Spyglass Portfolio -- Megatrends

0 New Position: API Group Corp. (APG) API Precedent Transactions . GROUP Fire safety is a popular industry with private equity because of resilient revenue and margins → Private company takeout multiples in the mid-teens to low twenties even in a higher interest rate environment Average & median EBITDA multiple of 16x - → Pye-Barker: 23x for majority investment → Pure-play fire protection, life safety, and security services provider Date January-2022 December-2021 December-2021 Acquirer Target EV/EBITDA Summit Companies Pye-Barker Fire & Safety Fire & Life Safety America Mountain Alarm Fire & Security ~13.0x ~14.0x December-2021 Harvest Partners/Leonard Green & Partners Convergint Securitas ~22.0x STANLEY Security ~16.0x November-2021 Carlyle Sciens Building Solutions *19.0x September-2021 BlackRock Summit Companies ~17.0x July-2021 June-2021 Levine Leichtman Capital Partners Altas Encore Fire Protection ~17.0x Pye-Barker Fire & Safety ~23.0x March-2021 March-2021 TruArc Partners HGGC November-2019 Leonard Green & Partners December-2018 ADT Al Fire *14.0x Marmic Fire & Safety ~15.0x Pye-Barker Fire & Safety ~17.0x Red Hawk Fire & Security ~11.0x June-2018 Securitas Kratos Defense & Security Solutions ~17.0x February-2018 Source: Bloomberg. Ares Management Corporation Convergint ~15.0x 23

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