LBO Completed Model

Illustrative LBO Analysis
Completed LBO Model
x Transaction Assumptions
($ in millions, except where otherwise specified)
Sources & Uses Transaction Assumptions
Sources $ % LTM Adj. EBITDA

Cash On-Hand -- -- Illustrative Transaction Multiple
Revolver Draw -- -- Transaction Value
Term Loan B 275 32.9% ( - ) Debt
Senior Notes 225 26.9% ( + ) Cash
Subordinated Notes 100 12.0% Equity Value
Management Rollover 81 9.7%
Sponsor Equity 155 18.5% Memo: Management Rollover
Total Sources $836 100.0% Management Rollover - %
Management Rollover - $
Uses $ %
Purchase Equity $810 96.9%
Refinance Existing Debt -- -- Purchase Accounting
Refinancing Expenses -- --
Fund Cash Balance -- -- Total Equity Value
Transaction Expenses 15 1.8% ( - ) Total Assets (excl. goodwill)
Financing Fees 11 1.3% ( + ) Total Liabilities
Total Uses $836 100.0% PF Goodwill
CHECK: 1
Other Assumptions CHECKS
Minimum Cash Balance $5 Balance Sheet:

Minimum Debt Increment 25 Sources & Uses
Transaction Expenses 15
Cash Interest Rate 0.250%
Illustrative Tax Rate 35.0%
CIRC On
x PF Income Statement
Fiscal Year Ending December 31, 2015A 2016A 2017E 2018E 2019E
Revenue $327 $342 $359 $381 $407
% Growth 4.6% 5.0% 6.0% 7.0%
Adj. EBITDA $85 $90 $95 $100 $107

% Margin 26.0% 26.3% 26.3% 26.3% 26.3%
% Growth 5.9% 5.0% 6.0% 7.0%
( - ) D&A ($15) ($17) ($18) ($19) ($20)
Adj. EBIT $70 $73 $77 $81 $87
% Margin 21.4% 21.3% 21.3% 21.3% 21.3%
% Growth 4.3% 5.0% 6.0% 7.0%
( - ) Net Interest Expense On ($35) ($36) ($36)

Adj. EBT $41 $45 $51
( - ) Illustrative Tax Expense ($14) ($16) ($18)

Adj. Net Income $27 $29 $33
% Margin -- -- 7.5% 7.7% 8.1%
% Growth -- -- 9.0% 12.6%
Memo:
Revenue Growth (%) 4.6% 5.0% 6.0% 7.0%
COGS (% of Sales) 40.0% 40.0% 40.0% 40.0% 40.0%
EBITDA Margin (%) 26.0% 26.3% 26.3% 26.3% 26.3%
D&A (% of Sales) 4.6% 5.0% 5.0% 5.0% 5.0%
CapEx (% of Sales) 5.2% 5.0% 5.0% 5.0% 5.0%
x PF Working Capital
Memo:
Sales $327 $342 $359 $381 $407
COGS 131 137 144 152 163
Days
Key Assumptions 360
Days Sales Outstanding (DSO) 94.7 94.7 94.7 94.7
Days Inventory Held (DIH) 118.4 118.4 118.4 118.4
Days Payable Outstanding (DPO) 115.8 115.8 115.8 115.8
Cash Conversion Cycle 97.4 97.4 97.4 97.4
Other Current Assets (% of Sales) 2.0% 2.0% 2.0% 2.0%

Accrued Expenses (% of Sales) 10.8% 10.8% 10.8% 10.8%
Other Current Liabilities (% of Sales) 0.9% 0.9% 0.9% 0.9%
Calculated NWC
Net Accounts Receivable $90 $95 $100 $107
Inventory 45 47 50 54
Other Current Assets 7 7 8 8
Current Assets $142 $149 $158 $169
Accounts Payable $44 $46 $49 $52

Accrued Expenses 37 39 41 44
Other Current Liablities 3 3 3 4
Current Liabilities $84 $88 $93 $100
Net Working Capital (NWC) $58 $61 $65 $69

(Increase) Decrease in NWC ($3) ($4) ($5)
x PF Balance Sheet
Fiscal Year Ending December 31, 2016A PF 2016 2017E 2018E 2019E
Assets
Cash $5 $5 $5 $5 $5
Net Accounts Receivable 90 90 95 100 107
Inventory 45 45 47 50 54
Other Current Assets 7 7 7 8 8
Total Current Assets $147 $147 $154 $163 $174
Net PP&E 78 78 78 78 78
Goodwill 20 670 670 670 670
Other Noncurrent Assets 6 17 15 14 12
Total Assets $251 $912 $918 $925 $935
Liabilities & Shareholders' Equity

Accounts Payable $44 $44 $46 $49 $52
Accrued Expenses 37 37 39 41 44
Other Current Liabilities 3 3 3 3 4
Total Current Liabilities $84 $84 $88 $93 $100
Total Debt -- $600 $575 $548 $518

Other Noncurrent Liabilities 7 7 7 7 7
Total Liabilities $91 $691 $670 $648 $625
Shareholders' Equity $160 $221 $248 $277 $310

Total Liabilities & Shareholders' Equity $251 $912 $918 $925 $935
CHECK: 1 1 1 1 1
x PF Statement of Cash Flows

Cash from Operating Activities
Net Income $27 $29 $33
( + ) D&A 18 19 20
( + ) Noncash Interest Expense 10 11 12
( + / - ) Change in NWC (3) (4) (5)
Cash from Operating Activities $52 $56 $61
( - ) CapEx (17) (17) (18) (19) (20)
Levered Free Cash Flow $34 $37 $40
Beginning Cash Balance $5 $5 $5

( + ) Levered Free Cash Flow 34 37 40
( - ) Minimum Cash Balance (5) (5) (5)
Total Cash Available for Debt Repayment $34 $37 $40
( - ) Mandatory Amortization ($3) ($3) ($3)

( - ) Optional Prepayment (31) (34) (38)
( + ) Minimum Cash Balance $5 $5 $5

Ending Cash Balance $5 $5 $5 $5
Memo:
Average Cash Balance $5 $5 $5
Cash Interest Income 0.250% 0 0 0
x PF Debt Schedule
Fiscal Year Ending December 31, PF 2016 2017E 2018E 2019E
Ending Debt Balance

Revolver -- -- -- --
Term Loan B 275 241 204 164
Senior Notes 225 225 225 225
Subordinated Notes 100 109 119 129
Total $600 $575 $548 $518
% of Original 95.8% 91.3% 86.3%
Memo:
Undrawn Revolver Commitment $100 $100 $100 $100 $100
Cash Available for Debt Repayment $34 $37 $40
Mandatory Amortization Schedule

Revolver -- -- --
Term Loan B 1.0% 1.0% 1.0%
Senior Notes -- -- --
Subordinated Notes -- -- --
Mandatory Amortization
Revolver -- -- --
Term Loan B (3) (3) (3)
Total ($3) ($3) ($3)
Cash Available for Optional Prepayment $31 $34 $38
Optional Prepayment
Revolver -- -- --
Term Loan B (31) (34) (38)
Total ($31) ($34) ($38)
x PF Interest Expense
Fiscal Year Ending December 31, 2017E 2018E 2019E
LIBOR 0.500% 1.100% 1.500%
Debt Balance
Undrawn Revolver $100 $100 $100
Revolver -- -- --
Term Loan B 258 222 184
Senior Notes 225 225 225
Subordinated Notes 104 114 124
Interest Rate Schedule Type Rate

Undrawn Revolver FIXED 0.350% 0.350% 0.350% 0.350%
Revolver FLOAT L+2.000% 2.500% 3.100% 3.500%
Term Loan B FLOAT L+3.000% 3.500% 4.100% 4.500%
Senior Notes FIXED 7.000% 7.000% 7.000% 7.000%
Subordinated Notes FIXED 8.500% 8.500% 8.500% 8.500%
Interest Expense
Revolver -- -- --
Term Loan B 9 9 8
Total $34 $35 $35
PIK Interest Expense Years PIK

Senior Notes 0 yr -- -- --
Subordinated Notes 3 yr 9 10 11
Total $9 $10 $11
Financing Fee Amortization Fee Term

Revolver $1 5 yr $0 $0 $0
Term Loan B 3 6 yr 1 1 1
Senior Notes 5 8 yr 1 1 1
Subordinated Notes 3 10 yr 0 0 0
Total $1 $1 $1
Net Interest Expense

Interest Expense $34 $35 $35
( + ) Financing Fee Amortization 1 1 1
Total Interest Expense $35 $36 $36
( - ) Interest Income (0) (0) (0)
Net Interest Expense $35 $36 $36
Noncash Interest Expense

PIK Interest Expense $9 $10 $11
Total Noncash Interest Expense $10 $11 $12
x PF Credit Metrics
Outstanding Debt
Senior Secured Debt $275 $241 $204 $164
Senior Debt 500 466 429 389
Total Debt 600 575 548 518
Line Items
Adj. EBITDA $90 $95 $100 $107
Cash Interest Expense 25 25 25 24
CapEx 17 18 19 20
Leverage
Senior Secured Debt / Adj. EBITDA 3.1x 2.5x 2.0x 1.5x
Senior Debt / Adj. EBITDA 5.6 4.9 4.3 3.6
Total Debt / Adj. EBITDA 6.7 6.1 5.5 4.8
Interest Coverage
Adj. EBITDA / Cash Interest Expense 3.6x 3.8x 4.0x 4.4x
Adj. EBITDA - CapEx / Cash Interest Expense 2.9 3.1 3.2 3.6
x Illustrative Returns
LTM Adj. EBITDA $95 $100 $107
Total Debt $575 $548 $518

( - ) Cash (5) (5) (5)
Net Debt $570 $543 $513
Enterprise Value
(Based on Multiple of LTM Adj. EBITDA)
7.0x $662 $701 $750

7.5x 709 751 804
8.0x 756 801 857
8.5x 803 851 911
9.0x 851 902 965
9.5x 898 952 1,018
10.0x 945 1,002 1,072
10.5x 992 1,052 1,125
11.0x 1,040 1,102 1,179
Total Equity Value

7.0x $92 $159 $237

7.5x 139 209 291
8.0x 186 259 345
8.5x 234 309 398
9.0x 281 359 452
9.5x 328 409 505
10.0x 375 459 559
10.5x 423 509 613
11.0x 470 559 666
MoIC Investment
(Based on Multiple of LTM Adj. EBITDA) $236
7.0x 0.39x 0.67x 1.01x

7.5x 0.59 0.88 1.23
8.0x 0.79 1.10 1.46
8.5x 0.99 1.31 1.69
9.0x 1.19 1.52 1.92
9.5x 1.39 1.73 2.14
10.0x 1.59 1.95 2.37
10.5x 1.79 2.16 2.60
11.0x 1.99 2.37 2.82
IRR
(Based on Multiple of LTM Adj. EBITDA) Years: 1 yr 2 yr 3 yr
7.0x (61.1%) (18.0%) 0.2%

7.5x (41.0%) (6.0%) 7.2%
8.0x (21.0%) 4.7% 13.5%
8.5x (1.0%) 14.4% 19.1%
9.0x 19.0% 23.3% 24.2%
9.5x 39.1% 31.7% 28.9%
10.0x 59.1% 39.5% 33.3%
10.5x 79.1% 46.9% 37.4%
11.0x 99.1% 54.0% 41.3%
Financing Assumptions
Interest Interest Annual
$90 Leverage Term Type Rate Amort.
9.0x Revolver NA 5 yr FLOAT L+2.000% NA
$810 Term Loan B 3.0x 6 yr FLOAT L+3.000% 1.00%
-- Senior Notes 2.5x 8 yr FIXED 7.000% 0.00%
-- Subordinated Notes 1.0x 10 yr FIXED 8.500% 0.00%
$810
Revolver Commitment: $100
Commitment Fee: 0.350%
10.0%
$81
Debt Financing
$ Leverage Fees - $
Revolver -- $1
$810 Term Loan B 275 3.1x 3
(231) Senior Secured Debt $275 3.1x
91 Senior Notes 225 2.5x 5
$670 Senior Debt $500 5.6x
Subordinated Notes 100 1.1x 3
Total $600 6.7x $11
1
1
2020E 2021E 2022E 2023E 2024E

$432 $453 $471 $490 $510
6.0% 5.0% 4.0% 4.0% 4.0%
$114 $119 $124 $129 $134

26.3% 26.3% 26.3% 26.3% 26.3%
6.0% 5.0% 4.0% 4.0% 4.0%
($21) ($23) ($23) ($24) ($25)
$92 $97 $101 $105 $109
21.3% 21.3% 21.3% 21.3% 21.3%
6.0% 5.0% 4.0% 4.0% 4.0%
($36) ($35) ($33) ($29) ($26)

$56 $62 $68 $75 $83
($20) ($22) ($24) ($26) ($29)

$36 $40 $44 $49 $54
8.4% 8.9% 9.4% 10.0% 10.5%
10.8% 10.8% 9.4% 10.7% 9.8%
6.0% 5.0% 4.0% 4.0% 4.0%

40.0% 40.0% 40.0% 40.0% 40.0%
26.3% 26.3% 26.3% 26.3% 26.3%
5.0% 5.0% 5.0% 5.0% 5.0%
5.0% 5.0% 5.0% 5.0% 5.0%
2020E 2021E 2022E 2023E 2024E
$432 $453 $471 $490 $510

173 181 189 196 204
94.7 94.7 94.7 94.7 94.7

118.4 118.4 118.4 118.4 118.4
115.8 115.8 115.8 115.8 115.8
97.4 97.4 97.4 97.4 97.4
2.0% 2.0% 2.0% 2.0% 2.0%

10.8% 10.8% 10.8% 10.8% 10.8%
0.9% 0.9% 0.9% 0.9% 0.9%
$114 $119 $124 $129 $134

57 60 62 65 67
9 9 10 10 10
$179 $188 $196 $204 $212
$56 $58 $61 $63 $66

47 49 51 53 55
4 4 4 4 4
$106 $111 $116 $120 $125
$73 $77 $80 $83 $86

($4) ($4) ($3) ($3) ($3)
2020E 2021E 2022E 2023E 2024E
$5 $5 $5 $5 $5
114 119 124 129 134
57 60 62 65 67
9 9 10 10 10
$184 $193 $201 $209 $217
78 78 78 78 78
670 670 670 670 670
11 10 8 7 7
$943 $951 $957 $964 $971
$56 $58 $61 $63 $66

47 49 51 53 55
4 4 4 4 4
$106 $111 $116 $120 $125
$484 $446 $403 $357 $306

7 7 7 7 7
$597 $564 $526 $484 $438
$346 $387 $431 $480 $533

$943 $951 $957 $964 $971
1 1 1 1 1
2020E 2021E 2022E 2023E 2024E
$36 $40 $44 $49 $54

21 23 23 24 25
1 1 1 1 1
(4) (4) (3) (3) (3)
$55 $61 $66 $71 $77
(21) (23) (23) (24) (25)
$34 $38 $42 $47 $51
$5 $5 $5 $5 $5
34 38 42 47 51
(5) (5) (5) (5) (5)
$34 $38 $42 $47 $51
($3) ($3) ($3) ($3) ($3)

(31) (35) (40) (44) (48)
$5 $5 $5 $5 $5
$5 $5 $5 $5 $5
$5 $5 $5 $5 $5
0 0 0 0 0
2020E 2021E 2022E 2023E 2024E
-- -- -- -- --
130 92 49 3 --
225 225 225 225 177
129 129 129 129 129
$484 $446 $403 $357 $306
80.7% 74.3% 67.2% 59.5% 50.9%
$100 $100 $100 $100 $100
$34 $38 $42 $47 $51
-- -- -- -- --
1.0% 1.0% 1.0% 1.0% 1.0%
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
(3) (3) (3) (3) (3)
-- -- -- -- --
-- -- -- -- --
($3) ($3) ($3) ($3) ($3)
$31 $35 $40 $44 $48
-- -- -- -- --
(31) (35) (40) (44) (0)
-- -- -- -- (48)
-- -- -- -- --
($31) ($35) ($40) ($44) ($48)
2020E 2021E 2022E 2023E 2024E
2.150% 2.500% 3.000% 3.000% 3.000%
$100 $100 $100 $100 $100

-- -- -- -- --
147 111 71 26 1
225 225 225 225 201
129 129 129 129 129
0.350% 0.350% 0.350% 0.350% 0.350%

4.150% 4.500% 5.000% 5.000% 5.000%
5.150% 5.500% 6.000% 6.000% 6.000%
7.000% 7.000% 7.000% 7.000% 7.000%
8.500% 8.500% 8.500% 8.500% 8.500%
$0 $0 $0 $0 $0
-- -- -- -- --
8 6 4 2 0
16 16 16 16 14
11 11 11 11 11
$35 $33 $31 $29 $25
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
$0 $0 -- -- --
1 1 1 0 --
1 1 1 1 1
0 0 0 0 0
$1 $1 $1 $1 $1
$35 $33 $31 $29 $25

1 1 1 1 1
$36 $35 $33 $29 $26
(0) (0) (0) (0) (0)
$36 $35 $33 $29 $26
-- -- -- -- --
1 1 1 1 1
$1 $1 $1 $1 $1
2020E 2021E 2022E 2023E 2024E
$130 $92 $49 $3 --

355 317 274 228 177
484 446 403 357 306
$114 $119 $124 $129 $134

35 33 31 29 25
21 23 23 24 25
1.1x 0.8x 0.4x 0.0x --

3.1 2.7 2.2 1.8 1.3
4.3 3.7 3.3 2.8 2.3
3.3x 3.6x 4.0x 4.5x 5.3x

2.7 2.9 3.2 3.7 4.3
2020E 2021E 2022E 2023E 2024E
$114 $119 $124 $129 $134
$484 $446 $403 $357 $306

(5) (5) (5) (5) (5)
$479 $441 $398 $352 $301
$795 $835 $868 $903 $939

852 895 930 968 1,006
909 954 993 1,032 1,074
966 1,014 1,055 1,097 1,141
1,023 1,074 1,117 1,161 1,208
1,079 1,133 1,179 1,226 1,275
1,136 1,193 1,241 1,290 1,342
1,193 1,253 1,303 1,355 1,409
1,250 1,312 1,365 1,419 1,476
$316 $394 $470 $551 $639

373 454 532 616 706
430 514 594 680 773
487 573 656 745 840
543 633 718 809 907
600 692 780 874 974
657 752 842 938 1,041
714 812 904 1,003 1,108
771 871 966 1,067 1,175
1.34x 1.67x 1.99x 2.34x 2.71x

1.58 1.92 2.26 2.61 2.99
1.82 2.18 2.52 2.88 3.28
2.06 2.43 2.78 3.16 3.56
2.30 2.68 3.04 3.43 3.84
2.54 2.93 3.31 3.70 4.13
2.79 3.19 3.57 3.98 4.41
3.03 3.44 3.83 4.25 4.70
3.27 3.69 4.10 4.52 4.98
4 yr 5 yr 6 yr 7 yr 8 yr
7.6% 10.8% 12.2% 12.9% 13.3%

12.1% 14.0% 14.5% 14.7% 14.7%
16.2% 16.8% 16.6% 16.3% 16.0%
19.8% 19.4% 18.6% 17.8% 17.2%
23.2% 21.8% 20.4% 19.3% 18.3%
26.3% 24.0% 22.1% 20.6% 19.4%
29.2% 26.1% 23.6% 21.8% 20.4%
31.9% 28.0% 25.1% 23.0% 21.3%
34.4% 29.9% 26.5% 24.1% 22.2%
Financing
Years PIK Fees
NA 0.500%
NA 1.250%
0 yr 2.000%
3 yr 2.500%
3. Filling in Transaction Assumptions

Term Loan B -- ( - ) Debt
Senior Notes -- ( + ) Cash
Subordinated Notes -- Equity Value
Management Rollover --
Sponsor Equity -- Memo: Management Rollover
Total Sources -- -- Management Rollover - %
Uses $ %
Purchase Equity --
Transaction Expenses -- ( - ) Total Assets (excl. goodwill)
Financing Fees -- ( + ) Total Liabilities
Total Uses -- -- PF Goodwill
CHECK: 1

Minimum Debt Increment 25 Sources & Uses:
CIRC On
Revenue $327 $342
% Growth 4.6% (100.0%) -- --
Adj. EBITDA $85 $90

% Margin 26.0% 26.3% -- -- --
% Growth 5.9% (100.0%) -- --
( - ) D&A ($15) ($17)
Adj. EBIT $70 $73
% Margin 21.4% 21.3% -- -- --
% Growth 4.3% (100.0%) -- --
( - ) Net Interest Expense On

Adj. EBT
( - ) Illustrative Tax Expense

Adj. Net Income
% Margin -- -- -- -- --
% Growth -- -- -- --
Memo:
Revenue Growth (%) 4.6% 5.0% 6.0% 7.0%
COGS (% of Sales) 40.0% 40.0% 40.0% 40.0% 40.0%
EBITDA Margin (%) 26.0% 26.3% 26.3% 26.3% 26.3%
D&A (% of Sales) 4.6% 5.0% 5.0% 5.0% 5.0%
CapEx (% of Sales) 5.2% 5.0% 5.0% 5.0% 5.0%
x PF Working Capital Schedule

Fiscal Year Ending December 31, 2016A 2017E 2018E 2019E
Memo:
Sales
COGS
Days
Key Assumptions 360
Days Sales Outstanding (DSO)
Days Inventory Held (DIH)
Days Payable Outstanding (DPO)
Cash Conversion Cycle
Other Current Assets (% of Sales)

Accrued Expenses (% of Sales)
Other Current Liabilities (% of Sales)
Calculated NWC
Net Accounts Receivable
Inventory
Other Current Assets
Current Assets
Accounts Payable
Accrued Expenses
Other Current Liablities
Current Liabilities
Net Working Capital (NWC)

(Increase) Decrease in NWC
x PF Balance Sheet
Assets
Cash $5
Net Accounts Receivable 90
Inventory 45
Other Current Assets 7
Total Current Assets $147
Net PP&E 78
Goodwill 20
Other Noncurrent Assets 6
Total Assets $251

Accounts Payable $44
Accrued Expenses 37
Other Current Liabilities 3
Total Current Liabilities $84
Total Debt --
Other Noncurrent Liabilities 7
Total Liabilities $91
Shareholders' Equity $160

Total Liabilities & Shareholders' Equity $251
CHECK: 1 1 1 1 1

Net Income
( + ) D&A
( + ) Noncash Interest Expense
( + / - ) Change in NWC
( - ) CapEx (17) (17)
Levered Free Cash Flow
Beginning Cash Balance

( + ) Levered Free Cash Flow
( - ) Minimum Cash Balance
Total Cash Available for Debt Repayment
( - ) Mandatory Amortization
( - ) Optional Prepayment
( + ) Minimum Cash Balance

Ending Cash Balance
Memo:
Average Cash Balance
Cash Interest Income 0.250%
x PF Debt Schedule
Ending Debt Balance

Revolver
Term Loan B
Senior Notes
Subordinated Notes
Total
% of Original -- -- --
Memo:
Undrawn Revolver Commitment $100
Cash Available for Debt Repayment

Revolver -- -- --
Term Loan B 1.0% 1.0% 1.0%
Revolver
Term Loan B
Senior Notes
Subordinated Notes
Total
Cash Available for Optional Prepayment
Optional Prepayment
Revolver
Term Loan B
Senior Notes
Subordinated Notes
Total
LIBOR 0.500% 1.100% 1.500%
Debt Balance
Undrawn Revolver
Revolver
Term Loan B
Senior Notes
Subordinated Notes

Undrawn Revolver FIXED 0.350%
Revolver FLOAT L+2.000%
Term Loan B FLOAT L+3.000%
Senior Notes FIXED 7.000%
Subordinated Notes FIXED 8.500%
Interest Expense
Undrawn Revolver
Revolver
Term Loan B
Senior Notes
Subordinated Notes
Total

Senior Notes 0 yr
Subordinated Notes 3 yr
Total

Revolver -- 5 yr
Term Loan B -- 6 yr
Senior Notes -- 8 yr
Subordinated Notes -- 10 yr
Total

Interest Expense
( + ) Financing Fee Amortization
Total Interest Expense
( - ) Interest Income

PIK Interest Expense
Total Noncash Interest Expense
x PF Credit Metrics
Outstanding Debt
Senior Secured Debt
Senior Debt
Total Debt
Line Items
Adj. EBITDA
Cash Interest Expense
CapEx
Leverage
Senior Secured Debt / Adj. EBITDA
Senior Debt / Adj. EBITDA
Total Debt / Adj. EBITDA
Interest Coverage
Adj. EBITDA / Cash Interest Expense
Adj. EBITDA - CapEx / Cash Interest Expense
LTM Adj. EBITDA
Total Debt
( - ) Cash
Net Debt
Enterprise Value
7.0x
7.5x
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11.0x
Total Equity Value

7.0x
7.5x
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11.0x
MoIC Investment
7.0x
7.5x
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11.0x
IRR
7.0x
7.5x
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11.0x
$810
10.0%
$81
Debt Financing
$ Leverage Fees - $
Revolver
Term Loan B --
Senior Secured Debt --
Senior Notes --
Senior Debt --
Subordinated Notes --
Total --
1
1
2020E 2021E 2022E 2023E 2024E
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
6.0% 5.0% 4.0% 4.0% 4.0%

40.0% 40.0% 40.0% 40.0% 40.0%
26.3% 26.3% 26.3% 26.3% 26.3%
5.0% 5.0% 5.0% 5.0% 5.0%
5.0% 5.0% 5.0% 5.0% 5.0%
2020E 2021E 2022E 2023E 2024E

2020E 2021E 2022E 2023E 2024E
1 1 1 1 1
2020E 2021E 2022E 2023E 2024E

2020E 2021E 2022E 2023E 2024E
-- -- -- -- --
-- -- -- -- --
1.0% 1.0% 1.0% 1.0% 1.0%
-- -- -- -- --
-- -- -- -- --
2020E 2021E 2022E 2023E 2024E
2.150% 2.500% 3.000% 3.000% 3.000%

2020E 2021E 2022E 2023E 2024E
2020E 2021E 2022E 2023E 2024E

Financing
Years PIK Fees
NA 0.500%
NA 1.250%
0 yr 2.000%
3 yr 2.500%
4. Purchase Accounting

Uses $ %
Purchase Equity --
CHECK: 1

CIRC On
Revenue $327 $342
% Growth 4.6% (100.0%) -- --
Adj. EBITDA $85 $90

% Margin 26.0% 26.3% -- -- --
% Growth 5.9% (100.0%) -- --
( - ) D&A ($15) ($17)
Adj. EBIT $70 $73
% Margin 21.4% 21.3% -- -- --
% Growth 4.3% (100.0%) -- --

Adj. EBT

Adj. Net Income
% Margin -- -- -- -- --
% Growth -- -- -- --
Memo:
Revenue Growth (%) 4.6% 5.0% 6.0% 7.0%
COGS (% of Sales) 40.0% 40.0% 40.0% 40.0% 40.0%
EBITDA Margin (%) 26.0% 26.3% 26.3% 26.3% 26.3%
D&A (% of Sales) 4.6% 5.0% 5.0% 5.0% 5.0%
CapEx (% of Sales) 5.2% 5.0% 5.0% 5.0% 5.0%

Memo:
Sales
COGS
Days
Key Assumptions 360

Calculated NWC
Inventory
Current Assets
Accounts Payable
Accrued Expenses
Current Liabilities

x PF Balance Sheet
Assets
Cash $5
Inventory 45
Net PP&E 78
Goodwill 20
Total Assets $251

Accrued Expenses 37
Total Debt --

CHECK: 1 1 1 1 1

Net Income
( + ) D&A
( - ) CapEx (17) (17)


Ending Cash Balance
Memo:
x PF Debt Schedule
Ending Debt Balance

Revolver
Term Loan B
Senior Notes
Subordinated Notes
Total
Memo:

Revolver -- -- --
Term Loan B 1.0% 1.0% 1.0%
Revolver
Term Loan B
Senior Notes
Subordinated Notes
Total
Optional Prepayment
Revolver
Term Loan B
Senior Notes
Subordinated Notes
Total
LIBOR 0.500% 1.100% 1.500%
Debt Balance
Undrawn Revolver
Revolver
Term Loan B
Senior Notes
Subordinated Notes

Interest Expense
Undrawn Revolver
Revolver
Term Loan B
Senior Notes
Subordinated Notes
Total

Senior Notes 0 yr
Total

Revolver -- 5 yr
Term Loan B -- 6 yr
Senior Notes -- 8 yr
Subordinated Notes -- 10 yr
Total

Interest Expense

x PF Credit Metrics
Outstanding Debt
Senior Secured Debt
Senior Debt
Total Debt
Line Items
Adj. EBITDA
CapEx
Leverage
Interest Coverage
LTM Adj. EBITDA
Total Debt
( - ) Cash
Net Debt
Enterprise Value
7.0x
7.5x
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11.0x
Total Equity Value

7.0x
7.5x
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11.0x
MoIC Investment
7.0x
7.5x
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11.0x
IRR
7.0x
7.5x
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11.0x
$810
10.0%
$81
Debt Financing
$ Leverage Fees - $
Revolver
$810 Term Loan B --
(231) Senior Secured Debt --
91 Senior Notes --
$670 Senior Debt --
Subordinated Notes --
Total --
1
1
2020E 2021E 2022E 2023E 2024E
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
6.0% 5.0% 4.0% 4.0% 4.0%

40.0% 40.0% 40.0% 40.0% 40.0%
26.3% 26.3% 26.3% 26.3% 26.3%
5.0% 5.0% 5.0% 5.0% 5.0%
5.0% 5.0% 5.0% 5.0% 5.0%
2020E 2021E 2022E 2023E 2024E

2020E 2021E 2022E 2023E 2024E
1 1 1 1 1
2020E 2021E 2022E 2023E 2024E

2020E 2021E 2022E 2023E 2024E
-- -- -- -- --
-- -- -- -- --
1.0% 1.0% 1.0% 1.0% 1.0%
-- -- -- -- --
-- -- -- -- --
2020E 2021E 2022E 2023E 2024E
2.150% 2.500% 3.000% 3.000% 3.000%

2020E 2021E 2022E 2023E 2024E
2020E 2021E 2022E 2023E 2024E

Financing
Years PIK Fees
NA 0.500%
NA 1.250%
0 yr 2.000%
3 yr 2.500%
5. Debt Financing

Uses $ %
Purchase Equity --
CHECK: 1

CIRC On
Revenue $327 $342
% Growth 4.6% (100.0%) -- --
Adj. EBITDA $85 $90

% Margin 26.0% 26.3% -- -- --
% Growth 5.9% (100.0%) -- --
( - ) D&A ($15) ($17)
Adj. EBIT $70 $73
% Margin 21.4% 21.3% -- -- --
% Growth 4.3% (100.0%) -- --

Adj. EBT

Adj. Net Income
% Margin -- -- -- -- --
% Growth -- -- -- --
Memo:
Revenue Growth (%) 4.6% 5.0% 6.0% 7.0%
COGS (% of Sales) 40.0% 40.0% 40.0% 40.0% 40.0%
EBITDA Margin (%) 26.0% 26.3% 26.3% 26.3% 26.3%
D&A (% of Sales) 4.6% 5.0% 5.0% 5.0% 5.0%
CapEx (% of Sales) 5.2% 5.0% 5.0% 5.0% 5.0%

Memo:
Sales
COGS
Days
Key Assumptions 360

Calculated NWC
Inventory
Current Assets
Accounts Payable
Accrued Expenses
Current Liabilities

x PF Balance Sheet
Assets
Cash $5
Inventory 45
Net PP&E 78
Goodwill 20
Total Assets $251

Accrued Expenses 37
Total Debt --

CHECK: 1 1 1 1 1

Net Income
( + ) D&A
( - ) CapEx (17) (17)


Ending Cash Balance
Memo:
x PF Debt Schedule
Ending Debt Balance

Revolver
Term Loan B
Senior Notes
Subordinated Notes
Total
Memo:

Revolver -- -- --
Term Loan B 1.0% 1.0% 1.0%
Revolver
Term Loan B
Senior Notes
Subordinated Notes
Total
Optional Prepayment
Revolver
Term Loan B
Senior Notes
Subordinated Notes
Total
LIBOR 0.500% 1.100% 1.500%
Debt Balance
Undrawn Revolver
Revolver
Term Loan B
Senior Notes
Subordinated Notes

Interest Expense
Undrawn Revolver
Revolver
Term Loan B
Senior Notes
Subordinated Notes
Total

Senior Notes 0 yr
Total

Revolver $1 5 yr
Term Loan B 3 6 yr
Senior Notes 5 8 yr
Subordinated Notes 3 10 yr
Total

Interest Expense

x PF Credit Metrics
Outstanding Debt
Senior Secured Debt
Senior Debt
Total Debt
Line Items
Adj. EBITDA
CapEx
Leverage
Interest Coverage
LTM Adj. EBITDA
Total Debt
( - ) Cash
Net Debt
Enterprise Value
7.0x
7.5x
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11.0x
Total Equity Value

7.0x
7.5x
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11.0x
MoIC Investment
7.0x
7.5x
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11.0x
IRR
7.0x
7.5x
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11.0x
$810
10.0%
$81
Debt Financing
$ Leverage Fees - $
Revolver -- $1
$810 Term Loan B 275 3.1x 3
(231) Senior Secured Debt $275 3.1
91 Senior Notes 225 2.5 5
$670 Senior Debt $500 5.6
Subordinated Notes 100 1.1 3
Total $600 6.7 $11
1
1
2020E 2021E 2022E 2023E 2024E
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
6.0% 5.0% 4.0% 4.0% 4.0%

40.0% 40.0% 40.0% 40.0% 40.0%
26.3% 26.3% 26.3% 26.3% 26.3%
5.0% 5.0% 5.0% 5.0% 5.0%
5.0% 5.0% 5.0% 5.0% 5.0%
2020E 2021E 2022E 2023E 2024E

2020E 2021E 2022E 2023E 2024E
1 1 1 1 1
2020E 2021E 2022E 2023E 2024E

2020E 2021E 2022E 2023E 2024E
-- -- -- -- --
-- -- -- -- --
1.0% 1.0% 1.0% 1.0% 1.0%
-- -- -- -- --
-- -- -- -- --
2020E 2021E 2022E 2023E 2024E
2.150% 2.500% 3.000% 3.000% 3.000%

2020E 2021E 2022E 2023E 2024E
2020E 2021E 2022E 2023E 2024E

Financing
Years PIK Fees
NA 0.500%
NA 1.250%
0 yr 2.000%
3 yr 2.500%
6. Sources & Uses

Uses $ %
CHECK: 1

CIRC On
Revenue $327 $342
% Growth 4.6% (100.0%) -- --
Adj. EBITDA $85 $90

% Margin 26.0% 26.3% -- -- --
% Growth 5.9% (100.0%) -- --
( - ) D&A ($15) ($17)
Adj. EBIT $70 $73
% Margin 21.4% 21.3% -- -- --
% Growth 4.3% (100.0%) -- --

Adj. EBT

Adj. Net Income
% Margin -- -- -- -- --
% Growth -- -- -- --
Memo:
Revenue Growth (%) 4.6% 5.0% 6.0% 7.0%
COGS (% of Sales) 40.0% 40.0% 40.0% 40.0% 40.0%
EBITDA Margin (%) 26.0% 26.3% 26.3% 26.3% 26.3%
D&A (% of Sales) 4.6% 5.0% 5.0% 5.0% 5.0%
CapEx (% of Sales) 5.2% 5.0% 5.0% 5.0% 5.0%

Memo:
Sales
COGS
Days
Key Assumptions 360

Calculated NWC
Inventory
Current Assets
Accounts Payable
Accrued Expenses
Current Liabilities

x PF Balance Sheet
Assets
Cash $5
Inventory 45
Net PP&E 78
Goodwill 20
Total Assets $251

Accrued Expenses 37
Total Debt --

CHECK: 1 1 1 1 1

Net Income
( + ) D&A
( - ) CapEx (17) (17)


Ending Cash Balance
Memo:
x PF Debt Schedule
Ending Debt Balance

Revolver
Term Loan B
Senior Notes
Subordinated Notes
Total
Memo:

Revolver -- -- --
Term Loan B 1.0% 1.0% 1.0%
Revolver
Term Loan B
Senior Notes
Subordinated Notes
Total
Optional Prepayment
Revolver
Term Loan B
Senior Notes
Subordinated Notes
Total
LIBOR 0.500% 1.100% 1.500%
Debt Balance
Undrawn Revolver
Revolver
Term Loan B
Senior Notes
Subordinated Notes

Interest Expense
Undrawn Revolver
Revolver
Term Loan B
Senior Notes
Subordinated Notes
Total

Senior Notes 0 yr
Total

Revolver $1 5 yr
Term Loan B 3 6 yr
Senior Notes 5 8 yr
Total

Interest Expense

x PF Credit Metrics
Outstanding Debt
Senior Secured Debt
Senior Debt
Total Debt
Line Items
Adj. EBITDA
CapEx
Leverage
Interest Coverage
LTM Adj. EBITDA
Total Debt
( - ) Cash
Net Debt
Enterprise Value
7.0x
7.5x
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11.0x
Total Equity Value

7.0x
7.5x
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11.0x
MoIC Investment
7.0x
7.5x
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11.0x
IRR
7.0x
7.5x
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11.0x
$810
10.0%
$81
Debt Financing
$ Leverage Fees - $
Revolver -- $1
$810 Term Loan B 275 3.1x 3
Total $600 6.7 $11
1
1
2020E 2021E 2022E 2023E 2024E
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
6.0% 5.0% 4.0% 4.0% 4.0%

40.0% 40.0% 40.0% 40.0% 40.0%
26.3% 26.3% 26.3% 26.3% 26.3%
5.0% 5.0% 5.0% 5.0% 5.0%
5.0% 5.0% 5.0% 5.0% 5.0%
2020E 2021E 2022E 2023E 2024E

2020E 2021E 2022E 2023E 2024E
1 1 1 1 1
2020E 2021E 2022E 2023E 2024E

2020E 2021E 2022E 2023E 2024E
-- -- -- -- --
-- -- -- -- --
1.0% 1.0% 1.0% 1.0% 1.0%
-- -- -- -- --
-- -- -- -- --
2020E 2021E 2022E 2023E 2024E
2.150% 2.500% 3.000% 3.000% 3.000%

2020E 2021E 2022E 2023E 2024E
2020E 2021E 2022E 2023E 2024E

Financing
Years PIK Fees
NA 0.500%
NA 1.250%
0 yr 2.000%
3 yr 2.500%
7. Income Statement

Uses $ %
CHECK: 1

CIRC On
Revenue $327 $342 $359 $381 $407
% Growth 4.6% 5.0% 6.0% 7.0%
Adj. EBITDA $85 $90 $95 $100 $107

% Margin 26.0% 26.3% 26.3% 26.3% 26.3%
% Growth 5.9% 5.0% 6.0% 7.0%
( - ) D&A ($15) ($17) ($18) ($19) ($20)
Adj. EBIT $70 $73 $77 $81 $87
% Margin 21.4% 21.3% 21.3% 21.3% 21.3%
% Growth 4.3% 5.0% 6.0% 7.0%

Adj. EBT $77 $81 $87

% Margin -- -- 13.9% 13.9% 13.9%
% Growth -- -- 6.0% 7.0%
Memo:
Revenue Growth (%) 4.6% 5.0% 6.0% 7.0%
COGS (% of Sales) 40.0% 40.0% 40.0% 40.0% 40.0%
EBITDA Margin (%) 26.0% 26.3% 26.3% 26.3% 26.3%
D&A (% of Sales) 4.6% 5.0% 5.0% 5.0% 5.0%
CapEx (% of Sales) 5.2% 5.0% 5.0% 5.0% 5.0%

Memo:
Sales
COGS
Days
Key Assumptions 360

Calculated NWC
Inventory
Current Assets
Accounts Payable
Accrued Expenses
Current Liabilities
x PF Balance Sheet
Assets
Cash $5
Inventory 45
Total Current Assets 78
Goodwill 20
Total Assets $251

Accrued Expenses 37
Total Debt --

CHECK: 1 1 1 1 1

Net Income
( + ) D&A
( - ) CapEx (17) (17)


Ending Cash Balance
Memo:
x PF Debt Schedule
Ending Debt Balance

Revolver
Term Loan B
Senior Notes
Subordinated Notes
Total
Memo:

Revolver -- -- --
Term Loan B 1.0% 1.0% 1.0%
Revolver
Term Loan B
Senior Notes
Subordinated Notes
Total
Optional Prepayment
Revolver
Term Loan B
Senior Notes
Subordinated Notes
Total
LIBOR 0.500% 1.100% 1.500%
Debt Balance
Undrawn Revolver
Revolver
Term Loan B
Senior Notes
Subordinated Notes

Interest Expense
Undrawn Revolver
Revolver
Term Loan B
Senior Notes
Subordinated Notes
Total

Senior Notes 0 yr
Total

Revolver $1 5 yr
Term Loan B 3 6 yr
Senior Notes 5 8 yr
Total

Interest Expense

x PF Credit Metrics
Outstanding Debt
Senior Secured Debt
Senior Debt
Total Debt
Line Items
Adj. EBITDA
CapEx
Leverage
Interest Coverage
LTM Adj. EBITDA
Total Debt
( - ) Cash
Net Debt
Enterprise Value
7.0x
7.5x
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11.0x
Total Equity Value

7.0x
7.5x
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11.0x
MoIC Investment
7.0x
7.5x
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11.0x
IRR
7.0x
7.5x
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11.0x
$810
10.0%
$81
Debt Financing
$ Leverage Fees - $
Revolver -- $1
$810 Term Loan B 275 3.1x 3
Total $600 6.7 $11
1
1
2020E 2021E 2022E 2023E 2024E

$432 $453 $471 $490 $510
6.0% 5.0% 4.0% 4.0% 4.0%
$114 $119 $124 $129 $134

26.3% 26.3% 26.3% 26.3% 26.3%
6.0% 5.0% 4.0% 4.0% 4.0%
($21) ($23) ($23) ($24) ($25)
$92 $97 $101 $105 $109
21.3% 21.3% 21.3% 21.3% 21.3%
6.0% 5.0% 4.0% 4.0% 4.0%
$92 $97 $101 $105 $109
($32) ($34) ($35) ($37) ($38)

$60 $63 $65 $68 $71
13.9% 13.9% 13.9% 13.9% 13.9%
6.0% 5.0% 4.0% 4.0% 4.0%
6.0% 5.0% 4.0% 4.0% 4.0%

40.0% 40.0% 40.0% 40.0% 40.0%
26.3% 26.3% 26.3% 26.3% 26.3%
5.0% 5.0% 5.0% 5.0% 5.0%
5.0% 5.0% 5.0% 5.0% 5.0%
2020E 2021E 2022E 2023E 2024E

2020E 2021E 2022E 2023E 2024E
1 1 1 1 1
2020E 2021E 2022E 2023E 2024E

2020E 2021E 2022E 2023E 2024E
-- -- -- -- --
-- -- -- -- --
1.0% 1.0% 1.0% 1.0% 1.0%
-- -- -- -- --
-- -- -- -- --
2020E 2021E 2022E 2023E 2024E
2.150% 2.500% 3.000% 3.000% 3.000%

2020E 2021E 2022E 2023E 2024E
2020E 2021E 2022E 2023E 2024E

Financing
Years PIK Fees
NA 0.500%
NA 1.250%
0 yr 2.000%
3 yr 2.500%
8. Working Capital Schedule

Uses $ %
CHECK: 1

CIRC On
Revenue $327 $342 $359 $381 $407
% Growth 4.6% 5.0% 6.0% 7.0%
Adj. EBITDA $85 $90 $95 $100 $107

% Margin 26.0% 26.3% 26.3% 26.3% 26.3%
% Growth 5.9% 5.0% 6.0% 7.0%
( - ) D&A ($15) ($17) ($18) ($19) ($20)
Adj. EBIT $70 $73 $77 $81 $87
% Margin 21.4% 21.3% 21.3% 21.3% 21.3%
% Growth 4.3% 5.0% 6.0% 7.0%

Adj. EBT $77 $81 $87

% Margin -- -- 13.9% 13.9% 13.9%
% Growth -- -- 6.0% 7.0%
Memo:
Revenue Growth (%) 4.6% 5.0% 6.0% 7.0%
COGS (% of Sales) 40.0% 40.0% 40.0% 40.0% 40.0%
EBITDA Margin (%) 26.0% 26.3% 26.3% 26.3% 26.3%
D&A (% of Sales) 4.6% 5.0% 5.0% 5.0% 5.0%
CapEx (% of Sales) 5.2% 5.0% 5.0% 5.0% 5.0%
x Working Capital Schedule


Memo:
Sales $342 $359 $381 $407
COGS 137 144 152 163
Days
Key Assumptions 360

Calculated NWC
Current Assets $142 $149 $158 $169
x PF Balance Sheet
Assets
Cash $5
Inventory 45
Total Current Assets 78
Goodwill 20
Total Assets $251

Accrued Expenses 37
Total Debt --

CHECK: 1 1 1 1 1

Net Income
( + ) D&A
( - ) CapEx (17) (17)


Ending Cash Balance
Memo:
x PF Debt Schedule
Ending Debt Balance

Revolver
Term Loan B
Senior Notes
Subordinated Notes
Total
Memo:

Revolver -- -- --
Term Loan B 1.0% 1.0% 1.0%
Revolver
Term Loan B
Senior Notes
Subordinated Notes
Total
Optional Prepayment
Revolver
Term Loan B
Senior Notes
Subordinated Notes
Total
LIBOR 0.500% 1.100% 1.500%
Debt Balance
Undrawn Revolver
Revolver
Term Loan B
Senior Notes
Subordinated Notes

Interest Expense
Undrawn Revolver
Revolver
Term Loan B
Senior Notes
Subordinated Notes
Total

Senior Notes 0 yr
Total

Revolver $1 5 yr
Term Loan B 3 6 yr
Senior Notes 5 8 yr
Total

Interest Expense

x PF Credit Metrics
Outstanding Debt
Senior Secured Debt
Senior Debt
Total Debt
Line Items
Adj. EBITDA
CapEx
Leverage
Interest Coverage
LTM Adj. EBITDA
Total Debt
( - ) Cash
Net Debt
Enterprise Value
7.0x
7.5x
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11.0x
Total Equity Value

7.0x
7.5x
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11.0x
MoIC Investment
7.0x
7.5x
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11.0x
IRR
7.0x
7.5x
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11.0x
$810
10.0%
$81
Debt Financing
$ Leverage Fees - $
Revolver -- $1
$810 Term Loan B 275 3.1x 3
Total $600 6.7 $11
1
1
2020E 2021E 2022E 2023E 2024E

$432 $453 $471 $490 $510
6.0% 5.0% 4.0% 4.0% 4.0%
$114 $119 $124 $129 $134

26.3% 26.3% 26.3% 26.3% 26.3%
6.0% 5.0% 4.0% 4.0% 4.0%
($21) ($23) ($23) ($24) ($25)
$92 $97 $101 $105 $109
21.3% 21.3% 21.3% 21.3% 21.3%
6.0% 5.0% 4.0% 4.0% 4.0%
$92 $97 $101 $105 $109
($32) ($34) ($35) ($37) ($38)

$60 $63 $65 $68 $71
13.9% 13.9% 13.9% 13.9% 13.9%
6.0% 5.0% 4.0% 4.0% 4.0%
6.0% 5.0% 4.0% 4.0% 4.0%

40.0% 40.0% 40.0% 40.0% 40.0%
26.3% 26.3% 26.3% 26.3% 26.3%
5.0% 5.0% 5.0% 5.0% 5.0%
5.0% 5.0% 5.0% 5.0% 5.0%
2020E 2021E 2022E 2023E 2024E
$432 $453 $471 $490 $510

173 181 189 196 204
94.7 94.7 94.7 94.7 94.7

118.4 118.4 118.4 118.4 118.4
115.8 115.8 115.8 115.8 115.8
97.4 97.4 97.4 97.4 97.4
2.0% 2.0% 2.0% 2.0% 2.0%

10.8% 10.8% 10.8% 10.8% 10.8%
0.9% 0.9% 0.9% 0.9% 0.9%
$114 $119 $124 $129 $134

57 60 62 65 67
9 9 10 10 10
$179 $188 $196 $204 $212
$56 $58 $61 $63 $66
47 49 51 53 55
4 4 4 4 4
$106 $111 $116 $120 $125
$73 $77 $80 $83 $86
($4) ($4) ($3) ($3) ($3)
2020E 2021E 2022E 2023E 2024E
1 1 1 1 1
2020E 2021E 2022E 2023E 2024E

2020E 2021E 2022E 2023E 2024E
-- -- -- -- --
-- -- -- -- --
1.0% 1.0% 1.0% 1.0% 1.0%
-- -- -- -- --
-- -- -- -- --
2020E 2021E 2022E 2023E 2024E
2.150% 2.500% 3.000% 3.000% 3.000%

2020E 2021E 2022E 2023E 2024E
2020E 2021E 2022E 2023E 2024E

Financing
Years PIK Fees
NA 0.500%
NA 1.250%
0 yr 2.000%
3 yr 2.500%
9. PF Balance Sheet

Uses $ %
CHECK: 1

CIRC On
Revenue $327 $342 $359 $381 $407
% Growth 4.6% 5.0% 6.0% 7.0%
Adj. EBITDA $85 $90 $95 $100 $107

% Margin 26.0% 26.3% 26.3% 26.3% 26.3%
% Growth 5.9% 5.0% 6.0% 7.0%
( - ) D&A ($15) ($17) ($18) ($19) ($20)
Adj. EBIT $70 $73 $77 $81 $87
% Margin 21.4% 21.3% 21.3% 21.3% 21.3%
% Growth 4.3% 5.0% 6.0% 7.0%

Adj. EBT $77 $81 $87

% Margin -- -- 13.9% 13.9% 13.9%
% Growth -- -- 6.0% 7.0%
Memo:
Revenue Growth (%) 4.6% 5.0% 6.0% 7.0%
COGS (% of Sales) 40.0% 40.0% 40.0% 40.0% 40.0%
EBITDA Margin (%) 26.0% 26.3% 26.3% 26.3% 26.3%
D&A (% of Sales) 4.6% 5.0% 5.0% 5.0% 5.0%
CapEx (% of Sales) 5.2% 5.0% 5.0% 5.0% 5.0%

Memo:
Sales $342 $359 $381 $407
COGS 137 144 152 163
Days
Key Assumptions 360

Calculated NWC
Current Assets $142 $149 $158 $169


x PF Balance Sheet
Assets
Cash $5 $5
Net Accounts Receivable 90 90
Inventory 45 45
Other Current Assets 7 7
Total Current Assets $147 $147
Net PP&E 78 78
Goodwill 20 670
Other Noncurrent Assets 6 17
Total Assets $251 $912

Accounts Payable $44 $44
Accrued Expenses 37 37
Other Current Liabilities 3 3
Total Current Liabilities $84 $84
Total Debt -- $600

Other Noncurrent Liabilities 7 7
Total Liabilities $91 $691
Shareholders' Equity $160 $221

Total Liabilities & Shareholders' Equity $251 $912
CHECK: 1 1 1 1 1

Net Income
( + ) D&A
( - ) CapEx (17) (17)


Ending Cash Balance
Memo:
x PF Debt Schedule
Ending Debt Balance

Revolver
Term Loan B
Senior Notes
Subordinated Notes
Total
Memo:

Revolver -- -- --
Term Loan B 1.0% 1.0% 1.0%
Revolver
Term Loan B
Senior Notes
Subordinated Notes
Total
Optional Prepayment
Revolver
Term Loan B
Senior Notes
Subordinated Notes
Total
LIBOR 0.500% 1.100% 1.500%
Debt Balance
Undrawn Revolver
Revolver
Term Loan B
Senior Notes
Subordinated Notes

Interest Expense
Undrawn Revolver
Revolver
Term Loan B
Senior Notes
Subordinated Notes
Total

Senior Notes 0 yr
Total

Revolver $1 5 yr
Term Loan B 3 6 yr
Senior Notes 5 8 yr
Total

Interest Expense

x PF Credit Metrics
Outstanding Debt
Senior Secured Debt
Senior Debt
Total Debt
Line Items
Adj. EBITDA
CapEx
Leverage
Interest Coverage
LTM Adj. EBITDA
Total Debt
( - ) Cash
Net Debt
Enterprise Value
7.0x
7.5x
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11.0x
Total Equity Value

7.0x
7.5x
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11.0x
MoIC Investment
7.0x
7.5x
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11.0x
IRR
7.0x
7.5x
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11.0x
$810
10.0%
$81
Debt Financing
$ Leverage Fees - $
Revolver -- $1
$810 Term Loan B 275 3.1x 3
Total $600 6.7 $11
1
1
2020E 2021E 2022E 2023E 2024E

$432 $453 $471 $490 $510
6.0% 5.0% 4.0% 4.0% 4.0%
$114 $119 $124 $129 $134

26.3% 26.3% 26.3% 26.3% 26.3%
6.0% 5.0% 4.0% 4.0% 4.0%
($21) ($23) ($23) ($24) ($25)
$92 $97 $101 $105 $109
21.3% 21.3% 21.3% 21.3% 21.3%
6.0% 5.0% 4.0% 4.0% 4.0%
$92 $97 $101 $105 $109
($32) ($34) ($35) ($37) ($38)

$60 $63 $65 $68 $71
13.9% 13.9% 13.9% 13.9% 13.9%
6.0% 5.0% 4.0% 4.0% 4.0%
6.0% 5.0% 4.0% 4.0% 4.0%

40.0% 40.0% 40.0% 40.0% 40.0%
26.3% 26.3% 26.3% 26.3% 26.3%
5.0% 5.0% 5.0% 5.0% 5.0%
5.0% 5.0% 5.0% 5.0% 5.0%
2020E 2021E 2022E 2023E 2024E
$432 $453 $471 $490 $510

173 181 189 196 204
94.7 94.7 94.7 94.7 94.7

118.4 118.4 118.4 118.4 118.4
115.8 115.8 115.8 115.8 115.8
97.4 97.4 97.4 97.4 97.4
2.0% 2.0% 2.0% 2.0% 2.0%

10.8% 10.8% 10.8% 10.8% 10.8%
0.9% 0.9% 0.9% 0.9% 0.9%
$114 $119 $124 $129 $134

57 60 62 65 67
9 9 10 10 10
$179 $188 $196 $204 $212
$56 $58 $61 $63 $66

47 49 51 53 55
4 4 4 4 4
$106 $111 $116 $120 $125
$73 $77 $80 $83 $86

($4) ($4) ($3) ($3) ($3)
2020E 2021E 2022E 2023E 2024E
1 1 1 1 1
2020E 2021E 2022E 2023E 2024E

2020E 2021E 2022E 2023E 2024E
-- -- -- -- --
-- -- -- -- --
1.0% 1.0% 1.0% 1.0% 1.0%
-- -- -- -- --
-- -- -- -- --
2020E 2021E 2022E 2023E 2024E
2.150% 2.500% 3.000% 3.000% 3.000%

2020E 2021E 2022E 2023E 2024E
2020E 2021E 2022E 2023E 2024E

Financing
Years PIK Fees
NA 0.500%
NA 1.250%
0 yr 2.000%
3 yr 2.500%
10. Statement of Cash Flows

Uses $ %
CHECK: 1

CIRC On
Revenue $327 $342 $359 $381 $407
% Growth 4.6% 5.0% 6.0% 7.0%
Adj. EBITDA $85 $90 $95 $100 $107

% Margin 26.0% 26.3% 26.3% 26.3% 26.3%
% Growth 5.9% 5.0% 6.0% 7.0%
( - ) D&A ($15) ($17) ($18) ($19) ($20)
Adj. EBIT $70 $73 $77 $81 $87
% Margin 21.4% 21.3% 21.3% 21.3% 21.3%
% Growth 4.3% 5.0% 6.0% 7.0%

Adj. EBT $77 $81 $87

% Margin -- -- 13.9% 13.9% 13.9%
% Growth -- -- 6.0% 7.0%
Memo:
Revenue Growth (%) 4.6% 5.0% 6.0% 7.0%
COGS (% of Sales) 40.0% 40.0% 40.0% 40.0% 40.0%
EBITDA Margin (%) 26.0% 26.3% 26.3% 26.3% 26.3%
D&A (% of Sales) 4.6% 5.0% 5.0% 5.0% 5.0%
CapEx (% of Sales) 5.2% 5.0% 5.0% 5.0% 5.0%

Memo:
Sales $342 $359 $381 $407
COGS 137 144 152 163
Days
Key Assumptions 360

Calculated NWC
Current Assets $142 $149 $158 $169


x PF Balance Sheet
Assets
Cash $5 $5
Inventory 45 45
Net PP&E 78 78
Goodwill 20 670

Total Debt -- $600


CHECK: 1 1 1 1 1

( + ) D&A 18 19 20
( + / - ) Change in NWC (3) (4) (5)
( - ) CapEx (17) (17) (18) (19) (20)


Memo:
x PF Debt Schedule
Ending Debt Balance

Revolver
Term Loan B
Senior Notes
Subordinated Notes
Total
Memo:

Revolver -- -- --
Term Loan B 1.0% 1.0% 1.0%
Revolver
Term Loan B
Senior Notes
Subordinated Notes
Total
Optional Prepayment
Revolver
Term Loan B
Senior Notes
Subordinated Notes
Total
LIBOR 0.500% 1.100% 1.500%
Debt Balance
Undrawn Revolver
Revolver
Term Loan B
Senior Notes
Subordinated Notes

Interest Expense
Undrawn Revolver
Revolver
Term Loan B
Senior Notes
Subordinated Notes
Total

Senior Notes 0 yr
Total

Revolver $1 5 yr
Term Loan B 3 6 yr
Senior Notes 5 8 yr
Total

Interest Expense

x PF Credit Metrics
Outstanding Debt
Senior Secured Debt
Senior Debt
Total Debt
Line Items
Adj. EBITDA
CapEx
Leverage
Interest Coverage
LTM Adj. EBITDA
Total Debt
( - ) Cash
Net Debt
Enterprise Value
7.0x
7.5x
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11.0x
Total Equity Value

7.0x
7.5x
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11.0x
MoIC Investment
7.0x
7.5x
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11.0x
IRR
7.0x
7.5x
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11.0x
$810
10.0%
$81
Debt Financing
$ Leverage Fees - $
Revolver -- $1
$810 Term Loan B 275 3.1x 3
Total $600 6.7 $11
1
1
2020E 2021E 2022E 2023E 2024E

$432 $453 $471 $490 $510
6.0% 5.0% 4.0% 4.0% 4.0%
$114 $119 $124 $129 $134

26.3% 26.3% 26.3% 26.3% 26.3%
6.0% 5.0% 4.0% 4.0% 4.0%
($21) ($23) ($23) ($24) ($25)
$92 $97 $101 $105 $109
21.3% 21.3% 21.3% 21.3% 21.3%
6.0% 5.0% 4.0% 4.0% 4.0%
$92 $97 $101 $105 $109
($32) ($34) ($35) ($37) ($38)

$60 $63 $65 $68 $71
13.9% 13.9% 13.9% 13.9% 13.9%
6.0% 5.0% 4.0% 4.0% 4.0%
6.0% 5.0% 4.0% 4.0% 4.0%

40.0% 40.0% 40.0% 40.0% 40.0%
26.3% 26.3% 26.3% 26.3% 26.3%
5.0% 5.0% 5.0% 5.0% 5.0%
5.0% 5.0% 5.0% 5.0% 5.0%
2020E 2021E 2022E 2023E 2024E
$432 $453 $471 $490 $510

173 181 189 196 204
94.7 94.7 94.7 94.7 94.7

118.4 118.4 118.4 118.4 118.4
115.8 115.8 115.8 115.8 115.8
97.4 97.4 97.4 97.4 97.4
2.0% 2.0% 2.0% 2.0% 2.0%

10.8% 10.8% 10.8% 10.8% 10.8%
0.9% 0.9% 0.9% 0.9% 0.9%
$114 $119 $124 $129 $134

57 60 62 65 67
9 9 10 10 10
$179 $188 $196 $204 $212
$56 $58 $61 $63 $66

47 49 51 53 55
4 4 4 4 4
$106 $111 $116 $120 $125
$73 $77 $80 $83 $86

($4) ($4) ($3) ($3) ($3)
2020E 2021E 2022E 2023E 2024E
1 1 1 1 1
2020E 2021E 2022E 2023E 2024E
$60 $63 $65 $68 $71

21 23 23 24 25
(4) (4) (3) (3) (3)

$77 $82 $86 $89 $93
(21) (23) (23) (24) (25)
$56 $59 $62 $65 $67
$153 $209 $268 $330 $395

56 59 62 65 67
(5) (5) (5) (5) (5)
$204 $263 $325 $390 $458
$5 $5 $5 $5 $5
$209 $268 $330 $395 $463
$181 $238 $299 $363 $429

0 1 1 1 1
2020E 2021E 2022E 2023E 2024E
-- -- -- -- --
-- -- -- -- --
1.0% 1.0% 1.0% 1.0% 1.0%
-- -- -- -- --
-- -- -- -- --
2020E 2021E 2022E 2023E 2024E
2.150% 2.500% 3.000% 3.000% 3.000%

2020E 2021E 2022E 2023E 2024E
2020E 2021E 2022E 2023E 2024E

Financing
Years PIK Fees
NA 0.500%
NA 1.250%
0 yr 2.000%
3 yr 2.500%
11. Debt Schedule

Uses $ %
CHECK: 1

CIRC On
Revenue $327 $342 $359 $381 $407
% Growth 4.6% 5.0% 6.0% 7.0%
Adj. EBITDA $85 $90 $95 $100 $107

% Margin 26.0% 26.3% 26.3% 26.3% 26.3%
% Growth 5.9% 5.0% 6.0% 7.0%
( - ) D&A ($15) ($17) ($18) ($19) ($20)
Adj. EBIT $70 $73 $77 $81 $87
% Margin 21.4% 21.3% 21.3% 21.3% 21.3%
% Growth 4.3% 5.0% 6.0% 7.0%

Adj. EBT $77 $81 $87

% Margin -- -- 13.9% 13.9% 13.9%
% Growth -- -- 6.0% 7.0%
Memo:
Revenue Growth (%) 4.6% 5.0% 6.0% 7.0%
COGS (% of Sales) 40.0% 40.0% 40.0% 40.0% 40.0%
EBITDA Margin (%) 26.0% 26.3% 26.3% 26.3% 26.3%
D&A (% of Sales) 4.6% 5.0% 5.0% 5.0% 5.0%
CapEx (% of Sales) 5.2% 5.0% 5.0% 5.0% 5.0%

Memo:
Sales $342 $359 $381 $407
COGS 137 144 152 163
Days
Key Assumptions 360

Calculated NWC
Current Assets $142 $149 $158 $169


x PF Balance Sheet
Assets
Cash $5 $5
Inventory 45 45
Net PP&E 78 78
Goodwill 20 670

Total Debt -- $600


CHECK: 1 1 1 1 1

( + ) D&A 18 19 20
( + / - ) Change in NWC (3) (4) (5)
( - ) CapEx (17) (17) (18) (19) (20)



Memo:
x PF Debt Schedule
Ending Debt Balance

Term Loan B 275 228 179 127
Senior Notes 225 225 225 225
Total $600 $553 $504 $452
% of Original 92.2% 84.0% 75.3%
Memo:

Revolver -- -- --
Term Loan B 1.0% 1.0% 1.0%
Revolver -- -- --
Term Loan B (3) (3) (3)
Total ($3) ($3) ($3)
Optional Prepayment
Revolver -- -- --
Term Loan B (44) (46) (49)
Total ($44) ($46) ($49)
LIBOR 0.500% 1.100% 1.500%
Debt Balance
Undrawn Revolver
Revolver
Term Loan B
Senior Notes
Subordinated Notes

Interest Expense
Undrawn Revolver
Revolver
Term Loan B
Senior Notes
Subordinated Notes
Total

Senior Notes 0 yr
Total

Revolver $1 5 yr
Term Loan B 3 6 yr
Senior Notes 5 8 yr
Total

Interest Expense

x PF Credit Metrics
Outstanding Debt
Senior Secured Debt
Senior Debt
Total Debt
Line Items
Adj. EBITDA
CapEx
Leverage
Interest Coverage
LTM Adj. EBITDA
Total Debt
( - ) Cash
Net Debt
Enterprise Value
7.0x
7.5x
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11.0x
Total Equity Value

7.0x
7.5x
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11.0x
MoIC Investment
7.0x
7.5x
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11.0x
IRR
7.0x
7.5x
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11.0x
$810
10.0%
$81
Debt Financing
$ Leverage Fees - $
Revolver -- $1
$810 Term Loan B 275 3.1x 3
Total $600 6.7 $11
1
1
2020E 2021E 2022E 2023E 2024E

$432 $453 $471 $490 $510
6.0% 5.0% 4.0% 4.0% 4.0%
$114 $119 $124 $129 $134

26.3% 26.3% 26.3% 26.3% 26.3%
6.0% 5.0% 4.0% 4.0% 4.0%
($21) ($23) ($23) ($24) ($25)
$92 $97 $101 $105 $109
21.3% 21.3% 21.3% 21.3% 21.3%
6.0% 5.0% 4.0% 4.0% 4.0%
$92 $97 $101 $105 $109
($32) ($34) ($35) ($37) ($38)

$60 $63 $65 $68 $71
13.9% 13.9% 13.9% 13.9% 13.9%
6.0% 5.0% 4.0% 4.0% 4.0%
6.0% 5.0% 4.0% 4.0% 4.0%

40.0% 40.0% 40.0% 40.0% 40.0%
26.3% 26.3% 26.3% 26.3% 26.3%
5.0% 5.0% 5.0% 5.0% 5.0%
5.0% 5.0% 5.0% 5.0% 5.0%
2020E 2021E 2022E 2023E 2024E
$432 $453 $471 $490 $510

173 181 189 196 204
94.7 94.7 94.7 94.7 94.7

118.4 118.4 118.4 118.4 118.4
115.8 115.8 115.8 115.8 115.8
97.4 97.4 97.4 97.4 97.4
2.0% 2.0% 2.0% 2.0% 2.0%

10.8% 10.8% 10.8% 10.8% 10.8%
0.9% 0.9% 0.9% 0.9% 0.9%
$114 $119 $124 $129 $134

57 60 62 65 67
9 9 10 10 10
$179 $188 $196 $204 $212
$56 $58 $61 $63 $66

47 49 51 53 55
4 4 4 4 4
$106 $111 $116 $120 $125
$73 $77 $80 $83 $86

($4) ($4) ($3) ($3) ($3)
2020E 2021E 2022E 2023E 2024E
1 1 1 1 1
2020E 2021E 2022E 2023E 2024E
$60 $63 $65 $68 $71

21 23 23 24 25
(4) (4) (3) (3) (3)

$77 $82 $86 $89 $93
(21) (23) (23) (24) (25)
$56 $59 $62 $65 $67
$5 $5 $5 $5 $5
56 59 62 65 67
(5) (5) (5) (5) (5)
$56 $59 $62 $65 $67
($3) ($3) ($3) -- --

(53) (56) (60) (65) (67)
$5 $5 $5 $5 $5
$5 $5 $5 $5 $5
$5 $5 $5 $5 $5
0 0 0 0 0
2020E 2021E 2022E 2023E 2024E
-- -- -- -- --
71 12 -- -- --
225 225 175 110 42
100 100 100 100 100
$396 $337 $275 $210 $142
66.0% 56.2% 45.8% 35.0% 23.7%
$100 $100 $100 $100 $100
$56 $59 $62 $65 $67
-- -- -- -- --
1.0% 1.0% 1.0% 1.0% 1.0%
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
(3) (3) (3) -- --
-- -- -- -- --
-- -- -- -- --
($3) ($3) ($3) -- --
$53 $56 $60 $65 $67
-- -- -- -- --
(53) (56) (9) -- --
-- -- (50) (65) (67)
-- -- -- -- --
($53) ($56) ($60) ($65) ($67)
2020E 2021E 2022E 2023E 2024E
2.150% 2.500% 3.000% 3.000% 3.000%

2020E 2021E 2022E 2023E 2024E
2020E 2021E 2022E 2023E 2024E

Financing
Years PIK Fees
NA 0.500%
NA 1.250%
0 yr 2.000%
3 yr 2.500%
12. Interest Expense Schedule

Uses $ %
CHECK: 1

CIRC On
Revenue $327 $342 $359 $381 $407
% Growth 4.6% 5.0% 6.0% 7.0%
Adj. EBITDA $85 $90 $95 $100 $107

% Margin 26.0% 26.3% 26.3% 26.3% 26.3%
% Growth 5.9% 5.0% 6.0% 7.0%
( - ) D&A ($15) ($17) ($18) ($19) ($20)
Adj. EBIT $70 $73 $77 $81 $87
% Margin 21.4% 21.3% 21.3% 21.3% 21.3%
% Growth 4.3% 5.0% 6.0% 7.0%

Adj. EBT $77 $81 $87

% Margin -- -- 13.9% 13.9% 13.9%
% Growth -- -- 6.0% 7.0%
Memo:
Revenue Growth (%) 4.6% 5.0% 6.0% 7.0%
COGS (% of Sales) 40.0% 40.0% 40.0% 40.0% 40.0%
EBITDA Margin (%) 26.0% 26.3% 26.3% 26.3% 26.3%
D&A (% of Sales) 4.6% 5.0% 5.0% 5.0% 5.0%
CapEx (% of Sales) 5.2% 5.0% 5.0% 5.0% 5.0%

Memo:
Sales $342 $359 $381 $407
COGS 137 144 152 163
Days
Key Assumptions 360

Calculated NWC
Current Assets $142 $149 $158 $169


x PF Balance Sheet
Assets
Cash $5 $5
Inventory 45 45
Net PP&E 78 78
Goodwill 20 670

Total Debt -- $600


CHECK: 1 1 1 1 1

( + ) D&A 18 19 20
( + / - ) Change in NWC (3) (4) (5)
( - ) CapEx (17) (17) (18) (19) (20)



Memo:
x PF Debt Schedule
Ending Debt Balance

Term Loan B 275 228 179 127
Senior Notes 225 225 225 225
Total $600 $553 $504 $452
% of Original 92.2% 84.0% 75.3%
Memo:

Revolver -- -- --
Term Loan B 1.0% 1.0% 1.0%
Revolver -- -- --
Term Loan B (3) (3) (3)
Total ($3) ($3) ($3)
Optional Prepayment
Revolver -- -- --
Term Loan B (44) (46) (49)
Total ($44) ($46) ($49)
LIBOR 0.500% 1.100% 1.500%
Debt Balance
Revolver -- -- --
Term Loan B 252 203 153

Revolver FLOAT L+2.000% 2.500% 3.100% 3.500%
Interest Expense
Revolver -- -- --
Term Loan B 9 8 7
Total $33 $33 $31

Total $9 $9 $9

Total $1 $1 $1


x PF Credit Metrics
Outstanding Debt
Senior Secured Debt
Senior Debt
Total Debt
Line Items
Adj. EBITDA
CapEx
Leverage
Interest Coverage
LTM Adj. EBITDA
Total Debt
( - ) Cash
Net Debt
Enterprise Value
7.0x
7.5x
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11.0x
Total Equity Value

7.0x
7.5x
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11.0x
MoIC Investment
7.0x
7.5x
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11.0x
IRR
7.0x
7.5x
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11.0x
$810
10.0%
$81
Debt Financing
$ Leverage Fees - $
Revolver -- $1
$810 Term Loan B 275 3.1x 3
Total $600 6.7 $11
1
1
2020E 2021E 2022E 2023E 2024E

$432 $453 $471 $490 $510
6.0% 5.0% 4.0% 4.0% 4.0%
$114 $119 $124 $129 $134

26.3% 26.3% 26.3% 26.3% 26.3%
6.0% 5.0% 4.0% 4.0% 4.0%
($21) ($23) ($23) ($24) ($25)
$92 $97 $101 $105 $109
21.3% 21.3% 21.3% 21.3% 21.3%
6.0% 5.0% 4.0% 4.0% 4.0%
$92 $97 $101 $105 $109
($32) ($34) ($35) ($37) ($38)

$60 $63 $65 $68 $71
13.9% 13.9% 13.9% 13.9% 13.9%
6.0% 5.0% 4.0% 4.0% 4.0%
6.0% 5.0% 4.0% 4.0% 4.0%

40.0% 40.0% 40.0% 40.0% 40.0%
26.3% 26.3% 26.3% 26.3% 26.3%
5.0% 5.0% 5.0% 5.0% 5.0%
5.0% 5.0% 5.0% 5.0% 5.0%
2020E 2021E 2022E 2023E 2024E
$432 $453 $471 $490 $510

173 181 189 196 204
94.7 94.7 94.7 94.7 94.7

118.4 118.4 118.4 118.4 118.4
115.8 115.8 115.8 115.8 115.8
97.4 97.4 97.4 97.4 97.4
2.0% 2.0% 2.0% 2.0% 2.0%

10.8% 10.8% 10.8% 10.8% 10.8%
0.9% 0.9% 0.9% 0.9% 0.9%
$114 $119 $124 $129 $134

57 60 62 65 67
9 9 10 10 10
$179 $188 $196 $204 $212
$56 $58 $61 $63 $66

47 49 51 53 55
4 4 4 4 4
$106 $111 $116 $120 $125
$73 $77 $80 $83 $86

($4) ($4) ($3) ($3) ($3)
2020E 2021E 2022E 2023E 2024E
1 1 1 1 1
2020E 2021E 2022E 2023E 2024E
$60 $63 $65 $68 $71

21 23 23 24 25
(4) (4) (3) (3) (3)

$77 $82 $86 $89 $93
(21) (23) (23) (24) (25)
$56 $59 $62 $65 $67
$5 $5 $5 $5 $5
56 59 62 65 67
(5) (5) (5) (5) (5)
$56 $59 $62 $65 $67
($3) ($3) ($3) -- --

(53) (56) (60) (65) (67)
$5 $5 $5 $5 $5
$5 $5 $5 $5 $5
$5 $5 $5 $5 $5
0 0 0 0 0
2020E 2021E 2022E 2023E 2024E
-- -- -- -- --
71 12 -- -- --
225 225 175 110 42
100 100 100 100 100
$396 $337 $275 $210 $142
66.0% 56.2% 45.8% 35.0% 23.7%
$100 $100 $100 $100 $100
$56 $59 $62 $65 $67
-- -- -- -- --
1.0% 1.0% 1.0% 1.0% 1.0%
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
(3) (3) (3) -- --
-- -- -- -- --
-- -- -- -- --
($3) ($3) ($3) -- --
$53 $56 $60 $65 $67
-- -- -- -- --
(53) (56) (9) -- --
-- -- (50) (65) (67)
-- -- -- -- --
($53) ($56) ($60) ($65) ($67)
2020E 2021E 2022E 2023E 2024E
2.150% 2.500% 3.000% 3.000% 3.000%
$100 $100 $100 $100 $100

-- -- -- -- --
99 42 6 -- --
225 225 200 142 76
100 100 100 100 100
0.350% 0.350% 0.350% 0.350% 0.350%

4.150% 4.500% 5.000% 5.000% 5.000%
5.150% 5.500% 6.000% 6.000% 6.000%
7.000% 7.000% 7.000% 7.000% 7.000%
8.500% 8.500% 8.500% 8.500% 8.500%
$0 $0 $0 $0 $0
-- -- -- -- --
5 2 0 -- --
16 16 14 10 5
9 9 9 9 9
$30 $27 $23 $19 $14
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
$0 $0 -- -- --
1 1 1 0 --
1 1 1 1 1
0 0 0 0 0
$1 $1 $1 $1 $1
$30 $27 $23 $19 $14

1 1 1 1 1
$31 $28 $25 $20 $15
(0) (0) (0) (0) (0)
$31 $28 $25 $20 $15
-- -- -- -- --
1 1 1 1 1
$1 $1 $1 $1 $1
2020E 2021E 2022E 2023E 2024E
2020E 2021E 2022E 2023E 2024E

Financing
Years PIK Fees
NA 0.500%
NA 1.250%
0 yr 2.000%
3 yr 2.500%
13. Putting the Pieces Together

Uses $ %
CHECK: 1

CIRC On
Revenue $327 $342 $359 $381 $407
% Growth 4.6% 5.0% 6.0% 7.0%
Adj. EBITDA $85 $90 $95 $100 $107

% Margin 26.0% 26.3% 26.3% 26.3% 26.3%
% Growth 5.9% 5.0% 6.0% 7.0%
( - ) D&A ($15) ($17) ($18) ($19) ($20)
Adj. EBIT $70 $73 $77 $81 $87
% Margin 21.4% 21.3% 21.3% 21.3% 21.3%
% Growth 4.3% 5.0% 6.0% 7.0%

Adj. EBT $41 $45 $51

% Margin -- -- 7.5% 7.7% 8.1%
% Growth -- -- 9.0% 12.6%
Memo:
Revenue Growth (%) 4.6% 5.0% 6.0% 7.0%
COGS (% of Sales) 40.0% 40.0% 40.0% 40.0% 40.0%
EBITDA Margin (%) 26.0% 26.3% 26.3% 26.3% 26.3%
D&A (% of Sales) 4.6% 5.0% 5.0% 5.0% 5.0%
CapEx (% of Sales) 5.2% 5.0% 5.0% 5.0% 5.0%

Memo:
Sales $342 $359 $381 $407
COGS 137 144 152 163
Days
Key Assumptions 360

Calculated NWC
Current Assets $142 $149 $158 $169


x PF Balance Sheet
Assets
Cash $5 $5 $5 $5 $5
Inventory 45 45 47 50 54
Net PP&E 78 78 78 78 78
Goodwill 20 670 670 670 670
Total Assets $251 $912 $918 $925 $935

Total Debt -- $600 $575 $548 $518


CHECK: 1 1 1 1 1

( + ) D&A 18 19 20
( + / - ) Change in NWC (3) (4) (5)
( - ) CapEx (17) (17) (18) (19) (20)



Memo:
x PF Debt Schedule
Ending Debt Balance

Term Loan B 275 241 204 164
Senior Notes 225 225 225 225
Total $600 $575 $548 $518
% of Original 95.8% 91.3% 86.3%
Memo:

Revolver -- -- --
Term Loan B 1.0% 1.0% 1.0%
Revolver -- -- --
Term Loan B (3) (3) (3)
Total ($3) ($3) ($3)
Optional Prepayment
Revolver -- -- --
Term Loan B (31) (34) (38)
Total ($31) ($34) ($38)
LIBOR 0.500% 1.100% 1.500%
Debt Balance
Revolver -- -- --
Term Loan B 258 222 184

Revolver FLOAT L+2.000% 2.500% 3.100% 3.500%
Interest Expense
Revolver -- -- --
Term Loan B 9 9 8
Total $34 $35 $35

Total $9 $10 $11

Total $1 $1 $1


x PF Credit Metrics
Outstanding Debt
Senior Secured Debt
Senior Debt
Total Debt
Line Items
Adj. EBITDA
CapEx
Leverage
Interest Coverage
LTM Adj. EBITDA
Total Debt
( - ) Cash
Net Debt
Enterprise Value
7.0x
7.5x
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11.0x
Total Equity Value

7.0x
7.5x
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11.0x
MoIC Investment
7.0x
7.5x
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11.0x
IRR
7.0x
7.5x
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11.0x
$810
10.0%
$81
Debt Financing
$ Leverage Fees - $
Revolver -- $1
$810 Term Loan B 275 3.1x 3
Total $600 6.7 $11
1
1
2020E 2021E 2022E 2023E 2024E

$432 $453 $471 $490 $510
6.0% 5.0% 4.0% 4.0% 4.0%
$114 $119 $124 $129 $134

26.3% 26.3% 26.3% 26.3% 26.3%
6.0% 5.0% 4.0% 4.0% 4.0%
($21) ($23) ($23) ($24) ($25)
$92 $97 $101 $105 $109
21.3% 21.3% 21.3% 21.3% 21.3%
6.0% 5.0% 4.0% 4.0% 4.0%
($36) ($35) ($33) ($29) ($26)

$56 $62 $68 $75 $83
($20) ($22) ($24) ($26) ($29)

$36 $40 $44 $49 $54
8.4% 8.9% 9.4% 10.0% 10.5%
10.8% 10.8% 9.4% 10.7% 9.8%
6.0% 5.0% 4.0% 4.0% 4.0%

40.0% 40.0% 40.0% 40.0% 40.0%
26.3% 26.3% 26.3% 26.3% 26.3%
5.0% 5.0% 5.0% 5.0% 5.0%
5.0% 5.0% 5.0% 5.0% 5.0%
2020E 2021E 2022E 2023E 2024E
$432 $453 $471 $490 $510

173 181 189 196 204
94.7 94.7 94.7 94.7 94.7

118.4 118.4 118.4 118.4 118.4
115.8 115.8 115.8 115.8 115.8
97.4 97.4 97.4 97.4 97.4
2.0% 2.0% 2.0% 2.0% 2.0%

10.8% 10.8% 10.8% 10.8% 10.8%
0.9% 0.9% 0.9% 0.9% 0.9%
$114 $119 $124 $129 $134

57 60 62 65 67
9 9 10 10 10
$179 $188 $196 $204 $212
$56 $58 $61 $63 $66

47 49 51 53 55
4 4 4 4 4
$106 $111 $116 $120 $125
$73 $77 $80 $83 $86

($4) ($4) ($3) ($3) ($3)
2020E 2021E 2022E 2023E 2024E
$5 $5 $5 $5 $5
114 119 124 129 134
57 60 62 65 67
9 9 10 10 10
$184 $193 $201 $209 $217
78 78 78 78 78
670 670 670 670 670
11 10 8 7 7
$943 $951 $957 $964 $971
$56 $58 $61 $63 $66

47 49 51 53 55
4 4 4 4 4
$106 $111 $116 $120 $125
$484 $446 $403 $357 $306

7 7 7 7 7
$597 $564 $526 $484 $438
$346 $387 $431 $480 $533

$943 $951 $957 $964 $971
1 1 1 1 1
2020E 2021E 2022E 2023E 2024E
$36 $40 $44 $49 $54

21 23 23 24 25
1 1 1 1 1
(4) (4) (3) (3) (3)
$55 $61 $66 $71 $77
(21) (23) (23) (24) (25)
$34 $38 $42 $47 $51
$5 $5 $5 $5 $5
34 38 42 47 51
(5) (5) (5) (5) (5)
$34 $38 $42 $47 $51
($3) ($3) ($3) ($3) ($3)

(31) (35) (40) (44) (48)
$5 $5 $5 $5 $5
$5 $5 $5 $5 $5
$5 $5 $5 $5 $5
0 0 0 0 0
2020E 2021E 2022E 2023E 2024E
-- -- -- -- --
130 92 49 3 --
225 225 225 225 177
129 129 129 129 129
$484 $446 $403 $357 $306
80.7% 74.3% 67.2% 59.5% 50.9%
$100 $100 $100 $100 $100
$34 $38 $42 $47 $51
-- -- -- -- --
1.0% 1.0% 1.0% 1.0% 1.0%
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
(3) (3) (3) (3) (3)
-- -- -- -- --
-- -- -- -- --
($3) ($3) ($3) ($3) ($3)
$31 $35 $40 $44 $48
-- -- -- -- --
(31) (35) (40) (44) (0)
-- -- -- -- (48)
-- -- -- -- --
($31) ($35) ($40) ($44) ($48)
2020E 2021E 2022E 2023E 2024E
2.150% 2.500% 3.000% 3.000% 3.000%
$100 $100 $100 $100 $100

-- -- -- -- --
147 111 71 26 1
225 225 225 225 201
129 129 129 129 129
0.350% 0.350% 0.350% 0.350% 0.350%

4.150% 4.500% 5.000% 5.000% 5.000%
5.150% 5.500% 6.000% 6.000% 6.000%
7.000% 7.000% 7.000% 7.000% 7.000%
8.500% 8.500% 8.500% 8.500% 8.500%
$0 $0 $0 $0 $0
-- -- -- -- --
8 6 4 2 0
16 16 16 16 14
11 11 11 11 11
$35 $33 $31 $29 $25
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
$0 $0 -- -- --
1 1 1 0 --
1 1 1 1 1
0 0 0 0 0
$1 $1 $1 $1 $1
$35 $33 $31 $29 $25

1 1 1 1 1
$36 $35 $33 $29 $26
(0) (0) (0) (0) (0)
$36 $35 $33 $29 $26
-- -- -- -- --
1 1 1 1 1
$1 $1 $1 $1 $1
2020E 2021E 2022E 2023E 2024E
2020E 2021E 2022E 2023E 2024E

Financing
Years PIK Fees
NA 0.500%
NA 1.250%
0 yr 2.000%
3 yr 2.500%
14. Credit Metrics

Uses $ %
CHECK: 1

CIRC On
Revenue $327 $342 $359 $381 $407
% Growth 4.6% 5.0% 6.0% 7.0%
Adj. EBITDA $85 $90 $95 $100 $107

% Margin 26.0% 26.3% 26.3% 26.3% 26.3%
% Growth 5.9% 5.0% 6.0% 7.0%
( - ) D&A ($15) ($17) ($18) ($19) ($20)
Adj. EBIT $70 $73 $77 $81 $87
% Margin 21.4% 21.3% 21.3% 21.3% 21.3%
% Growth 4.3% 5.0% 6.0% 7.0%

Adj. EBT $41 $45 $51

% Margin -- -- 7.5% 7.7% 8.1%
% Growth -- -- 9.0% 12.6%
Memo:
Revenue Growth (%) 4.6% 5.0% 6.0% 7.0%
COGS (% of Sales) 40.0% 40.0% 40.0% 40.0% 40.0%
EBITDA Margin (%) 26.0% 26.3% 26.3% 26.3% 26.3%
D&A (% of Sales) 4.6% 5.0% 5.0% 5.0% 5.0%
CapEx (% of Sales) 5.2% 5.0% 5.0% 5.0% 5.0%

Memo:
Sales $342 $359 $381 $407
COGS 137 144 152 163
Days
Key Assumptions 360

Calculated NWC
Current Assets $142 $149 $158 $169


x PF Balance Sheet
Assets
Cash $5 $5 $5 $5 $5
Inventory 45 45 47 50 54
Net PP&E 78 78 78 78 78
Goodwill 20 670 670 670 670
Total Assets $251 $912 $918 $925 $935

Total Debt -- $600 $575 $548 $518


CHECK: 1 1 1 1 1

( + ) D&A 18 19 20
( + / - ) Change in NWC (3) (4) (5)
( - ) CapEx (17) (17) (18) (19) (20)



Memo:
x PF Debt Schedule
Ending Debt Balance

Term Loan B 275 241 204 164
Senior Notes 225 225 225 225
Total $600 $575 $548 $518
% of Original 95.8% 91.3% 86.3%
Memo:

Revolver -- -- --
Term Loan B 1.0% 1.0% 1.0%
Revolver -- -- --
Term Loan B (3) (3) (3)
Total ($3) ($3) ($3)
Optional Prepayment
Revolver -- -- --
Term Loan B (31) (34) (38)
Total ($31) ($34) ($38)
LIBOR 0.500% 1.100% 1.500%
Debt Balance
Revolver -- -- --
Term Loan B 258 222 184

Revolver FLOAT L+2.000% 2.500% 3.100% 3.500%
Interest Expense
Revolver -- -- --
Term Loan B 9 9 8
Total $34 $35 $35

Total $9 $10 $11

Total $1 $1 $1


x PF Credit Metrics
Outstanding Debt
Senior Debt 500 466 429 389
Total Debt 600 575 548 518
Line Items
Adj. EBITDA $90 $95 $100 $107
CapEx 17 18 19 20
Leverage
Interest Coverage
LTM Adj. EBITDA
Total Debt
( - ) Cash
Net Debt
Enterprise Value
7.0x
7.5x
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11.0x
Total Equity Value

7.0x
7.5x
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11.0x
MoIC Investment
7.0x
7.5x
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11.0x
IRR
7.0x
7.5x
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11.0x
$810
10.0%
$81
Debt Financing
$ Leverage Fees - $
Revolver -- $1
$810 Term Loan B 275 3.1x 3
Total $600 6.7 $11
1
1
2020E 2021E 2022E 2023E 2024E

$432 $453 $471 $490 $510
6.0% 5.0% 4.0% 4.0% 4.0%
$114 $119 $124 $129 $134

26.3% 26.3% 26.3% 26.3% 26.3%
6.0% 5.0% 4.0% 4.0% 4.0%
($21) ($23) ($23) ($24) ($25)
$92 $97 $101 $105 $109
21.3% 21.3% 21.3% 21.3% 21.3%
6.0% 5.0% 4.0% 4.0% 4.0%
($36) ($35) ($33) ($29) ($26)

$56 $62 $68 $75 $83
($20) ($22) ($24) ($26) ($29)

$36 $40 $44 $49 $54
8.4% 8.9% 9.4% 10.0% 10.5%
10.8% 10.8% 9.4% 10.7% 9.8%
6.0% 5.0% 4.0% 4.0% 4.0%

40.0% 40.0% 40.0% 40.0% 40.0%
26.3% 26.3% 26.3% 26.3% 26.3%
5.0% 5.0% 5.0% 5.0% 5.0%
5.0% 5.0% 5.0% 5.0% 5.0%
2020E 2021E 2022E 2023E 2024E
$432 $453 $471 $490 $510

173 181 189 196 204
94.7 94.7 94.7 94.7 94.7

118.4 118.4 118.4 118.4 118.4
115.8 115.8 115.8 115.8 115.8
97.4 97.4 97.4 97.4 97.4
2.0% 2.0% 2.0% 2.0% 2.0%

10.8% 10.8% 10.8% 10.8% 10.8%
0.9% 0.9% 0.9% 0.9% 0.9%
$114 $119 $124 $129 $134

57 60 62 65 67
9 9 10 10 10
$179 $188 $196 $204 $212
$56 $58 $61 $63 $66

47 49 51 53 55
4 4 4 4 4
$106 $111 $116 $120 $125
$73 $77 $80 $83 $86

($4) ($4) ($3) ($3) ($3)
2020E 2021E 2022E 2023E 2024E
$5 $5 $5 $5 $5
114 119 124 129 134
57 60 62 65 67
9 9 10 10 10
$184 $193 $201 $209 $217
78 78 78 78 78
670 670 670 670 670
11 10 8 7 7
$943 $951 $957 $964 $971
$56 $58 $61 $63 $66

47 49 51 53 55
4 4 4 4 4
$106 $111 $116 $120 $125
$484 $446 $403 $357 $306

7 7 7 7 7
$597 $564 $526 $484 $438
$346 $387 $431 $480 $533

$943 $951 $957 $964 $971
1 1 1 1 1
2020E 2021E 2022E 2023E 2024E
$36 $40 $44 $49 $54

21 23 23 24 25
1 1 1 1 1
(4) (4) (3) (3) (3)
$55 $61 $66 $71 $77
(21) (23) (23) (24) (25)
$34 $38 $42 $47 $51
$5 $5 $5 $5 $5
34 38 42 47 51
(5) (5) (5) (5) (5)
$34 $38 $42 $47 $51
($3) ($3) ($3) ($3) ($3)

(31) (35) (40) (44) (48)
$5 $5 $5 $5 $5
$5 $5 $5 $5 $5
$5 $5 $5 $5 $5
0 0 0 0 0
2020E 2021E 2022E 2023E 2024E
-- -- -- -- --
130 92 49 3 --
225 225 225 225 177
129 129 129 129 129
$484 $446 $403 $357 $306
80.7% 74.3% 67.2% 59.5% 50.9%
$100 $100 $100 $100 $100
$34 $38 $42 $47 $51
-- -- -- -- --
1.0% 1.0% 1.0% 1.0% 1.0%
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
(3) (3) (3) (3) (3)
-- -- -- -- --
-- -- -- -- --
($3) ($3) ($3) ($3) ($3)
$31 $35 $40 $44 $48
-- -- -- -- --
(31) (35) (40) (44) (0)
-- -- -- -- (48)
-- -- -- -- --
($31) ($35) ($40) ($44) ($48)
2020E 2021E 2022E 2023E 2024E
2.150% 2.500% 3.000% 3.000% 3.000%
$100 $100 $100 $100 $100

-- -- -- -- --
147 111 71 26 1
225 225 225 225 201
129 129 129 129 129
0.350% 0.350% 0.350% 0.350% 0.350%

4.150% 4.500% 5.000% 5.000% 5.000%
5.150% 5.500% 6.000% 6.000% 6.000%
7.000% 7.000% 7.000% 7.000% 7.000%
8.500% 8.500% 8.500% 8.500% 8.500%
$0 $0 $0 $0 $0
-- -- -- -- --
8 6 4 2 0
16 16 16 16 14
11 11 11 11 11
$35 $33 $31 $29 $25
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
$0 $0 -- -- --
1 1 1 0 --
1 1 1 1 1
0 0 0 0 0
$1 $1 $1 $1 $1
$35 $33 $31 $29 $25

1 1 1 1 1
$36 $35 $33 $29 $26
(0) (0) (0) (0) (0)
$36 $35 $33 $29 $26
-- -- -- -- --
1 1 1 1 1
$1 $1 $1 $1 $1
2020E 2021E 2022E 2023E 2024E
$130 $92 $49 $3 --

355 317 274 228 177
484 446 403 357 306
$114 $119 $124 $129 $134

35 33 31 29 25
21 23 23 24 25
1.1x 0.8x 0.4x 0.0x --

3.1 2.7 2.2 1.8 1.3
4.3 3.7 3.3 2.8 2.3
3.3x 3.6x 4.0x 4.5x 5.3x

2.7 2.9 3.2 3.7 4.3
2020E 2021E 2022E 2023E 2024E

Financing
Years PIK Fees
NA 0.500%
NA 1.250%
0 yr 2.000%
3 yr 2.500%
15. Sponsor Returns

Uses $ %
CHECK: 1

CIRC On
Revenue $327 $342 $359 $381 $407
% Growth 4.6% 5.0% 6.0% 7.0%
Adj. EBITDA $85 $90 $95 $100 $107

% Margin 26.0% 26.3% 26.3% 26.3% 26.3%
% Growth 5.9% 5.0% 6.0% 7.0%
( - ) D&A ($15) ($17) ($18) ($19) ($20)
Adj. EBIT $70 $73 $77 $81 $87
% Margin 21.4% 21.3% 21.3% 21.3% 21.3%
% Growth 4.3% 5.0% 6.0% 7.0%

Adj. EBT $41 $45 $51

% Margin -- -- 7.5% 7.7% 8.1%
% Growth -- -- 9.0% 12.6%
Memo:
Revenue Growth (%) 4.6% 5.0% 6.0% 7.0%
COGS (% of Sales) 40.0% 40.0% 40.0% 40.0% 40.0%
EBITDA Margin (%) 26.0% 26.3% 26.3% 26.3% 26.3%
D&A (% of Sales) 4.6% 5.0% 5.0% 5.0% 5.0%
CapEx (% of Sales) 5.2% 5.0% 5.0% 5.0% 5.0%

Memo:
Sales $342 $359 $381 $407
COGS 137 144 152 163
Days
Key Assumptions 360

Calculated NWC
Current Assets $142 $149 $158 $169


x PF Balance Sheet
Assets
Cash $5 $5 $5 $5 $5
Inventory 45 45 47 50 54
Net PP&E 78 78 78 78 78
Goodwill 20 670 670 670 670
Total Assets $251 $912 $918 $925 $935

Total Debt -- $600 $575 $548 $518


CHECK: 1 1 1 1 1

( + ) D&A 18 19 20
( + / - ) Change in NWC (3) (4) (5)
( - ) CapEx (17) (17) (18) (19) (20)



Memo:
x PF Debt Schedule
Ending Debt Balance

Term Loan B 275 241 204 164
Senior Notes 225 225 225 225
Total $600 $575 $548 $518
% of Original 95.8% 91.3% 86.3%
Memo:

Revolver -- -- --
Term Loan B 1.0% 1.0% 1.0%
Revolver -- -- --
Term Loan B (3) (3) (3)
Total ($3) ($3) ($3)
Optional Prepayment
Revolver -- -- --
Term Loan B (31) (34) (38)
Total ($31) ($34) ($38)
LIBOR 0.500% 1.100% 1.500%
Debt Balance
Revolver -- -- --
Term Loan B 258 222 184

Revolver FLOAT L+2.000% 2.500% 3.100% 3.500%
Interest Expense
Revolver -- -- --
Term Loan B 9 9 8
Total $34 $35 $35

Total $9 $10 $11

Total $1 $1 $1


x PF Credit Metrics
Outstanding Debt
Senior Debt 500 466 429 389
Total Debt 600 575 548 518
Line Items
Adj. EBITDA $90 $95 $100 $107
CapEx 17 18 19 20
Leverage
Interest Coverage
LTM Adj. EBITDA $95 $100 $107
Total Debt $575 $548 $518

( - ) Cash (5) (5) (5)
Net Debt $570 $543 $513
Enterprise Value
7.0x $662 $701 $750

7.5x 709 751 804
8.0x 756 801 857
8.5x 803 851 911
9.0x 851 902 965
9.5x 898 952 1,018
10.0x 945 1,002 1,072
10.5x 992 1,052 1,125
11.0x 1,040 1,102 1,179
Total Equity Value

7.0x $92 $159 $237

7.5x 139 209 291
8.0x 186 259 345
8.5x 234 309 398
9.0x 281 359 452
9.5x 328 409 505
10.0x 375 459 559
10.5x 423 509 613
11.0x 470 559 666
MoIC Investment
(Based on Multiple of LTM Adj. EBITDA) $236
7.0x 0.39x 0.67x 1.01x

7.5x 0.59 0.88 1.23
8.0x 0.79 1.10 1.46
8.5x 0.99 1.31 1.69
9.0x 1.19 1.52 1.92
9.5x 1.39 1.73 2.14
10.0x 1.59 1.95 2.37
10.5x 1.79 2.16 2.60
11.0x 1.99 2.37 2.82
IRR
(Based on Multiple of LTM Adj. EBITDA) Years: 1 yr 2 yr 3 yr
7.0x (61.1%) (18.0%) 0.2%

7.5x (41.0%) (6.0%) 7.2%
8.0x (21.0%) 4.7% 13.5%
8.5x (1.0%) 14.4% 19.1%
9.0x 19.0% 23.3% 24.2%
9.5x 39.1% 31.7% 28.9%
10.0x 59.1% 39.5% 33.3%
10.5x 79.1% 46.9% 37.4%
11.0x 99.1% 54.0% 41.3%
$810
10.0%
$81
Debt Financing
$ Leverage Fees - $
Revolver -- $1
$810 Term Loan B 275 3.1x 3
Total $600 6.7 $11
1
1
2020E 2021E 2022E 2023E 2024E

$432 $453 $471 $490 $510
6.0% 5.0% 4.0% 4.0% 4.0%
$114 $119 $124 $129 $134

26.3% 26.3% 26.3% 26.3% 26.3%
6.0% 5.0% 4.0% 4.0% 4.0%
($21) ($23) ($23) ($24) ($25)
$92 $97 $101 $105 $109
21.3% 21.3% 21.3% 21.3% 21.3%
6.0% 5.0% 4.0% 4.0% 4.0%
($36) ($35) ($33) ($29) ($26)

$56 $62 $68 $75 $83
($20) ($22) ($24) ($26) ($29)

$36 $40 $44 $49 $54
8.4% 8.9% 9.4% 10.0% 10.5%
10.8% 10.8% 9.4% 10.7% 9.8%
6.0% 5.0% 4.0% 4.0% 4.0%

40.0% 40.0% 40.0% 40.0% 40.0%
26.3% 26.3% 26.3% 26.3% 26.3%
5.0% 5.0% 5.0% 5.0% 5.0%
5.0% 5.0% 5.0% 5.0% 5.0%
2020E 2021E 2022E 2023E 2024E
$432 $453 $471 $490 $510

173 181 189 196 204
94.7 94.7 94.7 94.7 94.7

118.4 118.4 118.4 118.4 118.4
115.8 115.8 115.8 115.8 115.8
97.4 97.4 97.4 97.4 97.4
2.0% 2.0% 2.0% 2.0% 2.0%

10.8% 10.8% 10.8% 10.8% 10.8%
0.9% 0.9% 0.9% 0.9% 0.9%
$114 $119 $124 $129 $134

57 60 62 65 67
9 9 10 10 10
$179 $188 $196 $204 $212
$56 $58 $61 $63 $66

47 49 51 53 55
4 4 4 4 4
$106 $111 $116 $120 $125
$73 $77 $80 $83 $86

($4) ($4) ($3) ($3) ($3)
2020E 2021E 2022E 2023E 2024E
$5 $5 $5 $5 $5
114 119 124 129 134
57 60 62 65 67
9 9 10 10 10
$184 $193 $201 $209 $217
78 78 78 78 78
670 670 670 670 670
11 10 8 7 7
$943 $951 $957 $964 $971
$56 $58 $61 $63 $66

47 49 51 53 55
4 4 4 4 4
$106 $111 $116 $120 $125
$484 $446 $403 $357 $306

7 7 7 7 7
$597 $564 $526 $484 $438
$346 $387 $431 $480 $533

$943 $951 $957 $964 $971
1 1 1 1 1
2020E 2021E 2022E 2023E 2024E
$36 $40 $44 $49 $54

21 23 23 24 25
1 1 1 1 1
(4) (4) (3) (3) (3)
$55 $61 $66 $71 $77
(21) (23) (23) (24) (25)
$34 $38 $42 $47 $51
$5 $5 $5 $5 $5
34 38 42 47 51
(5) (5) (5) (5) (5)
$34 $38 $42 $47 $51
($3) ($3) ($3) ($3) ($3)

(31) (35) (40) (44) (48)
$5 $5 $5 $5 $5
$5 $5 $5 $5 $5
$5 $5 $5 $5 $5
0 0 0 0 0
2020E 2021E 2022E 2023E 2024E
-- -- -- -- --
130 92 49 3 --
225 225 225 225 177
129 129 129 129 129
$484 $446 $403 $357 $306
80.7% 74.3% 67.2% 59.5% 50.9%
$100 $100 $100 $100 $100
$34 $38 $42 $47 $51
-- -- -- -- --
1.0% 1.0% 1.0% 1.0% 1.0%
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
(3) (3) (3) (3) (3)
-- -- -- -- --
-- -- -- -- --
($3) ($3) ($3) ($3) ($3)
$31 $35 $40 $44 $48
-- -- -- -- --
(31) (35) (40) (44) (0)
-- -- -- -- (48)
-- -- -- -- --
($31) ($35) ($40) ($44) ($48)
2020E 2021E 2022E 2023E 2024E
2.150% 2.500% 3.000% 3.000% 3.000%
$100 $100 $100 $100 $100

-- -- -- -- --
147 111 71 26 1
225 225 225 225 201
129 129 129 129 129
0.350% 0.350% 0.350% 0.350% 0.350%

4.150% 4.500% 5.000% 5.000% 5.000%
5.150% 5.500% 6.000% 6.000% 6.000%
7.000% 7.000% 7.000% 7.000% 7.000%
8.500% 8.500% 8.500% 8.500% 8.500%
$0 $0 $0 $0 $0
-- -- -- -- --
8 6 4 2 0
16 16 16 16 14
11 11 11 11 11
$35 $33 $31 $29 $25
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
$0 $0 -- -- --
1 1 1 0 --
1 1 1 1 1
0 0 0 0 0
$1 $1 $1 $1 $1
$35 $33 $31 $29 $25

1 1 1 1 1
$36 $35 $33 $29 $26
(0) (0) (0) (0) (0)
$36 $35 $33 $29 $26
-- -- -- -- --
1 1 1 1 1
$1 $1 $1 $1 $1
2020E 2021E 2022E 2023E 2024E
$130 $92 $49 $3 --

355 317 274 228 177
484 446 403 357 306
$114 $119 $124 $129 $134

35 33 31 29 25
21 23 23 24 25
1.1x 0.8x 0.4x 0.0x --

3.1 2.7 2.2 1.8 1.3
4.3 3.7 3.3 2.8 2.3
3.3x 3.6x 4.0x 4.5x 5.3x

2.7 2.9 3.2 3.7 4.3
2020E 2021E 2022E 2023E 2024E
$114 $119 $124 $129 $134
$484 $446 $403 $357 $306

(5) (5) (5) (5) (5)
$479 $441 $398 $352 $301
$795 $835 $868 $903 $939

852 895 930 968 1,006
909 954 993 1,032 1,074
966 1,014 1,055 1,097 1,141
1,023 1,074 1,117 1,161 1,208
1,079 1,133 1,179 1,226 1,275
1,136 1,193 1,241 1,290 1,342
1,193 1,253 1,303 1,355 1,409
1,250 1,312 1,365 1,419 1,476
$316 $394 $470 $551 $639

373 454 532 616 706
430 514 594 680 773
487 573 656 745 840
543 633 718 809 907
600 692 780 874 974
657 752 842 938 1,041
714 812 904 1,003 1,108
771 871 966 1,067 1,175
1.34x 1.67x 1.99x 2.34x 2.71x

1.58 1.92 2.26 2.61 2.99
1.82 2.18 2.52 2.88 3.28
2.06 2.43 2.78 3.16 3.56
2.30 2.68 3.04 3.43 3.84
2.54 2.93 3.31 3.70 4.13
2.79 3.19 3.57 3.98 4.41
3.03 3.44 3.83 4.25 4.70
3.27 3.69 4.10 4.52 4.98
4 yr 5 yr 6 yr 7 yr 8 yr
7.6% 10.8% 12.2% 12.9% 13.3%

12.1% 14.0% 14.5% 14.7% 14.7%
16.2% 16.8% 16.6% 16.3% 16.0%
19.8% 19.4% 18.6% 17.8% 17.2%
23.2% 21.8% 20.4% 19.3% 18.3%
26.3% 24.0% 22.1% 20.6% 19.4%
29.2% 26.1% 23.6% 21.8% 20.4%
31.9% 28.0% 25.1% 23.0% 21.3%
34.4% 29.9% 26.5% 24.1% 22.2%
Financing
Years PIK Fees
NA 0.500%
NA 1.250%
0 yr 2.000%
3 yr 2.500%

LBO Completed Model

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

LBO Completed Model

Uploaded by

Copyright:

Available Formats

Illustrative LBO Analysis

Completed LBO Model

Sources & Uses Transaction Assumptions

Sources $ % LTM Adj. EBITDA

Other Assumptions CHECKS

Minimum Cash Balance $5 Balance Sheet:

Adj. EBITDA $85 $90 $95 $100 $107

( - ) Net Interest Expense On ($35) ($36) ($36)

( - ) Illustrative Tax Expense ($14) ($16) ($18)

Other Current Assets (% of Sales) 2.0% 2.0% 2.0% 2.0%

Accounts Payable $44 $46 $49 $52

Net Working Capital (NWC) $58 $61 $65 $69

Liabilities & Shareholders' Equity

Total Debt -- $600 $575 $548 $518

Shareholders' Equity $160 $221 $248 $277 $310

x PF Statement of Cash Flows

Beginning Cash Balance $5 $5 $5

( - ) Mandatory Amortization ($3) ($3) ($3)

( + ) Minimum Cash Balance $5 $5 $5

Fiscal Year Ending December 31, PF 2016 2017E 2018E 2019E

Ending Debt Balance

Cash Available for Debt Repayment $34 $37 $40

Mandatory Amortization Schedule

Cash Available for Optional Prepayment $31 $34 $38

Fiscal Year Ending December 31, 2017E 2018E 2019E

LIBOR 0.500% 1.100% 1.500%

Interest Rate Schedule Type Rate

PIK Interest Expense Years PIK

Financing Fee Amortization Fee Term

Net Interest Expense

Noncash Interest Expense

Fiscal Year Ending December 31, PF 2016 2017E 2018E 2019E

Fiscal Year Ending December 31, PF 2016 2017E 2018E 2019E

LTM Adj. EBITDA $95 $100 $107

Total Debt $575 $548 $518

7.0x $662 $701 $750

Total Equity Value

7.0x $92 $159 $237

7.0x 0.39x 0.67x 1.01x

7.0x (61.1%) (18.0%) 0.2%

2020E 2021E 2022E 2023E 2024E

$114 $119 $124 $129 $134

($36) ($35) ($33) ($29) ($26)

($20) ($22) ($24) ($26) ($29)

6.0% 5.0% 4.0% 4.0% 4.0%

2020E 2021E 2022E 2023E 2024E

$432 $453 $471 $490 $510

94.7 94.7 94.7 94.7 94.7

2.0% 2.0% 2.0% 2.0% 2.0%

$114 $119 $124 $129 $134

$56 $58 $61 $63 $66

$73 $77 $80 $83 $86

2020E 2021E 2022E 2023E 2024E

$56 $58 $61 $63 $66

$484 $446 $403 $357 $306

$346 $387 $431 $480 $533

2020E 2021E 2022E 2023E 2024E

$36 $40 $44 $49 $54

($3) ($3) ($3) ($3) ($3)

2020E 2021E 2022E 2023E 2024E

$100 $100 $100 $100 $100

$34 $38 $42 $47 $51

$31 $35 $40 $44 $48