Denver • Boise • Boston • Burlington • Chicago • New York • Irvine CA • West Palm
2
HEADWATERSBACKGROUND
Founded in 2001, independently owned, headquartered in Denver, Colorado
45+ professionals with nati...
3
HEADWATERSBACKGROUND
INDUSTRY COVERAGE
- Construction & Construction
Services
- Professional Services
- Training Service...
4
HEADWATERSBACKGROUND
FULL SERVICE INVESTMENT BANKING
Sell-side advisory
Buy-side advisory
Management buyouts
Senior debt...
5
TEAMBACKGROUND
Principles
- Respect and control confidential
information
- Custom process design
- Look across markets
M...
6
HEADWATERSBACKGROUND
GLOBAL REACH
Headwaters has a partnership of 18 firms spanning 42 offices in 26 countries
Partners ...
7
Industry Client Client Country Buyer Buyer Country Transaction Value
Architecture
Nightingale
Associates
IBI Group £13MM...
8
HEADWATERSBACKGROUND
Headwaters works in tandem with referral program executives as well as
individual wealth management...
9
HEADWATERSBACKGROUND
Company Lead Investor
First fund
Fully invested and performing well
Launched in 2010
$150mm fund de...
10
HEADWATERSBACKGROUND
MANAGEMENT TEAM
Roberta Laraway
Director of Finance
303.531.4604
rlaraway@headwatersmb.com
Oversee...
11
HEADWATERSBACKGROUND
27 outside shareholders include bulge bracket investment banking
executives, leading private equit...
12
HEADWATERSBACKGROUND
STRATEGY: BUILT FOR RESULTS
Assumptions: let’s agree on a few things
- Information flows in the mi...
OUTLIER RESULTS
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Intro to Headwaters

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Intro to Headwaters

  1. 1. Denver • Boise • Boston • Burlington • Chicago • New York • Irvine CA • West Palm
  2. 2. 2 HEADWATERSBACKGROUND Founded in 2001, independently owned, headquartered in Denver, Colorado 45+ professionals with national footprint in the United States - Boston, Burlington, Chicago, New York, Irvine CA, Boise and Denver Over $5 billion of middle market deals and over $55 billion of deal experience Significant international experience; global reach - 30% of revenue has been generated from cross border transactions - Winner of “Cross Border Deal of the Year” Extraordinary buyer access and history of process excellence Established reputation as quality service provider Broad industry coverage Multiple time award winner OVERVIEW DEAL OF THE YEAR
  3. 3. 3 HEADWATERSBACKGROUND INDUSTRY COVERAGE - Construction & Construction Services - Professional Services - Training Services - IT Services - General Business Services - Technology and Telecom - Industrial Technologies - Clean Technologies - Wireless - Financial Services Technology - Biotechnology - Medical Devices - Technology and Services - Natural & Organic - Packaged Goods - Ingredients - Specialty Chemicals - Private Label - Ice Cream - Food Manufacturing - Community Banks and Thrifts - Finance Companies - Mortgage Companies - Investment Management Companies - Specialty Finance - Supply Chain - Logistics and Maintenance - Freight - Scrap Metal Recovery - Waste to Energy - Resource Management - Waste Disposal/Management - E-cycling - Landfills - Waste Collection - Ports - Cargo - Action Sports - Toys & Crafts - Renewable - Power Generation - Refining and Marketing - Midstream and Downstream Utility Services - Advertising - E-commerce - Online Gaming - Mobile - Social Media - Software - Video (Online & Digital) Business Services Consumer Products Energy Digital Media Life Sciences Financial Services Mining & MineralsMaritime TechnologyWaste Management Supply Chain / Logistics Food & Beverage - Gold - Copper - Coal - Minerals
  4. 4. 4 HEADWATERSBACKGROUND FULL SERVICE INVESTMENT BANKING Sell-side advisory Buy-side advisory Management buyouts Senior debt $25mm+ Mezzanine debt $10mm+ Private equity $20mm+ Fairness opinions Strategic alternatives review Valuations M&A Services Capital Formation Financial Advisory Specialty Products Bank debt placement Partnering & licensing Early stage / venture Merchant banking Public market co-manager
  5. 5. 5 TEAMBACKGROUND Principles - Respect and control confidential information - Custom process design - Look across markets M&A Process Statistics - “Broad” process average over 100 contacts - “Book to bid” ratio on targeted processes of over 30% - Final bids increase over original indications by up to 32% - Over 30% of transactions with cross border participant - Equal weighting across buyer types THE HEADWATERS DIFFERENCE Hybrid Financial Strategic Category breakdown for Headwaters M&A transactions HYBRID 30%STRATEGIC 30% FINANCIAL 40% Buyer Mix - Headwaters has worked with 941 PE firms in conjunction with recent transactions. - Headwaters has contacted 957 strategic buyers in conjunction with recent transactions.
  6. 6. 6 HEADWATERSBACKGROUND GLOBAL REACH Headwaters has a partnership of 18 firms spanning 42 offices in 26 countries Partners employ 240 banking professionals organized around industry focus groups In 2009, partners completed 53 transactions with a value of over €2bn
  7. 7. 7 Industry Client Client Country Buyer Buyer Country Transaction Value Architecture Nightingale Associates IBI Group £13MM Plumbing Product Manufacturer Vanguard Piping Systems Viega $78MM Bath Screens and Shower Enclosures Aqualux Product Holdings AFG Arbonia- Forster £23MM Low and medium voltage cable manufacturer Ravin Cables Prysmian Cables & Systems NA Spectrophotometers, Color Management Software X-Rite (buy side) Amazys $280MM Stairlift Manufacturer Minivator Handicare AS NA Branded Snacks Red Mill Snacks Tayto £22MM HEADWATERSBACKGROUND GLOBAL REACH – RECENT TRANSACTIONS
  8. 8. 8 HEADWATERSBACKGROUND Headwaters works in tandem with referral program executives as well as individual wealth management groups to source transactions Headwaters senior relationships with these affiliates provides access to public market execution and other transaction support in special situations AFFILIATIONS
  9. 9. 9 HEADWATERSBACKGROUND Company Lead Investor First fund Fully invested and performing well Launched in 2010 $150mm fund dedicated to control transactions with lower middle market companies in “capital constrained” situations - Pending maturities - Overleveraged capital structures - Other urgent liquidity needs An independent Investment Committee make final investment decisions to avoid any potential conflict-of-interest issues MB STANDS FOR MERCHANT BANKING
  10. 10. 10 HEADWATERSBACKGROUND MANAGEMENT TEAM Roberta Laraway Director of Finance 303.531.4604 rlaraway@headwatersmb.com Oversees all finance and administrative matters. Former Finance Operations Manger for Oxford Financial Group and CPA with E&Y. Joined Headwaters in 2004. Brendan Burke Director of Business Development 303.531.4603 bburke@headwatersmb.com Coordinates business development activities with channel partners and Mergers Alliance. Leads marketing, branding and all communication efforts. Joined Headwaters in 2004. Phil Seefried Co-Founder + CEO 303.572.6004 pseefried@headwatersmb.com Oversees all investment banking and strategy at Headwaters. Former COO of Global Credit Group and Co-Head of Leveraged Finance over 15 year career at Credit Suisse. Founded Headwaters in 2001. Paul Janson President + COO 303.572.6012 pjanson@headwatersmb.com Primary contact for all channel partners. Deep knowledge of deal market and banker capabilities. Former CEO of Camiant and Worldbridge Broadband Services. 20 years of executive management experience. Joined Headwaters in 2005.
  11. 11. 11 HEADWATERSBACKGROUND 27 outside shareholders include bulge bracket investment banking executives, leading private equity investors, Fortune 100 corporate executives and various members of the deal community nationally INVESTORS
  12. 12. 12 HEADWATERSBACKGROUND STRATEGY: BUILT FOR RESULTS Assumptions: let’s agree on a few things - Information flows in the middle market are broken - Asymmetric information leads to marketplace inefficiency (see chart on the right) - The deal team with the greatest access to information and key relationships will routinely outperform Headwaters is designed specifically to address the unique challenges of this market - We harness the knowledge and insight of small sector teams and the distribution power of a large network unlike subscale boutiques. - We accomplish this without the distractions and conflicts inherent to larger service providers with a capital markets business to support Our network-centric approach guarantees a market result and maximizes the likelihood of an outlier result 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1 1.1 0 0.05 0.1 0.15 0.2 0.25 Valuation Traded Markets Middle Market / Public Companies / Private Companies
  13. 13. OUTLIER RESULTS

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