WATER TECHNOLOGY & SOLUTIONS: DIGITAL WATER THRIVES IN COVID-19 INDUSTRIAL TECHNOLOGY UPDATE | NOVEMBER 2020 INDUSTRIAL TECHNOLOGY UPDATE DIGITAL WATER

TABLE OF CONTENTS KEY HIGHLIGHTS

 Key Highlights Capstone Headwaters’ Industrial Technology Group (ITG) is pleased to launch its  Firm Transactions in Focus periodic sector update report.  Emerging Company Perspectives 1. In this report, we share observations from our advisory experience with  Performance of Smart Water highly specialized smart water companies such as RedZone and discuss how smart water technologies and digital solutions are proliferating across various  Sector Trends: Water Solutions applications.  Key Macro Indicators 2. Themes that run common among these emerging companies are that while  ITG Public Markets Overview their solutions are innovative, provide a high return on investment (ROIs) to  Notable Smart Water Transactions customers, and have benefitted from accelerated traction as operators  ITG Track Record contend with logistical challenges imposed by COVID-19, these providers face major hurdles in overcoming procurement processes and establishing channels to market against legacy solutions (see pages three and four). 3. On a macro level, key industrial benchmarks such as the U.S. Purchasing Managers’ Index, durable goods orders, and capacity utilization are recovering after the dramatic impact of COVID-19 and the resulting severe economic contraction (see page seven). 4. Macroweaknessisalsobeginningtoimpactindustrialtechnologycompanies with slower forward revenue growth rates (see page eight). 5. Merger and acquisition (M&A) activity in the Digital Water sector has been quite compelling as large strategics look to quickly expand their technology portfolios or establish a market foothold while circumventing the elongated process of technical development and market acceptance. At the same time financial investors have looked to capitalize on the long-term sectoral trends.

Samrat Karnik Peter Nam Co-Head of ITG Co-Head of ITG Managing Director Managing Director 332-204-1294 949-734-7887 [email protected] [email protected]

2 Industrial Technology Update: Digital Water | November 2020

FIRM TRANSACTIONS IN FOCUS

Capstone Advises Newterra on Sale to Frontenac (November 2020) –

Company Description: Newterra is a leader in designing, , , and servicing modular treatment solutions for water, wastewater, and groundwater. Newterra provides technologies for decentralized water treatment applications that a portfolio company of include membrane filtration, modular membrane bioreactors and potable water systems, stormwater treatment, chemical treatment systems, and a host of remediation technologies. and Buyer Description: Frontenac is a Chicago-based private equity firm that focuses on investing in lower middle market buyout transactions in the Consumer, Industrial, and has been acquired by Services industries. The firm had a long running interest in the Water sector through its CEO 1st strategy.

Key Deal & Industry Dynamics:

 Newterra was a highly-coveted asset as one of the largest, multi-faceted water treatment platforms, with an emphasis on decentralized water treatment  As a result, the Company saw interest from strategics, impact investors, value-added infrastructure players, and regular-way sponsors  Frontenac had maintained a long-running interest in the Water sector and evaluated the opportunity in conjunction with support from an industry executive  The transaction was completed despite disruption from COVID-19, which hampered ability to perform on-site due diligence, full management meetings, etc.

Capstone Advises Vessco on Placement of Financing for Add-On Acquisition (September 2019) –

Company Description: Vessco serves as a manufacturer’s sales representative (i.e., value- added distributor) within exclusive territories for approximately 150 water and wastewater treatment equipment original equipment manufacturers (OEMs). Vessco sells a variety of water and wastewater treatment products and related services including pretreatment equipment, pumps, tanks, mixers, chemical feed equipment, valves, sludge treatment has secured debt and equity equipment, and biogas treatment equipment. financing from Investor Description: WhiteHorse provides debt financing to middle market companies in the U.S. and Europe. WhiteHorse has a broad investment mandate that includes providing senior, subordinated, and unitranche debt for refinancings, growth capital, acquisitions, buyouts, and balance sheet recapitalizations.

Key Deal & Industry Dynamics:

 Vessco received significant interest from prospective lenders as they were generally attracted to the stable demand and recession-resistant nature of the industry despite the capex spend dependency of the business with limited recurring revenue  Lenders were also interested due to the potential opportunity to deploy additional capital in support of subsequent tuck-under acquisitions as part of the platform  WhiteHorse Capital found the Company’s market position within its exclusive territories and its large installed base of municipal customers favorable  The financing provides the Company with an experienced capital partner that is able to support the continuation of O2’s (Vessco’s parent company) acquisition-focused growth strategy and refinance existing debt 3 Industrial Technology Update: Digital Water | November 2020

EMERGING COMPANY PERSPECTIVES – DIGITAL WATER

We informally surveyed three companies in the Digital Water space to give context to current developments in this segment of the Water Technology market. These companies address different use cases in digital water applications – from digital solutions to combined sewer overflow, real-time water quality monitoring, and field asset intelligence for distributed water infrastructure assets. The questionnaire centered around three key themes: (i) what is driving their growth, (ii) what do they see as impediments to accelerated adoption, (iii) how COVID-19 has impacted their business. On the latter point, these companies see COVID-19 as a net positive in the long-term for adoption of digital solutions.

Company O Company R Company A

Description: The company is a leading Description: The company’s solutions Description: The company is a market pureplay provider of automated help advance the management of leading innovator of fully stormwater management systems to water and wastewater by empowering commercialized, integrated suite of help utilities, municipalities and private industrial and municipal users with the proprietary software and hardware developers meet their combined sewer critical water quality data on a real- technologies designed to provide overflow (CSO) obligations through a time basis to make informed active actionable, data-based intelligence for fully automated solution incorporating decisions for optimal process what today is a “dark” utility predictive analytics that makes existing management and compliance. infrastructure of disparate, infrastructure dynamic vs. having to incompatible critical systems. make additional investment in pipes, tanks and ponds (i.e., the physical infrastructure).

Question 1: What needs do you see as driving adoption of your solutions? A common theme is operational optimization, meaningful reduction in CAPEX spend, more cost effective & easier to deploy solutions to meet regulatory mandates and regulatory compliance.

“For public sector, our solutions have “Adoption is being driven by the desire “A unique mix of regulatory-driven proven to provide: (i) up to 60% for improved process control, actions and operational optimization increase in storage capacity, (ii) 90% compliance, risk mitigation, rapid event [needs sought to be addressed] plus reduction in capex vs. new assets, detection, and operational through digital solutions.” and (iii) 3x to 4x increase in capturing optimization…. Waiting for lab results wet weather flow, while providing to find out days later that you had an flood mitigation. For private event and are out of compliance [or customers, our solutions reduce the not operating at designed spec]… is a amount of land required for a thing of the past…” stormwater management asset, such as a pond, a tank or a cistern.”

Question 2: What level of growth are you experiencing? As expected, the companies are experiencing 20% to 50% growth in revenue year-over-year YOY despite COVID-19 and expect that pace to accelerate post full recovery.

“We are projecting 30% growth YOY “We can see that the growth is “We do see increased interest level and [after changing] the business model generating traction beyond the early acceptance across the board — both from a [consultative solution] to a adoption technology cycle and into the from big and advanced utilities to product company.” early [mass commercialization] as small and less advanced ones. This more of our clients are seeing the interest is driving [50%+] growth in our results, supporting more real-time business [YOY]…” monitoring.” 4 Industrial Technology Update: Digital Water | November 2020

EMERGING COMPANY PERSPECTIVES – DIGITAL WATER (CONTINUED)

Company O Company R Company A Question 3: What do you see as the biggest barriers to greater market adoption? The responses here seem to have one consistent theme – current procurement policies/systems of private and public utilities alike. These policies are viewed as arcane as they are generally developed around treatment solutions, that have a different risk profile, and generally catered to capital purchases or service solutions.

“The plan-design-build- “The Water industry is inherently more “The current procurement system operate/maintain approach with risk adverse… However, unlike (yearly cycles) and stringent policies bidding in between stages wastes time treatment technologies, smart water around CAPEX and OPEX resource and money….[and] is illogical as technologies naturally have fewer allocations.” technology solutions require a [installation] barriers vis-a-vie new knowledgeable partner from start to treatment technologies as sensors and finish… There are digital skills in the analytics serve as risk mitigation tools, industry, but not a digital mindset with far smaller install footprint and …In addition, in working with EPCs we significantly lower capital investment have witnessed how engineering firms relative to payback periods.” will block technology solutions in order to protect billable hours.”

Question 4: Have you made any business model/process changes to be more successful? Similar to many digital technology companies, these companies seem to have emphasized: (i) SaaS or DaaS models, (ii) stronger channel alignment with powerful purchase decision influencers such as EPC firms, and (iii) not lost sight of requiring a consultative sale process that accounts for the customer specific regulatory/compliance or operational needs for early adopters.

“[We] were seen as a consulting “For our clients that are benefiting from “Yes, we have created a full suite of competitor until 2019, when we both our hardware and software options to fit the different needs of declared ourselves a product company. solutions, we have added data-as-a- utilities. From a pure CAPEX based We are no longer seen as a competitive service (DaaS) business model to help model (ownership) to full OPEX model threat to the EPC firms… and have now provide our clients with alternative in which we offer a “data solution as a engaged in a channel partner options to utilize operating budgets service.” program... [Lastly, we are in the] early verses capital budgets.” stages of building a private sector business through JVs that brings private landowners into P3 programs...”

Question 5: How do you think COVID-19 impacts your business? The general consensus is that COVID-19 on the whole benefits their companies and accelerates adoption of smart water solutions.

“We are benefiting from COVID-19 for “The COVID-19 crisis has [driven] a “Definitely benefits. The challenges of the most part. The negative impacts sudden shift towards remote working utilizing field crews are [accelerating] [that] we are seeing are with grant with more onsite restrictions and the shift towards remote work across funded projects, particularly if funded more staff shortages. This shift will all assets. Our company connects the by a non-profit or foundation. The rapidly increase the demand for unconnected field assets to decision- benefits that we are seeing are: solutions that can allow for more makers; [enabling them to make data (a) COVID forced us to do remote remote access to data and to real- driven, real-time decisions], which is a commissioning of new time sensor data given reduced perfect fit for a COVID restricted implementations… (b) productizing our manpower to do grab field sampling.” landscape.” solution even further.“

5 Industrial Technology Update: Digital Water | November 2020

PERFORMANCE OF SMART WATER

To understand the impact of the current market dynamics, we looked at the Smart Water Index(a) on a pre-COVID and post- COVID basis in terms of their forecasted financial performance.

2020 is still forecasted to hold solid despite the extreme variabilities seen throughout the broader market earlier this year, with a median revenue loss of only 2.1%. As a result, 2020 EV/EBITDA valuation multiples are holding relatively steady.

Unfortunately, 2021 performance is forecasted to see a contraction with median revenue and EBITDA expected to contract by 11.3%, and by 14.2%, respectively, over 2020. That is somewhat consistent with the recognition that: (a) segments of the Water sector can be late cycle related and (b) purchases of smart water solutions is are largely a “province” of public utilities, which are bracing for major budget declines. While budget for water authorities/utilities are generally separate, vendors may be bracing for a somewhat muted spending environment.

However, much like the emerging smart water companies, the companies in the index expect to leverage the COVID-19 pandemic as an opportunity to launch new product offerings while simultaneously pushing solutions such as remote monitoring, the use of digital platforms and IoT to increase productivity and offsite work while optimizing worker safety. As such we could expect segment growth to ultimately end-up being robust despite the broader environment.

Historical Median Revenue Performance Smart Water Sector EV/EBITDA

Smart Water Sector Broader Water Sector $2.5 20.0x 15.9x 15.7x $2.0 15.0x $1.7 15.0x $1.6 12.3x 12.3x $1.4 11.5x $1.5 $1.2 10.5x $1.1 $1.0 $1.1 10.0x $1.0 $ in Billions $ in 5.0x $0.5 Median EV/EBITDA

$0.0 0.0x

Pre- and Post-COVID Revenue Growth Forecast Pre- and Post-COVID EBITDA Forecast

4.0% 3.0% $500.0 2.0% 0.0% $400.0 $296.6 $311.9 -2.0% -0.8% $275.9 $300.0 $254.5 -4.0% -2.1% -6.0% $200.0 -8.0% -10.0% $100.0 Percentage Change -12.0% -11.3%

Median EBITDA, $ in Millions Median EBITDA, $0.0 Pre-COVID Post-COVID Pre-COVID Post-COVID Pre-COVID Post-COVID Pre-COVID Post-COVID

2020E Revenue Growth 2021E Revenue Growth 2020E EBITDA 2021E EBITDA

Source: Capital IQ as of October 30, 2020 Index includes: Itron, Inc., Badger Meter, Inc., Xylem Inc., Halma plc, Landis+Gyr Group AG, Arad Ltd., Jain Irrigation Systems Limited, Hubbell Incorporated, Evoqua Water Technologies Corp. 6 Industrial Technology Update: Digital Water | November 2020

SECTOR TRENDS: WATER SOLUTIONS PERFORMANCE UPDATE

The overall Water Solutions sector generated strong revenue and EBITDA growth from 2014-2018. However, growth came to a halt in the latter part of 2019/early 2020 due to COVID-19 and is only now beginning to recover.

On the upside, profitability growth for companies in the Smart Water sector has been fairly consistent in the last six years, with EBITDA margins being the highest in 2020.

Forward EV/Revenue and EV/EBITDA multiples have decreased this year as growth decelerated in 2020. Relaxed monetary policy and emergency stimulus actions implemented by the Federal Reserve and global central banks have signaled a possible economic turnaround in the early part of 2021, however, the declines in current valuations also reflect major uncertainty about 2021 performance. Historical Revenue Growth - Median Historical EBITDA Growth - Median

50% 20% 17.7% 17.5% 40% 35.6% 15% 11.6% 30% 22.4% 8.9% 16.7% 15.5% 10% 7.9% 20% 12.8% 6.4% 10% 5.4% 5% 1.4% Percentage Change 0% Percentage Change 0% (10%) (2.9%)

Historical Gross Margins - Median Historical EBITDA Margin - Median

70% 30% 60% 25% 20.7% 50% 42.1% 42.3% 43.2% 42.6% 41.4% 18.7% 18.8% 18.3% 40.3% 38.3% 20% 16.0% 17.0% 40% 14.7% 15% 30% 20% 10%

Percentage Change 10% 5% Percentage Change 0% 0%

EV/Revenue EV/EBITDA

5.0x 30.0x 3.8x 3.8x 22.9x 4.0x 25.0x 3.3x 18.8x 3.0x 20.0x 17.4x 3.0x 2.6x 2.4x 14.8x 12.9x 15.0x 11.x 11.4x 2.0x 1.6x EBITDA

Revenue 10.0x 1.0x 5.0x 0.0x 0.0x

Source: Capital IQ as of October 30, 2020 Index includes: Aegion Corporation, Amiad Water Systems Ltd., Beijing Enterprises Water Group Limited, Beijing Originwater Technology Co., Ltd., CT Environmental Group Limited, Ecolab Inc., Evoqua Water Technologies Corp., Hitachi Zosen Corporation, Ion Exchange (India) Limited, Kobelco Eco-Solutions Co., Ltd., KSB SE & Co. KGaA, Kurita Water Industries Ltd., Lindsay Corporation, METAWATER Co., Ltd., Mueller Water Products, Inc., Pentair plc, Poten Environment Group Co., Ltd., Suez SA, VA Tech Wabag Limited, Vaisala Oyj, Velan Inc., Veolia Environnement S.A. 7 Industrial Technology Update: Digital Water | November 2020

KEY MACRO INDICATORS

 Macro industrial activity indicators such as the U.S. Capstone Industrial Tech Index Performance Purchasing Managers’ Index (PMI), durable goods orders, and capacity utilization, have recently begun to bounce 60% back after falling to historic lows as the global economy 50% S&P came to a multi-month standstill during the pandemic. 500 40%  Developed and emerging market economies have 30% ITG experienced significant YOY declines in GDP growth, Index signaling recent structural weakness in residential and 20% industrial demand as businesses and consumer activity 10% came to a halt under global stay-at-home orders to 0% prevent to spread of COVID-19. -10% Percentage Change  Median three-year forecasted revenue growth for -20% industrial technology companies has greatly decreased -30% due to the impact of COVID and the uncertainty in timing -40% for a full recovery. Oct-17 May-18 Dec-18 Jul-19 Feb-20 Sep-Oct-202  Ample liquidity and accommodative policies from central banks have promoted line drawdowns, equity issuances, Source: Capital IQ. and debt refinancing, which in turn has inflated public company valuation to record highs.

U.S. PMI Index Manufacturers' New Orders: Durable Goods

70 300,000 65 280,000

60 260,000 240,000 55 220,000 50 200,000 45 180,000 Number of New Orders Number of 40 Index Value No Change) (50 = 160,000 Jul-18 Jan-20 Jan-19 Jan-18 Jan-17 Jan-16 Jan-16 Jun-16 Oct-19 Apr-17 Feb-18 Sep-20 Sep-19 Sep-18 Sep-17 Sep-16 Sep-15 Sep-17 Dec-18 Mar-20 Aug-20 Nov-16 May-20 May-19 May-18 May-17 May-16 May-19 Source: Institute for Supply Management Source: Federal Reserve Bank of St. Louis

Capacity Utilization Industrial Production Index

80% 115

76% 110

105 72% 100 68% 95

64% Index Value 100) (2012 = 90 Jul-16 Jul-18 Jan-19 Jun-19 Oct-17 Jan-16 Apr-20 Feb-16 Jun-16 Sep-20 Dec-16 Oct-19 Apr-17 Feb-18 Mar-18 Sep-17 Aug-18 Nov-19 Dec-18 Mar-20 May-17 Aug-20 Nov-16 May-19 Source: Federal Reserve Bank of St. Louis Source: Federal Reserve Bank of St. Louis 8 Industrial Technology Update: Digital Water | November 2020

ITG PUBLIC MARKETS OVERVIEW

TEV / LTM EBITDA TEV / CY+1 EBITDA 1 Year Ago  1 Year Ago  Optics & Photonics 16.9x 14.0x  Optics & Photonics 19.3x 16.1x 

Sensing Technologies 17.7x 16.6x  Sensing Technologies 24.8x 18.2x 

Automation & 16.3x 12.2x  & Robotics 18.9x 13.3x 

Flow Control & Management 12.0x 11.8x  Flow Control & Management 14.4x 11.7x 

Power & Building Automation 12.4x 10.8x  Power & Building Automation 13.1x 10.7x 

Industrial Software 37.3x28.1x  Industrial Software 28.5x 23.4x 

Auto & Transport Tech 18.4x 11.7x  Auto & Transport Tech 22.3x 11.5x 

Water Technologies & Solutions 11.2x 11.1x  Water Technologies & Solutions 13.7x 11.9x 

Elec. Components & IoT Hardware 16.1x 11.7x  Elec. Components & IoT Hardware 15.4x 12.3x 

Median Gross Margins Median EBITDA Margins 1 Year Ago  1 Year Ago  Optics & Photonics 43.8% 38.3%  Optics & Photonics 18.8% 18.8% 

Sensing Technologies 50.0% 50.7%  Sensing Technologies 20.2% 22.4% 

Automation & Robotics 33.5% 31.1%  Automation & Robotics 16.4% 16.3% 

Flow Control & Management 35.6% 33.9%  Flow Control & Management 18.0% 17.2% 

Power & Building Automation 29.9% 29.9%  Power & Building Automation 11.1% 11.0% 

Industrial Software 74.1% 74.1%  Industrial Software 20.3% 22.7% 

Auto & Transport Tech 31.8% 32.4%  Auto & Transport Tech 15.1% 15.5% 

Water Technologies & Solutions 33.9% 31.9%  Water Technologies & Solutions 12.3% 11.7%  35.4%  Elec. Components & IoT Hardware 35.8% Elec. Components & IoT Hardware 19.5% 21.8% 

Median 3-year Historical Revenue Growth Median 3-year Forecasted Revenue Growth 1 Year Ago  1 Year Ago  Optics & Photonics 21.5% 16.3%  Optics & Photonics 7.1% 5.0% 

Sensing Technologies 8.9% 7.3%  Sensing Technologies 2.7% 4.9% 

Automation & Robotics 3.7% 2.7%  Automation & Robotics 0.3% 3.1% 

Flow Control & Management 4.1% 3.0%  Flow Control & Management 0.9% 2.9% 

Power & Building Automation 2.3% 1.3%  Power & Building Automation 0.3% 3.2% 

Industrial Software 10.5% 7.1%  Industrial Software 10.0% 11.9% 

Auto & Transport Tech 6.4% 5.9%  Auto & Transport Tech 3.1% 2.7% 

Water Technologies & Solutions 3.2% 1.3%  Water Technologies & Solutions 1.6% 3.8% 

Elec. Components & IoT Hardware 14.2% 13.8%  Elec. Components & IoT Hardware 3.9% 0.7% 

Source: Capital IQ as of October 30, 2020 9 Industrial Technology Update: Digital Water | November 2020

NOTABLE SMART WATER TRANSACTIONS

Enterprise EV / Date Buyer Target Rationale Value ($M) EBITDA

• The acquisition of s::can allows Badger Meter to add digital and real- Nov – 20 Badger Meter s::can $32 N/A time water quality solutions to their current flow measurement, pressure, and temperature sensing capabilities.

• The acquisition will allow for Danaher to combine hardware, software, Aquatic Jul – 20 Danaher N/A N/A and services together to help customers manage large data sets and Informatics get closer to data-based decision making.

• Bregal acquired Reline-Gruppe to solidify and further expand its Feb – 20 Bregal Reline-Gruppe $100+ N/A market position as the leading system supplier for companies in the field of trenchless pipe rehabilitation.

• The acquisition will enable Kurita to expand its lineup of products, Avista which contribute mainly to stabilizing RO membrane treatment, May – 19 Kurita $81 N/A Technologies reducing the labor involved in equipment operation management and lowering its cost.

• Together FFL Partners and Ovarro plan significant investments in Servelec innovative products and solutions to enhance it’s offering in remote Mar – 19 FFL Partners Technologies N/A N/A monitoring and SCADA systems. (Ovarro) • FFL also intends to leverage Ovarro as a global acquisition platform.

• The acquisition of ChemScan allows In-Situ to have an extremely ASA Analytics Mar – 19 In-Situ N/A N/A robust offering as a provider of analyzers that better serve customers (ChemScan) in the municipal Water, Wastewater and Industrial markets.

• The addition of Pulsar provides ONICON with further penetration and ONICON Pulsar Process product offerings within the Water and Wastewater markets. Dec – 18 (Harbour N/A N/A Measurement Group) • Pulsar’s scale and operations benefits ONICON’s goal of expanding their international footprint.

• The acquisition of Maestro Pressure Coolers further strengthens Maestro Waterlogic’s market presence in the U.K. and Ireland. Dec – 18 Waterlogic N/A N/A Pressure Coolers • Maestro will add additional product lines to Waterlogic’s already comprehensive range of drinking water solutions.

• The acquisition is a key step forwards that accelerates the digitalization of Suez’s solutions. Oct – 18 Suez OPTIMATICS N/A N/A • With OPTIMIZER™, Suez is expanding its AQUADVANCED® range of digital solutions dedicated to the performance of water services.

• ETwater will enhance Jain’s position in ag water and allow it to make a bigger impact in reducing water waste in landscape irrigation. Sep – 18 ETwater Jain Irrigation N/A N/A • The acquisition is also intended for ETwater to leverage Jain’s global irrigation capabilities.

• The partnership with XPV Water Partners will enable Metasphere to XPV Water Aug – 18 Metasphere N/A N/A significantly increase its presence in the telemetry market and enhance Partners its ability to bring new solutions to market on an accelerated basis.

Milestone RedZone • Milestone acquired RedZone to accelerate its growth and technology Jun – 18 $58 2.2x Partners Robotics deployment for automated pipeline inspection & decision support

• The acquisition significantly increases Xylem’s ability to help customers manage their wastewater network and stormwater systems. Feb – 18 Xylem EmNet N/A N/A • Xylem will be able to draw upon EmNet’s technology to provide more effective solutions to the challenge of managing aging infrastructures with limited resources.

Source: Capital IQ 10 Industrial Technology Update: Digital Water | November 2020

INDUSTRIAL TECHNOLOGY GROUP TRACK-RECORD

a portfolio company of secured Water a portfolio company of and has secured debt and Technology & equity financing from $116.7 million has been acquired by Solutions has been acquired by in debt financing from has been acquired by select Senior & Subordinated Lenders

an asset of has been spun out as an independent has been acquired by has been acquired by has been acquired by company from has been acquired by

a portfolio company of Automation, has been acquired by has been acquired by has raised $25 million Control, and has been acquired by of equity capital from Robotics has been acquired by UNDISCLOSED INVESTORS

has been acquired by has divested its has divested its subsidiary subsidiary Optics & has been acquired by has been recapitalized by Photonics a portfolio company of to to

Sensing, has been acquired by Instrumentation, has been acquired by has been acquired by has divested assets to has been acquired by Testing A subsidiary of

Global Ampersand LLC Power has been acquired by Management & has been acquired by has been acquired by has been acquired by has been acquired by Storage a portfolio company of

11 BUILT FOR THE MIDDLE MARKET Capstone Headwaters is one of the largest and most active independent investment banking firms in the country dedicated entirely to serving the needs of middle market business owners, investors and creditors.

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