The Bridgepoint Midwest M&A Index increased 1.6% in Q3 2011, up from Q2 2011, though the year-over-year growth of 3.3% represented the lowest increase in eight quarters. While the index measuring deal volume increased, the median Midwest M&A deal size declined to its lowest level in nine quarters. Recent signs point to a potential increase in deal activity by year's end after a lull in September. The current environment presents opportunities for Midwest companies to explore strategic options including acquisitions, given record corporate cash levels and interest in the region.
Robert W Baird provides market and company analysis in core sectors served by Red Kap. Check out their thoughts on the economy, our sectors and key companies.
Robert W Baird provides market and company analysis in core sectors served by Red Kap. Check out their thoughts on the economy, our sectors and key companies.
An alternative perspective to EM investing: The case for an industry allocati...Jean Meilhoc Ricaume
Investors have long recognised the compelling opportunity offered by emerging markets equities. Yet while returns from the asset class have considerably outperformed developed markets equities over previous market cycles, they have tended to be more volatile, severely testing investors’ resolve. Rather than attempting to time market allocations, or select regions or specific countries to over- or underweight, we believe that our proprietary emerging markets macro growth indicators and skill in identifying industry performance relative to them may offer investors a differentiated source of returns.
• Some glimmers of hope… Rays of hope are permeating the semiconductor
industry, which probably saw most of the bad news in 1QCY09. Global chip sales
improved slightly in Mar 09 with a 30.0% yoy decline compared with a 30.1% yoy
fall in Feb 09. The book-to-bill ratio has ticked up with preliminary Mar 09 numbers
hitting 0.61x, up from Feb 09’s abysmal 0.47x. Finally, utilisation rates have scraped
bottom as some production facilities have been shuttered and inventory control is
being exercised. The end-user markets appear to have troughed, with PC and
handset sales probably hitting the bottom. Furthermore, trade credit is now
normalising. That said, stabilisation does not equate to a recovery and we believe
that restocking activity as inventory runs low is the primary factor in the improving
outlook. We still expect 2009 to be a difficult year where the typical seasonal pick up
in 3Q may not materialise given the current re-stocking activities.
• …but no full-blown recovery until 2010. We argue that a true recovery will only
take root when the global economy begins to move upwards. A meaningful and
sustained recovery will only take place when consumer sentiment and spending
spring back to life and cause ASPs to start rising. We believe that a more
convincing uptrend will take hold only from 2H10 onwards.
• Global economies to start stabilising towards year-end. Our economists believe
that the world economy will feel the full impact of the global financial crisis this year.
Although the process of sorting out the financial system will take time and
resources, the cumulative effects of sizeable fiscal stimuli and aggressive monetary
easing globally will work to provide some stability. Recent global indicators are less
negative. Considering the extremely low base this year, global growth should pick
up in 2010 but will probably fall short of its long-run average growth rate of 3.7%.
• Upgrade sector to TRADING BUY. While the fundamentals for the sector remain
uncertain, we think that downside to share prices is limited as valuations are still
below trough levels. We upgrade the sector from Underperform to TRADING BUY.
Furthermore, in line with our market strategy, we think that investors’ risk appetite is
increasing and higher beta plays such as semicon should be in vogue. Investors
should start picking up semicon stocks ahead of the recovery of the sector as
historically, the share prices for both MPI and Unisem cratered 13-18 months before
the upturn of the sector. Sector catalysts include a) a sooner-than-expected revival
of end-user demand and b) a faster-than-expected economic recovery.
• Upgrade Unisem and MPI to Trading Buy. In tandem with the sector upgrade, we
upgrade MPI and Unisem from Underperform to Trading Buy. We raise our target
prices for both after cutting our discounts to their 5-year historical average by 30-
60% pts to 20-40% for Unisem and MPI respectively. We assign a lower discount to
Unisem, our top pick, as its higher liquidity and beta make it a better play on a
market rebound. Re-rating catalysts include a) qoq improvement in earnings, b)
revival of end demand and c) the higher betas on offer.
Tricumen / Capital markets revenues and banks valuations 210714Tricumen Ltd
Capital markets revenues and banks’ valuations
The variance of capital markets earnings is often said to (1) heighten the volatility of the share price and/or (2) depress the market valuation.
For the banks included in this note, we find no evidence that the first assumption holds true …
… but we do identify a strong correlation between the capital markets revenue dynamics and valuations: banks with (relatively) stable revenues are rewarded with higher valuations.
Mercer Capital's Value Focus: FinTech Industry | Third Quarter 2015 Mercer Capital
Mercer Capital’s quarterly newsletter, FinTech Watch, provides an overview of the FinTech industry, including public market performance, valuation multiples for public FinTech companies, and articles of interest from around the web. This newsletter focuses on FinTech segments, including payment processors, technology, and solutions companies, examining general economic and industry trends as well as a summary of M&A and venture capital activity.
An alternative perspective to EM investing: The case for an industry allocati...Jean Meilhoc Ricaume
Investors have long recognised the compelling opportunity offered by emerging markets equities. Yet while returns from the asset class have considerably outperformed developed markets equities over previous market cycles, they have tended to be more volatile, severely testing investors’ resolve. Rather than attempting to time market allocations, or select regions or specific countries to over- or underweight, we believe that our proprietary emerging markets macro growth indicators and skill in identifying industry performance relative to them may offer investors a differentiated source of returns.
• Some glimmers of hope… Rays of hope are permeating the semiconductor
industry, which probably saw most of the bad news in 1QCY09. Global chip sales
improved slightly in Mar 09 with a 30.0% yoy decline compared with a 30.1% yoy
fall in Feb 09. The book-to-bill ratio has ticked up with preliminary Mar 09 numbers
hitting 0.61x, up from Feb 09’s abysmal 0.47x. Finally, utilisation rates have scraped
bottom as some production facilities have been shuttered and inventory control is
being exercised. The end-user markets appear to have troughed, with PC and
handset sales probably hitting the bottom. Furthermore, trade credit is now
normalising. That said, stabilisation does not equate to a recovery and we believe
that restocking activity as inventory runs low is the primary factor in the improving
outlook. We still expect 2009 to be a difficult year where the typical seasonal pick up
in 3Q may not materialise given the current re-stocking activities.
• …but no full-blown recovery until 2010. We argue that a true recovery will only
take root when the global economy begins to move upwards. A meaningful and
sustained recovery will only take place when consumer sentiment and spending
spring back to life and cause ASPs to start rising. We believe that a more
convincing uptrend will take hold only from 2H10 onwards.
• Global economies to start stabilising towards year-end. Our economists believe
that the world economy will feel the full impact of the global financial crisis this year.
Although the process of sorting out the financial system will take time and
resources, the cumulative effects of sizeable fiscal stimuli and aggressive monetary
easing globally will work to provide some stability. Recent global indicators are less
negative. Considering the extremely low base this year, global growth should pick
up in 2010 but will probably fall short of its long-run average growth rate of 3.7%.
• Upgrade sector to TRADING BUY. While the fundamentals for the sector remain
uncertain, we think that downside to share prices is limited as valuations are still
below trough levels. We upgrade the sector from Underperform to TRADING BUY.
Furthermore, in line with our market strategy, we think that investors’ risk appetite is
increasing and higher beta plays such as semicon should be in vogue. Investors
should start picking up semicon stocks ahead of the recovery of the sector as
historically, the share prices for both MPI and Unisem cratered 13-18 months before
the upturn of the sector. Sector catalysts include a) a sooner-than-expected revival
of end-user demand and b) a faster-than-expected economic recovery.
• Upgrade Unisem and MPI to Trading Buy. In tandem with the sector upgrade, we
upgrade MPI and Unisem from Underperform to Trading Buy. We raise our target
prices for both after cutting our discounts to their 5-year historical average by 30-
60% pts to 20-40% for Unisem and MPI respectively. We assign a lower discount to
Unisem, our top pick, as its higher liquidity and beta make it a better play on a
market rebound. Re-rating catalysts include a) qoq improvement in earnings, b)
revival of end demand and c) the higher betas on offer.
Tricumen / Capital markets revenues and banks valuations 210714Tricumen Ltd
Capital markets revenues and banks’ valuations
The variance of capital markets earnings is often said to (1) heighten the volatility of the share price and/or (2) depress the market valuation.
For the banks included in this note, we find no evidence that the first assumption holds true …
… but we do identify a strong correlation between the capital markets revenue dynamics and valuations: banks with (relatively) stable revenues are rewarded with higher valuations.
Mercer Capital's Value Focus: FinTech Industry | Third Quarter 2015 Mercer Capital
Mercer Capital’s quarterly newsletter, FinTech Watch, provides an overview of the FinTech industry, including public market performance, valuation multiples for public FinTech companies, and articles of interest from around the web. This newsletter focuses on FinTech segments, including payment processors, technology, and solutions companies, examining general economic and industry trends as well as a summary of M&A and venture capital activity.
It's a sellers' market at the beginning of 2017. Bridgepoint Merchant Banking releases the latest Midwest M&A Index, measuring corporate mergers & acquisition activity in the region. Insight is provided on the current market status and statistics on selected Midwest transactions.
Private Equity and Venture Capital volume stays depressed while valuations remain high during the second quarter of 2017. Read Bridgepoint Merchant Banking's latest Midwest Capital Raise Update, measuring private equity and venture capital throughout the Midwest.
Private Equity and Venture Capital volume is depressed amid uncertainty and a changing capital environment during the first quarter of 2017. Read Bridgepoint Merchant Banking's latest Midwest Capital Raise Update, measuring private equity and venture capital throughout the Midwest.
Mercer Capital's Investment Management Industry Newsletter | Q4 2018 | Focus:...Mercer Capital
Mercer Capital’s Asset Management Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to asset managers, trust companies, and investment consultants.
Bridgepoint Merchant Banking releases an update on the trucking industry, including reporting and insights on valuation cycles and key business considerations.
Bridgepoint Merchant Banking's newest industry update on the physical therapy industry, including reporting and insights on current market trends and selected industry transactions.
The official market update presented at the 2017 Faegre Baker Daniels M&A Conference, including data and insights from industry leaders on current deal activity, valuations and future predictions.
Bridgepoint Merchant Banking releases an update on the Midwest banking industry, including commentary on selected industry transactions. Reporting and insights on valuation cycles, efficiency ratios and the US bank loan landscape are also covered.
Bridgepoint Merchant Banking releases a mid-year update on the trucking industry. Reporting and insights on valuation and key business considerations are included.
Bridgepoint Merchant Banking releases an update on the trucking industry, including reporting and insights on valuation cycles and key business considerations.
Bridgepoint Merchant Banking releases an update on the Agriculture Technology industry with industry background, financial performance, valuation trends and corporate strategy considerations. The Principals of Bridgepoint has over $104 billion in transaction experience.
Bridgepoint Merchant Banking releases an update on the trucking industry with industry background, financial performance, valuation trends and corporate strategy considerations. The Principals of Bridgepoint has over $41 billion in vehicular transaction experience
Bridgepoint Merchant Banking releases an insight on the building products industry with industry background, financial performance, valuation trends and corporate strategy considerations. The Principals of Bridgepoint has over $104 billion in transaction experience.
Bridgepoint Merchant Banking releases an update on the trucking industry with industry background, financial performance, valuation trends and corporate strategy considerations. The Principals of Bridgepoint has over $41 billion in vehicular transaction experience
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just what'sapp this number below. I sold about 3000 pi coins to him and he paid me immediately.
+12349014282
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the what'sapp number of my personal pi merchant who i trade pi with.
Message: +12349014282 VIA Whatsapp.
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
This presentation poster infographic delves into the multifaceted impacts of globalization through the lens of Nike, a prominent global brand. It explores how globalization has reshaped Nike's supply chain, marketing strategies, and cultural influence worldwide, examining both the benefits and challenges associated with its global expansion.
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Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the what's app number of my personal pi vendor to trade with.
+12349014282
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...
Bridgepoint Midwest M&A Quarterly Update Q3-11
1. Midwest M&A Quarterly Update
Third Quarter 2011
Bridge Bridgepoint Merchant Banking is a Division of Bridgepoint Holdings, LLC. Securities offered through an unaffiliated
entity, M&A Securities Group, Inc., member FINRA/SIPC
DeWaay Investment Banking is a Division of DeWaay Financial Network; Member FINRA/SIPC
2. Midwest M&A Quarterly Update, Q3-11
Bridgepoint Midwest M&A Index
Index Summary
The Bridgepoint Midwest M&A Index, a measure of corporate
merger and acquisition activity in the U.S. Midwest region,
increased 1.6% in Q3-11 after falling 1.6% in Q2-11
On a year-over-year basis, the index increased 3.3% from Q3-
10
The latest increase put the index at 99.2 (Q3-06 = 100), up
from the Q2-11 level of 97.6
Current index level of 99.2 reflects a normalized corporate deal environment in the Midwest, although volume has
decelerated in recent quarters from the Q4-10 peak after recovering from the 2009 trough
Q3-11 year-over-year Bridgepoint Midwest M&A Index growth of 3.3% represented the lowest increase in eight
quarters. Additionally, while the index (a measure of deal volume) increased, median Midwest M&A deal size declined
to the lowest level in 9 quarters
Index Definition
Q3-06 = 100. As defined by the Bridgepoint Merchant Banking, the Bridgepoint Midwest M&A Index is assembled by summing the number of transactions (for transactions that meet the Transaction
Requirements below, as sorted by announced date) announced over the latest two quarters. Year-over-year and quarter-over-quarter percent change is calculated and then applied to the index number
for the previous applicable period.
Transaction Requirements
Buyer, target and/or seller must be located in the Midwest, and the Midwest participant must have purchased or sold majority control. Total Enterprise Value must be $10mm or greater. Midwest defined
as Iowa, Kansas, Missouri, Nebraska, North Dakota, Oklahoma, and South Dakota.
Source: Bridgepoint Merchant Banking, Capital IQ (09/30/11)
2
3. Midwest M&A Quarterly Update, Q3-11
Bridgepoint Midwest M&A Index
Commentary
Corporates and sponsors have record amounts of cash and limited organic growth opportunities –
increasingly looking to M&A and the Midwest in particular for deal targets (relative economic
Key Drivers stability and less competition for assets)
Infrequent access to attractive capital, particularly for smaller companies, is driving distressed asset
sales, while limiting optionality for healthy but smaller companies
September lull in market drove deal volume deceleration in Q3-11, but October deal activity levels
Outlook
and recent equity market sentiment suggest potential end of year rally
Deal volumes have returned to normalized levels, but mostly smaller companies are being sold.
Valuations appear to be healthy, yet palpable for both buyers and sellers – the valuation gap has
closed. Current environment represents an attractive opportunity for Midwest companies and
business owners to:
Evaluate strategic options & your company value – Midwest middle market companies are
What The Index receiving M&A interest from both sponsors and other corporates
Means For You Opportunistically explore acquiring complementary assets at potentially attractive prices –
infrequent access to capital for smaller companies provides unique buying opportunities for
those companies with firepower
Explore attractive financing opportunities to finance growth/acquisition – substantial private
equity and junior capital interest in Midwest and core industries provides additional
optionality for healthy companies
3
4. Midwest M&A Quarterly Update, Q3-11
Selected Midwest Q3-11 M&A Transaction Statistics(a)
Quarterly Midwest M&A Transaction Volume Quarterly Midwest M&A Median Deal Size
Quarterly Midwest M&A volume decreased 5.9% from Of the Midwest M&A transactions with available
288 transactions in Q2-11 to 271 transactions in Q3-11, transaction values, quarterly median deal size decreased
and year-over-year quarterly Midwest M&A volume from $13.0mm in Q2-11 to just $10.0mm in Q3-11. Q3-11
decreased 2.2% from 277 deals in Q3-10 to 271 deals in represented the lowest quarterly median deal value in the
Q3-11 past 9 quarters
Recent deal flow, while still healthy, has shown signs of Smaller and often distressed assets continue to be
deceleration from the latest deal volume peak in Q4-10 brought to market, while larger and healthier middle
amid recent macro uncertainty and infrequent access to market companies with access to capital increasingly are
attractive capital, especially for smaller companies choosing to wait out recent uncertainty
4
5. Midwest M&A Quarterly Update, Q3-11
Selected Midwest Q3-11 M&A Transaction Statistics
(Continued)(a)
Quarterly Midwest M&A Median Valuations Quarterly Midwest M&A Buyers and Sellers
Median Midwest M&A valuations (on a TEV/EBITDA Quarterly M&A transactions with Midwest buyers
basis) declined from 10.8x in Q2-11 to 10.1x in Q3-11. decreased 5.2% from 135 deals in Q2-11 to 128 deals in
Healthy multiples indicative of substantial corporate and Q3-11, while quarterly transactions with Midwest targets
sponsor dry powder, but also of decreased recent decreased 18.8% from 176 deals in Q2-11 to 143 deals
earnings/cash flow of distressed/non-core corporate in Q3-11
assets being sold
Midwest targets continue to account for more private
Median Midwest M&A valuations (on a TEV/sales basis) equity deal flow than any other U.S. region, accounting
declined substantially from 2.36x in Q2-11 to just 1.05x in for 19% of U.S. PE deal flow (by count) in Q3-11
Q3-11 (according to Pitchbook.com)
5
6. Midwest M&A Quarterly Update, Q3-11
Selected Midwest Q3-11 M&A Transaction Statistics
(Continued)(a)
Q3-11 Midwest M&A Transaction Volume by Sector
Core industries (including Industrials, Materials and
Consumer) accounted for more than half (51%) of
total Midwest M&A transaction volume in Q3-11
Industrials and Consumer sector deal shares
increased 3% and 6%, respectively, from Q2-11
levels. Energy sector deal share decreased 5% in
Q3-11, from 13% share in Q2-11
6
7. Midwest M&A Quarterly Update, Q3-11
Selected Midwest Q3-11 M&A Transactions(a)
Target Buyer TEV
Announced Target Local Buyer Local Target Sector ($m m )
09/28/2011 Beeologics, LLC Monsanto Co. (NYSE:MON) MO Healthcare -
09/21/2011 Jew ell Implement Co., Inc. Titan Machinery, Inc. (NasdaqGS:TITN) ND Industrials -
09/21/2011 Class.com , Inc. NE Cambium Learning Group, Inc. (NasdaqGS:ABCD) Consumer 4.5
09/07/2011 Bustin Industrial Products, Inc. R·O·M Corporation MO Industrials -
09/02/2011 Zave Netw orks, Inc. KS Google Inc. (NasdaqGS:GOOG) Info Tech -
09/01/2011 SBS Industries, Inc. OK Gladstone Investment Corporation (NasdaqGS:GAIN) Industrials -
09/01/2011 Paris Packaging, Inc. Huhtam aki Am ericas, Inc. KS Materials 32.5
09/01/2011 Seals Unlimited, Inc. Apache Hose & Belting Com pany, Inc. IA Materials -
08/31/2011 Hussey Copper, Ltd. KHC Acquisition LLC (Katam an Metals LLC affiliate) MO Materials 84.7
08/31/2011 Night Optics USA, Inc. Bushnell Outdoor Products KS Industrials -
08/31/2011 Sem Stream , L.P. OK NGL Energy Partners LP (NYSE:NGL) Energy 157.2
08/31/2011 Stephens Media Iow a LLC, Algona Upper Des Moines IA Hallm ark Integrated Media Inc. IA Consumer -
and Rem inder Com m unity New spapers
08/30/2011 Gallium Com pounds LLC OK Neo Material Technologies Inc (TSX:NEM) Materials 6.5
08/26/2011 YORK Label, Inc. NE Multi-Color Corp. (NasdaqGS:LABL) Industrials 356.0
08/25/2011 Casa de Oro Foods, LLC NE Gruma Corporation Consumer 20.0
08/24/2011 Navvis & Com pany MO Healthw ays Inc. (NasdaqGS:HWAY) Healthcare 28.6
08/24/2011 Confluence Solar, Inc. MO GT Advanced Technologies Inc. (NasdaqGS:GTAT) Info Tech 80.0
08/24/2011 LLL Transport Inc. MO Great Range Capital KS Industrials -
08/16/2011 Securities Am erica Financial Corporation NE Ladenburg Thalmann Financial Services Inc. (AMEX:LTS) Financials 220.0
08/16/2011 Mountain View Bank of Commerce NBC Bancshares NE Financials -
08/10/2011 United Fleet Inc. Reliant Transportation, Inc. (MV Transportation) NE Industrials 10.0
08/10/2011 Virgl Im plem ent Inc. and Victors Inc. NE Titan Machinery, Inc. (NasdaqGS:TITN) ND Industrials 13.2
08/06/2011 Hussm ann International, Inc. MO Clayton, Dubilier & Rice, Inc. Industrials 195.0
08/04/2011 Steco, Inc. and GEFCO, Inc. OK Astec Industries, Inc. (NasdaqGS:ASTE) Industrials 30.8
08/03/2011 English River Pellets, Inc. Archer Daniels Midland Company (NYSE:ADM) IA Consumer -
08/02/2011 DataVision Resources, LLC IA TALX Corp. (Equifax Inc. (NYSE:EFX) subsidiary) MO Info Tech -
08/02/2011 Crystal Group Inc. IA Dexter Apache Holdings, Inc. IA Info Tech -
08/01/2011 Gatew ay Insurance Services, Inc. IA Bankers Insurance LLC Financials 6.0
08/01/2011 Great White Energy Services, LLC OK Archer Limited (OSE:ARCHER) Energy 630.0
07/30/2011 Shapiro Brothers, Inc. MO PSC Metals, Inc. Materials 22.0
07/29/2011 The Mutual Fund Store, LLC KS Warburg Pincus LLC Industrials -
07/28/2011 Martek Pow er, Inc. Cooper Bussm ann, Inc. (Cooper Industries plc MO Info Tech 186.1
(NYSE:CBE) subsidiary)
07/26/2011 Fyfe Company, LLC, North American Business Insituform Technologies Inc. (NasdaqGS:INSU) MO Materials 115.8
07/25/2011 Stone & Youngberg LLC Stifel Financial Corp. (NYSE:SF) MO Financials -
07/20/2011 Informed Logistics Technologies, LLC My Freightw orld Technologies, Inc. (OTCPK:MYFT) KS Info Tech 6.0
07/20/2011 Medco Health Solutions, Inc. (NYSE:MHS) Express Scripts Inc. (NasdaqGS:ESRX) MO Healthcare 33,564.7
07/19/2011 ALPS Funds Services, Inc. DST System s Inc. (NYSE:DST) MO Financials 250.0
07/18/2011 PayFlex System s USA, Inc. NE Aetna Inc. (NYSE:AET) Industrials 202.0
07/14/2011 Duck Creek Technologies, Inc. MO Accenture plc (NYSE:ACN) Info Tech -
07/11/2011 Digital Sports Video, Inc. Agile Sports Technologies, Inc. (Hudl) NE Info Tech -
07/07/2011 Origin Asset Management LLP Principal Global Investors, LLC IA Financials 66.0
(a) Bold companies are located in the Midwest. Midwest defined as Iowa, Kansas, Missouri, Nebraska, North Dakota, Oklahoma and South Dakota. Either buyer, target,
or seller must be located in the Midwest, and the Midwest participant must have purchased or sold majority control.
Source: Capital IQ (09/30/11), Bridgepoint Merchant Banking
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8. Midwest M&A Quarterly Update, Q3-11
About Bridgepoint Merchant Banking
Bridgepoint Merchant Banking Overview
Bridgepoint Merchant Banking, a Division of Bridgepoint Holdings, LLC, is a lower and middle market
investment banking and private equity firm that serves clients over their corporate lifecycles by providing
merger and acquisition and corporate finance advisory services.
Bridgepoint Merchant Banking professionals have completed more than $41 billion of merger and acquisition
and capital raising transactions across a wide range of industries over their 20+ years of cumulative
investment banking industry experience. Bridgepoint Merchant Banking also invests and manages capital
directly into operating companies through its private equity and venture capital funds.
When considering a sale of your business, the acquisition of a business, and/or raising capital for a business
or transaction, Bridgepoint Merchant Banking can help you to achieve your expectations by structuring and
executing a well-run, highly organized process. Our specialized expertise helps our clients achieve better
value, identify better transaction partners, reach smarter decisions, and negotiate more favorable outcomes.
Please reach out to us at the contact information above to discuss how we can help you to achieve your
personal and business goals.
Selected Recent Bridgepoint Merchant Banking Transactions
Cloud Computing Healthcare Business Services
Company Company Company
$10,000,000+ $20,000,000+ $50,000,000+ $4,000,000
Not Disclosed Not Disclosed Not Disclosed Bridgepoint Monroe Capital
Investors, LLLP
Lead Bookrunner Sell-Side Advisor Sell-Side Advisor Lead Bookrunner
Lead Placement Agent Sole Financial Advisor
Sole Financial Advisor
Pending March 2012 August 2011 February 2011
The list contained herein represents selected transactions completed by Bridgepoint Managing Principals while associated with Bridgepoint
Merchant Banking, as well as securities transactions on which they advised in their capacity as investment bankers registered with various broker-
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dealers.
9. Midwest M&A Quarterly Update, Q3-11
Contact Information
Adam Claypool Matt Plooster
Managing Principal Managing Principal
aclaypool@bridgepointmb.com mplooster@bridgepointmb.com
515.491.9009 402.318.2256
Iowa Office Nebraska Office
601 E. Locust Street, Suite 104 816 P Street, Suite 200
Des Moines, IA 50309 Lincoln, NE 68508
This update is for informational use only. Information contained in this update is based on data obtained from sources believed to be reliable.
Nothing in this publication is intended as investment advice. Use of any of the included proprietary information for any purpose without the written
permission of Bridgepoint Merchant Banking is prohibited.
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