U.S. Manufacturers focused on thedomestic market, it’s likely that the global economic turmoil will only have aminimal to modest effect on the industry. One of the key drivers ofmanufacturing growth has been the strength of the U.S. consumer. Consumerconfidence and consumer spending remain high in the U.S. This is mostnoticeably seen in the auto industry, where auto sales hit a record high in 2015,and car parts manufacturers are reaping the benefits of low gasoline prices.

A RESURGENCE IN U.S. MANUFACTURINGCost increase in China has been said to be the leading cause for increased U.S.manufacturing. However, a recent study by AT Kearney shows that thereshoring of manufacturing is not happening as fast as one would think. In fact,many global manufacturers are moving their manufacturing facilities fromChina to other Asian countries. According to the AT Kearney Reshoring Index,in the past five years there has been net offshoring of manufacturing (i.e.,companies offshore manufacturing more often than companies returning toU.S. manufacturing).

So what has been the cause of recovery of U.S. manufacturing? It has beenhighly reliant on vertically focused manufacturing in highly technical goods. Inthese technical industries, U.S. companies not only have lower cost solutionsbut also the people, engineering processes and technology to manufacturehighly technical capital goods. With every dollar invested in the Manufacturingsector generating $1.40 for the economy, the highest multiplier of any sector,manufacturing investment proves to be highly valuable as indicated by recentU.S. transactions such as Honeywell’s acquisition of Intelligrated and H-DAdvanced Manufacturing’s acquisition of Numeric Machine. These transactionshave proven that companies that have created unique manufacturing andengineering processes are highly valued in the marketplace.

ISM PURCHASING MANAGERS INDEX

2

The information contained herein is based on sources we believe reliable but is not guaranteed by us and is not to be considered all-inclusive. It is notto be construed as an offer or consultation of an offer to sell or buy any securities.

Established in 2002, SDR Ventures hasdeveloped deep M&A and capitaltransaction knowledge and expertise.SDR offers transaction advisory, privatecapital formation and businessconsulting services across a wide rangeof industries. We serve business ownersand operators of privately heldcompanies and provide them with aprofessional-class experience.

ABOUT SDR

Transaction ActivityActive BuyersPublic BasketM&A Market ActivityAbout SDR Ventures

MANUFACTURING CONTACTS

CONTENTS

Travis ConwayManaging Director –Manufacturing [email protected]

Anthony WongVice President –Manufacturing [email protected]

51.353.2

4045505560

*Source: Institute of Supply Management’s Manufacturing Index


mailto:[email protected]


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Investment Banking and Securities Offered Through SDR Capital Markets, Inc., Member FINRA and SIPC.

Date Target Buyer(s) SegmentAmount($ in Mil)

TEV/Rev

TEV/EBITDA

6/29/2016 Sector 9 Inc. Bravo Sports Corporation Durable Consumer 12.0 - -

6/27/2016 Heartware International Inc. Medtronic, Inc. Medical 1,254.6 - 4.07x

6/21/2016 American Science & Engineering Inc. OSI Systems, Inc. Aerospace & Defense 264.1 - 1.77x

6/16/2016 Dejana Truck & Utility Equipment Co., Inc.

Douglas Dynamics, Inc. Industrial 206.0 - 1.42x

5/27/2016 Blue Bird Corporation American Securities Industrial 70.7 6.72x 0.47x

5/18/2016 Cambridge International, Inc. Rexnord Corporation (NYSE:RXN)

Industrial 210.0 - -

5/13/2016 Great Plains Manufacturing, Incorporated Kubota U.S.A. Inc. Industrial 430.0 - -

5/2/2016 Symmetry Surgical Inc. RoundTable Healthcare Management, LLC

Medical 153.4 15.64x 1.69x

4/20/2016 Hansen Medical, Inc. Auris Surgical Robotics, Inc.

Medical 113.9 - 7.61x

3

ACCESS FULL LISTNote: These data represent recorded transactions only, and are not all-inclusive. Nevertheless, they are typically representative of the industry.

16 46

93

51 64 65

- 20 40 60 80

100

20 or more transactions

11-20 transactions

1-10 transactions

0 transactions

TRANSACTIONS BY SEGMENT TRANSACTIONS BY TYPE

TRANSACTIONS BY LOCATION

TRANSACTION ACTIVITY

Source: S&P Capital IQ



Strategic48%Financial

52%




Investment Banking and Securities Offered Through SDR Capital Markets, Inc., Member FINRA and SIPC. 4

ACTIVE BUYERSMOST ACTIVE STRATEGIC BUYERS

Note: These data represent recorded transactions only, and are not all-inclusive. Nevertheless, they are typically representative of the industry.

SELECT SPONSORS WITH ACTIVE PORTFOLIO HOLDINGSSource: S&P Capital IQ


Strategic Buyer Inv. Date Select Corporate Acquisitions

US LBM Holdings, LLC 6/1/2016 • Raymond Building Supply Corporation3/31/2016 • American Lumber Corporation1/7/2016 • Darby Doors, Inc.12/23/2015 • NexGen Inc.2/1/2015 • Parker's Building Supply

Medtronic plc 5/31/2016 • Responsive Orthopedics LLC2/1/2016 • Bellco S.r.l.11/18/2015 • Aircraft Medical Limited11/10/2015 • Cardiored S.A.9/28/2015 • Lazarus Effect, Inc

MW Industries, Inc. 2/16/2016 • USA Fastener Group, Inc.10/30/2015 • Precision Manufacturing Group, Inc.2/9/2015 • Helical Products Company, Inc.1/5/2015 • Maudlin & Sons Mfg. Co., Inc.6/30/2014 • HI-Performance Fastening Systems, Inc.

TransDigm Group Incorporated 12/31/2015 • Breeze-Eastern Corporation8/19/2015 • PneuDraulics, Inc.5/14/2015 • Pexco Aerospace, Inc.3/26/2015 • Telair International GmbH and Nordisk Aviation Products a.s. and AAR Cargo System3/31/2015 • Franbke Aquarotter GmbH, Mobile Systems Business (nka: Adams Rite Aerospace

GmbH)Precision Castparts Corporations 11/10/2015 • Andrews Laser Works Corporation

10/30/2015 • Noranco Inc.7/21/2015 • Composites Horizons, Inc.5/6/2015 • Alu-Forge, Inc.4/24/2015 • Press Forge Company

Strategic Buyer Inv. Date Platform Investment(s) Select Holdings

The Riverside Company 5/9/2016 Elite Sportswear, L.P. • Jade Swimwear L.P3/29/2016 • Bentley Laboratories Llc12/16/2015 • The Marena Group, LLC8/31/2015 • Elite Sportswear, L.P.3/25/2014 Harvey Tool Company, LLC • Harvey Tool Company, LLC

Tenex Capital Management 3/14/2016 • Thermoforming Technology Group, LLC12/1/2015 Ohio Medical Corporation • Ohio Medical Corporation12/5/2013 US GreenFiber, LLC • US GreenFiber, LLC10/8/2013 • JPW Industries, Inc.7/30/2013 • Roscoe Medical, Inc.

Bain Capital Private Equity 12/21/2015 • Big Tex Trailer Manufacturing, Inc.8/20/2014 • TOMS Shoes, LLC4/7/2014 • The Manischewitz Company, Inc.10/10/2012 • Apex Tool Group, LLC

Altamont Capital Partners 10/23/2013 • Mervin Manufacturing, Inc.7/16/2013 • Da Kine Hawaii, Inc.7/1/2013 • Blue Ribbon Sausage & Bacon, LP and Richards Cajun

Foods Corp. and Carlton Foods Corporation12/17/2012 • Cascade Windows, Inc.

ShoreView Industries 3/3/2016 Edstrom Industries, Inc. • Edstrom Industries, Inc.7/20/2015 • SOURIAU PA&E, Inc.6/23/2014 • Mori Lee, LLC8/13/2013 • RollEase Acmeda Inc.1/21/2013 • MI Windows and Doors, LLC





PUBLIC BASKET

5


MANUFACTURING SEGMENTS VS. S&P 500Running 12 Months

-20.00%

-10.00%

0.00%

10.00%

20.00%

6/30/2015 8/31/2015 10/31/2015 12/31/2015 2/29/2016 4/30/2016 6/30/2016

Aerospace & Defense Building Products Durable Consumer IndustrialNon-Durable Consumer Medical S&P 500

Source: S&P Capital IQDURABLE CONSUMER

Company Name Symbol Market Cap($ in Mil) Price Stock Price

Quarter Change YTD Change Price/ LMT EPS

Price/ Book

TEV/ Rev

TEV/ EBITDA

Newell Brands Inc. NYSE:NWL $22,181 $49 9.7% 10.2% 27.9x 7.3x 4.3x 24.8x

Whirlpool Corp. NYSE:WHR $12,659 $167 (7.6%) 13.5% 19.8x 2.7x 0.9x 8.6x

Hanesbrands Inc. NYSE:HBI $9,487 $25 (11.3%) (14.6%) 21.3x 10.0x 2.2x 12.6x

Gildan Activewear Inc. NYSE:GIL $8,856 $29 (3.9%) 3.2% - - 2.9x 14.3x

Brunswick Corporation NYSE:BC $4,107 $45 (5.5%) (10.3%) 16.2x 3.1x 1.0x 8.0x

Tupperware Brands Corporation

NYSE:TUP $2,842 $56 (2.9%) 1.1% 16.0x 16.8x 1.6x 9.6x

G-III Apparel Group, Ltd. NasdaqGS:GIII $2,084 $46 (6.5%) 3.3% 19.9x 2.3x 0.8x 9.7x

La-Z-Boy Incorporated NYSE:LZB $1,361 $28 4.0% 13.9% 18.5x 2.5x 0.8x 8.4x

Culp, Inc. NYSE:CFI $339 $28 5.4% 8.5% 19.8x 2.6x 0.9x 8.4x

Flexsteel Industries Inc. NasdaqGS:FLXS $303 $40 (9.3%) (10.3%) 13.9x 1.5x 0.6x 6.8x

Johnson Outdoors Inc. NasdaqGS:JOUT $252 $26 15.7% 17.4% 13.4x 1.2x 0.5x 5.8x

CSS Industries Inc. NYSE:CSS $243 $27 (4.0%) (5.5%) 14.3x 0.9x 0.5x 4.6x

Delta Apparel Inc. AMEX:DLA $174 $23 17.8% 60.6% 21.6x 1.2x 0.7x 10.1x

Escalade Inc. NasdaqGM:ESCA $146 $10 (13.0%) (22.7%) 17.7x 1.5x 1.1x 9.3x

Black Diamond, Inc. NasdaqGS:BDE $128 $4 (8.4%) (6.3%) NM 0.7x 0.3x NM

Segment Average $4,344 (1.3%) 4.1% 18.5x 3.9x 1.3x 10.1x

Source: S&P Capital IQNON-DURABLE CONSUMER



Price/ Book

TEV/ Rev

TEV/ EBITDA

Colgate-Palmolive Co. NYSE:CL $65,369 $73 3.6% 9.9% 29.4x NM 4.5x 16.4x

General Mills, Inc. NYSE:GIS $42,393 $71 12.6% 23.7% 27.2x 8.6x 3.1x 14.8x

Campbell Soup Company NYSE:CPB $20,534 $67 4.3% 26.6% 29.4x 12.3x 3.0x 15.0x

The Clorox Company NYSE:CLX $17,899 $138 9.8% 9.1% 28.4x 69.1x 3.4x 15.5x

Church & Dwight Co. Inc. NYSE:CHD $13,204 $103 11.6% 21.2% 33.6x 6.9x 4.1x 18.0x

Coty Inc. NYSE:COTY $8,813 $26 (6.6%) 1.4% 38.2x 19.9x 3.0x 17.2x

Edgewell Personal Care Company

NYSE:EPC $5,010 $84 4.8% 7.7% 35.1x 2.7x 2.7x 16.1x

Avon Products Inc. NYSE:AVP $1,649 $4 (21.4%) (6.7%) 17.7x NM 0.6x 8.4x

Inter Parfums Inc. NasdaqGS:IPAR $887 $29 (7.5%) 19.9% 31.0x 2.3x 1.8x 12.8x

Segment Average $19,529 1.2% 12.5% 30.0x 17.4x 2.9x 14.9x






PUBLIC BASKET (CONTINUED)

6

AEROSPACE & DEFENSE




Price/ Book

TEV/ Rev

TEV/ EBITDA

Honeywell International Inc. NYSE:HON $88,649 $116 3.8% 12.3% 22.3x 4.9x 2.5x 12.3x

The Boeing Company NYSE:BA $82,729 $130 2.3% (10.2%) 19.9x 20.6x 0.9x 9.6x

General Dynamics Corporation NYSE:GD $42,558 $139 6.0% 1.4% 17.3x 4.1x 1.4x 9.4x

Airbus Group SE ENXTPA:AIR $40,332 $52 (11.3%) (16.6%) 27.3x 5.1x 0.7x 8.2x

Mohawk Industries Inc. NYSE:MHK $14,060 $190 (0.6%) 0.2% 22.0x 2.7x 2.1x 11.6x

TransDigm Group Incorporated NYSE:TDG $13,970 $264 19.7% 15.4% 30.8x NM 7.3x 16.4x

Textron Inc. NYSE:TXT $9,828 $37 0.3% (13.0%) 16.0x 2.0x 1.0x 8.2x

Spirit AeroSystems Holdings, Inc.

NYSE:SPR $5,118 $43 (5.2%) (14.1%) 11.8x 2.4x 0.8x 5.3x

B/E Aerospace Inc. NasdaqGS:BEAV $4,719 $46 0.1% 9.0% 18.6x 50.5x 2.4x 11.3x

Bombardier Inc. TSX:BBD.B $4,395 $2 47.0% 44.8% 127.7x NM 0.6x 16.3x

HEICO Corporation NYSE:HEI $3,953 $67 11.1% 22.9% 34.0x 5.0x 3.6x 15.2x

Curtiss-Wright Corporation NYSE:CW $3,750 $84 11.3% 23.0% 24.4x 2.9x 2.0x 11.1x

Esterline Technologies Corp. NYSE:ESL $1,821 $62 (3.2%) (23.4%) 26.4x 1.2x 1.3x 10.2x

Triumph Group, Inc. NYSE:TGI $1,758 $36 12.8% (10.7%) NM 1.9x 0.8x NM

RBC Bearings Inc. NasdaqGS:ROLL $1,686 $73 (1.0%) 12.2% 24.8x 2.7x 3.4x 13.9x

Aerojet Rocketdyne Holdings, Inc.

NYSE:AJRD $1,175 $18 11.6% 16.7% 48.4x NM 1.0x 10.9x

Ducommun Inc. NYSE:DCO $221 $20 29.7% 21.9% 73.4x 1.1x 0.6x 9.0x


Source: S&P Capital IQBUILDING PRODUCTS



Price/ Book

TEV/ Rev

TEV/ EBITDA

Mohawk Industries Inc. NYSE:MHK $14,060 $190 (0.6%) 0.2% 22.0x 2.7x 2.1x 11.6x

USG Corporation NYSE:USG $3,932 $27 8.7% 11.0% 19.8x 2.6x 1.4x 8.9x

Armstrong World Industries, Inc.

NYSE:AWI $2,172 $39 (19.1%) (14.4%) 20.6x 2.8x 1.2x 8.4x

Advanced Drainage Systems, Inc.

NYSE:WMS $1,490 $27 28.5% 13.9% 72.2x 7.0x 1.7x 14.6x

Apogee Enterprises, Inc. NasdaqGS:APOG $1,334 $46 5.6% 6.5% 20.5x 3.1x 1.3x 9.2x

Builders FirstSource, Inc. NasdaqGS:BLDR $1,239 $11 (0.2%) 1.5% NM 9.2x 0.7x 14.4x

American Woodmark Corp. NasdaqGS:AMWD $1,082 $66 (11.0%) (17.0%) 19.0x 3.8x 1.0x 8.5x

Gibraltar Industries, Inc. NasdaqGS:ROCK $988 $32 10.4% 24.1% 27.3x 2.4x 1.0x 10.8x

Continental Building Products, Inc.

NYSE:CBPX 4906 $22 19.8% 27.3% 40.5x 3.0x 2.7x 11.5x

Insteel Industries Inc. NasdaqGS:IIIN $537 $29 (6.5%) 36.7% 19.4x 2.7x 1.2x 8.9x

Armstrong Flooring, Inc. NYSE:AFI $470 $17 - - 58.8x 0.7x 0.4x 8.5x







PUBLIC BASKET (CONTINUED)

7


INDUSTRIAL



Price/ Book

TEV/ Rev

TEV/ EBITDA

United Technologies Corporation

NYSE:UTX $85,821 $103 2.4% 6.7% 20.1x 3.0x 1.8x 10.0x

Illinois Tool Works Inc. NYSE:ITW $37,432 $104 1.7% 12.4% 22.4x 7.2x 3.1x 12.5x

Eaton Corporation plc NYSE:ETN $27,356 $60 (4.5%) 14.8% 20.3x 1.8x 1.7x 10.8x

Ingersoll-Rand Plc NYSE:IR $16,395 $64 2.7% 15.2% 20.6x 2.8x 1.5x 10.9x

Parker-Hannifin Corporation NYSE:PH $14,552 $108 (2.7%) 11.4% 20.6x 2.9x 1.4x 9.9x

Rockwell Automation Inc. NYSE:ROK $14,956 $115 0.9% 11.9% 24.1x 6.8x 2.4x 11.9x

Crane Co. NYSE:CR $3,307 $57 5.3% 18.6% 15.3x 2.7x 1.4x 8.4x

Hubbell Inc. NYSE:HUBB $5,835 $105 (0.4%) 4.4% 21.6x 3.7x 1.9x 10.9x

Colfax Corporation NYSE:CFX $3,245 $26 (7.5%) 13.3% 19.5x 1.1x 1.2x 10.0x

Barnes Group Inc. NYSE:B $1,778 $33 (5.5%) (6.4%) 18.1x 1.5x 1.9x 8.8x

Actuant Corporation NYSE:ATU $1,331 $23 (8.5%) (5.6%) 27.6x 2.5x 1.5x 11.3x

Albany International Corp. NYSE:AIN $1,278 $40 6.2% 9.2% 29.9x 2.5x 2.0x 10.1x

EnPro Industries, Inc. NYSE:NPO $964 $44 (23.0%) 1.3% 40.5x 2.4x 1.3x 10.6x

Chart Industries Inc. NasdaqGS:GTLS $738 $24 11.1% 34.4% 19.7x 1.1x 0.8x 6.9x

Columbus McKinnon Corporation

NasdaqGS:CMCO $285 $14 (10.2%) (25.1%) 11.7x 1.0x 0.8x 7.5x

Segment Average $14,352 (2.1%) 7.8% 22.1x 2.9x 1.7x 10.0x

Source: S&P Capital IQMEDICAL



Price/ Book

TEV/ Rev

TEV/ EBITDA

Medtronic plc NYSE:MDT $121,021 $87 15.7% 12.8% 37.5x 2.3x 4.8x 16.0x

DENTSPLY SIRONA Inc. NasdaqGS:XRAY $14,532 $62 0.7% 2.0% 37.7x 1.7x 5.5x 26.4x

Hologic Inc. NasdaqGS:HOLX $9,648 $35 0.3% (10.6%) 46.6x 4.7x 4.6x 12.7x

Abaxis, Inc. NasdaqGS:ABAX $1,063 $47 4.1% (15.2%) 36.7x 4.5x 4.3x 17.6x

Analogic Corporation NasdaqGS:ALOG $983 $79 0.5% (3.8%) 46.1x 1.9x 1.6x 14.6x

Integer Holdings Corporation NYSE:ITGR $953 $31 (13.2%) (41.1%) 20.8x 1.3x 2.7x 14.7x

AngioDynamics Inc. NasdaqGS:ANGO $521 $14 16.9% 18.4% 68.2x 0.9x 1.8x 13.6x

Misonix, Inc. NasdaqGM:MSON $40 $5 (15.0%) (45.0%) NM 1.7x 1.4x NM

Amedica Corporation NasdaqCM:AMDA $18 $1 (14.8%) (25.9%) NM 1.4x 1.3x NM

Allied Healthcare Products Inc. NasdaqCM:AHPI $5 $1 (14.3%) (46.3%) NM 0.3x 0.1x NM

Segment Average $14,878 (1.9%) (15.5%) 41.9x 2.1x 2.8x 16.5x






Source: GF Data*

*The most current source of GF Data is as of March 31, 2016, and lags one quarter behind the current quarter.Source: GF Data*


CAPITAL STACKOVERALL U.S. LOWER MIDDLE MARKET M&A ACTIVITY

M&A ACTIVITY

TRANSACTION MULTIPLESEBITDA Multiples By Transaction Size

34.3% 39.5% 40.1% 43.7% 37.9%

17.1% 13.1% 18.0% 16.5% 17.3%

48.0% 47.4% 41.9% 39.8% 44.9%

38.2% 35.6% 37.3% 44.1% 39.2%

16.4% 11.0% 14.7% 10.7% 19.6%

45.4% 53.3% 48.0% 45.3% 41.2%

36.6% 37.6% 36.5% 41.8% 36.3%

15.0% 13.1% 12.0% 11.5%18.5%

48.5% 49.3% 51.4% 46.8% 55.2%

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016

Senior Debt Sub Debt Equity

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 2,800

2015 Q2 2015 Q3 2015 Q4 2016 Q1 2016 Q2

Cap

ital Invested ($m

m)

Dea

ls C

lose

d

Deals Closed Capital Invested

5.3x5.8x 5.9x

5.4x5.9x

6.5x6.4x 6.2x6.8x 6.6x 6.7x

6.1x

7.5x6.7x 6.8x

8.6x

7.5x6.9x

7.7x 7.4x 7.5x 7.8x

9.0x

7.7x

0.0x

3.0x

6.0x

9.0x

2011 2012 2013 2014 2015 YTD 2016

$10-25mm $25-50mm $50-100mm $100-250mm





SDR SERVICE OFFERINGS

COMPREHENSIVE MANUFACTURING EXPERTISEFrom injection molding to microchips, we have been providing M&A services to the Manufacturing industry since our inception in 2002. Since then, we have completed multiple transactions ranging from industrial mergers and acquisitions to capital sourcing for small neighborhood businesses. We serve all companies across the industry, but have particular expertise in:

Aerospace & Defense Building Products Medical Durable Consumer Non-Durable Consumer Industrial

SELECT TRANSACTION EXPERIENCESDR has completed numerous transactions types throughout the Manufacturing industry, including:

BUY-SIDE STRATEGIC SALES CAPITAL FORMATIONS

CONTACT USTravis ConwayManaging Director –Manufacturing [email protected]

Anthony WongVice President –Manufacturing [email protected]

PRIVATE CAPITAL FORMATIONSELL-SIDE ADVISORY

BUY-SIDE ADVISORY STRATEGIC CONSULTING







Date Target Buyer(s) Segment Amount ($ in Mil)

TEV/Rev

TEV/EBITDA

6/30/2016 The Hershey Company (NYSE:HSY) Mondelez International, Inc. (NasdaqGS:MDLZ) Non-Durable Consumer 25470.8 3.46x 15.09x

6/30/2016 PositiveID Corporation (OTCPK:PSID.D) Union Capital, LLC Medical 0.4 - -

6/30/2016 CAS Medical Systems Inc. (NasdaqCM:CASM)

Western Alliance Bank; Solar Capital Ltd. (NasdaqGS:SLRC); Solar Capital Partners, LLC

Medical 10.5 - -

6/30/2016 Eastside Distilling, Inc. (OTCPK:ESDI) - Non-Durable Consumer 0.4 - -

6/30/2016 Simms Fishing Products LLC - Durable Consumer 28.0 - -

6/30/2016 Rambler's Way Farm, Inc. - Durable Consumer 1.0 - -

6/30/2016 Kiio Inc. - Medical 0.5 - -

6/29/2016 Sector 9 Inc. Bravo Sports Corporation Durable Consumer 12.0 - -

6/29/2016 EIDOLON Brands, LLC - Durable Consumer 3.1 - -

6/28/2016 Mile High Hoodies, LLC VAPRWEAR, LLC Durable Consumer - - -

6/28/2016 S. Howes, Inc. Carrier Vibrating Equipment, Inc. Industrial - - -

6/28/2016 AstroTurf, LLC Sportfield Deutschland Holding GmbH Durable Consumer 16.1 - -

6/28/2016 The Robbins Company, Inc. Northern Heavy Industries Group Co., Ltd. Building Products - - -

6/28/2016 Greenbelt Resources Corporation (OTCPK:GRCO)

- Industrial 0.2 - -

6/27/2016 Heartware International Inc. (NasdaqGS:HTWR)

Medtronic, Inc. Medical 1254.6 4.07x -

6/27/2016 VitaCig, Inc., Prior to Reverse Merger With Malecon Pharmacy, Inc.

VitaCig, Inc. (OTCPK:VTCQ) Non-Durable Consumer - - -

6/27/2016 Kingpin Tattoo Supply, Inc. Nexus Brands Group Durable Consumer - - -

6/27/2016 Tech Molded Plastics, Inc. PRISM Plastics, Inc. Building Products - - -

6/27/2016 Plasma Air International, Inc. Novaerus US Inc. Building Products - - -

6/27/2016 Clean Ones Corporation Butler Home Products, LLC Durable Consumer - - -

6/27/2016 Expanded Rubber Products Inc., Sponge rubber sheet and roll business

Griswold L.L.C. Building Products - - -

6/27/2016 LAQA & Co. Inc. Glow Concept Incubator Non-Durable Consumer - - -

6/27/2016 CoreLink, LLC The Stephens Group, LLC Medical - - -

6/27/2016 Milk Specialties Company American Securities Non-Durable Consumer - - -

6/24/2016 The Sun Products Corporation Henkel Consumer Goods Inc. Non-Durable Consumer 3600.0 2.25x -

6/24/2016 Coffee Kinetics LLC Coffee Holding Company, Inc. (NasdaqCM:JVA) Non-Durable Consumer - - -

6/24/2016 F & F Foods, Inc. Lanes Brands Non-Durable Consumer - - -

6/23/2016 Swagg Sauce, Inc. Vapetek, Inc. Non-Durable Consumer - - -

6/23/2016 Oragenics, Inc., Consumer Probiotic Business - Non-Durable Consumer 3.7 - -

6/23/2016 Crossroads Systems LLC - Medical 0.3 - -

6/22/2016 LA Aloe, LLC The Coca-Cola Company (NYSE:KO) Non-Durable Consumer - - -

6/22/2016 3Scan, Inc. Lux Capital Management; Data Collective; Dolby Family Ventures; OS Fund, LLC; Comet Labs; Breakout Ventures

Medical 14.0 - -

6/22/2016 Pacific Air Filtration, Inc. - Building Products 1.3 - -

6/21/2016 American Science & Engineering Inc. (NasdaqGS:ASEI)

OSI Systems, Inc. (NasdaqGS:OSIS) Aerospace & Defense 264.1 1.77x -

6/21/2016 Lathrop Engineering, Inc. Paramit Corporation Medical - - -

6/21/2016 Piper, Inc. Princeton University, Endowment Arm; 500 Startups; Reach Capital; FoundersX Fund

Durable Consumer 2.1 - -

6/21/2016 Invenios Inc. - Building Products 10.0 - -

6/21/2016 Pacific Shore Holdings, Inc. - Non-Durable Consumer 2.0 - -

6/20/2016 Perrigo Company plc, U.S. Vitamins, Minerals & Supplements Business

IVC Industries, Inc. Medical - - -

6/20/2016 Buflovak, LLC Hebeler Corporation Industrial - - -

6/20/2016 Zahroof Valves, Inc.NGP Energy Technology Partners; Saudi Aramco Energy Ventures Building Products 6.3 - -

6/20/2016 Rorus Inc. - Durable Consumer 1.2 - -

Q2 2016 TRANSACTION ACTIVITY

10








TEV/Rev

TEV/EBITDA

6/20/2016 NOWDiagnostics, Inc. - Medical 12.0 - -

6/20/2016 BlueAvocado, Co. - Durable Consumer 3.6 - -

6/17/2016 Voxel Innovations, Inc. - Aerospace & Defense 0.3 - -

6/17/2016 AYR, Inc. - Durable Consumer 6.2 - -

6/17/2016 PositiveID Corporation (OTCPK:PSID.D) - Medical 0.1 - -

6/17/2016 Touch Coffee and Beverages, LLC - Non-Durable Consumer 5.0 - -

6/16/2016 Dejana Truck & Utility Equipment Co., Inc. Douglas Dynamics, Inc. (NYSE:PLOW) Industrial 206.0 1.42x -

6/16/2016 Elizabeth Arden, Inc. (NasdaqGS:RDEN) Revlon Consumer Products Corp. Non-Durable Consumer 905.4 0.91x -

6/16/2016 Burner Systems International, Inc. Robertshaw Holdings Corporation Building Products - - -

6/16/2016 nUro, inc. - Medical 0.8 - -

6/15/2016 The Bilco Company Amesbury Group Inc. Building Products - 1.25x 8.77x

6/15/2016 Milestone Medical, Inc. (WSE:MMD) Milestone Scientific Inc. (AMEX:MLSS) Medical 1.6 - -

6/15/2016 Royal Tractor Company Inc. Nordco, Inc. Industrial - - -

6/15/2016 ROKA Sports, Inc. - Durable Consumer 12.6 - -

6/14/2016Hexagon Composites ASA, CNG Automotive Products Division Agility Fuel Systems, Inc. Industrial - - -

6/14/2016Wearable Health Solutions, Inc. (OTCPK:WHSI) - Medical 0.0 - -

6/14/2016 Zygood, LLC - Medical 0.1 - -

6/14/2016 Preceptis Medical, Inc. - Medical 3.0 - -

6/14/2016 Dandelion Chocolate, Inc. - Non-Durable Consumer 5.0 - -

6/13/2016 Dr. J SkinClinic, Inc.Pharma Research Products Co., Ltd (KOSDAQ:A214450) Medical 3.9 71.38x -

6/13/2016 Specialty Silicone Fabricators, Inc. Trelleborg Sealing Solutions US, Inc. Medical - - -

6/13/2016Church & Dwight Co., Inc., CAMEO, SNOBOL and PARSONS' Armaly Sponge Company, Inc. Non-Durable Consumer - - -

6/13/2016 ABUTEC LLC Aereon Inc. Industrial - - -

6/13/2016 Roth Roofing Products LLC Simon Roofing and Sheet Metal Corporation Building Products - - -

6/13/2016 CEA Medical Manufacturing, Inc. Graphic Controls LLC Medical - - -

6/13/2016Controlling Interest in Casual Living Products Unlimited, LLC and Trigon Plastics Argosy Capital Durable Consumer - - -

6/13/2016 Sustainable Innovations, Inc. - Industrial 0.8 - -

6/13/2016 IDEX Corporation (NYSE:IEX) - Industrial 200.0 - -

6/13/2016 Nate's Food Co., Inc. (OTCPK:NHMD) - Non-Durable Consumer 0.6 - -

6/11/2016 Instamic, Inc. Black Wall Street Investments, LLC Durable Consumer - - -

6/10/2016 Panolam Industries International, Inc. Insight Equity Building Products - - -

6/9/2016 TSA Griddle Systems Inc. CPM Acquisition Corporation Durable Consumer - - -

6/9/2016 Mediana Technologies Corporation Fukuda Denshi Co. Ltd. (JASDAQ:6960) Medical 18.8 0.23x -

6/9/2016 Onya Baby, Inc. - Durable Consumer 0.5 - -

6/9/2016 Flow Below Aero, Inc. - Industrial 1.5 - -

6/8/2016 South Beach Spirits, Inc. (OTCPK:SBES) St. Martin Powerboats, LLC Non-Durable Consumer 0.0 - -

6/8/2016 Trophy Taker, Inc. Arcus Hunting, LLC Durable Consumer 0.0 - -

6/8/2016Pheonix Brands, Assets related to US Laundry and Final Touch Detergent 2.0, LLC Non-Durable Consumer 5.9 - -

6/8/2016 Feetz Inc.DSW Inc. (NYSE:DSW); Khosla Ventures; The Jump Fund Durable Consumer - - -

6/8/2016 Paraffin International, Inc. - Non-Durable Consumer 0.5 - -

6/7/2016 Kane Manufacturing Company, Inc. Lee Container Corporation, Inc. Durable Consumer - - -

6/7/2016 Door Components, LLC Pfingsten Partners, L.L.C. Building Products - - -6/7/2016 Miramar Labs, Inc. Domain Associates, L.L.C.; Morgenthaler; Aisling

Capital LLC; Cross Creek Advisors; RusnanoMedInvest, LLC; Montrose Capital Partners

Medical 9.0 - -

Q2 2016 TRANSACTION ACTIVITY (CONTINUED)

11








TEV/Rev

TEV/EBITDA

6/7/2016 Innovaci Inc. - Durable Consumer 0.3 - -

6/7/2016 Relevium Labs, Inc. - Medical 0.6 - -

6/7/2016 Amastan Technologies LLC - Industrial 2.1 - -

6/7/2016 CC3D LLC - Building Products 0.5 - -

6/6/2016 Edgecraft Corporation The Legacy Companies Durable Consumer - - -

6/6/2016 Exteria Building Products, LLC Novik Inc. Building Products - - -

6/6/2016 Axium Nanofibers, LLC - Building Products 5.0 - -

6/4/2016 Eastside Distilling, Inc. (OTCPK:ESDI) - Non-Durable Consumer 2.4 - -

6/3/2016 Phillips Lift Systems Inc. Homecare Products Inc. Medical - - -

6/3/2016 Ranch-Way, Inc. Ridley USA Inc. Non-Durable Consumer - - -

6/3/2016 Riverside Tool Corporation Techniks Industries Building Products - - -

6/3/2016 Common Sensing Inc. QUALCOMM Ventures; Sanofi-Genzyme BioVentures; Waterline Ventures, LLC; OKM Capital

Medical 1.7 - -

6/3/2016 Primary Kids, Inc. - Durable Consumer 8.0 - -

6/3/2016 Carson Life, Inc. - Non-Durable Consumer 0.8 - -

6/2/2016 Vogue International LLC Johnson & Johnson Consumer Companies, Inc. Non-Durable Consumer 3300.0 - -

6/2/2016 E4D Technologies, LLC Chevy Chase Dental Center Durable Consumer - - -

6/2/2016 InvisaFlow, LLC Amerimax Home Products, Inc. Building Products - - -

6/2/2016 Gurwitch Products, LLC Shiseido Americas Corporation Non-Durable Consumer - - -

6/2/2016 Rapusa, Inc. C.P. Loewen Enterprises Ltd. Building Products - - -

6/2/2016 PositiveID Corporation (OTCPK:PSID.D) Union Capital, LLC Medical 0.6 - -

6/2/2016 MIOX Corporation Johnson Matthey Plc (LSE:JMAT) Industrial - - -

6/2/2016 Graco Awards Manufacturing, Inc. Ira Green, Inc. Durable Consumer 1.0 - -

6/2/2016 Select Products Holdings, LLC Ben Franklin Technology Partners of Northeastern Pennsylvania, Investment Arm

Non-Durable Consumer 0.1 - -

6/2/2016 Fredericksburg Donuts LLC - Non-Durable Consumer 0.5 - -

6/1/2016 D.L. Horton Enterprises, Inc. Aerostar Aerospace Manufacturing, Inc. Aerospace & Defense - - -

6/1/2016 Five Star Custom Foods, Ltd. Cargill, Incorporated Non-Durable Consumer - - -

6/1/2016 Raymond Building Supply Corporation US LBM Holdings, LLC Building Products - - -

6/1/2016 DRIFIRE LLC National Safety Apparel, Inc. Durable Consumer - - -

6/1/2016 Bulk Tank, Inc. Sage Capital, LLC Industrial - - -

6/1/2016 Non-Invasive Monitoring Systems Inc. (OTCPK:NIMU)

- Medical 0.2 - -

5/31/2016 Kreisler Manufacturing Corp. (OTCPK:KRSL) United Flexible, Inc. Aerospace & Defense 34.5 0.82x 7.64x

5/31/2016 USA Emico, Inc., Dough Make-Up Bakery Equipment Systems Business

Stewart Systems, Inc. Durable Consumer - - -

5/31/2016 Bluff Manufacturing, Inc. Stonehenge Partners, Inc. Durable Consumer - - -

5/31/2016 Magnolia Medical Technologies, Inc. - Medical 1.0 - -

5/30/2016 Metro Boiler Tube Co., Inc. Patriot Capital, L.P. Industrial - - -

5/28/2016 Standard Components Incorporated Summit Equity Group, LLC Aerospace & Defense - - -

5/27/2016 Mitchell & Ness Nostalgia Co. Inc. Juggernaut Management, LLC Durable Consumer - - -

5/27/2016 Blue Bird Corporation (NasdaqGM:BLBD) American Securities Industrial 70.7 0.47x 6.72x

5/27/2016 Blue Bird Corporation (NasdaqGM:BLBD) American Securities Industrial 55.0 0.49x 7.02x

5/26/2016 REEDS, Inc. (AMEX:REED) - Non-Durable Consumer 2.4 - -

5/26/2016 Avadim Technologies, Inc. - Non-Durable Consumer 2.7 - -

5/25/2016 Hangar 78 UAV, LLC Air Tractor, Inc. Aerospace & Defense - - -

5/25/2016 CV Sciences, Inc. (OTCPK:CVSI) Iliad Research and Trading L.P. Medical 2.0 - -

5/25/2016 Core Systems Innovation, LLC Automatic Handling International, Inc. Industrial - - -

5/25/2016 K'NEX Brands, L.P. Cathay Capital Private Equity Durable Consumer - - -

5/25/2016 Air Industries Group (AMEX:AIRI) - Aerospace & Defense 5.3 - -


12








TEV/Rev

TEV/EBITDA

5/25/2016 Medite Cancer Diagnostics, Inc. (OTCPK:MDIT)

- Medical 0.2 - -

5/24/2016 ILC Industries, LLC TransDigm Inc. Aerospace & Defense 1000.0 - -

5/24/2016 mozoshoes Shoes For Crews, LLC Durable Consumer - - -

5/24/2016 Engineered Castings, Inc. Pelco Products, Inc. Industrial - - -

5/24/2016 CardioNXT, Inc. Solas Bioventures Medical 1.5 - -

5/24/2016 OTHR Inc. Capital A Partners Durable Consumer - - -

5/24/2016 Molekule Inc. CrossLink Capital, Inc.; SoftTech VC; China Science & Merchants Investment Management Group Co., Ltd.

Building Products 3.3 - -

5/24/2016 Locus Robotics, Inc. - Industrial 8.0 - -

5/24/2016 Vermont Farm Table LLC - Durable Consumer 0.5 - -

5/24/2016 Avadim Technologies, Inc. - Non-Durable Consumer 0.0 - -

5/23/2016 Conagra Foods Food Ingredients Company, Inc.

Givaudan SA (SWX:GIVN) Non-Durable Consumer 340.0 - -

5/23/2016 SoupBoy Records, LLC West Tennessee Trade and Print Co. Durable Consumer - - -

5/23/2016 Perseon Corporation, Subtantially all Assets Medlink Technologies, LLC Medical 4.4 - -

5/23/2016 American Cooling Technology South American Cooling Technology, Inc. Durable Consumer - - -

5/23/2016 Palmaz Scientific Inc. Vactronix Scientific, Inc. Medical - - -

5/23/2016 Travelpro Group Holdings Inc. MidOcean Partners Durable Consumer - - -

5/23/2016 Bluff Manufacturing, Inc. Wincove Private Holdings, LP Industrial - - -

5/20/2016 Lamin-Art, Inc. Arborite Inc. Building Products - - -

5/20/2016 Knowles Corporation, Mobile Consumer Electronics Speaker & Receiver

Loyal Valley Innovation Capital Durable Consumer 45.0 - -

5/20/2016 Kairos Aerospace Inc. - Aerospace & Defense 2.5 - -

5/20/2016 Certus Manufacturing, LLC - Durable Consumer 1.0 - -

5/19/2016 Fischer Tool & Die Corp. SCHAUFLER Tooling GmbH & Co. KG Building Products - - -

5/19/2016 John C. Nordt Co. Inc. Richline Group, Inc. Durable Consumer - - -

5/19/2016 Hub City Outdoor, Inc. Aquamira Technologies, Inc. Building Products - - -

5/19/2016 Wazer Hax Accelerator Industrial - - -

5/19/2016 Bone Solutions, Inc. - Medical 1.7 - -

5/19/2016 SkyBell Technologies, Inc. - Durable Consumer 2.0 - -

5/19/2016 AVRA Medical Robotics, Inc. - Medical 0.5 - -

5/18/2016 Justin's, LLC Hormel Foods Corporation (NYSE:HRL) Non-Durable Consumer 286.0 - -

5/18/2016 Follett Corporation Middleby Corp. (NasdaqGS:MIDD) Durable Consumer - - -

5/18/2016 The Andersons, Inc. (NasdaqGS:ANDE) HC2 Holdings, Inc. (AMEX:HCHC) Durable Consumer 1799.6 0.42x 14.28x

5/18/2016 Cambridge International, Inc. Rexnord Corporation (NYSE:RXN) Industrial 210.0 - -

5/18/2016 Rear View Safety Inc. Safe Fleet Acquisition Corp. Durable Consumer - - -

5/18/2016 Rapid Air LLC American National Manufacturing, Inc. Durable Consumer - - -

5/18/2016 Heinrich Company RC Incorporated Industrial 0.9 - -

5/18/2016 Modern Shoe Company LLC Bright Star Ventures LLC Durable Consumer 0.5 - -

5/18/2016 Monument City Brewing Company, LLC - Non-Durable Consumer 1.0 - -

5/17/2016 Medina International Holdings, Inc., Prior to reverse merger with Medical Innovation Holdings

Medina International Holdings, Inc. (OTCPK:MIHI) Durable Consumer - - -

5/17/2016 American Bio Nutrion Sprizzi drink-co., Inc. Non-Durable Consumer - - -

5/17/2016 Langley Wire Cloth Products, Inc. Gerard Daniel Worldwide, Inc. Industrial - - -

5/17/2016 Slade Gorton & Co., Inc. Samherji hf. Non-Durable Consumer - - -

5/17/2016 Allurion Technologies, Inc. Romulus Capital Medical 6.0 - -

5/17/2016 PositiveID Corporation (OTCPK:PSID.D) Essex Global Investment Corp. Medical 0.1 - -

5/16/2016 Terex Corporation, Material Handling and Port Solutions business

Konecranes Plc (HLSE:KCR1V) Building Products 1332.3 0.86x 11.95x


13








TEV/Rev

TEV/EBITDA

5/16/2016 Vizient L.L.C. Lincoln Electric Holdings Inc. (NasdaqGS:LECO) Industrial - - -

5/16/2016 Pacific Handy Cutter, Inc. Levine Leichtman Capital Partners Building Products - - -

5/16/2016 High Ridge Brands Co. Clayton, Dubilier & Rice, Inc. Non-Durable Consumer 415.0 - -

5/16/2016 Coeio, LLC 500 Startups Durable Consumer 0.1 - -

5/16/2016 WHILL, Inc. Mitsubishi UFJ Capital Co. Ltd.; SPARX Group Co., Ltd (JASDAQ:8739); Eight Roads Ventures Europe

Medical 17.5 - -

5/14/2016 Hasco Tag Company International Identification Inc. Durable Consumer - - -

5/14/2016 Title Boxing, LLC MPG Equity Partners LLC Durable Consumer - - -

5/13/2016 Great Plains Manufacturing, Incorporated Kubota U.S.A. Inc. Industrial 430.0 - -

5/13/2016 Alchemy Goods, LLC Eco Brands Group, LLC Durable Consumer - - -

5/13/2016 Life Clips, Inc. (OTCPK:LCLP) - Durable Consumer 0.7 - -

5/12/2016 The Climate Control Group, Inc. NIBE Energy Systems Inc. Building Products 364.0 1.33x 14.56x

5/12/2016 Karma Culture LLC - Non-Durable Consumer 1.8 - -

5/11/2016 Microlution Inc GF Machining Solutions GmbH Industrial - - -

5/11/2016 Vanguard Space Technologies, Inc. Alliance Spacesystems LLC Aerospace & Defense - - -

5/11/2016 Nature's Variety Inc. Agrolimen SA Non-Durable Consumer - - -

5/11/2016 Vitacyclix LLC MORRE-TEC Industries, Inc. Non-Durable Consumer - - -

5/11/2016 Sport Endurance, Inc. (OTCPK:SENZ) - Durable Consumer 0.4 - -

5/11/2016 ManCan Universe, LLC - Industrial 2.0 - -

5/10/2016 Moment, Inc. Maveron LLC; Lux Capital Management; Founder's Co-op


5/10/2016 Systems, Inc. Huron Capital Partners, LLC; Duchossois Capital Management LLC

Industrial - - -

5/10/2016 APJeT, Inc. - Industrial 4.0 - -

5/9/2016 Seasons-4 Inc., Clean Room Product Line BasX Solution LLC Durable Consumer - - -

5/9/2016 Baby Tula LLC The ERGO Baby Carrier, Inc. Durable Consumer 82.0 3.31x 6.26x

5/9/2016 Friendly's Ice Cream, LLC, Manufacturing and retail ice cream business

Dean Foods Company (NYSE:DF) Non-Durable Consumer 155.0 0.93x -

5/9/2016 UNITRAC Railroad Materials, Inc. Westinghouse Air Brake Technologies Corporation (NYSE:WAB)

Industrial - - -

5/9/2016 Jade Swimwear L.P The Riverside Company Durable Consumer - - -

5/9/2016 The Mountain Corporation Gladstone Investment Corporation (NasdaqGS:GAIN); Gladstone Management Corporation


5/9/2016 Orthman Manufacturing, Inc. - Industrial 2.0 - -

5/7/2016 BioMedical Enterprises, Inc. DePuy Synthes, Inc. Medical - - -

5/6/2016 Tantus Tobacco, LLC Xcaliber International Ltd, LLC Non-Durable Consumer - - -

5/6/2016 Moss Holding Company Wasserstein & Co. Building Products - - -

5/6/2016 Stanek Tool Corporation Jacsten Holdings, LLC Building Products - - -

5/6/2016 Unisoft Medical Corporation - Medical 0.8 - -

5/6/2016 Minute Key, Inc. - Durable Consumer 2.5 - -

5/5/2016 Matt's Cookie Company City Capital Ventures, LLC Non-Durable Consumer - - -

5/5/2016 DMI Liquidation Corporation Lighthouse Ventures LLC; City Capital Ventures, LLC

Durable Consumer - - -

5/5/2016 Minute Key, Inc. - Durable Consumer 20.0 - -

5/4/2016 Doosan Infracore International, Inc. Doosan Infracore Bobcat Holdings Co., Ltd. Industrial 531.3 1.76x -

5/4/2016 Mass Finishing, Inc. Innovance Inc. Industrial - - -

5/4/2016 J.J. Plank Corporation Xerium Technologies Inc. (NYSE:XRM) Industrial 18.0 - -

5/4/2016 PicoBrew, Inc. - Durable Consumer 11 - -

5/4/2016 Nussbaum Automotive Solutions L.P. - Industrial - - -

5/4/2016 Avadim Technologies, Inc. - Non-Durable Consumer 2 - -

5/5/2016 Matt's Cookie Company City Capital Ventures, LLC Non-Durable Consumer - - -

5/5/2016 DMI Liquidation Corporation Lighthouse Ventures LLC; City Capital Ventures, LLC

Durable Consumer - - -


14

Note: These data represent recorded transactions only, and are not all-inclusive. Nevertheless, they are typically representative of the industry.Source: S&P Capital IQ






TEV/Rev

TEV/EBITDA

5/4/2016 Asher LLC - Durable Consumer 0 - -

5/3/2016 Diamond Tool Supply, Inc. Husqvarna AB (publ) (OM:HUSQ B) Building Products - - -

5/3/2016 Amendia, Inc. Kohlberg & Company, L.L.C. Medical - - -

5/3/2016 CuraSeal, Inc. Ascent Biomedical Ventures; Windham Venture Partners

Medical 4 - -

5/3/2016 Veltex Corporation (OTCPK:VLXC) - Durable Consumer 1 - -

5/2/2016 ONGUARD Industries, L.L.C. Dunlop Industrial and Protective Footwear, Inc. Durable Consumer - - -

5/2/2016 Polymer Technology Systems, Inc. Sinocare Inc. (SZSE:300298) Medical 200 - -

5/2/2016 Evana Automation Specialists, Inc. PREH IMA Automation GmbH Industrial 20 - -

5/2/2016 PDK Design & Grinding Co., Inc. Hyde Industrial Blade Solutions Inc. Industrial - - -

5/2/2016 Premier Engineering & Manufacturing, Inc. TUG Technologies Corporation Aerospace & Defense - - -

5/2/2016 Symmetry Surgical Inc. RoundTable Healthcare Management, LLC Medical 153 1.69x 15.64x

5/2/2016 Evrnu, SPC - Durable Consumer 2 - -


15




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