Q3 | 2019...Q3 | 2019 Robert Ullman Managing Director [email protected] 415.613.4114 William...

September 2019

NORTH AMERICAN

INDUSTRIALSM&A Activity and Valuation Trends

Q3 | 2019

Robert UllmanManaging Director

[email protected]

William DowningManaging Director

[email protected]

Michael PucciAssociate Director

[email protected]

Michael HilcoveVice President

[email protected]

Michael ReisterAssociate

[email protected]

September 2019

I. Economic Indicators 3

II. Dinan Index Constituents 5

III. Capital Market Activity 6

IV. Public Sector Valuations 9

V. Mergers and Acquisitions Overview 13

VI. Third Quarter Transactions Overview 14

VII. Dinan Capital Advisors 22

Section Page

Table of Contents

September 2019

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Major Indices Performance

S&P 500 Index (^SPX) - Index Value Dow Jones Industrial Average (^DJI) - Index Value NASDAQ Composite Index (^COMP) - Index Value Russell 2000 Index (^RUT) - Index Value

Economic IndicatorsMacroeconomic Overview

3

Major Economic Indicators Interest Rates

As of As of As of As of

Index 12/31/2018 3/31/2019 6/28/2019 9/30/2019

^SPX 2506.85 2834.40 2941.76 2976.74

^COMP 6635.28 7729.32 8006.24 7999.34

^DJI 23327.46 25928.68 26599.96 26916.83

^RUT 1348.56 1539.74 1566.57 1523.37

Interest Rates 12/31/2018 3/29/2019 6/28/2019 9/30/2019

United States Treasury - 2 Year 2.48% 2.27% 1.75% 1.63%




United States Prime Rate 5.50% 5.50% 5.50% 5.00%

Economic Indicator 2015 2016 2017 2018 2019YTD

Real GDP (% change) 3.00% 2.08% 2.30% 2.22% 2.00%

CPI (% change) 1.90% 2.38% 2.20% 1.91% 1.70%

Cons. Spending (% change) 2.90% 3.10% 3.30% 2.80% 2.60%

Nonfarm Productivity -2.20% 1.00% 1.50% 1.80% 1.80%

Unemployment Rate 5.80% 4.40% 4.10% 3.90% 3.70%

Source: Capital IQ, S&P NetAdvantage, FRED, BEA.

September 2019

450

650

850

1050

1250

1450

2013 2014 2015 2016 2017 2018 2019

Housing Starts (Thou)

96

98

100

102

104

106

108

2013 2014 2015 2016 2017 2018 2019

Industrial Production Manufacturing (NAICS)

90

95

100

105

110

115

2013 2014 2015 2016 2017 2018 2019

Industrial Production Index

74

75

76

77

78

79

80

2013 2014 2015 2016 2017 2018 2019

Industry Capacity Utilization Index

Economic IndicatorsIndustrials Performance Metrics

4

The Industrial Production Manufacturing measures North American manufacturing output according to the NAICS.

The Federal Reserve Board derives the Industry Capacity Utilization Indexthrough dividing an estimated monthly industrial production index by a relatedcapacity index providing a more complete picture of industrial developments.

The Industrial Production index is an economic indicator published by theFederal Reserve that measures the level of real production output ofmanufacturing, mining, and utilities.

The US Census Bureau along with the US Department of Housing and UrbanDevelopment release a monthly report on housing starts. A housing start isdefined as the beginning of a new foundation of a home itself.

Source: Federal Reserve Economic Data

September 20195

Industrial Conglomerates

Freight/Logistics

Distribution/MRO

Chemicals

Building Products

Aerospace and Defense

Test/Measurement

Paper/Plastics/Packaging

Machinery

Dinan Index ConstituentsIndustrials

September 2019

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Dinan Industrials Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

6

Capital Market ActivityIndustrials

Source: Capital IQ

Capitalization Number of % of Agg. Equity % of Agg. Equity

Profile Companies Companies Mkt. Value Mkt. Value

> $10B 19 33.33% $959,084.06 87.40%

$5B - $10B 14 24.56% $96,898.14 8.83%

$1B - $5B 17 29.82% $37,237.17 3.39%

< $1B 7 12.28% $4,114.64 0.37%

Total 57 100.00% $1,097,334.02 100.00%

September 2019

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Dinan Aerospace and Defense Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

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Dinan Building Products Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

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Dinan Chemicals Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

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Dinan Distribution/MRO Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

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Dinan Freight/Logistics Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

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Dinan Industrial Conglomerates Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

Capital Market ActivityDinan Index Segments vs. S&P 500

7

Source: Capital IQ

September 2019

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Dinan Machinery Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

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Dinan Paper/Plastics/Packaging (Price) - Index Value S&P 500 Index (^SPX) - Index Value

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Dinan Test/Measurement Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

Capital Market ActivityDinan Index Segments vs. S&P 500

8

Source: Capital IQ

September 2019

1.7x 1.6x

2.2x

0.8x1.1x

3.1x

2.1x

1.2x

2.6x

1.9x

2.3x

3.1x

1.1x 1.2x

3.5x

2.5x

1.5x

3.4x

2.1x2.4x

2.7x

1.2x 1.2x

3.8x

2.3x

1.4x

3.1x

2.1x

1.4x

2.8x

0.9x 1.0x

2.9x

2.4x

1.2x

3.1x

0x

1x

2x

3x

4x

5x

Aerospace and Defense Building Products Chemicals Distribution/MRO Freight/Logistics Industrial Conglomerates Machinery Paper/Plastics/Packaging Test/Measurement

Historical TEV/Revenue by Segment

TEV/REV 9/30/2016 TEV/REV 9/30/2017 TEV/REV 9/30/2018 TEV/REV 9/30/2019

12.1x10.8x

13.3x

11.1x

7.4x

16.7x

11.6x

9.5x

14.1x15.4x

11.0x

13.2x12.4x

10.4x

18.3x

14.6x

10.3x

17.5x

15.3x

11.7x

15.2x

13.0x11.9x

19.0x

11.6x

8.5x

17.9x

12.5x10.8x

17.3x

10.9x12.2x

18.1x

12.8x

7.2x

21.4x

0x

5x

10x

15x

20x

25x

Aerospace and Defense Building Products Chemicals Distribution/MRO Freight/Logistics Industrial Conglomerates Machinery Paper/Plastics/Packaging Test/Measurement

Historical TEV/EBITDA by Segment

TEV/EBITDA 9/30/2016 TEV/EBITDA 9/30/2017 TEV/EBITDA 9/30/2018 TEV/EBITDA 9/30/2019

Public Sector Valuations Industrials

9

Source: Capital IQ

September 201910


Industry / Last Twelve Months Next Twelve Months

Company Name Ticker TEV (mm)Market Cap

(mm) Rev (mm)EBITDA (mm) EBIT (mm) TEV/Rev TEV/EBIT TEV/EBITDA Forward TEV/Rev

Forward TEV/EBITDA

Aerospace and Defense

Bombardier Inc. TSX:BBD.B $16,279.03 $4,263.10 $15,776.00 $1,016.00 $793.00 0.79x 14.66x 11.61x 0.65x 7.82x

Lockheed Martin Corporation NYSE: LMT $123,667.97 $110,151.97 $57,492.00 $9,060.00 $8,006.00 2.15x 15.32x 13.55x 1.99x 11.88x

Raytheon Company NYSE:RTN $58,891.59 $54,645.59 $28,054.00 $4,104.00 $3,594.00 2.10x 16.39x 14.35x 1.93x 10.27x

Spirit AeroSystems Holdings, Inc. NYSE:SPR $9,407.32 $8,511.22 $7,632.90 $1,196.70 $968.90 1.23x 9.71x 7.86x 1.16x 7.27x

United Technologies Corporation NYSE:UTX $160,112.44 $116,510.44 $72,553.00 $12,780.00 $9,656.00 2.21x 16.58x 12.53x 1.97x 10.81x

Median $58,891.59 $54,645.59 $28,054.00 $4,104.00 $3,594.00 2.10x 15.32x 12.53x 1.93x 10.27x

Building Products

Armstrong World Industries, Inc. NYSE:AWI $5,309.74 $4,706.74 $1,013.50 $313.00 $246.20 5.24x 16.56x 13.70x 4.74x 12.49x

Continental Building Products, Inc. NYSE:CBPX $1,100.22 $946.64 $518.23 $140.19 $96.70 2.12x 11.52x 7.91x 2.10x 8.48x

Eagle Materials Inc. NYSE:EXP $4,707.95 $3,782.47 $1,370.08 $380.29 $259.64 3.44x 15.78x 11.24x 3.31x 10.43x

Griffon Corporation NYSE:GFF $2,023.73 $914.15 $2,180.63 $194.64 $132.99 0.93x 15.22x 10.40x 0.88x 9.45x

Masonite International Corporation NYSE:DOOR $2,300.76 $1,450.81 $2,178.75 $262.40 $164.86 1.06x 13.77x 8.70x 1.01x 7.76x

Richelieu Hardware Ltd. TSX:RCH $1,479.59 $1,451.49 $1,035.44 $107.09 $92.72 1.44x 16.04x 13.98x 1.38x 13.08x

Quanex Building Products Corporation NYSE:NX $776.74 $595.41 $897.56 $89.87 $40.16 0.87x 19.34x 8.64x 0.87x 7.79x

Trex Company, Inc. NYSE:TREX $5,250.38 $5,312.56 $692.38 $171.86 $158.25 7.58x 33.18x 30.55x 6.20x 21.45x

Median $2,162.25 $1,451.15 $1,024.47 $183.25 $145.62 1.78x 15.91x 10.82x 1.74x 9.94x

Chemicals

Agilent Technologies, Inc. NYSE:A $23,747.51 $23,714.51 $5,090.00 $1,229.00 $1,011.00 4.67x 23.49x 19.32x 4.15x 15.97x

Balchem Corporation NasdaqGS:BCPC $3,405.26 $3,209.47 $637.17 $151.17 $107.59 5.34x 31.79x 22.60x 4.65x 19.81x

Celanese Corporation NYSE:CE $19,019.21 $15,132.21 $6,739.00 $1,466.00 $1,141.00 2.82x 14.10x 11.36x 2.72x 9.25x

Huntsman Corporation NYSE:HUN $8,081.48 $5,337.48 $8,908.00 $1,125.00 $787.00 0.91x 9.70x 6.90x 0.91x 6.88x

RPM International Inc. NYSE:RPM $11,219.15 $8,922.64 $5,577.33 $686.79 $544.75 2.02x 22.10x 17.28x 1.96x 12.98x

The Chemours Company NYSE:CC $6,365.42 $2,442.42 $5,876.00 $1,079.00 $783.00 1.08x 7.76x 5.70x 1.05x 5.25x

The Sherwin-Williams Company NYSE:SHW $61,515.42 $50,481.01 $17,714.41 $2,601.93 $2,022.12 3.47x 30.42x 23.64x 3.31x 18.27x

Median $9,650.31 $7,130.06 $6,307.50 $1,102.00 $785.00 2.42x 18.10x 14.32x 2.34x 11.12x

Source: Capital IQ

September 201911




Forward TEV/EBITDA


Distribution/MRO

Applied Industrial Technologies, Inc. NYSE:AIT $3,045.09 $2,195.42 $3,472.74 $329.89 $267.77 0.88x 11.37x 9.23x 0.82x 8.73x

DXP Enterprises, Inc. NasdaqGS:DXPE $895.81 $611.33 $1,263.58 $100.14 $74.91 0.71x 11.96x 8.95x 0.65x 8.31x

HD Supply Holdings, Inc. NasdaqGS:HDS $9,002.42 $6,498.42 $6,175.00 $827.00 $741.00 1.46x 12.15x 10.89x 1.39x 9.77x

Kaman Corporation NYSE:KAMN $1,973.43 $1,657.38 $1,858.57 $159.94 $123.44 1.06x 15.99x 12.34x 2.45x 17.79x

MRC Global Inc. NYSE:MRC $2,267.50 $1,008.50 $4,034.00 $202.00 $135.00 0.56x 16.80x 11.23x 0.58x 10.09x

WESCO International, Inc. NYSE:WCC $3,633.51 $2,029.18 $8,190.05 $410.22 $358.31 0.44x 10.14x 8.86x 0.41x 8.21x

W.W. Grainger, Inc. NYSE:GWW $18,505.81 $16,215.81 $11,286.00 $1,645.00 $1,403.00 1.64x 13.23x 11.28x 1.51x 10.44x

Median $3,045.09 $2,029.18 $4,034.00 $329.89 $267.77 0.88x 12.15x 10.89x 0.82x 9.77x

Freight/Logistics

Air Transport Services Group, Inc. NasdaqGS:ATSG $2,681.82 $1,238.25 $1,168.46 $381.61 $148.51 2.30x 20.14x 7.32x 1.79x 5.47x

C.H. Robinson Worldwide, Inc. NasdaqGS:CHRW $12,646.50 $11,477.34 $16,089.86 $1,036.78 $953.58 0.79x 13.26x 12.20x 0.77x 12.46x

FedEx Corporation NYSE:FDX $68,385.71 $37,980.71 $69,689.00 $4,921.00 $1,497.00 0.98x 45.68x 13.90x 0.94x 8.55x

Radiant Logistics, Inc. AMEX:RLGT $288.20 $256.79 $890.52 $38.71 $23.50 0.32x 12.26x 7.45x 0.31x 6.39x

United Parcel Service, Inc. NYSE:UPS $124,013.03 $102,890.03 $72,500.00 $7,609.00 $5,397.00 1.71x 22.98x 16.30x 1.55x 10.68x

Median $12,646.50 $11,477.34 $16,089.86 $1,036.78 $953.58 0.98x 20.14x 12.20x 0.94x 8.55x

Industrial Conglomerates

Carlisle Companies Incorporated NYSE:CSL $9,490.77 $8,238.47 $4,645.40 $799.90 $607.80 2.04x 15.61x 11.86x 1.83x 9.96x

Danaher Corporation NYSE:DHR $111,059.70 $103,609.40 $20,253.10 $4,850.80 $3,539.30 5.48x 31.38x 22.90x 4.68x 18.66x

General Electric Company NYSE:GE $194,590.02 $78,020.02 $112,521.00 $15,007.00 $7,602.00 1.61x 26.55x 13.21x 1.60x 14.16x

Raven Industries, Inc. NasdaqGS:RAVN $1,137.79 $1,202.56 $389.09 $62.73 $46.89 2.92x 24.27x 18.14x 2.65x 14.66x

Roper Technologies, Inc. NYSE:ROP $41,766.95 $37,087.05 $5,312.50 $1,838.30 $1,456.70 7.86x 28.67x 22.72x 6.91x 19.42x

Median $41,766.95 $37,087.05 $5,312.50 $1,838.30 $1,456.70 2.92x 26.55x 18.14x 2.65x 14.66x

Source: Capital IQ

September 201912




Forward TEV/EBITDA


Machinery

AGCO Corporation NYSE:AGCO $7,619.49 $5,771.39 $9,225.30 $837.90 $559.20 0.83x 12.72x 8.68x 0.76x 7.95x

Caterpillar Inc. NYSE:CAT $101,589.64 $71,060.64 $52,788.00 $11,054.00 $8,367.00 1.82x 12.11x 9.17x 1.76x 9.29x

Dover Corporation NYSE:DOV $17,631.69 $14,479.78 $7,091.82 $1,275.96 $995.80 2.49x 17.71x 13.82x 2.27x 11.96x

Deere & Company NYSE:DE $95,697.75 $53,112.75 $34,525.70 $6,146.80 $4,287.70 2.47x 22.17x 15.50x 2.71x 16.77x

Graco Inc. NYSE:GGG $7,794.33 $7,679.70 $1,655.57 $468.16 $420.07 4.71x 18.55x 16.65x 4.34x 15.08x

ITT Inc. NYSE:ITT $5,110.31 $5,378.51 $2,774.40 $485.00 $377.80 1.84x 13.53x 10.54x 1.58x 8.46x

Snap-on Incorporated NYSE:SNA $9,680.51 $8,642.61 $3,723.60 $1,040.10 $961.80 2.39x 10.06x 9.30x 2.47x 8.76x

Stanley Black & Decker, Inc. NYSE:SWK $28,251.05 $21,913.25 $14,224.40 $2,208.00 $1,673.30 1.99x 16.83x 12.76x 1.80x 11.07x

The Toro Company NYSE:TTC $8,391.32 $7,813.95 $2,943.01 $466.70 $384.93 2.85x 21.16x 17.54x 2.26x 14.28x

Median $9,680.51 $8,642.61 $7,091.82 $1,040.10 $961.80 2.39x 16.83x 12.76x 2.26x 11.07x

Paper/Plastics/Packaging

Ball Corporation NYSE:BLL $31,061.13 $24,173.13 $11,551.00 $1,785.00 $1,100.00 2.69x 28.58x 17.53x 2.53x 15.15x

Berry Global Group, Inc. NYSE:BERY $10,482.57 $5,187.57 $7,913.00 $1,333.00 $795.00 1.32x 13.19x 7.86x 0.85x 4.91x

Domtar Corporation NYSE:UFS $3,063.11 $2,241.11 $5,450.00 $760.00 $463.00 0.56x 6.66x 4.05x 0.53x 5.38x

International Paper Company NYSE:IP $26,796.42 $16,428.42 $23,162.00 $3,764.00 $2,458.00 1.16x 9.49x 6.49x 1.14x 7.19x

Myers Industries, Inc. NYSE:MYE $634.46 $626.46 $547.01 $50.70 $26.83 1.16x 23.65x 12.51x 1.04x 8.18x

Trinseo S.A. NYSE:TSE $2,433.12 $1,726.62 $4,229.60 $236.10 $101.50 0.58x 10.17x 6.51x 0.56x 5.59x

Median $6,772.84 $3,714.34 $6,681.50 $1,046.50 $629.00 1.16x 11.68x 7.19x 0.94x 6.39x

Test/Measurement

Badger Meter, Inc. NYSE:BMI $1,544.09 $1,563.42 $423.47 $72.21 $47.97 3.65x 32.19x 21.38x 3.43x 16.72x

Luna Innovations Incorporated NasdaqCM:LUNA $144.38 $163.86 $56.87 $4.41 $2.84 2.54x 50.77x 32.77x 1.95x 21.25x

MTS Systems Corporation NasdaqGS:MTSC $1,453.35 $1,068.23 $866.32 $120.03 $83.27 1.68x 17.45x 12.11x 1.50x 8.98x

National Instruments Corporation NasdaqGS:NATI $5,152.42 $5,537.84 $1,351.53 $224.37 $180.71 3.81x 28.51x 22.96x 3.49x 20.05x

Sensata Technologies Holding plc NYSE:ST $10,658.50 $8,065.79 $3,475.70 $887.48 $644.98 3.07x 16.53x 12.01x 2.85x 10.68x

Median $1,544.09 $1,563.42 $866.32 $120.03 $83.27 3.07x 28.51x 21.38x 2.85x 16.72x

Source: Capital IQ

September 2019

1.4x 1.6x 1.4x 1.2x 1.6x 1.3x 1.7x

10.5x 10.0x10.9x

7.5x

10.5x 11.2x

15.0x

0x

2x

4x

6x

8x

10x

12x

14x

16x

2013 2014 2015 2016 2017 2018 2019YTD

Transaction Multiples

TEV/REV TEV/EBITDA

246

155201 204 194 190

226181

248 246 254 235 227

44

8851 38 43 50

51

44

48 57 4961

40

0

50

100

150

200

250

300

350

Q32016

Q42016

Q12017

Q22017

Q32017

Q42017

Q12018

Q22018

Q32018

Q42018

Q12019

Q22019

Q32019

Tran

sact

ion

Co

un

t

Quarterly M&A Transactions

Strategic Financial

1097 11931079 1027 971

1101866

0

200

400

600

800

1000

1200

1400

2013 2014 2015 2016 2017 2018 2019YTD

Tran

sact

ion

Co

un

t

Yearly Transaction Overview

13

Mergers & Acquisitions OverviewIndustrials

Source: Capital IQ

September 201914

Target LTM Enterprise Enterprise Value / LTM

Date Acquirer Target Industry Segment Revenue EBITDA Value Revenue EBITDA

Third Quarter Transaction OverviewIndustrials

9/30/19 Hanwha Aerospace Co., Ltd. EDAC Technologies Corporation Freight/Logistics $150.00 - $295.33 1.97x -

9/27/19 Italmatch Chemicals S.p.A. Water Science Technologies, Inc. Distribution/MRO - - - - -

9/27/19 JF Acquisition, LLC Petroleum Solutions, Inc. Distribution/MRO - - - - -

9/27/19 Zeton, Inc. Chemical Design, Inc. Machinery - - - - -

9/27/19 Heritage Landscape Supply MCS Landscape Supply, LLC Machinery - - - - -

9/26/19 Bishop Lifting Products, Inc. Western Sling Company Machinery - - - - -

9/25/19 MAT HD, LLC STEMCO Machinery - - - - -

9/25/19 Cohesant Materials, Inc. Milamar Coatings, LLC Aerospace and Defense - - - - -

9/24/19 SGS SA ARGUS International, Inc. Distribution/MRO - - - - -

9/23/19 Air Technologies IDG Compressor Distribution/MRO - - - - -

9/23/19 Maroon Group, LLC Cambrian Solutions Inc. Building Products - - - - -

9/23/19 Fifty-Five Manufacturing Inc. Global Foam Company Machinery - - - - -

9/23/19 Marshalltown Company Bullet Tools Inc. Distribution/MRO - - - - -

9/23/19 IMI plc PBM, Inc. Distribution/MRO $35.60 $6.80 $85.00 2.39x 12.50x

9/23/19 Mercury Systems, Inc. American Panel Corporation Building Products - - $100.00 - -

9/20/19 John H. Carter Co., Inc. Process Pumps & Equipment Building Products - - - - -

9/19/19 Denver Glass Interiors, Inc. Bel Shower Door Corporation Machinery - - - - -

9/19/19 Aqua-Pak Industries Ltd. Mansonville Plastics (BC) Ltd Aerospace and Defense - - - - -

9/19/19 Riverhead Building Supply Corp. United Builders Supply Co. Paper/Plastics/Packaging - - - - -

9/18/19 AWC Frac Valves, Inc. NorMak Machine and Hydraulic Chemicals - - - - -

9/18/19 HDT Global, Inc. Berg Companies, Inc. Building Products - - - - -

9/17/19 The Stephens Group, LLC Revolution Chemicals - - - - -

9/17/19 CarrollCLEAN LLC Tomco-Harwel Industries, Inc. Machinery - - - - -

9/17/19 MPE Partners Arizona Shower Door, Inc. Chemicals - - - - -

9/17/19 Labelink Products, Inc. The Labelix Group inc. Paper/Plastics/Packaging - - - - -

9/17/19 B-Square Precision LLC JMC Tool & Machine Co. Machinery - - - - -

9/17/19 Modern Aviation Inc. Assets of XJet Holdings, LLC Chemicals - - - - -

9/17/19 Wikoff Color Corporation Braden Sutphin Ink Company Distribution/MRO - - - - -

9/16/19 Carel USA, Inc Enersol Inc. Machinery $1.81 - - - -

9/16/19 Innovative Chemical Products IdeaPaint, Inc. Distribution/MRO - - - - -

Source: Capital IQ

September 201915



9/16/19 Licaplast Industries-Emballages M´Plast Inc Distribution/MRO - - - - -

9/16/19 GenNx360 Capital Schneider Packaging Equipment Distribution/MRO - - - - -

9/16/19 Microplastics, Inc. Illinois Valley Plastics Inc. Machinery - - - - -

9/16/19 Private Investors The Wolf Organization, LLC Chemicals - - - - -

9/16/19 Parker-Hannifin Corporation Exotic Metals Forming Company Distribution/MRO - - $1,725.00 - -

9/15/19 Elbit Systems of America, LLC Harris Corporation Machinery - - $350.00 - -

9/13/19 Trane Inc. The Arctic Chiller Group, Ltd. Machinery - - - - -

9/13/19 Reesink Canada Holdings Inc. genAG Inc. Aerospace and Defense - - - - -

9/13/19 Total Safety U.S., Inc. S & S Tool & Supply, Inc. Chemicals - - - - -

9/13/19 Cascades Inc. Orchids Paper Products Co. Machinery - - $216.00 - -

9/13/19 Graphic Village, LLC CTS Packaging, LLC Chemicals - - - - -

9/12/19 BHP Group Cemvita Factory Inc. Aerospace and Defense - - - - -

9/11/19 Colony Hardware Corporation DriveKore, Inc. Aerospace and Defense - - - - -

9/11/19 BlueDevil Products PJH Brands, Inc. Distribution/MRO - - - - -

9/11/19 Ohio Transmission Corporation Pumps, Parts & Service, Inc. Freight/Logistics - - - - -

9/11/19 Yanmar America Corporation ASV Holdings, Inc. Machinery $125.05 $5.11 $105.81 0.85x 20.71x

9/10/19 Sumitomo Corporation Standard Steel, LLC Machinery - - - - -

9/10/19 dB Control Corp. TTT-Cubed, Inc. Machinery - - - - -

9/10/19 L Squared Capital Partners Space Electronics LLC Aerospace and Defense - - - - -

9/10/19 Helix TCS, Inc. Green Tree International, Inc. Paper/Plastics/Packaging - - $15.00 - -

9/9/19 U-C Coatings, LLC Eco Chemical Machinery - - - - -

9/9/19 Spartan Motors USA, Inc. Fortress Resources, LLC Aerospace and Defense $40.00 - $90.00 2.25x -

9/9/19 Martinrea International Inc. NanoXplore, Inc. Machinery $37.44 ($2.74) $119.30 3.19x NM

9/9/19 Environmental Liability Transfer Fibrant, LLC Machinery - - - - -

9/9/19 Susquehanna Private Capital McNally Industries, LLC Paper/Plastics/Packaging - - - - -

9/9/19 JLL Partners Heads Up Technologies, Inc. Machinery - - - - -

9/6/19 Groupe Bernières inc Dolbec international Inc. Aerospace and Defense - - - - -

9/5/19 EBSCO Capital LLC Bailey International, LLC Machinery - - - - -

9/5/19 Viska Ventures Sprayproof Distribution/MRO - - - - -

9/5/19 Precision Aviation Group, Inc. Momentum Services Corporation Distribution/MRO - - - - -

Source: Capital IQ


September 201916



9/5/19 Massman Automation Designs DTM Packaging, LLC Paper/Plastics/Packaging - - - - -

9/4/19 AMETEK, Inc. Pacific Design Technologies, Inc. Distribution/MRO $40.00 - $125.00 3.13x -

9/4/19 May River Capital, LLC Kason Corporation Distribution/MRO - - - - -

9/4/19 Resonetics, LLC Tru Tech Systems, Inc. Machinery - - - - -

9/4/19 FCA, LLC Transpak Corporation Machinery - - $10.00 - -

9/4/19 Private Investors Buick and GMC Chemicals - - - - -

9/4/19 Sev1Tech, Inc. Engineering Solutions Machinery - - - - -

9/4/19 Tekni-Plex, Inc. MMC Packaging Equipment Ltd. Aerospace and Defense - - - - -

9/3/19 AxleHire, Inc. Covet Logistics API Chemicals - - - - -

9/3/19 Triple-S Steel Holdings, Inc. Shamrock Steel Sales, Inc. Distribution/MRO - - - - -

9/3/19 AE Industrial Partners, LLC Triman Industries Inc. Distribution/MRO - - - - -

9/3/19 SiteOne Landscape Supply, Inc. Trendset Concrete Products Inc Machinery - - - - -

9/3/19 Avista Capital Holdings, L.P. GCM Holding Corporation Building Products - - - - -

9/3/19 The Aleut Corporation Strata-G Solutions, Inc. Chemicals - - - - -

9/1/19 Pacific Packaging Products, Inc. Packaging Products Corporation Distribution/MRO - - - - -

9/1/19 HD Supply Holdings, Inc. Presto Maintenance Supply, Inc Distribution/MRO $15.00 - - - -

8/31/19 PalletOne, Inc. Bay Wood Products, Inc. Machinery $20.00 - - - -

8/31/19 CPS Performance Materials Corp. Geo Specialty Chemicals, Inc. Distribution/MRO - - - - -

8/31/19 Crescent Electric Supply Co., Inc. National Electric Supply Co., Inc. Distribution/MRO - - - - -

8/30/19 Axiom Tool Group, Inc. ICONIC Inc. Machinery - - - - -

8/30/19 Eastern Engineered Systems, Inc. Big 3 Precision Mold Services Distribution/MRO $72.20 $13.40 $81.65 1.13x 6.09x

8/30/19 Precision, Inc. The Chantland Company Distribution/MRO - - - - -

8/30/19 SC Summit International Limited Western Resources Corp. Machinery - ($0.35) $26.49 - NM

8/30/19 Construction Supply Holdings Concrete Accessories & Rentals Chemicals - - - - -

8/30/19 Construction Supply Holdings Holdfast Technologies, LLC Machinery - - - - -

8/30/19 Innovation Industries, Inc. Virginia Controls, Inc. Building Products - - - - -

8/29/19 WindowMaster Control Systems Clearline, Inc Chemicals - - - - -

8/28/19 United Initiators Holding Gmbh PeroxyChem Canada Ltd. Machinery - - - - -

8/27/19 Sunbelt Supply Co. Severe Service Specialists, Inc. Chemicals - - - - -

8/27/19 Marco Group International, Inc. Bell & Mackenzie Co. Ltd. Distribution/MRO - - - - -

Source: Capital IQ


September 201917



8/27/19 Private Investors Pi Optima Inc. Machinery - - - - -

8/26/19 Myers Industries, Inc. Tuffy Manufacturing Industries Distribution/MRO $20.00 - - - -

8/26/19 Curbell Plastics, Inc. Nationwide Plastics, Inc. Building Products - - - - -

8/26/19 Agilent Technologies, Inc. BioTek Instruments, Inc. Distribution/MRO $162.00 - $1,165.00 7.19x -

8/26/19 Littlejohn & Co. LLC Kaman Industrial Technologies Machinery $1,100.00 $66.34 $700.00 0.64x 10.55x

8/25/19 Multi-Automatic Tool & Supply Co. Belding Tool and Machine, Inc. Distribution/MRO - - - - -

8/24/19 Prairieland Partners, Inc. Concordia Tractor, Inc. Machinery - - - - -

8/23/19 Banner Solutions Specialized Builder's Hardware Machinery - - - - -

8/23/19 Vergani & Associates, LLC Federal Steel Supply, Inc. Distribution/MRO - - - - -

8/23/19 US Electrical Services, Inc. Franklin Electric Company Machinery $44.20 - - - -

8/23/19 Koch Methanol, LLC YCI Methanol One, LLC Building Products - - - - -

8/22/19 ComTech Energy Kraus Global Ltd. Machinery - - - - -

8/22/19 Meridian Adhesives Group LLC Epoxies, Etc. Distribution/MRO - - - - -

8/22/19 Stainless Metalcraft Ltd. Jordan Manufacturing Distribution/MRO - - - - -

8/21/19 Sound Seal Inc. Acoustical & Tackable Surfaces Freight/Logistics - - - - -

8/21/19 AE Industrial Partners, LLC Columbia Helicopters, LLC Freight/Logistics - - - - -

8/21/19 Goldman Sachs Group Restaurant Technologies, Inc. Chemicals - - - - -

8/20/19 Polytek Development Corp. Stone Coat Countertops Inc. Chemicals - - - - -

8/20/19 Private Investors Conveyability Inc. Freight/Logistics - - - - -

8/19/19 Installed Building Products, Inc. Therm-Con, LLC Machinery $4.70 - - - -

8/19/19 Vermeer Mid Atlantic, Inc. Vermeer Northeast Chemicals - - - - -

8/18/19 Private Investors AeroVision International, LLC Chemicals - - - - -

8/17/19 Rhino Assembly Corporation C. H. Reed Inc. Freight/Logistics - - - - -

8/16/19 American Defense Systems Direct Protect Machinery - - - - -

8/16/19 Total Safety U.S., Inc. Sprint Safety, Inc. Machinery - - - - -

8/16/19 The Heico Companies LLC Shred-Tech Corporation Distribution/MRO - - - - -

8/16/19 Paper Converting Machine Co. RDP Marathon/IPT Digital LLC Distribution/MRO - - - - -

8/15/19 TRTF Community House Allen & Allen Company, Inc. Distribution/MRO - - - - -

8/15/19 Noralta Technologies Inc. Wellkeeper, Inc. Freight/Logistics - - - - -

8/14/19 Universal Forest Products, Inc. Northwest Painting Freight/Logistics - - - - -

Source: Capital IQ


September 201918




8/14/19 FICODIS INC Blue Point Tool & Supply Co., Inc. Distribution/MRO - - - - -

8/14/19 Foundation Investment Partners W.A. Jones Machinery - - - - -

8/14/19 Majestic Marble And Glass Carolina Counter's, Inc. Machinery - - - - -

8/13/19 Kaltroco TMG Gases Inc. Machinery - - - - -

8/13/19 Blue Point Capital Partners RITUS Corporation Distribution/MRO - - - - -

8/12/19 PMC Capital Group, LLC StyroChem Canada Ltée Distribution/MRO $75.34 - - - -

8/12/19 Mobile Mini, Inc. Rental Operations of JKW Building Products - - - - -

8/12/19 Pexco LLC HPE Extrusion Solutions Chemicals - - - - -

8/12/19 Air Menzies International Limited GTO Global Logistics, Inc. Building Products - - $2.29 - -

8/12/19 Thorlabs, Inc. Coda Devices, Inc. Machinery - - - - -

8/10/19 Swish Maintenance Limited Kemsol Products Ltd. Machinery - - - - -

8/9/19 Stella Environmental Services Jack Herod Trucking, LLC Building Products - - - - -

8/9/19 Batesville Tool & Die, Inc. DC Coaters LLC Building Products - - - - -

8/9/19 Sonoco Products Company Corenso Holdings America, Inc. Chemicals $75.00 - $110.00 1.47x -

8/7/19 Arcline Investment Management LP Pride Engineering, LLC Machinery - - - - -

8/7/19 KKSP Precision Machining, LLC Grove Industries, Inc. Distribution/MRO - - - - -

8/7/19 Cross Country Infrastructure Five Star Equipment Leasing Chemicals - - - - -

8/6/19 Georg Fischer Piping Systems Global Supply Co. Inc. Machinery - - - - -

8/6/19 Madico, Inc. Courage Distributing, Inc. Building Products - - - - -

8/6/19 Private Investors Modesto Executive Air Charter, Inc. Distribution/MRO - - - - -

8/6/19 EVI Industries, Inc. Commercial Laundry Products Paper/Plastics/Packaging - - - - -

8/5/19 Private Investors FlexElement Texas, Inc. Aerospace and Defense - - - - -

8/5/19 JF Acquisition, LLC M.L. Leonard Inc Distribution/MRO - - - - -

8/5/19 Olympic Steel, Inc. E-Z Dumper Products, LLC Machinery - - - - -

8/5/19 Branford Castle Partners, L.P. ABC Industries, Inc. Chemicals - - - - -

8/5/19 RAM Tool Construction Supply Apache Supply, Inc. Machinery - - - - -

8/5/19 Truck Enterprises, Inc. Great Dane Trailers Machinery - - - - -

8/2/19 Oldcastle APG, Inc. Abbotsford Concrete Products Ltd. Machinery - - - - -

8/2/19 New Nautical Coatings, Inc. Blue Water Marine Paint Chemicals - - - - -

8/2/19 Dimora Brands, Inc. Watermark Designs, LLC. Aerospace and Defense - - - - -

Source: Capital IQ

September 201919


Date Acquirer Target Industry Segment Revenue EBITDA Value Revenue EBITDA8/2/19 Vinmar International, Ltd. NanoMech, Inc. Machinery - - $13.09 - -

8/1/19 AIT Worldwide Logistics, Inc. Unitrans International Corp. Aerospace and Defense - - - - -

8/1/19 Tri-Dim Filter Corporation Hardy Filtration Inc. Machinery - - - - -

8/1/19 Franklin Electric Co., Inc. First Sales, LLC Chemicals $14.00 - - - -

8/1/19 U.S. Fence Solutions Company Western Access Controls Aerospace and Defense - - - - -

8/1/19 Pexco LLC American Extruded Plastics, Inc. Paper/Plastics/Packaging - - - - -

8/1/19 Cimtech, Inc. Action Material Handling,Inc. Machinery - - - - -

8/1/19 Interior Logic Group, Inc. Flooring Systems Inc. Distribution/MRO - - - - -

8/1/19 Lubrifiants Services Automobile Houghton International Freight/Logistics - - - - -

8/1/19 Dukane Corporation Aurizon Ultrasonics, LLC Distribution/MRO - - - - -

8/1/19 Airtech Vacuum Inc. Champion Valves Inc Distribution/MRO - - - - -

8/1/19 SupplyOne, Inc. GTI Industries Inc. Building Products - - - - -

8/1/19 Ox Industries, Inc. Custom Paper Tubes, LLC Machinery - - - - -

8/1/19 Staple Street Capital LLC Precise Metal Products Co. Distribution/MRO - - - - -

8/1/19 Carrier Enterprise, LLC Peirce-Phelps, Inc. Paper/Plastics/Packaging $206.00 - $85.00 0.41x -

8/1/19 Mississippi Lime Co Inc Covia Lime LLC Distribution/MRO $48.10 - $135.00 2.81x -

8/1/19 Warburg Pincus LLC Pregis Corporation Distribution/MRO - - $1,300.00 - -

8/1/19 Lion Elastomers, LLC Firestone Polymers L.L.C. Chemicals - - - - -

8/1/19 Serco Inc. Alion Science and Technology Aerospace and Defense $336.00 $21.60 $225.00 0.67x 10.42x

8/1/19 Wirepath Home Systems, LLC Control4 Corporation Chemicals $273.73 $27.73 $625.05 2.28x 22.54x

8/1/19 Sealed Air Corporation Automated Packaging Systems Chemicals $290.00 - $510.00 1.76x -

8/1/19 Teijin Holdings USA, Inc. Renegade Materials Corporation Distribution/MRO - - - - -

8/1/19 Quaker Chemical Corporation Houghton International Inc. Machinery $767.00 $120.00 $1,413.65 1.84x 11.78x

7/31/19 Paytronix Systems, Inc. Open Networks, LLC Paper/Plastics/Packaging - - - - -

7/31/19 Advanced Drainage Systems, Inc. Infiltrator Water Technologies Chemicals $292.78 - $1,080.00 3.69x -

7/31/19 Builders FirstSource, Inc. Sun State Components Paper/Plastics/Packaging - - $43.00 - -

7/31/19 Admiral Capital Group Tecmotiv (USA), Inc. Machinery - - - - -

7/31/19 CEI Equipment Company LLC Warren Manufacturing, Inc. Chemicals - - - - -

7/31/19 Akoya Capital, LLC Primetac Corporation Machinery - - - - -

7/31/19 Carlisle Hardcast LLC Assets of Gripnail Corporation Aerospace and Defense - - - - -

Source: Capital IQ


September 201920


Date Acquirer Target Industry Segment Revenue EBITDA Value Revenue EBITDA7/31/19 Union Park Capital Davis Instruments Corp. Inc. Machinery - - - - -

7/31/19 Carolina Precision Renchel Tool Inc. Chemicals - - - - -

7/31/19 dormakaba Holding AG Alvarado Manufacturing Co. Inc. Distribution/MRO $33.00 - - - -

7/30/19 Hawk Measurement America, LLC FLO-CORP Distribution/MRO - - - - -

7/30/19 Barnhart Crane & Rigging Co. The Selinsky FORCE, LLC Distribution/MRO - - - - -

7/29/19 McDermott International, Inc. Siluria Technologies Distribution/MRO - - - - -

7/26/19 Oldcastle Infrastructure Primex Technologies Inc. Machinery - - - - -

7/25/19 Sentry Equipment Corp. Integrity Measurement & Control Machinery - - - - -

7/24/19 Honeywell International Inc. TruTrak Flight Systems, Inc Distribution/MRO - - - - -

7/24/19 Aurora Capital Partners Cold Chain Technologies, Inc. Chemicals - - - - -

7/24/19 Aavid Thermalloy, LLC Lytron Inc. Distribution/MRO - - - - -

7/24/19 Locke Supply Company Richmond Electric Supply Co. Inc. Aerospace and Defense - - - - -

7/24/19 Kuehne + Nagel International AG Worldwide Perishables Canada Co. Distribution/MRO - - - - -

7/24/19 Maroon Group, LLC Amsyn Inc. Machinery - - - - -

7/23/19 Arsenal Capital Partners Seal for Life Industries, LLC Aerospace and Defense $120.00 - $328.00 2.73x -

7/23/19 Continental Services Northern Vending Company Machinery - - - - -

7/22/19 M&M Refrigeration, Inc. Carnot Refrigeration Inc Distribution/MRO - - - - -

7/22/19 Techni-Tool, Inc. MDM Tool Supply LLC Machinery $10.00 - - - -

7/22/19 WP CPP Holdings, LLC Pacific Cast Technologies, Inc. Machinery - - $127.00 - -

7/19/19 Pfingsten Partners, L.L.C. Engineered Specialties, LLC Aerospace and Defense - - - - -

7/19/19 Arclin, Inc. TFL treating facility from Surteco Chemicals - - - - -

7/18/19 Kersia Choisy Laboratories LTD Machinery - - - - -

7/18/19 STS Operating, Inc. The United Distribution Group Paper/Plastics/Packaging - - - - -

7/17/19 Huntington Foam LLC Texas Foam, Inc. Freight/Logistics - - - - -

7/17/19 Automated Precision Inc. Exact Laser Measurements Inc. Chemicals - - - - -

7/17/19 Salem Distributing Company, Inc. HHH Tempering Resources, Inc. Distribution/MRO - - - - -

7/17/19 MORSCO Inc. The Desert Pipe & Supply Family Machinery - - - - -

7/16/19 LifeSpan BioSciences, Inc. Everest Biotech Machinery - - - - -

7/16/19 Conner Industries, Inc. Rosemill Packaging Resources Chemicals - - - - -

7/16/19 Doggett Equipment Services Ltd. Truck Enterprises, Inc. Aerospace and Defense - - - - -

Source: Capital IQ


September 201921



7/15/19 The Middleby Corporation Packaging Progressions, Inc. Distribution/MRO $30.00 - $74.00 2.47x -

7/15/19 Entegris, Inc. MPD Chemicals, LLC Paper/Plastics/Packaging - - $165.00 - -

7/15/19 EagleTree Capital LP Invincible Boat Company LLC Chemicals - - - - -

7/15/19 First Aviation Services Inc. Aviation Blade Services, Inc. Building Products - - - - -

7/15/19 eZLO Inc. Centralite Systems, Inc. Chemicals - - - - -

7/15/19 Arcline Investment Management LP Sanders Industries Holdings, Inc. Machinery - - - - -

7/15/19 AFC Industries, Inc. The Boulder Company Freight/Logistics - - - - -

7/15/19 Erosion Control Products Hydroseeding Company LLC Machinery - - - - -

7/13/19 Terra Sola Group AG Upland Resources Inc. Chemicals - - - - -

7/12/19 Laundrylux Inc. Direct Machinery Sales Corp. Distribution/MRO - - - - -

7/12/19 SRS Distribution Inc. Slover Roofing Supply Corp. Chemicals - - - - -

7/11/19 Diploma PLC VSP Technologies, Inc. Distribution/MRO $44.60 - $80.00 1.79x -

7/11/19 Prototek Sheetmetal Fabrication Cal-X Inc. Chemicals - - - - -

7/11/19 Charkit Chemical Company LLC CA Specialities Ltd Paper/Plastics/Packaging - - - - -

7/11/19 Salus Aviation GmbH Heli-Parts Nevada LLC Machinery - - - - -

7/11/19 Springfield Electric Supply Hannan Supply Company Inc. Machinery - - - - -

7/10/19 Tender Corporation Bushwacker Inc. Distribution/MRO - - - - -

7/10/19 High Road Capital Partners Quality Standby Services, LLC Chemicals - - - - -

7/10/19 Nix Companies Incorporated Heritage Custom Fabricators, Inc. Aerospace and Defense - - - - -

7/10/19 Kellstrom Defense Aerospace TAVCO, Inc. Paper/Plastics/Packaging - - - - -

7/10/19 ARCH Global Precision LLC Siem Tool Company Aerospace and Defense - - - - -

7/9/19 Concept Metals Group, Inc. Freedom Manufacturing, Inc. Chemicals - - - - -

7/9/19 Core & Main LP Long Island Pipe Supply, Inc. Aerospace and Defense - - $225.00 - -

7/8/19 ATL Partners Valence Surface Technologies Paper/Plastics/Packaging - - - - -

7/8/19 SPX Corporation SGS Refrigeration, Inc. Machinery $15.00 - - - -

7/8/19 Fredac Corporation Laurin Containers Inc. Chemicals - - - - -

7/8/19 Atlas World Group, Inc. Champion International Moving Machinery - - - - -

7/8/19 Rapid Industries Inc. RapidPurge Machinery - - - - -

7/5/19 SiteOne Landscape Supply, Inc. Diablo Landscape and Clarks Distribution/MRO - - - - -

7/3/19 Absolent Group AB (publ) Diversitech equipment Machinery - - $15.25 - -

Source: Capital IQ


September 201922



7/2/19 ESCO Technologies Inc. Globe Composite Solutions LLC Machinery - - - - -

7/2/19 LifeQuest World Corporation BioPipe Global Corp. Distribution/MRO - - - - -

7/2/19 Meridian Adhesives Group LLC PolyCom Industries, LLC Machinery - - - - -

7/2/19 Texas Pipe and Supply Company Alloy Piping Products Distribution/MRO - - - - -

7/2/19 Kohlberg & Company, L.L.C. Nelipak Corporation Aerospace and Defense - - - - -

7/2/19 BYK-Chemie GmbH Paul N. Gardner Company Inc. Chemicals - - - - -

7/2/19 Tiarco, LLC Dispersants Business Distribution/MRO $25.00 $8.00 $71.00 2.84x 8.88x

7/2/19 Federal Signal Corporation Mark Rite Lines Equipment Chemicals $67.00 $8.71 $71.00 1.06x 8.15x

7/1/19 Swagelok Southeast Texas Swagelok Central Houston Building Products - - - - -

7/1/19 Gryphon Technologies LC PGFM Solutions, LLC Distribution/MRO - - - - -

7/1/19 Private Investors Shaw Alloy Piping Products, LLC Aerospace and Defense - - - - -

7/1/19 HEXPOL AB (publ) Preferred Compounding Chemicals $240.00 - $232.00 0.97x -

7/1/19 Ideal Tridon Holdings, Inc. ZSi-Foster, L.L.C. Paper/Plastics/Packaging - - - - -

7/1/19 Private Investors Premium Transportation Distribution/MRO - - - - -

7/1/19 InterCool USA, LLC Engineered Solutions Company Distribution/MRO - - - - -

7/1/19 AgCertain Industries, Inc. Glycerin Group, LLC Chemicals - - - - -

7/1/19 BCPE Empire Holdings, Inc. The Paper Company, Inc. Machinery - - - - -

7/1/19 Gelest, Inc. Bimax, Inc. Machinery - - - - -

7/1/19 Sullair LLC Air Industrial Resource, Inc. Building Products - - - - -

7/1/19 NYX Inc. Beach Mold & Tool, Inc. Machinery - - - - -

7/1/19 Arkema S.A. ArrMaz Custom Chemicals, Inc. Distribution/MRO $290.00 - $570.00 1.97x -

7/1/19 Cyprium Investment Partners Milacron Holdings Corp. Distribution/MRO - - $52.00 - -

7/1/19 E&C FinFan, Inc. Harsco Corporation Distribution/MRO - - $592.00 - -

7/1/19 Mitsubishi Logisnext Americas Pon Material Handling NA, Inc. Distribution/MRO $486.40 - - - -

6/30/19 Private Investors PQ Group Holdings Inc. Distribution/MRO - - $28.00 - -

6/30/19 Watsco, Inc. Homans Associates, LLC Distribution/MRO $184.00 - $162.00 0.88x -

6/30/19 O'connor Company, Inc. Hunton Group, Inc. Chemicals - - - - -

Source: Capital IQ


September 201923



Source: Capital IQ


High $1,100.00 $120.00 $1,725.00 7.19x 22.54x

Low $1.81 $5.11 $2.29 0.41x 6.09x

Mean $156.51 $30.85 $314.97 2.09x 12.40x

Median $67.00 $13.40 $125.00 1.97x 10.55x

September 201924

The information and views contained in this report were prepared by Dinan Capital Advisors, LLC. (“Dinan”). It is not a research report, assuch term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as anoffer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategyand is provided for informational purposes only. The information contained herein is believed by Dinan to be reliable, but Dinan makes norepresentation as to the accuracy or completeness of such information. Opinions, estimates and projections in this report constituteDinan’s judgment and are subject to change without notice. Also, past performance is not necessarily indicative of future results. Anyunauthorized reproduction of this information is strictly prohibited.

This report may contain references to registered trademarks, service marks and copyright owned by third-party information providers.None of the third-party information providers is endorsing the offering of, and shall not in any way be deemed an issuer or underwriterof, the securities, financial instruments or other investments discussed in this report, and shall not have any liability or responsibility forany statements made in the report or for any financial statements, financial projections or other financial information contained orattached as an exhibit to the report. For more information about the materials provided by such third parties, please contact us throughthe contact information provided on the following page.

Dinan Capital AdvisorsDisclaimer

September 201925

Dinan Capital Advisors

Dinan Capital Advisors delivers a highly tailored strategic approach for middle-market companies that seek to capitalize on mergerand acquisition transactions. Our services are comparable in scope to those employed by Wall Street investment banks for theworld's most profitable multinational corporations, while using methodologies, processes and cost-effective structures that makesense for middle-market companies.

Based on a highly structured process that leverages our experience, research capabilities, and proprietary technology platforms, weinitiate every engagement by first assessing the market climate, and then developing an understanding of the current situation andstrategic objectives of each company. From there, we partner with our clients to develop a plan that maximizes shareholder valueand delivers the optimal transaction outcome.

Dinan is the registered FINRA member broker-dealer division of the Dinan Group of Companies, responsible for executing thesecurities related transactions of the firm. The Dinan Group is a leading diversified financial services company with over 25 years ofadvisory and merchant banking experience dedicated to middle-market transactions.

For any query regarding this report, please contact:

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