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ASA Presentation 2012
 

ASA Presentation 2012

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ASA Presentation 2012 ASA Presentation 2012 Presentation Transcript

  • 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 through Corporate Finance Securities, Inc.• Corporate Finance Securities, Inc. is a member firm of FINRA and SIPC.
  • Current Market Conditions• Improving deal activity• Premium for larger deals• No premium for quality• More debt, less equity• Lower interest rates• Higher taxes
  • Deal Activity Deals per Year25020015010050 0 2007 2008 2009 2010 2011 Source: GF Data Resources
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • Recent Transactions
  • Corporate Finance Associates
  • One of America’s oldest and largest mid-market M & A advisory firms www.cfaw-houston.com