0
Capital for Entrepreneurssince 1956
Legal Notice• This is not an offer to sell or a solicitation of an offer to  buy securities.• Securities are offered throu...
Current Market Conditions•   Improving deal activity•   Premium for larger deals•   No premium for quality•   More debt, l...
Deal Activity                                   Deals per Year25020015010050 0          2007                2008         2...
Buyout Multiples by Industry                                  EBITDA Multiples by Industry7.57.06.56.05.55.0          2007...
Buyout Multiples by Deal Size                                     EBITDA Multiples8.07.06.05.04.0        2007             ...
Premium for Larger Deals                             Buyout Multiples by Deal Size 87.5 76.5 65.5 5           2007        ...
Premium for Quality Deals                           Buyout Multiples by Deal Quality 76.5 65.5 5           2007           ...
More Debt                                          Debt Multiples4.0x3.0x           0.8x                                  ...
Less Equity                      Equity and Debt Contributions                    36.8%        29.3%        36.9%     37.4...
Lower Interest                               Senior Debt8.0%7.0%6.0%5.0%4.0%3.0%2.0%1.0%0.0%            Q4            Q2  ...
Higher Taxes               Top Federal Tax Rates45.040.035.030.0                                              Partner Inco...
Recent Transactions
Corporate Finance Associates
One of America’s oldest and largest mid-market M & A advisory firms       www.cfaw-houston.com
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ASA Presentation 2012

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  • Transcript of "ASA Presentation 2012"

    1. 1. Capital for Entrepreneurssince 1956
    2. 2. Legal Notice• This is not an offer to sell or a solicitation of an offer to buy securities.• Securities are offered through Corporate Finance Securities, Inc.• Corporate Finance Securities, Inc. is a member firm of FINRA and SIPC.
    3. 3. Current Market Conditions• Improving deal activity• Premium for larger deals• No premium for quality• More debt, less equity• Lower interest rates• Higher taxes
    4. 4. Deal Activity Deals per Year25020015010050 0 2007 2008 2009 2010 2011 Source: GF Data Resources
    5. 5. Buyout Multiples by Industry EBITDA Multiples by Industry7.57.06.56.05.55.0 2007 2008 2009 2010 2011 Health Care Services Business Services Manufacturing Distribution Source: GF Data Resources
    6. 6. Buyout Multiples by Deal Size EBITDA Multiples8.07.06.05.04.0 2007 2008 2009 2010 2011 10-25 mil 25-50 mil 50-100 mil 100-250 mil Source: GF Data Resources
    7. 7. Premium for Larger Deals Buyout Multiples by Deal Size 87.5 76.5 65.5 5 2007 2008 2009 2010 2011 10-50 mil 50-250 mil Source: GF Data Resources
    8. 8. Premium for Quality Deals Buyout Multiples by Deal Quality 76.5 65.5 5 2007 2008 2009 2010 2011 Above Average Other Source: GF Data Resources
    9. 9. More Debt Debt Multiples4.0x3.0x 0.8x 0.9x 0.9x 0.7x2.0x 0.8x 2.8x1.0x 2.3x 2.3x 2.4x 1.7x0.0x 2007 2008 2009 2010 2011 Sub Debt/EBITDA Sr Debt/EBITDA Source: GF Data Resources
    10. 10. Less Equity Equity and Debt Contributions 36.8% 29.3% 36.9% 37.4%43.6% 17.9% 12.1% 15.8% 14.5%13.7%42.7% 47.3% 52.8% 51.0% 48.2%2007 2008 2009 2010 2011 Senior Debt Sub DebtSource: GF Data Resources LLC Equity
    11. 11. Lower Interest Senior Debt8.0%7.0%6.0%5.0%4.0%3.0%2.0%1.0%0.0% Q4 Q2 Q3 Q4 Q2 Q3 Q4 Q2 Q3 Q4 Q2 Q3 Q2 Q3 Q4 2008 Q1 2007 Q1 2009 Q1 2010 Q1 2011 Q1 90-Day LIBOR Spread Source: GF Data Resources
    12. 12. Higher Taxes Top Federal Tax Rates45.040.035.030.0 Partner Income25.0 S Corp Income20.0 C Corp Income15.0 Capital Gains10.0 5.0 0.0 2010 2011 2012 2013
    13. 13. Recent Transactions
    14. 14. Corporate Finance Associates
    15. 15. One of America’s oldest and largest mid-market M & A advisory firms www.cfaw-houston.com
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