TEST, MEASUREMENT, AND CONTROL - Harris Williams · TEST, MEASUREMENT, AND CONTROL INDUSTRY UPDATE...

www.harriswilliams.com

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorized andregulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.

TEST, MEASUREMENT, AND CONTROL

INDUSTRY UPDATE │ SPRING 2015

PAGE |

www.harriswilliams.com

SUMMARY

1

American Capital, Ltd. (Nasdaq:ACAS) has announced that Mirion Technologies,Inc. ("Mirion") was sold to Charterhouse Capital Partners, LLP for $750 million. Mirionis a global provider of radiation detection, measurement, analysis and monitoringproducts and services to the nuclear power, medical, military and homelandsecurity markets.Source

ITT Corporation (NYSE:ITT) has announced that it has completed the acquisition ofHartzell Aerospace, a leading manufacturer of highly engineered and customizedsolutions for aerospace environmental control systems on a wide range of high-growth, next-generation aircraft platforms. The addition of Hartzell Aerospace’shigh-quality portfolio and innovative technologies will broaden ITT’s capabilities,enhance its ability to serve customers and help further position ITT as a leader inthe aerospace market.Source

Graybar Electric Company has announced an agreement to acquire AdvantageIndustrial Automation (“AIA”), a provider of control and automation solutions toindustrial users, OEMs and system integrators. AIA will help Graybar ElectricCompany to accelerate growth within its industrial business.Source

Omnicell (Nasdaq:OMCL) has signed an agreement to purchase MACH4 PharmaSystems, based in Bochum, Germany. The combination of Omnicell and MACH4will create a comprehensive automated medication management offering forhospital and retail pharmacies throughout Europe and emerging marketsinternationally.Source



PUBLIC MARKETS | KEY TRADING STATISTICS

CONTENTS

RECENT M&A ACTIVITY

WHAT WE’RE READING

HW&CO. DEAL UPDATE

PUBLIC MARKETS

M&A MARKET TRENDS

ECONOMIC UPDATE

PUBLIC COMPARABLES

CONTACTS

UNITED STATES

Bill RomanManaging [email protected]+1 (617) 654-2101

Jay [email protected]+1 (617) 654-2114

EUROPE

Jeffery PerkinsManaging [email protected]+49 (69) 3650638 13

Lars [email protected]+49 (69) 3650638 12

Alex MurrillVice [email protected]+44 (20) 7518 8918

Ben LewisVice [email protected]+44 (20) 7518 8908

M&A | SELECT RECENT ACTIVITY

Stock Price % Change TEV / EBITDA TEV / LTM EBITDA LTM Margins

Sub-Sector Median 1 Month 12 Month LTM 2015E Apr-14 Oct-14 Gross EBITDA

Test and Measurement

Instrumentation 0.5% 6.5% 12.9x 12.1x 12.8x 11.5x 38.7% 16.4%

Sensors (0.0%) 7.5% 12.8x 10.8x 11.2x 11.7x 40.0% 20.1%

Technology and Software 3.6% (14.8%) 16.6x 11.8x 14.9x 14.7x 43.1% 11.0%

Life Sciences and Laboratory 0.6% 8.6% 15.2x 14.9x 14.5x 13.7x 48.4% 20.8%

Flow Control

Pumps and Filtration (0.7%) (7.6%) 11.9x 11.5x 12.9x 11.1x 35.3% 16.3%

Valves and Fittings 3.3% (7.1%) 10.7x 10.0x 11.3x 10.2x 33.1% 14.6%

Process / Motion Control

Motion and Drives (1.4%) (5.4%) 11.4x 10.2x 12.1x 10.8x 35.4% 15.8%

Intelligent Automation 2.4% (11.6%) 11.1x 9.9x 11.3x 10.6x 42.0% 12.4%

Actuators and Positioners 0.2% (9.2%) 9.8x 9.1x 11.0x 9.1x 30.8% 15.3%

Condition Monitoring (1.9%) 8.2% 11.2x 10.1x 12.2x 9.7x 49.2% 18.5%

Test Services

Testing, Inspection, and Certification 1.8% (21.9%) 11.2x 9.8x 12.6x 10.2x 32.1% 17.5%

Engineering and Consulting 3.5% (25.5%) 11.1x 9.2x 11.7x 10.4x 19.4% 7.9%

http://www.harriswilliams.com/

http://www.prnewswire.com/news-releases/american-capital-announces-the-sale-of-mirion-technologies-for-750-million-300062759.html

http://www.itt.com/News/Releases/2015/ITT-Announces-Acquisition-of-Hartzell-Aerospace/

http://www.graybar.com/news/2015/graybar-to-acquire-advantage-industrial-automation

http://www.omnicell.com/News_and_Events/Press_Releases/Omnicell_Inc_Signs_Agreement_to_Acquire_Germany-based_Pharmacy_Automation_Provider_MACH4.aspx

mailto:[email protected]






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Global Wage Inflation

The global market continues to face upward pressure on wages, supported by rising educational standards andurban population migration in developing markets, such as Asia and Latin America. The average wage increased by10% per annum from 2007 to 2011 in emerging Asian countries and 9% per annum in emerging Latin Americancountries. Having reached the “Lewis Turning Point,” companies in these regions are accelerating their investment inautomation to reduce their labor content. China alone has seen a 56% average annual increase in the installed baseof industrial robots from 2009 to 2014, with an expected doubling to occur by 2017.

HW&CO. UPDATE

2

DEAL SPOTLIGHT | JR AUTOMATION TECHNOLOGIES



The Harris Williams & Co. Test, Measurement, and Control team continues our strong activity in2015 having closed three sell-side transactions and actively working on several new dealscoming to market soon. This includes the recent sale of Huizenga Automation Group, LLC(d/b/a JR Automation Technologies), a leading provider of intelligent automation solutions, toCrestview Partners. Harris Williams & Co. acted as the exclusive financial advisor to JRAutomation Technologies and the company’s shareholders.

Our intelligent automation market insights were expanded through our active participation atseveral recent trade shows, including Automate, ProMate, Hannover Messe, and SPS IPCDrives. This allowed us to further witness the latest industry trends and talk with key decisionmakers about the dynamics driving strong investments in intelligent automation. The followingsummarizes some of our key observations.

has been acquired by

a portfolio company of

3%

2%

8%

10%

9%

4%

Developed Developed

(Ex Japan)

Emerging

Markets Total

Non-Japan

Asia Emerging

LatAm

Emerging

EMEA

Emerging

0

20,000

40,000

60,000

80,000

100,000

'01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17

Ind

ust

ria

l Ro

bo

ts S

old

(un

its)

North America China South Korea Japan Germany

…Resulting in Greater Regional Adoption Rates

(2.6%) (0.8%) (1.0%) (3.3%)

5.6%8.8%

(35.6%)

30.4%

(3.9%)(0.7%)

1.1%

9.8%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

Aerospace Auto Medical / Life

Sciences

Food /

Consumer

Goods

Plastics &

Rubber

Semiconductors

& Electronics

∆ GM% ∆ ROE%

Profitability Pressures

Companies continue to seek improved post-downturn profitability levels via a focus on productivity and processefficiency gains while reducing waste. This has become increasingly important as companies across all end marketsseek to compete globally. Studies have consistently evidenced a 10% to 30% boost to productivity in many industriesand upwards of 30% higher labor cost savings stemming from the use of automation.

Accelerating Wage Growth…

Avg. annual percentage change from 2007-2011

Financial Performance of Major Industries

Percentage change from 2007-2014

PAGE |

HW&CO. UPDATE

Safety Regulations

The automation of test and inspection processes enables medical, pharmaceutical, and food & beveragecompanies to more efficiently and effectively comply with increasingly stringent quality and safety standards from theFDA and other agencies. Increasingly stringent regulatory standards, such as the FDA's Food Safety Modernization Actand regulatory compliance acts involving medical devices, and the associated penalties for noncompliance, arefurther accelerating the adoption rate of intelligent automation along the entire supply chain. Automated systems areallowing for more consistent, repeatable process steps that allow for better synchronization across the supply chain,while providing for fulsome and accurate documentation reporting capabilities. These benefits are further adding tothe value proposition, and associated adoption rate, of automation systems.

3



Estimated Commercial Value From Enterprise Connectivity Over the Next Decade

$729+ billionEliminated Waste Through Improved Logistics

$810+ billionReduced Time to Market

$675+ billionGreater Labor Efficiencies and Increased Productivity

$675+ billionIncreased Asset Utilization Reduces Costs

73%

67%

35%32%

0%

10%

20%

30%

40%

50%

60%

70%

80%

Medical / Life

Sciences

Food / Consumer

Goods

Plastics & Rubber Semiconductors

& Electronics

Ro

bo

t O

rde

rs

(an

nu

al

gro

wth

ra

te)

Enterprise Systems

Connectivity amongst industrial operations and automated systems is expected to provide significant gains toproductivity and process control as a result of the acquisition, organization and usage of the vast amount of datacaptured in these systems. Aided by emerging enterprise intelligent software solutions, manufacturing-related datafrom many sources will be combined into actionable analyses and visual summaries. Additionally, the growing abilityfor autonomous sharing and usage of data between enterprise-level and plant-floor systems will further unlockprocess efficiencies across the entire supply chain, from raw material providers to product end users.

Top Industries Adopting Automation

PAGE |

WHAT WE’RE READING

4

TAKEOFF IN ROBOTICS WILL POWER THE NEXT PRODUCTIVITY SURGE IN MANUFACTURING

HOW THE INTERNET OF THINGS WILL GROW ACROSS SECTORS

INTELLIGENT PUMPS EVOLVE WITH SMART VFDS AND CONNECTIVITY

The Boston Consulting Group

The use of advanced industrial robots is nearing the point of takeoff, a development that could power a new wave ofproductivity growth in many industries and lead to changes of up to 5 percentage points in the cost competitivenessof major export economies relative to the U.S. BCG projects that investment in industrial robots will acceleratemarkedly over the next decade, from annual growth that now averages 2% or 3% to around 10%. As a result, the totalcost of manufacturing labor in 2025 could be 16% lower, on average, in the world’s 25 largest goods-exporting nationsthan they would be otherwise. Depending on the industry and country, output per worker could rise by an estimated10% to 30% over and above productivity gains that typically come from other measures.

Read the full article here.

Business Insider

The internet has already connected people throughout the world. Now the Internet of Things (IoT) aims to take thenext step and connect the world’s devices, buildings, and objects. The IoT is forecasted to be the largest devicemarket in the world by 2019, with 23.2 billion active devices. This represents a five-year compound annual growth rateof 57% between 2014 and 2019. The rapid uptick in growth can be attributed to the spread of internet connectivity,large-scale IoT investments, and the declining cost of internet-connected sensors. The primary benefits of the IoT areincreased efficiency and lowered costs as enterprises are able to quickly understand mechanical performance,optimize production and shipments, and reallocate resources most effectively. End users stand to have more controlover their physical environment and act upon it from anywhere allowing for real-time adjustments.


Flow Control Magazine

Whether at home, the office, or on the industrial plant floor, energy efficiency is a common goal that is wellestablished among homeowners, business owners, industry and government alike. But the focus on “pump systemsefficiency” is a relatively new concept when it comes to industrial applications. The industrial pump market is steadilygrowing with new developments expected in pump control systems. Increasing regulations on energy efficiency andsanitary requirements, especially in the food & beverage and pharmaceutical industries, will provide newopportunities for pump manufacturers.




SLOWING EMERGING-MARKET GROWTH IS SAPPING GLOBAL ECONOMIC PROSPECTS

Wall Street Journal

According to the IMF, global economic growth will accelerate only marginally this year as slowing output in majoremerging markets and a feeble expansion in wealthier countries drag down near-term prospects. Emerging marketsare on course for their sixth straight year of slowing growth rates, led by a slowdown in China, a steep contraction inRussia and a recession in Brazil. The global economy should expand by 3.5% this year, with sluggish recoveries inEurope and Japan and softer output in the U.S. as a stronger dollar weighs on exports. Together with aging workforcesand deteriorating productivity levels around the world, the global economy faces a bleak, low-growth outlookthrough 2020.


http://www.bcg.com/media/PressReleaseDetails.aspx?id=tcm:12-181684

http://www.businessinsider.com/how-the-internet-of-things-market-will-grow-2014-10

http://www.flowcontrolnetwork.com/articles/92532-intelligent-pumps-evolve-with-smart-vfds-and-connectivity

http://www.wsj.com/articles/imf-slowing-emerging-market-growth-is-sapping-global-economic-prospects-1429016407

PAGE |

M&A TRANSACTIONS

5

RECENT M&A TRANSACTIONS



Date Target Vertical Business Description Acquirer

4/16/2015 Schroedahl Flow Control Manufacturer of safety and control valves primarily for the power

generation market.

CIRCOR International, Inc.

4/9/2015 Sonitec-Vortisand Inc. Flow Control Manufactures crossflow micro-sand submicron automatic sand filtration

products for the industrial process water treatment market.

Neptune-Benson, Inc.

4/9/2015 MATIS INTERVENTIONS SARL Test Serv ices Prov ides maintenance serv ices for critical industrial process

applications.

La Société Suisse pour la

construction de

Locomotives et de

4/8/2015 Inspecta Group Oy Test Serv ices Prov ides inspection, testing, certification, technical consultancy, and

training serv ices to the energy and power, manufacturing and

engineering, and metals and mining, among other sectors.

ACTA Holding BV

4/1/2015 Valves Inc. of Texas Flow Control Prov ides valve maintenance products including lube sealant

packaging products and valve flushes.

KMG Chemicals Inc.

4/1/2015 Applied Speciation and

Consulting, LLC

Test Serv ices Prov ides analytical testing and laboratory consulting serv ices including

trace metal and metal speciation analysis, inductively coupled plasma-

mass spectrometry, and stable isotope ratio testing serv ices.

Brooks Rand Labs LLC

3/31/2015 Energy Development

Associates, LLC

Test and Measurement Designs, develops, and manufactures power conversion products

including photo-voltaic power inverters and regenerative load bank

test systems.

Rhombus Energy Solutions,

Inc.

3/31/2015 Engineered Machinery

Inc.

Test and Measurement Manufactures, distributes, repairs, and refurbishes pumps and other

components for the semiconductor and other high technology

industries.

Ryan Herco Flow Solutions,

Inc.

3/30/2015 Agilent Technologies Inc.,

X-Ray Diffraction Business

Test and Measurement Manufactures and markets single-crystal X-ray instruments for the global

chemical crystallography market.

Rigaku Corporation

3/30/2015 Q-DAS GmbH & Co. KG Process / Motion Control Develops software and statistical process control solutions for industrial

manufacturing applications.

Hexagon AB

3/26/2015 ResMan AS Test and Measurement Prov ides wireless and downhole measurement systems for inflow

monitoring and control.

Nordic Capital

3/26/2015 Miitors ApS Test and Measurement Develops water meters based on ultrasonic systems measuring

technology.

Apator Powogaz S.A.

3/25/2015 CONTROS Systems &

Solutions GmbH

Test and Measurement Prov ides underwater sensors, systems, and serv ices for the detection,

localization, and measurement of hydrocarbons and CO.

Kongsberg Maritime AS

3/24/2015 Clearwater Group Plc Flow Control Specializes in designing, manufacturing, installing, serv icing, consulting,

and optimizing filtration, separation, and treatment equipment to various

industries in the United Kingdom and Europe.

Baird Capital

3/24/2015 Mirion Technologies, Inc. Test and Measurement Prov ides radiation detection, measurement, analysis, and monitoring

products and serv ices to the nuclear, defense, and medical end

markets.

Charterhouse Capital

Partners LLP

3/24/2015 Advantage Industrial

Automation, Inc.

Process / Motion Control Prov ides factory automation products, serv ices, and support for

industrial users, original equipment manufacturers, and system

integrators.

Graybar Electric Company,

Inc.

3/23/2015 RST Rostock System-Technik

GmbH

Test and Measurement Manufactures gas sensors, ground support systems, and test equipment

for aerospace applications.

FERCHAU Engineering

GmbH

3/20/2015 Digi-Star Investments, Inc. Test and Measurement Develops, manufactures, and sells agricultural solutions including weight

sensors and control systems for feeding, planting, fertilizer, and harvest

equipment manufacturers.

Topcon Positioning Systems,

Inc.

3/17/2015 Precisive, LLC Test and Measurement Designs, manufactures and sells non-contact, optics-based instruments

for chemical composition monitoring in liquid, gas and solid samples.

MKS Instruments, Inc.

3/16/2015 Radiation Safety Serv ices

Pty Ltd and Western

Radiation Serv ices Pty Ltd

Test Serv ices Prov ides radiation safety, protection, equipment, and training and

consulting serv ices.

SGS SA

3/13/2015 Beijing New Biolink

Technology Development

Co., Ltd.

Flow Control Designs, manufactures, and markets membrane and filters, chemicals,

and fluid equipment for wastewater treatment, and material filtration

and separation.

Focused Photonics

(Hangzhou), Inc.

PAGE |

M&A TRANSACTIONS

6



RECENT M&A TRANSACTIONS (CONTINUED)


3/11/2015 ReVera Incorporated Test and Measurement Prov ides production metrology solutions for semiconductor processing. Nova Measuring

Instruments Ltd.

3/11/2015 Navcon Navegacao e

Controle Ltda

Test and Measurement Designs and develops data acquisition and motion monitoring systems

using inertial sensors for offshore, air, land, and space applications.

BMT Group Limited

3/8/2015 Distech Controls Inc. Process / Motion Control Designs and manufactures building automation systems (BAS) and

energy management systems for commercial, institutional, and

government portfolios.

Acuity Brands, Inc.

3/6/2015 Apex Metrology Solutions Test Serv ices Operates an inspection and testing laboratory, prov iding on-site

serv ices; and scanning, large gage/fixture inspection, reverse

engineering, mold verification, and probe serv ices.

Transcat Inc.

3/4/2015 PCH Engineering A/S Test and Measurement Manufactures v ibration monitoring equipment for industrial applications. Erhvervsinvest

Management A/S

3/3/2015 kubit GmbH Test and Measurement Develops software for capturing, surveying, and as-built documentation

of existing conditions into the AutoCAD environment.

FARO Technologies Inc.

3/2/2015 Shenzhen Farad Electric

Co., Ltd.

Process / Motion Control Prov ides electric power engineering consulting, design, construction,

supply, and automation solutions.

Guangdong Dynavolt

Power Technology Co., Ltd.

2/26/2015 MACH4

Automatisierungstechnik

GmbH

Process / Motion Control Develops and produces automated modular systems that are used in

pharmacies and hospitals in Germany and Europe.

Omnicell International, Inc.

2/25/2015 KCB Kalibriercentrum

Bayern

Test Serv ices Prov ides laboratory and field calibration serv ices. Atlas Copco AB

2/24/2015 JR Automation

Technologies, LLC

Process / Motion Control Designs, assembles, tests, and integrates intelligent automated

manufacturing systems.

Crestv iew Partners, L.P.

2/23/2015 ACL Instruments AG Test and Measurement Develops instruments, modules, and related software for the

chemiluminescence-based analysis of oxidative reactions.

ReseaChem GmbH

2/23/2015 Aspen Pumps Limited Flow Control Designs, manufactures, and supplies condensate removal pumps and

accessories for the air conditioning, heating, and refrigeration industry

worldwide.

3i Group plc

2/23/2015 Polypore International Inc. Flow Control Develops, manufactures, and markets specialized microporous

membranes for the use in separation and filtration processes.

ESM Holdings Corporation

2/19/2015 Gruppo Aturia SpA Flow Control Develops and produces magnetic drive sealless pumps. WPIL Limited

2/17/2015 MAGWEN Valves GmbH Flow Control Develops and manufactures ball and butterfly valves, choke and piston

check valves, duo check and gate valves, shut/off valves, and self

pressure regulators.

Rotex Automation Limited

2/17/2015 Siemens Energy Packaged

Power Solutions

Process / Motion Control Manufactures and assembles power equipment centers for low and

medium voltage switchgear and motor control center equipment.

Koontz-Wagner Custom

Controls Holdings LLC

2/12/2015 Applimotion, Inc. Process / Motion Control Designs, manufactures, and markets direct drive frameless motors, linear

and linear arc (ARC) motor solutions, precision motion systems, motor

components, and actuators.

GSI Group Inc.

2/11/2015 PureSense Environmental

Inc.

Test and Measurement Prov ides real-time irrigation and field monitoring and controlling tools for

the agricultural industry.

Jain I rrigation, Inc.

2/11/2015 Electric Field Solutions, Inc. Test and Measurement Develops and delivers electric field sensors used in various applications,

including aviation, electric fault detection, electrostatic paint

monitoring, and electrostatic discharge prevention.

Premier Serv ice Inc.

2/11/2015 BioDiagnostics Inc. Test Serv ices Prov ides genetic testing, trait purity, germination and v igor testing, and

quality assurance consulting serv ices for the seed industry.

Eurofins Scientific SA

2/10/2015 Air Monitor Corporation Test and Measurement Manufactures flow measurement products for use in the measurement

and control of airflow and space pressurization in the commercial,

industrial, and power industries.

Harbour Group

PAGE |

M&A TRANSACTIONS

7



RECENT M&A TRANSACTIONS (CONTINUED)


2/10/2015 Dr. Noll GmbH Test and Measurement Develops and assembles measurement devices for tire industry, textile,

glass, and plastics industries.

Erhardt + Leimer GmbH

2/9/2015 SLETI SA Process / Motion Control Designs and manufactures robotic systems, automation devices, tanks

and equipment, industrial and IT products, production tools, plastic

sheets, ventilation solutions, and measurement/control equipment.

Cockerill Maintenance &

Ingénierie S.A.

2/9/2015 National Inspection &

Consultants, LLC

Test Serv ices Prov ides non destructive examination serv ices including ultrasonic,

contact, X-ray and gamma, flaw detection, liquid penetrant, and

magnetic particle inspections/examinations.

The Edgewater Funds; JZ

Capital Partners Limited

2/9/2015 Environmental Evaluation

Limited

Test Serv ices Prov ides consulting and monitoring serv ices in the areas of

occupational hygiene, environmental assessment, and health and

safety.

Exova Group plc

2/6/2015 iNDAT Robotics GmbH Process / Motion Control Manufactures integrated robotic systems. NSM MAGNETTECHNIK

GmbH

2/3/2015 J-Mac Tool, Inc. Flow Control Manufactures well serv ice pumps and fluid ends for oil and gas

industries.

Forum Energy

Technologies, Inc.

2/3/2015 Trace Laboratories, Inc. Test Serv ices Offers testing, qualification, analysis, automation, and training serv ices in

the areas of compliance, life cycle testing, and printed circuit board

design.

National Technical Systems

Inc.

2/2/2015 Instrumentation Northwest,

Inc.

Test and Measurement Manufactures pressure transducers and water quality instrumentation

solutions.

Seametrics Inc.

2/2/2015 Adelaide Inspection

Serv ices Pty Ltd

Test Serv ices Prov ides non-destructive testing serv ices to power generation,

construction, oil and gas, and mining industries.

Intertek Group plc

2/2/2015 Bowtech Products Limited Test and Measurement Engages in the design, manufacture, supply, and lease of v ision systems

for underwater harsh environments.

Teledyne Technologies Inc.

1/31/2015 ALMA Serv ices Test and Measurement Prov ides petroleum metering and distribution products to the petroleum

distribution industry in Europe and Africa.

Grupo Orona

1/30/2015 JC Carter LLC Flow Control Designs, manufactures, and installs cryogenic submerged motor pumps. Nikkiso Cryo, Inc.

1/30/2015 CableTest Systems Inc. Test and Measurement Prov ides cable testing solutions including wiring analyzer and software

tools for flexible test development environments.

NEXEYA

1/30/2015 FronTone GmbH Test and Measurement Develops and manufactures advanced safety test equipment for

vehicle interior and front testing.

Humanetics Innovative

Solutions, Inc.

1/29/2015 Lansmont Corporation Test and Measurement Designs and manufactures testing equipment and self-powered field

instruments for recording and characterizing distribution environments.

Data Physics Corporation

1/29/2015 Alicona Imaging GmbH Test and Measurement Prov ides optical 3D measurement and inspection solutions for the

laboratory and production use.

Quadriga Capital

Beteiligungsberatung

GmbH

1/29/2015 M&R Automation GmbH Process / Motion Control Develops and manufactures custom-made production lines and testing

systems for automotive, electronics, consumer goods, pharmaceutical,

and medical industries.

Quadriga Capital

Beteiligungsberatung

GmbH

1/29/2015 Centre of Testing Serv ice

Co., Ltd.

Test Serv ices Prov ides testing and certification serv ices in Guangzhou and Ningbo,

China.

Bureau Veritas SA

1/20/2015 Ardan Control Tech LTD Process / Motion Control Distributes integrated automation and control solutions. LUDAN-TECH Ltd.

1/16/2015 ChemiSens AB Test and Measurement Manufactures and sells reaction calorimeter systems that measure the

heat flow to chemical industries and institutions worldwide.

Blacktrace Holdings Limited

1/14/2015 ProFlo Inc., ProStrainer

Product Line

Flow Control Prov ides pump strainers, flow straighteners, and auto air evacuators. Neptune-Benson, Inc.

PAGE |

PUBLIC MARKETS OVERVIEW

8



TEV / LTM EBITDA TEV / 2015E EBITDA

NET DEBT / LTM EBITDA AVERAGE EBITDA MARGIN (2013 – 2015P)

CAPEX / REVENUE (2013 – 2015P) RESEARCH & DEVELOPMENT / LTM REVENUE

Test and Measurement Flow Control Process / Motion Control Test Serv ices

11.1x

11.2x

11.2x

9.8x

11.1x

11.4x

10.7x

11.9x

15.2x

16.6x

12.8x

12.9x

Engineering and Consulting

Testing, Inspection, and Certification

Condition Monitoring

Actuators and Positioners

Intelligent Automation

Motion and Drives

Valves and Fittings

Pumps and Filtration

Life Sciences and Laboratory

Technology and Software

Sensors

Instrumentation

9.2x

9.8x

10.1x

9.1x

9.9x

10.2x

10.0x

11.5x

14.9x

11.8x

10.8x

12.1x






Motion and Drives

Valves and Fittings




Sensors

Instrumentation

2.7x

2.1x

0.7x

2.0x

-0.4x

1.0x

1.2x

0.7x

0.7x

-0.9x

0.9x

1.2x






Motion and Drives

Valves and Fittings




Sensors

Instrumentation

9.9%

16.8%

21.0%

15.1%

15.1%

17.0%

14.3%

17.6%

20.6%

16.5%

20.1%

16.0%






Motion and Drives

Valves and Fittings




Sensors

Instrumentation

3.7%

4.5%

4.1%

2.5%

2.8%

3.3%

2.7%

3.2%

3.7%

4.8%

4.1%

3.1%






Motion and Drives

Valves and Fittings




Sensors

Instrumentation

0.1%

0.1%

11.1%

3.0%

3.6%

4.4%

1.3%

1.7%

5.4%

8.0%

6.6%

7.2%






Motion and Drives

Valves and Fittings




Sensors

Instrumentation

PAGE |

0

50

100

150

200

250

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

Nu

mb

er

ofA

nn

ou

nc

ed

M&

A D

ea

ls

GLOBAL M&A TRENDS

9

GENERAL MARKET OBSERVATIONS

TEST, MEASUREMENT, AND CONTROL QUARTERLY M&A ACTIVITY

The global M&A industry saw $902.2 billion in deals announced in Q1 2015, a 23.1% jump compared to the $732.8billion figure from the same time period in 2014.

The U.S. M&A environment remains active, with aggregate deal volume increasing by 27.8% in Q1 2015 yearover year.

European M&A deal volume increased by 12.7% in Q1 2015 year over year, reaching the highest Q1 levelsince 2011.

The global test, measurement, and control sector saw 149 deals close through Q1 2015, representing a 4.2% increasecompared to Q4 2014.



2010 2011 2012 2013 2014 2015

PAGE |

96.0

100.0

104.0

108.0

112.0

116.0

120.0

124.0

128.0

132.0

136.0

140.0

U.S. EU-28

90.0

100.0

110.0

120.0

130.0

U.S. EU-28

92.0

94.0

96.0

98.0

100.0

102.0

104.0

106.0

108.0

U.S. EU-28

-1.0%

-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

Q4

2012

Q1

2013

Q2

2013

Q3

2013

Q4

2013

Q1

2014

Q2

2014

Q3

2014

Q4

2014

U.S. EU-28

ECONOMIC UPDATE

10

INDUSTRIAL PRODUCTION

NEW ORDERS

ECONOMIC SENTIMENT

U.S. Real GDP increased by 0.5% for Q4 2014, (overall GDP increased by 2.4% in

2014), led by gains in consumer spending and nonresidential fixed investment.Growth for the year was lower than anticipated due to an increased trade gapand a weather-driven drop in GDP during the first quarter.

PNC economists forecast GDP growth of 3.0% and unemployment nearing 5.0%in 2015. Energy prices continue to weigh on the economy in the short-term;however, growth will reaccelerate over the rest of the year as consumers spendmore on other goods and services, supporting faster economic growth.

EU-28 Seasonally adjusted GDP in the EU for Q4 2014 rose by 0.4%, with 1.3%

annualized growth.

U.S. Industrial production increased by 0.1% from January 2015 to February 2015,

after a slight decrease from December 2014 to January 2015. The slight increasein February is largely due to an increase in consumer goods and consumerenergy products. Capacity utilization has decreased to 78.9% as of February2015.

EU-28 Industrial production during February 2015 increased by 0.9%, led by a rise in

non-durable consumer goods and energy. Capacity utilization has remainedrelatively flat at 80.2% as of February 2015.

U.S. In February 2015, new orders decreased by 0.2%. Severe weather and low oil

prices adversely affected core capital goods orders.

EU-28 The EU saw total new orders fall by 0.9% in February 2015, resulting in a total

decrease of 3.4% through Q1 2015.

U.S. The Leading Economic Index increased by 0.2% from January 2015 to February

2015 to reach 121.4.

EU-28 The Euro Commission Economic Sentiment Index slightly increased in February

2015 by 0.4%.



GROSS DOMESTIC PRODUCT

Q4: 0.5%

Q4: 0.4%

Feb-15:

105.8

Feb-15:

103.0

Feb-15:

115.1

Feb-15:

110.2

Feb-15:

104.7

Feb-15:

121.4

Energy & Power

IndustrialsHealthcare & Life Sciences

Transportation & Logistics

Aerospace, Defense & Government

Services

Business Services

Building Products & Materials

Technology, Media & Telecom

Specialty Distribution

Consumer

PAGE |

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Industrials

Test, Measurement, and Control

Harris Williams & Co. has a broad range of industry expertise, which creates powerful opportunities.Our clients benefit from our deep-sector experience, integrated industry intelligence andcollaboration across the firm, and our commitment to learning what makes them unique. For moreinformation, visit our website at www.harriswilliams.com/industries.

OUR FIRM



11

UNITED STATES EUROPE

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PAGE |

PUBLIC COMPARABLES

12



As of April 23, 2015 ($ in Millions, except per share amounts)

TEST AND MEASUREMENT

LTM Margins Current 1-Month 1-Year % of R&D / Sales TEV / EBITDA

EBITDA Gross TEV Price Change Change LTM High LTM LTM 2015E

Instrumentation

AMETEK, Inc. 25.8% 35.4% $14,057 $52.69 (0.8%) 1.3% 96.7% 5.2% 13.6x 12.7x

Danaher Corp. 22.6% 52.8% $60,657 $84.69 (2.7%) 16.3% 96.1% 6.5% 13.3x 12.8x

Spectris plc 18.4% 57.6% $4,221 $33.88 1.8% (11.2%) 93.0% 7.0% 12.5x 11.9x

Badger Meter Inc. 16.9% 36.2% $997 $64.22 8.9% 26.1% 99.4% 2.6% 16.2x 15.1x

Teledyne Technologies Inc. 16.4% 38.1% $4,458 $109.15 6.4% 14.3% 99.2% 17.9% 11.3x 10.8x

National Instruments Corporation 16.3% 74.5% $3,651 $32.17 (2.1%) 16.6% 95.8% 18.2% 18.0x 12.6x

ESCO Technologies Inc. 15.6% 39.3% $1,015 $38.05 (1.0%) 8.8% 95.8% 7.8% 12.3x 10.9x

Jenoptik AG 12.1% 34.8% $797 $12.20 (13.0%) (25.3%) 82.6% 6.7% 9.2x 8.4x

Oxford Instruments plc 10.7% 44.9% $991 $13.73 13.4% (40.9%) 62.8% 7.4% 15.3x 12.4x

I tron, Inc. 8.6% 31.6% $1,670 $37.24 2.5% 4.2% 85.3% 8.9% 9.9x 9.9x

Median 16.4% 38.7% 0.5% 6.5% 95.8% 7.2% 12.9x 12.1x

Mean 16.3% 44.5% 1.3% 1.0% 90.7% 8.8% 13.2x 11.8x

Sensors

Sensata Technologies Holding NV 25.1% 34.8% $12,529 $58.29 2.4% 30.3% 98.7% 3.4% 20.7x 16.2x

Meggitt PLC 22.7% 40.1% $7,421 $8.28 (2.7%) 4.3% 92.7% 7.0% 13.5x 11.0x

FLIR Systems, Inc. 22.7% 49.8% $4,165 $30.91 (1.1%) (13.4%) 82.6% 9.4% 12.1x 11.2x

Honeywell International Inc. 17.5% 28.8% $81,689 $103.01 (0.0%) 10.6% 97.0% 7.3% 11.7x 10.1x

MTS Systems Corporation 14.3% 39.9% $1,133 $74.80 (0.0%) 11.3% 96.7% 4.2% 13.9x 10.6x

First Sensor AG 10.2% 50.3% $147 $11.19 1.2% (18.4%) 91.4% 6.2% 9.6x 8.1x

Median 20.1% 40.0% (0.0%) 7.5% 94.7% 6.6% 12.8x 10.8x

Mean 18.8% 40.6% (0.0%) 4.1% 93.2% 6.2% 13.6x 11.2x


Hexagon AB 24.8% 57.8% $15,493 $37.56 8.5% 19.9% 16.3% NM 19.7x 16.0x

FARO Technologies Inc. 13.1% 55.3% $602 $44.66 (26.5%) (9.1%) 68.0% 8.0% 13.4x 13.3x

Mistras Group, Inc. 8.9% 28.7% $655 $18.19 1.3% (24.3%) 71.4% 0.4% 10.3x 8.3x

Muehlbauer Holding AG & Co. KGaA 1.1% 31.0% $267 $20.28 6.0% (20.5%) 80.8% 14.4% 91.3x 10.4x

Median 11.0% 43.1% 3.6% (14.8%) 69.7% 8.0% 16.6x 11.8x

Mean 12.0% 43.2% (2.7%) (8.5%) 59.1% 7.6% 33.7x 12.0x


Waters Corporation 32.1% 58.5% $9,691 $124.35 0.6% 11.9% 98.1% 5.4% 15.2x 14.9x

Mesa Laboratories Inc. 29.8% 60.5% $321 $83.26 10.4% (4.8%) 92.6% 4.6% 15.7x NA

Thermo Fisher Scientific, Inc. 23.9% 46.6% $65,552 $129.55 (3.9%) 8.6% 93.2% 4.1% 16.2x 15.7x

FEI Company 22.0% 48.6% $2,782 $75.15 (3.2%) (19.9%) 79.5% 10.7% 13.2x 12.1x

Mettler-Toledo International Inc. 20.8% 47.4% $9,474 $324.36 (1.9%) 38.9% 97.3% 5.0% 18.3x 16.7x

Sartorius Aktiengesellschaft 20.3% 48.4% $3,012 $152.64 12.6% 11.7% 95.0% 6.0% 14.6x 12.5x

Agilent Technologies Inc. 17.7% 52.0% $13,855 $42.62 1.0% (22.0%) 71.5% 10.2% 11.2x 15.8x

PerkinElmer Inc. 15.4% 45.0% $6,711 $51.57 3.5% 16.5% 99.2% 5.4% 19.5x 15.0x

Bruker Corporation 12.0% 43.6% $3,119 $19.32 (2.0%) (8.7%) 77.5% 9.6% 14.4x 13.4x

Median 20.8% 48.4% 0.6% 8.6% 93.2% 5.4% 15.2x 14.9x

Mean 21.5% 50.1% 1.9% 3.6% 89.3% 6.8% 15.4x 14.5x

Overall Median 17.5% 45.0% 0.6% 4.3% 93.0% 6.8% 13.6x 12.4x

Overall Mean 17.9% 45.3% 0.7% 1.1% 86.4% 7.5% 16.8x 12.5x

Stock Performance

PAGE |

PUBLIC COMPARABLES

13

FLOW CONTROL







Graco Inc. 28.2% 54.6% $4,375 $71.33 (2.7%) (3.3%) 86.8% 4.4% 12.7x 12.4x

IDEX Corporation 24.4% 44.3% $6,255 $75.42 (1.3%) 3.1% 92.2% 1.7% 11.9x 12.0x

Pall Corporation 23.2% 51.1% $10,607 $98.08 (5.8%) 13.7% 92.4% 3.6% 16.0x 15.5x

IMI plc 20.0% 45.7% $5,370 $18.67 (4.8%) (25.5%) 77.5% 0.0% 10.2x 10.5x

Essentra plc 19.7% 57.2% $4,026 $15.19 0.6% 9.1% 95.1% NM 15.1x 11.6x

Flowserve Corp. 18.2% 35.2% $8,425 $57.24 (0.1%) (27.6%) 71.8% 0.8% 9.5x 9.4x

Pentair plc 16.9% 35.0% $14,326 $63.59 (1.2%) (20.1%) 78.9% 1.7% 12.0x 11.5x

Donaldson Company, Inc. 16.5% 35.3% $5,450 $37.66 (0.7%) (10.4%) 86.8% 2.5% 13.3x 12.9x

Trelleborg AB 16.3% 35.5% $6,226 $19.73 1.9% (0.6%) 94.7% 1.5% 13.3x 12.8x

Xylem Inc. 16.1% 38.6% $7,009 $35.14 (1.1%) (0.5%) 87.9% 2.7% 11.1x 11.1x

Gorman-Rupp Co. 15.6% 24.7% $741 $28.69 0.3% (8.0%) 72.9% NM 10.9x 9.9x

ESCO Technologies Inc. 15.6% 39.3% $1,003 $37.60 (2.2%) 7.6% 94.6% 7.8% 12.2x 10.8x

ITT Corporation 15.2% 32.6% $3,115 $40.83 2.7% (6.7%) 82.6% 2.9% 7.7x 7.5x

Franklin Electric Co., Inc. 15.2% 32.9% $1,955 $38.41 (0.2%) (7.6%) 92.0% 0.0% 12.3x 11.5x

Colfax Corporation 13.8% 32.2% $7,424 $48.33 0.8% (32.7%) 64.1% 0.9% 11.6x 11.9x

Sulzer, Ltd. 11.7% 31.4% $3,030 $112.76 1.9% (25.4%) 77.3% 2.4% 8.0x 7.9x

SPX Corporation 7.9% 28.9% $4,372 $83.60 (1.0%) (16.3%) 75.0% 1.1% 11.7x 8.5x

Median 16.3% 35.3% (0.7%) (7.6%) 86.8% 1.7% 11.9x 11.5x

Mean 17.3% 38.5% (0.8%) (8.9%) 83.7% 2.3% 11.7x 11.0x

Valves and Fittings

The Weir Group PLC 18.0% 33.1% $7,256 $27.97 6.7% (35.0%) 65.7% 1.0% 10.8x 11.7x

Curtiss-Wright Corporation 17.9% 34.6% $4,068 $74.47 2.8% 17.1% 96.0% 3.0% 10.1x 9.4x

Cameron International Corporation 15.8% 28.1% $11,946 $49.78 13.2% (21.7%) 66.5% 1.2% 7.3x 9.0x

Mueller Water Products, Inc. 15.3% 29.6% $2,071 $10.05 3.9% 6.2% 95.4% 1.3% 11.4x 10.0x

Crane Co. 14.9% 34.9% $4,064 $61.21 (3.7%) (13.8%) 79.5% 2.3% 9.3x 8.2x

Parker-Hannifin Corporation 14.6% 24.0% $18,313 $121.47 1.6% (3.1%) 91.1% 3.1% 9.4x 8.8x

Aalberts Industries NV 14.6% 60.5% $4,165 $30.59 (2.0%) (9.4%) 93.1% NM 10.7x 10.2x

Watts Water Technologies, Inc. 13.0% 35.8% $2,178 $54.42 (0.9%) (7.1%) 82.7% 1.5% 11.1x 10.6x

Indutrade AB 13.0% 33.7% $2,167 $47.64 9.0% 4.5% 97.5% 1.1% 13.4x 12.8x

CIRCOR International, Inc. 12.6% 31.5% $901 $57.02 3.3% (20.9%) 68.6% 0.9% 8.5x 10.0x

Mueller Industries Inc. 8.0% 13.6% $2,011 $36.67 3.4% 23.1% 98.6% NM 10.7x NA

Median 14.6% 33.1% 3.3% (7.1%) 91.1% 1.3% 10.7x 10.0x

Mean 14.3% 32.7% 3.4% (5.5%) 85.0% 1.7% 10.2x 10.1x

Overall Median 15.6% 34.8% 0.1% (7.3%) 86.8% 1.6% 11.1x 10.6x

Overall Mean 16.2% 36.2% 0.9% (7.5%) 84.2% 2.1% 11.2x 10.7x

Stock Performance

PAGE |

PUBLIC COMPARABLES

14

PROCESS / MOTION CONTROL






Motion and Drives

AMETEK Inc. 25.8% 35.4% $13,821 $51.71 (2.6%) (0.6%) 94.9% 5.2% 13.3x 12.5x

Danaher Corp. 22.8% 52.7% $60,093 $84.22 (3.2%) 15.6% 95.6% 6.6% 13.2x 12.6x

Rockwell Automation Inc. 20.4% 42.0% $14,713 $112.31 (1.9%) (11.6%) 87.4% 4.4% 10.9x 10.2x

Rexnord Corporation 17.6% 36.1% $4,236 $26.31 0.6% (5.4%) 87.8% 1.9% 11.4x 9.8x

Nidec Corporation 15.8% 23.6% $20,091 $69.04 5.1% 19.6% 96.9% 4.4% 15.5x 12.6x

Schneider Electric SE 14.9% 37.7% $48,684 $75.02 (3.3%) (17.5%) 92.5% 2.3% 10.8x 10.5x

ABB Ltd. 13.8% 28.2% $50,534 $21.81 4.5% (15.3%) 89.3% 3.8% 9.2x 9.3x

Siemens Aktiengesellschaft 10.9% 28.8% $101,711 $106.57 (0.7%) (21.0%) 93.0% 5.7% 10.6x 9.9x

Yaskawa Electric Corp. 10.5% 31.2% $4,105 $14.53 (1.4%) 11.1% 94.5% 3.6% 11.9x 10.1x

Median 15.8% 35.4% (1.4%) (5.4%) 93.0% 4.4% 11.4x 10.2x

Mean 16.9% 35.1% (0.3%) (2.8%) 92.4% 4.2% 11.9x 10.8x


Fanuc Corporation 43.1% 51.6% $34,559 $216.20 (6.0%) 18.8% 91.8% 2.8% 14.8x 13.9x

Rockwell Automation Inc. 20.4% 42.0% $14,713 $112.31 (1.9%) (11.6%) 87.4% 4.4% 10.9x 10.2x

ABB Ltd. 13.8% 28.2% $50,534 $21.81 4.5% (15.3%) 89.3% 3.8% 9.2x 9.3x

FARO Technologies Inc. 13.1% 55.3% $907 $62.23 2.4% 26.6% 94.8% 8.0% 20.3x 16.5x

Metso Corporation 12.4% 30.0% $5,051 $29.52 (1.5%) (26.7%) 85.7% 1.7% 9.2x 9.7x

ATS Automation Tooling Systems Inc. 12.3% 26.8% $1,200 $11.13 5.6% (16.4%) 82.3% 0.5% 13.4x 9.8x

Krones AG 9.1% 100.0% $3,181 $107.75 9.3% 17.5% 96.7% 3.6% 9.7x 9.9x

KUKA Aktiengesellschaft 8.7% 25.1% $2,570 $73.11 (6.2%) 48.6% 89.2% 3.7% 11.6x 11.0x

Mikron Holding AG 3.1% 57.9% $86 $6.87 10.7% (13.3%) 66.2% 2.5% 11.1x 8.7x

Median 12.4% 42.0% 2.4% (11.6%) 89.2% 3.6% 11.1x 9.9x

Mean 15.1% 46.3% 1.9% 3.1% 87.0% 3.4% 12.2x 11.0x


Pentair plc 16.9% 35.0% $14,326 $63.59 (1.2%) (20.1%) 78.9% 1.7% 12.0x 11.5x

CTS Corporation 16.6% 32.6% $519 $17.34 (2.4%) (12.1%) 85.0% 5.6% 7.7x 8.1x

Eaton Corporation plc 15.9% 31.2% $40,381 $69.11 2.3% (6.4%) 86.4% 2.9% 11.3x 10.9x

Parker-Hannifin Corporation 14.6% 24.0% $18,313 $121.47 1.6% (3.1%) 91.1% 3.1% 9.4x 8.8x

Moog Inc. 13.4% 29.7% $3,579 $71.44 (4.4%) 13.7% 90.2% 5.1% 10.1x 9.5x

Altra Industrial Motion Corp. 13.3% 30.4% $952 $28.14 4.3% (17.4%) 73.9% 1.9% 8.7x 8.8x

Median 15.3% 30.8% 0.2% (9.2%) 85.7% 3.0% 9.8x 9.1x

Mean 15.1% 30.5% 0.0% (7.6%) 84.2% 3.4% 9.9x 9.6x


Cognex Corporation 32.1% 75.1% $4,196 $50.08 0.9% 51.3% 95.4% 12.3% 26.9x 25.8x

AMETEK Inc. 25.8% 35.4% $13,821 $51.71 (2.6%) (0.6%) 94.9% 5.2% 13.3x 12.5x

Isra Vision AG. 20.5% 55.3% $306 $62.84 (3.6%) (10.8%) 87.4% 13.2% 11.9x 8.3x

MKS Instruments, Inc. 20.3% 43.3% $1,315 $32.89 (9.0%) 15.4% 86.9% 8.1% 8.3x 7.3x

Augusta Technologie AG 18.5% 49.2% $222 $35.16 1.4% (1.7%) 99.1% 9.5% 7.6x NA

Basler AG 17.5% 51.8% $183 $53.97 3.6% 8.2% 89.4% 11.1% 10.9x 9.6x

Teledyne Technologies Inc. 16.4% 38.1% $4,391 $107.27 4.5% 12.3% 97.4% 17.9% 11.2x 10.6x

National Instruments Corporation 16.3% 74.5% $3,659 $32.23 (1.9%) 16.9% 96.0% 18.2% 18.1x 12.7x

AB SKF 13.8% 25.0% $13,203 $23.93 (5.8%) (2.3%) 89.3% 3.1% 11.2x 9.4x

Median 18.5% 49.2% (1.9%) 8.2% 94.9% 11.1% 11.2x 10.1x

Mean 20.1% 49.7% (1.4%) 9.8% 92.9% 11.0% 13.3x 12.0x

Overall Median 15.9% 35.4% (1.2%) (2.3%) 89.4% 4.4% 11.2x 10.0x

Overall Mean 17.0% 41.3% 0.0% 1.4% 89.6% 5.7% 12.0x 10.9x

Stock Performance

PAGE |

PUBLIC COMPARABLES

15

TEST SERVICES




Stock Performance

LTM Margins Current 1-Month 1-Year % of TEV / EBITDA

EBITDA Gross TEV Price Change Change LTM High LTM 2015E


SGS SA 20.7% 44.7% $15,210 $1,926.89 (0.2%) (21.0%) 81.3% 12.4x 12.3x

Bureau Veritas SA 19.5% 23.3% $11,808 $22.41 3.7% (26.8%) 89.9% 12.0x 12.2x

ALS Limited 18.9% 84.4% $2,103 $3.62 (7.6%) (47.5%) 50.2% 8.3x 8.7x

SAI Global Limited 18.0% 32.1% $818 $3.07 (2.1%) (22.9%) 75.3% 10.4x 8.4x

Intertek Group plc 17.5% 56.0% $7,275 $39.13 2.9% (20.3%) 84.2% 12.8x 11.9x

Eurofins Scientific SA 17.5% 17.8% $4,760 $279.08 2.1% 0.0% 95.0% 16.0x 14.1x

Applus Serv ices, S.A. 10.2% 33.4% $2,226 $11.53 4.4% NA 61.1% 11.2x 9.8x

Mistras Group, Inc. 8.9% 28.7% $657 $18.26 1.7% (24.0%) 71.7% 10.3x 8.3x

Furmanite Corporation 6.4% 24.9% $324 $7.77 1.8% (20.6%) 64.8% 9.6x 8.0x

Median 17.5% 32.1% 1.8% (21.9%) 75.3% 11.2x 9.8x

Mean 15.3% 38.3% 0.7% (22.9%) 74.8% 11.4x 10.4x


Abengoa SA 18.3% 43.2% $12,172 $3.72 3.5% (33.3%) 67.1% 7.5x 7.8x

Fomento de Construcciones y Contratas, S.A. 11.1% 64.9% $8,439 $11.85 3.7% (44.4%) 59.4% 9.8x 9.2x

Tetra Tech Inc. 8.1% 15.3% $1,629 $24.73 1.1% (12.7%) 85.0% 11.1x 7.7x

ARCADIS NV 7.9% 19.4% $3,252 $32.55 3.5% (10.9%) 96.3% 12.8x 10.5x

WSP Global Inc. 7.6% 20.1% $3,672 $35.29 9.8% 4.4% 97.8% 19.2x 10.8x

Amec Foster Wheeler plc 7.6% 13.0% $6,702 $14.04 0.4% (29.7%) 73.9% 14.2x 9.5x

Jacobs Engineering Group Inc. 6.2% 16.7% $6,205 $47.46 7.9% (25.5%) 73.0% 7.8x 7.5x

Median 7.9% 19.4% 3.5% (25.5%) 73.9% 11.1x 9.2x

Mean 9.5% 27.5% 4.3% (21.7%) 78.9% 11.8x 9.0x

Overall Median 10.6% 26.8% 2.5% (22.9%) 74.6% 11.1x 9.3x

Overall Mean 12.8% 33.6% 2.3% (22.3%) 76.6% 11.6x 9.8x

PAGE |

HARRIS WILLIAMS & CO.

Automation World

BCG

Bureau of Labor Statistics

Business Insider

Capital IQ

Dealogic

Eurostat

Flow Control Magazine

Food Magazine

IFR

16

SOURCES



Harris Williams & Co. (www.harriswilliams.com) is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.

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TEST, MEASUREMENT, AND CONTROL - Harris Williams · TEST, MEASUREMENT, AND CONTROL INDUSTRY UPDATE...

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