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Government Contracting M&A Update

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Government Contracting M&A Update Government Contracting M&A Update “Market Intelligence for Business Owners” Q3 2013 Capstone Partners Investment Banking Advisors BOSTON | CHICAGO | LONDON | LOS ANGELES | PHILADELPHIA | SAN DIEGO | SILICON VALLEY Government Contracting Coverage Report MERGERS & ACQUISITIONS UPDATE With the nation’s attention focused on reducing government spending and sequestration, one would expect mergers & acquisitions in the government contracting space to come CAPSTONE PARTNERS LLC to a standstill. But such is not the case, with the number of acquisitions announced 200 South Wacker Drive through June totaling more than 250. 31st Floor Chicago, IL 60606 M&A Activity: Government Contractors www.capstonellc.com 1000 964 900 852 800 786 772 786 732 751 700 568 Ted Polk 600 521 Transactions Managing Director 500 of 398 (312) 674‐4531 400 [email protected] 300 256 Number 200 100 Lisa Tolliver 0 Director 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 YTD (312) 674‐4532 2013 [email protected] YTD 2013 through June 30, 2013 Source: Capital IQ, Capstone Partners LLC research While the year’s activity is currently on‐track to come in under the 2012 figure, that trend is reflective of what we are seeing in mergers and acquisitions in general. M&A activity across the board has been down in early 2013 compared to 2012, primarily the result of the market continuing to absorb the rash of transactions that were closed at the end of 2012 in anticipation of rising capital gains tax rates. But, while the number of closed transactions has slowed this year, M&A activity continues to be supported by strong market fundamentals, namely reasonably high transaction valuations; strategic acquirers with strong balance sheets; abundant private equity capital; an accessible and affordable debt market; and a modestly expanding U.S. economy. As a result, despite a slow start, 2013 is anticipated to be another solid year and we expect middle market M&A to remain active in the near term. Within the government contracting space we continue to see transactions that indicate buyers are motivated to make acquisitions in response to the growing prospects of reduced market demand. In this belt‐tightening environment, mergers & acquisitions are perceived by the acquiring company as one of the best ways to preserve or enhance revenues and profits. Furthermore, with so much attention being paid to spending cuts and budget deficits, we are seeing heightened interest in companies that provide products or services in support of improving government efficiency and reducing waste. Such offerings are in high demand and buyers envision opportunity in that space for years to come. 1 Q3 2013 Government Contracting TARGETING WASTE AND IMPROVING EFFICIENCY Rising government spending and huge budget deficits have brought fiscal responsibility – and public demands for reducing government waste – back into the spotlight. Balancing federal, state and local budgets is a complex issue, with most programs passionately supported by their beneficiaries. While reform surrounding entitlement (Social Security and Medicare) spending is certainly debatable, it is evident that the government loses hundreds of billions of dollars annually on spending that most Americans would consider wasteful. The enormity of the problem is reflected in the following anecdotal examples: The federal government is estimated to make more than $72 billion in improper payments annually. Government auditors have found that 22% of federal programs, costing taxpayers over $123 billion annually, fail to show any positive impact on the populations they serve. A GAO audit classified nearly half of all purchases on government credit cards as improper, fraudulent, or embezzled. Examples of taxpayer‐funded purchases include gambling, mortgage payments, liquor, lingerie, iPods, Xboxes, jewelry, Internet dating services and Hawaiian vacations. Federal agencies are delinquent on nearly 20% of employee travel charge cards, costing taxpayers hundreds of millions of dollars annually. The Pentagon recently spent $998,798 shipping two 19‐cent washers from South Carolina to Texas and $293,451 sending an 89‐cent washer from South Carolina to Florida. Healthcare fraud is estimated to cost taxpayers more than $60 billion annually. A GAO audit found that 95 Pentagon weapons systems suffered from a combined $295 billion in cost overruns. Auditors discovered that 900,000 of the 2.5 million recipients of emergency Katrina assistance provided false names, addresses, or Social Security numbers or submitted multiple applications. The Defense Department wasted $100 million on unused flight tickets and never bothered to collect refunds even though the tickets were refundable. Congress has ignored efficiency recommendations from the Department of Health and Human Services that could save $9 billion annually. Washington state sent $1 food stamp checks to 250,000 households in order to raise state caseload figures and trigger $43 million in additional federal funds. Medicare officials recently mailed $50 million in erroneous refunds to 230,000 Medicare recipients. Audits showed $34 billion worth of Department of Homeland Security contracts contained significant waste, fraud and abuse. Recent GAO reports on program redundancy and programs that are “high risk” for waste, fraud and abuse found $67 billion worth of unimplemented recommendations from federal inspectors. While the above examples are egregious, they are only a small sampling of government waste, fraud, abuse and mismanagement. As transparency improves across government, due in part to the greater flow of information, taxpayers are demanding that such issues be resolved. 2 Q3 2013 Government Contracting TECHNOLOGY’S LEADING ROLE Identifying government waste is fairly easy, but solving the problem is much more Government organizations difficult. As a result, government agencies have increasingly turned to technology have increased Big Data and automation as a way to both expose government waste as well as to provide spending on improper systems that improve efficiencies and effectiveness. payment systems, as they look to tackle fraud, waste IT research firm Gartner, Inc. recently published a study that estimated worldwide IT and abuse within the spending by government organizations will total $449.5 billion in 2013, essentially system, as well as target flat with 2012 spending as a result of continued weak economies worldwide. The errors in revenue collection. forecast includes spending by government organizations on hardware, software, IT services and telecommunications. Despite flat IT spending, strong interest continues to grow in professional services and Big Data projects. Government organizations have increased Big Data spending on improper payment systems, as they look to tackle fraud, waste and abuse within the system, as well as target errors in revenue collection. Experts estimate that Big Data has the potential to eventually transform government by increasing efficiency. Estimates call for a savings of nearly $500 billion ‒ or 14% of agency budgets ‒ across the federal government as a result of Big Data programs. There are numerous examples of Big Data‐induced savings that span federal, state and local agencies. For instance, in one major metropolitan area the police and criminal justice departments collaborated on a process to analyze data in order to predict crime “hot spots” based on historical and real‐timecrimedata.Thepolice department then used the data to more efficiently allocate its resources. The results were impressive. With fewer resources, the department reduced serious crime by 30% and violent crime by 15%, and quadrupled the number of solved cases. In another example, a city’s social services agency combined business intelligence software and analytical tools to create a lifecycle view of their clients’ interactions with the system. Insights from these patterns helped program administrators identity $11 million in fraud and waste reduction in just the first year of use. Thebottomlineisthatmanygovernmentagencies‒ and government contractors ‒ are anticipating leaner times ahead. At the same time, contractors that offer products and services aimed at reducing fraud, abuse and waste or leading to improved efficiencies are experiencing a huge market opportunity. As a result, while we expect to continue to see mergers and acquisitions taking place in the many sectors and niches of government contracting, we anticipate an acceleration in the acquisition of technology and service companies that address the government’s budget issues. The tables on the following pages show some of the many recent transactions in the government contracting space. The sampling includes several technology businesses, but also exemplifies the broad range of business types that are being acquired in the government contracting space. 3 Q3 2013 Government Contracting RECENT TRANSACTIONS: GOVERNMENT CONTRACTORS Enterprise EV / LTM Value Date Target Target Business Description Acquiror(mm) Revenue EBITDA Near Infinity A software development company that develops, deploys and Altamira Technologies Jun‐13 ‐‐‐ Corporation operates cloud‐based, big data entity analytic solutions. Corporation American Radiation Offers environmental consulting services to government and Jun‐13 The Aleut Corporation ‐‐‐ Services, Inc. other clients. Produces hydraulic and fuel system components for civil and TransDigm Group Incorporated Jun‐13 Arkwin Industries, Inc. $286.0 3.0x ‐ military aircraft,
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