Bank of America Investment Banking Pitch Book
Go-Shop Considerations
Potential Strategic Buyers (Cont'd)
Potentially
Reduced
Disclosure
MasTec V
MYR
GROUP
Name
QUANTA
SERVICES
SOUTHWEST GAS
SPIE
valmont
WILLBROS
Worley Parsons
✓
(4)
✓
Enterprise
Value ($MM)
$3,034
500
7,084
3,589
4,086
796
4,772
Company Contact
IOX For more investment banking materials, visit www.10xebitda.com
Jose Mas
CEO
Pablo Alvarez
EVP, M&A
William Koertner
CEO
Jim O'Neil
CEO
Derrick Jensen
CFO
Edward Janov
SVP, Corporate Development
Jérôme Vanhove
VP, Head of M&A
Brian Desigio
VP, Corporate Development
Randy Harl
CEO
Van Welch
CFO
Andrew Wood
CEO
Source: FactSet as of August 1 2014
(4) Pioneer management has recommended to initially restrict competitivaly sensitive information to parties with strategic interest in the sector.
23
Would significantly increase scale
Typically do not pay full multiples
2 Acquisitions tend to be smaller
2
Rationale to Include
■
Bank of America
Merrill Lynch
Would diversify business mix away from transmission and
round out service platform
Pioneer would be a large transaction
Current industry participant with deep knowledge of sector
Targets acquisitions that focus on adding adjacent capabilities
and/or geographies
Currently has a significant services business, largely focused on
pipeline distribution
Has expressed interest in electrical distribution
Currently focused on Europe, but would consider US post: IPO
Has electrical T&D towers business
■ Services acquisition is less of a focus
Current industry participant that knows industry well
Pioneer would be a large transaction
7
Strong capability in T&D
1 Actively looking to expand in North America
Recent profit downgrade may impact acquisition appetite in
the short termView entire presentation