manufacturing report q1 2017 - sdr ventures · strategic buyer inv. date select corporate...

http://sdrventures.com/

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mailto:[email protected]



22 30

58 10

101

37

- 20 40 60 80

100 120

Strategic

82%

Financial18%

Date Target Buyer(s) SegmentAmount

($ in Mil)

TEV/

Rev

TEV/

EBITDA3/16/2017 Scott Technologies, Inc. 3M Co. Medical 2,000.00 3.51x 11.00x

3/2/2017 Grindmaster-Cecilware Corp. Electrolux AB Non-Durable Consumer 108.00 1.66x -

2/20/2017 Vention Medical, Inc. (Advanced Technologies

Business)

Nordson Corp. Medical 705.00 4.70x 14.69x

2/17/2017 LMI Aerospace, Inc. Sonaca USA, Inc. Aerospace & Defense 428.26 1.24x 12.38x

2/14/2017 Cynosure, Inc. Hologic, Inc. Medical 1,426.61 3.29x 29.72x

2/13/2017 GigPeak, Inc. Integrated Device Technology, Inc. Industrial 185.33 3.15x 16.83x

2/9/2017 Letica Corp. RPC Group Plc Non-Durable Consumer 640.00 1.42x 11.23x

2/2/2017 Ultratech, Inc. Veeco Instruments, Inc. Industrial 508.28 2.62x 33.01x

1/25/2017 Arctic Cat, Inc. Textron, Inc. Durable Consumer 310.23 0.61x -5.12x

1/23/2017 Westrock Co. (Specialty Closures & Dispensing

Systems Business)

Silgan Holdings, Inc. Industrial 1,050.00 1.86x 10.61x

1/10/2017 Mortara Instrument, Inc. Hill-Rom Holdings, Inc. Medical 330.00 2.87x -

Strategic


http://sdrventures.com/manufacturing-ma-update/?utm_source=Quarterly Report&utm_campaign=Q1 2017 Manufacturing Report&utm_medium=PDF

Strategic Buyer Inv. Date Select Corporate Acquisitions3/20/2017 ▪ Medallion Plastics, Inc

12/5/2016 ▪ KRA International LLC

12/5/2016 ▪ Sigma Wire International LLC

8/1/2016 ▪ BH Electronics, Inc.

2/15/2017 ▪ Guy Metals, Inc.

1/19/2017 ▪ The Laserflex Corp.

1/5/2015 ▪ Fay Industries, Inc.

2/6/2017 ▪ Argon Medical Devices, Inc. (Critical Care Business)

2/6/2017 ▪ Catheter Connections, Inc. (Certain Assets)

7/6/2016 ▪ DFINE, Inc.

2/3/2016 ▪ Cryolife, Inc. (Hero Graft Brand)

2/9/2017 ▪ Letica Corp.

12/15/2016 ▪ ESE World BV (South Africa)

12/15/2016 ▪ AstraPak Ltd. (Netherlands)

11/17/2016 ▪ Plasti-Ape SpA (Italy)

10/25/2016 ▪ Atlantic Precision, Inc.

11/10/2015 ▪ Andrews Laser Works Corporation

10/30/2015 ▪ Noranco Inc.

7/21/2015 ▪ Composites Horizons, Inc.

9/28/2016 ▪ Pacific Packaging Machinery Inc.

8/2/2016 ▪ Zarpac, Inc. (nka:Pro Mach Integrated Solutions Group)

5/2/2016 ▪ NJM Packaging

2/15/2016 ▪ Stork Fabricators, Inc.

Patrick Industries, Inc.

Ryerson Holding Corp.

Pro Mach, Inc.

Precision Castparts Corporations

Merit Medical Systems, Inc.

RPC Group Plc

Financial Sponsor Inv. Date Select Corporate Acquisitions2/15/2017 ▪ Heartland Steel Products LLC

1/17/2017 ▪ EDSCO Fasteners, Inc.

8/18/2016 ▪ Vektek, Inc.

8/9/2016 ▪ Auto Craft Tool & Die Co, Inc.

8/9/2016 ▪ 3 D Sales, Inc.

2/3/2017 ▪ Time Manufacturing Co.

2/1/2017 ▪ Tie Down Engineering Inc (Axle Brake & Actuation Business)

1/13/2017 ▪ Randall Manufacturing LLC

11/3/2016 ▪ Poolpak Technologies Corp.

12/30/2016 ▪ Custom Molded Products LLC

8/29/2016 ▪ Nalle Automation Systems LLC

4/26/2016 ▪ Endevr, Inc. (Strengthtape)

4/18/2016 ▪ Unirac, Inc.

3/27/2017 ▪ Sealed Air Corp (Diversey Care & Food Hygiene Business)

12/14/2016 ▪ Innocor, Inc.

12/8/2016 ▪ Bottles Unlimited, Inc.

11/2/2015 ▪ Unique Pharmaceuticals Ltd.

12/23/2016 ▪ Hi-Rel Group

9/16/2016 ▪ Spring USA Corporation

3/3/2016 ▪ Edstrom Industries, Inc.

7/20/2015 ▪ SOURIAU PA&E, Inc.

ShoreView Industries

Tenex Capital Management

The Sterling Group LP

LFM Capital LLC

Bain Capital Private Equity


-10%

-5%

0%

5%

10%

15%

20%

Aerospace & Defense Building Products Durable Consumer

Non-Durable Consumer Industrial Medical

S&P 500

Company Name SymbolMarket Cap

($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

The Boeing Co. BA 107,546$ 176.86$ 13.6% 13.6% 95.2% (2.2%) 11.4% 1.1x 14.4x 23.2x 1.2x 10.2xHoneywell International, Inc. HON 95,050 124.87 7.8% 7.8% 97.9% 0.6% 18.7% 2.6x 12.3x 20.1x 2.7x 12.0xGeneral Dynamics Corp. GD 56,791 187.20 8.4% 8.4% 96.5% 1.7% 14.9% 1.9x 12.2x 19.6x 1.9x 12.6xAirbus Group SE AIR-FR 58,966 76.29 13.5% 13.5% 98.5% 4.4% 0.7% 0.8x 22.3x 53.5x 0.8x 7.9xMohawk Industries, Inc. MHK 17,025 229.49 14.9% 14.9% 98.2% 5.5% 19.3% 2.2x 10.8x 18.4x 2.1x 10.5xTransDigm Group, Inc. TDG 11,634 220.16 -11.6% -11.6% 74.8% 11.4% 43.9% 6.5x 14.6x 24.9x 6.1x 12.7xTextron, Inc. TXT 12,853 47.59 -2.0% -2.0% 93.4% 5.1% 12.1% 1.1x 9.4x 13.5x 1.1x 9.4xSpirit AeroSystems Holdings, Inc. SPR 6,900 57.92 -0.7% -0.7% 92.1% 1.8% 14.8% 1.1x 7.7x 15.7x 1.1x 7.1xB/E Aerospace, Inc. BEAV 6,505 64.11 6.5% 6.5% 98.8% 5.6% 17.8% 2.8x 13.5x 20.8x 2.7x 12.4xHEICO Corp. HEI 5,380 87.20 13.0% 13.0% 98.0% 7.5% 23.5% 4.5x 18.8x 36.0x 4.3x 17.8xCurtiss-Wright Corp. CW 4,044 91.26 -7.2% -7.2% 84.8% 4.8% 22.9% 2.1x 11.0x 21.9x 2.0x 10.4xBombardier, Inc. BBD.B-CA 3,474 1.53 -5.6% -5.6% 72.4% 5.1% 3.5% 0.7x 16.3x NM 0.6x 10.1xEsterline Technologies Corp. ESL 2,555 86.05 -3.5% -3.5% 89.2% 1.3% 13.3% 1.5x 10.1x 23.2x 1.5x 9.6xRBC Bearings, Inc. ROLL 2,329 97.09 4.6% 4.6% 97.2% 5.9% 23.4% 4.2x 17.8x 33.7x 3.9x 15.4xTriumph Group, Inc. TGI 1,277 25.75 -2.8% -2.8% 64.2% (1.7%) 11.7% 0.8x NM NM 0.8x 6.0xAerojet Rocketdyne Holdings, Inc. AJRD 1,618 21.70 20.9% 20.9% 94.4% 5.2% 10.9% 1.1x 11.7x 80.4x 0.9x 7.5xDucommun, Inc. DCO 322 28.79 12.6% 12.6% 85.6% 2.5% 10.1% 0.9x 9.3x 12.9x 0.9x 8.2xSegment Average 3.8% 16.1% 2.1x 13.3x 27.9x 2.0x 10.6xSegment Median 4.8% 14.8% 1.5x 12.3x 21.9x 1.5x 10.2x

Market Stats Operating Stats LTM Multiples NTM Multiples



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Mohawk Industries, Inc. MHK 17,025$ 229.49$ 14.9% 14.9% 98.2% 5.5% 19.3% 2.2x 10.8x 18.4x 2.1x 10.5xUSG Corp. USG 4,649 31.80 10.1% 10.1% 91.7% 3.2% 12.8% 1.7x 9.5x 20.3x 1.7x 8.0xArmstrong World Industries, Inc. AWI 2,479 46.05 10.2% 10.2% 95.2% 6.5% 17.4% 2.6x 14.1x 28.8x 2.5x 9.2xApogee Enterprises, Inc. APOG 1,708 59.61 11.3% 11.3% 97.7% NM NM 1.5x 10.6x NM 1.3x 8.5xGibraltar Industries, Inc. ROCK 1,301 41.20 -1.1% -1.1% 85.7% 0.1% 9.5% 1.3x 11.1x 39.2x 1.3x 10.1xBuilders FirstSource, Inc. BLDR 1,669 14.90 35.8% 35.8% 94.0% 8.5% 4.8% 0.5x 9.9x 11.7x 0.5x 7.4xAmerican Woodmark Corp. AMWD 1,490 91.80 22.0% 22.0% 99.5% 10.5% 10.6% 1.3x 10.6x 22.4x 1.2x 9.5xAdvanced Drainage Systems, Inc. WMS 1,206 21.90 6.3% 6.3% 76.9% 3.2% 14.0% 1.5x 11.0x 35.9x 1.5x 9.0xContinental Building Products, Inc. CBPX 970 24.50 6.1% 6.1% 92.4% 6.8% 28.6% 2.6x 8.9x 22.7x 2.5x 9.0xInsteel Industries, Inc. IIIN 686 36.14 1.4% 1.4% 84.4% 14.3% 10.4% 1.5x 9.3x 19.9x 1.3x 9.3xArmstrong Flooring, Inc. AFI 514 18.42 -7.5% NA 80.2% 1.6% 1.1% 0.4x 7.7x 69.0x 0.4x 6.2xSegment Average 6.0% 12.9% 1.6x 10.3x 28.8x 1.5x 8.8xSegment Median 6.5% 10.6% 1.5x 10.3x 22.7x 1.3x 9.0x



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Newell Brands, Inc. NWL 22,755$ 47.17$ 5.6% 5.6% 85.1% 11.1% 16.2% 2.6x 20.3x 37.9x 2.1x 10.7xWhirlpool Corp. WHR 12,762 171.33 -5.7% -5.7% 88.3% 5.0% 9.7% 0.8x 8.4x 14.9x 0.8x 6.8xHanesbrands, Inc. HBI 7,733 20.76 -3.8% -3.8% 68.2% 7.6% 17.8% 1.8x 11.0x 14.8x 1.7x 10.4xGildan Activewear, Inc. GIL 6,203 27.04 6.6% 6.6% 84.0% 9.8% 17.5% 2.6x 12.9x 18.4x 2.4x 11.9xBrunswick Corp. BC 5,479 61.20 12.2% 12.2% 99.1% 8.7% 5.5% 1.2x 10.3x 20.4x 1.1x 8.2xTupperware Brands Corp. TUP 3,178 62.72 19.2% 19.2% 93.8% 1.4% 19.4% 1.7x 10.0x 14.2x 1.7x 8.9xLa-Z-Boy, Inc. LZB 1,318 27.00 -13.0% -13.0% 82.1% 3.7% 10.5% 0.8x 7.8x 16.9x 0.8x 7.4xG-III Apparel Group Ltd. GIII 1,065 21.89 -25.9% -25.9% 42.3% 15.4% (0.3%) 0.6x 10.0x 19.9x 0.5x 8.4xFlexsteel Industries, Inc. FLXS 393 50.40 -18.3% -18.3% 80.0% NM 8.9% 0.7x 8.3x 16.9x NM NMCulp, Inc. CFI 384 31.20 -16.0% -16.0% 82.5% 2.9% 11.6% 1.2x 9.7x 19.7x 1.2x 9.0xJohnson Outdoors, Inc. JOUT 320 36.50 -8.0% -8.0% 80.5% 5.0% 3.8% 0.7x 7.6x 20.2x 0.7x 6.8xCSS Industries, Inc. CSS 236 25.92 -4.2% -4.2% 88.8% NM 14.4% 0.6x 7.4x 7.1x NM NMEscalade, Inc. ESCA 185 12.90 -2.3% -2.3% 87.8% 1.0% 9.9% 1.2x 9.4x 16.1x 1.2x 9.9xBlack Diamond, Inc. BDE 164 5.45 1.9% 1.9% 79.6% 6.2% 0.3% 0.6x NM NM 0.6x 15.8xDelta Apparel, Inc. DLA 134 17.63 -15.0% -15.0% 69.1% 1.0% 3.2% 0.6x 9.7x 18.6x 0.6x 7.1xSegment Average 6.1% 9.9% 1.2x 10.2x 18.3x 1.2x 9.3xSegment Median 5.0% 9.9% 0.8x 9.7x 17.7x 1.1x 8.9x



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Colgate-Palmolive Co. CL 64,715$ 73.19$ 11.8% 11.8% 97.1% 2.7% 29.8% 4.6x 15.9x 26.9x 4.6x 15.4xGeneral Mills, Inc. GIS 33,998 59.01 -4.5% -4.5% 80.9% (1.4%) 21.2% 2.8x 12.8x 21.9x 2.9x 12.8xCampbell Soup Co. CPB 17,423 57.24 -5.3% -5.3% 84.3% 1.0% 23.0% 2.6x 13.3x 35.6x 2.6x 11.3xThe Clorox Co. CLX 17,294 134.83 12.3% 12.3% 96.0% 4.3% 22.4% 3.3x 15.5x 27.1x 3.2x 14.6xCoty, Inc. COTY 13,545 18.13 -1.0% -1.0% 57.4% 56.7% 15.9% 3.5x 23.3x NM 2.3x 12.5xChurch & Dwight Co., Inc. CHD 12,669 49.87 12.9% 12.9% 92.9% 4.5% 23.0% 3.9x 16.3x 28.5x 3.8x 15.7xEdgewell Personal Care Co. EPC 4,200 73.14 0.2% 0.2% 83.1% 0.8% 18.8% 2.3x 12.2x 23.0x 2.3x 11.9xAvon Products, Inc. AVP 1,927 4.40 -12.7% -12.7% 63.2% 1.5% 8.7% 0.6x 6.7x NM 0.6x 6.8xInter Parfums, Inc. IPAR 1,138 36.55 11.6% 11.6% 95.7% 9.8% 6.6% 2.1x 13.8x 34.2x 1.9x 12.3xSegment Average 8.9% 18.8% 2.9x 14.4x 28.2x 2.7x 12.6xSegment Median 2.7% 21.2% 2.8x 13.8x 27.1x 2.6x 12.5x




($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

United Technologies Corp. UTX 89,957$ 112.21$ 2.4% 2.4% 98.1% 3.5% 13.4% 1.9x 11.1x 18.4x 1.9x 10.4xIllinois Tool Works, Inc. ITW 45,791 132.47 8.2% 8.2% 97.4% 3.7% 25.3% 3.8x 14.5x 23.2x 3.7x 13.8xEaton Corp. Plc ETN 33,261 74.15 10.5% 10.5% 99.4% (0.1%) 15.8% 2.1x 12.0x 17.6x 2.1x 12.2xIngersoll-Rand Plc IR 21,103 81.32 8.4% 8.4% 99.0% 2.9% 12.9% 1.7x 12.0x 14.3x 1.7x 11.3xParker-Hannifin Corp. PH 21,370 160.32 14.5% 14.5% 99.4% 15.5% 13.9% 2.0x 14.0x 24.7x 1.8x 10.8xRockwell Automation, Inc. ROK 20,024 155.71 15.9% 15.9% 99.0% 4.2% 21.0% 3.3x 16.4x 26.8x 3.2x 14.5xHubbell, Inc. HUBB 6,656 120.05 2.9% 2.9% 95.3% 3.5% 17.3% 2.1x 11.9x 22.9x 2.0x 11.7xColfax Corp. CFX 4,823 39.26 9.3% 9.3% 93.5% (1.2%) 13.6% 1.7x 13.3x 37.8x 1.7x 12.4xCrane Co. CR 4,449 74.83 3.8% 3.8% 94.8% (0.5%) 17.3% 1.7x 10.1x 36.1x 1.7x 9.3xBarnes Group, Inc. B 2,758 51.34 8.3% 8.3% 98.8% 8.4% 22.4% 2.6x 11.5x 20.7x 2.4x 10.8xActuant Corp. ATU 1,560 26.35 1.5% 1.5% 88.4% 1.6% 10.3% 1.8x 14.8x 32.1x 1.8x 12.9xEnPro Industries, Inc. NPO 1,524 71.16 5.6% 5.6% 99.2% 5.9% 9.7% 1.8x 14.8x NM 1.7x 11.9xAlbany International Corp. AIN 1,332 46.05 -0.5% -0.5% 93.0% 9.0% 20.9% 2.3x 10.3x 28.1x 2.1x 8.7xChart Industries, Inc. GTLS 1,072 34.94 -3.0% -3.0% 85.5% 5.7% 5.2% 1.2x 9.6x 38.4x 1.1x 11.7xColumbus McKinnon Corp. CMCO 503 24.82 -8.2% -8.2% 84.9% 30.1% 9.3% 1.1x 10.1x 25.9x 0.9x 6.3xSegment Average 6.2% 15.2% 2.1x 12.4x 26.2x 2.0x 11.2xSegment Median 3.7% 13.9% 1.9x 12.0x 25.3x 1.8x 11.7x



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Medtronic Plc MDT 110,277$ 80.56$ 13.1% 13.1% 90.2% 4.6% 29.6% 4.5x 14.9x 28.5x 4.3x 13.3xDentsply Sirona, Inc. XRAY 14,341 62.44 8.2% 8.2% 94.9% 8.9% 21.8% 4.1x 20.8x 32.2x 3.7x 14.9xHologic, Inc. HOLX 11,884 42.55 6.1% 6.1% 99.0% (0.4%) 36.0% 5.1x 14.0x 36.4x 5.2x 14.0xABAXIS, Inc. ABAX 1,093 48.50 -8.1% -8.1% 86.7% 6.7% 24.0% 4.2x 18.2x 33.0x 4.0x 18.0xAnalogic Corp. ALOG 948 75.90 -8.5% -8.5% 79.2% (3.0%) 14.8% 1.5x 10.4x 40.4x 1.6x 10.4xInteger Holdings Corp. ITGR 1,246 40.20 36.5% 36.5% 96.2% 2.6% 18.6% 2.1x 11.1x 211.6x 2.1x 9.9xAngioDynamics, Inc. ANGO 645 17.35 2.8% 2.8% 95.4% 1.1% 15.4% 2.0x 15.2x NM 2.0x 11.9xMisonix, Inc. MSON 106 11.80 12.9% 12.9% 98.3% NM (22.1%) 3.9x NM NM NM NMAmedica Corp. AMDA 15 0.41 -35.0% -35.0% 14.6% NM NM 0.8x NM NM NM NMAllied Healthcare Products, Inc. AHPI 8 2.00 -0.1% -0.1% 52.4% NM (1.1%) 0.2x NM NM NM NMSegment Average 2.9% 15.2% 2.8x 14.9x 63.7x 3.3x 13.2xSegment Median 2.6% 18.6% 3.0x 14.9x 34.7x 3.7x 13.3x



manufacturing report q1 2017 - sdr ventures · strategic buyer inv. date select corporate...

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