Presented by Eric Duffee and Michael Shaw, Copper Run Capital, on 10/17 as part of a Four Part Series. This segment of the series offered 8 clear steps to follow in pursuit of facilitating a successful transaction. It covered areas such as securing your assets, awareness of current market trends, a visual analysis of our current market update, and surrounding yourself with the right team.
This document brings together a set of latest data points and publicly available information relevant for Banking. We are very excited to share this content and believe that readers will benefit immensely from this periodic publication immensely.
2018 has been a challenging year for commercial banks, with loan demand falling short of goals, spreads compressing and credit standards easing. Join us for this webinar, where Gita Thollesson, SVP of Client Success at PrecisionLender will provide a retrospective on 2018 and discuss opportunities for maximizing performance in the context of market realities as we head into 2019.
Mercer Capital's Investment Management Industry Newsletter | Q1 2021 | Focus:...Mercer Capital
Mercer Capital’s Investment Management Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to asset managers, trust companies, and investment consultants.
This document brings together a set of latest data points and publicly available information relevant for Banking. We are very excited to share this content and believe that readers will benefit immensely from this periodic publication immensely.
2018 has been a challenging year for commercial banks, with loan demand falling short of goals, spreads compressing and credit standards easing. Join us for this webinar, where Gita Thollesson, SVP of Client Success at PrecisionLender will provide a retrospective on 2018 and discuss opportunities for maximizing performance in the context of market realities as we head into 2019.
Mercer Capital's Investment Management Industry Newsletter | Q1 2021 | Focus:...Mercer Capital
Mercer Capital’s Investment Management Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to asset managers, trust companies, and investment consultants.
Mercer Capital's Asset Management Industry Newsletter | Q1 2018 | Focus: Asse...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.
Mercer Capital's Middle Market Transaction Update | Q1 2018Mercer Capital
This newsletter analyzes deal volume, deal value, and other M&A indicators in the middle market in light of the current environment.
Mercer Capital has been successfully executing mergers & acquisitions for a broad spectrum of middle-market companies since the mid-1980s. We specialize in providing merger & acquisition services to sellers or buyers of private businesses or public companies divesting divisions and subsidiaries.
Wilshire Funds Management Liquid Alternatives Industry Monitor for Q4 2019Wilshire
The quarterly Wilshire Funds Management Liquid Alternatives Industry Monitor provides highlights and insights into the trends and capital flows of the liquid alternatives space.
Capital Markets Insights – Late Fall 2018Duff & Phelps
What’s been an increase in growth and acquisition-related financings and recapitalization transactions? Read the fall edition of Duff&Phelps’ Capital Markets Insights.
William Blair Investment Banking Case Competition Jake White
Performed comprehensive strategic analysis for a fictitious educational services provider to identify and evaluate potential exit opportunities that would position the company for strong future expansion. Constructed public comparables, precedent transactions, discounted cash flow and leveraged buyout analyses to form a valuation range.
Private Equity Funding Has Reached An All Time High. What Now? Matthew Doyle
Private equity fundraising has soared to never-before-seen heights in recent years. According to statistics gathered by the financial research firm Pitchbook Data, PE firms in the United States managed to shatter fundraising records in 2019; as of November, buyout funds had raised over $246 billion for the year. This achievement continues a recent pattern of explosive growth — in 2017, investors shattered the then-record for fundraising by raising $238 billion for the year.
This document brings together a set of latest data points and publicly available information relevant for Financial services. We are very excited to share this content and believe that readers will benefit immensely from this periodic publication immensely.
You may have an idea of what you think your business is worth, but what would the outside market tell you right now? There are many factors that drive the value of a business. Please join Bev Shillito of Sebaly Shillito + Dyer, and Cliff Bishop of Brady Ware Capital, as they discuss these issues, current market conditions, and several things that you should focus on in order to maximize the value of your company.
BDO Breakout Session: 2014 Texas A&M Retailing Summit Gordon Porter
Ted Vaughan and Bob Snape, President of BDO Capital Advisors, presented on the topic of strategic growth opportunities and M&A activity in the retail sector at the 2014 Texas A&M Retailing Summit.
Mercer Capital's Bank Watch | October 2020 | Low Rates and Tighter NIMs Spur ...Mercer Capital
Brought to you by the Financial Institutions Team of Mercer Capital, this monthly newsletter is focused on bank activity in five U.S. regions. Bank Watch highlights various banking metrics, including public market indicators, M&A market indicators, and key indices of the top financial institutions, providing insight into financial institution valuation issues.
Mercer Capital's Bank Watch | July 2019 | Bank M&A Mid-Year UpdateMercer Capital
Brought to you by the Financial Institutions Team of Mercer Capital, this monthly newsletter is focused on bank activity in five U.S. regions. Bank Watch highlights various banking metrics, including public market indicators, M&A market indicators, and key indices of the top financial institutions, providing insight into financial institution valuation issues.
Mercer Capital's Asset Management Industry Newsletter | Q1 2018 | Focus: Asse...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.
Mercer Capital's Middle Market Transaction Update | Q1 2018Mercer Capital
This newsletter analyzes deal volume, deal value, and other M&A indicators in the middle market in light of the current environment.
Mercer Capital has been successfully executing mergers & acquisitions for a broad spectrum of middle-market companies since the mid-1980s. We specialize in providing merger & acquisition services to sellers or buyers of private businesses or public companies divesting divisions and subsidiaries.
Wilshire Funds Management Liquid Alternatives Industry Monitor for Q4 2019Wilshire
The quarterly Wilshire Funds Management Liquid Alternatives Industry Monitor provides highlights and insights into the trends and capital flows of the liquid alternatives space.
Capital Markets Insights – Late Fall 2018Duff & Phelps
What’s been an increase in growth and acquisition-related financings and recapitalization transactions? Read the fall edition of Duff&Phelps’ Capital Markets Insights.
William Blair Investment Banking Case Competition Jake White
Performed comprehensive strategic analysis for a fictitious educational services provider to identify and evaluate potential exit opportunities that would position the company for strong future expansion. Constructed public comparables, precedent transactions, discounted cash flow and leveraged buyout analyses to form a valuation range.
Private Equity Funding Has Reached An All Time High. What Now? Matthew Doyle
Private equity fundraising has soared to never-before-seen heights in recent years. According to statistics gathered by the financial research firm Pitchbook Data, PE firms in the United States managed to shatter fundraising records in 2019; as of November, buyout funds had raised over $246 billion for the year. This achievement continues a recent pattern of explosive growth — in 2017, investors shattered the then-record for fundraising by raising $238 billion for the year.
This document brings together a set of latest data points and publicly available information relevant for Financial services. We are very excited to share this content and believe that readers will benefit immensely from this periodic publication immensely.
You may have an idea of what you think your business is worth, but what would the outside market tell you right now? There are many factors that drive the value of a business. Please join Bev Shillito of Sebaly Shillito + Dyer, and Cliff Bishop of Brady Ware Capital, as they discuss these issues, current market conditions, and several things that you should focus on in order to maximize the value of your company.
BDO Breakout Session: 2014 Texas A&M Retailing Summit Gordon Porter
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Mercer Capital's Bank Watch | October 2020 | Low Rates and Tighter NIMs Spur ...Mercer Capital
Brought to you by the Financial Institutions Team of Mercer Capital, this monthly newsletter is focused on bank activity in five U.S. regions. Bank Watch highlights various banking metrics, including public market indicators, M&A market indicators, and key indices of the top financial institutions, providing insight into financial institution valuation issues.
Mercer Capital's Bank Watch | July 2019 | Bank M&A Mid-Year UpdateMercer Capital
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In our annual Calgary event, held at the Hyatt Regency Hotel, we presented Strategic Decisions for an Uncertain Future:
Mark Therriault, Nicola Wealth Financial Advisor and Partner, addresses several issues facing high net worth families:
• How will the Liberals’ tax changes affect financial planning for Canadians?
• How will inflated prices impact future returns?
• Are there best practices for navigating the current environment?
Rob Edel, Chief Investment Officer provides an investment roadmap for 2018:
• After a record-breaking period for the S&P 500, what signs might indicate an economic downturn?
• What current events could most affect the economy and investment strategy?
• What should one make of bitcoin, marijuana stocks, electric vehicles, and other hot topics for the upcoming year?
net lease research report q1 2018 | The Boulder GroupThe Boulder Group
The Boulder Group’s Research Department has released a new research report providing comprehensive numbers and analysis of the 1st quarter activity in the National Net Lease Market.
Breakfast Forum: The Current State of the Capital Markets 2015BoyarMiller
As part of its ongoing Breakfast Forum series, BoyarMiller gathered industry experts for a panel discussion on the Current State of the Capital Markets. Speakers included:
• Drew Kanaly, Kanaly Trust – Equity & the Public Markets
• Colt Luedde, GulfStar Group – Private Equity and M&A
• Brandon Annett, Texas Capital Bank – Commercial Banking & Real Estate Lending
On Thursday, May 9, 2024, Kegler Brown presented its annual Managing Labor + Employee Seminar. The in-person and virtual seminar focused on timely information regarding labor and employee relations, and allowed attendees to earn CLE and SHRM credit hours.
On Wednesday, May 24, 2023 Kegler Brown presented its annual Managing Labor + Employee Seminar. The in-person and virtual seminar focused on timely information regarding labor and employee relations, and allowed attendees to earn CLE and SHRM credit hours.
On Thursday, February 23, Kegler Brown’s Construction lawyers, Don Gregory and Mike Madigan, presented an informative strategy session on ways to deal with central Ohio’s labor shortage and diversity and inclusion goals.
On April 24, Tony spoke to attendees of the Ohio SHRM State Council, HR Florida State Council and Aspect Marketing and Communications’ 2022 HR Cruise, presenting on how the post-pandemic workplace issues will affect the HR profession. Tony took attendees on a journey through workplaces of the past and future spanning a century starting with the Jetson’s future from the 1960s to the metaverse worlds in Ready Player One and Free Guy. Attendees learned about changes in local, state, and federal laws and regulations as well as court decisions, which attempt to stay ahead of such workplace changes. He also outlined ideas on how to address post-pandemic workplace issues to attract and retain a talented workforce. He finally touched on how to enable professionals to communicate the challenges facing the workplace to elected officials.
On Tuesday, March 8, 2022 Kegler Brown presented its annual Managing Labor + Employee Seminar. The virtual seminar focused on timely information regarding labor and employee relations, and allowed attendees to earn CLE and SHRM credit hours.
On Tuesday, March 9. 2021 Kegler Brown presented its annual Managing Labor + Employee Seminar. The virtual seminar focused on timely information regarding labor and employee relations, and allowed attendees to earn CLE and SHRM credit hours.
Danielle Crane kicked things off walking through the implications on the labor and employment sectors and how to prepare for anticipated changes with Joe Biden taking office and his inauguration. Our litigation attorney, Jane Gleaves covered how courts have had to adjust to the pandemic, how lawyers are taking litigation virtual and the noticed trends in litigation in light of the COVID-19 pandemic. Brendan Feheley, the chair of our Labor + Employment practice closed the seminar by providing an update on the employment law issues surrounding the global pandemic and America’s response to it.
As part of our 2020 LGBTQ SCOTUS Ruling webinar on July 7th, Brendan and Danielle hosted an in-depth discussion about the recent SCOTUS decision protecting the employment rights of LGBTQ employees under Title VII. The webinar primed employers for what we think will be coming, provided advice on the issues and questions to think about moving forward, and gave important employment considerations as we begin to receive guidance from the EEOC and federal courts.
Key Legal + Business Issues - Navigating Complexities in Doing Business in th...Kegler Brown Hill + Ritter
On Friday, May 1, Vinita Mehra and Cody Myers presented at Indo-American Chamber of Commerce’s Key Legal + Business Issues: Navigating Complexities in Doing Business in the U.S. webinar. The webinar covered a variety of topics including: drivers + trends of Indian outbound investments to the U.S., EDO incentive programming, negotiating contracts, protecting intellectual property, and impact of COVID-19 on Indo-U.S. businesses.
On December 3, Luis shared an update on Ohio’s medical marijuana law with the National Business Institute. He also discussed marijuana at a national level, detailing tax collections and the IRS sections related to doing business in marijuana. Using recent case studies, Luis illustrated how businesses can and cannot deduct or capitalize indirect expenses. Issues such as labor and licenses were also addressed. Luis also presented this topic at a December 17 event put on by the National Business Institute in Dayton, Ohio
On October 22, Luis spoke to the Mid-Ohio Regional Planning Commission about the history, status and future of legalization and the cannabis industry. Along with looking at the global medical marijuana industry and the tax revenues of adult use states, Luis also updated attendees on the structure of licensure in Ohio. Discussing the changing views and impacts on cities of marijuana, Luis broke down moratoriums, industry and zoning regulations, and new frontiers for decriminalization.
Luis spoke at a luncheon for the Paralegal Association of Central Ohio on April 23 and detailed the history, structure and impact of legalized marijuana. With a focus on Ohio’s Medical Marijuana Control Program, Luis reviewed several scientific, economic, cultural and legal aspects of legalization throughout the US. Along with taking questions from attendees, Luis also discussed what the future looks like for marijuana in Ohio.
Speaking to the Ohio Chamber of Commerce on April 5, Luis discussed several issues related to employment and medical marijuana. He detailed what the OMMCP does not do, such as how it does not require an employer to permit or accommodate an employee's use, or prohibit an employer from establishing and enforcing a drug testing policy, drug-free workplace policy, or zero-tolerance drug policy. He also highlighted other employment concerns, such as how the Worker’s Compensation Bureau will not pay for medical marijuana, and briefly reviewed the medical marijuana industry, looking at topics from sales figures to collegiate cannabis courses.
On February 27, Luis presented at a seminar put on by the Columbus Bar Association examining Ohio’s medical marijuana industry from a legal perspective. Including not only statutory and regulatory issues, this seminar also looked at commercial transactions and ownership/licensure transfers. It also discussed concerns typical of any industry, such as employment issues and capital raising, but that have unique challenges when it comes to medical marijuana. They also looked ahead to discuss the possible future of marijuana in Ohio, including questions of federal regulation and recreational use.
On January 29, Tony and Luis spoke to attendees of the Ohio Agribusiness Association’s 2020 Industry Conference, providing vital education on cannabis, cannabinoids, and the differences between hemp and marijuana. They also broke down what Ohio’s Medical Marijuana Act does not include in order to provide attendees with guidance on employer rights. Focusing on further employment concerns, Luis and Tony explained what the Ohio Bureau of Workers’ Compensation will and will not cover, and discussed testing, workplace policies, ongoing legalization trends and more.
Presented on 11/21 by Eric Duffee and Randy Gerber, Founder and Principal of Gerber LLC, as part of a four part series. This segment of the series covered equity-based employee incentives. It offered a clear description as to what they are, why companies use them, as well as some things to consider. Randy and Eric showcased a variety of examples along with a few alternatives in regard to compensation.
Kegler Brown's annual seminar on professional responsibility was presented on Friday, October 18, 2019 at the Columbus Bar Association (CBA). This year's seminar featured guest speaker, Kent Markus, who is a part of the Bar and General Counsel at the CBA, showcased an overview of the disciplinary system featuring an in-depth flowchart along with practical tips and best practices.
A panel discussion Q+A about topics ranging from advisory opinions, recent ethics developments, identifying issues, and the duty to report, were all covered by Kegler Brown litigators Jane Gleaves and Jason Beehler.
Moderator, Chris Weber discussed ways to navigate Ohio's Advocate-Witness rule, and his personal recommendations for best practices.
Attorneys Jane Gleaves and Brendan Feheley presented various concerns related to the Gig Economy. They discussed topics such as the differences between an independent contractor or an employee, along with why this is important in our current economy. The seminar also covered the misclassification of employees as independent contractors and the effects of this. Finally, they offered a number of solutions for ways to avoid these issues.
Presented by Eric Duffee and Steve Barsotti on 9/19 as Part 2 of a Four Part Series. This seminar introduced the basics of Patent Requirements, Copyrights and confidential information (including Trade Secrets) and explained the strategies for and significance of protecting them. Discussions included necessary criteria for registration, how rights are established, and steps for filing and enforcement.
The first seminar of a four-part series on growing a business and preparing it for sale led by the co-chair of Kegler Brown's M+A practice, Eric Duffee. Eric partnered with Jeff Tubaugh and Maggie Gilmore of BDO for this presentation, which focused on the fundamentals of entity selection. It detailed different entity types and the related impacts from tax reform affecting them. It also discussed concerns related to outside investors, partnerships, various structural forms and the tax impact of each.
NATURE, ORIGIN AND DEVELOPMENT OF INTERNATIONAL LAW.pptxanvithaav
These slides helps the student of international law to understand what is the nature of international law? and how international law was originated and developed?.
The slides was well structured along with the highlighted points for better understanding .
RIGHTS OF VICTIM EDITED PRESENTATION(SAIF JAVED).pptxOmGod1
Victims of crime have a range of rights designed to ensure their protection, support, and participation in the justice system. These rights include the right to be treated with dignity and respect, the right to be informed about the progress of their case, and the right to be heard during legal proceedings. Victims are entitled to protection from intimidation and harm, access to support services such as counseling and medical care, and the right to restitution from the offender. Additionally, many jurisdictions provide victims with the right to participate in parole hearings and the right to privacy to protect their personal information from public disclosure. These rights aim to acknowledge the impact of crime on victims and to provide them with the necessary resources and involvement in the judicial process.
ASHWINI KUMAR UPADHYAY v/s Union of India.pptxshweeta209
transfer of the P.I.L filed by lawyer Ashwini Kumar Upadhyay in Delhi High Court to Supreme Court.
on the issue of UNIFORM MARRIAGE AGE of men and women.
Military Commissions details LtCol Thomas Jasper as Detailed Defense CounselThomas (Tom) Jasper
Military Commissions Trial Judiciary, Guantanamo Bay, Cuba. Notice of the Chief Defense Counsel's detailing of LtCol Thomas F. Jasper, Jr. USMC, as Detailed Defense Counsel for Abd Al Hadi Al-Iraqi on 6 August 2014 in the case of United States v. Hadi al Iraqi (10026)
Responsibilities of the office bearers while registering multi-state cooperat...Finlaw Consultancy Pvt Ltd
Introduction-
The process of register multi-state cooperative society in India is governed by the Multi-State Co-operative Societies Act, 2002. This process requires the office bearers to undertake several crucial responsibilities to ensure compliance with legal and regulatory frameworks. The key office bearers typically include the President, Secretary, and Treasurer, along with other elected members of the managing committee. Their responsibilities encompass administrative, legal, and financial duties essential for the successful registration and operation of the society.
How to Obtain Permanent Residency in the NetherlandsBridgeWest.eu
You can rely on our assistance if you are ready to apply for permanent residency. Find out more at: https://immigration-netherlands.com/obtain-a-permanent-residence-permit-in-the-netherlands/.
WINDING UP of COMPANY, Modes of DissolutionKHURRAMWALI
Winding up, also known as liquidation, refers to the legal and financial process of dissolving a company. It involves ceasing operations, selling assets, settling debts, and ultimately removing the company from the official business registry.
Here's a breakdown of the key aspects of winding up:
Reasons for Winding Up:
Insolvency: This is the most common reason, where the company cannot pay its debts. Creditors may initiate a compulsory winding up to recover their dues.
Voluntary Closure: The owners may decide to close the company due to reasons like reaching business goals, facing losses, or merging with another company.
Deadlock: If shareholders or directors cannot agree on how to run the company, a court may order a winding up.
Types of Winding Up:
Voluntary Winding Up: This is initiated by the company's shareholders through a resolution passed by a majority vote. There are two main types:
Members' Voluntary Winding Up: The company is solvent (has enough assets to pay off its debts) and shareholders will receive any remaining assets after debts are settled.
Creditors' Voluntary Winding Up: The company is insolvent and creditors will be prioritized in receiving payment from the sale of assets.
Compulsory Winding Up: This is initiated by a court order, typically at the request of creditors, government agencies, or even by the company itself if it's insolvent.
Process of Winding Up:
Appointment of Liquidator: A qualified professional is appointed to oversee the winding-up process. They are responsible for selling assets, paying off debts, and distributing any remaining funds.
Cease Trading: The company stops its regular business operations.
Notification of Creditors: Creditors are informed about the winding up and invited to submit their claims.
Sale of Assets: The company's assets are sold to generate cash to pay off creditors.
Payment of Debts: Creditors are paid according to a set order of priority, with secured creditors receiving payment before unsecured creditors.
Distribution to Shareholders: If there are any remaining funds after all debts are settled, they are distributed to shareholders according to their ownership stake.
Dissolution: Once all claims are settled and distributions made, the company is officially dissolved and removed from the business register.
Impact of Winding Up:
Employees: Employees will likely lose their jobs during the winding-up process.
Creditors: Creditors may not recover their debts in full, especially if the company is insolvent.
Shareholders: Shareholders may not receive any payout if the company's debts exceed its assets.
Winding up is a complex legal and financial process that can have significant consequences for all parties involved. It's important to seek professional legal and financial advice when considering winding up a company.
DNA Testing in Civil and Criminal Matters.pptxpatrons legal
Get insights into DNA testing and its application in civil and criminal matters. Find out how it contributes to fair and accurate legal proceedings. For more information: https://www.patronslegal.com/criminal-litigation.html
3. Efficient Tax Structure Avoid Giving
Minority Veto Rights
Flexible Contracts
Operate The Business With
An Eye Toward Ultimate Sale1
Build Sustainable, Portable
and Profitable Revenues
Clean and Robust
Financials
5. Selling in a Buyer’s Market
vs. a Seller’s Market
Know the Trends
in Your Industry
Keep Apprised of Market Trends3
6. STRICTLY CONFIDENTIAL - FOR DISCUSSION PURPOSES ONLY
• Financial and strategic buyers, buoyed by strong cash positions and willing credit sources, are competing aggressively and paying
premium valuations for the limited supply of well-performing companies
• Business owners looking to take advantage of historically low interest rates while retaining control of their business are utilizing low-
cost debt to fund dividends
• Banks and Credit Funds are competing aggressively to deploy capital, resulting in compressed debt pricing and covenant terms,
lowering acquirers’ cost of capital and increasing their valuation ceilings
• Foreign buyers continue to express interest in accessing different United States industries to both gain a foothold and bolster capacity
• Family Offices are increasingly employing direct investment programs, increasing the pool of potential buyers
M&A Market Update
Strategic M&A Drivers in 2019
Source Deloitte M&A Trends 2019
6
Introduction
20%
Customer Base Expansion
19%
Product/Services
Expansion
15%
Technology Acquisition
13%
Digital Strategy
12%
Talent Acquisition
7. STRICTLY CONFIDENTIAL - FOR DISCUSSION PURPOSES ONLY
• During 2018, the total M&A deal value reached its second-highest
value on record despite a sharp decrease in the number of
transactions. The U.S. market conducted 9,945 deals totaling $2.06
trillion dollars – still $7B lower than the M&A peak in 2016. The
annual number of M&A transactions has been decreasing since
2015.
• U.S. firms will continue to reap the benefits of enhanced cash access
due to tax reform and such benefits are likely to fuel continued
momentum in M&A. These trends continue themes we observed in
2018 and will likely drive further deal volume.
M&A by Market Size
1,525
664
136
440
533
898
144
B2B
B2C
Energy
Financial Services
Healthcare
IT
Materials & Resources
U.S. M&A Activity
Overview
Source: Pitchbook 1H 2019 North American M&A Report
2019 M&A Activity by Sector
7
$623.4
$898.1
$1,010.4
$1,223.9
$1,087.0
$1,587.9
$1,920.4
$2,024.2
$1,868.1
$2,072.0
$734.86,021
7,664
8,759
9,809
9,183
11,502
12,364
11,213
11,020
10,950
3,934
$0.0
$500.0
$1,000.0
$1,500.0
$2,000.0
$2,500.0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019*
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Deal value ($B) Deal count
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2013 2014 2015 2016 2017 2018 2019*
Under $100M $100M-$250M $250M-$500M $500M-$1B $1B-$5B $5B+
M&A Market Update
8. STRICTLY CONFIDENTIAL - FOR DISCUSSION PURPOSES ONLY
$31
$34
$30
$38
$33
$42
$50
$57
$93
$251
$290
$275
$339
$400
$527
$474
$564
$703
$0
$100
$200
$300
$400
$500
$600
$700
$800
2011 2012 2013 2014 2015 2016 2017 2018 2019*
Median Average
• Institutional investors continue increasing allocation targets to PE as
the industry continues to mature and escalate its prominence. PE
firms have been raising increasingly larger funds and are seeking
larger companies to allocate such capital.
• Median buyout sizes and the respective purchase premiums are
becoming higher. Corporations, flush with cash from a near decade-
long recovery and a penchant for acquisitions are pursuing larger
targets as well.
Median M&A Deal Size by Type ($M)
Overview Median & Average M&A Deal Size ($M)
8
M&A Market Update
$43.0
$67.0
$88.0
$110.0
$233.5
$300.0
$0.0
$50.0
$100.0
$150.0
$200.0
$250.0
$300.0
$350.0
2011 2012 2013 2014 2015 2016 2017 2018 2019*
Acquisition Add-On Buyout Platform Buyout
Source: Pitchbook 1H 2019 North American M&A Report
9. STRICTLY CONFIDENTIAL - FOR DISCUSSION PURPOSES ONLY
U.S. PE Deals By Size
Overview 2019 U.S. PE Activity
9
M&A Market Update
Source: Pitchbook Annual 1H 2019 U.S. PE Breakdown
$337
$379
$439
$521
$562
$605
$618
$727
$261
3123
3494 3407
4204 4365 4350 4551
4828
1911
0
1000
2000
3000
4000
5000
6000
$-
$100
$200
$300
$400
$500
$600
$700
$800
2011 2012 2013 2014 2015 2016 2017 2018 2019*
Deal Value ($B) Deal Count
• 2018 proved to be a hotbed for PE activity; 4,828 deals were
completed totaling $713.0 billion in value. Activity continues to be
driven by easy access to credit and sustained strength in fundraising
causing a buildup of dry powder.
• As the rate of PE deals has increased, deal sizes have also tended to
be much larger. Higher purchase price multiples are one factor
driving deal sizes above historic norms.
47
400
295
142
67
260
700
Materials & resources
IT
Healthcare
Financial services
Energy
B2C
B2B0
1,000
2,000
3,000
4,000
5,000
6,000
2011 2012 2013 2014 2015 2016 2017 2018 2019*
Under $25M $25M-$100M $100M-$500M $500M-$1B $1B-$2.5B $2.5B+
2019 U.S. PE Deals by Sector
10. STRICTLY CONFIDENTIAL - FOR DISCUSSION PURPOSES ONLY
2019 U.S. PE MM Deals by SectorU.S. PE MM Activity
Overview U.S. PE MM Median Deal Size ($M)
10
M&A Market Update
Source: Pitchbook Annual 1H 2019 U.S. PE Middle Market Report
• As the PE industry continues to grow and attract more capital, the
number of PE-backed middle market companies has continued to
swell. However, middle market deals only accounted for 53.3% of
overall P.E. deal value in 2018. Many broader PE industry trends are
happening in the middle market as well – higher average deal size,
larger funds, etc.
• Larger companies have turned to inorganic growth - buying smaller
companies that can move the needle but fly under a competitor’s
radar. Investors continue to be moving down market.
$204.3
$246.2
$240.8
$349.7
$319.7
$309.8
$378.4
$435.2
$187.2
1,451
1,883
1,609
2,177 2,183
2,338
2,540
2,978
1,418
0
500
1,000
1,500
2,000
2,500
3,000
3,500
$0.0
$100.0
$200.0
$300.0
$400.0
$500.0
2011 2012 2013 2014 2015 2016 2017 2018 2019*
Deal Value ($B) Estimated Deal Value ($B) # of Deals Closed
585
19934
98
207
261
35
B2B
B2C
Energy
Financial Services
Healthcare
IT
Materials & Resources
$0.0
$50.0
$100.0
$150.0
$200.0
$250.0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019*
11. STRICTLY CONFIDENTIAL - FOR DISCUSSION PURPOSES ONLY
• The 5-year, 10-year, and 30-year treasury yields have declined
sharply since the beginning of 2019. With the cost of debt being at
a near two-year low, companies are looking to take advantage and
grow through acquisitions
• Over the past three years, senior leverage multiples have ranged
from 4.0x – 5.2x and total leverage multiples have ranged from 4.9x
– 6.9x. The heavy competition for assets and the flood of capital has
led to these near all-time highs in multiples
• Covenant-lite loans, which offer more favorable terms for borrowers,
are increasing share in the leveraged markets
Debt MultiplesCovenant-Lite Share of Leveraged Loans
Overview Treasury Yields
11
M&A Market Update
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
5 Yr 10 Yr 30 Yr
4.80x
4.20x
4.50x
4.90x
5.40x
4.70x 4.90x
5.20x 5.40x
5.80x
5.00x
5.30x
5.90x 6.10x
5.60x 5.60x
6.00x 5.80x
2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19
Senior Leverage Total Leverage
Sources: LCD S&P Global Market Intelligence, U.S. Department of the Treasury, S&P Global Market Intelligence, Pitchbook
12. STRICTLY CONFIDENTIAL - FOR DISCUSSION PURPOSES ONLY
• The amount of capital invested in private equity funds is at an all-
time high. Private equity funds have a limited time to invest the
funds, typically 5-7 years or they must send the capital back to the
investors. Despite private equity firms working hard to deploy
capital, there is a stockpile of dry powder or uncalled capital. As a
result, private equity firms are under pressure to invest large
amounts of money in the coming years
• In addition, corporate cash available is at a near all-time high with
many companies using these funds to grow through strategic
acquisitions
Corporate Cash Available ($B)Global PE Dry Powder ($T)
Overview Private Equity Overhang ($B)
12
M&A Market Update
Sources: Pitchbook, Bain Research
$1.0 $1.0
$0.9
$1.2 $1.2
$1.4
$1.5
$1.8
$2.0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2010 2011 2012 2013 2014 2015 2016 2017 2018
$336.5
$390.0
$327.6 $334.0
$398.1
$482.8
$566.1
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018*
Cumulativ
Overhang
by vintage
2018
$147.3B
2017
$177.2B
2016
$112.7B
2005-2011
$128.7B
13. Legal Diligence:
Contracts, Compliance, Etc.
Other Diligence:
Customer/Supplier, Real
Estate, Environmental, Etc.
Financial Diligence:
Audits or Quality of
Earnings Analysis
Perform Due Diligence
on Yourself4
14. Find and Mitigate
Risks to the Business
(Due Diligence Review)
Think Like a
Buyer and Present
Yourself Accordingly
Have Alternatives
Know Your Leverage + Use
it Strategically5
15. STRICTLY CONFIDENTIAL - FOR DISCUSSION PURPOSES ONLY
Determining the succession of the Company will depend on many considerations, including:
• Owner/Seller Goals – willingness to offer control, acceptance of new partner, family involvement, transition to new role
• Wealth Transfer – liquidity needed for future endeavors
• Leadership – retention of key management members post-acquisition, acceptance to change in job responsibilities
• Family Cohesion and Dynamics – family capabilities, preserving family relationships, ability to keep Company within family
• Due Diligence – evaluate and document key relationships with key stakeholders such as employees, vendors, customers
• Time Frame for Sale Transaction – ranges from 4-12 months depending on diligence preparedness and target buyer pool
Full Sale of Company Partial Sale of Company Family Transfer
Summary
• 100% sale of the Company to a strategic
or financial buyer
• Partial sale of Company to strategic
or financial buyer
• ESOP
• IPO
• Family Limited Partnerships
• Estate Freeze Recapitalization
• Gifting
Advantages
• Complete exit of ownership
• Provides liquidity to seller
• Diversification of wealth
• Liquidity and diversification
• Retain some ownership
• Capital for growth
• Upside potential
• Family retains ownership
• Maintain income stream
• Put growth in hands of heirs
• Transfer equity, retain control
Disadvantages
• Sellers remorse for lifelong owner
• Tax issues
• No involvement in management
• Potential to receive note or stock
• Retained interest/limited exit
• Accountability to a partner
• Expensive process
• Regulatory compliance
• Complex securities
• Retained ownership
• Potential liquidity problems
• Family cohesion
15
Strategic Objectives & Considerations
Succession & Transition
16. STRICTLY CONFIDENTIAL - FOR DISCUSSION PURPOSES ONLY
Below is an example of how we help Sellers evaluate the Equity
Value of a deal at close after taking into consideration typical
deal terms and Seller requirements such as paying off debt,
providing buyer escrows, working capital adjustments, etc.
• Net Debt: Short-term borrowings, term loans, pensions, etc.
• Deal Expenses: Typically broker, legal and accounting fees
• Deal Triggered Payments: Stay bonuses, severance
payments, stock option or similar plans to be cancelled, etc.
• Buyer Requested Items: Seller financing, earn-outs, escrows
and balance sheet adjustments
Valuation Enterprise Value to Equity Value
Valuing a business is a discretionary process. Buyers are willing to
pay a certain amount for a business’ future cash flows, also known as
EBITDA. In order to provide the Seller with a fair price, the Buyer will
provide an EBITDA Multiple to arrive at an “Enterprise Value”; that is,
the value a buyer pays for the cash-free and interest-bearing debt-
free business
EBITDA Adjustments are adjustments or “add-backs” to consider if
a new owner were to operate the business free of excess expenses.
A few examples include:
• Discretionary Expenses: Owner’s Compensation and perks
above and beyond the market rate
• Non-Recurring Expenses: such as one-time fees
• Post-Transaction Operational Changes: such as the elimination
or retirement of certain employees
EBITDA Multiple calculates the fair Enterprise Value of the business.
EBITDA Multiple determinants include but are not limited to:
• Buyer Demand
• Revenue/EBITDA Size
• Cash Flow Predictability
• Pricing Power
• Proprietary Products or Services
$50.0
$39.3
$6.0
$1.5 $0.2 $3.0
$0
$10
$20
$30
$40
$50
$60
Enterprise
Value
Net Debt Deal
Expenses
Deal
Triggered
Payments
Buyer
Requested
Items
Equity
Value
1616
Strategic Objectives & Considerations
Succession & Transition
17. STRICTLY CONFIDENTIAL - FOR DISCUSSION PURPOSES ONLY
• Below is an example of valuation methodologies we utilize to help sellers determine a range of potential values for their business
17
$45 - $65
$40 - $55
$25 - $36
$36 - $48
$0.00 $10.00 $20.00 $30.00 $40.00 $50.00 $60.00 $70.00
5-10% Revenue Synergies, 5-10% Expense Synergies
40-50% Debt, 8x Exit Multiple
16-18% Discount Rate, 5-7x Terminal Multiple
6-8x LTM EBITDA
Transaction Comps
Discounted Cash Flow Analysis
Strategic Buyout Analysis
LBO Analysis
$ in millions
Strategic Objectives & Considerations
Preliminary Range of Enterprise Value
18. STRICTLY CONFIDENTIAL - FOR DISCUSSION PURPOSES ONLY
Copper Run will formulate a Buyer’s list from a variety of resources including events and associations, third party databases, personal contacts
and our own proprietary database. The typical Buyer general falls under the following categories:
Strategic Buyer
Financial Buyer:
Private Equity
Financial Buyer:
Family Office
Description
Strategic Buyers are typically from a similar
industry to the Company and are interested
in a company’s integration into their long-
term business plan
Private Equity firms invest in and acquire
equity ownership in platform and add-on
companies. Common Private Equity
acquisition strategies include LBO, growth
capital, venture capital, distressed
investments, and mezzanine capital
Family Offices are private companies that
manage financial and investment activity for
one or several ultra-high net worth investors
Advantages
• Typically purchase 100% of the Company
• May be able to provide higher valuation
due to synergies being incorporated in
purchase price
• Large amount of capital backing to grow
Company organically and through
acquisitions
• Management expertise
• Strategic connections
• Long-term investment horizon typically
over 10 years
• Small, flexible investment teams for quick
investment execution
• All-cash transactions
Disadvantages
• Ownership and management not as
essential to Buyer
• May not provide current owner and
management team future employment
• Funds made of many Limited Partners (LP)
• Investment usually only 5-7 years
• More hands-on approach to management
than family office
• Generally want owner and management to
remain
• Less variety in financing options than
private equity
• Generally want owner and management
to remain with company
18
Strategic Objectives & Considerations
Potential Acquirers
19. STRICTLY CONFIDENTIAL - FOR DISCUSSION PURPOSES ONLY
Broadly speaking, this is one of the most important questions to answer for a company’s shareholders and Board of Directors. While a healthy and
growing company may not “have to sell”, the opportunity for an increased valuation at certain points in a company’s development nonetheless
represent a trade‐off against other investment opportunities, career objectives, and yes, even the desire to enjoy a higher quality of life.
Market Specific Factors
• Macro and industry-specific market data indicates an attractive sale price
• Competitors have been acquired indicating increased appetite among buyers
• Strong, increasing competition may lead business owners to sell while the company is competitive and on an
“up-tick” leading to higher sales price
Company Specific Factors
• Historical performance and future growth prospects result in positive market response
• Company has reached a plateau and needs outside capital or management expertise to grow
• Opportunity to partner with a strategic buyer in order to recognize synergistic growth
Shareholder Specific Factors
• Opportunity for the shareholders to capitalize on years of financial and personal investment
• Personal timeline - business owners may have a long-term goal to sell the business in 5, 10, or 20 years and
have approached or are approaching this landmark
• Personal reasons; retirement, physical illness, family problems, stress, burned out
19
Strategic Objectives & Considerations
Reason to Sell
20. What Employees Should
Know About the Deal
Outside Advisors
(And What Do They Do)?
Surround Yourself with the
Right Deal Team –
Internally + Externally6
21. STRICTLY CONFIDENTIAL - FOR DISCUSSION PURPOSES ONLY
An M&A transaction can be disruptive to your business from a variety of standpoints; requests for information, probing questions from potential
Buyers, different terminology, etc. An often-heard phrase on M&A transactions rings loud and true:
Deals don’t age like fine wine
Copper Run’s transactional experience will ensure that the momentum of the deal is maintained and that a delay in timing is not detrimental to
the business. When negotiating terms with Buyers, Copper Run’s goal is not only to achieve the optimal price and structure for the Seller, but to
also reduce anxiety and fear by eliminating potential threats.
When negotiating overall value and structure, we focus on the following:
• Negotiating price and EBITDA against multiple bidders in
an organized format if necessary
• Negotiating between an asset offer vs. stock offer to
ensure our client is able to receive the most value for
their company
• Closing date, exclusivity and due diligence periods that
can be critical periods to negotiate
• Asset vs. Stock Deal
• Cash vs. Stock vs. Sellers Note
• Upfront Payment vs. Contingent Payment
• Escrows and Indemnifications
• Other Assets considered within the deal
• Life Insurance, Non-Operating Assets, Real Estates
• Working Capital Adjustments
• Other Liabilities (ex. Underfunded Pensions)
• Future Employment Agreements
• Transition Requirements
21
Sell-Side Transaction Process
Sell-Side Advisor Role
Purchase Price & Timing Structure
22. STRICTLY CONFIDENTIAL - FOR DISCUSSION PURPOSES ONLY
Final
Buyer
• Strategic and
Financial
Buyers
available for
the Client
• After adjusting the
list with the Client,
an initial one-page
“teaser” is sent to
market the Seller
• Some of the Buyers
will request more
information on the
Client’s business
• Phone/Email
exchanges
• NDA will be
signed and then
the CIM can be
delivered to these
potential buyers
• Meetings between
select Buyers and the
Seller
• Determine terms of
potential transaction
• Data Room Access
• Due Diligence
• Legal Work
• Finalize Deal
Terms
• Closing
Business
Universe of Buyers
150 Teasers Delivered
70 Contacts Made
50 CIMs
Distributed
20 IOIs
Received
8 LOIs
Received
Sell-Side Transaction: Deal Funnel
22
Sell-Side Transaction Process
23. STRICTLY CONFIDENTIAL - FOR DISCUSSION PURPOSES ONLY
Below is the typical timeline for a sell-side process. Variables to consider when building a timeline including preparation of due
diligence, urgency to sell, market conditions, and acquirer considerations. Generally the entire process takes four to six months from
beginning to end. The following slides will demonstrate step-by-step the Sell-Side Process Timeline.
Preparation
4 - 6 Weeks
1.
Information
Gathering
2. Preliminary
Analysis
3. Finalize
Preparation
Marketing
8 - 12 Weeks
4. Marketing
Closing
8 - 10 Weeks
5. Proposal
Evaluation
6. Final
Negotiation
23
Sell-Side Transaction Process
Sell-Side Transaction Process: Overview
Sell-Side Transaction Process: Timeline
24. STRICTLY CONFIDENTIAL - FOR DISCUSSION PURPOSES ONLY
• Copper Run will meet and discuss with the Company. This will help Copper Run get an understanding on the following:
• Transaction goals
• Understanding of the Company’s operations, industry and competitive position
• Execute engagement documents, achieve consensus on process with Shareholders and Board Members
• Copper Run will send a data request for financial and operational documents to begin gathering and analyzing information
• Analyze: Financial and operational documents provided by the Company and discuss with the Company for further explanation.
This will allow Copper Run to determine the scope of the process and identify any potential weaknesses prior to taking the
Company to market
• Prepare: A Confidential Information Memorandum (CIM) to distribute to interested acquirers who have executed an NDA. The
CIM is a marketing presentation that presents all of the financial and operational documents that Copper Run has been provided
• Assemble: Based on the information provided and discussions with the Company, Copper Run will begin assembling a Buyer’s
list based on the transactional goals of the Company and will include this list within the Activity Tracker (shown on next page)
24
Sell-Side Transaction Process: Preparation
1. Information Gathering
2. Preliminary Analysis
25. STRICTLY CONFIDENTIAL - FOR DISCUSSION PURPOSES ONLY
• Data Room: Copper Run utilizes an online data room
to organize the Company information. The data
room helps streamline data and allows Copper Run to
track what information potential acquirers have
viewed. It provides Copper Run and the Company
control over who has access and the information
these individuals have access to
• Activity Tracker: This document will be continually
updated and includes all strategic and financial
buyers Copper Run believes could be a potential fit
for the Company. Through the tracker, Copper Run
presents buyers to the Company in which they will
decided to approve, delay or eliminate. The
documents tracks all communication and status
updates between Copper Run and the approved
buyers. As the Company approves, delays and
eliminates potential buyers, it provides Copper Run a
better idea of what buyers to focus on in searching
for additional buyers
Data Room Example
25
Sell-Side Transaction Process: Preparation
3. Finalize Preparation
Activity Tracker Example
26. STRICTLY CONFIDENTIAL - FOR DISCUSSION PURPOSES ONLY
• Once all preparation is complete and approved, Copper Run will take the Company to market using the following steps:
1. Copper Run will mail letters and one-pagers, email and call approved Buyers
2. Potential Buyers that have a further interest in the Company will execute confidentiality agreements to access detailed information
regarding the Company
3. Copper Run will distribute the CIM and provide online data room access to all potential acquirers who execute confidentiality
agreements
4. Copper Run will manage all calls and requests for further diligence items that aren’t provided through the CIM or in the data room
to minimize business disruption for the Company
5. Copper Run will coordinate conference calls and site visits between potential buyers and the Company
Sell-Side Advisor Marketing Benefits
Marketing Expertise
Copper Run’s sell-side experience allows them to create industry-specific marketing material and
outreach that provides best results
Minimize Business Disruptions
Copper Run will handle all calls and requests to allow the Company to continue their day-to-day
operations free of business disruptions and requests
Industry Contact Success
Copper Run will tap into their internal and third-party resources to approach the appropriate
individual(s) from potential Buyers
Coordinate Informational Documents
Copper Run will provide an interactive data room to store financial and operational documents,
so all potential buyers have access to the same information
26
Sell-Side Transaction Process: Marketing
4. Marketing
27. STRICTLY CONFIDENTIAL - FOR DISCUSSION PURPOSES ONLY
Teaser ExampleLetter Example
27
Sell-Side Transaction Process: Preparation
4. Marketing Materials Examples
28. STRICTLY CONFIDENTIAL - FOR DISCUSSION PURPOSES ONLY
• Marketing Material: Copper Run will reach out to potential Buyers using several communication methods. The following
marketing documents will be presented to and approved by the Company:
• Teaser: Copper Run will distribute a one-page overview of the Company that keeps sensitive company information (name,
location, etc.) vague and at a “high level”
• Letter: Copper Run will distribute a letter introducing ourselves and the Company
• CIM: Copper Run will finalize and present the drafted CIM to the Company and edit with any recommended changes prior to
presenting to potential Buyers
28
Sell-Side Transaction Process: Preparation
4. Finalize Marketing Materials
29. STRICTLY CONFIDENTIAL - FOR DISCUSSION PURPOSES ONLY
After potential Buyer’s have reviewed and analyzed the provided documents and diligence items the following will occur:
1. Copper Run will communicate with Buyers the Seller’s objectives and expectations. Copper Run will then set a date in which
Letter of Intents (LOI) will be due
2. Copper Run will review all Buyer LOI’s with the Company. Proposals could differ based on structure, financing, future
employment, cash at closing, etc.
3. Copper Run will reach out to Buyers and provide feedback on their initial proposals. They will then set a date in which final
proposals are due
a) The Company may allow Buyers to meet in person and/or visit the Company’s facilities prior to requesting final proposals
4. Copper Run will review all final proposals with the Company. Copper Run and the Company will conduct reverse due diligence
on potential Buyers and analyze risks of transaction contingencies
5. The Company will select proposals for final negotiations
5. Proposal Evaluation
6. Final Negotiation
• Copper Run and the Company will negotiate definitive agreements with the buyer
• Copper Run will work with the Buyer to satisfy their confirmatory due diligence requirements on the Company
• All parties involved will obtain necessary approvals and execute legal documentation
• Copper Run and the Company will receive consideration and close the transaction
29
Sell-Side Transaction Process: Closing
30. STRICTLY CONFIDENTIAL - FOR DISCUSSION PURPOSES ONLY
Preemptive Sell-Side
Process
Targeted Solicitation Limited Auction Broad Auction
Description
Narrowed approach to only
identify most likely acquirers
Broader approach to screen and
identify most likely acquirers
Limited range of logical potential
acquirers contacted
Broad range of potential
acquirers contacted
Number of
Acquirers
1 - 5 5 - 10 10 - 25 25 +
Advantages
• Outreach efforts focused on
best acquirer
• Maximum confidentiality
• Speed of execution
• Minimal business disruption
• Speed of execution
• Confidentially maintained
• Limited business disruption
• Avoids the perception of
business being shopped
• Reasonably accurate test of
market price
• Minimal business disruption
relative to broad auction
• Creates sense of competition
amongst buyers
• Accurate test of market price
• Buyer competition results in
greatest chance to achieve
best price
• More proposed acquisition
structures to choose from
Disadvantages
• Unlikely to maximize value
• Results tied to negotiations
between 1-2 potential buyers
• Possibility that transaction is
not closed
• Requires senior management
time and commitment
• May not maximize value
• Not as broad a market test as
a full auction
• Highest risk of business
disruption
• Most difficult to maintain
confidentiality even with the
appropriate agreements
Circumstances
• Clear sense of most logical
acquirer
• Strong negotiating position
• Limited group of logical
acquirers
• Objectives of confidentiality
and to have limited business
disruption
• Seek balance between
maximizing value, speed of
execution and minimizing
business disruption
• Focus on maximizing the
shareholder value
Timing 4 - 5 months 5 - 6 months 6 - 7 months 7 - 8 months
30
Sell-Side Transaction Process: Alternatives
31. Limit Exclusivity and
Include “Escapes”
Seller’s Leverage Begins
to Decline as Soon
as the LOI is Signed
Lay Out All
of the Significant
Terms in Writing
Spend Time to Negotiate a
Good Letter of Intent7
32. Keep the Business Going Move Quickly
Disclose Issues
Strategically
Devote Significant Time
to Integration
Execution + Integration8
33. Eric D. Duffee
Kegler Brown Hill + Ritter
eduffee@keglerbrown.com
keglerbrown.com/duffee
614-462-5433
Michael Shaw
Copper Run Capital
mshaw@copperruncap.com
copperruncap.com/michael-shaw
614-888-1786