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Summer 2018 Market Pulse
Summer 2018 Market Pulse Aerospace | Defense | Technology | Government Services Public Markets and Valuation Trends Fall Outlook Special Operation Forces (SOF) Update Notable Transactions Public Company Comparables and Recent M&A Transactions Representative ACP Transactions Larry A. Davis Philip J. McMann Mark Shaheen Partner Partner Managing Director (301) 231-6225 (301) 231-6202 (301) 222-8227 [email protected] [email protected] [email protected] 805 King Farm Boulevard, Suite 300 | Rockville, Maryland 20850 | P 301.231.6200 | F 301.231.7630 | aronsoncapitalpartners.com Summer 2018 Market Pulse Aerospace | Defense | Technology | Government Services Public Markets and Contractor Valuation Trends Federal contracting continues to LTM Contractor Returns outperform the broader market, 140 outpacing the S&P 500 by 5% to 20%. 2018 returns are supported by 120 a clearer budget outlook and favorable tax policies. 100 LTM 7/25/2018 Returns Defense Electronics continues to be Defense System/Electronics: 33.6% one of the most valuable industries Mid-Tier: 28.0% Indexed Performance Indexed 80 Aerospace: 20.1% as the Department of Defense Tier-1: 17.8% places significant premiums on S&P: 13.9% 60 high-tech, turnkey solutions to Jul-17 Nov-17 Mar-18 Jul-18 legacy systems. Mid-tier returns have been boosted LTM Contractor Multiples by: 20.0x • ICF (+60% LTM), who has seen 18.0x significant success internationally, 16.0x • CACI (+43% LTM), who beat 14.0x 12.0x analyst earnings expectations by LTM 7/25/2018 Multiples almost 50%, and, 10.0x 8.0x Defense System/Electronics : 17.6x Tier-1: 14.8x • Booz Allen (+31% LTM), who Enterprise EBITDA Value/LTM 6.0x Mid-Tier: 14.2x Aerospace: 13.0x expects to increase earnings by 4.0x over 25% in the next year Jul-17 Nov-17 Mar-18 Jul-18 Aerospace returns were elevated by the Farnborough Air Show where Boeing and Airbus saw a surge in demand for planes. -
Buyouts Large Market Deal of the Year
76799_Webvision ready 5/13/13 4:55 PM Page 1 YOUR SOURCE FOR LEVERAGED AND MANAGEMENT BUYOUTS www.buyoutsnews.com April 22, 2013 • Issue 9 Deal Of The Year AWARDS Awards 2013 CHS Capital Spawning Three PE Firms Dolan, Harvard’s Private Equity Chief, Resigns LargeNew Market Mountain Deal Capital,of the Year LLC New York City Makes Mammoth $1.1B In PE Commitments Ridgemont Raises $735M, First Fund Post-BofA Energy Future Proposes Chapter 11 Plan Foray Into Distressed Debt Pays Off For American Securities 76799_Webvision ready 5/13/13 4:53 PM Page 2 BUYOUTS | April 22, 2013 www.buyoutsnews.com LARGE MARKET DEAL OF THE YEAR New Mountain Capital LLC Deltek Showcases Buy-And-Grow Model SNAPSHOT: Firm : New Mountain Capital LLC Target : Deltek Inc. At the height of scrutiny around job cuts founded the company, kept 25 percent of Sale Price : $1.05B by private equity firms during the 2012 the company as part of New Mountain’s Hold Period : 7 years presidential election, New Mountain Capital model of teaming up with owners. Tapping Return Multiple : 5.3x on equity LLC sold Deltek Inc. for $1.05 billion after into its $1.5 billion New Mountain Fund II, adding 945 employees in about seven years the firm invested $75 million structured as WHY THE FIRM WON through a combination of organic growth debt and $105 million as common equity. AWARDS and acquisitions. Third-party debt amounted to less than 4x 2013 The deal delivered a big profit for the EBITDA. Although the company could have New York buyout shop. -
Culture in Con Ict / Culture on the Move
Culture in Con◊ict / Culture on the Move November 13 – 15, 2008 Cercle de l’Union Interalliée 33, rue du Faubourg Saint-Honoré Paris VIII, France An Annual Convening of the Aspen Institute Global Initiative on Arts, Culture, and Society Culture in Con◊ict / Culture on the Move Presented by THE ARTS ARENA galleries & collections | center for writers & trans lators | forum for culture & society | the film place | performing arts space | museum GLOBAL INITIATIVE ON ARTS, cooperative | publications/media site | CULTURE, AND SOCIETY Supported by THE RUTH & FRANK STANTON FUND Table of Content Introduction Cultural Diplomacy Pledge · 4 Welcome to the Aspen Cultural Diplomacy Forum in Paris · 5 Program Pre-Forum Activities · 6 Program overview · 7 Daily Schedule · 8 Aspen Cultural Diplomacy Awards Ceremony · 15 The House is Small – The Welcome is Big: Photo Exhibition · 16 Presenters Forum Presenters List · 18 Biographies · 22 General Information The Aspen Institute Global Initiative · 49 Upcoming Aspen Institute Public Events · 50 Cercle de l’Union Interalliée 33, rue du Faubourg Saint-Honoré, Paris VIII The Council of Women World Leaders · 51 The Arts Arena · 52 Acknowledgments Special Thanks · 54 Cultural Diplomacy Forum Team · 54 Cultural Welcome to the Diplomacy Pledge Aspen Cultural Diplomacy Forum At the first public meeting held in Aspen in June 1949, to celebrate the life and It gives me a great pleasure to welcome you to the inauguration of the Aspen work of German humanist Johann von Goethe, participants signed a resolution, Cultural Diplomacy Forum. We are delighted that you have chosen, at this read by Thornton Wilder at the closing assembly, calling for “the formation of a particular moment in history, to join us in launching this unprecedented global world council of international relations to continue the work pioneered at these convening that we hope to organize annually in different locations. -
Seven Summits Pictures & Management David Shapira
SEVEN SUMMITS PICTURES & MANAGEMENT PARTNER & CO-HEAD MOTION PICTURE LITERARY DEPT. (Full -service agency for film and TV) Jeremy Zimmer 8447 Wilshire Blvd., Ste. 200, Beverly Hills, CA 90211. HEAD, BUSINESS AFFAIRS TEL: (323) 655-0101. Gary Gradinger BUSINESS AFFAIRS, ALTERNATIVE TV DAVID SHAPIRA & ASSOCIATES, INC. (DSA) Anne Bartnett (Actors for film and TV; writers) DIRECTOR, UTA FOUNDATION 15821 Ventura Blvd., Ste. 245, Encino, CA 91436. Rene Jones TEL: (310) 967-0480. BUSINESS AFFAIRS AGENTS Thora Leiken, Lauren Menkes, Leroy Simmons Donna Gaba, Marc Kamler, David Shapira, Matthew Shapira, PARTNER, AGENT Susan Simmons, Doug Warner Blair Belcher, Andrew Cannava, Wayne Fitterman, David Guillod, Lisa Hallerman, Tracey Jacobs, David Kramer, Sue THE SKOURAS AGENCY Naegle, Matt Rice, Howard Sanders, Sharon Sheinwold 1149 Third St., 3rd Fl., Santa Monica, CA 90403. AGENTS TEL: (310) 395-9550. FAX: (310) 395-4295. Robert Arakelian, Tobin Babst, Allison Band, Jeremy Barber, Joel Begleiter, Brinda Bhatt, Jason Burns, Carlos Carreras, MICHAEL SLESSINGER & ASSOCIATES Pamela Cole, Stephanie Comer, Jimmy Cundiff, James Degus, (Full -service talent agency for actors) Marissa Devins, Barbara Dreyfus, Gueran Ducoty, Shana Eddy, 8730 Sunset Blvd., Ste. 270, West Hollywood, CA 90069. Jonathan Epstein, DAn Erlij, Jacob Fenton, Charlie Ferraro, TEL: (310) 657-7113. Pete Franciosa, Jay Gassner, Brett Hansen, Lee Horvitz, Lisa VICE PRESIDENT Jacobson, Josh Katz, Keya Khayatian, Rob Kim, Josh Klein, Michael Slessinger Richard Klubeck, Marc Korman, Billy Lazarus, Everly Lee, Stuart Manashil, Leslie Maskin, Nancy Gates, Hayden Meyer, SMS TALENT, INC. Geoff Morley, Dave Park, Jonathan Perry, Rob Prince, Itay (Adult theatrical) Reiss, Shani Rosenweig, Larry Salz, Alex Schaffel, Ruthanne 8730 Sunset Blvd., Ste. -
Bi-Weekly Finanial Technology Sector Report
Financial Technology Sector Summary Week of May 22, 2017 1 DEAL DASHBOARD Financial Technology (3) (1) (3) $11.9 Bn | 1,188 Deals Industry Stock Market Performance $75.9 Bn | 852 Deals LTM Financing Volume Last Twelve Months LTM M&A Volume 160 Select Recent Financing Transactions Select Recent M&A Transactions Company Amount ($MM) 150 Target Acquirer EV ($MM) 140 $130.0 $3,720.0 130 $120.0 NA 120 Z enith $63.0 110 M erchant NA Services 100 Wacai $42.0 NA 90 $42.0 NA 80 5/19/16 7/4/16 8/17/16 9/30/16 11/15/16 12/29/16 2/13/17 3/29/17 5/12/17 $37.0 NA Payments Exchanges Payments Financial Data, Content, Information Processors / $37.0 & Analytics Credit Bureaus NA Banking & Lending Online Broker Dealers Technology $25.0 NA Investment Services, Healthcare / Insurance Software, & Technology Technology S&P 500 (3) (3) Quarterly Financing Volume Quarterly M&A Volume $10 500 $30 219 250 205 196 188 $8 $8.9 400 $25 200 $24.9 299 298 316 $24.5 276 $20 $6 300 $20.8 $20.4 150 $15 $4 200 100 $10 $3.0 $2 $2.6 $2.6 100 $5 50 $0 0 $0 0 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Financing Volume ($Bn) Financing Deal Count M&A Volume ($Bn) M&A Deal Count Notes: Source: Capital IQ, CB Insights and GCA FinTech Database. Market Data as of 5/19/17. 1) Refer to footnotes on page 5 for index composition. -
Agenda Item 6A
Attachment 5, Page 1 of 56 CalPERS CIO Quarterly Performance Report Quarter Ending June 30, 2013 CalPERS CIO Quarterly Performance Report QUARTER ENDING JUNE 30, 2013 Attachment 5, Page 2 of 56 CalPERS CIO Quarterly Performance Report Quarter Ending June 30, 2013 Table of Contents Section I: Total Fund Total Fund Summary Section II: Public Equity Public Equity Summary Internal Equity Internal Domestic Equity Internal International Developed Equity Internal Emerging Market Equity External Equity External Domestic Traditional Equity External International Developed Traditional Equity External Emerging Market Equity Corporate Governance Emerging Manager Program Manager Developmental Program Emerging Manager Fund of Funds Section III: Private Equity Private Equity Summary & Performance by Strategy Private Equity Top 20 General Partners by Exposure Private Equity Performance by General Partners Attachment 5, Page 3 of 56 CalPERS CIO Quarterly Performance Report Quarter Ending June 30, 2013 Section IV: Income Global Income Summary & Domestic Income External International & External High Yield Section V: Real Assets Real Assets Summary & Real Estate Summary Real Estate Top 20 Partners by Exposure Real Estate Partners Performance by Strategy Forestland & Infrastructure Performance by Partners Section VI: Inflation Inflation Summary Section VII: Liquidity Liquidity Summary Section VIII: Absolute Return Strategies Absolute Return Equitization Strategy & Absolute Return Strategies Summary Direct Investments Fund of Funds Section IX: Total Fund Portfolios -
The Largest Independent, Tech-Enabled Performance Marketing Firm Across Google, Facebook, and Amazon with More Than $2 Billion I
The Largest Independent, Tech-enabled Performance Marketing Firm Across Google, Facebook, and Amazon with More than $2 billion in Digital Media Spend Under Management CG Petsky Prunier is pleased to announce it has advised Tinuiti, Inc., the largest independent performance marketing firm across Google, Facebook, and Amazon, on its investment from New Mountain Capital, a leading growth-oriented investment firm with $28 billion in assets under management. The partnership enables Tinuiti to accelerate its competitive advantage across the entire digital marketing and media landscape through further investment in talent, capabilities, and product, as well as international expansion. Tinuiti was previously a portfolio company of Mountaingate Capital. Tinuiti has more than $2 billion in digital media under management. With expert knowledge in search, social, Amazon and marketplaces, mobile apps, CRM and email marketing, and more, the company understands success requires both strategy and channel specialization and is relentlessly focused on how consumer attention evolves in today's digital, mobile, and, increasingly, eCommerce-first world. Each solution is delivered leveraging Tinuiti's performance planning framework, GAMMA, and is enabled by Mobius, a proprietary suite of marketing intelligence and media activation technology. Over the last several years, Tinuiti has executed on a strategic growth plan that has been fueled by organic investments in talent and technology, while also adding new capabilities and expertise through M&A. During this period, the company has achieved tremendous growth, expanding from 150 employees in 2017 to 700 employees in 2020. Tinuiti has been able to accomplish this expansion while driving an intense focus on customer satisfaction and client outcomes, as well as employee culture and opportunity. -
Layout 1 Copy 6/9/19 10:20 PM Page 1
Scoop, June 14, 2019 2.qxp_Layout 1 copy 6/9/19 10:20 PM Page 1 Friday, June 7, 2019 SCOOP USA M EDIA Celebrating 59 Years of Community News by Adelaide AbSdur-Rcahmoan opUSA Black Historthye Un ivCersal Loife Inrsurannce Ceompr any dies in Memphis, [email protected] TN. 2007 Nellie Lutcher, pianist and singer (He’s A Real GEMINI - May 21 - June 21 Gone Guy) dies. Smart and witty. Outgoing, very chatty. Lively, ener- getic. Adaptable but needs to express themselves. Ar- June 9 gumentative and outspoken. Like change. Versatile. Busy, sometimes nervous and tense. Gossips. May You are charming, gracious and have a sweet disposi - seem superficial or inconsistent. Beautiful physically and men- tion. You have a keen and active mind, determined and tally. concentrated in your work and have a goodly amount of executive ability. You are a good entertainer and are The Pearl is the stone for the month of June popular in your own social circle. Pearls are symbolic of modesty and purity; they inspire 1877 Meta Vaux Warrick Fuller, artist and sculptor is honesty, innocence and love. Pearls were often thought to bring martial bliss to their wearers. The oldest known born in Philadelphia, PA. Her former home was located pearl necklace is more than 4,000 years old; it was found at 254 South 12th Street. in the sarcophagus of a Persian princess who died in 520 1888 Peter Marshall Murray, the first African Ameri - BC. An old legend says pearls were formed when dew- can member of the American Medical Association’s drops filled with moonlight fell into the ocean and were House of Delegates is born in Houma, LA. -
Net Zer 2019 the World's Largest Net Zero Building
NET ZER 2019 THE WORLD’S LARGEST NET ZERO BUILDING CONFERENCE October 2 - 4, 2019 The Los Angeles Convention Center 6th Annual Conference, presented by #NetZeroFuture VG #NZ19 N Z 19 G N Z NG NFN THE ROBIN HOOD GALA THE ROBIN HOOD GALA Included in the Full Conference Pass KEYNOTE: KEVIN DE LEÓN Senator de León served in the California State Senate from 2010 to 2018, acting as State Senate President pro tempore from 2014 to 2018. De León represented the 24th Senate district, which encompasses Downtown and East Los Angeles. Prior to being elected to the State Senate in 2010, de León served in the California State Assembly, representing the 45th Assembly District. He is currently a candidate for the Los Angeles City Council in the 14th District, which encompasses Skid Row in Downtown Los Angeles. “Party with Purpose” and help make Los Angeles a more equitable city at the Robin Hood Gala! The Robin Hood Gala is Los Angeles’ premier event designed to raise awareness around the PARTY WITH homelessness crisis. The numbers from the most recent homelessness count were released this PURPOSE! summer: 58,000+ people in Los Angeles County are living without homes, about a third of whom are women and nearly 10% of whom are children. #RobinHoodLA For this year’s event, we’re partnering with The Skid Housing Trust, 501(c)(3) nonprofit organization that provides permanent supportive housing. Hear from leaders at United Way, Homeboy Industries, the Giving Keys, Senator Emeritus Kevin de León, and the Skid Row Housing Trust about local and October 3, 2019 regional solutions that are making a difference. -
Gloria Reuben and Marty Ashby Take Listeners on an Exploration of Love on “For All We Know” by Dodie Miller-Gould - February 14, 2020
Gloria Reuben and Marty Ashby take listeners on an exploration of love on “For All We Know” By Dodie Miller-Gould - February 14, 2020 Singer Gloria Reuben and guitarist Marty Ashby explore all the aspects of love, from the mutual and beautiful and the unrequited and slightly obsessive, their sophisticated take on love is a classic to be released just in time for Valentine’s Day. “For All We Know” uses classic jazz to capture the various sides of love. “For All We Know” is set for release Feb. 14, 2020. The recording’s love theme sets a thoughtful tone on a day considered to be one for lovers. But the pair covers a gamut of feelings – – and proves that love is multi-faceted even when it feels perfect. The album seems to sparkle with a certain feel. This feeling emanates from Reuben’s singing and Ashby’s playing. The two are in sync and each note sounds vibrant and ready to pop out of speakers of any kind. It is difficult to capture what is going on here, but it is worth listening to, on Valentine’s Day and beyond. Beyond “For All We Know”: About Gloria Reuben and Marty Ashby Reuben is probably better known as an actress. An actress who sometimes sings. This recording proves that she could have been a singer first. Her delivery is clear and she uses vibrato sparingly on “For All We Know.” The way Reuben connects with the music shows her personality and interpretation of lyrics and it is that personal touch that helps the songs on the recording stand out even more. -
UTA Announces Capital Investors
UTA ANNOUNCES CAPITAL INVESTMENT FROM INVESTCORP AND PSP INVESTMENTS EQUITY STAKES BY THE TWO LEADING GLOBAL INVESTMENT FIRMS WILL ACCELERATE UTA’S CHAMPIONING OF ARTISTS, CREATORS AND STORYTELLERS AND SUPPORT ITS CONTINUED EXPANSION INTO NEW AREAS OF BUSINESS BEVERLY HILLS (EMBARGOED UNTIL August 7, 2018) — Leading global talent and entertainment company United Talent Agency (UTA) today announced that Investcorp and the Public Sector Pension Investment Board (PSP Investments) are now strategic investors in the company. The minority stakes by the two global investment firms mark a major milestone for UTA as it has undergone substantial growth in recent years. This new influx of capital from Investcorp and PSP Investments will be used to accelerate this momentum, enhance UTA’s services, and continue to invest in resources to support its clients and colleagues in a time of change and innovation in content creation and distribution. With a continued focus on its expanding core business of talent representation, and its reputation as a leading champion of artists and creators, UTA has more than doubled in size over the past five years to over 900 employees who work with and advise many of the most influential artists across entertainment, media, technology and major corporate brands. Over the past year, UTA has made acquisitions in the live speaking, electronic music, and e-sports and gaming businesses and has taken an equity stake in Core, recently renamed Industrial Media, which this year successfully relaunched American Idol. Investcorp and PSP Investments join existing investor Jeffrey Ubben as UTA’s capital partners. Investcorp is a leading provider and manager of alternative investments, with more than $22 billion in assets under management and over 35 years’ experience investing globally across a diverse range of industries, including retail and consumer products, business services, technology, real estate, industrials and more. -
Sending Agents to the Principal's Office
SENDING AGENTS TO THE PRINCIPAL’S OFFICE: How Talent Agency Packaging and Producing Breach the Fiduciary Duties Agents Owe Their Artist-Clients Brian T. Smith Abstract Talent agents have always been indispensable to writers, actors, and other creative workers in the entertainment industry, providing independent representation to their artist-clients in dealings with sophisticated corporate employers. But following a historical shift in their revenues from commission- ing clients to lucrative television packaging fees, the power and profits of the biggest agencies grew exponentially. Revenues from packaging fees allowed these agencies to diversify into other businesses and attracted outside invest- ment by private equity firms leading to further vertical integration. Now, the largest agencies have turned their eye toward a new revenue stream: producing and owning content through agency-affiliate production companies. These innovations have come at the cost of the independent representa- tion agents are supposed to provide their clients. Packaging and producing by talent agencies and their affiliates breach the well-established fiduciary duties agents owe their clients under the law by aligning the agency’s own interests with the interests of its clients’ employers. Outside investment in the agencies only exacerbates these conflicts. These departures from traditional agenting undermine the avowed purpose of the California Talent Agencies Act: to pro- tect vulnerable artists from the conflicted practices of their agents. While these issues are at the heart of the ongoing industry dispute between the Writers Guild of America and the big agencies, their importance should concern all agency clients and their unions. The California Legislature should amend the outdated Talent Agencies Act to enumerate and reaffirm the fiduciary duties * J.D., UCLA School of Law, 2020; B.A., Tufts University, 2007.