Investor Presentaiton
| M&A SYNERGY REALIZATION
• Since the IPO in July 2020, D&D has deployed a total of ~C$1.8 billion on acquisitions across Canada, UK, Ireland, and Australia
Dye &
Durham
• D&D continues to successfully grow the business through M&A and execute on synergy plans post acquisition, having achieved a blended post synergy
adjusted EBITDA multiple of ~7.8x1
• Macroeconomic headwinds in recent months have negatively impacted business performance leading to a slightly expanded multiple
Adjusted EBITDA Growth since IPO (C$ mm)
Post-synergistic Performance on Capital Deployed Since IPO (C$ mm)
$117
$264
17x
from
$1,800
16.4x
$1,350
~C$1.8 bn
Capital deployed
14x
since IPO
~$40
At IPO
$106
down to
~7.8x'
1
$900
$450
In only
30
months
Acquired Adj. Organic Adj. EBITDA
EBITDA²
Growth
LTM Dec-22 Adj.
EBITDA
1.
2.
Illustrative multiple only; calculated as aggregate consideration of all acquisitions since IPO / Incremental EBITDA since IPO (LTM Dec-22 Adj.
EBITDA less Adj. EBITDA at IPO)
Does not include recent acquisitions completed on December 13, 2022 and January 19, 2023 given immaterial EBITDA contribution
When being certain is everything
11x
~7.8x
Post synergy Adj.
EBITDA multiple¹
8x
5x
Q1
FY21
Q2 Q3
FY21 FY21 FY21 FY22
Q4
Q1
Q2
FY22
Q3 Q4 Q1 Q2
FY22 FY22 FY23 FY23
Aggregate Consideration
Illustrative EBITDA Multiple
Strictly private and confidential for discussion purposes only
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