Southland Holdings SPAC Presentation Deck
KEY INVESTMENT HIGHLIGHTS
Top Tier
Engineering &
Construction
Services Firm
Diverse Set
of
Customers
Strong
Industry
Tailwinds
Leading provider of specialized
infrastructure construction services
across North America including bridges,
tunneling, transportation and facilities,
marine, steel structures, water and
sewer treatment, and water pipelines
Customers include federal, state, local
and private organizations. A significant
amount of work comes from recurring
clients
Over the next 17 years, the ACSE(1)
estimates $13 trillion of infrastructure
spending across key categories (including
highways, bridges, marine, etc.) is required
with $4.6 trillion required by 2025. In 2021,
the US passed a $1 trillion infrastructure bill
Established
track record
of accretive
acquisitions
Experienced
Management
Team
Attractive
Valuation
BUILDING GREAT THINGS
Southland has a long-term track
record of successfully acquiring
businesses and successfully
integrating them within its business
Southland's executive management
team has significant experience
building and operating E&C
companies
Valued at an EBITDA multiple of
5.6x 2022 "Bonus" (2) Adjusted
EBITDA and 6.2x 2022 "Base" (3)
Adjusted EBITDA. This represents
a discount of 36% and 29%,
respectively compared to an
average of its peers (8.8x) (4)
(1) ACSE is the American Society of Civil Engineers, and the data that is cited above is from their latest report card on American Infrastructure
(2) Assumes $145 million of EBITDA while TEV includes 6.9mm "Base" (2022 and 2023) and 3.4mm "Bonus" (2022 and 2023) earnout shares. Refer to page 10 for further details.
(3) Assumes $125 million of EBITDA while TEV only includes 6.9mm "Base" (2022 and 2023) earnout shares. Refer to page 10 for further details.
(4) Source of Information: S&P Capital IQ. Market data as of May 23, 2022. Estimates based on consensus estimates
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