Forbes MA Group

1. M & A a n d C a p i t a l M a r k e t s U p d a t e – 4 Q 2 0 2 0
CONFIDENTIAL
ForbesM+A CurrentDeal List
1
M a y 2 0 2 1
Tolearnmoreaboutanyofthedealslisted,pleasecontacttheassociateddealteammembersdirectly.
ContactinformationcanbefoundonPg.14.

2. CONFIDENTIAL
I n v e s t m e n t B a n k i n g A d v i s o r y P r o p o s a l
CONFIDENTIAL
2020 2019

3. Sell-Side Opportunities
Functional, Value-added Pet Treat Manufacturing Project: Balto Sales: $119,500,000
Contact: Blake Shear, Cassie Dobos, Liam Narozanick Region: Rocky Mountains / Midwest EBITDA: $39,900,000
Status: In Process
Functional, High Nutrition Pet Treat R&D and Production Project: Balto Sales: $72,500,000
Contact: Blake Shear, Cassie Dobos, Liam Narozanick Region: Rocky Mountain Region EBITDA: $20,000,000
Status: In Process
Full Service Pet Treat Manufacturing, Fulfillment, and Brand Development Project: Balto Sales: $100,900,000
Contact: Blake Shear, Cassie Dobos, Liam Narozanick Region: Midwest EBITDA: $19,900,000
Status: In Process
National Residential Solar Lead Generation Platform Project: Sol Sales: $80,100,000
Contact: Bill Nack, Jon Wiley, JJ Lane, Cassie Dobos, John Kiernan Region: Southeast EBITDA: $12,500,000
Deal Type: In Market
Marketplace Optimization and Fulfillment Engine Project: Jaguar Sales: $62,000,000
Contact: Dan Pellegrino, Blake Shear, Cassie Dobos, Liam Narozanick Region: Rocky Mountain Region EBITDA: $6,600,000
Status: In Process
Private-label, specialty manufacturer of health-conscious pet treats. The Company owns all of the formulations it
develops and focuses on innovation, using highly automated production lines and proprietary formulation processes to
create best-selling products for brands.
Private-label, specialty manufacturer of health-conscious pet treats with value-added fulfillment, design, and
marketing services. The Company is counted on by emerging and global brands for their unique capabilities to cost-
effectively innovate, test, launch, and scale production of pet treats.
Private-label, specialty manufacturer of value pet treats with integrated fulfillment, design, and marketing services.
With a 212,000 sq. ft facility, a 30-year history, and numerous certifications, including APHIS, SQF Level 3, and USDA
Organic, the Company can produce high quality treats for consumption in 12 countries, including China and Canada.
Provider of residential solar installation with a programmatic lead generation sales platform.
Tech-enabled marketplace optimization platform that combines marketing, inventory management, and order
fulfillment.
Confidential 3

4. Sell-Side Opportunities
School and Corporate Display Marketer Project: Legacy Sales: $43,000,000
Contact: Jon Wiley, JJ Lane, John Kiernan Region: Rocky Mountain Region EBITDA: TBD
Status: On Hold
Long-Term Acute Care Project: Prosper Sales: $40,500,000
Contact: Bill Nack, Garit Lawson, Cassie Dobos, Brett Johnson Region: Rocky Mountain Region EBITDA: $8,100,000
Deal Type: In Process
Convenience Store & Fuel Distributor Project: Roan Sales: $29,600,000
Contact: Steve Quisenberry, Cassie Dobos, Jarred Olson Region: Rocky Mountain Region EBITDAR: $2,800,000
Status: In Exclusivity
Commercial Landscaping Project: Terra Sales: $26,500,000
Contact: Doug Freyschlag, Dan Pellegrino, Cassie Dobos, John Kiernan Region: Rocky Mountain Region EBITDA: $4,200,000
Status: In Market
Family Entertainment Centers Project: Elevate Sales: $22,900,000
Contact: Blake Shear, Jon Wiley, JJ Lane , Brett Johnson Region: Rocky Mountain Region EBITDA: $8,100,000
Status: On Hold
Provider of post-acute specialty care to pediatric and adult patients.
Operates pop-up flash sales in schools, corporations, hospitals, and other similar venues.
Provider of premier commercial landscaping services. The company has multiple divisions and has strong repeat
business from major developers and general contractors.
Leading entertainment management company that develops and operates distinctive large-format bowling anchored
multi-activity Family Entertainment Centers (FEC).
Owner & operator of convenience stores located in Wyoming. Also has a fuel distribution, lubricants, and winter
chemical business
Confidential 4

5. Sell-Side Opportunities
Mobile Application Monetization Platform Project: Pluto Sales: $16,500,000
Contact: Bill Nack, JJ Lane, Liam Narozanick Region: Southeast EBITDA: $7,500,000
Status: In Exclusivity
Integrated Plastic Packaging Manufacturer Project: Casino Sales: $16,000,000
Contact: James Morgan, Steve Quisenberry, Liam Narozanick Region: Rocky Mountain Region EBITDA: $4,065,000
Status: In Exclusivity
Craft Brewery Project: Elevation Sales: $14,500,000
Contact: Garit Lawson, James Morgan, John Kiernan Region: Rocky Mountain Region EBITDA: $1,000,000
Status: In Market
Specialized Plastic Molding Producer Project: Eve Sales: $12,600,000
Contact: Garit Lawson, Cassie Dobos, John Kiernan Region: Midwest EBITDA: $3,400,000
Status: On Hold
Critical Document / Variable Data Printing Project: Zippy Sales: $8,900,000
Contact: Garit Lawson, James Morgan Region: Rocky Mountain Region EBITDA: $850,000
Status: In Market
Specialty producer of thermoformed plastic packaging with integrated packaging and fulfillment operations across the
retail, medical, food and beverage, and nutraceutical spaces.
Producer of craft beers with distribution in over 20 states. The company also operates a brew pub.
Provider of critical document and mailing services for the government, healthcare, utility, insurance, and financial
services companies.
Manufacturer of plastic materials and resins with a specialization in engineering complex molded shapes with low
friction coefficients for the highest operating efficiency for machinery.
Cost per action network that allows publishers to monetize mobile apps and websites through offerwalls and other
custom monetization services.
Confidential 5

6. Sell-Side Opportunities
Natural First Aid and Personal Care Consumer Brand Project: Remedy Sales: $8,100,000
Contact: Steve Quisenberry, Blake Shear, Cassie Dobos, Liam Narozanick Region: Rocky Mountain Region EBITDA: ($1,100,000)
Status: In Market
Lead Generator for the Personal Injury Industry Project: Glengarry Sales: $8,000,000
Contact: Bill Nack, Blake Shear, Liam Narozanick Region: Rocky Mountain Region EBITDA: $3,000,000
Status: On Hold
Enterprise Content Management Consulting Project: Starship Sales: $6,000,000
Contact: Blake Shear, Brett Johnson Region: Northeast EBITDA: $2,600,000
Status: In Market
Real Estate Marketing Program Project: Touchpoint Sales: $3,500,000
Contact: Doug Freyschlag, JJ Lane, Jarred Olson Region: Rocky Mountain Region EBITDA: < $1,000,000
Status: In Exclusivity
Franchisor of Carbonated Beverages Stores Project: Alka Seltzer Sales: $3,100,000
Contact: Garit Lawson, James Morgan Region: Rocky Mountain Region EBITDA: $1,400,000
Deal Type: In Process
Franchisor of carbonated beverage stores across the rocky mountain region.
Provider of a monthly subscription based marketing program for real estate agents nationwide.
Provider of high quality leads for the personal injury law industry. The company has media buying expertise, produces
television commercials, and screens leads in many markets across the nation.
Leading all natural, cruelty free consumer brand in the first aid and personal care industry, with a diverse variety of
products including salves, deodorants, balms, lubricants, soaps, and sanitizers.
Leading provider of Microsoft / Office 365 and IBM Enterprise Content Management (ECM), Workflow / Business
Process Management (BPM), and Solutions and Intelligence Automation (IPA) solutions.
Confidential 6

7. Sell-Side Opportunities
Erosion Control and Landscaping Project: Runoff Sales: TBD
Contact: Doug Freyschlag, Dan Pellegrino, Jarred Olson Region: Rocky Mountain Region EBITDA: TBD
Status: In Process
Enterprise Content Management Consulting Project: Craftsman Sales: TBD
Contact: Dan Pellegrino, Cassie Dobos Region: Rocky Mountain Region EBITDA: TBD
Status: On Hold
Organic Greenhouse Operator Project: Greenthumb Sales: TBD
Contact: Jon Wiley, Blake Shear, Cassie Dobos, Liam Narozanick Region: Rocky Mountain Region EBITDA: TBD
Status: In Market
Organic produce grower with in-house construction and maintenance teams operating on 10+ acres of greenhouses.
Leading digital cloud and edge technology solutions provider leveraging Microsoft technologies for Digital
Transformation and provides Cloud, Mobile, and Internet of Things (“IoT”), solutions including Microsoft Azure Cloud
Transformation and SharePoint Enterprise Content Management (“ECM”).
Provider of erosion control and landscape services. The company specializes in slope stabilization, wetland restoration,
landscape irrigation, and maintenance.
Confidential 7

8. Capital Raise / Debt Recap Opportunities
Clinical Trials Analytics Software Project: Ivy Amount: $10,000,000
Contact: Jon Wiley, Dan Pellegrino Region: Rocky Mountain Region
Status: On Hold
Type: Growth Capital
Mobile Application Monetization Platform Project: Pluto Amount: $10,000,000
Contact: Bill Nack, JJ Lane, Liam Narozanick Region: Southeast
Status: In Exclusivity
Type: Dividend Recap
Buy-Side Opportunities
Military Specialty Manufacturer Project: Golden Bee
Contact: Jon Wiley, Dan Pellegrino, Brett Johnson Region: Rocky Mountain Region
Status: In Market
Software that derives usable evidence from published clinical trails research. Makes the vast and chaotic body of
human clinical trials research instantly available and indispensable for understanding the safety and efficacy of
medical treatments and devices.
Manufactures specialty vision goggles plus unmanned aerial aircraft and targeting systems.
Cost per action network that allows publishers to monetize mobile apps and websites through offerwalls and
other custom monetization services.
Confidential 8

9. Prospective Opportunities
IT & Engineering Solutions Project: Laguna Sales: $40,000,000
Contact: Doug Freyschlag Region: Midwest EBITDA: $4,000,000
Deal Type: Sell-side
Third Party Logistics Provider Project: Hermes Sales: $33,000,000
Contact: Garit Lawson, James Morgan Region: Rocky Mountain Region EBITDA: $2,400,000
Deal Type: Sell-Side
Photo Album & Holiday Card Manufacturer Project: Premium Sales: $26,000,000
Contact: Jon Wiley Region: Rocky Mountain Region EBITDA: $4,300,000
Deal Type: Capital Raise
Houseware and Outdoor Knife & Sharpener Manufacturer Project: Edge Sales: $12,200,000
Contact: Bill Nack, Steve Quisenberry, Jarred Olson Region: Rocky Mountain Region EBITDA: $5,000,000
Deal Type: Sell-Side
Mobile Video Game Developer Project: Studio Sales: $5,100,000
Contact: JJ Lane, Bill Nack, John Kiernan Region: Northeast
Deal Type: Sell-Side
Bread Bakery Project: Dough Amount: $10,000,000
Contact: Jon Wiley Region: Rocky Mountain Region
Deal Type: Debt Raise
Develops mobile video games for IOS and Android. The Company has proprietary development and augmented
reality technology allowing for more efficient coding and game development.
Information technology and engineering consulting firm. Solutions include software development and
integration, enterprise applications consulting, financial management and audit management, learning
technologies and training management, and more.
Third party business to business logistics provider that connects ecommerce to clientele. Operates using a
proprietary processing software.
Marketing and software-automated production of professional grade photo albums and cards.
Bakery supplying artisanal breads to grocery stores and farmer markets.
Manufactures and sells award-winning knives and sharpeners for home and outdoor use.
Confidential 9

10. Prospective Opportunities
LED Lighting Solutions Project: TBD
Contact: James Morgan, Steve Quisenberry, Cassie Dobos, Jarred Olson Region: Rocky Mountain Region
Deal Type: Sell-side
Nail Polish Products Project: Nails
Contact: Steve Quisenberry Region: Northeast
Deal Type: Sell-side
Weather Forecasting Technology Project: Solar
Contact: Dan Pellegrino Region: Rocky Mountain Region
Deal Type: Sell-side
Drone Surveying and Analytics Project: Monitor
Contact: Dan Pellegrino, Jon Wiley Region: Rocky Mountain Region
Deal Type: Capital Raise
Antimicrobial Therapies Project: Sanitizer
Contact: Dan Pellegrino, Bill Nack Region: Southeast
Deal Type: Capital Raise
Developer of an antimicrobial novel mechanism of action. Exploring a pre-revenue, Phase II capital raise.
Leverages expertise in "Space Weather" and its impacts on communications, navigation, surveillance, and power
grids & pipelines to assist clients mitigate disruptions to these systems.
Provider of premium nail polish and hand & foot care products. Products are sold in high-end department stores
and through the Company's website.
Operator of unmanned aircraft systems. Utilizes AI and advanced sensing for industry leading surveys and
analytics for the Utilities industry.
Provider of LED retrofitting, lighting audits, project financing, and installation.
Confidential 10

11. Completed Transactions
Sell-side
Advisory Services
has been acquired by
a portfolio company of
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has been acquired by
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has been acquired by
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a subsidiary of
has been acquired by
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has been acquired by
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has completed an ESOP
funded by
ESOP
Advisory Services
has been acquired by
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has been acquired by
Sell-side
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JPC Industries
has been acquired by
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has been acquired by
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has been acquired by
Sell-side
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has been acquired by
Sell-side
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a portfolio company of
Sell-side
Advisory Services
has been acquired by
a portfolio company of
has been acquired by
Sell-side
Advisory Services
has been acquired by
Sell-side
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has been acquired by
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has received financing
from
Capital Raise
Advisory Services
has been acquired by
Sell-side
Advisory Services
AN UNDISCLOSED
ACQUIRER
PROJECT LUMOS
Confidential 11

12. Completed Transactions
has been acquired by
Sell-side
Advisory Services
has been acquired by
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has been acquired by
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has been acquired by
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has been acquired by
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has acquired
Buy-side
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has been acquired by
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has been acquired by
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has been acquired by
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has been acquired by
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has been acquired by
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has been acquired by
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has been acquired by
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has been acquired by
Sell-side
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has been acquired by
Sell-side
Advisory Services
AN UNDISCLOSED
ACQUIRER
has been acquired by
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has been acquired by
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has been acquired by
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has been acquired by
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has been acquired by
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Confidential 12

13. Completed Transactions
has been acquired by
Sell-side
Advisory Services
has been acquired by
Sell-side
Advisory Services
has been acquired by
Sell-side
Advisory Services
has been acquired by
Sell-side
Advisory Services
has been acquired by
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Advisory Services
has been acquired by
Sell-side
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has been acquired by
Sell-side
Advisory Services
has been acquired by
Sell-side
Advisory Services
has been acquired by
Sell-side
Advisory Services
has been acquired by
Sell-side
Advisory Services
has been acquired by
Capital Raise
Advisory Services
has been acquired by
Sell-side
Advisory Services
AN UNDISCLOSED
ACQUIRER
has been acquired by
Sell-side
Advisory Services
has been acquired by
Sell-side
Advisory Services
has been acquired by
Sell-side
Advisory Services
has been acquired by
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Advisory Services
has been acquired by
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Advisory Services
Confidential 13

14. 6400 S Fiddlers Green Circle
Suite 850
Greenwood Village, CO 80111
Bob Forbes 303.848.4580 Bob.Forbes@ForbesMA.com
Bill Nack 303.847.0605 Bill.Nack@ForbesMA.com
Dan Pellegrino 303.562.1960 Dan.Pellegrino@ForbesMA.com
Jon Wiley 303.872.0103 Jon.Wiley@ForbesMA.com
Garit Lawson 801.209.5700 Garit.Lawson@ForbesMA.com
Steve Quisenberry 303.589.6141 Steve.Quisenberry@ForbesMA.com
James Morgan 917.843.3181 James.Morgan@ForbesMA.com
Dan Roth 303.515.7146 Dan.Roth@ForbesMA.com
Doug Freyschlag 303.951.4704 Doug.Freyschlag@ForbesMA.com
Blake Shear 303.834.8758 Blake.Shear@ForbesMA.com
JJ Lane 303.872.6445 JJ.Lane@ForbesMA.com
Cassie Dobos 303.558.1379 Cassie.Dobos@ForbesMA.com
Liam Narozanick 303.327.9761 Liam.Narozanick@ForbesMA.com
Jarred Olson 303.848.4617 Jarred.Olson@ForbesMA.com
John Kiernan 303.854.9112 John.Kiernan@ForbesMA.com
Brett Johnson 224.766.1113 Brett.Johnson@ForbesMA.com
The Forbes M+A Group is an award-winning Denver, CO-based mergers and acquisitions advisory firm. The firm serves buyers or sellers in
middle-market M&A transactions. It applies meticulous attention to detail in helping business owners develop and execute M&A strategy,
acquire companies and partner with investor groups for growth, and maximize value in an eventual exit. The firm utilizes senior experience in
transactions across a wide variety of industries. For more information on the company, please visit: www.forbesma.com
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15. The Forbes M+A Team
Bill Nack
Partner / Managing
Director
Dan Pellegrino
Partner / Managing
Director
Jon Wiley
Partner / Managing
Director
Garit Lawson
Managing Director
Steve Quisenberry
Managing Director
Bob Forbes
President
James Morgan
Managing Director
Doug Freyschlag
Director
Blake Shear
Director
JJ Lane
Vice President
Cassie Dobos
Associate
Dan Roth
Managing Director
Jarred Olson
Analyst
John Kiernan
Analyst
Sara Cody
Marketing Analyst
Brett Johnson
Analyst
Liam Narozanick
Associate
Confidential 15