Bank of America Investment Banking Pitch Book
Preliminary Valuation Considerations
Selected Precedent Transactions in Engineering & Construction
Ann.
34244
1/13/14
13
7/29/13
1/7/13
12/11/13 Murmay & Roberts Holdings Ltd
12/28/12
6/7/12
12/21/10
12/13/10
6/28/10
9/117/0.9
2/11/08
6/27/07
5/15/07
Source:
(4)
Acquirer
(3)
WEF Global Inc.
Amec Pic
Jacobs Engineering
9/26/11
5/18/11
5/15/11 Chartermouse Capital PartneS
Energy Capital Partners
Granite Construction
Chicago Bridge &
GENIVAR
URB
CH2M Hill
Integrated Mission Solutions Michael Baker Corporation Provides engineering services for public and private sector clients including services forsurface transportation, aviation, ralll & transit, defense.
environmentall, architecture, geospatial Information technology, homeland security, olll & gas, telecom & utilities, water and urban development markets
Provides sate recycling, processing & disposal of nuclear material to the U.8. Department of Energy, commercial utilites, medical & research
facilities. Operates and provides nuclear decommissioning services for 22 nuclear power plants in the UK.
Jacobs Engineering
Wood Group
URB
Balfour Beatty
AECOM
Target
KRG Capital Partners
Foster Wheeler A/G
Wortley Parsons
Worley Group
Sinclair Kright Mara
Energy Bolutions
Kenny Construction
The Shaw Group
W3P Group
Flint Energy Services
Halcrow
MACTEC
Environmental Resources
Management
Aker Bolutions
PON
Scott Wilson
Parsons Brinckero"
Washington Group
Target Description
Provides engineering services to the energy and infrastructure and markets in Western Canada
Provides engineering and construction, as well as power generating equipment business worldwide. The comapny designs, engineers
and constructs onshore and offshore upstream olll and gas processing facilities; as well as related infrastructure
Colt Engineering
Parsons E&C Corporation
Provides engineering and construction contracting, and procurement and construction services primarily to the oll and gas, and mineralls
sectors in Australilla, Papua New Guinea, and South East Asla
Provides engineering, strategic consulting, and project delivery services and serves defense, energy, environment, Indust, mining and
metals, powersocial Infrastructure, transport, and water market sectors worldwide
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
Mub-disciplinary professional services consultancy specializing in building, transport & Infrastructure, management & Industrial and
energy & environment, providing a full range of services from planning to design, delivery and asset management
Provides a range of integrated products and services for the oll and gas Industry including production services: Infrastructure
construction; ollfeld branspor
rence services
Provides engineering, planning, design and management services for infrastructure development worldwide
Provides environmental planning, assessment & remediation, Infrastructure engineering, waternes ources & constr support services
Provides environmental, health, safety, nisk and social consulting services globally
Provides engineering and construction services, technology products and Integrated solutions to the onshore oll & gas, refining &
chemicals, mining & metals and energy & environmental Industries
Provides engineering, operations, and maintenance services to the owners of energy assets globally
Provides engineering, construction, and technical services for railways, buildings and infrastructure, environment and natural resources,
and roads sectors
Provides consulting, planning, design & engineering, programme, project & constr, management, and operations and
maintenance for Infrastructure sector
Provides consulting, engineering, and design, build and operate services to water wastewater, environmental, transportation, and
Pecides clents globelly
Provides Integrated engineering, construction, and management solutions to the power, environmentall management, defense, olll and
gas processing, mining. Industrial facilides, transportation, and water resources sectors
Provides program management, construction, engineering, procurement, operations, and maintenance services to all and gas.
mining, and power clients
Provides engineering, procurement, and construction management services for the hydrocarbon Industry
Transaction value
In mmi
Provides E&C and procurement and project management services services to the oil & gas, redning, chemical & petrochemical,
& power Industries worldwide
Capital and Company things. Note: US Dollars in milions.
JEC 9/8/13 press release indicated approximately USS1 20in purchase price for Sinclair Knight Marz (SKM), reflecting (4
enterprise val of US$1.1bin. Assumes exch. rate of USD/AUD 0.92 as of 9/8/13 onn.date.
(5)
Represents FY 2012 multipla.
Financials based on FY 2011. EV/ EBITDA multiple incl. pansion abilities (6.8x excl. pansion Mobilities).
LOX For more investment banking materials, visit www.10xebitda.com
5386
Proforma for Flint Energy Services acquisition of Carson.
Subsequent to the announcement, the margar agraamant was amended in
Nov. 2007 to increase the stock component. To that and the transaction value and
LTM TWEBITDA multiple were $3.0on and 16.7x, respectively.
4:38
318
KAD
1.120
1,910
1,500
466
675
9:55
510
2.408
463
875
245
Bank of America
Merrill Lynch
Revenue
In mm)
3.315
5716
1.796
1.982
484
1,696
1,200
2340
875
619
541
Median
Mein (Ex UR 3/Washington)
Median (Ex UR 3/Washington)
TV / LTM
Revenue EBITDA
131x
120
0.6.2
0.35
0.5.8
0.75
0.70
1.96
0.80
0.64
0.27
0.71
0.7:3x
07:3x
0.82
10.1
20
50
7.0
8.5
11.7
6.0
7.0
8.3x
BLO
7.8x
7.8View entire presentation