Sectorwatch: Staffing · 2019-04-04 · 3 Overview 7MA provides Investment Banking & Advisory...

Sectorwatch:StaffingApril 2019

2

StaffingApril 2019

Sector Dashboard [4]

Public Basket Performance [5]

Operational Metrics [7]

Valuation Comparison [10]

Recent Deals [13]

Appendix [14]

7 Mile Advisors appreciates the opportunity to present this confidential information to the Company. This document is meant to be delivered only inconjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice & Disclaimer at the end of the document. Alldata cited in this document was believed to be accurate at the time of authorship and came from publicly available sources. Neither 7 Mile Advisors nor 7MSecurities make warranties or representations as to the accuracy or completeness of third-party data contained herein. This document should be treated asconfidential and for the use of the intended recipient only. Please notify 7 Mile Advisors if it was distributed in error.

3

Overview

7MA provides Investment Banking & Advisory Services to the Business Services and Technology Industries globally. We advise on M&A and private capital transactions, and provide market assessments and benchmarking. As a close knit team with a long history together and a laser focus on our target markets, we help our clients sell their companies, raise capital, grow through acquisitions, and evaluate new markets. We publish our sectorwatch, a review of M&A and operational trends in the industries we focus.

Dashboard• Summary metrics on the sector

• Commentary on market momentum by

comparing the most recent 12-month

performance against the last 3-year

averages.

Public Basket Performance• Summary valuation and operating metrics for

a basket of comparable public companies

Valuation Comparison• Graphical, detailed comparison of valuation

multiples for the public basket

Recent Deals• The most recently announced deals in the

sector

4

Dashboard

Operating Metrics

Valuation

Revenue Growth Momentum

0.8% 1 - year revenue growth compared to revenue growth

average for last 3 years

Pricing / Gross Margin Momentum

1.4% 1 - year gross profit % compared to gross profit %

average for last 3 years

Profitability Momentum

0.1% 1 - year EBITDA % compared to EBITDA % average for

last 3 years

Current revenue growth rate exceeds the average of the last 3 years by this

amount, indicating that market momentum is increasing

Current gross profit margin exceeds the average of the last 3 years gross profit

margin by this amount, indicating supplier pricing power

Current EBITDA margin exceeds the average of the last 3 years EBITDA margin

by this amount, a condition that may attract new entrants

5.2%

8.9%

28.3%

0% 10% 20% 30%

Median LTM Rev. Growth %

Median LTM EBITDA Margin %

Median LTM GP Margin %

0.7x

8.3x

9.4x

17.7x

0x 5x 10x 15x 20x

Median TEV / LTM Revenue

Median TEV / LTM EBITDA

Median TEV / LTM EBIT

Median Price / LTM Earnings

5

Public Basket

Company TEV $mLTM Rev

$m

Rev Growth

YoY GP %EBITDA

%TEV / Rev X

TEV / EBITDA

X # FTEsRev / FTE $k

Trigyn Technologies Limited 12 115 19% 33% 9% 0.1 1.1 - NA

BG Staffing, Inc. 247 287 5% 27% 9% 0.9 9.7 349 822

Kelly Services, Inc. 850 5,514 3% 18% 2% 0.2 7.2 7,900 698

Kforce Inc. 960 1,418 4% 29% 6% 0.7 10.9 2,400 591

Korn Ferry 2,358 1,911 13% 28% 15% 1.2 8.3 7,643 250

ASGN Incorporated 4,472 3,400 29% 30% 11% 1.3 12.0 4,300 791

ManpowerGroup Inc. 5,685 21,991 5% 16% 4% 0.3 6.2 30,000 733

Robert Half International Inc. 7,640 5,800 10% 42% 11% 1.3 11.7 18,900 307

Adecco Group AG 10,321 27,327 1% 19% 5% 0.4 8.0 34,000 804

Average 3,616 7,529 10% 27% 8% 0.7 8.3 11,721 624

Median 2,358 3,400 5% 28% 9% 0.7 8.3 7,643 716

share price as of 04Apr19

6

Public Basket Valuation Trends

Public EBITDA Multiples over Time

Public Revenue Multiples over Time

9.5x

0.6x

0x

2x

4x

6x

8x

10x

12x

14x

Jul-

14

Oct

-14

Jan

-15

Ap

r-1

5

Jul-

15

Oct

-15

Jan

-16

Ap

r-1

6

Jul-

16

Oct

-16

Jan

-17

Ap

r-1

7

Jul-

17

Oct

-17

Jan

-18

Ap

r-1

8

Jul-

18

Oct

-18

Jan

-19

Ap

r-1

9

TEV/EBITDA - Median TEV/Revenue - Median

TEV/EBITDA - Average TEV/Revenue - Average

0.0x

0.2x

0.4x

0.6x

0.8x

Jul-

14

Oct

-14

Jan

-15

Apr

-15

Jul-

15

Oct

-15

Jan

-16

Apr

-16

Jul-

16

Oct

-16

Jan

-17

Apr

-17

Jul-

17

Oct

-17

Jan

-18

Apr

-18

Jul-

18

Oct

-18

Jan

-19

Apr

-19

TEV/Revenue - Median TEV/Revenue - Average

0x

5x

10x

15x

Jul-

14

Oct

-14

Jan

-15

Apr

-15

Jul-

15

Oct

-15

Jan

-16

Apr

-16

Jul-

16

Oct

-16

Jan

-17

Apr

-17

Jul-

17

Oct

-17

Jan

-18

Apr

-18

Jul-

18

Oct

-18

Jan

-19

Apr

-19

TEV/EBITDA - Median TEV/EBITDA - Average

7

Operational Metrics

LTM Gross Profit Margin % LTM EBITDA %

- 4% 8% 12% 16% 20%

Median

Kelly Services, Inc.

ManpowerGroup Inc.

Adecco Group AG

Kforce Inc.

BG Staffing, Inc.

Trigyn TechnologiesLimited

ASGN Incorporated

Robert HalfInternational Inc.

Korn Ferry

- 20% 40% 60%

Median

ManpowerGroup Inc.


Adecco Group AG

BG Staffing, Inc.

Korn Ferry

Kforce Inc.

ASGN Incorporated

Trigyn Technologies Limited

Robert Half International Inc.

8

Operational Metrics

LTM Revenue Growth %LTM Revenue per

Full Time Employee x 000’s

- 10% 20% 30%

Median

Adecco Group AG


Kforce Inc.

ManpowerGroup Inc.

BG Staffing, Inc.


Korn Ferry


ASGN Incorporated

$- $400 $800 $1,200

Median

Korn Ferry


Kforce Inc.


ManpowerGroup Inc.

ASGN Incorporated

Adecco Group AG

BG Staffing, Inc.

9

Operational Metrics

Accounts Receivable TurnoverAverage Days

Sales Outstanding

0x 2x 4x 6x 8x 10x

Median

ManpowerGroup Inc.


Korn Ferry

Adecco Group AG

Kforce Inc.

ASGN Incorporated

Robert Half InternationalInc.

BG Staffing, Inc.

0 30 60 90 120

Median

BG Staffing, Inc.


ASGN Incorporated

Kforce Inc.

Adecco Group AG

Korn Ferry


ManpowerGroup Inc.

10

Valuation

TEV / LTM Revenue TEV / LTM EBITDA

0x 1x 2x 3x

Median



ManpowerGroup Inc.

Adecco Group AG

Kforce Inc.

BG Staffing, Inc.

Korn Ferry

ASGN Incorporated


0x 5x 10x 15x 20x

Median


ManpowerGroup Inc.


Adecco Group AG

Korn Ferry

BG Staffing, Inc.

Kforce Inc.


ASGN Incorporated

11

Valuation

TEV / LTM EBIT Price / LTM Earnings

0x 5x 10x 15x 20x

Median


ManpowerGroup Inc.

Adecco Group AG


Korn Ferry

Kforce Inc.

BG Staffing, Inc.


ASGN Incorporated

0x 20x 40x 60x

Median


ManpowerGroup Inc.

BG Staffing, Inc.

Kforce Inc.

Adecco Group AG


ASGN Incorporated

Korn Ferry


12

Valuation

Historical Valuation Multiples versus Gross Profit

Historical Valuation Multiples versus Revenue Growth Rate

1x 6x 7x 8x 8x 10x 11x 12x 12x

32.5%

16.3% 17.6%

18.6%

28.3%

26.7%

29.5%

41.6%

30.1%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

0x

2x

4x

6x

8x

10x

12x

14x

LTM

GP%

EBIT

DA(x

)

EBITDA(x) LTM GP%

1x 6x 7x 8x 8x 10x 11x 12x 12x

18.9%

4.5%

2.6%

0.9%

12.5%

5.2% 4.4%

10.1%

29.5%

0%

5%

10%

15%

20%

25%

30%

35%

0x

2x

4x

6x

8x

10x

12x

14x

LTM

RG

R%

EBIT

DA(x

)

EBITDA(x) LTM RGR%

13

Recent TransactionsDate Target Buyer / Investor

Total Transaction

Value Target

Revenue TEV /

Revenue TEV /

EBITDA

21Mar19 JJJ International Inc. Morningside Venture Capital 11.00 - - -

28Feb19 Kforce Government Holdings, Inc. ManTech International Corporation 115.00 - - 13.0x

15Feb19 TalentRISE, LLC Aleron Group - - - -

18Jan19 SLAIT Consulting, LLC ePlus Technology, inc. 50.70 - - -

2Jan19 Global Technology Associates, LLC/NextGen Global Resources, LLC

Kelly Services, Inc. 85.00 - - -

7Nov18 Temporary Staffing Business of NTT Data Management Service Corporation

Pasona Human Solutions Inc. - - - -

5Nov18 Eliassen Group, LLC Stone Point Capital LLC - - - -

30Aug18 Business Talent Group, LLC Kelly Services, Inc. - - - -

27Aug18 Key Resources Inc. Monroe Staffing Services LLC 12.16 35.00 0.3x -

26Jun18 CXO Resources, Inc. Vector Talent Resources Inc. - - - -

7Jun18 1st Solution USA Optomi, LLC - - - -

5Jun18 PDS Tech, Inc. AKKA Technologies SE - 260.00 - -

30Apr18 Motion Recruitment Partners, LLC - - - - -

23Apr18 Strategic Resources International, Inc. Peraton Corporation - - - -

31Mar18 BOC Staffing Solutions The Panther Group, Inc. - - - -

23Feb18 MBS Associates, Inc Kable Staffing Resources, LLC - - - -

20Feb18 Agility Staffing, Inc. Staffing Express, Inc. - - - -

5Feb18 Carnegie Affiliates, Inc. Resource 1 LLC - - - -

19Jan18 Arlington Resources, Inc. CornerStone Staffing Solutions, Inc. - - - -

10Jan18 Rumba Solutions LLC Technosoft Corporation - - - -

10Jan18 Healthcare Specialty Business of Kelly Services, Inc. InGenesis, Inc. - - - -

9Jan18 Kranect LLC KORE1, Inc. - - - -

22Dec17 Temporary Staffing Division of Magellan Search & Staffing

Diversified Staffing Services Ltd. - - - -

12Nov17 Vaco, LLC Olympus Partners; Olympus Growth Fund VI, L.P. - - - -

25Sep17 Principle Solutions Group, LLC Eliassen Group, LLC - - - -

15Sep17 firstPRO, Inc. Staffing 360 Solutions, Inc. 6.97 - - -

5Sep17 Teachers On Call, Inc. Kelly Services, Inc. 39.00 - - -

31Jul17 CDI Corp. AE Industrial Partners, LLC; Ae Industrial Partners Fund I-B, Lp; Ae Industrial Partners Fund I-A, Lp; AE Industrial Partners Fund I, LP

173.39 761.18 0.2x NM

7Jul17 InfoTrellis Inc. Mastech Digital, Inc. 55.00 22.00 - -

1Jun17 Peoplesource Staffing Solutions, Inc. People Store Staffing Solutions Inc. - - - -

1Apr17 Dahl Consulting, Inc. Doherty Staffing Solutions, Inc. - - - -

20Apr17 LCL Staffing LLC Intermountain Staffing, Inc. - - - -

14

APPENDIX:

Public Basket

Constituents

7 Mile Advisors appreciates the opportunity to present this confidential information to the Company. This document is meant to be delivered only inconjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice & Disclaimer at the end of the document. Alldata cited in this document was believed to be accurate at the time of authorship and came from publicly available sources. Neither 7 Mile Advisors nor 7MSecurities make warranties or representations as to the accuracy or completeness of third-party data contained herein. This document should be treated asconfidential and for the use of the intended recipient only. Please notify 7 Mile Advisors if it was distributed in error.

StaffingApril 2019

15

Public Basket


Trigyn Technologies Limited provides communications and

information technology staffing support services in India and

internationally. The company offers IT staffing services for

application development; software quality assurance and control;

database design and administration; network design,

implementation, migration, and administration; data

warehousing; Internet/Intranet architecture; legacy support and

migration; and regulatory compliance. It also provides managed

services, such as general/requested and industry/technology

specific training; program, regional, and site specific

management; resources deployment; resource deployments

logistics; program management; backend support and

management; and reporting and analysis. In addition, the

company offers digital marketing services, such as research,

strategy, UX, and creative; Websites, portals, and Intranets;

mobile apps and responsive sites; social media; content;

analytics; and result services. Trigyn Technologies Limited was

incorporated in 1986 and is headquartered in Mumbai, India.

Date Key Development Headline7/12/18 Trigyn Technologies Limited as Consortium Partner with ESDS

Software Solutions Private Limited Enter into Master Service

Agreement to Build and Operate Datacenter on Revenue Sharing

Model with Software Technology Park of India At Electronic City

Bengaluru

0.0x

0.2x

0.4x

0.6x

0.8x

Revenue Multiples - Trigyn Technologies Limited

TEV/Revenue Average

0x

2x

4x

6x

8x

10x

EBITDA Multiples - Trigyn Technologies Limited

TEV/EBITDA Average

0x

5x

10x

15x

P/E Multiples - Trigyn Technologies Limited

P/E Average

16

Public Basket

BG Staffing, Inc.

BG Staffing, Inc. provides temporary staffing services in the

United States. It operates in three segments: Multifamily,

Professional, and Commercial. The Multifamily segment offers

temporary front office and maintenance personnel to the various

apartment communities. The Professional segment provides

skilled temporary IT professionals with expertise in SAP,

Workday, Olik View, Hyperion, Oracle, project management, and

other IT staffing skills, as well as finance, accounting, and related

support personnel. The Commercial segment offers temporary

workers for various skilled and unskilled positions primarily to

manufacturing, distribution, logistics, and call center customers.

The company was formerly known as LTN Staffing, LLC and

changed its name to BG Staffing, Inc. in November 2013. BG

Staffing, Inc. is headquartered in Plano, Texas.

Date Key Development Headline10/30/18 BG Staffing Seeks Acquisitions

0.0x

0.3x

0.6x

0.9x

1.2x

1.5x

Revenue Multiples - BG Staffing, Inc.

TEV/Revenue Average

0x

5x

10x

15xEBITDA Multiples - BG Staffing, Inc.

TEV/EBITDA Average

0x

20x

40x

60x

80xP/E Multiples - BG Staffing, Inc.

P/E Average

17

Public Basket


Kelly Services, Inc., together with its subsidiaries, provides

workforce solutions to various industries worldwide. The

company operates through three segments: Americas Staffing,

Global Talent Solutions (GTS), and International Staffing. It

provides trained employees for data entry, clerical, and

administrative support roles across various industries; schools

with instructional and non-instructional employees; support staff

for seminars, sales, and trade shows; assemblers, quality control

inspectors, and technicians for electronic assembly;

maintenance workers, material handlers, and assemblers for

light industrial works; scientists, and scientific and clinical

research workforce solutions; engineering professionals across

various disciplines, including aeronautical, chemical,

civil/structural, electrical/instrumentation, environmental,

industrial, mechanical, petroleum, pharmaceutical, quality, and

telecommunications. Kelly Services, Inc. was founded in 1946

and is headquartered in Troy, Michigan.

Date Key Development Headline1/7/19 Kelly Services Inc. (NasdaqGS:KELY.A) acquired Global

Technology Associates LLC and NextGen Global Resources LLC

for $85 million.

11/27/18 Kenzie Academy and Kelly Services Announce Partnership

0.0x

0.1x

0.2x

0.3xRevenue Multiples - Kelly Services, Inc.

TEV/Revenue Average

0x

5x

10x

15x

20xEBITDA Multiples - Kelly Services, Inc.

TEV/EBITDA Average

0x

10x

20x

30x

40x

P/E Multiples - Kelly Services, Inc.

P/E Average

18

Public Basket

Kforce Inc.

Kforce Inc. provides professional staffing services and solutions

in the United States and internationally. It operates through

Technology (Tech), Finance and Accounting (FA), and

Government Solutions (GS) segments. The Tech segment

provides temporary staffing and permanent placement services

to its clients primarily in the areas of information technology,

such as systems/applications architecture and development,

project management, enterprise data management, business

intelligence, artificial intelligence, machine learning, network

architecture, and security. This segment serves clients in various

industries comprising financial services, communications,

insurance services, and government sectors. Kforce Inc. was

founded in 1962 and is headquartered in Tampa, Florida.

Date Key Development Headline3/31/19 ManTech International Corporation (NasdaqGS:MANT)

completed the acquisition of Kforce Government Holdings, Inc.

from Kforce Inc. (NasdaqGS:KFRC).

3/1/19 Kforce Inc., ManTech International Corporation - M&A Call

2/28/19 ManTech International Corporation (NasdaqGS:MANT) entered

into an agreement to acquire Kforce Government Holdings, Inc.

from Kforce Inc. (NasdaqGS:KFRC) for approximately $120

million.

2/6/19 Kforce Intends To Seek Acquisitions

5/1/18 Kforce To Seek Acquisitions

0.0x

0.2x

0.4x

0.6x

0.8x

1.0xRevenue Multiples - Kforce Inc.

TEV/Revenue Average

0x

5x

10x

15x

20xEBITDA Multiples - Kforce Inc.

TEV/EBITDA Average

0x

20x

40x

60x

80x P/E Multiples - Kforce Inc.

P/E Average

19

Public Basket

Korn/Ferry International

Korn/Ferry International, together with its subsidiaries, provides

talent management solutions worldwide. It operates through

three segments: Executive Search, Hay Group, and Futurestep.

The company provides executive search services to fill

executive-level positions, such as board directors, chief

executive officers, chief financial officers, chief operating officers,

chief information officers, chief human resource officers, and

other senior executive officers for clients in the consumer,

financial services, industrial, life sciences/healthcare provider,

technology, and educational/not-for-profit market sectors. It also

offers talent strategy, succession management, and leadership

development, as well as rewards, motivation, and engagement

solutions to assist clients with their ongoing assessment,

compensation, and development of senior executives and

management teams. In addition, the company provides various

talent acquisition process outsourcing, project recruitment,

professional search, talent consulting and employer branding,

and individual professional search and consulting services. It

serves public and private companies, and middle market and

emerging growth companies, as well as government and non-

profit organizations. Korn/Ferry International was founded in

1969 and is based in Los Angeles, California.

0x

1x

2x

3xRevenue Multiples - Korn Ferry

TEV/Revenue Average

0x

5x

10x

15x

20xEBITDA Multiples - Korn Ferry

TEV/EBITDA Average

0x

30x

60x

90x

120xP/E Multiples - Korn Ferry

P/E Average

Date Key Development Headline1/31/19 Korn Ferry Partners with University of Miami to Offer New Career

Tools to Graduate Business Students

20

Public Basket

ASGN Incorporated

ASGN Incorporated provides IT and professional services in the

technology, creative/digital, engineering, and life sciences fields

across commercial and government sectors in the United State

and internationally. The company operates through Apex,

Oxford, and ECS segments. The Apex segment offers technical,

scientific, digital, and creative services and solutions to Fortune

1000 and mid-market clients. The Oxford segment provides

technical, digital, engineering, and life sciences services and

solutions in various skill and geographic markets. The ECS

Segment delivers advanced solutions in cloud, cybersecurity,

artificial intelligence, machine learning, software development, IT

modernization, and science and engineering, as well as focused

on Federal Government activities. The company was formerly

known as On Assignment, Inc. and changed its name to ASGN

Incorporated in April 2018. ASGN Incorporated was founded in

1985 and is headquartered in Calabasas, California.

0x

1x

2x

3xRevenue Multiples - ASGN Incorporated

TEV/Revenue Average

0x

5x

10x

15x

20xEBITDA Multiples - ASGN Incorporated

TEV/EBITDA Average

0x

15x

30x

45x

60xP/E Multiples - ASGN Incorporated

P/E Average

21

Public Basket

ManpowerGroup Inc.

ManpowerGroup Inc. provides workforce solutions and services

in the Americas, Southern Europe, Northern Europe, and the

Asia Pacific Middle East region. The company’s recruitment

service portfolio includes permanent, temporary, and contract

recruitment of professionals, as well as administrative and

industrial positions. It also offers various assessment services;

training and development services; career management; and

outsourcing services related to human resources functions

primarily in the areas of large-scale recruiting and workforce-

intensive initiatives. In addition, the company provides workforce

consulting services; contingent staffing and permanent

recruitment services; professional resourcing and project-based

solutions in information technology, engineering, and finance

fields; solutions in the areas of organizational efficiency,

individual development, and career mobility; and recruitment

process outsourcing, TAPFIN managed, and talent based

outsourcing services, as well as Proservia services in the areas

of digital services market and IT infrastructure sector. It operates

through a network of approximately 2,700 offices in 80 countries

and territories. The company was founded in 1948 and is based

in Milwaukee, Wisconsin.

0.0x

0.1x

0.2x

0.3x

0.4x

0.5x

0.6xRevenue Multiples - ManpowerGroup Inc.

TEV/Revenue Average

0x

5x

10x

15x

20xEBITDA Multiples - ManpowerGroup Inc.

TEV/EBITDA Average

0x

10x

20x

30x

40xP/E Multiples - ManpowerGroup Inc.

P/E Average

22

Public Basket


Robert Half International Inc. provides staffing and risk consulting

services in North America, South America, Europe, Asia, and

Australia. The company operates through three segments:

Temporary and Consultant Staffing, Permanent Placement

Staffing, and Risk Consulting and Internal Audit Services. It

places temporary personnel for accounting, finance, and

bookkeeping; temporary and full-time office and administrative

personnel consisting of executive and administrative assistants,

receptionists, and customer service representatives; full-time

accounting, financial, tax, and accounting operations personnel;

and information technology contract consultants and full-time

employees in the areas of platform systems integration to end-

user technical and desktop support, including specialists in

application development, networking, systems integration and

deployment, database design and administration, and security

and business continuity. The company also offers temporary and

full-time employees in attorney, paralegal, legal administrative,

and legal secretarial positions; and senior level project

professionals in the accounting and finance fields for financial

systems conversions, expansion into new markets, business

process reengineering, business systems performance

improvement, and post-merger financial consolidation. The

company was founded in 1948 and is headquartered in Menlo

Park, California.

0x

1x

2x

3x

Revenue Multiples - Robert Half International Inc.

TEV/Revenue Average

0x

10x

20x

30x

EBITDA Multiples - Robert Half International Inc.

TEV/EBITDA Average

0x

10x

20x

30x

40x

50x

P/E Multiples - Robert Half International Inc.

P/E Average

23

Public Basket

Adecco Group AG

Adecco Group AG, together with its subsidiaries, provides

workforce solutions to businesses and organizations worldwide.

The company provides temporary staffing, permanent

placement, and outsourcing services for clerical and support

personnel in the areas of office-based employment; and

candidates for blue collar job profiles across various industrial

and service sectors under the Adecco brand names, as well as

recruitment on demand and online staffing platform for hospitality

and events under Adia brand name. It also offers professional

staffing services in the information technology, and engineering

and technical business lines, finance and legal, and medical and

science business line under the Badenoch & Clark, Modis,

Spring Professional, and YOSS brand names. The company was

formerly known as Adecco S.A. Adecco Group AG was founded

in 1957 and is headquartered in Zurich, Switzerland.

Date Key Development Headline1/23/19 Group Fimmus BVBA acquired Adecco Home Services Nv from

Adecco Group AG (SWX:ADEN).

11/13/18 Managers of SARL PMS Médicalisation acquired SARL PMS

Médicalisation from Adecco Group AG (SWX:ADEN) in a

management buyout transaction.

4/15/18 Adecco Group AG (SWX:ADEN) signed a definitive agreement to

acquire General Assembly Space, Inc. for an enterprise value of

approximately $410 million.

0.0x

0.2x

0.4x

0.6x

0.8x

1.0x

Revenue Multiples - Adecco Group AG

TEV/Revenue Average

0x

5x

10x

15x

20xEBITDA Multiples - Adecco Group AG

TEV/EBITDA Average

0x

10x

20x

30xP/E Multiples - Adecco Group AG

P/E Average

24

CONTACT INFO7MA provides Investment Banking & Advisory Services to the Business Services and Technology Industries globally. We advise on M&A and

private capital transactions and provide market assessments and benchmarking. As a close-knit team with a long history together and a laser

focus on our target markets, we help our clients sell their companies, raise capital, grow through acquisitions, and evaluate new markets.

Securities offered through 7M Securities LLC.

Leroy Davis, Partner 704.899.5962 [email protected]

Tripp Davis, Partner 704.899.5762 [email protected]

Andy Johnston, Partner 704.899.5961 [email protected]

Ben Lunka, Managing Director 704.496.2995 [email protected]

Jeff Stoecklein, Managing Director 312.796.9330 [email protected]

Mark Landry, Managing Director 561.972.0609 [email protected]

Kristina Sergueeva, Director 704.899.5149 [email protected]

Neil Churman, Director 281.742.9340 [email protected]

John Cooper, Director 704.973.3996 [email protected]

Tim Frye, Director 704.973.3994 [email protected]

Nicholas Prendergast, Financial Analyst 704.973.3995 [email protected]

Ariail Siggins, Marketing Director 704.981.2908 [email protected]

Sydney Larese, Associate 704.973.3998 [email protected]

Marty Johnson, Associate 704.973.3999 [email protected]

Rory Julyan, Associate 704.981.2520 [email protected]

Garth Martin, Associate 704.973.3997 [email protected]

Dennis Fox, Associate 704.706.9168 [email protected]

Steve Buffington, Associate 704.960.1828 [email protected]

Emily Halstenberg 704.409.9912 [email protected]

Sectorwatch: Staffing · 2019-04-04 · 3 Overview 7MA provides Investment Banking & Advisory...

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Transcript of Sectorwatch: Staffing · 2019-04-04 · 3 Overview 7MA provides Investment Banking & Advisory...