FOR INSTITUTIONAL USE ONLY August 2021

IN THIS ISSUE

Financial Sponsors Group Team Overview 2 FINANCIAL SPONSORS INSIGHT Sponsor Related M&A Transactions 3 Select Transaction Case Studies 4 Consumer & Retail | Convenience Store & Fuel Products Distribution | Diversified Industrials | Energy Sector Contacts 6 Financial Services | Health Care | Real Estate | Technology & Services US BASED COVERAGE David Clark Managing Director Head of Financial Sponsors Group +1.727.567.3547 [email protected]

Ben Rodman Managing Director +1.312.655.2633 [email protected]

Blake Otte Managing Director +1.917.635.1718 [email protected]

Christian Bullitt Managing Director +1.212.856.5414 [email protected]

Don Blair Managing Director +1.727.567.5018 [email protected]

EU BASED COVERAGE Allan Bertie Managing Director Co-Head of European Investment Banking +44.754.235.2223 [email protected]

Philip Stein Managing Director +49.89.23.23.77.50 [email protected]

Stuart Sparkes Managing Director +44.203.798.5703 [email protected] FINANCIAL SPONSORS INSIGHT August 2021

Financial Sponsors Group Group overview Key group stats) Raymond James’s Financial Sponsor Group is a dedicated team focused on managing relationships with firms

8+ dedicated bankers David Clark Ben Rodman Group Head, Managing Director Managing Director [email protected] [email protected] +1.727.567.3547 +1.312.952.1582 EXPERIENCE EXPERIENCE 640+ Sponsors covered EDUCATION EDUCATION

Blake Otte Christian Bullitt Managing Director Managing Director 1,950+ Meetings and Calls [email protected] [email protected] with sponsors(1)) +1.212.883.6596 +1.215.990.9006 EXPERIENCE EXPERIENCE

EDUCATION EDUCATION 205+ Closed transactions with sponsors(2))

Don Blair Rob Martino Managing Director Associate [email protected] [email protected] +1.727.403.7435 +1.203.231.8646 200+ Active sponsor-backed EXPERIENCE EXPERIENCE assignment(3))

EDUCATION EDUCATION

(1) Represents calls / meetings with sponsors LTM as of 8/10/21 RAYMOND JAMES INVESTMENT BANKING 2 (2) Includes all , equity, debt, M&A, and strategic advisory assignments LTM as of 8/10/21 (3) Includes all active and on-hold engagements as of 8/10/21 FINANCIAL SPONSORS INSIGHT August 2021

Sponsor Related M&A Transactions

June 2021 June 2021 June 2021 June 2021 June 2021 June 2021 June 2021 June 2021

A portfolio company of Has entered into an asset purchase agreement to sell & substantially all assets to Has entered into a definitive Has acquired Has been recapitalized by Has completed a majority agreement to be acquired by Has entered into a definitive Has received a strategic with Public of agreement to acquire investment from A portfolio company of A portfolio company of

June 2021 June 2021 June 2021 June 2021 June 2021 June 2021 June 2021 June 2021

A portfolio company of Has been acquired by A portfolio company of A portfolio company of A portfolio company of A portfolio company of A portfolio company of

Has been acquired by Has entered into a definitive Has been acquired by Has entered into a definitive agreement to be acquired by Has been acquired by Has received a growth Has acquired A portfolio company of agreement to be acquired by investment from

June 2021 June 2021 June 2021 May 2021 May 2021 May 2021 May 2021 May 2021

A portfolio company of A portfolio company of A portfolio company of Has invested in Has acquired Has merged with Has been acquired by Has been recapitalized by Has announced an Has acquired Has been acquired by investment from & A portfolio company of A portfolio company of

April 2021 April 2021 April 2021 April 2021 April 2021 April 2021 April 2021 April 2021

A portfolio company of A portfolio company of Has been acquired by A portfolio company of A portfolio company of

Has received an investment Has entered into a definitive Has entered into a definitive Has agreed to acquire a from Has received financing from agreement to be acquired by agreement to be acquired A portfolio company of Has acquired Has been acquired by majority stake in by

Source: internal Raymond James records Raymond James Ltd. deals are not included RAYMOND JAMES INVESTMENT BANKING 3 FINANCIAL SPONSORS INSIGHT August 2021

Select Transaction Case Studies – CY Q2 2021 DesalitechMarianna sale Industries to Company Overview Dupontmerger with Arizona Marianna is a leading contract manufacturer and developer of innovative hair and beauty products for cosmetology schools, salon professionals, specialty Natural Resources retailers, and brand owners May 2021 Operates a 400,000 square foot FDA-registered and cGMP-compliant facility, offering a comprehensive suite of capabilities, including research and A portfolio company of development, packaging compatibility, preservative efficacy and micro testing,

Has merged with regulatory expertise, global sourcing competency, customized kitting, and multiple distribution options

A portfolio company of Successful Outcome The transaction provides Marianna with a strategic partner in the contract manufacturing space creating a platform that combines both emerging and Industry Group: Consumer legacy brands while expanding the overall scope and capabilities in order to Lead Banker: Jay Eastman serve a diverse range of customers DocutechSummit Spinesale to sale First to Company Overview American Summit Spine & Joint Centers is a leading regional provider of interventional Msouth Equity Partners pain management services in 17 locations across the southeastern United States Summit Spine delivers individualized multi-modal treatments, as well as June 2021 March 2020 coordinated ancillary services, to over 17,000 patients

Portfolio company of Successful Outcome A portfolio company of Has been acquired by The transaction provides Summit Spine with a financial partner who provides experience operating and investing in health care companies, as well as the Has been acquired by resources to assist management in further growing and developing the Company

Technology & Services Industry Group: Health Care Lead: Brendan Tierney Lead Banker: Frank Hancock

RAYMOND JAMES INVESTMENT BANKING 4 FINANCIAL SPONSORS INSIGHT August 2021

Select Transaction Case Studies – CY Q2 2021 (cont.) Desalitech sale to Company Overview Trucker Tools sale to Dupont Trucker Tools is a leading provider of software for the transportation and Alpine Investors logistics industry The Company’s integrated, SaaS-based digital freight matching platform JanuaryJune 2021 2020 enables real time visibility and predictive insights into capacity, improving March 2020 operational efficiency by digitizing the transportation industry HasPortfolio been acquired company by of Trucker Tools’ powerful network effect and comprehensive product suite of over 20 tools is well positioned to capture market share in a quickly expanding Has been acquired by A portfolio company of market Successful Outcome Highly targeted process to catalyze pre-process interest resulted in a favorable Industry Group: Technology & Services outcome for shareholders, while maximizing speed and certainty to close Lead Banker: Garrett DeNinno

AtomicDocutech Transportsale recapitalizedto First Company Overview American Atomic Transport, LLC (“Atomic” or the “Company”) is a leading provider of by Comvest Partners outsourced long-haul waste transport and transfer station management for the largest waste companies in the U.S. The Company provides key services into the JuneMarch 2021 2020 U.S. waste infrastructure, including the loading and transportation of waste March 2020 from transfer stations to remote landfills Portfolio company of Successful Outcome Has been recapitalized Has been acquired by Raymond James conducted a comprehensive outreach process entirely during by the COVID-19 pandemic, resulting in a competitive process and ultimately a final agreement with Comvest Partners that would best support Atomic’s growth strategy Technology & Services Industry Group: Diversified Industrials This new financing arrangement will allow Atomic to be better positioned to Lead: Brendan Tierney Lead Banker: Chip Grayson support new contracts with new equipment in current and new geographies

RAYMOND JAMES INVESTMENT BANKING 5 FINANCIAL SPONSORS INSIGHT August 2021

Contacts Events

INVESTMENT BANKING SPECIALTY TRANSACTION GROUP CONTACTS UPCOMING CONFERENCES RAYMOND JAMES FEATURED NEWSLETTERS

CONSUMER & RETAIL JIM BUNN Private Capital Solutions and Recapitalization & Diversified Industrial Conference Senior Managing Director Restructuring August 24 – 25, 2021 Food & Beverage Insight Geoff Richards | Managing Director President of Global Equities & Investment U.S. Bank Conference CONVENIENCE STORE & FUEL PRODUCTS DISTRIBUTION Banking Head of Private Capital Solutions Group September 8, 2021 Convenience Store Insight STEVE HUFFORD Mergers & Acquisitions Consumer Conference Fuel Products Distribution Insight Managing Director Jeff Maxwell | Managing Director September 14, 2021 Chief Operating Officer Head of Mergers & Acquisitions Group DIVERSIFIED INDUSTRIALS Co-Head of European Advisory ACG Boston DealFest Northeast Aerospace & Aviation September 21, 2021 Building Products Quarterly Insight

INDUSTRY CONTACTS ACG Midwest Capital Connection Defense & Government Services Market Intel Report October 19-20, 2021 Distribution Quarterly Insight Consumer & Retail Health Care sdfsdfsdf ACG Philadelphia M&A East John Berg | Managing Director Riley Sweat | Managing Director Environmental & Waste Insight October 25-27, 2021 Head of Consumer & Retail Group Co-Head of Health Care Group Executive Freight Trends Insight Andrew Gitkin | Managing Director ACG LA Capital Connection Convenience Store & Fuel Products Distribution Industrial Technology Insight Co-Head of Health Care Group November 2-3, 2021 Scott Garfinkel | Managing Director Water Quarterly Newsletter Head of Convenience Store & Fuel Products Real Estate Conference ENERGY Distribution Group Brad Butcher | Managing Director November 9, 2021 Co-Head of Real Estate Group A&D Insight sadsadasd Diversified Industrials Jamie Graff | Managing Director North American Equities Conference Alper Cetingok | Managing Director MERGERS & ACQUISITIONS Co-Head of Real Estate Group November 16 17, 2021 Head of Diversified Industrials Group M&A Insight asdasdasdasd Technology & Services ACG Florida Event Energy TECHNOLOGY & SERVICES Brendan Ryan | Managing Director November 17, 2021 Marshall Adkins | Managing Director Co-Head of Technology & Services Group Cyber Insights Head of Energy Group Technology Investors Conference Jon Steele | Managing Director Education Technology Quarterly Co-Head of Technology & Services Group December 6 – 8, 2021 European Advisory FinTech Insight Allan Bertie | Managing Director Co-Head of European Advisory Human Capital Insight Steve Hufford| Managing Director Software Insight Co-Head of European Advisory RAYMOND JAMES EQUITY RESEARCH Financial Services John Roddy | Managing Director August 2021 Research Register Head of Financial Services Group

RAYMOND JAMES INVESTMENT BANKING 6 FINANCIAL SPONSORS INSIGHT August 2021

Disclosures

The information contained within this material has been obtained from sources considered reliable, but we do not guarantee the foregoing material is accurate or complete. This report was prepared within Raymond James & Associates’ Investment Banking Department and is information purposes only. This report is not a product of Raymond James & Associates’ Research Department; recipients of this report should not interpret the information herein as sufficient grounds for an investment decision or any other decision. The report shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities mentioned herein; past performance does not guarantee future results. Any performance mentioned does not include transaction fees and costs which would reduce an investor’s return. An investment cannot be made directly in a market index. Links are being provided for information purposes only. This presentation includes logos or other words or devices that may be registered trademarks of their respective owners. Such use is solely for purposes on convenience in referring to the trademark owners and their products/services. Raymond James is not affiliated with and does not endorse, authorize, or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members.

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