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M&A Trends and Drivers

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M&A Trends and Drivers M&A trends and drivers 2017 Engineering and Construction Conference Session participants Eric Andreozzi Todd Wilson Bruce Gribens Managing Director Managing Director Tax Partner Deloitte Corporate Finance Deloitte & Touche LLP – Deloitte Tax LLP – MATS LLC MATS San Francisco, CA Charlotte, NC Chicago, IL +1 415 783 5959 +1 704 904 7030 +1 312 486 3892 [email protected] [email protected] [email protected] J. Mark Andrews Bryan Johnson Rob Strahle Managing Director Senior Manager Senior Manager Deloitte Consulting LLP Deloitte & Touche LLP – Deloitte & Touche LLP - Parsippany, NJ MATS Engineering & Capital Projects +1 973 602 6133 Boston, MA Jersey City, NJ [email protected] +1 617 437 3657 [email protected] +1 212 436 7439 [email protected] Copyright © 2017 Deloitte Development LLC. All rights reserved. 2 Agenda Module/Topic M&A Trends and Drivers • Macro perspective • Engineering & construction industry M&A workshop – Key takeaways • Financial due diligence • Tax due diligence • IT due diligence • Project due diligence Q&A Copyright © 2017 Deloitte Development LLC. All rights reserved. 3 M&A Trends and drivers Macro perspective Current M&A markets Global M&A Volume and Value (US$B) U.S. M&A Volume and Value (US$B) $Bil No. Deals $Bil No. Deals 4,500 50,000 2,000 12,000 3,750 40,000 1,600 9,000 3,000 30,000 1,200 2,250 6,000 20,000 800 1,500 3,000 10,000 400 750 0 0 0 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD YTD 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD YTD 2016 2017 2016 2017 Enterprise Value Number of Deals Enterprise Value Number of Deals Global M&A Activity – YTD Mar-17 U.S. M&A Activity – YTD Mar-17 Value: Volume: Value: Value: Volume: $675B 10,831 $1,630.6B $235B 3,313 3.6% YoY (4.7%) YoY (+16.5.0% YoY)(0.9%) YoY 25.4% YoY Source: Thompson Financial Copyright © 2017 Deloitte Development LLC. All rights reserved. 5 Select Macro considerations U.S. Gross Domestic Product Acquisition Multiples (Strategic vs. Financial buyers) $20.0 5.0% 175% 4.0% $15.0 150% 3.0% $10.0 125% 2.0% $ in Trillions 100% 100% $5.0 YoY Percent Change 1.0% 75% 88% $0.0 0.0% 50% Q1 2011 Q1 2012 Q1 2013 Q1 2014 Q1 2015 Q1 2016 Q1 2017 GDP ($ in Trillions) YoY % Growth (Adj. for Inflation) Strategic Financial Sponsor U.S. Unemployment Rate ISM Non-Manufacturing Index 10.0% 600 64.0 135.0 550 62.0 125.0 500 60.0 115.0 8.0% 450 58.0 105.0 400 56.0 95.0 350 6.0% Manufacturing 54.0 85.0 - % Unemployed 300 52.0 75.0 250 50.0 65.0 Consumer Confidence 4.0% 200 ISM Non 48.0 55.0 Jobless Claims (Thousands) Claims Jobless Initial Jobless Claims Unemployment Rate (%) ISM Non-Manufacturing Consumer Confidence Source: Capital IQ Copyright © 2017 Deloitte Development LLC. All rights reserved. 6 Financial buyers activity Global Financial Buyers Volume and Value (US$B) U.S. Financial Buyers Volume and Value (US$B) No. Deals $Bil No. Deals 800 10,000 150 1,000 8,000 120 600 750 6,000 90 400 500 4,000 60 200 250 2,000 30 0 0 0 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD YTD 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD YTD 2016 2017 2016 2017 Enterprise Value Number of Deals Enterprise Value Number of Deals Leverage Multiples for LBOs US Private Equity Fundraising (US$B) $300.0 6.0x 5.3x 5.3x 5.3x 4.8x 4.5x 4.2x 4.3x 0.1x 0.2x 0.4x 0.2x $187.8 0.8x $200.0 $174.8 $167.7 4.0x 0.8x 0.5x $130.9 5.1x 4.6x 5.1x 4.8x 2.0x 3.8x 3.8x $100.0 $79.7 3.4x $62.3 $37.6 0.0x 2010 2011 2012 2013 2014 2015 2016 $0.0 Senior Debt Subordinated Debt 2012 2013 2014 2015 2016 YTD 2016 YTD 2017 Source: Thompson Financial Copyright © 2017 Deloitte Development LLC. All rights reserved. 7 Deloitte 2016 M&A Trends Report Using survey responses from 1000 executives from U.S. corporations and private equity firms, the report provides insights into future M&A activity as well as deal dynamics. Key findings from the survey include the following: • M&A momentum continues • Continued effort to expand customer bases via overseas Respondents expect the pace of M&A activity to sustain or ramp up expansion from 2016 levels in the next 12 months More than 90% of respondents say at least some of their company’s M&A will involve targets in foreign markets, up from Corporate Respondents PEI Respondents 77% in mid-year 2016 United Kingdom– 31% Europe – 22% Canada – 40% (excluding UK, Germany, 97% 98% France, Italy, Spain) China – 25% Japan – 24% • Increased technology focus Acquisition of technology assets surged in importance as a top strategic driver of M&A, tying for second with expanding customer bases. • Exits and divestitures poised to grow Expand / diversify your products or services 22% Technology Acquisition 19% − About 72% of PEI respondents reported they anticipate pursuing Expand customer base in existing geographic markets 19% an exit in the next 12 months. All Other 40% − About 73% of corporate respondents reported they anticipate 0% 20% 40% 60% divesting a business in 2017. Copyright © 2017 Deloitte Development LLC. All rights reserved. 8 M&A Trends and drivers Engineering & construction industry Specific industry knowledge An in-depth analysis of opportunities and risks in each market shows that the level of attractiveness for infrastructure companies varies significantly by geography. North America and older members New members of the EU Middle East of the EU Opportunities: Opportunities: Opportunities: • Growing demand • Growing demand • Enormous need for investment in • Insufficient infrastructure • Insufficient infrastructure certain countries (USA/Canada) • Financially solvent customers and a pipeline of projects Risks: • Established Anglo-Saxon law • Macroeconomic stability • Macroeconomic situation • Political and social stability • Cultural differences Risks: • Legal certainty • Legal framework and legal • Cultural differences certainty • Legal framework and legal Risks: certainty • High level of competition • Corruption • Increased costs • “Doing business in ME” • Potential industrial disputes between states Africa Asia and Oceania Latin America Opportunities: Opportunities: Opportunities: • Growing demand • Growing demand and economic growth • Growing demand • French-speaking and English-speaking areas with • Potential Market share • Shared culture the presence of French and international • Trade margin • Spanish / Portuguese speaking areas with construction companies presence of Spanish Construction Companies • Insufficient infrastructure • Portuguese presence in some countries • The Australian market is growing and has legal Risks: (Mozambique, Angola, Namibia) certainty Business • Regular economic crises Opportunities Risks: Risks: • Political instability • Political instability • Cultural differences + • Poverty and social issues • Poverty and social issues • Corruption • Legal framework and legal certainty • Legal framework and legal certainty • China: The market is closed to foreign • Corruption • Corruption construction companies Competition: Brazilian construction companies • • Competition: Presence of Chinese construction • India: Corruption, industrial practices - companies Copyright © 2017 Deloitte Development LLC. All rights reserved. 10 Specific industry knowledge (cont.) The construction market is projected to grow in the coming year for several reasons: Factors driving the boom in infrastructure spending Expected I&CP spending up to 2030 (1) The Americas Urban development and Global energy BRIC Years of Aging infrastructure New technologies growing population requirements “insatiable demand” under-investment $13 trillion . Infrastructure will . Aging infrastructure . Infrastructure will . Infrastructure is . Developing and . Infrastructure will be facilitate the in developed accommodate required to compete rapidly growing used as a catalyst for migration from rural economies is in need growing energy in an increasing countries will require economic growth as to urban life in of replacement, demand and globalized infrastructure capital markets EMEA developing upgrade or repair alternative energies marketplace development recover economies $14 trillion Assets constructed as a result of the boom Asia Pacific $19 Energy and utilities Transportation Major events infrastructure Telecommunications Other trillion . Oil and gas . Toll roads, tunnels, Infrastructure relates to: . Wireless networks . Health care facilities . Electricity bridges . Cable systems . Education facilities Global Market . Olympic . World Cup Global infrastructuremarket spending . Alternative energy . Railways, mass transit Games . World Expo . Prisons . Water . Car parks . Pan Am . Other major $46 . Ports Games events trillion* . Airports . Other (1) Estimate based on World Bank projections * More than 70% of infrastructure investment up to 2030 in developing countries Copyright © 2017 Deloitte Development LLC. All rights reserved. 11 Industry consolidation continues Desire/ need for growth Talent Integrated acquisition service offering Factors Driving Consolidation Economies Geographic of scale expansion Access to industry verticals Copyright © 2017 Deloitte Development LLC. All rights reserved. 12 Top 50 Design (2017) To p 50 Design Firms 1 AECOM 26 LOUIS BERGER 2 JACOBS 27 WORLEYPARSONS GROUP INC. 3 CH2M 28 WOOD GROUP 4 FLUOR CORP. 29 GHD INC. 5 TETRA TECH INC. 30 TERRACON CONSULTANTS INC. 6 CB&I 31 PERKINS+WILL 7 AMEC FOSTER WHEELER 32 MICHAEL BAKER INTERNATIONAL 8 HDR 33 S&B ENGINEERS AND CONSTRUCTORS LTD. 9 KBR 34 MOTT MACDONALD 10 STANTEC INC. 35 EXP US SERVICES INC. 11 BECHTEL 36 SARGENT & LUNDY LLC 12 PARSONS 37 ATKINS NORTH AMERICA 13 ARCADIS NV 38 CDI CORP. 14 WSP | PARSONS BRINCKERHOFF 39 HOK 38% Public 15 BLACK & VEATCH 40 STV GROUP INC. 16 BURNS & MCDONNELL 41 KIEWIT CORP. 17 INTERTEK GROUP PLC 42 POWER ENGINEERS INC. 18 GENSLER 43 FUGRO 19 HNTB COS. 44 CARDNO 20 GOLDER ASSOCIATES CORP. 45 HKS 21 KIMLEY-HORN 46 T.Y. LIN INTERNATIONAL PEI 22 LEIDOS HOLDINGS, INC. 47 DEWBERRY 6% 23 TRC COS.
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