Bank of America Investment Banking Pitch Book
Preliminary Valuation Considerations
Selected Precedent Transactions in Engineering & Construction
Ann.
Date
7/13/14
3/12/14
16
1/13/14
12/11/13 Muray & Roberts Holdings Ltd.
9/8/13
7/29/13
1/7/13
12/28/12
7/30/12
6/7/12
12/21/10
12/13/10
6/28/10
9/17/08
2/11/08
5/27/07
Acquirer
AECOM
War Global Inc.
Amec Fic
5/15/07
2/8/07
10/6/04
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Jacobs Engineering
9/26/11
5/18/11
5/718/11 Charterhouse Capital Partners
Energy Capital Partners
Granite Construction
Chicago Bridge &
Iron
GENIVAR
URB
Integrated Mission Solutions Michael Baker Corporation
CH2M HIll
AMEC
Jacobs Engineering
Wood Group
URA
Balfour Beatt
ABCOM
Target
CH2M Hill
Worley Parsons
Worley Group
URB Corp
KRG Capital Partners
Foster Wheeler AG
Sinclair Knight Merz
Energy Solutions
Kenny Construction
The Shaw Group
W&P Group
Fint Energy Services
Halcrow
MACTEC
Environmental Resources
Management
Aker Solutions
Scott Wilson
Parsons Brinckemo
Earth Tech
Washington Group
VECO
4
Colt Engineering
Parsons E&C Corporation
Target Decoription
Provides angaring, construction, and technical services for public agencies and private sector companies around the world
Provides engineering services to the energy and instructure and markets in Western Canada
Provides animaring and construction, as well as power generating equipment busintis worldwide. The comapny design, engineers, and constructs
ombone and offshore upstream cil and gas processing facilities, as well as related infrastructure
Provides engineering and construction contracting, and procurement and construction services primarily to the land gan, and mineral sectors in
Australia, Papua New Guinea, and South East Asia
Provides engineering, strategic consulting, and project delivery services and serves defense, emergy, environment, industry, mining and metals, power,
social infrastructure, transport, and water market sectors worldwide
Provides animating services for public and private sector dlients including services for surface Tramportation, aviation, rail & tramit, defami
environmental architecture, peripatall information technology, homeland security oil & gas, telecom & utilities, water and urban development märkets
Provides sale recycling, processing & disposall of nuclear material to the U.S. Department of Energy, commercial utilities, medical & research facilities.
Openales and provides nuclear decommissioning services for 22 nuclear power plants in the UK.
Provides general contracting and construction management services in the United States, Canada, and Europe.
Provides technology engineering, procurement, construction, maintenance, fabrication, manufacturing, consulting, remediation and facilities management.
services primarily for the power and infrastructure markets
Multi-disciplinary professional services consultancy specializing in building, transport & infrastructure, management & industrial and energy & embomment,
providing a full range of services from planning to dig, delivery and asset management
Prev sa range of integrated products
transportation and maintenance SEVICES
I services for the oil and gas industry including production services; infrastructure construction; cild
Provides engineering, planning, design and management services for infrastructure development worldwide
Provises environmental planning, andesment & remediation, infrastructure engineering, water resources & comb, support services
Provides environmental, health, safety, risk and social consulting services globally
Provides engineering and construction services, Dechnology products and integrated solutions to the onshore oil & gas, refining & chemicals, mining &
metalandergy & environmental industries
Provides engineering, operations, and maintenance services to the owners of energy assets globally
Source: CapitoNG anal Campanytings.
Note: US Dollars in milions.
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JEC 9/8/13 press release indicated approximately US$1.2on purchase price for Sinclair Knight More (SKM),
reflecting enterprise val. of US$1.1on. Assumes auch. rate of USD/AUID 0.92 as of 9/9/13 onn. dota.
Represents FV 2012 multila
Financials based on FY 2011. EV/EBITDA multiple inc. pansion abilities (6.8x avd. pansion Viacilities).
Provides engineering, construction, and technical services for railways, buildings and infrastructure, mairement and natural resources, and roads sections
Provide comulting, planning, design & engineering, programme, project & constr, management, and operation and maintenance for infrastructure sector
Provides comulting, engineering, and design, build and operate services to water/wastewater, environmental, transportation, and facilities clients globally
Provides integrated engineering, construction, and management solutions to the power, minumental management, defense, oil and gas processing
mining, industrial facilition, transportation, and water nimicurten sections
Providen program management, combruction, engineering, procurement, operation, and maintenance services to oil and gas, mining, and power chants
Provics engineering, procurement, and construction management services for the hydrocarbon industry
Provides ERC and procurement and project management services services to the oil & gas, refining, chemical & petrochemical, & power industries
worldwide
IOX For more investment banking materials, visit www.10xebitda.com
(4)
Transaction Value
(8 mm)
36,113
366
Pro forma for Flint Energy Services' acquisition of Carson.
Subsequent to the announcement, the merger agreement was amanded in
Nov. 2007 to increase the stock component. To that and, the transaction value and
LTM TV/EB/TDA multiple were $3.com and 16.7x, respectively.
1100
1200
318
1,120
130
1,910
6:37
1,500
46.6
880
678
388
510
875
248
Bank of America
Merrill Lynch
Revenue
TV / LTM
In mmi Revenue EBITDA
$10.700
3.315
919
1,796
1,100
1,992
790
484
1.686
E
5:23
2.340
1,300
3.407
Mein
Median
Mesin (Ex URB/Washington)
Median (Ex URS/Wachington)
875
619
541
131
0.710
0.48
0.5.8
060
1.98
0.27
0.71
1.41
0.72x
0.72
CUCH
8.7x
10.1
00
85
9.1
11.7
7.2
7.0
15.9
8.3x
7.8
BLOView entire presentation