3.0%

(3.9%)

1.7%

4.1% 5.4%

(8%)

(6%)

(4%)

(2%)

—

2%

4%

6%

8%

10%

Facilities Industrial Distribution Logistics BPO

1-Ye

ar R

even

ue G

row

th

LTM Revenue Growth LTM Gross & EBITDA Margins

Enterprise Value / LTM EBITDAEnterprise Value / LTM Revenue

Target Acquiror Acquisition Synopsis

Faci

litie

s

•

••

Kohlberg Kravis Roberts & Co. (NYSE:KKR), a global investment firm, has agreed to acquire Q-Park, a designer and operator of parking facilities throughout Europe, for €2.95 billion (15.1x 2016 EBITDA)Q-Park, based in the Netherlands, is the second largest parking service provider in EuropeThe Company's portfolio includes approximately 835,000 parking spaces distributed over 6,195 facilities in 10 countries

Indu

stria

l

•

••

CTI Engineering Co. (TSE:9621), a leading Japanese engineering consulting company, has agreed to acquire the Waterman Group (LSE:WTM), a UK-based provider of engineering and environmental consultancy services, for £41 million (9.3x 2016 EBITDA)CTI's price represents an 83% premium on Waterman's closing share price prior to announcementOn the heels of Atkins' £2.1bn takeover by SNC-Lavalin in April 2017, this transaction represents another example of a UK consultancy being acquired by an international engineering group

Dis

trib

utio

n

•

•

•

Lowe's Companies (NYSE:LOW), a leading home improvement retailer, has agreed to acquire Maintenance Supply Headquarters, a distributor of maintenance, repair and operations (MRO) products used in the multi-family housing industry, for $512 million Maintenance Supply Headquarters, based in Houston, operates 13 distributon centers and has a portfolio of more than 5,300 products and value-added servicesThis transaction, together with the acquisition of Central Wholesalers (Nov. 2016), strengthens Lowe's abilty to serve the professional or "pro-sumer", a fast growing customer segment for DIY retail

Logi

stic

s

•

•

•

Hub Group, Inc. (NASDAQ:HUBG), a freight transportation management company, has agreed to acquire Estenson Logistics, a dedicated transportation services provider, for $295 million (6.8x 2016 EBITDA)Estenson, the 14th largest dedicated contract carrier in North America, is a best-in-class operator with over 1,200 power units and more than 5,000 trailers operating at approximately 120 customer locationsThe transaction is expected to provide cross-selling opportunities in excess of $100 million over the next five years and will allow Hub Group to offer a more complete multi-modal solution to its customers

BPO

•

•

•

Clayton, Dubilier & Rice (CD&R), a NY-based private equity firm, has agreed to acquire a 60% stake in Capco, a provider of business and technology consulting services, representing a TEV of $795 millionCapco, based in Belgium, specializes in business, digital and technology consulting services mainly for the wealth management and banking sectorsFidelity National Information Services (NYSE:FIS) acquired Capco in 2010 and will maintain a 40% equity stake upon transaction close

Tab - 1. Headline Transactions Page 1

Business Services Headline Transactions

21.3%

13.3%

28.4%

21.6%

31.7%

7.7% 5.5%

8.6% 13.6% 12.6%

0%

5%

10%

15%

20%

25%

30%

35%

—

5%

10%

15%

20%

25%

30%

35%

Facilities IndustrialDistributionLogistics BPO

LTM EBITD

A M

arginLTM

Gro

ss M

argi

n

1.0x

0.5x

1.1x 1.1x

1.4x

0.0

0.2x

0.4x

0.6x

0.8x

1.0x

1.2x

1.4x

1.6x

Facilities Industrial Distribution Logistics BPO

TEV

/ Rev

enue

12.9x

9.6x

12.6x

9.8x

12.4x

0.0

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

Facilities Industrial Distribution Logistics BPO

TEV

/ EBI

TDA

Business Services MonthlyJune 2017

TM Capital’s Business Services Contacts

James S. Grien Managing Director

jgrien@tmcapital.com 404-995-6235

Jarrad S. Zalkin Managing Director

jzalkin@tmcapital.com 617-259-2207

Facilities Services Transactions Industrial Services Transactions

Distribution Transactions Logistics Transactions

BPO TransactionsTarget Acquiror Target Description

XMi Holdings, Inc South Central, Inc. Provides business managementoutsourcing and entrepreneurialsupport services

The Columbus Organization, LLC

HealthEdge Investment Partners

Provides on-site professionalstaffing, consultative andeducational services

Gextra S.r.l. Lindorff Group AB Provides credit management anddebt collection services for variousbusinesses

4. Transactions (for PDF)

Target Acquiror Target Description

Endries International Inc.

Nautic Partners, LLC Distributes fasteners and relatedproduction components to originalequipment manufacturers

Tool & Fastener Solutions Ltd.

Travis Perkins plc (LSE:TPK)

Distributes air conditioning andrefrigeration tools and equipment

Legacy Glass & Supply, Inc.

Installed Building Products, Inc. (NYSE:IBP)

Supplies shower glass, shelving andbathroom mirrors to single-familyresidential customers

4. Transactions (for PDF)

Target Acquiror Target Description

Coenen Mechanical, LLC

Industrial Group Holdings, LLC

Provides mechanical, plumbing,HVAC, fabrication and engineeringdesign services

Safety-Kleen Europe Limited

Apax Partners LLP Provides parts washing, chemicalapplication and waste managementsolutions in Europe

Major Commercial Cleaning, Inc.

4M Building Solutions, Inc.

Offers janitorial and related facilitiesservices

4. Transactions (for PDF)

Target Acquiror Target Description

Network Mapping Ltd

Trimble Inc. (TSE:9621) Provides mapping, engineering, andsurveying services for the powersector

Water Kleen, LLC TAS Environmental Services LP

Provides industrial andenvironmental services tomanufacturing plants and theoilfield industry

Inventrix Engineering, Inc.

Stantec Inc. (TSX:STN) Offers mechanical engineeringservices in the United States

4. Transactions (for PDF)

Target Acquiror Target Description

Logistics Planning Services, Inc.

GlobalTranz Enterprises, Inc.

Provides transportationmanagement and logistics services

Kitzinger & Co. (GmbH & Co. KG)

BLG LOGISTICS GROUP AG & Co. KG

Provides transport and logisticsservices in Germany andinternationally

Nightline Logistics Group Unlimited Company

United Parcel Service, Inc. (NYSE:UPS)

Provides express courier deliveryservices in Ireland and the UnitedKingdom

4. Transactions (for PDF)

EBITDA Multiples Over Time

12.9x

9.6x

12.6x

9.8x

12.4x

5.0x6.0x7.0x8.0x9.0x

10.0x11.0x12.0x13.0x14.0x

Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 May '17

TEV

/ EBI

TDA

Facilities

Industrial

Distribution

Logistics

BPO

www.tmcapital.com/business-services

New York641 Lexington Avenue30th FloorNew York, NY 10022Tel: 212.809.1360

Boston201 Washington Street32nd FloorBoston, MA 02108Tel: 617.259.2200

Atlanta1230 Peachtree Street NESuite 550Atlanta, GA 30309 Tel: 404.995.6230

David M. Felts Managing Director

dfelts@tmcapital.com 404-995-6252