The Leader in M&A, Financing, and Strategic Advisory Services for the Travel and Leisure Industries
BENTLEY ASSOCIATES L.P.
Overview of Bentley Associates
BENTLEY ASSOCIATES L.P. CONFIDENTIAL
OVERVIEW OF BENTLEY ASSOCIATES Relationship Team
BENTLEY ASSOCIATES L.P.
Travel and Leisure Group
Frank Sena Justin Hirs
Managing Director Director
Peter S. Shin M. Mims Wright
Senior Advisor Senior Advisor
Associates and Analysts
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OVERVIEW OF BENTLEY ASSOCIATES Background
Bentley Associates is an independent investment banking boutique offering the focused attention and expertise of seasoned Wall Street professionals
Founded in 1990
Comprised of over 25 senior level investment bankers, typically with 20 to 25 years of experience
Prior to joining Bentley, our bankers have enjoyed careers at Bear Stearns, CIBC, Citicorp, Dean Witter Reynolds, DLJ, JPMorgan Chase, Merrill Lynch, PaineWebber, PricewaterhouseCoopers, Prudential Securities, and Salomon Smith Barney
Bentley has formal, contractual referral relationships with Morgan Stanley Wealth Management, Bank of America Merrill Lynch, and Wells Fargo
These firms refer their middle-market clients based on our demonstrated investment banking expertise
We maintain active relationships with more than 800 middle and small market private equity firms
We provide a full spectrum of investment banking services to our clients:
Mergers and Acquisitions: exclusive sales and divestitures, mergers, acquisitions, recapitalizations
Private Placements: mezzanine debt and private equity
Strategic Advisory: IPO advisory, public company special committees, tender defense and response
Bentley was nominated as “Boutique Investment Banking Firm of the Year” by The M&A Advisor in 2013
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OVERVIEW OF BENTLEY ASSOCIATES Travel and Leisure Group – Industry Focus1
A 24/7 focus on Travel and Leisure
Focus on “butts-in-seats” and “heads-on-pillows” yield management
We are “a mile deep” with experience in the “inch-wide” vertical of Travel and Leisure
The #1 ranked M&A track record on Wall Street
Total M&A Transactions (2005 – present)
21 22
20
18
16
14 12
12
9 9 10 8 7 7 8 6 6 6 6
6 Number of M&A Transactions M&A of Number
4
2
0 Bentley Credit Suisse UBS Morgan JPMorgan Citigroup Deutsche Goldman Jefferies BofA Merrill Blackstone Associates Stanley Chase Bank Sachs Lynch (1)
1 Includes transactions completed by Travel and Leisure professionals while at previous firms. BENTLEY ASSOCIATES L.P. 4
OVERVIEW OF BENTLEY ASSOCIATES Travel and Leisure Group – Industry Focus
Areas of focus include:
Business Service Companies Online / Offline Distribution
Corporate / Leisure Travel Agencies Social Networking Companies
Deal Publishers Technology / Software Providers
Hotel Representation Companies Tour Operators
Meeting / Event Companies Travel Publications
Meta-Search Companies Vacation Rental / Exchange Companies
Mobile Applications and Technology Wholesalers
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OVERVIEW OF BENTLEY ASSOCIATES Travel and Leisure Group – Primary Services
Financial Advisory
Sellside Management Buyouts
Buyside Special Committee Assignments
Divestitures and Spinoffs Valuation Assignments
Financing
Venture Capital
Growth Equity
Senior and Mezzanine Debt
Strategic Advisory
Customized consulting
Contracted corporate development
Creation of strategic partnerships
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OVERVIEW OF BENTLEY ASSOCIATES Travel and Leisure Group – Transactions
Hotel Reputation Online Hotel and Management and Lodging Retailer Technology Provider has completed a has completed an has acquired has been acquired by has acquired bankruptcy sale to equity sale to
Sell-Side Advisor Sell-Side Advisor Sell-Side Advisor Sell-Side Advisor Buy-Side Advisor Sell-Side Advisor Buy-Side Advisor
Pending Pending March 2014 November 2012 November 2011 January 2011 July 2010
Hotels and Discounts HotelReservations.com s
has acquired has been acquired by has acquired has been acquired by has been acquired by has been acquired by has been acquired by
Ansco Investment MEDIA MARKET GROUP LLC Company Convention Housing
Buy-Side Advisor Sell-Side Advisor Buy-Side Advisor Sell-Side Advisor Sell-Side Advisor Sell-Side Advisor Sell-Side Advisor
April 2009 March 2009 November 2008 April 2008 March 2008 March 2008 December 2007
Senior Term Loan has been acquired by Senior Term Loan has been acquired by has been acquired by Series C Preferred Stock has been acquired by
$94 million
Placement Agent Sell-Side Advisor Placement Agent Sell-Side Advisor Sell-Side Advisor Placement Agent Sell-Side Advisor
December 2007 August 2007 January 2007 December 2006 September 2006 June 2006 December 2005
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OVERVIEW OF BENTLEY ASSOCIATES Travel and Leisure Group – Transactions
has been acquired by has been acquired by has invested in Series A Convertible Notes has been acquired by Series B Preferred Stock has been acquired by
9013-3877 Quebec
$10 million $26.3 million
Sell-Side Advisor Sell-Side Advisor Buy-Side Advisor Placement Agent Sell-Side Advisor Placement Agent Sell-Side Advisor
November 2005 October 2005 October 2005 October 2005 April 2005 March 2005 January 2005
Series A Convertible Notes created from merger of Series I Preferred Stock has been acquired by has acquired has acquired has acquired
$15.25 million $533 million
Placement Agent Buy-Side Advisor Placement Agent Sell-Side Advisor Buy-Side Advisor Buy-Side Advisor Buy-Side Advisor
December 2004 March 2004 August 2003 April 2003 October 2002 September 2002 July 2002
Aviation Group, Inc.
has been acquired by has acquired has been acquired by has acquired has been acquired by has been acquired by has been acquired by
$55 million $425 million $150 million $41 million $53 million
Sell-Side Advisor Buy-Side Advisor Sell-Side Advisor Buy-Side Advisor Sell-Side Advisor Sell-Side Advisor Sell-Side Advisor
July 2002 November 2001 October 2001 February 2001 January 2001 December 2000 July 2000
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OVERVIEW OF BENTLEY ASSOCIATES Travel and Leisure Group – Strategic Advisory
Strategic Advisory Strategic Advisory Affiliate Partnership Affiliate Partnership Affiliate Partnership Affiliate Partnership Affiliate Partnership
April 2013 February 2012 June 2011 February 2011 July 2010 March 2010 January 2010
PARK AVENUE
TRAVEL
Affiliate Partnership Affiliate Partnership Affiliate Partnership Affiliate Partnership Affiliate Partnership Affiliate Partnership Strategic Advisory
December 2009 November 2009 October 2009 September 2009 June 2009 February 2009 2009
Strategic Advisory Strategic Advisory Strategic Advisory Strategic Advisory Strategic Advisory Strategic Advisory Strategic Advisory
2009 November 2008 October 2008 August 2008 January 2007 2007 2007
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OVERVIEW OF BENTLEY ASSOCIATES Travel and Leisure Group – Strategic Advisory
Strategic Advisory Strategic Advisory Strategic Advisory Strategic Advisory Strategic Advisory Strategic Advisory Strategic Advisory
December 2006 November 2006 November 2006 August 2006 August 2005 April 2005 November 2004
Kingdom of Saudi Arabia
Strategic Advisory Strategic Advisory Strategic Advisory Strategic Advisory Strategic Advisory Strategic Advisory Strategic Advisory
June 2004 April 2004 February 2004 2004 2004 2004 2004
Strategic Advisory Strategic Advisory Strategic Advisory Strategic Advisory Strategic Advisory Strategic Advisory Strategic Advisory
November 2003 June 2003 May 2003 May 2003 February 2003 January 2003 2003
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OVERVIEW OF BENTLEY ASSOCIATES Travel and Leisure Group – Strategic Advisory
Citigroup Venture Capital Travelinx
Strategic Advisory Strategic Advisory Strategic Advisory Strategic Advisory Strategic Advisory Strategic Advisory
September 2002 July 2002 July 2002 April 2002 April 2002 February 2002
Strategic Advisory Strategic Advisory Strategic Advisory Strategic Advisory Strategic Advisory
February 2002 May 2000 2000 August 1999 1999
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OVERVIEW OF BENTLEY ASSOCIATES Other Representative Transactions
Unemployment PeopleSoft Consulting Benefits Enrollment Business has acquired has acquired Compensation Business has Group has been acquired by acquired a subsidiary of has been acquired by
Springbow
c
Fairness Opinion Fairness Opinion Buy-Side Advisor Buy-Side Advisor Sell-Side Advisor Buy-Side Advisor Sell-Side Advisor
December 2006 December 2004 October 2003 June 2003 April 2003 March 2002 February 2002
Web Hosting Division has TPA Accounts Division has has been acquired by has acquired has been acquired by has been acquired by been acquired by been acquired by
Plan Administrators Comm-ServicesCorp.
$130 million
Sell-Side Advisor Fairness Opinion Sell-Side Advisor Sell-Side Advisor Buy-Side Advisor Sell-Side Advisor Sell-Side Advisor
January 2002 November 2001 October 2001 September 2001 August 2001 July 2001 July 2001
Entertainment Business has has been acquired by has been acquired by has been acquired by has been acquired by has acquired has acquired been acquired by
$300 million $200 million $140 million
Sell-Side Advisor Sell-Side Advisor Sell-Side Advisor Sell-Side Advisor Sell-Side Advisor Buy-Side Advisor Buy-Side Advisor
July 2001 May 2001 April 2001 April 2001 January 2001 July 2000 February 2000
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OVERVIEW OF BENTLEY ASSOCIATES Other Representative Transactions
Telecommunications Group has been acquired by has acquired has acquired has acquired has acquired has been acquired by has been acquired by
$325 Million $60 million $95 million $28 million $38 million $1.7 billion
Sell-Side Advisor Sell-Side Advisor Buy-Side Advisor Buy-Side Advisor Buy-Side Advisor Buy-Side Advisor Sell-Side Advisor
January 2000 January 2000 January 2000 December 1999 December 1999 December 1999 September 1999
has acquired the Palo Alto Information Systems Division has been acquired by has been acquired by has been acquired by has acquired Internet Exchange has been acquired by
$75 million $6.8 billion $92 million $675 million $200 million
Buy-Side Advisor Sell-Side Advisor Sell-Side Advisor Sell-Side Advisor Sell-Side Advisor Buy-Side Advisor
June 1999 June 1999 April 1999 March 1999 March 1999 September 1998
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OVERVIEW OF BENTLEY ASSOCIATES Relationship Team Biographies
FRANK SENA, MANAGING DIRECTOR Frank Sena began his career with Cambridge Technology Group where he held management positions at two successful startup software companies. After business school, he joined the Investment Banking Department of Salomon Smith Barney in their Technology Group, where he worked with clients in the telecommunications equipment, information technology services, Internet, software and PC hardware sectors. In 1998, he joined CIBC World Markets as an Executive Director in the Mergers & Acquisitions Group where he worked with clients from various industries, including travel services, leisure, lodging, gaming and technology. In 2003, Mr. Sena joined Libra Securities, as Managing Director and Head of the Travel & Leisure Investment Banking Group. During his career, Mr. Sena has completed an extensive array of travel and leisure transactions in the areas of mergers, acquisitions, fairness opinions, private financings and financial advisory assignments. He and his team joined Bentley in early 2009. Mr. Sena received his B.S. from Yale University and his M.B.A. from the Wharton School, University of Pennsylvania.
Contact information: (212) 763-0361; [email protected]
JUSTIN HIRS, DIRECTOR Justin Hirs joined Bentley Associates in 2009, focusing on mergers and acquisitions, financings, and strategic advisory assignments for companies in the travel, leisure, and hospitality industries. Prior to Bentley Associates, Mr. Hirs held roles at Libra Securities, a boutique investment bank founded by Drexel Burnham Lambert professionals. Mr. Hirs also held a previous position at J.P. Morgan in 2001 in the Private Banking Group. Mr. Hirs has completed over 50 investment banking assignments and has extensive experience working within the travel and leisure, e-commerce, and technology industries. Mr. Hirs received a B.S. from the Wharton School, concentrating in finance and management, and a B.A. in Economics from the University of Pennsylvania.
Contact information: (212) 763-0362; [email protected]
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OVERVIEW OF BENTLEY ASSOCIATES Relationship Team Biographies
PETER S. SHIN, SENIOR ADVISOR Peter S. Shin was most recently part of the Partnerships & Alliances group at Travelport LTD, focusing on global strategic relationships. At Travelport, Mr. Shin completed numerous technology partnerships for use on the various Travelport platforms. Before Travelport, Mr. Shin was Vice President of business development at Mobissimo.com, where he focused on revenue and marketing relationships for the travel meta-search company. Mr. Shin has managed over 500 travel and leisure transactions in revenue agreements, content acquisition partnerships, and corporate development. Mr. Shin has also held management positions at Outward Bound and Getoutdoors.com. Mr. Shin received a B.A. and B.S. from UC Berkeley, M.A. and M.S. from UCLA, and M.B.A. from the Johnson School, Cornell University.
Contact information: (510) 551-6294; [email protected]
M. MIMS WRIGHT, SENIOR ADVISOR M. Mims Wright, a veteran of the travel and leisure industry, most recently was a Principal at a boutique investment bank, Chimney Rock Capital Partners, where he headed their Travel Industry practice. He was also the Co-Founder of The Black & Wright Group, a successful travel strategy firm, whose other principal was Susan Black. Previously, he was Co-founder of BidTripper.com, a popular consumer travel site and Executive Vice President/eCommerce for TravelClick, Inc. Prior to entering travel, Mr. Wright served as President of a global energy company, focusing on corporate finance. He has also served on boards of both US and UK public companies and provided strategic advisory services to companies worldwide. Mr. Wright is an often-quoted, frequent speaker. Mr. Wright earned his B.A. from Belhaven College.
Contact information: (303) 449-0734; [email protected]
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