q3 | 2018 - dinan & company, llc · 2019-05-15 · september 2018 north american industrials...

September 2018

NORTH AMERICAN

INDUSTRIALSM&A Activity and Valuation Trends

Q3 | 2018

Robert UllmanManaging Director

[email protected]

William DowningManaging Director

[email protected]

Michael PucciAssociate Director

[email protected]

Michael HilcoveSenior Associate

[email protected]

Michael ReisterSenior Analyst

[email protected]

September 2018

I. Economic Indicators 3

II. Dinan Index Constituents 5

III. Capital Market Activity 6

IV. Public Sector Valuations 9

V. Mergers and Acquisitions Overview 13

VI. Third Quarter Transactions Overview 14

VII. Dinan Capital Advisors 22

Section Page

Table of Contents

September 2018

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Major Indices Performance

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

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Major Indices Performance

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

Economic IndicatorsMacroeconomic Overview

3

Major Economic Indicators Interest Rates

As of As of As of As of

Index 12/31/2017 03/31/2018 06/30/2018 09/30/2018

^SPX 2673.61 2640.87 2718.37 2913.98

^COMP 6903.39 7063.45 7510.30 8046.35

^DJI 24719.22 24103.11 24271.41 26458.31

^RUT 1535.51 1529.43 1643.07 1696.57

Interest Rates 12/31/2017 03/31/2018 06/30/2018 09/30/2018

United States Treasury - 2 Year 1.89% 2.27% 2.52% 2.81%




United States Prime Rate 4.50% 4.75% 5.00% 5.25%

Economic Indicator 2013 2014 2015 2016 2017

Real GDP (% change) 2.20% 2.40% 3.00% 2.08% 2.30%

CPI (% change) 1.50% 1.62% 1.90% 2.38% 2.20%

Cons. Spending (% change) 2.40% 2.50% 2.90% 3.10% 3.30%

Nonfarm Productivity 0.90% 0.70% -2.20% 1.00% 1.50%

Unemployment Rate 7.40% 6.20% 5.80% 4.40% 4.10%

Source: Capital IQ, S&P NetAdvantage

September 2018

Economic IndicatorsIndustrials Performance Metrics

4

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

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

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

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

Source: Federal Reserve Economic Data

75

76

77

78

79

80

2011 2012 2013 2014 2015 2016 2017

Year

Industry Capacity Utilization

95

100

105

110

115

2011 2012 2013 2014 2015 2016 2017

Year

Industrial Production Index

95

100

105

110

115

2011 2012 2013 2014 2015 2016 2017

Year

Industrial Production Manufacturing (NAICS)

0

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1000

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2011 2012 2013 2014 2015 2016 2017 2018

Year

Housing Starts

September 20185

Industrial Conglomerates

Freight/Logistics

Distribution/MRO

Chemicals

Building Products

Aerospace and Defense

Test/Measurement

Paper/Plastics/Packaging

Machinery

Dinan Index ConstituentsIndustrials

September 2018

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

6

Capital Market ActivityIndustrials

Source: Capital IQ

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

Profile Companies Companies Mkt. Value Mkt. Value

> $10B 20 35.09% $913,936.76 86.17%

$5B - $10B 14 24.56% $100,719.08 9.50%

$1B - $5B 16 28.07% $42,030.22 3.96%

< $1B 7 12.28% $3,925.77 0.37%

Total 57 100.00% $1,060,611.83 100.00%

September 2018

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

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

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

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

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

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

Capital Market ActivityDinan Index Segments vs. S&P 500

7

Source: Capital IQ

September 2018

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

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

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

Capital Market ActivityDinan Index Segments vs. S&P 500

8

Source: Capital IQ

September 2018

1.5x 1.5x1.7x

0.6x0.9x

2.9x

1.7x

1.0x

1.6x1.7x

1.3x

2.3x

0.8x1.1x

3.1x

2.1x

1.2x 1.1x

1.9x2.1x

3.3x

1.1x 1.2x

3.5x

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1.5x 1.6x

2.1x 2.1x

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1.2x 1.2x

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

Historical TEV/Revenue by Segment

TEV/REV 9/30/2015 TEV/REV 9/30/2016 TEV/REV 9/30/2017 TEV/REV 9/30/2018

7.9x

11.1x 10.9x

7.8x

11.5x12.6x

10.1x

7.8x

12.6x12.1x

9.8x

13.6x

11.1x

7.4x

16.7x

11.6x

9.5x

14.1x15.4x

10.8x

16.6x

12.4x

10.4x

18.3x

14.6x

10.3x

14.9x15.3x

11.7x

17.1x

13.0x11.9x

19.0x

11.4x

8.4x

21.7x

0x

5x

10x

15x

20x

25x

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

Historical TEV/EBITDA by Segment

TEV/EBITDA 9/30/2015 TEV/EBITDA 9/30/2016 TEV/EBITDA 9/30/2017 TEV/EBITDA 9/30/2018

Public Sector Valuations Industrials

9

Source: Capital IQ

September 201810


Industry / Last Twelve Months Next Twelve Months

Company Name Ticker TEV (mm)Market Cap

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

Forward TEV/EBITDA

Aerospace and Defense

Bombardier Inc. TSX:BBD.B $21,921.43 $10,884.75 $16,563.00 $822.00 $624.00 0.99x 26.16x 19.79x 0.70x 7.94x

Lockheed Martin Corporation NYSE: LMT $111,633.86 $98,522.86 $54,283.00 $7,308.00 $6,259.00 2.13x 17.95x 15.34x 1.82x 11.79x

Raytheon Company NYSE:RTN $61,421.83 $58,951.83 $26,481.00 $3,696.00 $3,201.00 2.37x 18.11x 15.82x 1.92x 9.99x

Spirit AeroSystems Holdings, Inc. NYSE:SPR $11,156.81 $9,762.81 $7,101.30 $1,080.80 $867.00 1.59x 13.18x 10.61x 1.34x 8.57x

United Technologies Corporation NYSE:UTX $131,214.04 $111,861.04 $64,137.00 $10,616.00 $8,292.00 2.09x 15.88x 12.46x 1.95x 11.87x

Median $61,421.83 $58,951.83 $26,481.00 $3,696.00 $3,201.00 2.09x 17.95x 15.34x 1.82x 9.99x

Building Products

Armstrong World Industries, Inc. NYSE:AWI $4,301.79 $3,595.79 $950.70 $268.50 $198.90 4.66x 16.79x 13.13x 3.67x 9.85x

Continental Building Products, Inc. NYSE:CBPX $1,568.27 $1,388.14 $518.70 $148.47 $104.86 3.11x 16.25x 11.16x 2.26x 7.68x

Eagle Materials Inc. NYSE:EXP $4,710.06 $4,073.30 $1,419.34 $422.82 $305.88 3.33x 13.55x 10.18x 2.71x 8.08x

Griffon Corporation NYSE:GFF $1,753.52 $685.04 $1,863.21 $143.19 $91.35 0.94x 19.20x 12.25x 0.71x 8.25x

Masonite International Corporation NYSE:DOOR $2,376.08 $1,768.60 $2,150.25 $258.07 $177.46 1.13x 13.40x 9.30x 0.90x 6.84x

Quanex Building Products Corporation NYSE:NX $836.92 $639.54 $877.85 $93.85 $41.58 0.95x 20.13x 8.92x 0.78x 6.82x

Trex Company, Inc. NYSE:TREX $4,526.04 $4,520.44 $666.49 $188.08 $170.26 7.07x 28.02x 25.12x 4.63x 15.74x

USG Corporation NYSE:USG $6,826.49 $6,052.49 $3,348.00 $468.00 $321.00 2.07x 17.87x 13.00x 1.87x 10.54x

Median $3,338.93 $2,682.20 $1,185.02 $223.07 $173.86 2.59x 17.33x 11.70x 2.06x 8.16x

Chemicals

Agilent Technologies, Inc. NYSE:A $22,158.00 $22,486.00 $4,809.00 $1,169.00 $963.00 4.61x 23.01x 18.95x 3.90x 15.59x

Balchem Corporation NasdaqGS:BCPC $3,758.86 $3,610.59 $639.40 $155.13 $111.19 5.92x 34.80x 24.73x 4.35x 18.74x

Celanese Corporation NYSE:CE $18,664.70 $15,385.70 $7,059.00 $1,691.00 $1,370.00 2.72x 12.94x 10.56x 2.28x 7.74x

Huntsman Corporation NYSE:HUN $9,668.36 $6,504.36 $9,346.00 $1,479.00 $1,160.00 1.07x 8.42x 6.61x 0.85x 5.62x

RPM International Inc. NYSE:RPM $10,503.91 $8,665.75 $5,436.24 $653.21 $520.54 1.97x 18.72x 15.23x 1.81x 12.92x

The Chemours Company NYSE:CC $9,736.77 $6,974.77 $6,749.00 $1,654.00 $1,372.00 1.45x 6.87x 5.76x 1.17x 4.78x

The Sherwin-Williams Company NYSE:SHW $52,504.64 $42,284.79 $17,449.84 $2,897.36 $2,236.08 3.05x 24.84x 18.90x 2.62x 14.89x

Median $10,120.34 $7,820.26 $6,904.00 $1,566.50 $1,265.00 2.35x 15.83x 12.90x 2.05x 10.33x

Source: Capital IQ

September 201811




Forward TEV/EBITDA


Distribution/MRO

Applied Industrial Technologies, Inc. NYSE:AIT $3,941.82 $3,032.27 $3,257.09 $305.12 $249.12 1.28x 16.81x 13.86x 0.95x 9.67x

DXP Enterprises, Inc. NasdaqGS:DXPE $936.01 $696.70 $1,170.82 $83.41 $56.51 0.84x 20.26x 12.75x 0.73x 9.24x

HD Supply Holdings, Inc. NasdaqGS:HDS $9,820.80 $7,863.80 $5,542.00 $756.00 $676.00 1.77x 14.53x 12.99x 1.44x 9.90x

Kaman Corporation NYSE:KAMN $2,166.21 $1,869.55 $1,848.43 $157.20 $118.34 1.17x 16.71x 12.82x 0.94x 10.25x

MRC Global Inc. NYSE:MRC $2,727.37 $1,695.37 $4,066.00 $185.00 $117.00 0.69x 25.49x 15.58x 0.57x 8.47x

WESCO International, Inc. NYSE:WCC $4,104.72 $2,894.26 $8,161.80 $398.49 $344.81 0.51x 12.22x 10.52x 0.42x 8.04x

W.W. Grainger, Inc. NYSE:GWW $22,201.23 $20,062.79 $11,090.50 $1,596.25 $1,334.92 2.04x 17.75x 14.66x 1.60x 11.02x

Median $3,941.82 $2,894.26 $4,066.00 $305.12 $249.12 1.17x 16.81x 12.99x 0.94x 9.67x

Freight/Logistics

Air Transport Services Group, Inc. NasdaqGS:ATSG $1,757.46 $1,268.46 $934.54 $293.90 $118.17 1.79x 17.55x 6.55x 1.42x 4.18x

C.H. Robinson Worldwide, Inc. NasdaqGS:CHRW $14,662.76 $13,566.28 $16,453.05 $949.59 $867.44 0.92x 17.78x 16.17x 0.77x 12.79x

FedEx Corporation NYSE:FDX $78,026.98 $63,451.98 $67,205.00 $8,512.00 $5,360.00 1.16x 14.56x 9.17x 1.02x 7.49x

Radiant Logistics, Inc. AMEX:RLGT $332.31 $292.23 $863.32 $29.33 $14.88 0.39x 27.28x 12.51x 0.35x 8.71x

United Parcel Service, Inc. NYSE:UPS $118,304.25 $100,445.25 $70,275.00 $9,977.00 $7,721.00 1.71x 15.48x 11.90x 1.50x 10.94x

Median $14,662.76 $13,566.28 $16,453.05 $949.59 $867.44 1.16x 17.55x 11.90x 1.02x 8.71x

Industrial Conglomerates

Carlisle Companies Incorporated NYSE:CSL $8,100.43 $7,275.93 $4,731.80 $733.70 $547.30 1.78x 14.65x 11.01x 1.49x 9.04x

Danaher Corporation NYSE:DHR $86,464.16 $76,035.36 $19,615.20 $4,863.60 $3,568.60 4.48x 24.72x 18.08x 3.96x 16.45x

General Electric Company NYSE:GE $220,351.30 $98,122.30 $115,168.00 $5,991.00 -$2,288.00 1.78x NM 38.64x 1.57x 12.36x

Raven Industries, Inc. NasdaqGS:RAVN $1,578.23 $1,643.61 $410.99 $82.89 $67.87 3.84x 23.24x 19.03x 3.59x 17.15x

Roper Technologies, Inc. NYSE:ROP $35,813.53 $30,611.93 $5,041.47 $1,738.51 $1,378.94 7.33x 27.29x 21.52x 6.51x 18.69x

Median $35,813.53 $30,611.93 $5,041.47 $1,738.51 $547.30 3.84x 23.98x 19.03x 3.59x 16.45x

Source: Capital IQ

September 201812




Forward TEV/EBITDA


Machinery

AGCO Corporation NYSE:AGCO $6,540.33 $4,809.63 $9,287.20 $778.60 $486.20 0.72x 12.85x 8.16x 0.64x 7.36x

Caterpillar Inc. NYSE:CAT $119,077.68 $90,628.68 $50,386.00 $10,982.00 $8,193.00 2.33x 15.62x 11.41x 1.80x 9.06x

Dover Corporation NYSE:DOV $16,092.96 $13,076.20 $7,945.25 $1,408.49 $1,020.40 2.03x 15.78x 11.39x 2.18x 11.93x

Deere & Company NYSE:DE $88,194.68 $48,357.18 $32,101.80 $5,457.10 $3,693.80 2.48x 23.98x 16.21x 2.43x 14.81x

Graco Inc. NYSE:GGG $7,939.72 $7,745.73 $1,621.71 $458.55 $411.02 5.01x 19.97x 17.86x 4.22x 14.07x

ITT Inc. NYSE:ITT $5,134.41 $5,364.11 $2,750.30 $478.20 $368.00 1.89x 14.75x 11.20x 1.56x 8.66x

Snap-on Incorporated NYSE:SNA $11,334.54 $10,355.44 $3,762.80 $1,044.10 $963.80 2.77x 11.89x 10.96x 2.60x 9.14x

Stanley Black & Decker, Inc. NYSE:SWK $27,718.86 $22,406.76 $13,592.50 $2,227.70 $1,724.00 2.06x 16.73x 12.88x 1.69x 10.03x

The Toro Company NYSE:TTC $6,370.07 $6,308.46 $2,567.97 $436.73 $377.55 2.48x 16.44x 14.26x 2.37x 13.66x

Median $11,334.54 $10,355.44 $7,945.25 $1,044.10 $963.80 2.33x 15.78x 11.41x 2.18x 10.03x

Paper/Plastics/Packaging

Ball Corporation NYSE:BLL $22,128.66 $15,128.66 $11,579.00 $1,894.00 $1,176.00 1.92x 18.88x 11.73x 2.01x 11.81x

Berry Global Group, Inc. NYSE:BERY $11,966.80 $6,377.80 $7,696.00 $1,340.00 $805.00 1.55x 14.87x 8.93x 1.43x 8.05x

Domtar Corporation NYSE:UFS $4,122.21 $3,281.21 $5,409.00 $620.00 $315.00 0.77x 14.72x 6.99x 0.66x 4.67x

International Paper Company NYSE:IP $30,532.36 $20,096.36 $23,066.00 $3,816.00 $2,395.00 1.35x 12.31x 7.82x 1.20x 6.04x

Myers Industries, Inc. NYSE:MYE $858.21 $818.49 $568.45 $52.69 $27.52 1.51x 23.51x 13.86x 1.06x 8.78x

Trinseo S.A. NYSE:TSE $4,071.75 $3,335.55 $4,659.60 $536.20 $409.70 0.89x 6.99x 5.76x 0.56x 4.40x

Median $8,044.51 $4,856.68 $6,552.50 $980.00 $607.35 1.43x 14.79x 8.38x 1.13x 7.05x

Test/Measurement

Badger Meter, Inc. NYSE:BMI $1,571.87 $1,541.56 $425.97 $60.71 $36.01 3.78x 35.34x 22.68x 3.34x 17.58x

Luna Innovations Incorporated NasdaqCM:LUNA $58.55 $90.22 $52.40 $1.99 $2.11 1.15x 39.04x 21.72x 1.18x 24.25x

MTS Systems Corporation NasdaqGS:MTSC $1,295.41 $977.84 $781.64 $98.92 $63.86 1.66x 20.28x 13.10x 1.41x 9.39x

National Instruments Corporation NasdaqGS:NATI $5,961.19 $6,389.62 $1,348.78 $234.09 $187.85 4.50x 34.07x 26.76x 4.05x 21.87x

Sensata Technologies Holding PLC NYSE:ST $10,802.83 $8,408.03 $3,514.24 $899.94 $657.39 3.12x 17.18x 12.29x 2.78x 10.32x

Median $1,571.87 $1,541.56 $781.64 $98.92 $63.86 3.12x 34.07x 21.72x 2.78x 17.58x

Source: Capital IQ

September 2018

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155201 204 194 190

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8851 38 43 50

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Q32015

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Quarterly M&A Transactions

Strategic Financial

12651097 1193

1079 1027 971798

0

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1400

2012 2013 2014 2015 2016 2017 2018YTD

Tran

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Yearly Transaction Overview

1.9x 1.4x 1.6x 1.4x 1.2x 1.6x 1.3x

11.5x10.5x 10.0x

10.9x

7.5x

10.5x 11.0x

0x

2x

4x

6x

8x

10x

12x

14x

2012 2013 2014 2015 2016 2017 2018

Transaction Multiples

TEV/REV TEV/EBITDA

13

Mergers & Acquisitions OverviewIndustrials

Source: Capital IQ

September 201814

Target LTM Enterprise Enterprise Value / LTM

Date Acquirer Target Industry Segment Revenue EBITDA Value Revenue EBITDA

Third Quarter Transaction OverviewIndustrials

9/30/2018 Colfax Corporation Advanced Combustion Inc. Chemicals - - - - -

9/30/2018 Richelieu Hardware Ltd. Chair City Supply, Inc. Distribution/MRO - - - - -

9/30/2018 Private Investor Ernst Fluid Power Company Inc. Chemicals $5.00 - - - -

9/29/2018 Green Bay Packaging Inc. Citadel Industries, Inc. Test/Measurment - - - - -

9/28/2018 Berry Companies, Inc. Sellers Equipment, Inc. Building Products - - - - -

9/28/2018 Kodiak Building Partners Frontier Industries Inc Distribution/MRO $35.00 - - - -

9/28/2018 Alro Steel Corporation Sedalia Steel Supply Chemicals - - - - -

9/27/2018 Private Investor Accudynamics, LLC Chemicals - - $5.00 - -

9/27/2018 Johnson Controls Federal Systems Federal Energy Infrastructure Machinery - - - - -

9/27/2018 LGC Limited Berry & Associates, Inc. Distribution/MRO - - - - -

9/27/2018 Festo Corporation Fabco-Air, Inc. Building Products - - - - -

9/27/2018 Spruce Environmental Technologies Air Chek Inc. Distribution/MRO - - - - -

9/27/2018 Lighthouse for the Blind Assets Of Badge Magic, L.L.C. Machinery - - - - -

9/25/2018 Meridian Adhesives Group LLC W.F. Taylor Co., Inc. Aerospace and Defense - - - - -

9/25/2018 Tecum Capital Management Tidewater Equipment Company, Inc. Building Products - - - - -

9/25/2018 Innovative Chemical Products Group Signature Sports Flooring Aerospace and Defense - - - - -

9/25/2018 Egan Visual, Inc. Working Walls Solutions, Inc. Chemicals - - - - -

9/25/2018 TA Instruments, Inc. Theta Industries, Inc Machinery - - - - -

9/25/2018 IntraPac International Corporation Quality Plastics, LLC Distribution/MRO - - - - -

9/24/2018 Fastener Acquisition, Inc. Koetter Construction Supply, Inc. Test/Measurment - - - - -

9/24/2018 Avidity Science LLC CT Chemical Inc Machinery - - - - -

9/24/2018 Ferguson Enterprises, Inc. Grand Junction Concrete Pipe Co. Machinery - - - - -

9/24/2018 Welch Packaging Group, Inc. CKCS Inc. Machinery - - - - -

9/21/2018 Central Moloney, Inc. Superior Tool, Inc. Distribution/MRO - - - - -

9/21/2018 CapitalWorks, LLC; CW fund IV Ohio Blow Pipe Company Machinery - - - - -

9/21/2018 JCB Inc. JCB of Southern California Test/Measurment - - - - -

9/21/2018 GAP Solutions Inc. TPGS, LLC Test/Measurment - - - - -

9/21/2018 Ovivo Inc. FilterBoxx Inc., An Ovivo Company Distribution/MRO - - - - -

9/20/2018 Lindstrom Metric, LLC Stelfast, Inc. Distribution/MRO - - - - -

9/20/2018 ONCAP; ONCAP IV Walter Surface Technologies Inc. Distribution/MRO - - - - -

9/20/2018 D J Powers Company, Inc. N.D. Cunningham & Company, Inc. Chemicals - - - - -

Source: Capital IQ

September 201815




9/20/2018 Eagle Press and Equipment Company Eagle Press and Equipment Co., Ltd. Paper/Plastics/Packaging $23.17 - $15.72 0.68x -

9/20/2018 LRBG Chemicals Inc. Rayonier Advanced Materials Inc. Chemicals - - $16.50 - -

9/19/2018 LINC Systems, Inc. Packaging Systems Design, Inc. Chemicals - - - - -

9/19/2018 LuminUtra Technologies Ltd. Instantlabs Medical Diagnostics Distribution/MRO - - - - -

9/19/2018 Simonds International Corporation U.S. Blades, LLC Chemicals - - - - -

9/18/2018 Salt Creek Capital II, LLC Drake Equipment of Arizona, Inc. Chemicals - - - - -

9/18/2018 Henderson Rigs & Equipment, LLC HP Piping Solutions, LLC Distribution/MRO - - - - -

9/18/2018 Hidden Harbor Capital Partners, LLC Anchor Danly and AWC Manufacturing Chemicals - - - - -

9/18/2018 Center Rock Capital Partners, LP American Piping Products Inc. Distribution/MRO - - - - -

9/18/2018 Construction Supply Holdings, LLC Constar Construction Supply, Inc. Freight/Logistics - - - - -

9/17/2018 Ravago Americas LLC Bolcof-Port Polymers Distribution/MRO - - - - -

9/17/2018 Crane 1 Services Inc. Mt. Clemens Crane & Service Co., Inc. Machinery - - - - -

9/17/2018 TGW Holdings Limited Pearl Technologies, Inc. Machinery - - - - -

9/14/2018 Gateway Building Systems Inc. Gan-AG Corp. Machinery - - - - -

9/14/2018 Arcus Mining Holdings Limited TGS International Ltd. Distribution/MRO - - - - -

9/14/2018 CDI Government Services, Inc. Gryphon Technologies LC Machinery - - - - -

9/14/2018 CCR Specialty Chemicals, LLC Crowley Chemical Company Chemicals - - - - -

9/14/2018 Argosy Capital Capewell Aerial Systems LLC Aerospace and Defense - - - - -

9/13/2018 LG Chem, Ltd. Uniseal, Inc. Distribution/MRO $59.22 - $133.00 2.25x -

9/13/2018 HEXPOL AB (publ) Kirkhill-TA Co. Building Products $46.00 - $49.00 1.07x -

9/13/2018 U-C Coatings Corporation Contechem, Inc. Paper/Plastics/Packaging - - - - -

9/12/2018 Custom Truck One Source Great Pacific Equipment, Inc. Building Products - - - - -

9/12/2018 Dryvit Systems Inc. NUDURA Corporation Chemicals $30.45 - - - -

9/12/2018 Sunbelt Rentals, Inc. Wistar Equipment, Inc. Machinery - - $23.39 - -

9/12/2018 UPM Raflatac, Inc. Assets of Converters Express, Inc. Chemicals - - - - -

9/11/2018 Kodiak Building Partners Multi-Family Building Products Inc. Chemicals - - - - -

9/10/2018 Mallory Safety and Supply, Inc. Industrial Safety Supply Corporation Distribution/MRO - - - - -

9/9/2018 H.I.G. Capital, LLC Recochem Inc. Machinery $378.34 - - - -

9/7/2018 Nicolet Plastics LLC CNR Group, LLC Machinery - - - - -

9/6/2018 Siegwerk Druckfarben AG & Co. KGaA Encres Ultra Inc. Machinery - - - - -

9/6/2018 Techknow, LLC Techknow, Inc. Chemicals - - - - -

Source: Capital IQ

September 201816




9/6/2018 JAME Capital Inc. Ergo Advantage Inc. Aerospace and Defense - - - - -

9/6/2018 Wynnchurch Capital, LLC Uponor Infra Oy Aerospace and Defense $90.93 - $47.36 0.52x -

9/5/2018 Core Industrial Partners Midwest Composite Technologies, Inc. Aerospace and Defense - - - - -

9/5/2018 Vantage Specialty Chemicals, Inc. Xstriva LLC Chemicals - - - - -

9/5/2018 Arctic Industries, Inc. Duracold Refrigeration Manufacturing Building Products - - - - -

9/5/2018 B&D Industrial, Inc. Western Machine Works Inc. Paper/Plastics/Packaging - - - - -

9/5/2018 GULFSIDE SUPPLY, INC. Kimal Lumber Company Chemicals $47.40 - - - -

9/5/2018 Wolseley Canada Inc. James Electric Motor Services Ltd. Paper/Plastics/Packaging - - - - -

9/5/2018 Transcat, Inc. Angel's Instrumentation Inc. Aerospace and Defense $4.00 - $4.70 1.18x -

9/5/2018 Pro Sound, Inc. Stage Equipment & Lighting, Inc. Aerospace and Defense - - - - -

9/4/2018 Crown Equipment Corporation Carolina Material Handling Services Aerospace and Defense - - - - -

9/4/2018 Snow Phipps Group, LLC BlackHawk Industrial Distribution, Inc. Machinery - - - - -

9/4/2018 Matheson Tri-Gas, Inc. WELD Specialty Gas & Equipment, Inc. Machinery - - - - -

9/3/2018 General Logistics Systems B.V. Dicom Transportation Group Canada Machinery $178.02 - $275.05 1.55x -

9/3/2018 Orora Limited Bronco Packaging Corporation Machinery - - - - -

9/3/2018 Dot Family Holdings TAGG Logistics, LLC Test/Measurment - - - - -

9/1/2018 Private Investor Claude Laval Corporation Chemicals - - - - -

9/1/2018 Manac Inc. Alutrec Inc. Aerospace and Defense - - - - -

8/31/2018 Private Investor Amos Metz Rentals, LLC Chemicals - - - - -

8/31/2018 American Cargo Group, Inc. American Hauler Industries, LLC Machinery - - - - -

8/31/2018 ShoreView Industries Molded Dimensions Inc. Machinery - - - - -

8/31/2018 Inertial Airline Services, Inc. Optical Display Engineering Freight/Logistics - - - - -

8/31/2018 General Steel Drum LLC North Coast Container Corp. Chemicals - - - - -

8/31/2018 Munch Supply LLC. Tommark, Inc. Distribution/MRO - - - - -

8/31/2018 IG Design Group Americas Inc. Impact Innovations, Inc. Chemicals $155.90 $15.00 $72.80 0.47x 4.85x

8/31/2018 Hitachi Construction Machinery Co. Acme Lift Company, LLC Machinery - - - - -

8/31/2018 Atlas Roofing Corporation ACH Foam Technologies, Inc. Machinery - - - - -

8/31/2018 Avem Partners Future Tech Metals Inc. Distribution/MRO - - - - -

8/31/2018 Berry Global Group, Inc. Laddawn, Inc. Aerospace and Defense - - - - -

8/30/2018 MORSCO HVAC Supply Company Ott Distributors, Inc. Test/Measurment - - - - -

8/30/2018 Architectural Surfaces Group Tuscany Collection Test/Measurment - - - - -

Source: Capital IQ

September 201817




8/30/2018 Cross Country Infrastructure Services Rain2Day, Inc. Chemicals - - - - -

8/30/2018 Sunbelt Rentals, Inc. Mabey Inc. Chemicals - - $90.00 - -

8/29/2018 Maxim Crane Works, L.P. Gould Technical Services, LLC Paper/Plastics/Packaging - - - - -

8/29/2018 MAG DS Corp. Ausley Associates Inc. Freight/Logistics - - - - -

8/28/2018 O.G. Hughes & Sons, Inc. MAP Enterprises, Inc. Chemicals - - - - -

8/28/2018 SRS Distribution Inc. Crown C Supply Company, Inc. Machinery - - - - -

8/27/2018 Bar W Petroleum and Electric Inc. All Peace Petroleum Ltd. Test/Measurment - - - - -

8/27/2018 Mountain High Acquisitions Corp. One Lab Co Distribution/MRO - - $5.68 - -

8/27/2018 Tuff Shed, Inc. Sheds USA Chemicals - - - - -

8/27/2018 Dunn Paper, Inc. Clearwater Paper Corporation Distribution/MRO - - $72.00 - -

8/27/2018 Trivest Partners, L.P. GAL Power Systems Ltd. Test/Measurment - - - - -

8/24/2018 Multistack, LLC Budzar Industries, Inc. Machinery - - - - -

8/24/2018 Crystal Crop Protection Limited FMC Corporation Distribution/MRO - - - - -

8/24/2018 Western Reserve Wire Products, Inc. J&S Products, Inc. Machinery - - - - -

8/24/2018 Aerospace Futures Alliance Washington State Space Coalition Paper/Plastics/Packaging - - - - -

8/24/2018 Dayton Parts, LLC Security Steel Supply Co. Freight/Logistics - - - - -

8/24/2018 Colony Hardware Corporation Bernie's Tool and Fastener Services Inc. Test/Measurment - - - - -

8/22/2018 The Boeing Company Millennium Space Systems, Inc. Distribution/MRO - - - - -

8/22/2018 Tech Air of Connecticut, Inc. Speed Industrial Supply Paper/Plastics/Packaging - - - - -

8/21/2018 Garaga Inc. Mid-America Door Company Building Products - - - - -

8/21/2018 Ferguson Enterprises, Inc. Jones Stephens Corporation Paper/Plastics/Packaging - - - - -

8/21/2018 Artistica Italian Gallery Deruta of Italy, Corp. Aerospace and Defense - - - - -

8/21/2018 Global Win Wickliffe LLC Verso Wickliffe LLC Machinery - - $16.00 - -

8/21/2018 Core & Main LP Select Assets of Finish Line Systems Machinery - - - - -

8/21/2018 GlobalTranz Enterprises, Inc. SynchOne, LLC Distribution/MRO - - - - -

8/20/2018 Madico, Inc. Midwest Marketing, Inc. Machinery - - - - -

8/20/2018 Graham Partners Advanced Barrier Extrusions, LLC Distribution/MRO - - - - -

8/17/2018 Private Investor Sparkman & Stephens, LLC Machinery - - - - -

8/17/2018 Pexco LLC Custom Extrusion, Inc. Test/Measurment - - - - -

8/17/2018 American Builders Supply Co., Inc. Assets of Landis Supply-New Jersey Distribution/MRO - - - - -

8/17/2018 Lindenmeyr Munroe Corporation O\lmsted-Kirk Paper Company Machinery - - - - -

Source: Capital IQ

September 201818




8/16/2018 Labelink Products, Inc. Safety Seal Plastics Inc. Aerospace and Defense - - - - -

8/16/2018 Pac-Van, Inc. Delmarva Trailer Sales and Rentals Freight/Logistics - - - - -

8/16/2018 White Label Liquid Inc White Label Liquid, Inc. Chemicals - - - - -

8/16/2018 Patriot Technologies, Inc. Applied Micro Design, Inc. Aerospace and Defense - - - - -

8/16/2018 Lydall, Inc. Interface Performance Materials, Inc. Building Products $142.00 $26.00 $265.00 1.87x 10.19x

8/15/2018 KODA Enterprises Group, LLC Water-Land Manufacturing, Inc. Paper/Plastics/Packaging - - - - -

8/15/2018 Amada Holdings Co., Ltd. Marvel Manufacturing Company, Inc. Distribution/MRO $23.44 - - - -

8/15/2018 Rocky Mountain Dealerships Inc. New Holland Dealership Building Products $11.02 - - - -

8/15/2018 Lincoln Road Global Management, LLC Pro-Tec Fire & Safety, Inc. Machinery - - - - -

8/15/2018 Tower Arch Capital Panoramic Doors LLC Machinery - - - - -

8/14/2018 Ferguson Enterprises, Inc. Brock-McVey Company Chemicals - - - - -

8/14/2018 August Corporate Partners Exocor Inc. Chemicals - - - - -

8/13/2018 Arnold Packaging Company World Class Packaging, Inc. Machinery - - - - -

8/13/2018 The Cook & Boardman Group, LLC Contract Hardware of Florida, Inc. Test/Measurment - - - - -

8/13/2018 ONCAP Precision Valve Corporation Machinery - - - - -

8/13/2018 GMS Inc. Assets of Charles G. Hardy Inc. Aerospace and Defense - - - - -

8/13/2018 Auxo Investment Partners Seeley, Inc. Paper/Plastics/Packaging - - - - -

8/10/2018 L&W Supply Corporation Rose & Walker Supply Inc Machinery - - - - -

8/9/2018 Hoffmaster Group, Inc. Aardvark® Straws Distribution/MRO - - - - -

8/9/2018 Kao USA, Inc. Washing Systems, LLC Distribution/MRO - - - - -

8/8/2018 Northfield Holding Corp. Central Window of Vero Beach, Inc. Aerospace and Defense - - - - -

8/8/2018 CT Commercial Holdings LLC Carolina Paper Company Distribution/MRO - - - - -

8/8/2018 Green Bay Packaging Inc. Grand Traverse Container, Inc. Machinery - - - - -

8/8/2018 The Detering Company of Houston, LP Weatherford Door & Window Co., Inc. Building Products - - - - -

8/8/2018 BRP Inc. Triton Industries, Inc. Aerospace and Defense - - - - -

8/8/2018 Victory Oilfield Tech, Inc. Pro-Tech Hardbanding Services, Inc. Machinery - - $1.52 - -

8/7/2018 Ergon Chemicals, LLC Resinall Corp Distribution/MRO - - - - -

8/7/2018 Alion Science and Technology Corp. Macaulay-Brown, Inc. Machinery - - - - -

8/7/2018 Electro Rent Corporation Intellirent Distribution/MRO - - - - -

8/7/2018 SIMONA Aktiengesellschaft Premier Material Concepts LLC Distribution/MRO $27.00 - - - -

8/7/2018 Sandvik AB Custom Electric Manufacturing Co. Distribution/MRO $5.20 - - - -

Source: Capital IQ

September 201819




8/6/2018 Private Investor CSW Industrials, Inc. Distribution/MRO - - - - -

8/6/2018 Foundation Building Materials, Inc. Ciesco, Inc. Machinery - - - - -

8/6/2018 Private Investor HZO, Inc. Distribution/MRO - - - - -

8/6/2018 Merritt Preferred Components Triumph Structures-East Texas, Inc. Distribution/MRO $20.00 - - - -

8/5/2018 Versalift O.G. Hughes & Sons, Inc. Machinery - - - - -

8/3/2018 Carboline Company Strathmore Products, Inc. Chemicals - - - - -

8/3/2018 Métal 7 Inc. Les Équipements Mégatraction Inc. Machinery - - - - -

8/3/2018 Lentech, Inc. Edge Space Systems, Inc. Building Products - - - - -

8/2/2018 Armstrong World Industries, Inc. Steel Ceilings, Inc. Aerospace and Defense $10.00 - - - -

8/2/2018 North American Lifting Holdings Inc. Allison Crane & Rigging Inc. Paper/Plastics/Packaging - - - - -

8/1/2018 ATL Partners Rock-It Cargo USA, LLC Aerospace and Defense - - - - -

8/1/2018 Purvis Industries Ltd. Powder River Power Of Sheridan, Inc. Distribution/MRO - - - - -

8/1/2018 Pfingsten Partners, L.L.C. Quality Valve, Inc. Aerospace and Defense - - - - -

8/1/2018 Core & Main LP Select Assets of DOT Sales Company Aerospace and Defense - - - - -

8/1/2018 Platinum Equity, LLC Yak Access, LLC Paper/Plastics/Packaging - - - - -

8/1/2018 GenNx360 Capital Partners Precision Aviation Group, Inc. Distribution/MRO - - - - -

8/1/2018 SiteOne Landscape Supply, Inc. Stone Center Machinery - - - - -

8/1/2018 SiteOne Landscape Supply, Inc. CentralPro Building Products - - - - -

8/1/2018 Private Investor Cimtech, Inc. Distribution/MRO - - - - -

8/1/2018 Mac Papers, Inc. Wilkerson Packaging Company, Inc. Distribution/MRO - - - - -

8/1/2018 ICG International Cutting Holding Freeman Schwabe Machinery, LLC Aerospace and Defense - - - - -

7/31/2018 Metrohm AG B&W Tek, Inc. Freight/Logistics - - - - -

7/31/2018 AVANTech, Inc. Mid Columbia Engineering, Inc. Distribution/MRO - - - - -

7/31/2018 AptarGroup, Inc. CSP Technologies, Inc. Chemicals $140.00 - $555.00 3.96x -

7/31/2018 HDT Global, Inc. Spec Ops, Inc. Distribution/MRO - - - - -

7/31/2018 Ferguson Enterprises, Inc. Appliance Distributors Of Louisiana Chemicals - - - - -

7/31/2018 Echo Global Logistics, Inc. Freight Management Plus, Inc. Chemicals - - - - -

7/31/2018 Adp Ingenierie SA Merchant Aviation LLC Distribution/MRO - - - - -

7/31/2018 Star brite Distributing, Inc. Snappy Marine, Inc. Freight/Logistics - - - - -

7/31/2018 PGT Innovations, Inc. WWS Acquisition, LLC Chemicals - $18.78 $360.00 - 19.17x

7/30/2018 MariMed Inc. iRollie LLC Test/Measurment - - $0.60 - -

Source: Capital IQ

September 201820




7/30/2018 ISR Systems, Inc. Assets of Shield Aviation, Inc. Building Products - - - - -

7/30/2018 Mars Company, Inc. T.C. Clipper Company Distribution/MRO - - - - -

7/30/2018 Ingevity Corporation Purification Cellutions LLC Machinery - - $266.67 - -

7/30/2018 Vesco Oil Corporation Accurate Lubricants Aerospace and Defense - - - - -

7/30/2018 Hussmann Services Corporation Southern Refrigeration Corporation Building Products - - - - -

7/27/2018 Halliburton Company Athlon Solutions, LLC Chemicals - - - - -

7/27/2018 Gooseneck Implement Dakota Farm Equipment, Inc. Freight/Logistics - - - - -

7/27/2018 P & K Equip. Inc. Grissoms, LLC Building Products - - - - -

7/27/2018 Surface Preparation Technologies, Inc. Diamond Surface, Inc. Machinery - - - - -

7/27/2018 Celulosa Arauco y Constitución S.A. Assets of Panolam Industries Chemicals - - - - -

7/27/2018 re:3D, INC. PRINTinZ Distribution/MRO - - - - -

7/26/2018 American Cargo Group, Inc. Universal Trailer Corporation Inc. Aerospace and Defense - - - - -

7/26/2018 Bolts & Nuts Corporation Technical Threads LLC Aerospace and Defense - - - - -

7/25/2018 ADDEV Materials SAS Walco Corporation Aerospace and Defense $11.71 - - - -

7/25/2018 Laboratory Testing, Inc. TAC Technical Instrument Corp. Machinery - - - - -

7/24/2018 SRS Distribution Inc. Interstate Building Materials Inc. Distribution/MRO - - - - -

7/24/2018 Environmental Systems Corporation Spectrum Systems, Inc. Building Products - - - - -

7/24/2018 MANN + HUMMEL Holding GmbH Tri-Dim Filter Corporation Paper/Plastics/Packaging - - - - -

7/24/2018 Intertape Polymer Group Inc. Polyair Inter Pack Inc. Chemicals - - $146.00 - -

7/24/2018 Wilsonart LLC Laminate Works Dallas, LLC Machinery - - - - -

7/24/2018 Custom Molded Products, Inc. Aqua Sun Ozone International, Inc. Distribution/MRO - - - - -

7/24/2018 Farsound Aviation Limited Sterling Aircraft Products INC. Chemicals - - - - -

7/23/2018 Lydall Performance Materials, Inc. Precision Custom Coatings LLC Chemicals - - - - -

7/23/2018 Ditch Witch Northwest Inc. Ditch Witch Equipment Company, Inc. Distribution/MRO - - - - -

7/23/2018 Allegheny Technologies Incorporated Addaero Manufacturing LLC Distribution/MRO - - - - -

7/23/2018 Macdonald, Dettwiler And Associates Neptec Design Group Ltd. Machinery - - $31.98 - -

7/23/2018 G.L. Huyett AZ Lifting Hardware, LLC Aerospace and Defense - - - - -

7/23/2018 Aurora Capital Partners Inhance Technologies LLC Distribution/MRO - - - - -

7/20/2018 Air Hydro Power, Inc. Alabama Bolt & Supply, Inc. Aerospace and Defense - - - - -

7/20/2018 Premier Tech Ltd. Automation Machine Design Rc Inc. Machinery - - - - -

7/20/2018 American Builders & Contractors Assets of Alliance Wholesale Supply Machinery - - - - -

Source: Capital IQ

September 201821




7/20/2018 GTE Partners, LLC Global Turf Equipment Paper/Plastics/Packaging - - - - -

7/20/2018 TransDigm Group Incorporated SKANDIA, Inc. Machinery $26.00 - $84.00 3.23x -

7/20/2018 Polytek Development Corp. Alumilite Corporation Aerospace and Defense - - - - -

7/19/2018 Parts Town LLC PartsXpress Distribution/MRO - - - - -

7/19/2018 ABLE Equipment Rental, Inc. Mobile Lifts, Inc. Distribution/MRO - - - - -

7/18/2018 Charkit Chemical Company LLC Assets of ChayseChem Inc. Aerospace and Defense - - - - -

7/18/2018 JICI, LLC Integrity Controls Inc. Distribution/MRO - - - - -

7/18/2018 Skellerup Holdings Limited Sim Lim Technic Distribution/MRO - - $3.14 - -

7/17/2018 Aviation Technical Services, Inc. Ranger Air Aviation Ltd. Distribution/MRO - - - - -

7/17/2018 Gaming Arts, LLC Las Vegas Bingo Supply, Inc. Distribution/MRO - - - - -

7/16/2018 Crossroads C&I Distributors Inc. Frost Insulation Supplies Inc Distribution/MRO - - - - -

7/16/2018 Audax Group, Inc. MNX Global Logistics Distribution/MRO - - - - -

7/16/2018 Jenoptik AG Prodomax Automation Ltd. Distribution/MRO $49.56 - - - -

7/16/2018 Sensient Technologies Corporation Mazza Innovation Ltd. Distribution/MRO - - $15.25 - -

7/16/2018 Maxim Crane Works, L.P. Assets of Tri-State Crane Distribution/MRO - - - - -

7/16/2018 Branford Castle Partners, L.P. Titan Production Equipment Acquisition Distribution/MRO - - - - -

7/16/2018 Rogers Corporation Griswold L.L.C. Distribution/MRO $30.00 - - - -

7/16/2018 Cadence Aerospace, LLC Perfekta, Inc. Distribution/MRO - - - - -

7/13/2018 Material Handling Systems, Inc. A2i Holdings, LLC Distribution/MRO - - - - -

7/13/2018 Carolina Color Corporation Chroma Corporation Distribution/MRO - - - - -

7/13/2018 PumpMan, Inc. Southwest Waterworks Contractors Distribution/MRO - - - - -

7/12/2018 Bacharach, Inc. Neutronics Inc. Distribution/MRO - - - - -

7/12/2018 MultiPure Inc. Rainshow'r Manufacturing, Inc. Distribution/MRO - - - - -

7/12/2018 Hickok Incorporated CAD Enterprises, Inc. Distribution/MRO - - $21.00 - -

7/12/2018 Artisan Design Group, Inc. Décor Flooring, LLC Distribution/MRO - - - - -

7/12/2018 KHS USA, Inc.; KHS USA, Inc. Scandia Packaging Machinery Co. Distribution/MRO - - - - -

7/12/2018 The Mendota Group Debron Industrial Electronics, Inc. Distribution/MRO - - - - -

7/12/2018 Covenant Transportation Group, Inc. Landair Holdings, Inc. Distribution/MRO $137.26 $13.46 $105.96 0.77x 7.87x

7/12/2018 WP CPP Holdings, LLC Selmet, Inc. Distribution/MRO - - - - -

7/11/2018 Reid Canada Inc. Deltapac Packaging Inc. Distribution/MRO - - - - -

7/11/2018 Roquette Frères S.A. Sethness Products Company Distribution/MRO - - - - -

Source: Capital IQ

September 201822




7/11/2018 CertainTeed Corporation Hunter Douglas N.V. Distribution/MRO $36.00 - - - -

7/10/2018 Brenntag AG Chemicals Business of Canada Colors Distribution/MRO $163.21 - - - -

7/10/2018 10854611 Canada Inc. Sigma Industries Inc. Distribution/MRO $44.78 $3.01 $22.40 0.50x 7.43x

7/10/2018 ASSA ABLOY AB (publ) Door Systems Distribution/MRO - - - - -

7/10/2018 FB Marine Group, LLC Shield Marine LLC Distribution/MRO - - - - -

7/9/2018 Aebi Schmidt Holding AG M-B Companies, Inc. Distribution/MRO - - - - -

7/9/2018 NESCO Specialty Rentals N&L Line Equipment, Inc Distribution/MRO - - - - -

7/9/2018 Mueller Industries, Inc. ATCO Rubber Products, Inc. Distribution/MRO $166.00 - $162.80 0.98x -

7/9/2018 L3 Technologies, Inc. Applied Defense Solutions, Inc. Distribution/MRO - - $50.00 - -

7/9/2018 Sandvik Mining INROCK Drilling, Inc. Distribution/MRO $46.00 - $0.00 - -

7/9/2018 Sun Chemical Corporation Cathay Industries Distribution/MRO - - - - -

7/6/2018 BNSF Logistics, LLC Unlimited Freight, LLC Distribution/MRO - - - - -

7/6/2018 Tool-Krib Supply Co., L.L.C. Wilcox-Slidders, Inc. Distribution/MRO - - - - -

7/6/2018 JP Gould Western-BRW John M Baxter Sales Company Inc. Distribution/MRO - - - - -

7/6/2018 Barrette Outdoor Living, Inc. Integrity Composites LLC Distribution/MRO - - - - -

7/5/2018 Plaskolite, LLC Rotuba Extruders, Inc. Distribution/MRO - - - - -

7/5/2018 SEGEPO Group Fischer Special Manufacturing Comp Distribution/MRO $10.00 - - - -

7/5/2018 Supurva Healthcare Group, Inc. Web To Door Corp Distribution/MRO - - - - -

7/4/2018 Tokai Carbon Co., Ltd. Sid Richardson Carbon Company Distribution/MRO $311.90 $37.60 $311.33 1.00x 8.28x

7/3/2018 Agilex Flavors and Fragrances, Inc. Fragrance West Distribution/MRO - - - - -

7/3/2018 Williams Scotsman International, Inc. Modular Space Holdings, Inc. Distribution/MRO $452.92 $102.64 $1,564.36 3.45x 15.24x

7/3/2018 EnviroStar, Inc. Scott Equipment, Inc. Distribution/MRO - - $14.79 - -

7/3/2018 Platinum Equity, LLC Ball Corporation Distribution/MRO $746.00 - $675.00 - -

7/3/2018 Pregis Corporation Free-Flow Packaging International, Inc. Distribution/MRO - - - - -

7/2/2018 BWAY Parent Company, Inc. Industrial Container Services, Inc. Distribution/MRO - - $1,000.00 - -

7/2/2018 IMCD N.V. The E.T. Horn Company Distribution/MRO $276.00 $12.00 - - -

7/2/2018 CJ Logistics USA Corporation DSC Logistics, Inc. Distribution/MRO $540.14 - $240.13 0.44x -

7/2/2018 Joseph T. Ryerson & Son, Inc. Central Steel and Wire Company Distribution/MRO $626.60 - $139.20 0.22x -

7/2/2018 The Jordan Company, L.P. GlobalTranz Enterprises, Inc. Distribution/MRO - - - - -

7/2/2018 OCI N.V. OCI Partners LP Distribution/MRO $367.78 $147.71 $1,399.35 3.80x 9.47x

7/2/2018 SeAH Steel International Co., Ltd. State Pipe & Supply, Inc. Distribution/MRO $68.42 - $28.64 0.42x -

Source: Capital IQ

September 201823




7/2/2018 Reece Limited MORSCO Inc. Distribution/MRO $1,715.90 - $1,440.00 0.84x -

7/2/2018 Syrah Resources Limited Battery Anode Material Site Distribution/MRO - - $1.23 - -

7/2/2018 The Weir Group PLC ESCO Corporation Distribution/MRO $632.00 - $1,285.00 2.03x -

7/2/2018 Ridge Tool Company, Inc. Tools & Test Business of Textron Inc. Distribution/MRO $470.00 - $810.00 1.72x -

7/2/2018 UPP Holdings Limited Taiga Building Products Ltd. Distribution/MRO $1,142.82 $40.90 $145.76 0.13x 3.56x

7/2/2018 Plaskolite, LLC Covestro AG Distribution/MRO $170.00 - - - -

7/2/2018 Innovia Group (Holding 1) Limited Treofan America, Inc. Distribution/MRO $163.98 $30.94 $197.24 1.20x 6.37x

7/2/2018 Héroux-Devtek Inc. Beaver Aerospace & Defense, Inc. Distribution/MRO $30.00 - $23.50 0.78x -

7/1/2018 LyondellBasell Industries N.V. A. Schulman, Inc. Distribution/MRO $2,535.75 $196.65 $2,216.12 0.87x 11.27x

7/1/2018 First Israel Mezzanine Investors Ltd. Aitech Defense Systems, Inc. Distribution/MRO - - $30.00 - -

7/1/2018 Airbus SE C Series Aircraft Limited Partnership Distribution/MRO - - - - -

7/1/2018 Savaria Corporation Visilift, LLC Distribution/MRO - - - - -

Source: Capital IQ

High $13,502.00 $3,734.00 $64,664.67 4.79x 17.32x

Low $1.36 $0.38 $0.59 0.29x 6.88x

Mean $746.73 $335.54 $2,086.28 1.53x 11.35x

Median $57.00 $56.50 $120.00 1.32x 10.06x

September 201824

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

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

Dinan Capital AdvisorsDisclaimer

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Dinan Capital Advisors

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

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

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

For any query regarding this report, please contact:

Robert UllmanManaging Director

[email protected]

William DowningManaging Director

[email protected]

Michael ReisterSenior Analyst

[email protected]

Michael HilcoveSenior Associate

[email protected]

Michael PucciAssociate Director

[email protected]

q3 | 2018 - dinan & company, llc · 2019-05-15 · september 2018 north american industrials...

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