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BGL Recruiting Presentation BGL Recruiting Presentation Presentation Transcript

  • September 2006 delivering solutions to the global middle market BGL Recruiting Presentation Mergers & Acquisitions Debt & Equity Placements Financial Restructurings
  • CHICAGO CLEVELAND Two Prudential Plaza Eaton Center 180 North Stetson Avenue 1111 Superior Avenue Suite 4300 Suite 900 Chicago, IL 60601 Cleveland, OH 44114 Phone: 312.658.1600 Phone: 216.241.2800 Fax: 312.368.1988 Fax: 216.241.7417 www.bglco.com Brussels Madrid Rotterdam Budapest Mexico City San Jose Copenhagen Milan Sao Paulo Dublin Montreal Stockholm Dusseldorf Moscow Sydney Helsinki Mumbai Tokyo Hong Kong Oslo Vienna Istanbul Paris Warsaw Lima Prague Zurich London Reykjavik www.globalma.com
  • Agenda Section BGL Overview I BGL Analyst Program II
  • BGL Overview Leading Middle Market Investment Bank Leading Independent Firm: Senior Level Attention to All Transactions: – Founded in 1989 – All BGL transactions are managed by senior investment – Chicago and Cleveland offices bankers, who provide active day-to-day deal management and client guidance. – 2006 Healthcare Financing Deal of the Year, The M&A Advisor – BGL’s six Managing Directors and two Directors average – 2005 International Deal of the Year, The M&A Advisor more than 15 years of middle market transaction – 2004 Turnaround Deal of the Year, The M&A Advisor experience. – 2003 Dealmakers of the Year, The M&A Advisor – 2002 Entrepreneurs of the Year, Ernst & Young Unique International Execution Capabilities with Superior Execution in the Middle Market: Global M&A: – Focused on companies with $50-$500 million of total enterprise – On its own and through its 31 Global M&A partner firms, value. BGL has unparalleled access to foreign strategic and – Deep industry knowledge in key sectors. financial buyers and sellers of middle market businesses. – Superior access to domestic and global strategic buyers. – Global M&A is a partnership of best-of-breed investment – Strong relationships throughout the financial buyer community. banking firms in Europe, North and South America, Asia, and Australia. – Regular dialogue with all lending sources. – Global M&A was named 2005 Investment Banking Firm of the Year by The M&A Advisor. Comprehensive Capabilities and Service Distribution (1): Private Financial M&A Advisory Placements Restructuring Senior Debt Restructurings Sell-Side Advisory Sell- Investment Bank of the Year Second Lien/ Capital Raises Buy-Side Advisory Buy- in 2005 by Tranche B Capital Divestitures Fairness Opinions Mezzanine Debt §363 Auctions Private Equity 80% 15% 5% (1) For transactions closed from 2003 through YTD 2006. 3
  • BGL Overview Dedicated Focus on Middle Market M&A Extensive transaction experience and success positioning middle market businesses. Superior process and respected approach in the M&A middle market, yielding highly competitive auctions with a diverse audience of prospective buyers. Commitment of senior bankers to active day-to-day management of the sale process and client communications. Close partnership with the leading global middle market M&A firm providing BGL unparalleled access to foreign buyers. Uniquely experienced at managing global auction processes. Substantial knowledge of the financing markets used to the advantage of our clients in negotiating with potential buyers. Exclusive, personal relationships within the appropriate strategic buyer community. Close relationships with the financial sponsor community. Recent Transaction Summary (2003- YTD 2006) Client Ownership M&A Transaction Size 20% 18% 55% 15% 27% 66% Private PEG Public $25-$125 million >$125 million <$25 million 4
  • BGL Overview Expertise in Select Industry Sectors Construction Materials and Building Products Representative Relationships Sub Sector Expertise Construction Services/Materials Aggregates/Minerals Concrete Products Heavy Construction/Contracting Residential/Commercial Building Products Industrial Products and Services Sub Sector Expertise Plastics Packaging Specialty Equipment Equipment Remanufacturing Labor Support Industrial Automation Distribution and Logistics Sub Sector Expertise Industrial Supplies Wire and Cable Third-Party Logistics Electrical Products Electronics Last-mile Fulfillment Business Services Sub Sector Expertise Direct Marketing Healthcare Services Accounting Printing/Document Management Credit and Collections MRO Services Metals Sub Sector Expertise Component Manufacturing Service Centers Stamping Value-added Processing Integrated Mills Foundries Food and Beverage / Consumer Sub Sector Expertise Specialty/Catalog Retail Personal Care Items Bakery Products Protein and Dairy Products Raw Material Inputs Ingredients 5
  • BGL Overview Track Record of Successful Transactions at High Valuations Results illustrate the effectiveness of BGL’s M&A process in achieving premium results. Approximately 90% of deals in the past twelve months have closed at values in or above the initial proposed range. Actual Price vs. Valuation Range(1) BGL Transaction Multiples (Enterprise Value/EBITDA) Beverage 11.0x Below Range, 11% Distribution 10.6x Consumer Products 10.4x Within Range, Construction Formw ork 9.5x 11% Building Products/Cladding 9.0x Specialty Chemicals 8.4x Bakery 8.0x Instrumentation 7.5x Building Products 7.5x Healthcare Services 7.0x Above Range, Coin-operated Products 6.5x 78% Specialty Metals 6.1x Automotive Components 5.5x (1) For transactions closed in the past twelve months. Steel Shelving 5.5x 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 6
  • BGL Overview Global Reach of Potential Buyers Approximately 54% of BGL’s clients have been sold to strategic buyers since 2003. Approximately 46% of BGL’s clients have been sold to financial buyers since 2003: – BGL has relationships with a large group of private equity firms that have various areas of expertise, focus, and capital availability – BGL’s Private Placement practice provides unique access to, and knowledge of, private equity firms and their financing sources Composition of Buyers for BGL M&A Transactions(1) Process Discipline 33% Strategic - Private 46% Strategic - Public Positioning of Company Key Factors PEG Extensive Buyer Network 21% Senior Level Teamwork 23% International Buyers (1) For transactions closed from 2003 through YTD 2006. 7
  • BGL Overview Extensive Private Equity Relationships Many Premier Private Equity Funds Have Engaged BGL BGL has many long-standing relationships with the private equity community: – Regular contact and feedback from firms regarding investment interests and status of portfolio companies – Strong reputation for marketing quality opportunities and maintaining integrity throughout the process Select Recent Assignments Select Recent Assignments Firm Fund Size Firm Fund Size Alliance Holdings, Inc. NA Mezzanine Management $500 Alliance Holdings, Inc. NA Mezzanine Management $500 Blue Point Capital Partners $415 Mid Oaks Investments NA Blue Point Capital Partners $415 Mid Oaks Investments NA Brantley Partners $300 Midwest Mezzanine $410 Brantley Partners $300 Midwest Mezzanine $410 Castle Harlan, Inc. $1,163 Nautic Partners $1,100 Castle Harlan, Inc. $1,163 Nautic Partners $1,100 Cedar Creek Partners $100 Novacap $250 Cedar Creek Partners $100 Novacap $250 Churchill Capital $465 Park Avenue Equity Partners $110 Churchill Capital $465 Park Avenue Equity Partners $110 CID Equity $300 Pfingsten Partners $285 CID Equity $300 Pfingsten Partners $285 Code Hennessy & Simmons LLC $1,300 PNC Equity Management $400 Code Hennessy & Simmons LLC $1,300 PNC Equity Management $400 Cortec Group $565 The Riverside Company $750 Cortec Group $565 The Riverside Company $750 Edgewater Capital Partners $22 RSTW Partners $500 Edgewater Capital Partners $22 RSTW Partners $500 FdG Associates $310 Summit Partners $3,300 FdG Associates $310 Summit Partners $3,300 Gallagher Industries NA Sun Capital Partners, Inc. $1,500 Gallagher Industries NA Sun Capital Partners, Inc. $1,500 Heritage Partners $843 Svoboda Collins LLC $200 Heritage Partners $843 Svoboda Collins LLC $200 JO Hambro Investment Management $1,000 Watermill Ventures $125 JO Hambro Investment Management $1,000 Watermill Ventures $125 KRG Capital Partners $715 Willis Stein & Partners $1,800 KRG Capital Partners $715 Willis Stein & Partners $1,800 Linsalata Capital Partners $425 3i Group NA Linsalata Capital Partners $425 3i Group NA 8
  • BGL Overview Selected Results BGL is Highly Experienced Marketing Middle Market Businesses to Leading Private Equity Firms and... 9
  • BGL Overview Selected Results ... to Larger Strategic Acquirers 10
  • BGL Overview Global M&A Overview Global Execution Capabilities In the late 1990s, BGL recognized that the middle market was globalizing and began handling cross-border transactions for several U.S., European and Asian clients. Global M&A League Tables, 1H 2006: Global Completed Deals Under $500 Million In 2002, BGL was invited to become the U.S. partner firm in Global M&A. Michael Gibbons of BGL is Chairman of Global Deal Rank Advisor M&A, making BGL the leading U.S. player in the globalization Volume of middle market M&A. 1 PricewaterhouseCoopers 60 2 Rothschild 55 Through Global M&A (and on its own) BGL has unparalleled 3 KPMG Corporate Finance 52 16 BGL/Global M&A 21 access to international strategic and financial buyers and 21T Harris Williams/Close Brothers 13 sellers of middle market business and their financing sources. 22T Houlihan Lokey Howard Zukin (HLHZ) 9 22T William Blair & Company 9 BGL’s middle market investment banking practice is truly 23T Robert W. Baird & Co. 8 global: 25 Goldsmith Agio Helms 6 – Regular contact with foreign financial and strategic buyers in nearly all 30T Lincoln Partners LLC 1 of BGL’s primary industry sectors. – Currently executing several global sale mandates in tandem with Source: Mergermarket other Global M&A partners. – Sourcing capital globally for private equity clients and financial buyers of foreign sell-side M&A clients. The partnership with Global M&A provides BGL with the most unique global middle market investment banking capabilities. 11
  • BGL Overview Global Reach / Local Knowledge Access to Foreign Buyers through Global M&A Key Advantages: 31 leading independent M&A boutiques covering 32 industrialized countries, including over 500 investment banking professionals. For U.S.-led assignments, BGL professionals retain full control of the sales process while leveraging the experience of its partners in key foreign markets. Each Global M&A partner firm has in-country territorial exclusivity. Cultural and language challenges are eliminated. Fee sharing arrangements, confidentiality procedures and technology resources are in place and add no cost to BGL’s clients. Global M&A firms have completed over 700 transactions with an aggregate deal value exceeding $20 billion since 2000. Denotes a Global M&A office 12
  • BGL Overview BGL is a Leading Partner in Global M&A Australia – Beerworth & Partners Ltd Austria – CD Invest Belgium – M&A International Brazil – Amati Negócios Internacionais Canada – Synergis Capital Inc. Costa Rica – Cafissa Czech Republic – Benson Oak Denmark – Nordic Corporate Finance Finland – Aventum Partners France – Financière de Courcelles Germany – InterFinanz Hong Kong – Asian Capital Partners Hungary – Invescom Corporate Finance Iceland – Kontakt India – Meghraj Financial Services Ireland – CFM Capital Italy – Cross Border Japan – RECOF Corporation Mexico – Pablo Rion y Asociados Netherlands – Solveigh Corporate Development Norway – Saga Corporate Finance Peru – Macroconsult Poland – Hexagon Capital Advisors Russia – Meridian Capital Spain – NC Finanzas Corporativas Sweden – Arctos Mergers & Acquisitions Switzerland – Zetra International AG Turkey – Total Yonetim Danismanligi Ltd United Kingdom – Livingstone Guarantee United States – Brown Gibbons Lang & Company United States – Meridian Capital (Lower Middle Market) 13
  • BGL Overview Recent Global Transaction Activity Selected BGL Cross Border Experience European- North-American Based Based Fused Automotive and Cast Refractory Furniture Glass Producer Manufacturer PENDING PENDING US/Hungary US/Austria US/Netherlands Italy/New Zealand Italy/US US/UK Germany/US US/France US/UK US/UK Netherlands/US US/UK US/Ireland US/Germany US/Japan Japan/US UK/US Italy/Germany 14
  • Agenda Section BGL Overview I BGL Analyst Program II 15
  • BGL Analyst Program Analysts Play a Critical Role in BGL’s Transactions Analyst Responsibilities Extensive quantitative analysis, including preparation of financial models. Buyer and industry research. Preparation of marketing materials. Transaction process support. Transaction Staffing BGL Analysts work on many different kinds of deals in a variety of industries. BGL Analysts are provided significant exposure to clients and senior BGL bankers. In addition, Analysts work on all aspects of our transactions, from the initial pitch through transaction closing. Chicago and Cleveland offices work together seamlessly on transactions. Analysts and Associates often are cross-staffed on transactions between offices. Deals are typically staffed with four professionals, including: – Managing Director/ Director, Vice President, Associate and Analyst Analysts have extensive interaction with senior professionals in the firm and with BGL’s clients. 16
  • BGL Analyst Program BGL’s Expectations of Analysts Desired Qualities Superior professionalism, integrity and dedication. Commitment to excellence. Strong finance and accounting skills. Outstanding communication skills. Hard work. Willingness to learn. Teamwork. 17
  • BGL Analyst Program Why BGL? BGL Analyst Program Two year program, additional year(s) at BGL’s option. Aggregate Value of Advisory Assignments Intensive Analyst training at the beginning of the Strong Growth Trajectory: program. 63% Since 2003 $10,000 BGL is a rapidly expanding, highly active firm with $8,000 strong deal flow, fostering an exceptional opportunity to learn and to grow professionally. ($ in millions) $6,000 Small deal teams create a significant opportunity for $4,000 analysts to undertake responsibility and gain exposure to a variety of industries, deal types and clients. $2,000 Exposure to global transactions that is unparalleled in $- the middle market. 00 01 02 03 04 05 TD 20 20 20 20 20 20 Y 06 20 Competitive compensation and benefits. Closing and backlog remain at record levels. BGL’s Analyst Program will prepare Analysts for graduate school, as well as for a career in investment banking, private equity, or corporate finance. 18
  • BGL Analyst Program BGL Illinois Recruiting Team John R. Tilson – Managing Director John Tilson is focused primarily on mergers and acquisitions, focusing mostly on the manufacturing, consumer products, and business services industries. Prior to joining Brown Gibbons Lang & Company, John was a managing director in the Investment Banking Group at Duff & Phelps LLC. Prior to that, he was a director in the Mergers & Acquisitions Group at Banc One Capital Markets, Inc. John began his banking career with American National Bank & Trust Company of Chicago. Education: B.S., University of Illinois; M.B.A., Kellogg Graduate School of Management at Northwestern University Leslie A. Nolan – Associate Leslie Nolan specializes in mergers and acquisitions and is dedicated to the food and beverage industry. Previously, she was with Harris Nesbitt, a division of the Bank of Montreal Financial Group, where she specialized in corporate and investment banking in the Food and Agribusiness Group. Leslie is completing her M.B.A. at the University of Chicago and will graduate in June 2006. Education: B.A., DePauw University Zach Biderman – Analyst Zach Biderman supports Brown Gibbons Lang & Company’s senior staff with financial analysis and valuation, industry research, due diligence and the preparation of client presentation materials. Education: B.S.B.A. McDonough School of Business, Georgetown University 19