Business Services Report Q3 2017
Total Page:16
File Type:pdf, Size:1020Kb
60 48 50 Financial 40 34 20% 29 30 24 26 18 20 15 7 10 5 2 Strategic - 80% Education Business Facility Human Information Marketing Real Estate IT Services Specialty Professional and Training Process Services and Resources Services Services Services Consulting Services Outsourcing Industrial Services Amount Date Target Buyer(s) Segment TEV/ Rev TEV/ EBITDA ($ in Mil) 9/21/2017 Acturus, Inc. MetrixLab BV Specialty Consulting 13.40 0.58x 4.47x 9/21/2017 Smart Resources, Inc. BG Staffing, Inc. Human Resources 6.00 0.45x - 9/20/2017 Absolute Consulting, Inc. GSE Performance Solutions, Inc. Specialty Consulting 8.75 0.22x - 9/7/2017 Institutional Shareholder Services, Inc. Genstar Capital LLC Business Process 720.00 - - 8/7/2017 Symphony Health Solutions Corp. Pharmaceutical Research Associates, Inc. SpecialtyOutsourcing Consulting 530.00 - - 8/3/2017 Latam Digital Ventures Prisa Brand Solutions SL Marketing Services 2.96 0.29x - 7/31/2017 CDI Corp. AE Industrial Partners LLC Human Resources 151.74 0.20x NM 7/25/2017 Intacct Corp. The Sage Group Plc Professional Services 850.00 8.85x - 7/12/2017 Wells Fargo & Co. (Share Registration & Equiniti Group Plc Professional Services 227.00 2.18x - Services Bus) 7/12/2017 GCA Services Group, Inc. ABM Industries, Inc. Facility Services and 1,250.00 - - Industrial Services 7/5/2017 Accountable Healthcare Holdings Corp. Mitsui & Co., Ltd. Human Resources 88.39 0.62x - Strategic Buyer Inv. Date Select Corporate Acquisitions Arrow Exterminators, Inc. 3/9/2017 ▪ Exterm-A-Tech, Inc. 12/1/2016 ▪ Action Termite & Pest Control LLC 11/02/2016 ▪ Whitco Pest Management, Inc. 5/10/2016 ▪ Spencer Pest Control Co. Of South Carolina, Inc. 3/7/2016 ▪ Frye Exterminating Co., Inc. 1/21/2016 ▪ BugMaster Termite & Pest Control 1/5/2016 ▪ Universal Pest Control Inc. Accenture PLC 9/6/2017 ▪ Interactive Broadband Consulting Group LLC 9/6/2017 ▪ Matter, Inc. 7/12/2017 ▪ clearhead Group LLC 6/7/2017 ▪ Phase One Consulting Group, Inc. 6/1/2017 ▪ LabAnswer Government LLC 4/12/2017 ▪ Beespath, Inc. /Closingbridge/ 3/24/2017 ▪ First Annapolis Consulting, Inc. 3/1/2017 ▪ Davies Consulting LLC Terracon Consultants, Inc. 7/5/2017 ▪ Dente Engineering PC 12/6/2016 ▪ CHJ Consultants, Inc. 11/3/2016 ▪ Geotechnical Consulting & Testing, Inc. 8/4/2016 ▪ Mayes Testing Engineers, Inc. Asure Software, Inc. 5/26/2017 ▪ iSystems LLC 1/3/2017 ▪ Corporate Payroll, Inc. 1/3/2017 ▪ Personnel Management Systems, Inc. 1/3/2017 ▪ Payroll Specialties NW, Inc. Sunbelt Rentals, Inc. 6/1/2017 ▪ MSP Equipment Rentals, Inc. 5/22/2017 ▪ RGR Equipment LLC 5/1/2017 ▪ Noble Rents, Inc. /Equipment Rental Operations/ 4/26/2017 ▪ Van's Equipment Denver LLC 4/3/2017 ▪ Pride Equipment Corp. 9/15/2016 ▪ Tower Tech, Inc. (Rental Division) 6/6/2016 ▪ One Source Cooling LLC HUB International Ltd. 9/18/2017 ▪ Benefits Advisory Group LLC 7/14/2017 ▪ MillsonJames LLC Financial Buyer Inv. Date Select Corporate Acquisitions AE Industrial Partners LLC 8/28/2017 ▪ Bartlett Holdings, Inc. 7/31/2017 ▪ CDI Corp. 6/27/2017 ▪ Vortex Aviation, Inc. CI Capital Partners LLC 9/7/2017 ▪ Delphic Digital LLC 8/3/2017 ▪ Performance Sales & Marketing 6/6/2017 ▪ Nature's Trees, Inc. 4/4/2017 ▪ Signature Specialty Sales & Marketing, Inc. 3/6/2017 ▪ Simplified Logistics LLC Genstar Capital LLC 9/7/2017 ▪ Institutional Shareholder Services, Inc. 7/10/2017 ▪ STACK Media, Inc. 11/1/2016 ▪ BrightScope, Inc. New Mountain Capital LLC 7/11/2017 ▪ First Recovery Group LLC 3/31/2017 ▪ TRC Cos., Inc. 10/6/2016 ▪ Convey Health Solutions, Inc. Wind Point Advisors LLC 7/7/2017 ▪ Ultra Environmental Services, Inc. 6/6/2017 ▪ Valicor Environmental Services LLC 15.0% 10.0% 5.0% 0.0% -5.0% -10.0% -15.0% -20.0% -25.0% Education & Training Facility Services and Industrial Services Real Estate Services Specialty Consulting S&P 500 15.0% 10.0% 5.0% 0.0% -5.0% -10.0% Business Process Outsourcing Information Services Human Resources Marketing Services IT Services S&P 500 Market Stats Operating Stats LTM Multiples NTM Multiples Est. TEV/ TEV/ Market Cap Quarter YTD % of 52 EBITDA TEV/ TEV/ Price/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA EPS Growth Revenue EBITDA Pearson Plc PSON-GB $ 6,758 $ 8.21 -11.9% -25.2% 0.791156 (4.8%) 6.3% 1.4x 5.6x NM 1.5x 9.6x John Wiley & Sons, Inc. JW.A-US 3,076 53.50 1.0% -1.8% 92.6% 0.5% 20.6% 2.0x 9.3x 33.9x 2.0x 9.5x Graham Holdings Co. GHC-US 2,707 585.10 -0.9% 14.3% 95.0% NM 15.4% 1.1x 6.3x 24.7x NM NM Strayer Education, Inc. STRA-US 975 87.27 -7.0% 8.2% 91.2% 6.8% 16.4% 1.8x 10.4x 27.2x 1.7x 9.1x Capella Education Co. CPLA-US 819 70.15 -17.9% -20.1% 70.7% 3.4% 18.6% 1.5x 7.5x 19.9x 1.5x 7.2x K12, Inc. LRN-US 727 17.84 -1.1% 4.0% 84.2% 4.1% 11.2% 0.6x 5.3x NM 0.5x 3.9x Career Education Corp. CECO-US 718 10.39 8.3% 3.0% 82.5% (5.5%) 8.9% 0.9x 38.4x NM 0.9x NM GP Strategies Corp. GPX-US 516 30.85 13.8% 7.9% 99.4% 7.5% 8.4% 1.1x 14.0x 24.1x 1.0x 12.0x Bridgepoint Education, Inc. BPI-US 278 9.60 -36.0% -5.2% 60.6% (7.2%) 6.8% 0.1x 1.8x NM 0.1x 2.2x $1,842 (5.7%) (1.7%) 83.9% 0.6% 12.5% 1.2x 11.0x 26.0x 1.2x 7.7x $819 (1.1%) 3.0% 84.2% 2.0% 11.2% 1.1x 7.5x 24.7x 1.2x 9.1x Market Stats Operating Stats LTM Multiples NTM Multiples Est. TEV/ TEV/ Market Cap Quarter YTD % of 52 EBITDA TEV/ TEV/ Price/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA EPS Growth Revenue EBITDA Cognizant Technology Solutions Corp. CTSH-US $ 42,844 $ 72.54 9.7% 29.5% 99.4% 12.0% 19.4% 2.8x 14.6x 23.3x 2.5x 12.1x Wipro Ltd. 507685-IN 20,932 4.30 8.4% 18.5% 90.6% 4.9% 19.6% 2.0x 10.1x 16.2x 1.9x 9.8x Convergys Corp. CVG-US 2,415 25.89 7.9% 5.4% 84.7% (2.5%) 13.3% 0.9x 6.6x 19.7x 1.0x 7.7x West Corp. WSTC-US 1,964 23.47 0.7% -5.2% 82.1% 1.0% 26.7% 2.1x 7.7x 9.3x 2.1x 7.5x TeleTech Holdings, Inc. TTEC-US 1,914 41.75 2.6% 36.9% 96.1% 7.4% 13.0% 1.5x 10.5x 43.0x 1.4x 10.6x Sykes Enterprises, Inc. SYKE-US 1,254 29.16 -12.9% 1.0% 84.5% 5.2% 9.3% 0.8x 6.8x 18.3x 0.7x 6.8x Virtusa Corp. VRTU-US 1,106 37.78 26.9% 50.4% 98.6% 13.1% 2.9% 1.4x 33.6x 54.0x 1.2x 14.6x Unisys Corp. UIS-US 428 8.50 -33.3% -43.1% 50.9% 0.1% 6.3% 0.2x 2.0x NM 0.2x 1.4x 5.1% 13.8% 5.0% 13.1% Market Stats Operating Stats LTM Multiples NTM Multiples Est. TEV/ TEV/ Market Cap Quarter YTD % of 52 EBITDA TEV/ TEV/ Price/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA EPS Growth Revenue EBITDA Waste Management, Inc. WM-US $ 34,442 $ 78.27 7.2% 10.4% 99.3% 4.6% 28.8% 3.1x 11.0x 26.8x 3.0x 10.6x Republic Services, Inc. RSG-US 22,246 66.06 4.5% 15.8% 98.3% 5.6% 28.0% 3.1x 10.9x 33.9x 2.9x 10.4x Waste Connections, Inc. WCN-US 18,373 69.96 9.1% 33.5% 98.9% 10.1% 30.9% 5.1x 16.8x 57.3x 4.6x 14.3x Cintas Corp. CTAS-US 15,588 144.28 16.0% 24.9% 99.5% 14.6% 20.0% 3.1x 16.1x 33.5x 2.8x 14.0x United Rentals, Inc. URI-US 11,725 138.74 26.5% 31.4% 99.1% 11.7% 44.3% 3.2x 7.0x 20.2x 3.0x 6.3x Iron Mountain, Inc. IRM-US 10,285 38.90 13.8% 19.8% 95.7% 3.0% 33.5% 4.4x 14.6x 54.4x 4.3x 12.6x Aramark ARMK-US 9,954 40.61 -0.2% 13.7% 97.3% 3.2% 8.4% 1.1x 9.7x 29.4x 1.0x 10.2x Stericycle, Inc. SRCL-US 6,112 71.62 -7.3% -7.0% 81.4% 1.8% 19.1% 2.5x 11.6x NM 2.4x 10.1x Clean Harbors, Inc. CLH-US 3,241 56.70 4.0% 1.9% 92.0% 7.4% 16.0% 1.6x 11.2x NM 1.5x 9.3x ABM Industries, Inc. ABM-US 2,717 41.71 0.3% 2.1% 92.4% 21.7% 3.1% 0.6x 15.0x 157.2x 0.4x 7.2x UniFirst Corp. UNF-US 2,336 151.50 8.0% 5.5% 99.1% 3.0% 17.1% 1.6x 10.0x 44.0x 1.7x 9.9x FirstService Corp.