http://sdrventures.com/

Strategic82%

Financial18%

8

23 49

35

98

23 -

20 40 60 80

100 120

Date Target Buyer(s) SegmentAmount

($ in Mil)

TEV/

Rev

TEV/

EBITDA9/25/2017 Colfax Corp. (Fluid Handling Business) CIRCOR International, Inc. Industrial 860.3 1.86x 13.44x

9/20/2017 Ash Grove Cement Co. CRH Plc Building Products 3,513.2 - -

9/20/2017 Vantage Specialty Chemicals, Inc. H.I.G. Capital LLC Industrial 1,000.0 - -

9/18/2017 Orbital ATK, Inc. Northrop Grumman Corp. Aerospace & Defense 9,173.3 2.03x 15.06x

9/4/2017 Rockwell Collins, Inc. United Technologies Corp. Aerospace & Defense 31,018.6 5.11x 22.03x

9/4/2017 Royal Adhesives & Sealants LLC H.B. Fuller Co. Industrial 1,575.0 - -

8/28/2017 IXYS Corp. Littelfuse, Inc. Industrial 648.2 2.00x 14.81x

8/14/2017 Williamson-Dickie Mfg. Co. VF Corp. Non-Durable Consumer 820.0 0.94x -

8/7/2017 NxStage Medical, Inc. Fresenius Medical Care AG & Co. Medical 1,937.2 5.12x 65.01x

8/2/2017 Tronox Alkali Corp. Genesis Energy LP Industrial 1,325.0 - -

7/27/2017 ASCO Power Technologies LP Schneider Electric SE Industrial 1,250.0 - -

7/27/2017 Purple Innovation LLC Global Partner Acquisition Corp. Durable Consumer 1,093.0 - -

Strategic Buyer Inv. Date Select Corporate Acquisitions

Patrick Industries, Inc. 9/5/2017 ▪ Baymont, Inc.

7/17/2017 ▪ Indiana Technologies, Inc.

5/1/2017 ▪ Leisure Product Enterprises LLC

3/20/2017 ▪ Medallion Plastics, Inc

12/5/2016 ▪ KRA International LLC

The Middleby Corp. 8/31/2017 ▪ QualServ Corp.

6/30/2017 ▪ CVP Systems, Inc.

5/1/2017 ▪ Burford Corp.

5/18/2016 ▪ Follett Corporation

WestRock Company (NYSE: WRK) 6/21/2017 ▪ Combined Container Industries LLC

5/24/2017 ▪ US Corrugated Inc (5 Corrugated Converting Facilities)

4/26/2017 ▪ Star Pizza Box, Inc.

1/24/2017 ▪ Multi Packaging Solutions International Limited

IPG Photonics Corp. (NasdaqGS: IPGP) 6/19/2017 ▪ Innovative Laser Technologies, Inc.

5/23/2017 ▪ OptiGrate Corp.

5/9/2016 ▪ Menara Networks, Inc.

Wilo USA LLC 3/7/2017 ▪ Ardox Corp.

3/7/2017 ▪ Karak Machine Corp.

3/3/2017 ▪ Weil Pump Co Inc

Merit Medical Systems, Inc. (NasdaqGS: MMSI) 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)

Financial Sponsor Inv. Date Select Corporate AcquisitionsJLL Partners, Inc. 9/18/2017 ▪ Short Bark Industries, Inc.

8/28/2017 ▪ United Shield International Ltd.

7/13/2017 ▪ Coastal Life Technologies, Inc.

4/18/2017 ▪ First Tactical LLC

2/20/2017 ▪ Vention Medical, Inc. (Device Manufacturing Services)

LKCM Capital Group LLC 8/15/2017 ▪ Alliance Sports Group LP

7/26/2017 ▪ Move Collective LLC

7/25/2017 ▪ Zing Anything LLC

3/31/2017 ▪ GLJ LLC

Riverside Partners 7/31/2017 ▪ Paragon Windows & Doors LLC

7/17/2017 ▪ Dreamlight, Inc.

5/2/2017 ▪ Interparts Industries, Inc.

12/7/2016 ▪ Dublin Dog Co.

Speyside Equity LLC 7/31/2017 ▪ Craftsman Custom Metals LLC

5/17/2017 ▪ Avon Gear Co.

5/6/2017 ▪ West Coast Stainless Products

5/6/2017 ▪ Dynatek Machine, Inc.

5/1/2017 ▪ Ashland Foundry & Machine Works LLC

Genstar Capital LLC 7/13/2017 ▪ Tri-Star Industries, Inc.

7/10/2017 ▪ STACK Media, Inc.

5/18/2017 ▪ Aavid Thermalloy LLC

5/2/2017 ▪ Smiths Interconnect, Inc. (Microwave Telecoms Business)

4/3/2017 ▪ Patrick Products, Inc.

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 150,259$ 254.21$ 28.6% 63.3% 98.0% 2.5% 13.2% 1.7x 14.0x 22.5x 1.7x 13.0xHoneywell International, Inc. HON 108,054 141.74 6.3% 22.3% 99.8% 4.0% 23.0% 2.9x 13.3x 22.0x 2.8x 12.7xAirbus Group SE AIR-FR 73,621 95.06 11.7% 28.0% 100.0% 7.4% 7.6% 0.9x 17.2x 95.5x 0.9x 8.6xGeneral Dynamics Corp. GD 61,563 205.58 3.8% 19.1% 99.0% 4.2% 15.2% 2.0x 13.5x 20.3x 2.0x 13.5xMohawk Industries, Inc. MHK 18,399 247.51 2.4% 24.0% 95.2% 8.7% 19.6% 2.3x 11.5x 19.2x 2.1x 10.7xTextron, Inc. TXT 14,263 53.88 14.4% 11.0% 99.6% 7.4% 10.6% 1.2x 11.2x 16.5x 1.2x 10.5xTransDigm Group, Inc. TDG 13,271 255.65 -4.9% 2.7% 86.7% 8.8% 47.3% 6.7x 14.7x 28.4x 6.4x 13.1xSpirit AeroSystems Holdings, Inc. SPR 9,196 77.72 34.1% 33.2% 98.0% 3.4% (1.1%) 1.4x 12.7x 28.2x 1.4x 9.2xHEICO Corp. HEI 6,895 89.81 25.0% 45.5% 98.3% 13.0% 23.9% 5.6x 22.8x 43.8x 5.1x 20.6xCurtiss-Wright Corp. CW 4,614 104.54 13.9% 6.3% 97.1% 5.1% 19.1% 2.4x 12.7x 23.7x 2.3x 11.4xBombardier, Inc. BBD.B-CA 4,072 1.81 -4.2% 4.6% 85.1% 7.8% 3.1% 0.8x 20.8x NM 0.7x 10.3xRBC Bearings, Inc. ROLL 3,035 125.15 23.0% 34.8% 98.0% 10.7% 25.2% 5.2x 21.1x 40.2x 4.7x 17.8xEsterline Technologies Corp. ESL 2,702 90.15 -4.9% 1.1% 87.8% 0.6% 15.8% 1.6x 9.9x 20.2x 1.6x 9.6xAerojet Rocketdyne Holdings, Inc. AJRD 2,629 35.01 68.3% 95.0% 96.6% 5.0% 13.1% 1.5x 15.6x 68.6x 1.4x 11.7xTriumph Group, Inc. TGI 1,476 29.75 -5.9% 12.3% 85.5% (2.9%) 6.1% 0.8x 6.5x NM 0.8x 8.1xDucommun, Inc. DCO 363 32.05 1.5% 25.4% 90.1% 6.5% 8.7% 1.0x 10.3x 26.7x 0.9x 8.7xSegment Average 5.8% 15.6% 2.4x 14.3x 34.0x 2.2x 11.8xSegment Median 5.8% 14.2% 1.6x 13.4x 25.2x 1.6x 11.0x

Market Stats Operating Stats LTM Multiples NTM Multiples

-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

Mohawk Industries, Inc. MHK 18,399$ 247.51$ 2.4% 24.0% 95.2% 8.7% 19.6% 2.3x 11.5x 19.2x 2.1x 10.7xUSG Corp. USG 4,682 32.65 12.5% 13.1% 94.2% 6.1% 15.9% 1.7x 11.2x 26.6x 1.7x 8.6xArmstrong World Industries, Inc. AWI 2,711 51.25 11.4% 22.6% 98.6% 7.0% 23.6% 2.7x 13.5x 18.0x 2.6x 9.5xBuilders FirstSource, Inc. BLDR 2,026 17.99 17.4% 64.0% 99.5% 9.1% 6.3% 0.6x 10.7x 11.8x 0.5x 8.1xAmerican Woodmark Corp. AMWD 1,564 96.25 0.7% 27.9% 89.7% 8.6% 13.1% 1.3x 10.7x 22.0x 1.2x 9.5xApogee Enterprises, Inc. APOG 1,392 48.26 -15.1% -9.9% 79.1% 22.7% 12.0% 1.4x 10.3x 17.6x 1.1x 7.5xAdvanced Drainage Systems, Inc. WMS 1,119 20.25 0.7% -1.7% 77.0% 5.2% 14.8% 1.5x 12.3x 41.3x 1.5x 9.1xContinental Building Products, Inc. CBPX 999 26.00 11.6% 12.6% 98.0% 9.8% 28.3% 2.5x 9.1x 23.9x 2.4x 8.6xGibraltar Industries, Inc. ROCK 984 31.15 -12.6% -25.2% 64.8% 2.4% 12.4% 1.1x 8.7x 44.5x 1.0x 9.4xInsteel Industries, Inc. IIIN 497 26.11 -20.8% -26.7% 61.0% 9.6% 13.7% 1.2x 8.0x 17.5x 1.1x 6.9xArmstrong Flooring, Inc. AFI 427 15.75 -12.4% NA 68.6% (1.1%) 7.6% 0.4x 7.2x NM 0.4x 7.0xSegment Average 8.0% 15.2% 1.5x 10.3x 24.2x 1.4x 8.6xSegment Median 7.8% 13.4% 1.3x 10.5x 22.0x 1.2x 8.6x

Market Stats Operating Stats LTM Multiples NTM Multiples

Company Name SymbolMarket Cap

($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

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EPS

TEV/

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Revenue

TEV/

NTM

EBITDA

Newell Brands, Inc. NWL 20,913$ 42.67$ -20.4% -4.4% 77.5% (2.3%) 16.2% 2.0x 14.6x 16.8x 2.1x 10.1xWhirlpool Corp. WHR 13,460 184.44 -3.7% 1.5% 90.9% 6.0% 10.6% 0.9x 9.4x 18.5x 0.9x 7.6xHanesbrands, Inc. HBI 8,981 24.64 6.4% 14.2% 91.0% 2.9% 17.1% 2.0x 12.2x 16.3x 2.0x 11.6xGildan Activewear, Inc. GIL 6,998 31.28 1.8% 23.3% 98.1% 8.9% 23.2% 2.9x 13.2x 19.2x 2.7x 12.6xBrunswick Corp. BC 4,966 55.97 -10.8% 2.6% 87.7% 8.0% 15.1% 1.1x 8.2x 17.7x 1.0x 7.1xTupperware Brands Corp. TUP 3,145 61.82 -12.0% 17.5% 83.1% (0.6%) 18.5% 1.7x 7.7x 19.9x 1.6x 8.5xG-III Apparel Group Ltd. GIII 1,415 29.02 16.3% -1.8% 88.0% 15.4% 1.3% 0.8x 13.7x 42.7x 0.7x 8.9xLa-Z-Boy, Inc. LZB 1,298 26.90 -17.2% -13.4% 78.9% 3.7% 6.8% 0.8x 7.4x 15.9x 0.7x 7.2xJohnson Outdoors, Inc. JOUT 644 73.28 52.0% 84.6% 99.4% 5.8% 18.1% 1.3x 11.9x 22.6x 1.3x 10.1xCulp, Inc. CFI 407 32.75 0.8% -11.8% 86.6% 2.5% 11.1% 1.3x 10.9x 18.7x 1.3x 10.2xFlexsteel Industries, Inc. FLXS 397 50.70 -6.3% -17.8% 80.5% NM 9.4% 0.7x 7.9x 16.8x NM NMCSS Industries, Inc. CSS 262 28.82 10.2% 6.5% 97.9% NM (14.0%) 0.7x 9.3x 10.6x NM NMBlack Diamond, Inc. BDE 225 7.50 12.8% 40.2% 96.2% 7.6% (10.1%) 1.1x NM NM 1.0x 21.6xEscalade, Inc. ESCA 195 13.60 3.8% 3.0% 92.5% 7.4% 8.8% 1.3x 10.4x 17.4x 1.2x 10.0xDelta Apparel, Inc. DLA 161 21.51 -3.0% 3.8% 91.6% (4.5%) 7.3% 0.6x 10.1x 15.9x 0.7x 9.3xSegment Average 4.7% 9.3% 1.3x 10.5x 19.2x 1.3x 10.4xSegment Median 5.8% 10.6% 1.1x 10.3x 17.5x 1.2x 10.0x

Market Stats Operating Stats LTM Multiples NTM Multiples

Company Name SymbolMarket Cap

($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

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TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Colgate-Palmolive Co. CL 64,169$ 72.85$ -1.7% 11.3% 94.3% 4.8% 29.4% 4.6x 15.7x 27.1x 4.4x 15.0xGeneral Mills, Inc. GIS 29,417 51.76 -6.6% -16.2% 80.6% 0.1% 20.9% 2.6x 12.2x 18.6x 2.6x 12.1xThe Clorox Co. CLX 17,004 131.91 -1.0% 9.9% 93.1% 3.9% 22.1% 3.1x 14.6x 24.7x 3.1x 14.0xCampbell Soup Co. CPB 14,071 46.82 -10.2% -22.6% 72.9% 0.0% 31.4% 2.2x 8.7x 16.2x 2.2x 9.8xCoty, Inc. COTY 12,381 16.53 -11.9% -9.7% 65.2% 18.5% 7.8% 2.5x 18.9x NM 2.0x 12.3xChurch & Dwight Co., Inc. CHD 12,089 48.45 -6.6% 9.6% 89.4% 10.2% 21.4% 3.8x 15.8x 28.8x 3.5x 14.1xEdgewell Personal Care Co. EPC 4,146 72.77 -4.3% -0.3% 86.2% 0.0% 18.5% 2.3x 11.4x 20.5x 2.3x 11.2xInter Parfums, Inc. IPAR 1,286 41.25 12.6% 26.0% 98.0% 6.5% 12.8% 2.2x 13.9x 32.0x 2.1x 13.4xAvon Products, Inc. AVP 1,025 2.33 -38.7% -53.8% 33.5% 2.8% 7.4% 0.5x 5.4x NM 0.5x 5.5xSegment Average 5.2% 19.1% 2.6x 13.0x 24.0x 2.5x 11.9xSegment Median 3.9% 20.9% 2.5x 13.9x 24.7x 2.3x 12.3x

Market Stats Operating Stats LTM Multiples NTM Multiples

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

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Revenue

TEV/

NTM

EBITDA

United Technologies Corp. UTX 92,722$ 116.08$ -4.9% 5.9% 93.0% 6.4% 17.2% 1.9x 11.7x 17.7x 1.8x 10.2xIllinois Tool Works, Inc. ITW 50,920 147.96 3.3% 20.8% 98.4% 3.7% 27.0% 4.0x 15.3x 24.0x 3.9x 14.2xEaton Corp. Plc ETN 34,156 76.79 -1.3% 14.5% 94.1% 4.1% 17.4% 2.1x 12.4x 17.6x 2.0x 11.7xParker-Hannifin Corp. PH 23,313 175.02 9.5% 25.0% 98.5% 14.9% 16.5% 2.3x 15.7x 24.1x 2.1x 12.1xRockwell Automation, Inc. ROK 22,875 178.21 10.0% 32.6% 99.3% 7.0% 20.9% 3.6x 18.1x 28.7x 3.4x 15.1xIngersoll-Rand Plc IR 22,620 89.17 -2.4% 18.8% 94.5% 5.2% 16.7% 1.8x 12.4x 21.9x 1.8x 11.7xHubbell, Inc. HUBB 6,347 116.02 2.5% -0.6% 92.1% 5.3% 17.0% 2.0x 11.6x 22.0x 1.9x 11.3xColfax Corp. CFX 5,123 41.64 5.8% 15.9% 97.0% 6.1% 12.8% 1.8x 14.3x 32.8x 1.7x 12.2xCrane Co. CR 4,767 79.99 0.8% 10.9% 94.8% 3.6% 18.5% 1.8x 10.3x 36.9x 1.8x 9.6xBarnes Group, Inc. B 3,792 70.44 20.3% 48.5% 99.4% 8.4% 22.4% 3.1x 13.6x 24.6x 2.9x 13.2xEnPro Industries, Inc. NPO 1,717 80.53 12.8% 19.6% 99.0% 3.7% 13.2% 2.0x 15.6x NM 2.0x 11.8xAlbany International Corp. AIN 1,659 57.40 7.5% 24.0% 99.1% 7.3% 15.3% 2.7x 13.0x 45.2x 2.5x NMActuant Corp. ATU 1,528 25.60 4.1% -1.3% 85.9% 1.9% 11.0% 1.7x 14.8x NM 1.7x 12.6xChart Industries, Inc. GTLS 1,207 39.23 13.0% 8.9% 96.0% 25.9% 10.2% 1.4x 14.5x NM 1.1x 11.3xColumbus McKinnon Corp. CMCO 857 37.87 49.0% 40.1% 99.6% 19.9% 14.5% 1.7x 18.3x 61.1x 1.5x 10.5xSegment Average 8.2% 16.7% 2.3x 14.1x 29.7x 2.1x 12.0xSegment Median 6.1% 16.7% 2.0x 14.3x 24.4x 1.9x 11.8x

Market Stats Operating Stats LTM Multiples NTM Multiples

Company Name SymbolMarket Cap

($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

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EPS

TEV/

NTM

Revenue

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NTM

EBITDA

Medtronic Plc MDT 105,347$ 77.77$ -12.4% 9.2% 86.7% (0.2%) 29.8% 4.2x 13.3x 26.2x 4.3x 13.1xDentsply Sirona, Inc. XRAY 13,727 59.81 -7.8% 3.6% 91.1% 7.1% 20.5% 3.9x 19.0x NM 3.7x 15.3xHologic, Inc. HOLX 10,291 36.69 -19.1% -8.5% 78.4% 10.8% 29.7% 4.3x 13.4x 13.7x 4.0x 12.1xInteger Holdings Corp. ITGR 1,616 51.15 18.3% 73.7% 99.0% 2.8% 19.6% 2.3x 11.7x 86.7x 2.2x 10.9xAnalogic Corp. ALOG 1,043 83.75 15.3% 1.0% 87.4% (6.1%) (2.2%) 1.8x 22.0x NM 2.0x 12.9xABAXIS, Inc. ABAX 1,013 44.65 -15.8% -15.4% 79.8% 10.0% 17.9% 3.8x 17.6x 31.6x 3.5x 17.3xAngioDynamics, Inc. ANGO 626 17.09 5.4% 1.3% 90.7% 2.4% 10.6% 1.9x 15.1x NM 1.9x 13.0xMisonix, Inc. MSON 95 10.15 6.3% -2.9% 84.6% NM (22.1%) 3.1x NM NM NM NMAmedica Corp. AMDA 11 0.30 -20.7% -52.4% 27.5% 74.7% NM 0.7x NM NM 0.3x NMAllied Healthcare Products, Inc. AHPI 8 2.11 -27.0% 5.4% 55.3% NM (2.6%) 0.2x NM NM NM NMSegment Average 12.7% 11.2% 2.6x 16.0x 39.5x 2.7x 13.5xSegment Median 5.0% 17.9% 2.7x 15.1x 28.9x 2.9x 13.0x

Market Stats Operating Stats LTM Multiples NTM Multiples

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