Bank of America Investment Banking Pitch Book
Preliminary Valuation Considerations
Selected Precedent Transactions in Services
Announced
15
Sep-13
Dec-12
Jul-12
Jun-12
Feb-12
Aug-11
May-11
May-11
Apr-11
Jan-11
Oct-10
Jun-10
Jun-10
Mar-10
Nov-09
Jun-08
Close Date
Oct-13
Dec-12
Feb-13
Jul-12
May-12
Aug-11
Jun-11
Jun-11
Jun-11
Jan-11
Oct-10
Jun-10
Sep-10
Jul-10
Jun-10
Sep-08
Source: Publicly available information.
Note: Dollar amounts in U.S. milions.
Target
Utilities Services Associates
Power Holdings
The Shaw Group
UC Synergetic, Inc.
Flint
Pine Valley Power
MacTec
USM Services Holdings
Peak Energy
Fisk Electric
Valard Construction Ltd.
Klondyke Construction LLC
Scott Wilson Group
InfrastruX Group
AREVAT&D
Shaw Energy
IOX For more investment banking materials, visit www.10xebitda.com
Acquiror
First Reserve
Kelso & Co.
Chicago Bridge & Iron
Pike Electric
URS
Pike Electric
AMEC
EMCOR Group
Clean Harbors
Tutor Perini
Quanta Services
Pike Electric
URS
Willbros
Alstom SA
Pike Electric
Transaction Value
$1,900
70
1,462
25
280
255
207
105
219
17
319
604
4,967
24
Mean
Median
LTM
7.0x
7.0
10.6
7.0
5.9
-
5.5
5.5
9.3
5.7
7.1x
6.5x
Bank of America
Merrill Lynch
EV/EBITDA
NTM
VI
7.5x
7.4
7.5x
7.5xView entire presentation