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Introducing Global M&A
Global M&A is one of the world’s leading independent M&A advisory firms. Specialized in the middle market, we provide support and opportunities locally and internationally for clients buying or selling companies as well as financings, corporate restructurings and other corporate finance transactions. In the last 10 years, we have closed more than 1,500 transactions with an aggregate deal value of more than €30 billion. The Global M&A team has accumulated extensive experience in cross border deals. The main success factors are: local expert knowledge of international markets, discrete and efficient execution and longstanding track record.
Global Sector Expertise
Global M&A has created a growing number of specialised sector teams. These groups meet regularly and exchange intelligence and deal ideas constantly. Most importantly, they co-operate to create seamless cross-border teams on joint projects. This well established system enables us to deliver a unique level of advice and support to our clients. Some of this system’s advantages include:
Multinational teams for seamless cross-border co-operation on specific M&A projects. Centralised industry-relevant knowledge on: Public and privileged information on company valuations Buyers‘ and sellers‘ strategies. Access to decision makers at groups and investment houses around the world.
Our Sector Teams % of GM A Deals Done in 2009 14% 10% 10% 8% 6% 13% l6% 5% 6% 10% 13%
Business Services Construction & Real Estate Consumer Products Financial Services & Insurance Healthcare & Pharmaceuticals Industrials Leisure & Retai M arketing & M edia Packaging Technology/IT
The Global M&A Business Services Team
The Business Services team understands the challenges of service delivery, typical client demands and the market dynamics in the sector, and has a clear appreciation of how these factors can drive value and the interest of purchasers and investors in your business. The team is well positioned to advise you on the best ways of creating or unlocking maximum value, and on the best industrial and cultural fit. Areas of Expertise: • Consultancy Services • Business Process Outsourcing • Catering • Facilities Management • Mechanical & Electrical Maintenance • Security • Recruitment, Contract Staffing & Other HR Services • Waste Management & Recycling Please visit the Business Services sector area of the Global M&A website at www.globalma.com for more information.
Table of Contents
Section I: Section II: Section III: Section IV: Section V: Section VI: Section VII: Section VIII: APPENDIX: Executive Summary BPO Companies Facilities Management Companies Security Services Companies Contract Catering Companies Human Resources Services Companies Waste Management Services Companies Consulting Services Companies (Excluding IT) Global M&A deal highlight
Groupe Dynavision/Grande Armée Conseil Delba Maritima Navegaçao/Bourbon Cargolux
Sampling of Business Services Deals The Global M&A Business Services Team
Nicolas Ambrosioni Financial Analyst Veronique Zeid-Maurel Partner Global M&A Business Services team leader
Section I: Executive Summary
In this report, the Global M&A Knowledge Centre together with the Global M&A Business Services Industry team reviews valuations and recent valuation trends for various sub-sectors of the global business services industry. The seven sub-sectors that we have analyzed for this report include: business process outsourcing (BPO), facilities management, security services, waste management, human resources services, consulting and contract catering companies. For the purpose of this paper we have either excluded smaller or larger sub-segments of the industry, where the data samples are either not as statistically significant or are too numerous to manageably analyze. Our analysis uses the seven aforementioned sub-segments merely as a means to categorize the industry in an easily understandable manner. In the report, we examine valuation statistics derived from the most common valuation techniques used in the Investment Banking and Private Equity industries, namely comparable public company analysis and comparable transactions analysis. In our comparable company analysis we study the valuation of the industry and its sub-sectors based on operating and financial measurements (e.g., EV/EBITDA or EV/EBIT) of groups of public companies that have similar characteristics (for example, a peer or sub-sector group). Our comparable transaction valuation analysis derives an approximation of value from prices at which entire companies (or significant interests in companies) have been sold by comparing the valuation parameters of the M&A transactions.
The results of our analyses are the following: • BPO Companies: At the end of October 2010, the median EV/EBIT and EV/EBITDA for comparable public BPO companies are 11.3x and 7.6x, respectively. The median EV/EBITDA of comparable M&A transactions is 10.1x. • Facilities Management Companies: At the end of October 2010, the median EV/EBIT and EV/EBITDA for comparable public facilities management companies are 9.9x and 7.2x, respectively. The median EV/EBITDA of comparable M&A transactions is 7.9x. • Security Services Companies: At the end of October 2010, the median EV/EBIT and EV/EBITDA for comparable public security services companies are 9.5x and 6.5x, respectively The median EV/EBITDA of comparable M&A transactions is 9.8x. • Contract Catering Companies: At the end of October 2010, the median EV/EBIT and EV/EBITDA for comparable public contract catering companies are 12.4x and 6.9x, respectively. The median EV/EBITDA of comparable M&A transactions is 7.1x. • Human Resources Services Companies: At the end of October 2010, the median EV/EBIT and EV/EBITDA for comparable public human resources services companies are 14.8x and 10.9x, respectively. The median EV/EBITDA of comparable M&A transactions is 8.6x. • Waste Management Companies: At the end of October 2010, the median EV/EBIT and EV/EBITDA for comparable public waste management companies are 14.6x and 6.2x, respectively. The median EV/EBITDA of comparable M&A transactions is 7.9x. • Consulting Services Companies – excluding IT: At the end of October 2010, the median EV/EBIT and EV/EBITDA for comparable public consulting services companies are 9.7x and 7.8x, respectively. The median EV/EBITDA of comparable M&A transactions is 7.6x.
Section II: BPO Companies
Comparable Public Company Valuations
The Knowledge Centre’s BPO comparable public company analysis involves 12 publicly traded BPO companies (IT and IT-enabled BPO not included) providing several different outsourced service offerings (Exhibits 1 and 2). The median EBIT and EBITDA margins are 7.0% and 12.3%, respectively. The median EV/EBIT and EV/EBITDA are 11.3x and 7.6 x, respectively. Exhibit 1 BPO Comparable Company Profit Trends (€ in millions)
EBITDA / Sales
Company Name Apac Customer Services Inc Capita Group CCA International Convergys Corp. Datamatics Global Services Ltd. Fiserv Inc Scicom Msc Bhd Spanco Ltd Startek Sykes Enterprises Teleperformance SA WNS Holdings Ltd. Sales (Last) 204 2 986 97 1 973 42 2 844 31 195 202 590 1 848 433 EBITDA (Last) 32 425 4 120 4 892 4 34 15 70 207 83 EBIT (Last) 24 322 2 -62 3 660 2 32 0 49 130 19 Market cap. (Current) 222 5 385 19 1 021 31 5 979 29 83 54 509 1 302 307 Enterprise Value (Current) 207 6 275 28 1 120 29 8 325 27 83 39 305 1 288 381 2009 15,9% 14,2% 4,0% 6,1% 9,2% 31,4% 12,7% 17,5% 7,6% 11,9% 11,2% 19,2% 2008 7,8% 15,2% 2,8% 9,3% 11,9% 26,4% 10,0% 11,6% 4,2% 12,8% 14,0% 14,1% 2007 2,3% 15,4% 5,6% 13,7% 6,8% 23,5% 11,1% 14,4% 7,1% 10,8% 13,6% 9,4% 2006 2,4% 15,5% 6,9% 14,6% 9,2% 20,8% 16,2% 15,6% 4,4% 10,1% 13,5% 12,4% 2005 0,4% 15,3% 2,4% 15,7% 15,1% 22,8% 19,6% 19,7% 15,5% 10,5% 13,3% 15,6% 2009 11,8% 10,8% 2,2% -3,1% 6,0% 23,2% 7,0% 16,2% -0,2% 8,3% 7,0% 4,4%
EBIT / Sales
2008 3,0% 12,3% 1,1% 4,6% 9,0% 18,3% 5,4% 9,9% -5,7% 9,4% 10,1% 5,4% 2007 -4,0% 12,6% 3,9% 9,3% 3,0% 18,6% 5,3% 12,7% -1,7% 6,8% 9,4% 1,4% 2006 -3,2% 12,6% 4,5% 9,6% 5,6% 16,4% 10,1% 13,6% 2,5% 7,9% 9,5% 7,7% 2005 -8,0% 12,4% -1,5% 9,1% 12,2% 18,4% 14,0% 13,5% 9,7% 5,5% 8,9% 10,0%
Source: Infinancials (25/10/2010)
Comparable Public Company Valuations (Con’t)
Exhibit 2 BPO Public Company Valuation Trends (€ in millions)
Company Name Apac Customer Services Inc Capita Group CCA International Convergys Corp. Datamatics Global Services Ltd. Fiserv Inc Scicom Msc Bhd Spanco Ltd Startek Sykes Enterprises Teleperformance SA WNS Holdings Ltd. 2009 1,0x 2,0x 0,4x 0,5x 0,7x 2,6x 1,0x 0,1x 0,3x 0,9x 0,7x 1,0x 0,4x 0,3x 2,0x 0,4x 0,1x 0,2x 0,7x 0,6x 0,7x 2008 0,2x 2,3x 2007 0,4x 2,3x 0,4x 0,8x 0,8x 3,6x 0,8x 1,2x 0,4x 0,8x 0,8x 1,2x 1,1x 0,7x 1,0x 0,9x 3,1x 1,0x 0,8x 0,9x 2006 0,9x 2,4x 0,4x 1,2x 1,4x 2,1x 2,0x 2005 0,4x 2,1x 0,4x 0,9x 2009 6,3x 14,3x 9,0x 8,5x 7,4x 8,4x 7,8x 0,8x 4,2x 7,7x 6,1x 5,1x 4,7x 2,7x 7,6x 4,0x 0,7x 4,8x 5,4x 4,4x 5,1x
2008 2,9x 14,8x 2007 15,9x 15,0x 7,5x 5,8x 11,2x 15,5x 6,9x 8,1x 6,3x 7,1x 6,2x 12,8x 7,3x 17,0x 9,6x 6,8x 25,3x 6,6x 7,7x 6,7x 2006 38,3x 15,5x 5,6x 8,2x 14,7x 10,1x 9,0x 2005 95,3x 13,8x 17,8x 6,1x 2009 8,4x 18,9x 16,2x nm 11,4x 11,3x 14,1x 0,8x nm 11,0x 9,8x 22,2x 9,5x 3,6x 11,0x 7,4x 0,9x nm 7,4x 6,1x 13,3x 2008 7,7x 18,3x
2007 nm 18,3x 10,7x 8,6x 25,4x 19,5x 14,4x 9,2x nm 11,2x 9,0x 84,9x 8,4x 29,6x 12,3x 9,7x 40,7x 10,6x 14,7x 10,1x 2006 nm 19,1x 8,6x 12,5x 24,1x 12,8x 11,1x 2005 nm 17,0x nm 10,5x 2009 5,4x 24,8x 27,8x 630,2x 8,2x 15,6x 15,4x 2,5x 23,9x 24,5x 14,6x 126,5x nm 3,1x 10,0x 7,3x 2,9x nm 13,0x 9,2x 27,4x 2008 17,2x 27,7x
2007 11,3x 25,6x 22,8x 12,4x 12,6x 20,9x 16,6x 8,6x nm 18,6x 15,0x 68,9x 12,6x 40,0x 16,9x 19,6x 45,9x 20,5x 22,5x 15,0x 2006 nm 26,9x 10,7x 19,5x 16,4x 19,9x 15,2x 2005 nm 25,7x nm 18,1x
nm = "not meaningful"
Source: Infinancials (25/10/2010)
9x 10.6x Sep-10 Kale Consultants Ltd.6% Stake) Zenith Provecta (60% Stake) Spain 21 22 1. and payments expertise UK based company which handles the ticketing and Intelenet Global Services other functions of FirstGroup's UK rail operations Limited Japan based call center management company providing Bain Capital LLC CRM.4x 6. concentrating on the provision of innovative management solutions. and quantitative analytics services Indian provider of technology and business solutions Accelya India 6 10 1.7x India USA 825 49 748 0. (58. and software and services to life insurance and financial services industries Sykes Enterprises Incorporated Intermediate Capital Group (ICG) USA UK 306 173 139 508 0.9x Nov-09 American Express (back-office unit India based back-office operations of American Express ExlService Holdings Inc in India) Business Travel USA 20 .4x and 10.0x TriZetto Group Inc Teleperformance SA Contacta SpA USA France Italy Japan UK USA 39 47 23 42 25 82 12 44 1. e-Commerce and e-Support services US based providing business process outsourcing Infosys BPO Ltd solutions.1x Japan based domestic network outsourcing services Internet Initiative Japan Inc business of AT&T Japan LLC UK based outsourcing service provider of integrated data.2x 13.0x Convergys Corporation (human US based human resources management business of resources management business) Convergys Corporation Integreon Inc (30.9x 9.6x Sep-10 UK based company engaged in providing risk managed The Capita Group Plc solutions. employee Corporation benefits. and vehicle outsourcing businesses US and India bassed provider of business process outsourcing (BPO) services to the health care industry Scottland based customer interaction centres and providers of outsourced services.1x 10.7x 21.HOV Global Services driven CRM solutions of Twenty PLC Holdings Limited US based full service KPO/BPO firm for the Banking & Sutherland Global Services Financial Services and the Airlines & Travel industry US based provider of value-added customer contact services China based pharmaceutical and biotechnology research and development outsourcing company US based remote IT operations management company Alorica Inc Charles River Laboratories Inc MphasiS BFL Ltd NorthgateArinso Nederland BV Apr-10 Apr-10 Apr-10 Mar-10 Ryla Inc WuXi PharmaTech Fortify Infrastructure Services Inc USA USA India Netherlands 76 188 15 53 1112 12 74 0. Italy based call centers owned by Telegate AG Morgan Stanley Private Equity USA 118 103 1. respectively.7x 5.4x Jan-10 Xafinity Group Limited Jan-10 Dec-09 Intelenet UK Services Ltd Bellsystem24 Inc Channel Islands based legal outsourcing company providing legal support and intellectual property management services to corporations and law firms UK based company that provides specialist outsourcing Advent International and consultancy services regarding pensions. CRISIL Limited corporate intelligence. legal and Actis Capital LLP knowledge process outsourcing services with businesses in China India Philippines South Africa and the UK UK 36 Feb-10 Affiliated Computer Services Inc Feb-10 Jan-10 ICT Group.Section II: BPO Companies Comparable M&A Transactions The median EV/EBIT and EV/EBITDA for the comparable BPO M&A transactions are 10.1x.2x 46.5x 2.00% stake) Feb-10 US based company engaged in business.9x Aug-10 Aug-10 Aug-10 Jun-10 Jun-10 May-10 May-10 Tela Sourcing Inc BeCogent Limited Telegate AG (Livorno and Turin Call Centers) AT&T Japan (domestic network outsourcing services business) Dataforce Interact Lmited Adventity Global Services UK based provider of bespoke fleet management services.1x 2.8x USA 144 317 2.8x 30. e-CRM and marketing solutions.9x 0. employee assistance services and occupational health services US based provider of financial and business research. (NB 5 past years average multiple of 9xEBITDA) Exhibit 3 BPO Comparable M&A Transactions (€ in millions except where mentioned in $) Deal value Date Sep-10 Target Company FirstAssist Services Holdings Limited Pipal Research Corporation Target Description Bidder Company Country United Kingdom Revenue 20 (m€) 14 Sales 0.4x Nov-09 McCamish Systems LLC India 27 26 0.7x Enterprise Value / EBIT EBITDA 30.9x 7. Inc CPA Global Limited US based provider of business process outsourcing (BPO) and information technology outsourcing (ITO) solutions to commercial and government clients US based outsourcing company Xerox Corporation USA 4 613 5 029 1.5x 28.
) IP BPO Holdings Pte Ltd Italy based company providing outsourcing services Alba Rental Srl Italy 20 Aug-09 Philippine based provider of business process outsourcing services formerly owned by IPVG group PCCW Teleservices (Hong Kong) Limited Hong Kong 15 Jul-09 Resolve Business Outsourcing Income Fund Canada based provider of customized business process Davis + Henderson Income outsourcing solutions (BPO) Fund Canada 217 100 0. Vox2Web SpA Byte Software House SpA Italy 15 Sep-09 Sep-09 US based business process outsourcing service provider SPi Global Solutions Italy based company providing sale. customer care solutions Limited and technology services solutions to the financial services industry US based company engaged in providing outsourcing.6x Mar-09 e-Services Group International Inc Jamaica based company providing business process outsourcing (BPO) services Affiliated Computer Services Inc USA 51 63 1. Italy based system integrator and value added reseller for CRM platforms Voicity (formerly Omnia Service Center S. Belize 62 Apr-09 Ordina BPO B.2x 10.9x 10.4x 11. Management division) Resolve Corporation Inc. facility management and administrative skills to Omnia Network's clients. facilities services.A.5x 0.26% stake) South Africa based call centre of Talk Talk Telecom Group eTelecare Global Solutions Singapore Pte Ltd Singapore 4 Dec-08 India based provider of BPO services.7x May-09 Cockleshell Limited UK based investment holding company having interest in BCB Holdings Limited business process outsourcing.5x Enterprise Value / EBIT EBITDA 10. It offers Tata Consultancy Services transaction processing solutions. property services and consumer sectors Netherlands based business process outsourcing provider Centric Holding B.) Philippines USA Italy 6 9 Sep-09 Voicity (formerly Omnia Service Center S.V.Section II: BPO Companies Comparable M&A Transactions Exhibit 3 BPO Comparable M&A Transactions (Con’t) (€ in millions except where mentioned in $) Date Oct-09 Target Company eTelecare Global Solutions Inc Target Description Philippines based provider of business process outsourcing service Italy based payroll business Bidder Company Stream Global Services Inc Country USA Revenue 214 Deal value (m€) 100 Sales 0. USA 14 Jul-09 eRx Network LLC US based provider of electronic claims management services to the retail pharmacy industry Emdeon Inc USA 19 54 2.1x . Netherlands 43 24 0.p.V.4x Sep-09 Alitalia SpA (three branches of payroll business) Laguna Medical Systems Inc Omnia Group Service srl.5x Jul-09 Resolve Corporation (Supply Chain Canada based supply chaing management operations of Archway Marketing Services.9x 21.4x 6.p.2x Average Median 1. marketing. management and consulting services Philippines based provider of business process outsourcing service Prodigy Health Group Inc India 375 Dec-08 US Healthcare Holdings Llc USA 19 Dec-08 eTelecare Global Solutions Inc EGS Acquisition Co LLC USA 178 161 0.A.6x 10.2x Mar-09 Kurtzman Carson Consultants LLC US based claims and noticing agent that provides Computershare Limited administrative-support services and technology solutions to companies undergoing a corporate restructuring Australia 75 Mar-09 The Phone House (Proprietary) Limited Citigroup Global Services Limited (96.
Value (Current) (Current) 842 16 2 099 11 191 942 16 1 757 12 342 2009 3.2% 4.5% 7.5% 15.6% 2.1% 6.9x and 7.2% 8.3% 12.5% 15.6% 18.4% 3.3% 5. The median EV/EBIT and EV/EBITDA are 9.2% 6.8% 6.2% 12.6% 4.3% 2.7% 4.1% 2.8% -0.3% 5.0% 2.2% 5.5% 6.A.0% 3.3% 6.0% 4.7% 5.6% 16.9% 5.3% 7.6% 18.8% 6.3% 2009 2.9% 15.3% 3.0% 16.7% 0.0% 6.7% 12.4% 4.7% 5.0% 7.7% 4.8% 11.6% 18.4% 6.3% 0.9% 6.9% 23.2% 6.9% 6.6% 6.6% 1.9% 5.8% 6.7% 16.1% 4.5% 20.9% 5.1% 4.4% 2.8% 2.3% 6.4% 5.2% 4.6% 5. Sales (Last) 2 352 20 9 950 14 669 750 2 432 3 871 1 188 259 2 119 522 1 927 582 131 133 450 2 812 14 681 49 2 938 EBITDA (Last) 85 2 372 1 206 51 105 215 81 22 93 30 115 34 5 7 112 445 963 3 197 EBIT (Last) 61 1 244 953 37 -3 183 28 16 75 22 91 28 0 4 74 133 746 3 155 470 2 063 7 367 26 1 772 809 3 321 10 356 18 1 936 606 1 264 536 104 287 286 820 260 11 1 544 890 910 108 332 279 927 206 14 Market Enterprise cap.5% 9.0% Source: Infinancials (25/10/2010) .8% 3.7% 8. The median EBIT and EBITDA margins are 4.8% 8.8% 7.7% 2.3% 7.3% 21. respectively.1% 5.8% 6.3% 4.6% 10.8% 5.0% 5.3% 6.8% 8.5% 19.9% 5.7% 2.8% 6.8% 4.2% 6.6% 6.0% 7.4% 8.6% 2.5% 6.5% 6.1% 9. respectively.8% 4.1% 4. IMPEL SA Interserve Plc Mears group Mitie Group Nippon Kanzai Parkwood Prodef SA Renaissance Services S.6% 4.3% EBIT / Sales 2008 2.6% 4.6% 2.7% 5.2% 5.0% 4.7% -9.1% 5.7% 5.8% 10.0% 6.0% 2006 6.2% 3.8% 7.8% 4.0% 5.9% -0.7% 20. Rentokil Initial Sodexo SA Synergis Holdings Limited UGL Ltd.1% 4.1% 7.1% 4.8% 6.5% 4.2x.4% 2.6% 2.1% 21.8% 4.4% 2.7% 6.2% 6.6% 3.2% 4.8% 4.5% -0.5% 8.8% 5.5% 5.6% 4.4% 6.Section III: Facilities Management Companies Comparable Public Company Valuations The Knowledge Centre’s facilities management comparable public company analysis involves 20 publicly traded facilities management companies (Exhibits 4 and 5).6% 1.8% 5.1% 2.4% 5.5% 6.6% 7.3% 15.7% 2006 5.9% 3.7% 2008 3.7% 2.1% 2.6% 24.1% 5.5% 6.O.7% 2005 2.4% 16.3% 7.4% 13.2% 4.7% 6.2% 2.3% 3.7% and 6.0% 2005 3.G.9% 4.7% 4.1% 6.3% 5.1% 4.4% 4.3% 3.5% 6.8% 5.4% 14.9% 2007 3.9% 9.5% 6.7% 8.7% 3.8% 6.0% 7.5% 5.4% 17.2% 4.5% 20.4% 3.6% 6.1% 4.5% Mean Median 7.7% 7.2% 6.3%.2% 5.0% 6.3% 4.3% 5.3% 5.1% 15.2% 6.6% 4.9% 3.1% 7.3% 19.0% 15.8% 3.9% 6.6% 11.8% 4.3% 6.4% 5.0% 3.4% 5.8% 5.3% 8.5% 3.3% 5.3% 3. Exhibit 4 Facilities Management Comparable Company Profit Trends (€ in millions) EBITDA / Sales Company Name Abm Industries AWC Facility Solutions Bhd Balfour Beatty Compass Group Connaught Derichebourg Emcor Group FirstService Corp.8% 4.8% 7.8% 2007 2.8% 5.
4x 2005 16.7x 4.5x 0.6x 14.3x 0.1x 13.8x 16.2x 0.7x 0.1x nm 9.1x 16.6x 2006 10.0x 12.1x 12.8x 10.3x nm 8.3x 20.2x 0.7x Mean Median 0.2x 6.8x 8.8x 27.9x 1.9x 0.8x 13.3x 0.4x 4.5x 0.6x 0.0x 4.4x nm 17.3x 10.3x 6.7x 19.5x nm 2.3x 15.2x 0.6x 0.3x 4 452.9x 18.2x 10.7x 0.7x 0.4x 7.3x 9.5x 10.8x 7.2x 8.5x 0.6x 17. IMPEL SA Interserve Plc Mears group Mitie Group Nippon Kanzai Parkwood Prodef SA Renaissance Services S.7x 9.7x 10.3x 17.7x 2.7x 6.3x 21.9x 0.7x 4.1x 2.6x 0. 2009 0.1x Source: Infinancials (25/10/2010) .1x 2.3x 1.3x nm 4.4x 10.3x 11.2x 10.0x 14.4x 0.6x 7.3x 4.6x 0.Section III: Facilities Management Companies Comparable Public Company Valuations Exhibit 5 Facilities Management Public Company Valuation Trends (€ in millions) EV/Net Sales Company Name Abm Industries AWC Facility Solutions Bhd Balfour Beatty Compass Group Connaught Derichebourg Emcor Group FirstService Corp.4x 8.3x 0.4x 6.4x 0.6x 0.8x 7.7x 9.9x 19.3x 12.0x 3.2x 9.8x 1.2x 28.2x 5.3x 9.9x 13.2x 0.0x 14.3x 12.3x 0.0x 2.9x 11.5x 6.3x 6.5x 0.9x 13.5x 6.G.9x 4.4x 8.2x 43.0x 8.6x 0.2x 0.3x 0.6x 2008 10.4x 13.6x 3.6x 10.1x 6.6x 14.4x 0.7x 9.3x 0.1x 7.4x 0.0x 9.3x 12.7x 0.8x 15.6x 0.1x 13.6x 14.3x 0.7x 0.0x 8.5x 1.3x 19.6x 6.6x 4.1x 14.7x 0.7x 3.0x 7.6x 26.O.9x 0.0x 20.0x 0.5x 24.8x 12.9x 12.1x 0.0x 2008 18.5x 3.8x 5.3x 32.3x 18.7x 0.0x 11.4x 6.7x 94.4x 3.6x 1.4x 17.7x 9.4x 2007 10.1x 1.8x 9.1x 1.6x 0.3x 16.0x 13.1x 23.1x 28.4x 0.4x 28.3x 9.2x 7.4x 8.7x 5.5x 9.3x 2005 0.5x 14.6x 7.8x 14.8x 17.6x 11.5x 0.6x 0.1x 8.9x 15.5x 19.3x 13.8x 7.0x 7.6x 0.0x 13.4x 7.2x 8.3x 0.4x 3.2x 15.1x 32.2x nm 22.5x 12.9x 8.2x 6.3x 0.6x 10.5x 5.8x 2009 10.4x 2009 7.6x 5.4x 7.2x 1.3x 2005 14.2x 6.3x 10.5x EV/EBIT 2007 13.7x 15.8x 2006 0.2x 20.1x 26.4x 0.5x 8.8x 14.1x nm 11.8x 23.2x 10.6x 6.2x 5.0x 25.1x 4.6x 0.0x 1.9x 15.2x 2.7x 12.2x 6.4x 13.4x 9.0x 8.6x 10.4x 2.2x 16.2x 20.9x 2008 0.7x 10.1x 4.5x 0.5x 8.3x 7.3x 3.8x nm 4.2x 11.2x 6.6x 0. Rentokil Initial Sodexo SA Synergis Holdings Limited UGL Ltd.1x 2.7x 18.6x 12.5x 5.5x 14.2x 15.4x 0.0x 1.7x 1.1x 9.9x 17.6x 11.9x 8.7x nm 7.9x 0.0x 9.1x 7.8x 5.9x 7.9x 16.0x 14.2x 8.1x 15.3x 0.8x 8.5x 3.7x 7.4x 0.3x 0.4x 1.9x 11.1x 14.3x 12.9x 4.7x 0.6x 14.0x 15.9x 6.6x 41.2x 11.4x 20.3x 8.9x 9.7x 19.3x 8.3x 12.0x 4.3x 2007 0.8x 3.7x EV/EBITDA 2008 8.7x 13.9x 19.4x 0.1x 29.8x 7.4x 0.1x 22.2x 11.1x 4.4x 9.2x 0.8x 0.5x 16.0x 15.1x 7.4x 0.3x 0.3x 19.2x 6.7x 1.2x 0.9x 9.5x 25.0x 4.5x 10.8x 15.6x 20.1x 14.2x 0.2x 0.4x 8.5x 12.8x 9.0x 2009 15.6x 0.3x 22.2x 98.4x 5.3x 12.0x 5.7x 0.3x 1.1x 295.0x 19.9x 3.3x 18.6x 0.5x 0.1x PER 2007 22.4x 7.3x 0.3x 0.6x 2006 5.7x 13.3x 2006 4.1x 0.0x 5.4x 0.9x 6.6x 0.5x 0.9x 9.6x 2005 10.6x 22.1x 9.9x 14.3x 11.9x 7.3x 0.5x 8.6x 1.7x 24.3x 42.6x 12.1x 4.2x 9.8x 22.6x 0.1x 7.5x 0.3x 6.9x 8.4x 0.4x 9.4x 9.2x 0.0x 10.5x 0.1x 0.5x nm 22.6x 8.5x 20.0x 0.7x 0.4x 0.5x 12.6x 10.3x 12.1x 5.3x 0.9x 3.3x 11.0x 11.A.4x 20.
construction and operation of complex airconditioning and ventilation systems. water and heat industry Skelleftea kraft AB Italy 14 Sep-10 Skelleftea Energi Underhall formerly owned by Vattenfall DTE Rail Services.8x 6. maintenance and repair services Ireland based provider of facilities management services. FreightCar America.8x Jul-10 Faceo FM SA France based integrated solutions provider for service sector Vinci SA maintenance.9x. Inc. It provides consulting and planning. refurbishment and maintenance of lifts and escalators STRABAG Property and Facility Services GmbH Grupo Orona Germany 27 Jul-10 Mid Western Lifts Services Ltd.Section III: Facilities Management Companies Comparable M&A Transactions The median EV/EBIT and EV/EBITDA for the comparable Facilities Management M&A transactions are 11. Inc. the service supplier of airline ground handling inNordic countries US based company having franchises for the home services contractor market Spain based infrastructure.4xEBITDA) Exhibit 6 Facilities Management Comparable M&A Transactions (€ in millions except where mentioned in $) Date Oct-10 Target Company IDA Service AS Target Description Denmark based providers of service solutions for facility management. systems integration and multi-service and multi-technical maintenance YIT Corporation Germany based company that offers services in facility engineering and facility systems.USA 107 54 0.4x Jun-10 Crothall Services Group Inc Canada. heating and refrigeration ABM Janitorial Services US based company providing cleaning and maintenance specialized contract services and security services UK based company engaged in providing commercial and residential property maintenance services UK based dvision of SAS Ground Services. respectively.9x Aug-10 Antimite Termite and Pest Control US based pest control company The Terminix International Company USA L. Perception UK LLP Castle Support Services Plc UK based provider of security and receptionist services for the Rentokil Initial Plc corporate sector UK based investment holding company with interests in electro-mechanical inspection.2x and 7. Ireland based provider of facilities management services US based provider of facilities management services Sulzer (UK) Holdings Ltd UK 8 Jun-10 UK 146 157 1.6x Jun-10 Knightsbridge Guarding Limited. Sweden Sep-10 US based provider of railcar maintenance. cleaning and canteen UK based company engaged in building maintenance and providing services Bidder Company Compass Group Plc Country UK Revenue Deal value (m€) 20 Sales Enterprise Value / EBIT EBITDA Oct-10 Jackson Lloyd Ltd Mears Group Plc UK 6 Sep-10 POWER SUPPORT Spanish company engaged in the operation and maintenance Fenice Spa of industrial facilities and power generation plants Sweden based company engaged in providing maintenance services to wind. fleet management. Dalkia Energy & Facilities Ltd Southeast Service Corporation Mitie Group Plc UK 29 13 0.P. (NB 5 past years average multiple of 10.1x 7.2x Jun-10 Diversco Inc USA 58 Jun-10 Powerminster Gleeson Services Ltd SAS Ground Services UK Ltd UK 8 Jun-10 BBA Aviation Plc UK 25 Jun-10 Clockwork Home Services Inc Direct Energy LP USA 153 Jun-10 Audeca SL Elecnor SA Spain 39 23 0. Inc US based provider of hygiene products and services 77 Jul-10 Rimex GmbH (70% Stake) Germany based facility management company engaged in cleaning and maintenance of green spaces and outdoor facilities Ireland based company engaged in installation. with activities in engineering. Spain 25 20 0. road maintenance and environmental services company Morgan Sindall Group plc France 450 Jun-10 Caverion GmbH Finland 440 73 0.9x Jun-10 DFM Providers Limited.5x May-10 Utilicom Group Limited UK based provider of services in building maintenance and energy management and conservation GDF Suez SA France 36 . CoolBrands International Inc Canada 23 Aug-10 Swisher International. repair. railroad operations and technology services USA 20 18 0.
SL Germany-based train maintenance company VTB Bank JSC Russia 79 Dec-09 EuroMaint AB Sweden 94 18 0.00% stake) maintenance of thermodynamic heating equipment. Turenne Capital Partenaires France 5 Dec-08 Zehnacker Holding GmbH (90.5x Oct-09 Quala Systems Inc USA 9 Oct-09 Veris Plc (Property Management and Facilities Management Business) Veolia Proprete Nettoyage et Multiservices SA Eurogem SAS Aramark Investment Limited Aramark UK Ireland Limited Groupe TFN France Ireland 74 46 0.8x Mar-10 Euro Environmental Group Limited UK based provider of drain and sewer cleaning.9x Sep-09 350 120 0.6x 3.3x Aug-09 France based provider of real estate facilities management services formerly owned by Icade UK based provider of outsourced Technical Facilities Management and Energy Services Groupe TFN France 63 18 0. Padana Everest srl (75.00% stake) Godrej Hicare Ltd Russian based real estate asset management company AFK Sistema Russia 12 11 1.5x 16.5x 21. Grupo Ortiz Spain 5 Nov-09 Champions of the West Inc US based facility management company providing services to G4S Plc the US Government US based company providing tank cleaning and repair services Ireland based property management and facilities management Business of Veris Plc.00% German company providing building and facility management Sodexo SA stake) services.1x 11.3x Aug-09 Dalkia Technical Facilities Management Mitie Group Plc UK 280 151 0.62% stake) Russia based company engaged in development.T. asset management and facilities management RSM Rail Service Management GmbH Juan Galindo. security and maintenance services Sodexo SA France 70 99 1.4x Mar-09 LPM Group Ltd UK 21 13 0. cooling. the listed Ireland based provider of integrated property services France based company specalised in industrial cleaning QualaWash Holdings LLC UK 88 40 0.0x Sep-08 Jan-Pro Franchising International Inc US based franchisor of commercial cleaning services Gemini Partners Inc .5x 11.6x Jan-09 Centre Europeen de Domotique et France based company engaged in installation. and water heater repair Homeserve Plc services UK based provider of facilities management services to blue.2x Nov-09 Spain based company which provides electrical installation and maintenance services.8x Oct-08 Italy 21 18 1. inspection and repair services Hurley Corporation Canada based provider of cleaning and facility management services UK 22 Feb-10 Compass Group Canada Ltd Canada 34 Dec-09 Sistema-Hals ZAO (40.00% stake) Italy based provider of health sector services Servizi Italia Spa France 250 172 0. Clarke Plc chip UK client list Sovereign Capital Partners LLP Mar-10 UK 18 8 0. integrated Pvt Ltd facilities management and vending solutions Temple Security Limited UK based provider of contract cleaning. and d'Energie (33.2x 4.3x May-09 Mosdachtrest OJSC (58.Section III: Facilities Management Companies Comparable M&A Transactions Exhibit 6 Facilities Management Comparable M&A Transactions (Con’t) (€ in millions except where mentioned in $) Deal value Date Apr-10 Target Company National Grid Energy Services (service contract business) D&S (Engineering Facilities) Limited Target Description Bidder Company Country UK Revenue (m€) 22 Sales Enterprise Value / EBIT EBITDA US based provider of heating.6x Apr-09 Indian company providing pest control services ISS Facilities Services India India 15 Apr-09 Radhakrishna Hospitality Services India based food service & hospitality solutions. Webster Capital Fund II USA 47 .
2x 9.9x 14.6x Aug-08 Alchemy Partners LLP UK 90 Aug-08 InStar Services Group.9x Source: MergerMarket .4x 8.00% stake) Eastlake Group Ltd from Compass UK based provider of workplace interiors and property services. LP BlackEagle Partners LLC USA 16 Jul-08 Equipo Blanco Argentina based company engaged in facility services ISS Holdings AS Denmark 7 Jul-08 Diversco Inc US based company providing cleaning and maintenance specialized contract services and security services Hong Kong based investment holding company interested in property management and facility management services.6x 0.Section III: Facilities Management Companies Comparable M&A Transactions Exhibit 6 Facilities Management Comparable M&A Transactions (Con’t) (€ in millions except where mentioned in $) Date Sep-08 Target Company Taylor Woodrow Construction Ltd Target Description UK based company engages in construction. facilities management. and engineering businesses Bidder Company Vinci Plc Country UK Revenue 871 Deal value (m€) 86 Sales 0.1x 7.8x 5.4x Jun-08 Synergis Holdings Ltd Hsin Chong Construction Group Ltd Bermuda British Virgin Islands Hong Kong 35 32 0.00% stake). Temco Service Industries Inc USA 54 20 0. SHRM facilities management and vending solutions Food and Allied Services Private Ltd (50.1x Enterprise Value / EBIT EBITDA Sep-08 Sep-08 Radhakrishna Hospitality Services India based food service & hospitality solutions.9x Average Median 0. trading of related products and membership programmes US based provider of critical maintenance services in high temperature and confined space environments to the heavy industry UK based building and maintenance services provider.4x 7. repair and maintenance works.3x 11. security services.3x Apr-08 HRI Inc Timec Company Inc USA 3 Mar-08 The Lord Group Limited Kinetics Group UK 14 6 0.4x 18. integrated Pvt Ltd (50. laundry services.5x 12. Noonan Services Group Ireland based company providing facilities management and cleaning services US based provider of commercial disaster response and reconstruction services formerly onwed by ServiceMaster Radhakrishna Group India 17 Work Inc Group Limited UK 40 17 0. cleaning services.5x 11.
1x 2.6x 20.8% 11.7% 0.5% 5.3% 6.2x 21.6x 6.9x 107.2x 15.3% 22.8x 1.9x 0.1x 0.2x nm 2006 15.6x 9.5x 8.4x nm 41.7x 0.7x 17.9x 0.4x 11.7% 9.2% 6.0x 6.6x 0.3x 9.4x 2005 1.7% -5.8% 8.4% Source: Infinancials (25/10/2010) Exhibit 8 Security Services Company Valuation Trends (€ in millions) EV/Net Sales Company Name Brink's Co (The) Central Security Patrols Co Ltd Command Security Corp.1x 9.1x 0.4% 8.6% 6.8x 0.1x 11.2x 14.8% 14.1x nm nm 2.2% 19.3x 13.2x 13.3x 29.0% EBIT / Sales 2008 7.5% 11.8x 12.6% -28.0x 7.4x 0.0% 11.8% -1.9x 16.1x 5.9x 3.6x nm 9.3x 11.5% 6.6x 5.6% 3.6% -5.1x 12.9x 15.6% 8.2% 2009 6.9% 5.8x 8.3x 28.5x.1% 3.7% 6.2x 9.3% 13.9x 11.6% 4.3% -3.0x 7.6x 1.9x 34.4x 0.6x 7.2x 7.5% 6.9x 7.1% 4.8x 9.8x 1.7x Source: Infinancials (25/10/2010) .0% 9.4% -3.5x 2005 19.5x 6.1x 20. G4S plc Garda World Security Corp GlobalOptions Group Inc.8x nm 5.5x 0.9x 6.4x 14.7x 8.5x 0.3x 0.2x 19.9% 3.7x 2.2x 134.4% 8.2% 2006 12.3x 3.2% 6.1x 14.4x 12.8% 9.5% -6.1% 8.1% 17.5% 3.5% 3.9% 9.9% and 8.8% 5.4x 39.1% 4. The median EBIT and EBITDA margins are 5.4% -7.2x 2007 6.7x 9.5x 23.5x 6.0x 20.5x nm 13.2% 4.7% 2.1x 1.7% 14.4x 0.9% 17.0% 2006 7.0x 19.5x and 6.0x 14.9x EV/EBITDA 2008 3.0% 9.1% 11.4x 30.2x 26.2x 8.1x 17.8x 22.6x 11.0% 9.4x nm 19.3x 9.8% 4.2% 9.9x 11.7% 1.5% 3.2x 3.6% 8.0x 6.1x 24.0% 5.0% 9.3x 15.9% 8.2x 19.3x 17. IMPEL SA Loomis AB Mitie Group Niscayah Group AB Prosegur Secom Securitas AB Sohgo Security Services Co Turvatiimi Oyj 0.8x 17.9x 0.3% 3.0% 23.5% 3.7x 9.8x Mean Median nm = "not meaningful" 0.9% 10.1x 6.2x nm 2006 8.9% -5.6% 7.8% 7.5x 4.0x 45.2x 9.1x 0.4% 8.7x nm 8.2% 13.1% 7. 0.8% 2.5x 2005 11.5x 0.5x 0.0% 8.9x 2009 5.3x 3.9x 4.2x 7.7x 19.3x 26.3x 10.3x 27.5% 6.4% 2.3x 2009 3.0x 1.6x 4.5% 8.7x 8.5x 7.2x 6.6% 8.3% 6.9x 18.0x 12.8x 16.9x 0.4x nm 11.1x nm PER 2007 21.6x 11.1x 14.3x 6.8%.1x 10.3x 18.9x 10.9x 0.2x 14.8x nm 9.2x 14.2x 2008 0.7% -4.2% 8.3x 15.8x 17.2% 15.0x 2006 5.0x 1.3x 0.8x 0.5% -31.6x 0.5x 16.8x 0.1x 2009 6.9% 3.2x 0.4x 19.7% 1.8% 3.3% 6.6% 6.4x 0.6x nm nm 1.2% 3.9x 0.6% China Security & Surveillance Technology Inc.4x 11.1x 16.0% 6.2x 0.4x 2007 0.6x 11.2x 2008 5.6x 0. respectively.0% 5.4% 13.2x 4.8x 22.2% 2007 14.0x 12.2% 8.8x 9.0x 0.3% 5.7x 0.1x 1.5x 1.7% 8.7x 1.2x 0.8% 8.3x 26.2x 0.0% 5.2x 0.6x 18.0% 5. respectively.8x 9.5% 8.5% 7.7x 0.2% 21.8% 7.1x 0.9x 36.1% 7.9% 8.0% 3.1x 5.2x nm 2006 1.7x 1 199.4x 4.9% 2.1% 5.0% 13.8x 13.2x 8.4x 0.8% 8. Value (Current) (Current) 801 103 225 17 4 295 193 23 104 655 820 449 2 614 7 758 2 965 754 23 882 50 221 24 6 035 578 21 108 865 927 568 2 933 7 215 3 896 391 26 2009 10.2% 11.4x 20.3x 18.8% 2008 11.2% -2.1x 22.7% -39.7% -20.8x 1.4x 6.4x 9.8x 15.3x 12. IMPEL SA Loomis AB Mitie Group Niscayah Group AB Prosegur Secom Securitas AB Sohgo Security Services Co Turvatiimi Oyj Sales (Last) 2 187 321 108 7 789 730 71 259 1 165 1 927 741 2 187 5 251 6 090 2 234 27 EBITDA (Last) 229 22 3 717 80 -1 22 155 115 69 310 1 108 455 176 0 EBIT (Last) 145 10 53 3 465 27 -3 16 80 91 48 234 737 351 68 -1 Market Enterprise cap.5x 0.2x 1.8x 0.9% -0.4x 19.4x nm 6.3% 9.6% 6.8x 6.8% 6.0x 6.7x 15.9% 2.0% 12.1% 24.1% 10.9x China Security & Surveillance Technology Inc.5x 0.2x nm 25.5x 29.3% 4.1x 10.1% 13.3% 3.5% 10.8x 25.6% 6.7x 9.4x 4.7x 1.9x 29.8x nm 10.6x 9.0x 0.1% 11.2x nm nm 9.0% 4. Exhibit 7 Security Services Comparable Company Profit Trends (€ in millions) EBITDA / Sales Company Name Brink's Co (The) Central Security Patrols Co Ltd Command Security Corp.2% -3.5x 22.3% 14.4x 25.0% -11.2% 5.0% -0.0x 11.4% 7.0x 2008 6.5x 0.3x 62.3% 10.4x 0.8x nm 1.9x 1.6x 29.7x 18.5x 24.5x 6.7% 5.7x 1.6x 9.9% 13.1% 2007 8.7x 11.7x 0.4x 0.4x 14.1x 12.2x 2009 0. 55 405 Mean Median 8.5% 5.4% 23.7x 0.4% 2005 10.1% 10. The median EV/EBIT and EV/EBITDA are 9.4x 14.1x nm 10. G4S plc Garda World Security Corp GlobalOptions Group Inc.1% 5.3% 23.3x nm EV/EBIT 2007 10.0% -4.7% -6.9% 23.5x 24.9x 13.5% 6.2x 19.4x 0.3% 7.8x nm 9.5x 11.3x 0.0% 11.2x 7.6% 9.8% 3.4% -36.3% 5.3x 29.9% 7.0% 11.2x 0.6x 7.1% -12.9% 0.2x 2005 26.8x 0.8% -3.9% 12.Section IV: Security Services Companies Comparable Public Company Valuations The Knowledge Centre’s security services comparable public company analysis involves 16 publicly traded security services companies (Exhibits 7 and 8).6x 17.7% -6.0% 2005 4.5% 7.7x 27.6% 5.2% 5.4% 6.1x 7.0x 12.5x nm 20.6x 1.3% 5.6% 4.8% 5.7% 13.8% 7.2x 8.4x 9.5x 8.5% 3.8x 8.3x 8.5% 8.0% 2.9x 2.3x nm 3.5x 0.3x nm 10.6x 0.7x 0.1x nm 18.7x 9.0% 24.4x 9.4x 5.5x 21.8x 16.5x 2.8x nm 12.0x 8.4x 1.1x 13.
fraud investigations.1x 17.6 mars-10 SDB Cisco (India) Ltd (60. Federal Protective Service and the U. LLC Target Description UK based security services operations US based security and intelligence solutions company operating across a range of government sites in the United States Bidder Company Securitas AB ManTech International Corporation Country Sweden USA Revenue 232 41 Deal value (m€) 50 44 Sales 0. international non governmental organizations (NGOs).3x avr.1x 9. mainly for embassies.-10 Target Company Reliance Security Group (UK security services operations) QinetiQ North America Security and Intelligence Solutions (S&IS) SpecTal. respectively.-10 juin-10 Legend Group Holding International Pte Ltd Kroll Inc Singapore based provider of security services US based risk consulting company engaged in background screening.-10 Protection One Inc US company providing security alarm monitoring services to residential and commercial subscribers US based provider of support to military and civilian government institutions.0x avr.. and logistics Dan Kontrol. Inc. Perception UK LLP Legion Group plc Paragon Rentokil Initial Plc UK 8 Aug-10 juin-10 OCS Group UK Limited UK Sweden 107 15 26. including aviation support.-10 mars-10 Dan Kontrol Civil Biztonsagi Szolgalat Zrt Securitas AB Prostasia Zrt Sweden Hungary 30 2.Section IV: Security Services Companies Comparable M&A Transactions The median EV/EBIT and EV/EBITDA for the comparable Security Services M&A transactions are 22x and 9.3x Paragon is specialized in providing high level. supply.0x 9. commercial sites and residential customers in the Colombo city area.9x juin-10 Knightsbridge Guarding Limited. Inc. The business.8x avr.9x 17. Hungary based security services company GTCR Golder Rauner LLC USA 256 617 2.S. armed Securitas AB security officer services to various government agencies and facilities under the oversight of the U. Instalarme is a Brazilian electronic software and G4S Plc hardware integration company.-10 VSG Group Limited Zener Electronics Services UK France 136 99 19 0.1x Enterprise Value / EBIT EBITDA sept.S.8 2. the market leader in the country’s banking sector and counts all of Brazil’s largest banks among its clients. Government Department of Defense. McClendon. with 25 employees.9x Unites Arab Emirates based electronics company Sicli Holding SAS engaged in the design. US based manufacturer of security alarms Tyco International Ltd juin-10 Instalarme UK 19 20.4x 22. professional services to the US intelligence and military communities UK based security and support services company Compass Group Plc USA 232 août-10 juil.3x mars-10 Zicom Electronic Security Systems Ltd India based electronic security systems integration (electronic security systems integration business business) Schneider Electric India Pvt Ltd India 30 36 1.5x mai-10 Brink's Home Security Holdings Inc Switzerland 417 1277 3. drug testing. installation and providing maintenance services for electronic products juil. and surveillance services. founded in 1975 and acquired by the The Shri Lanka based company operates in guarding Securitas AB services.6 1.-10 DynCorp International Inc.1x juin-10 Bren security Sweden 2 3. Advanced Concepts. security services and technology services UK based providerS of security services for the corporate sector UK based provider of total security solutions Securitas AB Altegrity Inc Sweden USA 7 6 944 0. security. LLC. infrastructure development.2x .4x 6. (NB 5 past years average multiple of 9.00% stake) India based security services company ISS A/S Denmark 31 24 1.7x 26.-10 sept. is the largest independent monitoring company in Denmark.8 0.2x 1.-10 US based companies providing technical and BAE Systems. Cerberus Capital Management USA LP 2 970 1238 0.8x.5xEBITDA) Exhibit 9 Security Services Comparable M&A Transactions (€ in millions except where mentioned in $) Date sept.
2x juil.-09 Long Hai Security déc.4x déc.0x déc. industry and bank segments.7 6. Mexican private security company.3 3.0x Enterprise Value / EBIT EBITDA mars-10 Secredo Seccredo is a leading Swedish consulting firm in the field of highly qualified risk.97% stake) China based fire alarm system and solution services provider Mega Italia SpA Italy based provider of installation and maintenance of alarm systems UK based fire service company providing services including fire safety compliance inspection.-09 oct.8x sept.2 0.0x 0.-09 Tecniserv. The business has three areas of focus related to secure solutions for critical infrastructure – seaports. Czech Republic based security services company Securitas AB Sweden 6 1 0.-09 Grupo Argos Sweden 5 1. installation of new alarm systems and monitoring of third party connections.6 4.8x 33.4 0. mainly Securitas AB operating in guarding. Securitas AB a majority of Gordon’s sales is in guarding services.4 0.9 0.6x Hill & Associates. Hill & Associates Securitas AB Sweden UK 14 16 8.2 0. retail. Sweden 5 3.-09 Dora Security a.100 employees Hong Kong based security services company.-10 déc. with its private security being in with 1 Minh City and Serbianlargest branchescompanyHo Chi 100 employees. A majority of the customers are in the petroleum.-09 GMCE Gardiennage Ferssa Group Socovig Sweden Sweden Sweden 0 17 7 1. Securitas AB France 196 438 2.1 13. South Africa The South African company is specialized in guarding. a majority of the operations are guarding services.-09 Sweden 10 4. mainly in the areas of Johannesburg and Pretoria Adesta LLC and Adesta LP (formerly McCarthy Group) Securitas AB Sweden 4 1. provides mainly guarding services and operates throughout Vietnam.5 0.2x 9.-09 Guardforce Ltd Sweden 11 1. It develops tomography based detection systems for hazardous or illicit substances in baggage Vigilan The Argentina based company is mainly operating in guarding services and alarm monitoring in the south of Argentina.-09 Gordon The Vietnam based company is the market leader in the Securitas AB Vietnamese security services market. other critical Nuclear Security Services Corporation US based risk consulting and security solutions firm G4S International Holdings Ltd UK 75 54 0.2x sept.4x août-09 GST Holdings Limited (70. fire extinguisher and fire alarm system servicing United Technologies Far East Hong Kong Limited Sicurglobal SpA Italy 119 133 1.K.6x Columbia based provider of security services.3x 21. Socovig has approximately 1.5x mars-10 Claw Protection Services.-09 U.-09 Adesta is US-based and provides systems integration G4S Plc UK and project management services for integrated security systems and communication systems.Section IV: Security Services Companies Comparable M&A Transactions Exhibit 9 Security Services Comparable M&A Transactions (Con’t) (€ in millions except where mentioned in $) Date mars-10 Target Company GE Security Inc Target Description US based supplier of security and life safety technologies Bidder Company United Technologies Corporation Country USA Revenue 1 486 Deal value (m€) 1502 Sales 1.-09 34 juil. Asia’s leading provider of specialist G4S Plc risk mitigation consulting services with 20 m$ revenues and operations in 14 countries Moroccan private security company French based security services company Securitas AB Securitas AB nov.00% stake) Inc. Fire International Limited Connaught Plc UK 12 14 1.7x 10.9 0.2x Sweden 5 3. crises and security investigations and services Securitas AB Sweden 3 1. testing and reporting. energy. provides Securitas AB security personnel and cash transport services (formerly owned by UTC) sept. SA Spain based alarm monitoring company operating in Securitas AB three areas: service of own connections portfolio.3x janv.s.-09 GE Security Inc (Homeland Protection US based Homeland Protection business of GE Security Safran SA Business) (81.2x déc.-09 nov.2x .9 0. also has mobile and monitoring operations.6x déc.7x 15 15 1.-09 nov.2x 0.
7x juin-09 Infratek Vakt AS Norway based company providing security products and Vakt Service AS guard services formerly owned by Infratek ASA Peru based provider of security and private surveillance Prosegur Compania de services Sequridad SA Norway 9 juin-09 Grupo Orus Spain 35 19 0. Setal Servicos processing services Transporte de Valores Ltda Especializados.-09 USA Average Median 1.-09 févr.6x mars-09 Spain 10 7 0.37 0.8x févr.9x 9.-09 Grupo Interlabora Sweden 8 7.-09 févr.3x 0.36 0.0x 11. life safety. security and of ABM Group Ltd Inc LPM Industries maintenance services Setha Industria Eletronica Ltda Brazilian developer and manufacturer of electronic security systems and industrial communication equipment Prosegur Compania de Sequridad SA USA 90 31 0.-09 juil.-09 Sweden Spain USA 15 16 4 0. Tecnicos e Auxiliares Ltda Detection Logic Fire Protection Inc US based fire.9x 22. Argentina based provider of electronic security services Prosegur Compania de Sequridad SA US based security company France based company manufacturing safety and security equipments US based Internet security service provider Securitas AB Prosegur Compania de Sequridad SA ABS Capital Partners.-09 G4S Holdings SAS General Industries Argentina SA (GIASA) Moore Security V Valtis Alarm. Finland Sweden 20 11 8.Section IV: Security Services Companies Comparable M&A Transactions Exhibit 9 Security Services Comparable M&A Transactions (Con’t) (€ in millions except where mentioned in $) Date juil.1x juil.-09 Konsalnet SA (80.3x 9.8x mai-09 mars-09 USA UK 21 13 0.(Cleaning & UK based provider of contract cleaning.-09 Groupe Martec France based provider of electronic security and critical Eolane Group embedded systems to the Defence.8x .com France based security solutions firm formerly owned by Neo Securite SAS G4S. Canadian provider of security and cash handling services Control Security Limited US Janitorial and Engineering Services assets Temple Holding Group Inc.-09 China Security systems Limited Hong Kong based provider of security and alarm services incorporated in British Vergin Island China janv.-09 Sebival-Seguranca Bancaria Industrial Brazilian providers of cash-in-transit (CIT) and payment Brink’s-Seguranca e e de Valores Ltda.A. Aeronautical. Industrial and Transport sectors formerly woned by Eryma SAS Spanish security and other support services provider Securitas AB 22 juil.5x juin-09 Andrews International Garda World Security (US and Mexico US and Mexico based guarding operations of Garda Guarding operations) World Security. Egis Capital Partners Bay Peak 4 Acquisition Corp France Spain 250 févr.-09 Cyveillance US based provider of online risk management and monitoring services Poland based security services firm QinetiQ Group Plc UK 7 60 8.-09 févr.2x Enterprise Value / EBIT EBITDA juil.8x janv. Naval. Environmental.-09 Target Company Federal Security Group Target Description Ireland based security solutions company formerly owned by Newcourt Group Plc Bidder Company Noonan Services Group Country Ireland (Republic) France Revenue 100 Deal value (m€) 15 Sales 0. and security contractor and related services provider UTC Fire & Security Brazil 44 36 0.9x juil.7x Brazilian group focused on the secUrity and Prosegur Compania de transportation of valuable material and money formerly Sequridad SA owned by Grupo Nordeste and Macedo Participacoes Finland based provider of airline ground services formerly owned by SAS AB Chilean provider of security and alarm monitoring services ISS Palvelut Oy Securitas AB juin-09 juin-09 SAS Ground Services Finland Worldwide Security S.3x 22 févr.4x 0.00% stake) Norsergel Vigilancia e Transporte de Valores Ltda SGAM Private Equity Eastern France Europe Spain 66 85 22 61 0.7x 21.
8% 4. Value (Current) (Current) 2 390 115 11 191 69 7 367 4 304 93 12 342 151 10 356 2009 10.3x 12.7x 2006 1.7% 6.5x 9.3x 0.6x 16.8x 8.3% 4.4x 11.6% 1.1% 6.1x 12.1x 8.2% 5.6x 0.9x 14.3x 7.1x 7.1x 9.6x 0.5% 6. The median EBIT and EBITDA margins are 5.8x 20.7x 2007 0.6% 6.2% 5. respectively.3x 8.2x 19.2x 14. respectively.0x 7.7x 2005 2009 60.6x 12.5% 3.8% 5.9x 6.2x 12.7% 7.5x 0.6x 13.5% 6.2x 13.8% 2.3% 8.3x 28.6% 11. The median EV/EBIT and EV/EBITDA are 12.1x 17.9x 5.6x 0.4x 2005 2009 6.4% 8.5x 12.4% 8.8x 21.6% 9.1x 11.3x 17.0x 2006 7.7% 6.2% 6.5x 6.8x 7.2x 10. Exhibit 10 Contract Catering Comparable Company Profit Trends (€ in millions) EBITDA / Sales Company Name Autogrill Finanziaria Catering International serv Compass Group Fuji Foods Inc Sodexo SA Sales (Last) 5 817 160 14 669 483 14 681 EBITDA (Last) 606 17 1 206 28 963 EBIT (Last) 251 13 953 7 746 Market Enterprise cap.2% 2007 6.0x 7.8x 5.6% 2.2x 0.4% 3.7x nm 11.1% 6.6% 14.2x 9.3x 7.6x 0.9x 2007 8.3x 0.0x 15.8x 9.1x 11.2% 11.9x.2x 0.8x 15.6% 2008 10.3% 5.6x 0.7x 0.6x 0.Section V: Contract Catering Companies Comparable Public Company Valuations The Knowledge Centre’s contract catering comparable public company analysis involves 5 publicly traded contract catering companies (Exhibits 10 and 11).7x 0.9% 11.4% 5.6x 15.6x 12.1% 5.2x 14.3x 3.5x 0.9x 4.2x 0.5x 0.4x PER 2007 18.3x 11.1% 5.4x 10.9x 8.5x 0.1x 12.1% and 8.0x 11.2x Source: Infinancials (25/10/2010) .6x 6.1x 2005 2009 16.1% 2006 12.8% 2.6x 6.1x 9.6x EV/EBITDA 2008 6.5x 0.7x 24.0x 5.3% 13.1x 7.7x 2006 23.4x 10.3% 6.7x 13.9x 13.6x 0.7x 6.0% 6.8x 0.9x 2008 11.1x 14.8x 4.6x 0.5% 5.6x 11.2x 19.4x and 6.5% 5.8% 4.3x 4.1x 10.4% 10.6x 0.9% 7.1x nm 28.5% 4.5% 1.2x 9.8% 2006 7.2% 2.3x 12.7x 0.7% 2005 Mean Median 8.0x 4.0x EV/EBIT 2007 12.4x 9.8x 13.2% 2.8x 10.6x 0.2%.0% Source: Infinancials (25/10/2010) Exhibit 11 Contract Catering Public Company Valuation Trends (€ in millions) EV/Net Sales Company Name Autogrill Finanziaria Catering International serv Compass Group Fuji Foods Inc Sodexo SA 2009 0.2x 19.6x 0.6x 8.8% 9.6% 2007 10.8% 6.1% 2005 2009 4.9% 5.0x 9.7x 22.0x 4.7% 5.1x 15.6x 4 452.3x 6.3x 10.0x 2006 12.1% EBIT / Sales 2008 5.6x 0.7% 6.6x 16.3% 8.0% 5.4% -1.7x 3.9% 5.2x 2005 Mean Median nm = "not meaningful" 0.9% 5.4x 2008 10.6x 2008 0.0x 0.8x 1 499.4x 12.3x 10.2% 5.2% 7.6x 0.2% 8.9% 6.9% 5.6x 0.3x 6.
1x Sep-08 Fast Food Servis Czech Republic based provider of operator activities in Food & Beverage at the airport in Prague Czech Republic US based food service provider..7x 9. Netherland based event management services provider.r.6x Aug-08 CAFE Group Capitol Vending Treat America Food Services Inc USA Aug-08 7 Yedi Endustriyel Yemek Turkey based catering company Yemekci Turkey Jul-08 Qua.5x Horkram Schulz Food Service AS Denmark based catering company Oct-08 ITP services.3x 9.Section V: Contract Catering Companies Comparable M&A Transactions The median EV/EBIT and EV/EBITDA for the comparable contract catering M&A transactions are 12.r. Kohlberg & Company LLC including concessions. (NB 5 past years average multiple of 9. logistics and service profitably on the ground Germany 27 Jun-08 Jun-08 Sardunya AS Cerfal Lecocq SA SDM Turkey based catering group France based companies providing food catering and event organisation related services. Jaarbeurs Catering Services Netherlands 30 Sep-08 US based provider of food and related services. Italy based provider of canteen and refectory outsourcing services.ser s.9x 11. Czech Republic based company engaged in managing food and beverage activities at Prague Airport Airest Slovakia Gastronomy and Retail sro Airest Terminal & Catering Business Holding GmbH Slovakia Austria 8 Oct-08 Arjan van Dijk Groep (75. s. KG Spain Turkey Germany 96 5 24 80 0.5x 4.r. Zilch Ristorazione Italy based company engaged in catering services. respectively. ISS Turkey Holding SDPL Finorpa Turkey France .. Gruppo Gemeaz Cusin Srl s.l. catering and merchandise services in sports facilities. CLS Catering Services Limited (30.5x Apr-09 Radhakrishna Hospitality Services Pvt Ltd India based food service & hospitality solutions.00% stake) Union Castellana de Alimentacion SA Actera Group Citti Handelsges mbH & Co.1x.00% stake) Olympic Catering SA (55.6x 19.0x and 7.70% stake) Lufthansa Airport ServiceGesellschaft Canada based provider of catering services in airlines Greece based inflight catering company LSG Lufthansa Service Europa Afrika GmbH Alkmini Catering Italy Jul-08 Germany 4 Jul-08 Greece 24 Jul-08 Germany based catering company which has its SSP Deutschland GmbH core competencies in food processing.l.5xEBITDA) Exhibit 12 Contract Catering Comparable M&A Transactions (€ in millions except where mentioned in $) Date Dec-09 Target Company Mediterranea de Catering SL Target Description Spain based catering company Bidder Company Alia Private Equity SCR SA Inversiones Ibersuizas SA Sodexo SA Country Spain Revenue 74 Deal value (m€) 70 Enterprise Value / Sales EBIT EBITDA 0. Inc. US based local vending operation servicing central Indiana Airest Terminal & Catering Business Holding GmbH Austria 6 15 2. integrated facilities management and vending solutions Spanish catering company Turkish catering company France 70 99 1.o. convention centers and other entertainment facilities USA 503 150 0.4x Oct-09 Dec-08 Oct-08 Vanyera3 SL G2M (50.00% stake) Centerplate.
4x 11. de C.00% stake) Patman Services Ireland based coffee shops chain and catering company Penninn H F Iceland 16 Jan-08 Indian provider of facilities management. Italian company operating in the food sector.V Yedi SCK DUS GmbH& Co KG Duesseldorf Target Description Mexico based catering company Turkey based company engaged in catering business. USA Dec-07 Aviapartner Group (catering activities) Air Czech Catering Switzerland Dec-07 Alpha Overseas Holdings Limited Italy 26 Dec-07 Dec-07 Dec-07 Lsg Sky Chefs Espana SA Holroyd Howe Limited Grupo Rocha Newrest Inflight Espana SA BaxterStorey Limited ISS A/S Spain UK Denmark 48 Nov-07 Bongrain Gastronomie 21 Centrale Partners France 94 Nov-07 Emin Catering (51. UK based catering company Spanish services restaurant and catering service provider.00% stake) Turkey based food and catering company.o.p. Klueh Service Management Germany 9 .5x Mar-08 Accor (GR Brasil Servicos de Alimentacao) (50.A.00% stake) Brasil based provider of catering services Compass Group Plc UK 383 119 0. Inc. production and catering.o. business dining. created by Air Berlin Gate Gourmet Switzerland GmbH and SCK Sky Catering Kitchen GmbH Bordverpflegung & Co Service KG Ulm May-08 Topic Caterers Australian based resources catering company ISS A/S Denmark 20 Apr-08 Polrest SA (formerly Gastropol Group Sp. Russia based provider of airline catering services ISS A/S Denmark 10 Apr-08 LSG Lufthansa Service Europa Afrika GmbH Luigi Cremonini Germany Mar-08 Cremonini s.a. Aramark Corporation housekeeping.Section V: Contract Catering Companies Comparable M&A Transactions Exhibit 12 Contract Catering Comparable M&A Transactions (Con’t) (€ in millions except where mentioned in $) Date Jun-08 Jun-08 Jun-08 Target Company Grupo Servicoin S.) Aeromeal (majority stake) Poland based catering company and restaurant operator. catering and other services Belgium based catering business of Aviapartner Group Czech Republic based catering arm of Czech Airlines Spain based provider of catering facilities. Bidder Company ISS A/S Bulutoglu Gida ve Lojistik Hizmetleri AS Country Denmark Turkey Switzerland USA 13 Revenue Deal value (m€) Enterprise Value / Sales EBIT EBITDA Germany based joint venture.1x 7. Italy 2 482 138 0.6x Feb-08 The Oggenfuss Catering by Wilfinger services GmbH (Majority Stake) Switzerland based restaurant operator and catering Kofler & Kompanie AG service provider Germany Jan-08 Redcoral Catering Limited (Insomnia) (51. The business interests include distribution. z.0x Mar-08 Catering Partnership Holdings Limited UK based food services operator Mitie Facilities Services Limited UK 18 9 0. French providers of catering services and organisation of banquets and receptions Gate Gourmet.
THY Do & Co Catering Service AS Italy 79 45 0.1x Mars Restaurants Private Limited. Charlton House Catering Services Ltd.4x 0.0x 6.9x 12. Indian airline catering company. UK Apr-07 Impact Exhibition Management (42. Italy based catering and food distribution company Barclays Private Equity Limited Scapa Italia Srl (formerly owned by Accor) Nordic Airlink holding AB Sweden based company engaged in airline business formerly owned by Finnair Oyj Norwegian Air Shuttle ASA Jul-07 Norway 94 6 0.3x 7.1x . Indian hotel and SkyGourmet Catering Pvt Ltd restaurant company.6x 31.6x May-07 Chester Boyd Ltd Uk based catering services provider.9x 7.5x Jan-07 Carestel (95.30% UK based company providing catering and retailing Autogrill SpA stake) services for airlines and airports Italy 848 227 0.8x 0. beverage and catering services in connection with the exhibition and convention facilities. Jun-07 Alpha Airports Group Plc (57.00% stake) Target Description Sweden based inflight catering company Bidder Company LSG Lufthansa Service Holding AG Country Germany Revenue 16 Deal value (m€) Enterprise Value / Sales EBIT EBITDA Sep-07 Australia based provider of of in-flight catering services Emirates Airline United Arab Emirates UK 312 135 0. Cayman Islands 159 Mar-07 Saudia Catering (49.00% stake) Alpha Flight Services Pty Ltd (49. Juutland Ltd convention space and related services as well as food.9x Jan-07 USAS Ucak Servisi AS (Catering Service Operations) Turkey 36 Source: MergerMarket Average Median 0.3x 8. Searcy Tansley & Co Ltd UK based catering group..5x 15.00% stake) Saudi Arabia based catering service Al Hokair And Sons Group Ltd Newrest Inflight Saudi Arabia France 168 Feb-07 Jan-07 Waterfall Services Ltd ARAMARK Corp UK based contract caterers.4x 12. Malaysia Jun-07 Jun-07 Alternative Hotel Group India Hospitality Corp UK Cayman Islands 57 43 83 0.1x 8.1x Jun-07 Groupe Vivae France based contract catering company (formerly Groupe Elior owned by French PE Quartus) Tamadam Bonded Warehouse Bhd France 92 Jun-07 Brahim's-LSG Sky Chefs Malaysia based investment holding company Holdings Sdn Bhd (51.1x May-07 Selecta Management AG Swiss food and beverage vending services operator Allianz Capital Partners GmbH formerly owned by Compass Group Germany 705 1129 1.7x 13.8x 5.00% stake) involved in the provision of in-flight catering.4x Aug-07 Gemeaz Cusin Ristorazione Srl.95% stake) Belgium based catering and hospitality group with a Autogrill SpA focus on food services (formerly owned by PE Gimv) Turkey based catering service operations.22% stake) Thailand based company provides exhibition.Section V: Contract Catering Companies Comparable M&A Transactions Exhibit 12 Contract Catering Comparable M&A Transactions (Con’t) (€ in millions except where mentioned in $) Date Oct-07 Target Company Airo Catering Services Sweden AB (46. ISS Mediclean Ltd UK 15 May-07 Caterhouse Ltd UK based company providing catering services to schools. Facilities services and catering YFM Group Limited buyer group UK USA 18 $8032 6 0.
5% 4.S.9% 7.5% 3.3% 2005 7.0%.2% 2.8% 5.2% 5.3% Source: Infinancials (25/10/2010) .8% 6.2% 5.1% 2006 4.8% -3.1% 7.7% 2. respectively.2% -1.8% 10.7% 5.8% 3.5% 4.0% 4.4% 7.0% 8.6% 5.5% 18.4% 3.3% 4.4% 3.6% 2008 5.7% 7.8% 5.7% -3.5% -0.7% 7.1% 3.7% 1.7% 0.2% 3.6% 7.0% 4.9% 10.0% 2.7% 2007 5.1% 5.4% 3. Exhibit 13 Human Resources Services Comparable Company Profit Trends (€ in millions) EBITDA / Sales Company Name Adecco Sa Ambition Group Ltd. Demos Groupe CRIT SA Harvey Nash Group Hays PLC Hydrogen Group Plc InterQuest Group PLC Matchtech Group Plc Michael Page Intl OPD Group Plc Parity Poolia AB Prime People Robert Walters SThree Plc Synergie SA Work Group Plc Sales (Last) 14 797 54 190 117 96 1 128 434 3 322 82 108 315 796 55 132 127 16 334 572 948 25 EBITDA (Last) 379 0 5 2 7 20 4 69 0 3 14 36 -1 2 4 1 6 16 19 -1 EBIT (Last) 64 -4 4 1 4 14 2 48 -6 2 14 23 -2 1 3 1 2 7 16 -1 4 53 8 265 420 280 4 15 46 5 246 374 246 1 Enterprise Market cap.6% 6.1% 4.9x.4% 2.4% 5.0% 4.0% 7.5% 1.1% 2.4% 2.2% 2.8% 2.2% 5.6% 16.1% 1.7% 8.5% 2006 4.5% 6.8% 9.5% 10. The median EV/EBIT and EV/EBITDA are 14.6% 9.8x and 10.6% 15.8% 5.0% -2.7% 4.0% 3.8% 0.5% 2.6% 4.6% 1.8% 3.0% 4.7% 1.5% 2.2% 1.2% 3.4% 5.9% 0.5% 4.8% -18.7% 6.1% 7.2% 5.0% 5.8% 0.2% and 2.9% 3.6% 7.5% 4.5% 8.8% 12.5% 10.6% 1.2% 5.5% 2.7% 10.7% 6.5% 2.2% 9.5% -7.9% 8.6% 6.1% 13.2% 4.1% 0.2% 10.3% 8.8% 7.5% 5.1% 4.6% EBIT / Sales 2008 3.7% 0.3% 5.8% 4.0% 4.9% 2.2% 0.8% 2.2% 6.6% 0. CPL Resources D.4% 3.0% 12.6% 2. Value (Current) (Current) 7 328 17 80 18 61 205 43 1 753 36 19 58 1 659 7 440 15 38 26 71 186 38 1 840 33 22 60 1 505 2009 2.9% 2005 3.6% 6.5% 1.6% 1.1% 8.1% 3.0% 9.7% 7.3% 17.3% 1.4% 7.4% 1.9% 8.5% -4.0% 1.1% 10.2% 4.1% 10.5% 5.6% 8.5% 6.4% 9.3% 15.1% 2.2% 3.9% 5.0% 10.0% 2009 0.9% 9.7% 2.5% 3.3% 3.7% 6.6% 3.Section VI: Human Resources Services Companies Comparable Public Company Valuations The Knowledge Centre’s Human Resources comparable public company analysis involves 20 publicly traded Human Resources Services companies (Exhibits 13 and 14).3% 7.2% 0.4% 4.0% 10.0% 2.5% 7.4% 3.9% 5.8% 2.4% 8.0% 9.8% 6.4% -8.2% 4.6% 11.1% 4.1% 2.0% 11.6% 7.3% 4.0% 0.I. respectively.8% 7.3% 7.9% 7.3% 4.2% 7.2% 0.3% 8.9% 3.3% 2.6% 5.8% 3.7% -3.9% 11.7% 10.5% -2.8% 8.L.0% 7.8% 11.5% 4.8% 2.7% 5.1% 5.2% 7.1% 2.3% 3.3% 5.3% 7.1% 9. The median EBIT and EBITDA margins are 1.8% 3.3% 9.8% 0.6% Mean Median 2.7% 2.2% 3.3% 1.9% 10.3% 2.6% 2007 5.7% 8.3% 14.
3x 7.2x 1.8x 14.1x 11.2x 12.4x 0.Section VI: Human Resources Services Companies Comparable Public Company Valuations Exhibit 14 Human Resources Services Public Company Valuation Trends (€ in millions) EV/Net Sales Company Name Adecco Sa Ambition Group Ltd.7x 10.5x 12.4x 0.7x 15.5x 8.0x 6.1x 3.2x 7.9x 47.9x 11.5x 13.7x 14.5x 4.9x 2.6x 39.2x 15.5x 15.6x 2.2x 0.0x 2009 834.1x 13.2x 0.5x 0.3x 0.6x 11.4x 19.6x 0.9x 3.7x 4.8x 2009 17.4x 11.6x 4.1x 34.5x 0.0x 6.6x 3.2x nm 0.4x 40.7x 0.5x Source: Infinancials (25/10/2010) .3x 1.4x 2006 15.1x EV/EBIT 2007 7.7x 2009 106.2x 0.8x 10.3x 2006 12.2x 11.6x nm 7.7x 7.5x 0.0x 7.5x 4.5x 6.7x 3.8x 7.5x 1.3x 0.7x 10.1x 6.5x 0.8x 2.8x 6.4x 0.0x 3.2x nm nm nm 15.1x 0.2x 0.8x 27.5x 13.8x 12.7x nm nm nm 8.3x 3.4x 0.6x 9.6x 1.4x 4.3x 0.5x 18.6x 0.5x nm 10.0x 11.8x 1.4x 0.3x 2005 0.4x 2007 6.6x nm nm 26.5x nm 11.2x 9.5x 12.5x 0.3x 6.6x 4.7x 0.2x 6.0x 2006 10.8x 8.5x 63.9x PER 2007 9.4x 14.5x 0.7x 10.4x 15.9x 18.8x 24.1x 0.1x 6.3x 0.6x 6.2x 0.0x 14.0x 8.9x 20.8x 3.5x 27.5x nm 78.1x 2. CPL Resources D.6x 10.2x 43.8x 5.3x 5.9x 7.2x 0.5x nm 3.3x 9.5x 0.3x 10.3x 17.2x 6.4x 9.9x 10.L.2x 0.0x 0.0x 2.9x 0.2x 0.6x nm 16.6x 10.3x 0.7x 10.0x 6.9x 10.4x 4.3x 6.6x 10.0x 4.2x 7.4x nm 9.9x 51.8x 12.9x nm 25.4x 4.0x 0.7x 0.1x 0.3x 4.5x 1.1x 0.1x 4.9x 8.7x 136.5x 5.2x 14.6x 5.9x 3.1x 12.0x nm 8.3x 0.6x 0.6x 10.4x 12.9x 4.5x 6.0x 3.3x 0.7x 680.3x 1.1x 7.4x 0.2x 16.1x 8.4x 12.2x 12.4x 0.7x 3.6x 11.4x 4.6x Mean Median nm = "not meaningful" 0.2x 3.0x 28.0x 53.1x 15.3x 30.9x 4.2x 0.0x 10.6x 7.0x 23.2x 6.6x 0.1x 2.0x 13.8x 117.3x 0.5x 12.5x 7.3x 16.7x 15.6x 4.2x 6.4x 31.3x 0.7x 9.5x 0.4x 0.9x 10.1x 9.4x 6.0x nm 2008 6.3x 0. Demos Groupe CRIT SA Harvey Nash Group Hays PLC Hydrogen Group Plc InterQuest Group PLC Matchtech Group Plc Michael Page Intl OPD Group Plc Parity Poolia AB Prime People Robert Walters SThree Plc Synergie SA Work Group Plc 2009 0.1x 0.1x 1.2x 0.3x 2.0x 2.4x 9.4x 5.8x 9.1x 1.3x 0.6x 6.0x 18.2x 0.9x 27.1x 34.1x nm 8.1x 4.1x 0.8x nm EV/EBITDA 2008 4.8x 0.1x 6.1x 9.4x 9.5x 13.5x 34.1x 0.5x 0.0x 1.9x 26.8x 140.8x nm 2008 8.9x 3.5x 16.S.7x 1.9x 92.6x 12.I.1x 0.2x 0.5x 6.2x 2006 0.0x 5.2x 0.4x 3.0x 4.9x 19.3x 12.8x 7.6x 3.3x 3.1x nm 0.2x 0.7x 0.7x 7.7x 5.8x 9.5x 0.9x 5.6x 2.1x 13.6x 5.1x 2005 11.7x 35.1x 8.7x 4.1x 3.1x 6.9x 11.4x 0.0x 0.3x 0.9x 9.7x 1.7x 14.2x 0.2x 0.9x 19.9x 1.0x 30.4x 2.8x 24.7x 98.8x 13.1x 6.2x 1.7x 44.1x 0.2x 0.7x 8.3x 4.2x 12.7x 5.9x 13.8x 6.4x 14.7x 6.1x nm nm 3.0x 5.2x 0.3x 0.0x 16.4x 6.2x 3.4x nm 2.1x 2005 16.6x 2005 5.1x 8.2x 11.9x 6.0x 10.5x 0.4x 6.2x 9.0x 2007 0.1x 0.6x 3.0x 10.4x 1.3x 15.5x 0.1x 0.9x 5.9x 17.5x 2.3x 24.8x 7.0x 0.6x 53.7x 0.0x 15.0x 11.6x 7.9x 28.3x 11.6x 2.0x 18.0x 2008 0.5x 0.1x 1.8x 99.0x 4.
46% Stake) OC Financial Inc USA 20 9 0. (NB 5 past years average multiple of 9. apprenticeships and TtG Plus programs to the information and communications technology industries Morson Wynnwith Limited United Kingdom USA 79 9 0. based online company specializing in career services for Dice Holdings.6xEBITDA) Exhibit 15 Human Resources Services Comparable M&A Transactions (€ in millions except where mentioned in $) Date Sep-10 Target Company INPUT.4x 6. AMN Healthcare Services Inc USA 169 Jul-10 Integrity Interactive Corporation SAI Global Limited Australia 132 Jul-10 Sharpstream Life Sciences Limited On Assignment. Inc.8x 16. client/server development.5x 13. consulting.3x 11. analysis.S.9x Blackstone Group Holdings LLC USA Jun-10 Wynnwith Group Ltd UK based technical engineering personnel and project design solutions provider US based provider of vocational school job training and related services UK based company providing vocational training. USA 99 5 Corporate Resource Services Inc USA Aug-10 Aug-10 FujiStaff Holdings Inc (79.6x 27. LLC USA 237 67 0. storage.7x 9. and advertising related to the oil and gas industry Mexico based operator of online employment services SEEK Limited Netherlands USA 473 7 162 43 0.7x 29. and training. Insurance Overload Services.5x Apr-10 COMSYS IT Partners Inc US based company specialized IT staffing and project Manpower Inc implementation services. consulting and staffing services for physician.Section VI: Human Resources Services Companies Comparable M&A Transactions The median EV/EBIT and EV/EBITDA for the comparable Human Resources Services M&A transactions are 11. external sales forces.1x 9. data. application programming and development. Japan based provider of personnel placement and planned Randstad Holding NV recruitment services U. and Santa Fe Holdings Ltd relocation solutions US based provider of SaaS learning management solutions US based company that offers temporary and permanent employment staffing services Taleo Corporation Hong Kong 78 59 0. systems software architecture and design.8x 7.com. USA 3 4 1.0x Jun-10 Jun-10 Intelligence Ltd Independent Clinical Services Limited Kohlberg Kravis Roberts & Co USA 452 288 132 0. systems engineering and systems integration US based national health care staffing company Medical Connections Holdings Inc USA 450 296 0. including Website development and integration.com.7x Jul-10 Medical Staffing Network Inc US based healthcare staffing company and provider of per diem nurse staffing services Japan based recruitment and consulting company UK based provider of temporary nursing staff on a short term. Inc.1x Jun-10 Ross Education LLC (58% Stake) JLL Partners 195 May-10 Melorio Plc Pearson Plc UK 66 121 1. Inc.3x 6.com Netherlands based company that provides energy jobs for engineers Dice Holdings Inc and professionals in the energy sector US based provider of recruiting. professionals in the oil and gas industry.3x and 8. last minute and emergency basis MSN AcquisitionCo.5x May-10 WorldwideWorker.8x Aug-10 Online Career Center Mexico Inc (40% Stake) Medfinders Inc Australia 31 Jul-10 US based provider of nurse staffing services to hospitals and other healthcare facilities US based compliance and business ethics consultant and training services provider UK based provider of search services for executive to middle managers in the life sciences industry Spain based on-site and multimedia English language training company Optimark is one of the leading French operators in the field of commercial presentations. and events and training services Bidder Company Deltek. Inc. Inc. Inc. respectively.5% Stake) Rigzone. Target Description US based provider of market intelligence.6x Sep-10 Sep-10 Learn.6x.8x 11. Inc.9x 6.1x Jul-10 Vaughan Systems (55% Stake) AC Capital Premier II Spain 20 14 1.3x Enterprise Value / EBIT EBITDA Sep-10 Wridgways Australia Limited Australia based company providing removal. pharmaceutical and IT jobs On Assignment Inc USA 7 Apr-10 The Cambridge Group Ltd USA 8 4 0.9x 8.3x Jul-10 Optimark SA (56. Country USA Revenue 19 Deal value (€m) 44 Sales 2. packaging.2x Mar-10 Trustaff Inc USA 20 . as well as in content.
WI Harper China USA Group Inc Switzerland 40 5 0.6x 52.3x Aug-09 Alljobs Ltd (75. including contract management. staffing Adecco SA and related services formerly onwed by ET Training LLC Norway based online recruitment company Axel Springer AG 540 62 0. as well as solutions in the areas of information technology.2x 6. finance. pension scheme administration.3x Dec-09 Atlas Acquisition Holdings Corp USA 988 577 0.9x Jan-10 HighCare Detachering BV (Significant Stake) Towers Perrin Forster & Crosby Inc High Care Holding BV Netherlands 5 Jan-10 US based provider of human resource and administration consulting Watson Wyatt Worldwide.5x 8.Section VI: Human Resources Services Companies Comparable M&A Transactions Exhibit 15 Human Resources Services Comparable M&A Transactions (Con’t) (€ in millions except where mentioned in $) Deal value Date Feb-10 Target Company Brainhunter Inc (formerly TrekLogic Technologies Inc) Target Description Canada based recruiting and staffing firm.1x 3. billing. employee benefit and investment consultancy services New Dynamic Institute (undisclosed stake) China based company providing educational training Jardine Lloyd Thompson Group UK Plc Matrix Partners China.00% stake) Israel based online jobseeker company formerly onwed by Headhunter. marketing.0x 21.ru UK based recruitment agency for the oil and gas sector Yediot Ahronot Israel 6 Aug-09 Air Energi Group Limited Zeus Private Equity LLP UK 35 Jul-09 BPP Holdings Plc UK based provider of professional education Apollo Global Inc USA 173 387 2.2x 13.03% stake) Germany 124 82 1.0x .5x 9.com Inc Monster Worldwide Inc USA 162 Feb-10 Tatum LLC SFN Group (formerly Spherion Corporation) Adecco SA USA 84 33 0.0x 2.8x Nov-09 7 Oct-09 Spring Group Plc UK based company engaged in the provision of recruitment.2x 2.50% stake) Koosharem Corporation UK 79 13 0.2x Feb-10 Hotjobs.0x Enterprise Value / EBIT EBITDA Feb-10 OneClickHR Plc ADP Network Services Ltd UK 6 16 2. engineering and healthcare. Inc services.0x Dec-09 International Resources Group Limited (50. and sale of human resources software.1x 9. payroll administration and financial reporting UK based company engaged in the design. online HR services.3x 7.5x Sep-09 StepStone ASA (67. internal and external payment processing.2x 17. law. accounting.0x 3.00% stake) Russia based airline pilots training center OAO Aeroflot Russia 12 Dec-09 HSBC Actuaries and Consultants Limited UK based provider of actuarial. The company also provides consulting services.6x 11.1x 12. and actuarial and management consulting MBO of Netherlands based interim and financial consultancy firm of Fagro Consultancy BV (MBO Altran Technologies SA Vehicle) UK based executive search and selection services firm formerly onwed by OPD Group Plc US based company that provides temporary staffing services Odgers (MBO Vehicle) USA 1245 Jan-10 Fagro Consultancy BV Netherlands 19 12 0. and HR outsourcing and training services US based online recruitment solutions and software company of Yahoo! Inc US based recruiting and staffing company Bidder Company Zylog Systems Limited Country India Revenue 35 (€m) 34 Sales 1. Netherland based staffing agency of medical professionals Switzerland 1 591 772 0.8x Dec-09 CAE (A320 Training Center) (51.4x Jul-09 Phoenix Associates Co Ltd Japan based company providing business communication skills training and human resources development programs to multinational corporations Berlitz International Inc USA 8 7 1.4x Jan-10 MPS Group Incorporated US provider of staffing and consulting services. production. It manages post-hire activities.6x 3.6x 2. reinsurance intermediary.
and systems. advisory.7x 14.5x Feb-09 Arena Personal AB SMTW Personal Holding AB Norway 19 16 0.6x . providing actuarial. personnel and organization development.8x 10.1x 9.1x 8.9x 11.0x 0. through 39 company-owned training centers in seven cities including Beijing.9x 10. Guangzhou and Shenzhen US based recruitment company formerly owned by Delstaff LLC Capita Hartshead UK 11 Apr-09 Wall Street English Pearson Plc UK 110 Mar-09 Westaff Inc (49.6x Average Median 1.6x Feb-09 Integrata AG (91. Shanghai.3x 9.1x Feb-09 CHKS Limited UK based provider of healthcare intelligence and quality improvement services formerly onwed by Healthcare Knowledge Systems International Ltd Sweden based staffing and recruitment company The Capita Group Plc UK 9 13 1.4x 18.Section VI: Human Resources Services Companies Comparable M&A Transactions Exhibit 15 Human Resources Services Comparable M&A Transactions (Con’t) (€ in millions except where mentioned in $) Deal value Date Jul-09 Target Company FIITJEE Limited (Undisclosed Stake) Target Description India based provider of training for IIT-JEE. investment and administration services for UK pension plans China based provider of English language training to university students and professionals in China.00% stake) Gissings Consultancy Services Limited Pearson Plc UK 13 Jun-09 UK based pension consultants. AIEEE and other engineering entrance exams India based vocational training business Bidder Company Matrix Partners India Country India Revenue 22 (€m) 15 Sales Enterprise Value / EBIT EBITDA Jun-09 Educomp Solutions Limited (vocational training business) (50. applications and products (SAP) trends and processes formerly owned by Logica Plc USA 36 15 0.04% stake) Germany based provider of training solutions in the fields of Cornerstone Equity Investors information technology.50% stake) Koosharem Corporation USA 255 8 0.
6% 20.2% 11.2% 9.1% 21.5% 9.1% 17.0% 15.0% 8.4% 26.2% 38.8% 23.7% 26.1% 8.5% 13. The median EV/EBIT and EV/EBITDA for the Recycling industry are 17.2x and 11.5% 9.2% 30. Derichebourg Sales (Last) 4 748 204 5 230 2 432 EBITDA (Last) 184 19 256 105 EBIT (Last) 76 14 155 -3 Market Enterprise cap.3% EBIT / Sales 2008 12.9% 11.8% 9.5% 11.7% 26.4% 9.8% 5.8% 26.5% 9. Fomento Const y Contr(Fcc IESI-BFC Ltd.6% 8.4% 15.2% 8.8% -11.8% 2007 8.8% 9.6% -1.1% EBIT / Sales 2008 3.8% -4.0% 27.0% 34.2% 2006 -24.8% 27.6% 12.4% 11.4% 14.5% 20. Exhibit 16 Waste Management & Recycling Comparable Company Profit Trends (€ in millions) Waste Management Company Name Augean plc Casella Waste Systems Clean Harbors Inc Covanta Holding Corp.8% 31.2% 5.9% 9.5% 2.0% 30.3% 28.2% 25.6% Mean Median 5.2% 7.7% 14.4% 29.0% 8.2% 16.6% 16.8% 14.0% 11.0% 24.3% 14.5% 9.5% 6.9% 18.2% 3.8% 9.3% 6.5% 25.2% 7.4% 28.5% 7.5% 6.9% 14.8% 2. The median EBIT and EBITDA margins for the Recycling industry are 2.3% 18.2% 9.0% -0.3% 8.0%.4% 19.1% 13.8% 19.2% 2009 -169.2% 20.6% 1.2% 9.9% 4.0% 2005 -24.0% 10.7% 9.9% 18.2% 10.3% 8.1% 10.9% 19.8% 17.9% 32.1% 16. respectively.0% 13.8% 8.9% 15.1% 4.7% 8.7% 4.4% 11.9% 23.2x.8% 6.0% 3.3% 0.9% 24.6% Source: Infinancials (25/10/2010) .3% 8.7% 9.7% 2007 31.9% -3. Value (Current) (Current) 1 172 157 2 284 606 1 754 237 2 274 1 544 2009 3.8% 7. The median EV/EBIT and EV/EBITDA for the Waste Management industry are 14.1% 12.1% 7. Veolia Environnement SA Waste Connections Inc Waste Management Inc Waste Services Inc WCA Waste Corp.2% 4.4% 25.4% 2006 32.7% 25.9% 31.4% 13.2% 13.4% 7.5% 5.9% 4.0% 6.8% 2.6% 14.3% and 4.4% 29.6% 7.5% 8.9% 22.3% EBITDA / Sales 2008 5.3% 9.7% 16.3%.0% EBITDA / Sales 2008 26.0% 19. The median EBIT and EBITDA margins for the Waste Management industry are 11.5% 6.0% 17. Inc.8% 20.0% 9.6% 2005 33.3% 14.9% 11.8% 9.2% 14.2% 21.3% Recycling Company Name Commercial Metals Metalico.9% 22.8% 30.6% 7.4% 7.1% 28.8% 14.0% 20.7% 16.Section VII: Waste Management Services Companies Comparable Public Company Valuations The Knowledge Centre’s Waste Management comparable public company analysis involves 23 publicly traded Waste Management & Recycling companies (Exhibits 16 and & 17).9% 13.6% 25.5% 16.6x and 8.3% 21.4% 2.8% 21. Sims Metal Management Ltd.2% 26.6% 16.5% 4.0% 18.9% 6.6% 2005 7.7% 9.9% 7.3% 15.5% 11.8% 16. respectively.4% 18.7% 7.1% GPE Groupe Pizzorno Environnement 168 Perma Fix Environmental Services 70 Mean Median 21.3% 23. Sales (Last) 35 395 749 1 082 12 700 704 5 720 366 766 822 12 296 92 34 551 831 8 226 303 135 EBITDA (Last) 6 91 103 278 1 461 27 199 10 1 623 95 101 248 1 706 22 3 409 252 2 130 69 35 EBIT (Last) -59 34 54 120 738 13 89 7 1 018 63 40 218 783 16 1 837 156 1 317 37 15 Enterprise Market cap.9% 11.6% 30.6% 6.0% 7.3% 7.8% 24. Value (Current) (Current) 29 93 1 307 1 749 2 305 68 1 849 69 8 419 477 510 4 409 6 932 213 10 294 2 241 12 572 70 36 500 1 354 3 085 10 870 123 2 479 77 13 370 724 892 5 113 13 685 189 28 059 2 868 18 326 225 2009 18.3x.3% 22.8% 24.4% 2.4% 10.8% 3.1% 2009 1.0% 12.3% 10.3% 19.6% 6.2% 25.2% 24.1% 23.0% 2.3% 23.8% 22.9% 27.6% 30.6% 26.8% 2006 7.1% 31.6% 7.8% 12.1% and 23. respectively.4% 17.7% 4.1% 0.0% 2007 -86.8% 30.2% 23.1% 5.3% 9.6% 5.8% 2.7% 26.3% 20.4% 17.1% 16.3% 8.3% 15.0% 15.4% 10.7% 16.3% 7. respectively.4% 25.3% 2.7% 11.2% 2006 8.2% 9.8% 11.8% 3.3% 5.6% 26.9% 9.5% 7.9% 8.9% 9.6% 3.3% 20.3% 0.3% 2007 6.5% 24.5% 8.7% 14.9% 22.5% 10.3% 12.3% 35.6% 26.0% 27.3% 14.9% 30.9% 7.8% 8.3% 25.3% 28. Republic Services Inc Seche Environnement Shanks Group Stericycle Suez Environnement SA US Ecology Inc.7% 9.8% 10.6% 12.2% 15.6% 4.2% 30.2% 9.8% 11.1% 28.4% 2005 8.8% 28.
1x 21.1x 19.0x 2006 nm 51.3x 10.7x 20.1x 18.0x 22.5x 22.6x 23.0x 19.1x 4.6x 9.7x 39.2x 6.2x 2005 4.6x 23.7x 12.0x 7.6x 11.4x 26.0x nm 2008 13.7x 21.6x 11.0x 12.8x 7.8x 1.8x 14.8x 1.1x nm 2005 6.7x nm Mean Median nm = "not meaningful" 0.3x 3.1x 12.9x 7.4x 8.9x 6.6x 19.1x 19.2x 2009 91.0x 13.0x Mean Median 1.1x 11.5x 9.7x 16.7x 13.3x 12.6x 18.8x 2.7x 22.3x 29.0x 17.2x 16.3x 9.3x 9.5x 9.9x 2.1x 25.3x 9.1x 12.7x 5.2x 8.5x 48.0x 15.5x 0.5x 4.5x 2006 0.9x 1.8x 34.0x 2.1x 59.1x 7.4x 4.5x 2.7x 7.6x 12.5x 1.5x 0.6x 21.6x 8.7x 2.2x 11.3x 19.7x 11.4x 2.1x 1.8x 9.6x 8.6x 10.8x 13.0x 19.5x 19.9x 2.0x 7.9x 17.1x 12.6x 2009 10.0x 19.2x 6.6x 21.0x 20.6x 11.6x 13.0x 10.1x nm 99.7x 1.7x EV/Net Sales 2008 0.5x 10.4x 13.8x 3.1x 0.1x 6.6x 8.9x 12.3x 17.8x 20.6x 0.1x 32.5x 4.6x 24. 2009 1.0x 18.7x 11.2x 11.6x 10.5x nm 26.3x 4.9x 8.0x 16.4x 0.8x 2009 25.6x 23.4x 16.7x 17.7x 10.5x nm 20.6x 6.1x 5.1x 8.8x 2009 7.6x EV/Net Sales 2008 1.0x 8.2x 12.7x 6.6x 1.0x 19.5x nm 2008 12.1x 15.3x 12.7x 7.2x nm 37.5x 3.0x 8.6x 19.8x 4.9x 14.4x 1.2x 15.0x 0.3x 24.8x 1.2x 1.1x 8.3x 9.7x 0.7x 9.5x 12.2x 31.4x 1. Derichebourg 2009 0.6x 0.4x 3.8x 1.8x 16.1x 1.7x 0.7x 12.2x 2005 12.9x 14.6x 8.2x 0.4x 16.7x nm EV/EBIT 2007 nm 21.3x 5.9x 22.9x 2005 4.8x nm 12.8x nm nm 6.2x 25.1x 31.7x 13.0x 17.0x 54.9x 0.3x 1.3x 12.3x 14.9x 1.6x 1.6x 9.4x 0.4x 2007 5.8x 0.7x 2006 nm nm 20.8x 24.0x 1.3x 17.6x 13.3x 15.3x 2009 nm 15.7x 21.7x 8.6x 10.1x 2.3x 2007 0.5x 9.5x 7.8x 1.2x 0.9x 15.4x 6.8x 44.8x PER 2007 9.4x 1.8x 1.6x 0.5x 17.4x nm nm 6.3x 1.8x 8.8x 20.6x 1.0x 25.1x 7.0x 1.4x 12.4x 2.0x 1.4x 8.4x 1.6x 0.0x 8.5x 6.3x 8.7x 13.9x 1.6x 8.3x 0.8x 14.7x 8.2x 8.2x 0.4x 59.0x 8.4x 0.3x 1.9x 1.1x 9.1x 9.8x 1.3x 9.7x 0.9x 16.1x 31.8x 11.5x 21.7x 2006 3.7x 1.9x 9.3x 7.6x 18.4x 10.4x 7.5x 15.1x 1.9x 32.5x 2005 0.6x 0.7x 1.9x 1. Perma Fix Environmental Services Republic Services Inc Seche Environnement Shanks Group Stericycle Suez Environnement SA US Ecology Inc.2x 2007 3.0x 20.4x 4.8x 45.2x 2.0x 15.1x 4.8x 2.6x 17.8x 15.3x nm PE 2007 nm nm 23.3x 15.8x 4.4x 1.3x 17.2x 3.3x 6.1x 7.2x 25.2x 15.7x 10.0x 48.4x 13.4x 8.7x 29.7x 23.6x 2005 nm 51.3x 8.0x 0.8x 11.9x 11.5x 1.2x 12.7x 8.4x 139.2x 14.7x 0.8x 35.4x 6.3x 1.7x 6.7x 26.2x 21.3x 8.9x 5.9x 36.1x 19.6x 7.7x nm 2008 10.3x 3.2x 1.4x 1.1x 1.2x 9.3x 2.1x 17.1x 2.4x 11.7x 21.0x 15.0x 1.3x 8.5x 30.8x 22.2x 3.5x 10.9x 94.6x 25.4x 14.6x 9.4x 13.5x 2006 11.6x 0.9x 10.1x 4.2x 15.8x 2.7x 19.1x 12.1x 6.2x 24.3x 7.8x 11.6x 13.1x 25.7x 8.2x 98.6x 8.3x 0.3x 13.3x 16.0x 0.8x 10.5x 14.1x 4.8x 0.2x 5. Inc. Veolia Environnement SA Waste Connections Inc Waste Management Inc Waste Services Inc WCA Waste Corp.6x nm 27.1x 10.0x nm nm 18.8x 17.0x Recycling Company Name Commercial Metals Metalico.7x 13.8x 43.2x 4.8x 7.8x 9.3x 9.3x 9.0x 8.5x 2007 10.3x 1.6x 17.4x 3.5x 2.6x 9.7x 15.9x 27. Sims Metal Management Ltd.4x 13.5x 23.2x 13.1x 19.9x 9.1x Source: Infinancials (25/10/2010) .6x 16.1x EV/EBITDA 2008 6.9x 1.7x 20.8x 1.3x 12.1x 2.1x 4.0x 2.5x 2006 7.1x 21.4x 13.8x 15.4x 2.8x 2006 4.1x 2.3x 12.6x 11.8x 11.6x 9.7x 1.2x 2.8x 20.4x 26.6x 22.7x 0.6x 2005 3.0x 30.9x 15.1x 7.1x 16.7x 10. Fomento Const y Contr(Fcc GPE Groupe Pizzorno Environnement IESI-BFC Ltd.9x 15.5x 14.6x 59.9x 31.6x 22.3x 38.9x 8.1x 0.3x 2009 nm nm 42.2x 88.8x 2.8x 6.0x 2008 12.8x 29.1x 28.9x EV/EBIT 2007 6.0x 9.2x 27.9x 20.6x 0.5x 8.3x 2.6x 1.9x 9.0x 27.9x 23.8x 2.7x 5.5x 10.7x 38.4x 2005 nm 16.7x 5.3x 8.5x 9.6x 23.6x 7.5x 3.3x 31.1x 127.5x 6.9x 2006 4.9x 15.2x 1.9x 22.7x 19.9x 16.6x 27.4x 16.2x 9.Section VII: Waste Management Services Companies Comparable Public Company Valuations Exhibit 17 Waste Management Public Company Valuation Trends (€ in millions) Waste Management Company Name Augean plc Casella Waste Systems Clean Harbors Inc Covanta Holding Corp.2x 2.6x 19.7x 17.2x 13.9x 14.6x 16.1x 1.4x 2.1x EV/EBITDA 2008 7.
universities and local authorities South Korea based waste management company Green Compliance UK 9 11 1.3x Sweden based compnay engaged in collection.C. recovery and of Louisiana LP. transportation. U.5x 13. Canada Clairvest Group Inc Laurel Mountain Partners LLC USA 26 Feb-10 14 . Esposito Servizi Ecologici Srl Waterchem Limited Italian waste management companies 15 Mar-10 Actelios SpA Italy 13 Mar-10 UK based company providing water hygiene and water treatment services to facilities management companies.6x 22. and recycling of nonhazardous solid waste materials Canada based company recycling scrap rubber tires in raw materials Mar-10 Hudson Valley Waste Holding Inc (Majority Stake) Western Rubber Group Clairvest Equity Partners III Limited . UK UK UK UK Finland Portugal 163 4 6 45 8 32 Jul-10 Jun-10 Jun-10 Jun-10 May-10 May-10 US based company that provides pollution prevention services SLR Holdings Limited UK based materials recycling company UK based waste management company UK based waste management company UK based company specialising in recycling electronics Brazil based waste management firm operating in Sao Paulo state France based environmental services company. liquid waste management of Companies services Alchema Limited.00% stake) Veolia Environnement SA (5.8x 5.1x Controlled Recovery Inc. respectively. and treatment of waste for municipalities and industrial customers Canada based industrial waste treatment and disposal company Ireland based Waste collection business of Cork County Council US Ecology Inc Country Clean Recycling Ltd R360 Environmental Solutions Sep-10 Aug-10 Jul-10 Stablex Canada Inc. Cork County Council (Waste collection business) USA Ireland USA 29 61 10 193 2. processing. Liquids US based companies engaged in the treatment.00% stake) SSP Resources Gloucester Holdings USA B.5x Apr-10 Umwelt-und Entsorgungstechnik AG Austria based recycling operations of Umwelt-und (certain operations) Entsorgungstechnik AG Ecocentro Soluzioni Ambientali Srl.6x 1.9x.6x 2.S. hospitals. L. SA Bidder Country UK USA Spain Norway Revenue 22 Deal value (€m) 58 180 7 10 Enterprise Value / Sales EBIT EBITDA 2.8x 1.1x 17.L.V.2x Mar-10 Mar-10 Eco Services Korea Co Ltd Euro Environmental Group Limited Corporation KG Ltd South Korea UK 30 22 UK based provider of drain and sewer cleaning.0x 9.8x 14. Calpet / R&G Group disposal of oil and gas wastes.6x Apr-10 Qatari Diar Real Estate Investment Qatar Company Asamer Holding AG Austria 34 551 647 0. energy and transport operations Viridor Waste Management Ltd Biffa Limited TEG Group Plc Kuusakoski Oy SUMA Group 6 29 164 6 8 22 0.0x 1. waste management. UK based provider of waste management and specialised industrial waste management services Jul-10 One51 plc Ireland 18 Jul-10 Global Renewables Australia Pty Ltd Australia based company providing waste management (51% Stake) solutions Hoefler Consulting Group Reconomy Recycling Solutions Limited Greenstar Environmental Limited Simpro Limited SWEEEP Limited (50. inspection and Sovereign Capital Partners LLP repair services US based company engaged in collection.00% stake) Geo Vision Solucoes Ambientais e Energia SA (50.1x 7. Future Industrial Services Ltd UK based company engaged in supply and recycling of chemical etchant solutions .1xEBITDA) Exhibit 18 Waste Management Comparable M&A Transactions (€ in millions except where mentioned in $) Date Sep-10 Sep-10 Sep-10 Sep-10 Target Company Donarbon Limited Healthcare Waste Solutions Inc Cooper Island Investments.8x 10.2x 16. RenoNorden AS sorting.Section VII: Waste Management Services Companies Comparable M&A Transactions The median EV/EBIT and EV/EBITDA for the comparable Waste Management M&A transactions are 13.3x and 7. (51% Stake) Resta AB Target Description UK based waste management company US based provider of waste management services to the healthcare industry Turkey based company having interest in steel dust recycling plant in Iskenderun Bidder Company AmeyCespa Limited Stericycle Inc Befesa Medio Ambiente. which is involved in water holding. (NB 5 past years average multiple of 8.
solid and hazardous waste management markets Wheelabrator China Holdings Ltd Viridor Waste Management Ltd Environmental Facilities Management Corporation Tradebe Group Cimentas Izmir Cimento Fabrikasi Turk AS USA 1 259 181 1.) 339 487 1. and San Antonio Valdi France based company specialised in the processing and recycling of non-ferrous metals Bidder Country USA Revenue Deal value (€m) 8 Enterprise Value / Sales EBIT EBITDA Dec-09 France 25 20 0.00% stake) UK based hazardous waste processing company Turkey based waste management company engaged in hazardous waste disposal activities Spain Turkey 19 12 11 0.00% stake) Intercontinental Recycling Limited Chonbuk Envitech (39. disposal and recycling services Norway based waste management company 35 42 1. disposal. Bergamo Acquisition Corp such as fridges and stoves. GreenSafe Demanufacturing Inc (60.6x Jul-09 Sanipac Inc US based solid waste services company providing waste Waste Connections Inc collection. disposal and recycling services US based privately owned wastewater treatment business Roark Capital Group Italy 108 48 0.3x 9.9x 4. recycling and disposal and related assets located in Miami. Division's material recycling facilities) Houston.8x Dec-09 Champion City Recovery Transfer Station LLC. aluminum. It offers programme management.4x 16.2x JPMorgan Chase & Co USA 69 91 1. landfills. Inc.00% stake) Waste Services Inc USA 41 23 0.3x 7.3x Aug-09 City Waste Inc Waste Management Inc USA 12 Aug-09 Miljotransport AS Franzefoss Bruk AS Norway 12 Aug-09 Transpacific Industries Group Ltd (20.1x Aug-09 Jul-09 Jul-09 Shanghai Environment Group Co Ltd Chinese waste management company (40. inter modal logistics and recycling services USA 31 .6x 2. (DE) environmental services firm. including plastic.2x Sep-09 USA 69 Sep-09 General Environmental Management USA Inc Babcock International Group Plc UK 5 6 1.7x Dec-09 Dec-09 PSC Environmental Services LLC USA USA 11 33 Canada based company engaged in dismantles old appliances. US based full-service hazardous waste management and Inc. with particular focus on the liquid. transfer. Sunny Farms Landfill LLC US based companies engaged in waste disposal and recycling WCA Waste Corporation of non hazardous. transfer. landfill disposal and recycling services for commercial. AbitibiBowater Inc (Recycling US based three material recycling facilities at Arlington.7x 31.3x 4. (formerly BFI Canada Canada Ltd.00% stake) UK based plastics recycling company South korea based wastewater treatment company Hong Kong UK South Korea 11 99 9 6 3. industrial and residential customers Ireland based commercial waste and recycling business of Veolia Environmental Services Ltd Denmark based waste treatment company Nov-09 IESI-BFC Ltd.8x Oct-09 Oct-09 Oct-09 Veolia Environmental Services Ltd (commercial waste and recycling operations) Kommunekemi a/s Greenstar Environmental Ltd UK 50 EQT Infrastructure Fund Waste Services Inc Sweden Canada 43 35 22 0.A.2x Sep-09 UKAEA Limited Sep-09 EcoSecurities Group Plc UK based company providing nuclear clean-up.6x 17. (operations US based solid waste collection.35% stake) Australian company providing integrated industrial cleaning and Warburg Pincus LLC total waste management. waste Ireland based provider of emission reduction and consulting services. decommissioning. LLC US based recycling and disposal services business (Miami-Dade operations) Waste Services Inc Canada 11 Sep-09 Manutencoop Servizi Ambientali SpA Italy based company offering environmental services like waste Aimeri Ambiente Srl management and waste disposal WastePro USA Inc (Undisclosed Stake) Santa Clara Waste Water US based company providing solid waste collection.7x Jul-09 Jul-09 Pyros Environmental Limited Serhat Atik AS (70.6x 14.Section VII: Waste Management Services Companies Comparable M&A Transactions Exhibit 18 Waste Management Comparable M&A Transactions (Con’t) (€ in millions except where mentioned in $) Date Jan-10 Target Company Target Description Bidder Company Waste Management Recycle America Eramet S. incorporated in Ireland US based company engaged in providing waste management services that includes waste transfer.4x 13.8x 7. waste management and environmental restoration services. copper and steel Canada based integrated solid waste services company providing collection.3x Oct-09 Republic Services. solid wastes Horsehead Holding Corp USA 23 Dec-09 The International Metals Reclamation US based recycler of metal bearing wastes Company Inc General Environmental Management. and recycle the materials.services business Dade) DisposAll Waste Services.
processing and exporting of scrap metal Scholz Invest GmbH Germany 303 25 0.2x 1. waste and recycling industry WHEB Venture Australia based scrap metal group with operations in the sourcing. Scholz Invest GmbH USA 85 195 2.00% stake) recycling services Lawrence Recycling and Waste Management (50. supply.1x 7.00% stake) Republic Services Inc (Certain Assets) Advanced Manufacturing Control Systems Limited (34.0x 7.0x 7.9x Jan-09 Corvette Srl Italy 82 Average Median 1.9x Source: MergerMarket .U K Germany 5 303 25 0. Orbis Partners LLP Mexico 8 Feb-09 UK. processing and exporting of scrap metal Italy based companies engaged in waste management and recycling services.1x 14. Waste Recycling SpA UK based provider of waste disposal and recycling services Maven Capital Partners UK LLP.3x 8.Section VII: Waste Management Services Companies Comparable M&A Transactions Exhibit 18 Waste Management Comparable M&A Transactions (Con’t) (€ in millions except where mentioned in $) Date Mar-09 Target Company Auburndale Recycling Center Inc Target Description US based recycler of tires Bidder Company Ridge Recyclers Inc Bidder Country USA Revenue Deal value (€m) 4 Enterprise Value / Sales EBIT EBITDA Feb-09 CMA Corporation Limited (32.3x Feb-09 Ireland (Republic).3x 13.5x 12.39% stake) CMA Corporation Limited (32.14% stake) Australia based scrap metal group with operations in the sourcing.9x Feb-09 Promotora Ambiental del Sureste SA Mexico based company that provides waste management and Double V Holding SA de CV DE CV (75.UK 11 Feb-09 Feb-09 Waste Connections Inc US based six municipal solid waste landfills. supply. six collection operations and three transfer stations across seven markets of Republic Services Inc Ireland based company which provides tech solutions to the Ulster Bank Diageo Venture Fund.5x 12.14% stake) Ecolevante SpA.
5% 15.9% 14.7% 11.5% 14.4% 10.2% 15. The median EV/EBIT and EV/EBITDA are 9.1% 5.3% 6.7% 13.1% 23.2% 30.3% 5.2% 9.5% 21.3% 8.1% 6.1% 8.6% 7.0% 3.9% 4.9% 10.8% 1.6% 4.3% 9.Section VIII: Consulting Services – Excluding IT Comparable Public Company Valuations The Knowledge Centre’s Consulting Services comparable public company analysis involves 28 publicly traded Consulting Services companies (Exhibits 19 and 20).9% 14.4% 35.3% 7.6% 12.4% 7.0% 7.0% 7.8% 14. respectively.8% 14.2% 7. 156 13 Mean Median 9. respectively.9% 9.9% 7.4% 8.6% 6.6% 6.7% 9.9% 8.8% 14.0% 4.5% 37.3% 12.3% -3.8% 13.5% 10.5% 4.9% 14.3% 2.2% 7.0% 12.2% 7.5% 17.3% 8.2% 18.8% 7.7% 4.6% 15.8% 9.6% 13.8% 23.7% 6.0% -1.5% 2007 13.5% Diamond Management & Technology Consultants Inc.6% 7.4% 12.4% 28.8% 7.9% 32.8% 11.2% 10.3% 1.6% 34.3% 14.5% 12.2% 4.9% 4.6% 9.0% 7.0% 10.6% 8.9% 10.3% 5.0% 1.2% and 8.3% 5.1% 8.9% 7.1% 15.4% 9.6% 5.0% 10.0% 13.1% 8.2% 11.1% 8.9% 4.7% 6.7x and 7.7% 7.7% -5.5% 9.4% 10. Exhibit 19 Consulting Services Comparable Company Profit Trends (€ in millions) EBITDA / Sales Company Name Accenture Plc Aea Technology Akka Technologies SA Alten SA Altran Technologies SA Amec Assystem Atkins Ws Bureau Veritas Cap Gemini SA Ginger SA Hyder Consulting Jelf Group PLC Management Consulting Group Mattioli Woods plc Ricardo Group RPS Group RSM Tenon Group PLC RWS Holdings Ltd Sapient Scott Wilson Group Plc Sigma Ab Sms Management Solving Efeso International S.4% -0.9% 9.5% 8.3% 14.6% 11.1% 7.3% 28. Value (Current) (Current) 23 063 56 151 762 442 3 910 261 887 5 650 5 846 245 20 228 86 161 767 628 3 076 263 570 6 331 4 578 202 2009 14.5% 6.2% 6.3% 2009 11.0% Source: Infinancials (25/10/2010) .1% 8.3% 1.1% 2006 10.5% 9.3% 7.7% 13.2%.2% 4.8% 12.8% 7.9% 11.3% 9.9% 7.8% 14.2% 8.4% 1.1% 7.5% 24.1% 17.0% 14.9% 8.5% 6.6% 12.3% 13.5% 12.0% 3.1% 8.7% 7.2% 8.8% 34.8% 7.0% 13.3% 8.5% 7.0% 17.7% 8. Vantis White Young Green WSP Group Sales (Last) 16 194 127 333 857 1 404 2 822 613 1 555 2 648 8 371 269 346 77 307 16 201 493 235 60 465 375 110 174 50 100 308 804 EBITDA (Last) 2 371 15 24 74 -17 226 21 175 478 508 22 27 4 17 6 27 69 18 15 43 35 6 27 3 -1 -42 69 EBIT (Last) 1 848 12 17 58 -72 205 8 126 406 333 12 16 17 -11 11 5 16 57 9 14 28 25 5 26 2 -3 -145 51 9 272 106 345 50 325 20 52 303 38 156 58 121 47 173 525 216 137 1 239 152 64 215 41 182 562 240 110 1 087 Market Enterprise cap.1% 11.6% 4.4% 0.4% 11.3% 9.8% 9.7% 5.4% 5.9% 15.3% 10.5% 15.0% 9.0% 2005 12.5% -13.1% 22.0% 8.7% 8.1% 23.9% 9.2% 4.1% 6.0% -4.3% 14.3% 2.1% 2006 11.4% 7.7% 11.6% 6.7% 8.4% 14.4% 8.4% 9.6% -1.4% 11.3% 4.5% 8.7% 7.2% 14.0% 14.6% 12.9% 8.9% 0.5% 8.0% 13.0% 5.1% 30.3% EBIT / Sales 2008 11.8% 13.5% 9.3% 7.3% 14.2% 8.3% 7.7% 20.5% 11.1% 5.A.0% 7.8% 3.9% 11.1% 6.3% 12.7% 10.3% 5.7% 2007 11.7% -7.2% 16.4% 2005 13.4% 6.6% 9.0% 9.1% -3.7% 12.6% 6.3% 6.0% -47.7% 8.0% 8.1% 31.7% 12.6% 5.6% 10.8% 5.0% 11.0% 12.1% 16.4% 8. The median EBIT and EBITDA margins are 6.6% -1.1% 15.9% 3.6x.8% 15.0% 8.2% 19.3% 9.6% 3.2% 4.1% 9.2% -3.2% 6.7% 5.0% 4.6% 11.7% 12.7% 30.1% 12.6% 7.7% 34.7% 2.7% 8.2% 3.6% 1.9% 3.2% 6.8% 14.1% 10.6% 5.9% -13.6% 11.3% 5.8% 11.7% 5.7% 8.1% 9.0% 12.3% 11.2% 10.5% 11.8% 9.9% 20.7% 11.9% 5.0% 14.9% 6.1% 9.9% 10.5% 6.6% 3.4% -6.6% 2008 13.9% 6.9% 7.1% 12.5% 32.1% 11.9% 10.
7x 1.4x 27.7x 1.1x 19.4x 14.9x 6.5x 5.2x 0.2x 7.5x 10.4x 7.7x 1.5x 12.0x 15.5x 2.5x 0.5x 10.0x 6.2x 0.1x 15.1x 9.7x nm nm 5.3x 0.5x 2006 1.6x 0.7x 8.7x 27.9x 15.5x 10.2x 33.5x 10.9x nm 5.5x 0.8x 33.7x 10.0x 4.4x 4 696.4x 0.9x 7.4x 0.2x 8.4x 13.8x 1.7x 10.2x 2007 9.3x 13.0x 5.8x 0.3x 19.7x 13.3x 8.3x 13.3x 14.7x 6.3x 10.9x 0.4x 8.3x 24.0x 11.0x 0.8x 6.9x 15.2x 22.8x 1.2x 10.3x 0.4x 1.8x 9.7x 7.6x 8.9x 9.3x 14.5x 4.4x 0.0x 23.3x 2005 8.8x 7.6x 285.8x 2.4x 50.5x 0.2x 21.8x 4.8x 10.3x 1.9x 1.4x 11.3x 0.0x 1.1x 4.8x nm 37.0x 11.4x 31.6x 5.9x 0.7x 1.2x 52.9x 7.7x 7.2x 0.3x 13.9x 0.5x 0.0x 12.9x 5.9x 2008 18.3x 7.7x 10.8x 3.8x 0.4x 9.2x 248.7x 0.9x 13.7x 15.4x 0.8x 14.3x 13.8x 1.0x 9.1x 14.6x 2005 1.2x nm 13.3x 1.6x 0.9x 48.8x 58.8x 0.8x 0.9x 20.8x 88.5x 12.0x 11.1x nm 11.3x 0.4x 2.2x 0.1x 14.7x 0.1x nm 15.3x 20.2x 11.3x 0.Section VIII: Consulting Services – Excluding IT Comparable Public Company Valuations Exhibit 20 Consulting Services Public Company Valuation Trends (€ in millions) EV/Net Sales Company Name Accenture Plc Aea Technology Akka Technologies SA Alten SA Altran Technologies SA Amec Assystem Atkins Ws Bureau Veritas Cap Gemini SA Ginger SA Hyder Consulting Jelf Group PLC Management Consulting Group Mattioli Woods plc Ricardo Group RPS Group RSM Tenon Group PLC RWS Holdings Ltd Sapient Scott Wilson Group Plc Sigma Ab Sms Management Vantis White Young Green WSP Group 1.8x 1.3x 26.8x 9.7x 29.7x 15.9x 10.5x 19.2x 3.0x 50.7x 7.6x 5.1x 0.8x 11.6x 1.6x 12.7x 2.4x 14.2x 0.2x 0.2x 9.7x 0.3x 8.8x 26.5x 20.1x 0.8x 13.2x 2.7x 74.0x 24.9x 21.0x 9.9x 0.6x 5.3x 13.1x 0.0x 11.9x nm 10.7x 6.6x 11.8x 8.4x nm 4.2x 15.6x 8.5x 6.8x 3.3x nm 6.7x 0.4x 9.3x 0.4x 0.1x 7.6x 19.2x 5.3x nm nm nm 13.2x 9.8x 12.3x 13.1x 14.1x nm 9.8x 0.1x 16.9x 10.3x 0.0x 21.7x 227.7x 36.5x 2.8x 34.1x 13.3x 15.8x 1.3x nm 9.A.6x 11.8x 8.6x 52.4x 4.3x 19.3x 2009 0.7x 1.9x 10.3x 5.0x 6.3x 6.3x 2.6x 18.4x 10.4x 9.9x 9.7x 11.2x 2006 10.2x 7.7x 23.5x 6.1x 8.0x 6.6x 0.1x 2008 1.7x 8.5x 6.4x 0.3x 1.5x 0.7x 20.3x 12.3x 19.3x 11.1x 8.6x 25.9x 0.9x 18.0x 13.9x 11.1x 16.5x 5.6x 0.9x 9.7x 8.6x 0.8x 3.7x 2009 5.5x 2.1x 23.6x 29.9x 10.5x 9.0x 7.8x 16.4x 56.3x 21.3x 13.8x 0.0x EV/EBITDA 2008 8.0x 15.6x 18.2x 8.2x 1.9x 6.1x 7.9x 2.0x 4.7x 6.4x 17.4x 11.0x 1.4x 6.7x 4.4x 5.7x 0.1x 11.8x 2009 14.6x 8.2x 5.9x 0.6x 7.4x 11.1x 0.1x 214.7x 10.1x 9.8x Source: Infinancials (25/10/2010) .7x 7.2x 2.2x 1.4x 1.6x 13.3x 10.4x 2009 7.6x 13.6x 9.0x 7.6x Solving Efeso International S.1x 8.8x 1.3x 7.2x 0.4x 2.8x 0.1x 1.4x 0.9x 9.0x 8.4x 11.6x 2.1x nm 20.0x Diamond Management & Technology Consultants Inc.4x 10.8x 2.9x 10.1x 2.9x 2.8x 7.9x nm 3.2x 4.6x 2.7x 4.8x 13.3x 7.1x 1.1x 6.3x 23. 0.6x 4.5x 9.7x 0.5x 15.7x 11.5x 76.7x 25.3x 1.0x 6.4x 11.2x 12.8x 12.6x 12.3x 15.5x 0.4x 6.1x 8.4x 6.6x 0.6x 0.2x 11.8x 14.9x 13.9x 1.5x 22.8x 3.6x 7.1x 13.9x 5.5x EV/EBIT 2007 11.9x 7.9x 0.9x 9.6x 10.9x 0.6x 5.1x 12.1x 2.4x nm 2005 23.4x 0.4x 6.5x 11.7x 0.9x 9.9x 1.8x 5.0x 10.1x 10.1x 3.8x 3.3x 17.8x 8.3x 7.9x 10.1x 6.8x 11.6x 12.1x 7.6x nm 10.1x 0.1x 2.9x 10.6x 0.2x 13.2x nm 9.9x 4.8x nm 9.8x 16.4x 3.3x 2.9x 9.0x 13.5x 0.7x 11.2x 27.7x 2008 9.6x 21.8x 7.0x nm 14.0x 6.3x 16.9x 9.0x 1.6x 1.2x 2007 1.8x 9.6x 4.3x 14.1x 7.0x 2.6x 0.6x 0.3x 1.5x 16.8x 9.1x 11.7x 11.3x 0.1x 15.1x 10.7x 8.8x 0.3x 5.8x 0.8x nm 2005 9.7x Mean Median nm = "not meaningful" 0.8x 5.3x 5.5x 18.6x 11.1x 7.8x 3.6x 16.6x 1.3x 10.2x 0.3x 8.5x 8.0x 27.6x 2006 25.3x 1.4x 2.0x 9.6x 6.7x nm 19.2x 1.0x 8.5x 0. 0.6x 8.0x 4.9x 13.1x 9.6x 2.5x 7.3x 0.2x 0.4x 265.7x 9.2x 59.6x 0.4x 0.2x 9.8x 8.8x 6.1x 2.1x 18.1x 14.8x 4.0x 19.2x 7.7x 0.5x PER 2007 25.2x 0.9x 8.5x 26.8x 11.4x 13.7x 0.5x 0.2x 1.1x 8.2x 12.7x 11.6x 4.5x 11.3x 10.6x 15.9x 22.1x 2006 11.8x 14.3x 0.7x 14.8x 1.0x 0.8x 7.1x 1.0x 0.0x 3.8x 14.2x nm nm 3.7x 5.9x 19.9x 13.7x 19.3x 7.5x 1.9x 8.7x 8.0x 5.5x nm 14.7x 2.0x 1.1x 9.2x 0.5x 5.4x 13.2x 10.3x 4.
4xEBITDA) Exhibit 21 Consulting Services Comparable M&A Transactions (€ in millions except where mentioned in $) Date Target Company Target Description UK based company engaged in providing consultancy services in the field of engineering. planning and environment Country UK Bidder Company URS Corporation Country USA Revenue 393 Sep-10 Scott Wilson Group Plc Deal value (€m) 273 Enterprise Value / Sales EBIT EBITDA 0.4x Aug-10 FS Asia Advisory Limited FTI Consulting. respectively.8x 17. consulting services.4x 6.0x .3x US based telecom engineering service provider USA US based company engaged in providing crisis USA and emergency management consulting services Egypt Infotech Enterprises America USA Inc Witt Group Holdings LLC USA 9 27 11 18 1.com LLC US based company that provides web based research and estimate services USA Wilmington Group Plc Capital IQ UK USA 6 24 230 3.4x Aug-10 Hughes Trueman Pty Ltd Sweden based company offering functional Sweden commitments.3x 0.Section VIII: Consulting Services – Excluding IT Comparable M&A Transactions The median EV/EBIT and EV/EBITDA for the comparable Consulting Services M&A transactions are 9. Aug-10 Cypoint Group AB VSE Corporation Sigma AB USA Sweden 30 10 26 13 0.0x 6. engineering and management services UK based air service development firm UK Mott MacDonald Group Limited UBM Aviation UK 12 Aug-10 The Route Development Group Limited Aug-10 Wellsco.0x 7.6x.0x 7. USA US based education consulting company US based company which provides health care cost-containment services UK based social media analytics and market research consultancy Canada based oil and gas exploration advisory services provider USA UK Canada Core Projects & Technologies India Limited HMS Holdings Corp Alterian Plc RPS Group Plc Thomas H Lee Partners LP USA UK UK USA 19 15 0.6x Sep-10 Axco Insurance Information UK based insurance information and consultancy UK Services Limited service provider Sep-10 TheMarkets. LLC.4x 8.8x 10 9 9 746 9 889 1. corporate advisory and corporate recovery services US based health service information technology consulting company USA Aug-10 InforMed Direct Limited United Drug plc Ireland (Republic) USA 8 12 1. sourcing and systems management services Australia based consultancy firm providing Australia planning.2x Sep-10 Technical Systems Integrators LLC . 28 63 2.7x 11.6x 7.0x 1. turnaround. Inc.8x and 7.2x 12. drug testing. and surveillance services. Jul-10 James Lee Witt Associates LLC UK 8 10 1.3x Aug-10 Akimeka.3x Jul-10 Jul-10 Mediterranean Smart Cards Egypt based smart card payment processing Company services to banks GlobalOptions Group Inc (Fraud and Special Investigations Unit) Seeds Group Actis Emerging Markets 3 fund GlobalOptions Services Inc UK USA 23 7 US based Fraud and Special Investigations unit of USA GlobalOptions Group Inc France based financial consultancy firm France UK USA Jul-10 Jun-10 Inspectorate International Ltd UK based commodity inspection and testing company Jun-10 Kroll Inc US based risk consulting company engaged in background screening.7x 9. fraud investigations. Keenan and Keenan Group Sep-10 Chapman Kelly Inc Sep-10 Intrepid Consultants Inc Sep-10 Boyd Exploration Consultants Ltd. (NB 5 past years average multiple of 10. management. security services and technology services Morningstar France Holding SAS Bureau Veritas SA Altegrity Inc France France USA 277 5 543 944 2. Aug-10 inVentiv Health Inc US based consultation and installation company.5x US based commercialisation services provider to USA the global pharmaceutical and life sciences industries UK based provider of healthcare communications UK and consultancy services in the pharmaceutical and biotechnology industries Hong Kong provider of consulting services in the Hong Kong areas of corporate finance. Inc.9x 1.
and actuarial and management UK based provider of actuarial. utility and telecoms markets US based provider of human resource and USA administration consulting services.Section VIII: Consulting Services – Excluding IT Comparable M&A Transactions Exhibit 21 Consulting Services Comparable M&A Transactions (Con’t) (€ in millions except where mentioned in $) Date Target Company Target Description UK based provider of accountancy advice.7x Jan-10 COM S. employee benefit and investment consultancy services Indra Sistemas SA Spain 7 Lyceum Capital Partners LLP UK 25 25 1.4x Australia based financial services company Australia providing financial advice.0x 2.2x 46. Netherlands France Lyceum Capital Partners LLP UK Sia Holding Actuant Corporation France USA 8 8 34 14 1.6x Jun-10 Nightingale Associates Limited UK based architects practice specialising in health UK and education IBI Holdco Limited UK 20 12 0. support to owner-managed businesses and private individuals Country UK Bidder Company RSM Tenon Country UK Revenue 111 Jun-10 Vantis Plc Deal value (€m) 7 Enterprise Value / Sales EBIT EBITDA 0.Hungary. MBF Life MMC Contrarian Limited Australia 131 Navigant Consulting Inc USA 32 Intertek Group Plc UK 4 USA USA UK Michael Baker Corporation Alorica Inc Morningstar UK Ltd USA USA UK 65 76 45 53 14 0. ratings and investment consulting services Spain Jun-10 Clear View Retirement Solutions.7x US based company providing automotive market USA forecasting services and strategic advisory solutions to the automotive manufacturers. suppliers and financial organizations Australia based acoustics and vibration consultancy firm Australia USA Australia IHS Inc USA 20 Feb-10 Heggies Pty Limited SLR Management Limited IHS Inc Amec Plc UK USA UK 11 12 13 23 1. employee benefits.6x 8. reinsurance intermediary.1x Feb-10 Emerging Energy Research US based advisory and consulting firm tracking LLC emerging technologies in global energy markets Jan-10 Currie & Brown (Australia) Pty Ltd Jan-10 Xafinity Group Limited Australia based cost and management consultancy firm UK based company that provides specialist outsourcing and consultancy services regarding pensions.7x Norway-based company offering consultation Norway services on marine operations and synthetic fibre engineering Spain based advertising consultancy firm Spain Jun-10 YMedia (30% Stake) Ymedia (MBO Vehicle) Spain 6 12 6. Inc USA Jardine Lloyd Thompson Group Plc UK 40 1245 5 0. products and services to people nearing their retirment. May-10 LPA Group Inc Apr-10 Ryla Inc Apr-10 Old Broad Street Research Limited Mar-10 CSM Worldwide Inc US based transportation consulting firm US based provider of value-added customer contact services UK based provider of fund research.00% stake) Jan-10 McKinnon & Clarke Limited Peru based provider of consultancy.2x 13. outsourcing. and payments expertise UK Advent International Corporation USA 144 317 2. Peru and project management services to Information Technology industry UK based company providing consultancy in the UK energy.7x 0.A (75.1x Jun-10 Encore International Limited UK based energy risk consultancy firm Jun-10 Sia Conseil SAS Jun-10 Selantic AS France based management consultancy firm UK.1x 3. Australia based May-10 Daylight Forensic & Advisory life insurance company US based fraud risk management firm conducting USA LLP forensic investigations and advising on regulatory compliance to corporations May-10 Norca Ingenieria de Calidad Spain based company specialized in providing SL infrastructure risk assessment services for the energy industry in Spain.0x Jan-10 Towers Perrin Forster & Crosby Inc Dec-09 HSBC Actuaries and Consultants Limited Watson Wyatt Worldwide. pension scheme UK administration.8x .
waste.8x 8.1x GED Iberian Private Equity Spain 18 17 1.3x 11.6x Nov-09 Rapid Reporting Verification US based national provider of IRS tax transcript Company LP information and social security number authentication services Oct-09 Fountains Plc UK based environmental consultant Equifax Inc USA 49 UK Connaught Plc UK 53 15 0.00% stake) US based global rating agency comprised of Fitch USA Ratings. Sira and personnel certification .2x Arcadis NV Netherlands 281 159 0. engineering and architecture services Average Median Jul-09 Property & Portfolio Research Inc CoStar Group Inc USA 13 15 1.3x 1. products. software and technology sectors US based provider of operations engineering consulting services for the oil and gas industry UK Sinclair Knight Merz Australia 29 USA John Wood Group Plc UK 174 26 0.4x Nov-09 Hill & Associates Consultants Hong Kong based corporate risk management Limited services provider Nov-09 First Advantage Corporation US based provider of risk mitigation and business USA (26. product Environmental Limited.4x 11.6x .6x 8.2x 7. and abuse in the healthcare system Canada based corporate advisory firm providing Canada investmnet banking.0x 33. UK group of consulting companies operating in the environmental. Fitch Solutions and Algorithmics USA Dolan Media Company USA 21 The Hearst Corporation USA 629 300 2. operations and CFO advisory USA consultancy The First American Corporation The Hackett Group Inc USA 521 136 1.00% stake) US based provider of outsourced discovery USA management and fixed-fee document review services Nov-09 Fitch Group (20. LLC (85. Sira and environmental management system.9x Oct-09 Enviros Group Ltd Oct-09 Baker Energy.Section VIII: Consulting Services – Excluding IT Comparable M&A Transactions Exhibit 21 Consulting Services Comparable M&A Transactions (Con’t) (€ in millions except where mentioned in $) Date Target Company Target Description Country Hong Kong Bidder Company G4S Plc Country UK Revenue 14 Deal value (€m) 5 Enterprise Value / Sales EBIT EBITDA 0. project management.4x 8.3x 260.6x CSA International Canada 4 10 2. and USA consulting services with exclusive focus in environmental issues Jul-09 Sira Certification Service. acquisition and divestitures and global equity capital market services firm in UK based analytics company providing business UK intelligence and reporting software Australia based provider of property consultancy Australia services Australia based planning.1x 7.00% stake) process solutions Nov-09 Archstone Consulting LLC US based strategy.1x Sep-09 IntegriGuard LLC Sep-09 Tristone Capital Inc Jul-09 InforSense Limited US based company engaged in the prevention USA and detection of fraud.4x 9.7x USA 12 Nov-09 DiscoverReady. science. UK based certification body which provides quality UK Sira Consulting Limited. surveying and environmental consultancy company Australia HMS Holdings Corp USA 4 Macquarie Group Limited Australia 74 ID Business Solutiions Ltd UK 6 Jul-09 Page Kirkland Group Altus Group Income Fund Canada 19 Jul-09 Conics Limited RPS Group Plc UK 37 US based company providing real estate research USA and portfolio strategy services to the institutional real estate community Jul-09 Malcolm Pirnie Inc US based provider of engineering.0x 6. UK based certification Jun-09 FASE Estudos e Projectos Portugal based company providing consultancy.9x 1. Portugal SA design. Inc.
Portugal and Canada. This acquisition was made at the request of BOURBON’s historic partner in the joint-venture. Global M&A Canada advised the sellers on the sale. BOURBON is taking this opportunity to consolidate its medium and long-term position in Brazil. in both official languages.A On 17 March. Delba Maritima Navegaçao S. . high performance and new-generation vessels and a modular offer of Inspection. BOURBON is listed for trading on Euronext Paris. 2010 – Global M&A announced that BOURBON has acquired the 50% of the shares it did not already own in its Brazilian subsidiary Delba Marítima Navegação. BOURBON also specializes in bulk transport and protects the French coastline for the French Navy. The combined knowledge of the team of experienced research and technical consultants covers a broad spectrum of technologies. Under its Horizon 2012 strategic plan BOURBON intends to become the leader in modern offshore oil and gas marine services by offering the most demanding clients worldwide. In a spirit of continuity. Its service a territory extending from British Columbia to Nova Scotia. with the launch of its new "Subsea Services" Activity. Spain. Compartment A. and is included in the Deferred Settlement Service SRD and in the SBF 120 and Dow Jones Stoxx 600 indices. the operational management and organization of the subsidiary remain unchanged. Global M&A Canada announced that Groupe Dynavision inc.com Global M&A Brazil advised Bourbon on the transaction. Maintenance and Repair services.Appendix. About Bourbon BOURBON offers a broad range of offshore oil and gas marine services. a full line of innovative. completed the sale of 51% interest in the share capital to French group Grande Armée Conseil. Classified by ICB (Industry Classification Benchmark) in the "Oil Services" sector. Global M&A Deal Highlight Groupe Dynavision Inc On 14 April 2010.bourbon-online. Grande Armée Conseil is a leading advisory firm specializing in social and fiscal costs optimization and R&D tax credits with over 200 consultants in France. a leading Canadian technology consulting firm. who wished to withdraw from Delba Maritima Navegação. The DynaVision Group is a consulting firm specialized in claiming Scientific Research and Experimental Development (SR&ED) income tax credits. www.
Cargolux tonnage declined by close to 11%. by the time those two aircraft left the fleet. the company actually found a need for more capacity. First. but yields were down by over 26%.6 points to 69%. SNCI (all current shareholders of Cargolux) and.34 hours. the delay helped to preserve much needed cash although the company could have well used the added efficiency. As a result of the losses incurred and to ensure the survival of the company. (All figures include data for Cargolux Airlines International S.102 and tonnage fell by 10. With shipping in the sector declining by around 20% last year causing a glut of over capacity the company saw a reduction in fleet utilization and load factors. In November 2009. Cargolux’ shareholders approved the creation of an authorized capital of US$200 million. the Luxembourg State. BCEE. higher range and payload to reduce its operating costs. The daily average aircraft utilization dropped 6. Global M&A Switzerland.7% stake to Luxair. shareholder SAirlines (part of the defunct Swissair Group) sold its 33. most importantly. Cargolux.8% to less than 630. In September and October.3% to 4.Global M&A Deal Highlight CARGOLUX 21 April 2010 Cargolux Release Annual Report As Air Freight Shipping Struggles After what they are calling the most difficult year in the history of air freight. Freight tonne kilometres where down by 11.954 million. Production delays for the B747-8F have pushed the first delivery to Cargolux from 2009 to late 2010 which they view with mixed emotions. However. based in the Grand Duchy and the biggest all cargo fleet air carriers on the continent. .A. Total block hours for 2009 decreased by 9. and Cargolux Italia SpA who lease one aircraft from their parent) the resultant reduction in tonnes sold and the decline in yields resulted in a drop in revenue of 34% to US$ 1. On one hand. giving power to the board to issue new shares. a reduction in yields. as a new shareholder. In 2009.3 billion meaning Cargolux recorded an overall loss of US$153 million. the company implemented a restructuring of its capital structure in a two step transaction. ZETRA International. two aircraft were delivered to UPS in a deal that had been concluded before the crisis hit and was intended to facilitate the planned delivery of new B747-8 freighters in 2009.3% to 83.000 tonnes. A capital injection of US$100 million took place before yearend.800 million while available tonne kilometres reached 6. a re-capitalization of Cargolux became necessary. as the markets began to rebound and they found it necessary to lease in up to three extra craft for the last three months of the year.7% to 14. a reduction of 9.3%. have issued a concise report as to their recent performance. The group retained its existing fleet of 16 B747-400Fs but lower utilisation equated to the equivalent of having two aircraft on the ground during the months of June and July. but. lower fuel consumption. assisted SAirLines as exclusive M&A advisor in this transaction. Load factors declined by 1.
Appendix Sampling of Business Services Deals .
Appendix Sampling of Business Services Deals .
Appendix Sampling of Business Services Deals .
Ms. syndicated loans and acquisition finance such as the purchase of Hylsamex by Grupo Techint. LLM SJD (Virginia). Universidad de San Andrés (2004). Education: BA LLB (Sydney). He has also assisted numerous acquisitions and other transactions. Ireland) to PENAUILLE POLYSERVICES. Universidad Católica Argentina. Foreign Languages Applied to Economics Email: vzeid-maurel@globalma. sale of French subsidiary HONEYWELL Sécurité & Télésurveillance to CERBERUS SIEMENS. Quintin worked for Civitas International Management Consultants and the Swiss Private Bank Ehinger & Armand von Ernst. He is currently Chairman of Contango Capital Partners Limited.com Business Services Team Members Verónica Klammer joined the Buenos Aires based company in March 2006. AUSTRIA Quintin Althann Associate Education: Bachelor of Business Administration.. He held a number of senior positions before establishing the Sydney based company 20 years ago. Klammer worked at Accenture for two years as a financial analyst in the Business Consulting Unit Education: ARGENTINA Verónica Klammer EN Vice President Certified Public Accountant. Ms. MCOM (NSW).A.com Quintin Althann is an Associate at the Wien based company. sale of ORION ENGINEERING (high added value engineering advisory services. Bachelor Degree in Business Administration.com . Netherlands) to ALTEN. where she worked for five years. sale & installation of laundry equipment). Webster University. Previously. Postgraduate Degree in Marketing. MBA (Macquarie) Email: bbeerworth@globalma. He has significant experience in balance sheet and market analysis as well as in research and consulting activities. Prior to joiningthe company. participating in transactions in the areas of debt restructurings. including Executive Director of HSBC Bank Australia and Managing Director of HSBC Bank Australia Corporate Finance and Senior Partner of Mallesons Stephen Jaques. Prior to joining Citibank. Quintin is an active member of the Global M&A Business Services and CEE Teams. Austria) to ALTRAN. sale of KNIGHTS SERVICES (cleaning services. one of Australia’s leading law firms. Klammer was a banker at Citigroup/Citibank N. a listed funds management holding company. Bill has been Chairman or a Director of a number of successful listed companies. where he specialised in corporate law. Vienna Email: qalthann@globalma. particularly in Mergers & Acquisitions and Equity Capital Markets. sale of TEAMWORKS (IT Services. Email: vklammer@globalma. Selection of cross border deals closed: Acquisition by MBO team of POLYMARK (France/UK. private and multilateral debt structuring. M&A advisory.APPENDIX: The Global Business Services Team Leader M&A Business Services Team Véronique Zeid-Maurel is Global M&A Business Services team leader with18 years experience as M&A deal maker specializing in cross border transactions. Universidad Católica Argentina (Valedictorian 1998).com AUSTRALIA Bill Beerworth Managing Director Bill Beerworth is an Investment Banker with a background in Corporate Law. FRANCE Véronique Zeid-Maurel Senior Partner Education: Sorbonne Paris IV.
France and North Africa in reorganizing commercial and industrial groups. Roman joined the Minsk based company in 2002 as an analyst. and in launching new ventures. From 1997 through 2001. Education: Business Administration. Post-Graduate in Business Administration. Belgium BELGIUM Benoit Roose Managing Partner Email: broose@globalma. one of the leading Wall Street investment banks in New York where he was a Vice President at the Global Communications group. Business Services segment experience include the purchase by Bourbon of the 50% it did not already own in Delba Marítima Navegação. he was Vice President of one of the leading Brazilian leather and shoe groups for 18 years. University of Bonn and Cologne. Prior to that. Engineering. IPO and corporate finance. valuation of Brazilian contact center company ASK!. CFA candidate Email: rosipov@globalma. Federal University of Rio Grande do Sul BRAZIL Antonio Baptista Principal Email: abaptista@globalma. BELARUS Roman Osipov Director of Investment and Financial Advisory Education: Master’s degree in International Business.com Márcio Fiuza is one of the founding partners of the São Paulo based firm. Germany. He became head of the Financial Advisory department by the end of 2005. Education: M. advised EBRD and HeidelbergCement AG. Belarusian State Economic University. He is a founder of the Brussels based company Education: Master of Economics. Previous experience in Belgium. Inc. Mr. buy-side target identification in the collection agencies segment as well as sell-side experience in payroll processing BPO segment. Germany. Antonio has experience in acquisitions.Sc. and individual investors in their acquisitions of stakes in Belarusian banks and insurance companies. GetIn Holding (Poland). He worked closely on the financial advisory of leading private Belarusian companies.com . In 2006-2007 Roman was a member of the team responsible for M&A advisory of Delta-Bank (Ukraine). MBA Wharton School of the University of Pennsylvania BRAZIL Márcio Fiuza Partner Email: email@example.com Benoit Roose has over 20 years of experience advising on international acquisitions and divestitures. Solvay Brussels School of Economics and Management. Stearns & Co.maritime services to the offshore oil sector in Brazil.com Antonio Baptista founded the Porto Alegre based company in 1994.APPENDIX: The Global M&A Business Services Team Roman Osipov has six years experience in investment consulting. He was also a corporate finance and strategic planning consultant for seven years. Fiuza worked for Bear..
Vargas was a managing director with ING Barings responsible for the corporate and investment bank in Colombia. Previously. management buyouts. in Business Administration. and former Undersecretary of Finance in Bolivia. Before joining ING Barings. General Manager of Morgan Impresores in Chile.APPENDIX: The Global M&A Business Services Team Mr. Lariviere has been involved in equity & debt financing as well as M&A transactions for his clients. debt restructuring. as well as institutional asset management with UBS Global asset management and Landsbankinn Island. Columbia University. Mr. USA and Europe including leverage buyouts. Lariviere’s work experience includes several years for RBC Royal Bank as corporate credit advisor.com CHILE Carlos Taborga Ibargüen Before founding the Bogota based firm in 2001. General Manager of Ferrocarriles Andinos in Bolivia. Mr. Prior to joining the Montreal based company. B. finance major. He is currently on the Board of Directors of GE-BAC (Banco de America Central) and Credomatic. acquisitions.com Managing Director Carlos Taborga Ibargüen has 20 years of experience in top executive positions and 10 years experience in restructuring and turnarounds. Bogotá. Education: BS and MBA. He is a Board member of Empresa Electrica Valle Hermoso. Mexico. Babson College. Vargas joined Baring Securities in 1994 as Head of the Andean Pact Region and was subsequently appointed as President and CEO for the merged operations of Barings and ING Colombia on January 1997.S. Guatemala Email: ldavid@globalma. Lariviere founded AJP financial a boutique financing advisory firm which focused on non traditional banking credit solutions for the Canadian midmarket. Mr. Luis David Universidad Francisco Marroquín. He has been responsible for closing several deals in the Central American Region. University of Mount-Allison Email: jplariviere@globalma. Universidad de Los Andes. Economics BA and MS candidate. Mr. he was CEO of Matreq (Caterpillar Dealership) in Bolivia. mergers.com Luis David joined Guatemala based company in 1998. Mr. He joined the Santiago based firm in January 2007. COLUMBIA Bernardo Vargas Partner Education: MBA. He has several years of experience in the banking and financial sectors in the Central American region. Italy. Education: CENTRAL AMERICA Masters Degree in Banking and Finance.com . Colombia Email: bvargas@globalma. Vargas acted as founding CEO of Proexport Colombia and previously he was Head of the External Financing and Foreign Reserves Department at the Colombian Central Bank (Banco de la República). Giordano Dell’amore Institute in Milan. CANADA Jean-Patrick Larivière Partner Education: Bachelor degree. strategic alliances and private equity placements. USA Email: ctaborga@globalma.
Allen & Hamilton Corporate Finance. Copenhagen Business School. Education: Adam Blecha graduated from HEC (Hautes Etudes Commerciales) in Paris CZECH REPUBLIC Adam Blecha Managing Partner Email: firstname.lastname@example.org Karla Polli is a founding partner of the Tallin based firm. most recently working as an Associate Director from 2000-2003. Previously. With 11 years of experience in corporate finance.A.. Education: Master of International Economics and Management.Sc. Tartu University ESTONIA Karla Polli Partner Email: kpolli@globalma.APPENDIX: The Global M&A Business Services Team Adam Blecha has been working in the field of M&A since 1994. Education: M. MBA Email: email@example.com FINLAND Antti Kemppainen Partner . Peter Søgaard was a Director at Booz. in the internal M&A department in Paris. he worked for Corporate Value Associates. University of Aarhus DENMARK Peter Søgaard Managing Partner Email: psogaard@globalma. Corporate Finance and Economics. Education: B. Area Manager for Industrialisation Fund for Developing Countries and Vice President of BG Bank Investment Bank. Bachelor of Law. an English-French strategic consulting company as well as for Credit Lyonnais (now CALyon).com Antti Kemppainen is a Partner at the Helsinki based company. Immediately prior to establishing the company he was member of Danske Bank’s Corporate Finance team and prior to that member of KPMG Estonia Corporate Finance team. Director at PricewaterhouseCoopers Financial Advisory Services. He has eleven years of experience in investment banking. Economics. Karla has advised several M&A and capital raising transactions including some of the biggest private deals ever closed in Estonia.com Prior to joining the Denmark based company. he worked at Mandatum & Co since 1998. Before founding his own M&A company.
she worked for Innovation Center Iceland as a consultant to SME’s and entrepreneurs. Technische Universitaet Berlin. Licensed Stockbroker and Real estate agent Email: bbergthorsdottir@globalma. Brynhildur has served as board member of various funds. He led domestic and cross border transactions in various industries.com HUNGARY Oliver Martin Director Brynhildur Bergthorsdottir is a partner at the Reykjavik based company. MBA. Accounting.com ICELAND Brynhildur Bergthorsdottir Partner . assuming various positions including acting head of the Budapest operation. Bradford Management Center. CM&AA. mechanical engineering and food & beverages.com Partner Education: Prior to joining the Budapest based firm in 2003. since April 2003. acquisition of Edutec (eLearning solutions) by Tertia Group. mainly in the field of cross-border M&A. as the Middle East managing partner for corporate finance. CMEA.com Faisal Al Sayrafi CEO & Managing Director Christian joined the Düsseldorf based firm in 1995. ASA. committees and organizations.to largesize transactions for clients in various industry segments. Education: BA. University of New Haven. Sale of internet service provider Topnet to Mobilcom. automotive. After completing her MBA in 1996.S. Education: Masters Degree in Finance.. CPES GULF COUNTRIES & YEMEN Email: falsayrafi@globalma. and has particular expertise in the arena of private placements and public offerings. UK. Oliver Martin spent seven years at ABN AMRO Corporate Finance Budapest. Since 2006 he is head of Global M&A‘s sector team Industrials and an active member of Global M&A’s business services team. a stock exchange listed automotive manufacturing company. CFC. USA.B. Brynhildur worked in the advertising industry and as a marketing manager for a number of years.APPENDIX: The Global M&A Business Services Team Faisal set up the Middle East based company in 1994 having spent several years with Andersen & Co. With an extensive network of contacts in the region. Loretto Heights College. ladders). He has been Director of Raba Automotive Group. Certifications: CVA. in particular business services. Mr. Fine Art and Design. Selection of transactions: Acquisition of Skyworks (design and rental of professional access equipment (scaffolds. Faisal has successfully closed many medium.A. Martin has an extensive track record of executing corporate finance advisory mandates. She was GM of the Icelandic Quality Association from 2000-2005. Education: M. M. University of Vermont. GERMANY University of Erlangen-Nuremberg (MBA) Christian Kollmann Email: ckollmann@globalma. financial restructuring and capital raising transactions. Germany Email: omartin@globalma.
com Patrick joined the Dublin based firm in 2008. Previously. Education: Masters of Business Studies.. acquisition search for services company in Asia and strategic partnership for a software company in Bulgaria.com IRELAND Patrick Sheehan Manager The Tel Aviv based firm is led by Yair Ephrati. M.APPENDIX: The Global M&A Business Services Team Saiyam has 5 years of experience in the areas of corporate finance and consulting. University College Dublin Email: psheehan@globalma. He has assisted Italian and foreign companies on domestic and international transactions and has previous experience in a financial advisory boutique. He has advised transactions and executed project management in a wide range of sectors. he led teams advising Fortune 100 companies on new market development. Mumbai INDIA Saiyam Shah Senior Associate Email: sshah@globalma.A. Degree in Political Science.B. Tel Aviv University. Mr. he reviews sectors such as Business Services and Education. Milan. acquisitions and strategy.com Ugo has been with the Milan based firm since 1999. He has worked with Crisil Ltd. ISRAEL Yair Ephrati Managing Director Education: B. Economics and Business. SDA Bocconi. Education: Graduate in Commerce. Mr. acquisition of semiconductor trading company. specialising in project management within Business Services and ICT. Previously. University of Michigan Email: yephrati@globalma. Education: Master SME.. Ephrati has been involved in numerous Israeli related transactions in the past years including a Leveraged Buyout of an electronic equipment (rugged computers) importer and manufacturer. financial feasibility. Mumbai University. At McKinsey. entry strategies and market studies. he was a manager with KPMG’s Manufacturing. Masters in Management Studies NMIMS.com .A. in London and New York for three years. and has lead assignments in the areas of valuations. Retail and Distribution division and has significant knowledge of firms operating within different sectors. Turin University ITALY Ugo Zampieri Partner Email: uzampieri@globalma. financing of medical device companies. Patrick is a member of the Institute of Chartered Accountants. Ephrati was with McKinsey & Co. At the Indian based company.
a graphic design studio.. he was CFO of European Packaging Holding with operations in Holland. he was responsible for acquisition. Plettner worked as a trainee in brand management at Procter & Gamble Mexico. divestments. wholesale and retail trade. France JAPAN Tamotsu Majima Director Advisory Group Email: tmajima@globalma. Instituto Tecnológico y de Estudios Superiores de Monterrey (ITESM).com . Mr. businesses he founded in 1996 and 1997. he has been involved in a large number of buy outs. Since 1999.Sc. Tokyo University of Foreign Studies. respectively. Before joining the group in 1998. Plettner worked as a consultant at The Boston Consulting Group.APPENDIX: The Global M&A Business Services Team Tamotsu Majima.B. He is a Chartered Member of the Securities Analysts Association. Germany. Director.. CFA Level III Candidate.. He was engaged in an MBO in 1994. INSEAD. turnaround and financial engineering.. covering such industries as manufacturing. S. pharmaceuticals and logistics.and buy processes in the Netherlands and internationally as leading partner and transaction manager. Previously. Advisory Group at the Tokyo and Osaka based group. Prior to that he worked as an intern in the Latvian state-owned telecommunication operator Lattelekom (2004). Mr.A. and Star Technologies. Mr. Stanford Graduate School of Business Email: mplettner@globalma. he worked as securities analyst of Japanese corporations and was also involved in international corporate finance business for ten years at Yamaichi Securities. CFA Institute Email: agolubchikov@globalma. business services. Mr. a company active in the design of information systems. Golubchikov specializes in M&A. where he worked on the merger of two multi-national food companies. buyout and business restructuring transactions. M. sale. S. has been engaged in cross border transactions for more than ten years. France and Poland. During the summer of 2001. At Prudentia. Education: B.com Douwe Tijsma has been a partner at the Rotterdam based firm since 1999. MBA.com Andrey Golubchikov joined the Riga based firm in 2005 in an Analyst position.com Prior to joining the Mexico based firm in 2002. Before joining the company.A. The company was successfully sold. LATVIA Education: Andrey Golubchikov B. He was involved in the acquisition of additional share issue of RĪGAS BANKETU SERVISS (contract catering services) by a venture capital fund ZGI FONDS.A. NETHERLANDS Douwe Tijsma Partner Email: dtijsma@globalma. Stockholm Associate School of Economics in Riga.A. degree in Economics and Business Administration. Within EPH. Plettner worked for 3 years as manager of Publix. MEXICO Martin Plettner Rutishauser Partner Education: BS in Industrial and Systems Engineering. and evaluated additional acquisition projects.
a leading Central European private equity firm. founder/partner in Nordic Merger and Principal in Booz Allen Hamilton.Universidad Católica del Perú. University of Oslo Email: thellum@globalma. sell and buy sides of companies dealing with IT outsourcing. LL. Rafal was a managing director and partner at Innova Capital.. Executive Vice President of Nord og Syd Kredittforsikring. POLAND Rafal Nowakowski Managing Partner Education: MSc in Economics from Poznań Academy of Economics.APPENDIX: The Global M&A Business Services Team Mr. Rafal Nowakowski specializes in deal origination. Securities Representative (SFA) and certified accountant. Vice President of Bergen Bank.D.com At the Warsau based company. with honors. Prior to becoming a co-founder and partner of HCA. Rafal was involved in several transactions including investments. Moscow Foreign Relations Institute. Post Graduate Studies in Finance from ESAN Email: msalazar@globalma. Education: Law degree. Tomsk State University. In the Business Services sector. with 20 years of experience. facility management. Previous positions include Vice President in DnB. certificate in Corporate Finance & European Law (ERASMUS). Salazar has professional expertise in investment banking. security and mass print and mail outsourcing. Email: rnowakowski@globalma.. Evans gained extensive legal experience providing services to a number of international and Russian companies in the areas of M&A transaction support. Head of Bergen Bank Securities. Salazar has been involved in numerous deals with a total value in excess of US$ 2 billion. PERU Manuel Salazar Partner Education: Economist graduate.M. IT consulting. Education: J. Investment Manager of Macrovalores and Investment Advisor to MAPFRE Compañía de Seguros. supporting relations with a large number of Russian and international clients from various industries.com . Mrs.J. His previous experience includes the position of General Manager of Sudamericano Brokerage House. Later on she became a partner and managed the consulting branch of the company. capital markets and finance.com Marina Evans joined the Moscow based company in 2006 as the head of the legal department. S..com NORWAY Trond Hellum Partner Mr. Mr. Prior to joining Meridian. transaction structuring. INSEAD alumnus. corporate and securities laws. Hellum has extensive experience as an advisor within banking and corporate finance. electro-nic data storage. corporate finance and investment advisory services. Salazar also participated in studies on the development of the Peruvian capital market for the Ministry of Economy and Finance and CONASEV. Member of Banco Sudamericano’s Assets and Liabilities Committee. cleaning.D. Mr. Northwestern University School of Law RUSSIA Marina Evans Partner Email: mevans@globalma.
banking. M. Esin has concentrated on corporate finance. Education: Industrial Engineering degree. At the Istanbul based firm she is responsible for business development. Email: eozcelik@globalma. Since 1999. BA in International Business Email: gwilli@globalma. one of the leading Swiss staffing companies. valuation. and worked in the Corporate Finance Department of Benito & Monjardín. Middle East Technical University. Executive Director Strategic Marketing at ISA International. and is the current Chairman of Academic Work (Recruitment).com TURKEY Esin Özçelik Ünsal Director .A. after joining Raymond James Securities as a Director.com SPAIN Bosco Salaverri Founding Partner Prior to joining the Stockholm based firm.A. the sale of ULD management services of Swissport "Unit Pool Ltd" and the sale of Special Security Services operations to Cargologic. S. succession planning. Esin began her career in equity research and worked for various brokerage houses including Finans Yatırım and Caspian Securities. and CEO of Lap Power Holding. origination and execution of corporate finance deals. At the firm. Anders has also been a board member of Information Highway. Previously. U. and various due diligence support. IAL Consortium of International Business Studies. Email: ajonsson@globalma.L. the sale of Jobs. turnaround and business plan support for companies in the business services industry.com SWEDEN Anders Jonsson Partner SWITZERLAND Gerhard Willi Partner Gerhard Willi has 10 years of experience in M&A. corporate finance transactions as well as complex restructuring cases. he was a Founding Partner of Proyectos Panikkar. Italy and Clemson University. Education: CFA. the sale of a leading call center to Cyberline AG. Bosco is responsible for business origination and is the lead advisor to several Spanish companies. Anders Jonsson held several positions both in the IT industry and as a consultant to Private Equity funds. Prior business services experience includes the sale of Serimo (FM company) to Bilfinger Berger. Ankara. Universidad Comercial de Deusto (Bilbao) Email: bsalaverri@globalma. Anders was the owner and CEO of Oscar Dellert AB.S. In 2007 his team completed the sale of JobOne. a distributor of IT products.APPENDIX: The Global M&A Business Services Team Bosco Salaverri is a Founding Partner of the Madrid based firm.ch the leading Swiss job portal. to Randstad.B. Education: Graduate in Economics and Business Administration.com In 1995.
Effram was a summer associate at McDonald Investments’ Investment Banking group and.B. Miami University. He has worked in private equity funds (Balkan Accession Fund and Euroventures Ukraine) and has been responsible for full investment cycle from origination of deals to exit.A. University of Washington Email: rmiles@globalma. software and technology companies. Email: firstname.lastname@example.org USA Randall Miles Managing Director Randall Miles joined the Seattle based firm as a Managing Director in 2009.. Randall served as chairman and CEO of LionMTS. John qualified as a barrister in 1984. as well as management of portfolio investments in various industry sectors. He has been involved in valuation. Randall served as CEO of Syngence Corporation and acting CEO of Officespace. prior to. The University of Chicago Graduate School of Business Email: ekaplan@globalma. He joined the London based firm in 2002 and since 2003 has led the development of Noble into a growth market investment bank. Education B. Education: BBA in Finance. a private M&A advisory and strategic consulting group focused on financial services. Randall was a managing partner with SCM Capital Group.APPENDIX: The Business Services Team Mr. He joined Hill Samuel Merchant Bank and became Head of Corporate Finance and a member of the Bank Executive Committee. Prior to joining the firm. negotiations. private placements and financial restructuring with primary industry experience in metals and mining as well as experience in diversified manufacturing and distribution. a publicly traded financial software and services company where he directed the strategic expansion of the company. M. Prior to that. structuring and execution of investment deals. He was also an Executive Director of Close Brothers Group.com. The team moved to Close Brothers and John became Chief Executive of the enlarged corporate finance group and founded its international business. Education: PPE from Oxford University UK John Llewellyn-Lloyd Email: email@example.com CEO Investment Banking USA Effram E.S.com UKRAINE Vladimir Klymenko Investment Banking Director After graduating in PPE from Oxford University. He managed consulting firm providing services to leading Ukrainian companies and institutional investors. Most recently. Randall has over twenty-five years of extensive M&A and executive level experience working with both investment banks and financial technology companies. Kaplan Director & Principal Effram Kaplan focuses on mergers and acquisitions. Klymenko has over 10 years experience in investment business and consulting. Before joining the Cleveland and Chicago based firm. a Manager in Arthur Andersen’s management consulting practice<<.com .
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