#1Missouri PE Deal Report 2H 2022 7 R. L. Hulett R. L. Hulett Investment Bankers for the Middle Market#2Contents I 2 6 II 12 18 22 Market Recap PE Transactions Active PE Investors Valuation Multiples Deal Analytics Our M&A Team Contact Us 7 1 R. L. Hulett This report provides an overview of private equity activity in the state of Missouri. Our report offers key marketplace trends and drivers as well as professional, high-level insights on the quantity, type, region, and industry of deals reported in the 2H of 2022 in Missouri. R.L. Hulett uses data from Pitchbook for all accompanying charts. For more information, please contact Trevor Hulett at [email protected].#31 R. L. Hulett PE deal volume in Missouri increased 4.0% over 1H 2022 but declined 46.4% to 52 deals from 97 during the same period in the prior year. Market Recap Add-ons remained the largest type of transaction, accounting for 72.2% of total PE transactions in 2H 2022 but was down as a percentage of overall deals from 81.3% in 1H 2022. PE firms continue to use add-ons to scale platform investments and "buy down" their entry multiples. •⚫ The business products and services sector increased as a percentage of total completed transactions to 51.9% of deals in 2H 2022 from 35.4% in 1H 2022. The largest year-over-year increase was the financial services sector, which rose to represent 10.8% of deals in 2022 from 8.0% in 2021. This increase is primarily driven by consumers wanting to mitigate risky investments in response to the possibility of a global recession in 2023. ● Corporate acquisitions were the most popular exit route in 2H 2022 for PE-owned platform companies and increased to 75.0% of total exits from 71.4% in 1H 2022. • The EV/Revenue valuation multiple increased to 2.0X in 2022 from 0.8X in the prior year. There were no reported valuation multiples available in 2022 for EV/EBITDA. Pg#4Date PE Transactions Company Investor Industry Transaction Type 30-Dec-22 Ironman Sound Industries Markey's Audio/Visual Inc. Audio/Visual services Asset Acquisition 30-Dec-22 4M Building Solutions 13-Dec-22 Expium 13-Dec-22 Gonzalez Companies 08-Dec-22 Double Check Company 02 Investment Partners Other Commercial Services Keensight Capital, Tercera, Valiantys IT Consulting and Outsourcing Add-on Alpine Investors, Trilon Group Construction and Engineering Add-on Churchill Asset Management, D&H United Fueling Solutions Industrial Supplies and Parts Add-on 05-Dec-22 Connell Insurance Higginbotham Insurance Group Insurance Brokers Add-on 05-Dec-22 Lilac Center ARC Psychiatry Clinics/Outpatient Services Add-on 04-Dec-22 Reliable Pest Solutions PestCo Holdings Other Commercial Services Add-on 30-Nov-22 Consolidated Communications Astatine Investment Partners Buildings and Property 17-Nov-22 Molle Toyota Collision Repair A&M Capital, Clearlake Capital Group, Center Crash Champions Automotive Add-on 15-Nov-22 Green Hills Veterinary Clinic 08-Nov-22 Mercury Broadband 02-Nov-22 Avid Communications 02-Nov-22 Integrity Pharmacy ALLO Communications, SDC Capital Partners Clarest Health Ares Capital Corporation BDC Other Services (B2C Non-Financial) Add-on Northleaf Capital Partners Internet Service Providers Telecommunications Service Providers Add-on Pharmaceuticals Add-on 29-Jul-22 White Grego and White Insurance Superior Insurance Partners, Tyree & D'Angelo Partners Insurance Brokers Source: PitchBook Deal Size ($mm) Implied EV/Revenue Implied EV/EBITDA City Maplewood Saint Louis Saint Louis Saint Louis → R. L. Hulett Target Business Description Provider of audio/visual ("A/V") production services for live and virtual events. Supplier of janitorial-related services in the Midwest and Southeast regions of the United States. An innovation consultancy leader specialized in transforming business processes using Atlassian technologies. Provider of comprehensive Planning, Design, and Construction Management Services to large and small Water, Sewer and Utility Districts. Kansas City Provider of janitorial supplies. The company also provides janitorial cleaning, disinfection and maintenance services. Branson Operator of an insurance brokerage firm focused on property insurance, casualty insurance and employee benefits. Kansas City Operator of mental health clinics intended for mental health care. Hannibal Asset Acquisition 90.0 2.0 Kansas City Add-on Kansas City Moberly 230.0 Kansas City Kansas City Springfield Kansas City Provider of pest control services intended for homes and businesses, schools, hospitals, manufacturing facilities and municipal buildings. Provider of internet, TV, data and cloud services for homes and businesses. Provider of collision repair services in Kansas City. The company also sells new & used cars, car parts and provides maintenance services. Operator of a full-service veterinary medical facility, located in Moberly, MO. Provider of high-speed Internet and digital phone services. Provider of commercial-grade telecom and Internet services focused on upgrading communication infrastructure. Provider of pharmacy services intended to fill, sort, package and deliver the medications right to the patient's doorstep. Operator of an insurance agency focused on offering coverage for specific industries, businesses and employees. Pg 2#5PE Transactions Investor Industry 7 1 R. L. Hulett Date Company Transaction Type Deal Size ($mm) Implied EV/Revenue Implied EV/EBITDA City 01-Nov-22 Aegion American Industrial Partners Other Energy Services Secondary Buyout Saint Louis Target Business Description Provider of cured-in-place pipe (CIPP) and other pipeline rehabilitation solutions. 01-Nov-22 McCay Tool & Engineering Company P4G Capital Management Aerospace and Defense Saint Louis Manufacturer of aerospace components. 30-Oct-22 Neff Power Audax Group, Genuine Cable Group Distributors/Wholesale Add-on Chesterfield Distributor of engineered products in robotics and industrial automation. 28-Oct-22 Kennedy Insulation Group Fi-Foil Company Building Products Add-on Carthage Manufacturer and Distributor of insulation products intended to serve around southwestern and southeastern United States. 27-Oct-22 Sherpa CRM Rubicon Technology Partners Business/Productivity Software Acquisition Financing Saint Louis Developer of a sales enablement platform designed to give businesses the technology, tools and training to sustain a successful sales culture. 20-Oct-22 Bentley Animal Hospital Ares Capital Corporation BDC Other Healthcare Services Add-on Fenton Provider of veterinary services intended for pet animals. 17-Oct-22 KDC Wireless ADB Companies Telecommunications Service Providers Add-on Peculiar Provider of wireless services intended for telecommunications infrastructures. 17-Oct-22 Paradise Asphalt Maintenance Add-on Grandview 14-Oct-22 Calibration Technologies 20-Sep-22 Valley Minerals 04-Oct-22 DuraComm Power Supplies Aldine Capital Partners, Atlantic Southern Paving and Sealcoating Astor Place Holdings, Select Equity Group HBM Holdings Mission Critical Electronics Construction and Engineering Electrical Equipment Other Metals, Minerals and Mining Add-on Electrical Equipment Add-on 03-Oct-22 Griffin Personnel Group Audax Group, DISA Global Solutions Consulting Services (B2B) Add-on 27-Sep-22 Panera Bread 16-Sep-22 Nextra Health 15-Sep-22 Beattie & Associates JAB RiverGlade Capital, Tender Heart Health Outcomes, Upstream Capital HarbourVest Partners, Kelso Private Equity, Risk Strategies Company Medical Supplies Life and Health Insurance Add-on Restaurants and Bars Add-on Source: PitchBook Columbia Clayton Kansas City O'Fallon 0.9 Saint Louis Provider of pavement maintenance services intended for commercial and municipal clients. Manufacturer of gas leak detectors for industrial facilities Manufacturer of refractory materials intended for the steel industry. Manufacturer and distributor of alternating current and direct current (AC and DC) switching power supplies. Provider of background screening, credentialing, and contract security services to the healthcare industry. Operator and franchiser of a chain of retail bakery-cafes. Maplewood Provider of medical supplies based in Maplewood, Missouri. Chesterfield Provider of employee benefits services intended to serve both individuals and employers across the Midwest Region. Pg 3#6PE Transactions Investor Industry Transaction Type Date Company 12-Sep-22 Sekisui XenoTech BiolVT BPO/Outsource Services Add-on 01-Sep-22 Ripple Glass Littlejohn & Co., Strategic Materials Other Commercial Services Add-on 01-Sep-22 Synetic Technologies Great Range Capital IT Consulting and Outsourcing 25-Aug-22 Meridian Flavors FlavorSum Food Products Add-on 10-Aug-22 First Bosnian Insurance Agency BHMS Investments, Inszone Insurance Insurance Brokers Add-on 04-Aug-22 Dealer Pay Financial Software Add-on 01-Aug-22 PierianDx Convenient Payments Summa Equity Decision/Risk Analysis 01-Aug-22 St. Louis Disposal Solutions 29-Jul-22 Paylt Audax Group, Diverse Communities Impact Fund Environmental Services (B2B) Add-on Macquarie Group Government 29-Jul-22 Sheer Logistics Monroe Capital, Woodlawn Partners Logistics 29-Jul-22 STL Communications Bowmark Capital, Focus Group IT Consulting and Outsourcing Add-on 14-Oct-22 Total Comfort Heating & Air Conditioning CPS Capital Other Commercial Services Add-on 01-Oct-22 Worldwide Steel Buildings Lineage Capital Building Products Deal Size ($mm) Implied EV/Revenue Implied EV/EBITDA City 90.0 Kansas City Kansas City Kansas City Fenton 1 R. L. Hulett Target Business Description Provider of in vitro drug metabolism and drug-drug interaction studies to pharmaceutical companies. Provider of glass collection and recycling services intended to turn amber glass back into bottles. Provider of information technology (IT) asset management and disposal services. Producer of food flavors focused on bakery, beverage, brewery, confection, dairy and pet food markets. Saint Louis Operator of insurance agency based in Saint Louis, Missouri. Saint Louis Creve Coeur Saint Louis Kansas City Chesterfield Chesterfield Saint Louis Peculiar Pleasant Valley Provider of payment processing and advanced software solutions for the automotive industry. Developer of cloud-based clinical software designed to facilitate research on the sequencing testing process. Operator of a disposal facility intended to serve customers in Eastern Missouri. Developer of software as a service (SaaS) platforms intended to offer a digital approach to government service. Provider of transportation, logistics and storage services based in Chesterfield, Missouri. Developer of information technology and telecom services intended to keep people and companies connected. Provider of heating and air conditioning services intended for serving both residential and commercial clients. Manufacturer and designer of steel trusses and secondary frames intended for building cost-effective and fully-customizable constructions. Provider of airport terminal and aviation services across the United States and Canada. Operator of a veterinary center. Add-on Saint Louis 27-Jul-22 Airport Terminal Services Alliance Ground International Human Capital Services 26-Jul-22 Pleasant Valley Veterinary Center Shore Capital Partners, Southern Veterinary Partners Other Services (B2C Non-Financial) Add-on Source: PitchBook Pg 4#7PE Transactions Date Company Investor Industry 25-Jul-22 Health & Comfort Equipment Service Cressey & Company, Lifeway Mobility Distributors/Wholesale Asset Management 21-Jul-22 Frontier Wealth Management CAPTRUST Financial Advisors 20-Jul-22 Green Earth Cleaning Transaction Type Deal Size ($mm) Implied Implied City EV/Revenue EV/EBITDA Add-on Kansas City Add-on Greybull Stewardship Other Commercial Services 12-Jul-22 Animal Clinic of Monett Heritage Animal Health, Main Street Capital BDC Clinics/Outpatient Services Add-on 11-Jul-22 Mick's Exterminating & Pest Control PestCo Holdings Other Commercial Services Add-on 07-Jul-22 Graves Foods Alvarez & Marsal, Good Source Solutions Distributors/Wholesale Add-on 07-Jul-22 Ibridge Solutions Consulting Solutions International IT Consulting and Outsourcing Add-on 05-Jul-22 Bristol Altamir Food Products Add-on BPO/Outsource Services Secondary Buyout Business/Productivity Software Add-on 05-Jul-22 Supply Logic Gallant Capital 01-Jul-22 Lashback M33 Growth, PerformLine 01-Jul-22 Road Runner Safety Services Helix Traffic Solutions, Nonantum Capital Partners Infrastructure Source: PitchBook Add-on 1 R. L. Hulett Target Business Description Distributor of home accessibility equipment based in North Kansas City, Missouri. Kansas City Operator of an investment management company intended to provide customized investment plans. Kansas City Provider of environmentally friendly dry-cleaning services focused on delivering sustainable alternatives to conventional washing. Monett OFallon Jefferson City Saint Louis Springfield Kansas City 11.5 Saint Louis Jackson Provider of veterinary services based in Monett, Missouri. Provider of residential and commercial pest control services based in O'Fallen, Missouri. Distributor of food products intended to serve diverse sectors including healthcare, education, restaurants, convenience and hospitality. Provider of Information Technology Services intended to serve the Fortune 500 and mid-sized companies. Manufacturer of cheese boxes based in Springfield, MO. The company specializes in cheese products and reusable cheese boxes. Operator of a technology-enabled business process outsourcing firm intended to provide print supply and market services. Developer and provider of SaaS (software as a service) based compliance services intended for digital marketers. Manufacturer of traffic control devices and equipment focused on customers across Missouri, Illinois and Arkansas. Pg 5#8Active PE Investors Investor Location # of 2H 2022 Investments # of LTM Investments EAGLE PRIVATE CAPITAL Saint Louis 14 27 Targets HARBORSIDE ENERGY SERVICES The nexus of knowledge ②REGAL INDUSTRIAL SALES TAILWATER King's Swim Academy Med PB ACHIEVE MORE TM scope (5) PentaVision HSC Stony Creek Swim Center WINTER PARK LODGING COMPANY Little FLIPPERS Swim School DENTAL AEGIS NETWORK Cooper Compliance Consulting and SharePoint Applications HAWKINS SERVICE CO SILVER CHAIR ROVIDERFLOW PESTFORCE THOMPSON STREET Saint Louis ΙΟ 18 CAPITAL PARTNERS ADVANTAGE CAPITAL Saint Louis 6 9 Source: PitchBook Reliable pest solutions.com Mick's ALLIANCE EXTERMINATING Professional & Reliable Pest Solutions since 1973 PEST SERVICES 15 BENEFIT RECOVERY MEDIARadar GROUP Beehive THE RUSH MARKET industries opendorse OrboGraph Intelligent Payment Automation Algorithmic AiIntuition carmigo RIPLEY® 7 1 R. L. Hulett Pg 6#9Active PE Investors Investor Location # of 2H 2022 Investments # of LTM Investments Kansas City 4 12 Five Elms Capital VILLHARD Kirkwood 4 7 GROWTH PARTNERS Targets Rebrandly Skedda⟫ SingleOps Ten Thousand Coffees BENCHMARK LEARNING contrast StockSwap pareto A Ascension Ventures Saint Louis 2 7 Elation Source: PitchBook Rejoni 1 R. L. Hulett Pg 7#10Active PE Investors Investor Location # of 2H 2022 Investments # of LTM Investments Targets COBALT VENTURES Kansas City 2 5 TⒶCHECK NECK_Y______ Nymbl OncoHealth COMPASS GROUP EQUITY PARTNERS Saint Louis 3 Saint Louis I 4 HARBOUR GROUP Source: PitchBook 2 Florida Energy Mays & Schnapp Neurospine and Pain Water & Air TYRO remotes 1 R. L. Hulett Pg 8#11Active PE Investors EYECARE PARTNERS LEWIS & CLARK AGRIFOOD WIL square VILLHARD GROWTH PARTNERS saturdaycapital.LC HARBOUR GROUP TWAIN. FINANCIAL PARTNERS GRASSMERE PARTNERS CAPITAL Sage Capital C3 CA THOMPSON STREET AUGURY CAPITAL PARTNERS GREENLEAF CAPITAL PARTNERS CFB CAPITAL FOR BUSINESS CEQUEL III AP ALĪTUS PARTNERS THE HOPKINS TWO RIVERS ASSOCIATES LEWIS & CLARK CAPITAL Bridge to Your Success VISIONARY PRIVATE EQUITY GROUP CAPITAL. HOLLEWAY hg GROUP LLC EAGLE PRIVATE CAPITAL FOUR PILLARS Five Elms Capital BROADVIEW GROUP GREENPEAK PARTNERS COMPASS GROUP TGP INVESTMENTS, LLC EQUITY PARTNERS MILLSTONE CAPITAL ADVISORS Bush O'Donnell INVESTMENT ADVISORS, INC. Mayson Capital Partners Arch Equity Partners P PERMANENT EQUITY CADIZ CAPITAL HOLDINGS, LLC PJM ADVISORS Source: PitchBook Note: Active investor defined as having raised a PE Fund in the past 5 years or completed a PE deal in the past 3 years 1 R. L. Hulett Pg 9#12Number of Active PE Investors 1 R. L. Hulett 45 40 35 30 28 28 25 26 23 20 15 10 5 29 29 29 29 32 38 40 40 39 39 39 38 38 37 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Source: PitchBook Note: Active investor defined as having raised a PE Fund in the past 5 years or completed a PE deal in the past 3 years. Pg 10#13Median Deal Size ($M) Valuation Multiples Total Capital Invested ($B) $25B $20B $15B $10B $5B $OM 2008 2009 EV/EBITDA 100x 2010 2011 2012 2013 2014 80x 60x 40x 20x Ox 2008 2009 Source: PitchBook 2010 2011 2015 2016 2017 2018 2012 2019 2020 2021 2022 $200M $150M $100M $50M $OM 2008 2009 2010 2011 EV/Revenue 2.50x 2.00x 1.50x 1.00x 0.50x 0.00x 2012 2013 2014 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 * *No reported EV/EBITDA valuation metrics available for 2022 2008 2015 2016 2017 2018 2019 2020 2021 2022 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Pg 11 1 R. L. Hulett 7#1470 PE Deals Closed by Quarter 60 60 50 40 40 Stable Deal Activity During 2H 2022, PE deal activity in the state of Missouri decreased 46.4% over the same period in the prior year from deals to 52 97 in IH 2022. 30 50 26 but increased by 4.0% from 50 deals 20 20 18 17 Of the 52 deals in 2H 2022, the St. Louis area accounts for the largest share at 15 deals. Source: PitchBook 10 0 29 29 13 12 11 11 21 24 24 29 20 27 26 26 23 23 22 20 1 R. L. Hulett 36 13 11 31 60 60 34 37 32 2021 18 28 24 4 2022 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2016 2017 2018 2019 2020 Pg 12#15PE Deals Closed by Type Increasing Add-on Acquisition From 2008 - 2022, add-ons as a percentage of total transactions have generally been increasing from 42.9% to 76.5% of total deals. For 2H 2022, we saw a continuation of this trend and we expect add-ons to remain a high percentage of PE transactions as PE firms continue to look to add-ons as a way to scale up their platform companies and "buy down" entry multiples. 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Source: PitchBook 1 R. L. Hulett 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Buyout/LBO PE Growth/Expansion Platform Creation Add-On Pg 13#16PE Deals Closed by Sector Fintech Getting Attention Historically, B2B has been the most active sector of the Missouri PE Deal activity, generally representing more than 40% of the total deal volume. 100% 90% 80% 70% 60% 50% 40% 30% 20% In 2022, we saw the largest decline in the healthcare sector which declined from 18.5% of total deals in 2021 to 11.8% in 2022. In contrast, we saw the largest percentage increase in deal volume in the financial services sector which rose to represent 10.8% of deals in 2022 from 8.0% in 2021. This increase is primarily driven by consumers wanting to mitigate risky investments in response to the possibility of a global recession 10% 0% in 2023. Source: PitchBook 2008 2009 B2B B2C Energy Financial Services Healthcare Information Tech 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 7 R. L. Hulett 2020 2021 2022 Materials and Resources Pg 14#17Number of PE-backed Companies PE Inventory Growth For 2022, with 24 investments and 15 exits, the net number of PE-Backed Companies located in Missouri increased to 177 from 168 in 2021. The number of companies in Missouri backed by Private Equity firms has nearly doubled over the past decade. This illustrates the proliferation of PE funds raised over that same period. 200 180 160 140 120 100 80 60 40 20 Private Equity Company Inventory by Deal Year 33 37 43 48 53 53 62 75 85 89 93 96 Source: PitchBook 0 2000 2001 2002 2003 2004 168 146 139 132 117118 106104 104 99 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 1 R. L. Hulett 177 Year of Investment Pg 15#181 R. L. Hulett Number of PE-backed Companies PE Inventory Growth on a Traditionally, private equity hold times on investments have ranged from three to seven years depending combination of factors including size, sector, mandate, performance, etc. However, we are seeing an emerging trend of longer hold times in some cases. As of December 31, 2022, 83.6% of the total 177 PE- backed companies in Missouri were acquired in 2015 or later but 16.4% were acquired in 2014 or earlier. 35.0% 21.5% 16.4% 11.3% 15.8% ■ Pre-2015 2015-2016 2017-2018 2019-2020 2021-2022 Source: PitchBook Pg 16#19PE-Backed Exits by Type 35 30 25 20 20 1 R. L. Hulett 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Decline in SBOS In 2022, we saw a substantial decline in Secondary buyouts (SBOs). We largely attribute this decline to a decline in valuation multiples resulting from higher interest rates and increasing inflation. Missouri has seen a general trend of increasing corporate acquisitions from a low of 6 in 2018, to a 4 year high of 11 in 2022. Source: PitchBook 15 10 5 0 2008 Corporate Public Listing Secondary Pg 17#20000000 1 R. L. Hulett 1000000 1000000 10000of 000000 R. Trevor Hulett Managing Director Mr. Hulett has led M&A transactions in a variety of industries including manufacturing/industrial, software development/IT, business services and value-added distribution. Prior to joining the firm, he held senior level accounting and financial management positions in both public accounting and large corporate environments. Mr. Hulett began his career as a Certified Public Accountant with MPP&W, a St. Louis-based public accounting firm specializing in middle market companies. He then held various management positions in internal audit and corporate accounting with a Fortune 1000 industrial manufacturing company and also spent nine years with Enterprise Rent-A-Car Company as a department manager in the Corporate Accounting group. Mr. Hulett holds his Series 62, 63 and 79 securities registration. Mr. Hulett earned a Bachelor's Degree in Accounting from the University of Missouri, Columbia Robert L. Hulett Chairman Emeritus Mr. Hulett founded the firm in 1981 and has negotiated and completed more than 200 transactions throughout his career. He began his career as a Certified Public Accountant and practiced with Peat, Marwick, Mitchell & Co. in St. Louis as an Audit Manager and in New York as the Director of Training for Private Business. Mr. Hulett has also served as Chief Executive & Board Member for various middle market companies. As an educator, he was an adjunct professor at New York University and a tenured faculty member at Lindenwood University in St. Louis. He conducted training sessions for middle market CPA firms throughout the country for more than ten years. Mr. Hulett earned his BS/BA Cum Laude in Accounting from the University of Missouri-Columbia, and an MBA from Lindenwood University. David T. Vass Director Mr. Vass has over 30 years of business management experience including more than 10 years as President of a highly successful consumer products manufacturing company with revenues exceeding $25 million. During this time, he not only reversed a declining sales and earnings trend, but increased both sales and operating income over 100%. In addition, he has spent over 20 years at the executive level of Vice President of Sales and Business Development. Mr. Vass also has experience in a number of other industry niches including: consumer products, commercial furniture and fixtures and metal recycling. He holds a Bachelor's Degree in Economics from DePauw University and an MBA from the University of Michigan. Pg 18#211 R. L. Hulett SYSTERS GRAPHICS POM R TALX Ron Litton Director Mr. Litton has been advising business owners in mergers and acquisitions since 2013. His primary industry focus areas have included industrials, paper and packaging, distribution, energy, promotional products and direct to consumer e-commerce. Prior to 2013, Mr. Litton held a variety of C-level roles with several companies in the paper and packaging industry including Unisource, Maverick Paper, Universal Graphics and Sabin Robbins. He has bought and sold a number of businesses, advised in the sale of family/founder owned businesses, and advised in start-ups and turnaround situations for banks, owners, and private equity firms. He enjoys working with owners that want to sell or transition out of their businesses. Ron covers the Kansas City and surrounding markets for the firm. He graduated from Central Missouri State University with a BS in Graphic Arts Technology and Management. Ryan Hartman Analyst Ryan joined R.L. Hulett in 2021 and provides transaction support for senior-level deal managers including financial modeling, valuations, industry research, offering memorandums and a variety of presentations. Ryan graduated with a Bachelor of Science in Management Degree with a major in finance from The Freeman School of Business, Tulane University. Prior to joining the firm Ryan worked as an equity analyst for Burkenroad reports, an equity research program that produces widely circulated financial reports on small- to medium-sized companies. During his time at Tulane University, Ryan was elected as Vice President of Administration for Tulane's community government, took extensive courses in Investment Banking M&A transactions, and volunteered as a data analyst for American Red Cross. Lynda Hulett Marketing & Administration Ryan joined R.L. Hulett in 2021 and provides transaction support for senior-level deal managers including financial modeling, valuations, industry research, offering memorandums and a variety of presentations. Ryan graduated with a Bachelor of Science in Management Degree with a major in finance from The Freeman School of Business, Tulane University. Prior to joining the firm Ryan worked as an equity analyst for Burkenroad reports, an equity research program that produces widely circulated financial reports on small- to medium-sized companies. During his time at Tulane University, Ryan was elected as Vice President of Administration for Tulane's community government, took extensive courses in Investment Banking M&A transactions, and volunteered as a data analyst for American Red Cross. Pg 19#22ZIPLINE LOGISTICS IS! IRONMAN SOUND INDUSTRIES 7 R. L. Hulett EPIC Has sold substantially all of its assets to GRIFFIN PERSONNEL GROUP Has sold substantially all of its assets to Has sold substantially all of its assets to has sold substantially all of its assets to Frontenac DISA → R. L. Hulett → R. L. Hulett DEDICATED CONVERTING GROUP CLASSIC-EQUINE EQUIPMENT MARKEY'S CREATING DEFINING EXPERIENCES → R. L. Hulett SYSTEMS GRAPHICS COMPASS GROUP Equity Partners 7 R. L. Hulett FEDERAL STEEL SUPPLY, INC. has sold substantially all of its assets to Vidya Holdings → R. L. Hulett Has been acquired by MORTON BUILDINGS® R. L. Hulett Has been acquired by PJM ADVISORS → R. L. Hulett has sold substantially all of its assets to V&A CAPITAL 7 R. L. Hulett Pg 20#23INTELICACRE COMMERCIAL REAL ESTATE 1st choice courier and distribution inclusion technologies 7 R. L. Hulett SYSTEMS GRAPHICS Has acquired substantially all the assets of JRES has sold substantially all of its assets to JAMES REAL ESTATE SERVICES Northern Pacific Group DRIVING COLLABORATIVE ACHIEVEMENT 7 R. L. Hulett → R. L. Hulett Has sold substantially all of its assets to MGP 7 R. L. Hulett Has been acquired by PJM ADVISORS → R. L. Hulett SIERRA has been acquired by MAR has sold substantially all of its assets to MEDIA PULSE АЛЫ has been acquired by MAB HID AMERICA BRICK has been acquired by HYDRO TUBE ENTERPRISES QUALFON → R. L. Hulett R. L. Hulett Bacon's R. L. Hulett Shamrock Proppants → R. L. Hulett Pg 21#24R.L. Hulett 8000 Maryland Avenue, Suite 650 St. Louis, Missouri 63105 Email: [email protected] Phone: 314.721.0607 Fax: 314.721.2783 R. L. Hulett Contact Us Pg 22