q4 | 2018 - dinan & company, llc · december 2018 north american industrials m&a activity...

December 2018

NORTH AMERICAN

INDUSTRIALSM&A Activity and Valuation Trends

Q4 | 2018

Robert UllmanManaging Director

[email protected]

William DowningManaging Director

[email protected]

Michael PucciAssociate Director

[email protected]

Michael HilcoveVice President

[email protected]

Michael ReisterAssociate

[email protected]

December 2018

I. Economic Indicators 3

II. Dinan Index Constituents 5

III. Capital Market Activity 6

IV. Public Sector Valuations 9

V. Mergers and Acquisitions Overview 13

VI. Fourth Quarter Transactions Overview 14

VII. Dinan Capital Advisors 22

Section Page

Table of Contents

December 2018

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Major Indices Performance

S&P 500 Index (^SPX) - Index Value Dow Jones Industrial Average (^DJI) - Index Value NASDAQ Composite Index (^COMP) - Index Value Russell 2000 Index (^RUT) - Index Value

Economic IndicatorsMacroeconomic Overview

3

Major Economic Indicators Interest Rates

As of As of As of As of

Index 3/31/2018 6/30/2018 9/30/2018 12/31/2018

^SPX 2640.87 2718.37 2913.98 2506.85

^COMP 7063.45 7510.30 8046.35 6635.28

^DJI 24103.11 24271.41 26458.31 23327.46

^RUT 1529.43 1643.07 1696.57 1348.56

Interest Rates 3/31/2018 6/30/2018 9/30/2018 12/31/2018

United States Treasury - 2 Year 2.27% 2.52% 2.81% 2.48%




United States Prime Rate 4.75% 5.00% 5.25% 5.50%

Economic Indicator 2014 2015 2016 2017 2018

Real GDP (% change) 2.40% 3.00% 2.08% 2.30% 2.22%

CPI (% change) 1.62% 1.90% 2.38% 2.20% 1.91%

Cons. Spending (% change) 2.50% 2.90% 3.10% 3.30% 2.80%

Nonfarm Productivity 0.70% -2.20% 1.00% 1.50% 1.80%

Unemployment Rate 6.20% 5.80% 4.40% 4.10% 3.90%

Source: Capital IQ, S&P NetAdvantage

December 2018

0

500

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1500

2012 2013 2014 2015 2016 2017 2018

Year

Housing Starts

95

100

105

110

2012 2013 2014 2015 2016 2017 2018

Year

Industrial Production Manufacturing (NAICS)

90

95

100

105

110

115

2012 2013 2014 2015 2016 2017 2018

Year

Industrial Production Index

72

74

76

78

80

2012 2013 2014 2015 2016 2017 2018

Year

Industry Capacity Utilization

Economic IndicatorsIndustrials Performance Metrics

4

The Industrial Production Manufacturing measures North American manufacturing output according to the NAICS.

The Federal Reserve Board derives the Industrial Capacity Utilization Indexthrough dividing an estimated monthly industrial production index by a relatedcapacity index providing a more complete picture of industrial developments.

The Industrial Production index is an economic indicator published by theFederal Reserve that measures the level of real production output ofmanufacturing, mining, and utilities.

The US Census Bureau along with the US Department of Housing and UrbanDevelopment release a monthly report on housing starts. A housing start isdefined as the beginning of a new foundation of a home itself.

Source: Federal Reserve Economic Data

December 20185

Industrial Conglomerates

Freight/Logistics

Distribution/MRO

Chemicals

Building Products

Aerospace and Defense

Test/Measurement

Paper/Plastics/Packaging

Machinery

Dinan Index ConstituentsIndustrials

December 2018

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Dinan Industrials Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

6

Capital Market ActivityIndustrials

Source: Capital IQ

Capitalization Number of % of Agg. Equity % of Agg. Equity

Profile Companies Companies Mkt. Value Mkt. Value

> $10B 19 33.33% $782,183.35 85.79%

$5B - $10B 11 19.30% $74,638.65 8.19%

$1B - $5B 19 33.33% $51,016.37 5.60%

< $1B 8 14.04% $3,890.43 0.43%

Total 57 100.00% $911,728.80 100.00%

December 2018

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Dinan Industrial Conglomerates Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

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Dinan Distribution/MRO Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

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Dinan Chemicals Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

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Dinan Building Products Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

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Dinan Aerospace and Defense Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

Capital Market ActivityDinan Index Segments vs. S&P 500

7

Source: Capital IQ

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Dinan Freight/Logistics Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

December 2018

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Dinan Test/Measurement Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

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Dinan Paper/Plastics/Packaging (Price) - Index Value S&P 500 Index (^SPX) - Index Value

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Dinan Machinery Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

Capital Market ActivityDinan Index Segments vs. S&P 500

8

Source: Capital IQ

December 2018

1.6x1.4x

2.1x

0.7x0.9x

3.7x

1.8x

0.9x

1.6x1.7x

1.3x

2.2x

0.9x1.1x

3.4x

2.2x

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0.9x 0.8x

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4x

Aerospace and Defense Building Products Chemicals Distribution/MRO Freight/Logistics Industrial Conglomerates Machinery Paper/Plastics/Packaging Test/Measurement

Historical TEV/Revenue by Segment

TEV/REV 12/31/2015 TEV/REV 12/31/2016 TEV/REV 12/31/2017 TEV/REV 12/31/2018

9.4x 9.9x

13.0x

8.5x

11.1x

16.5x

10.7x

7.4x

13.1x11.7x

10.8x

13.2x12.4x

9.8x

16.2x

12.3x

9.9x

15.2x15.3x

11.8x

13.4x12.2x

9.8x

16.9x

15.2x

10.1x

15.7x

11.6x

8.5x

14.9x

10.9x

8.5x

16.9x

9.6x

7.6x

17.7x

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10x

15x

20x

Aerospace and Defense Building Products Chemicals Distribution/MRO Freight/Logistics Industrial Conglomerates Machinery Paper/Plastics/Packaging Test/Measurement

Historical TEV/EBITDA by Segment

TEV/EBITDA 12/31/2015 TEV/EBITDA 12/31/2016 TEV/EBITDA 12/31/2017 TEV/EBITDA 12/31/2018

Public Sector Valuations Industrials

9

Source: Capital IQ

December 201810


Industry / Last Twelve Months Next Twelve Months

Company Name Ticker TEV (mm)Market Cap

(mm) Rev (mm)EBITDA (mm) EBIT (mm) TEV/Rev TEV/EBIT TEV/EBITDA Forward TEV/Rev

Forward TEV/EBITDA

Aerospace and Defense

Bombardier Inc. TSX:BBD.B $15,911.06 $4,829.09 $16,563.00 $822.00 $624.00 0.74x 17.12x 13.42x 0.69x 7.85x

Lockheed Martin Corporation NYSE: LMT $88,362.02 $74,474.02 $54,283.00 $7,308.00 $6,259.00 1.63x 13.51x 11.64x 1.62x 10.50x

Raytheon Company NYSE:RTN $47,179.88 $43,639.88 $26,481.00 $3,696.00 $3,201.00 1.78x 14.74x 12.77x 1.66x 8.60x

Spirit AeroSystems Holdings, Inc. NYSE:SPR $8,853.17 $7,641.37 $7,101.30 $1,080.80 $867.00 1.25x 10.20x 8.19x 1.17x 7.49x

United Technologies Corporation NYSE:UTX $120,346.15 $91,933.15 $64,137.00 $10,616.00 $8,292.00 1.88x 14.51x 11.34x 1.62x 9.19x

Median $47,179.88 $43,639.88 $26,481.00 $3,696.00 $3,201.00 1.63x 14.51x 11.64x 1.62x 8.60x

Building Products

Armstrong World Industries, Inc. NYSE:AWI $3,385.64 $2,885.24 $950.70 $268.50 $198.90 3.56x 12.39x 9.88x 3.51x 9.44x

Continental Building Products, Inc. NYSE:CBPX $1,096.25 $937.63 $518.70 $148.47 $104.86 2.11x 10.59x 7.45x 2.04x 6.96x

Eagle Materials Inc. NYSE:EXP $3,478.03 $2,856.78 $1,419.34 $422.82 $305.88 2.45x 10.03x 7.50x 2.46x 7.59x

Griffon Corporation NYSE:GFF $1,504.13 $455.45 $1,977.92 $159.85 $104.05 0.76x 14.46x 9.41x 0.70x 8.36x

Masonite International Corporation NYSE:DOOR $1,804.34 $1,188.92 $2,150.25 $258.07 $177.46 0.84x 10.05x 6.94x 0.83x 6.36x

Quanex Building Products Corporation NYSE:NX $634.63 $453.08 $889.79 $89.68 $37.86 0.71x 16.76x 7.08x 0.72x 6.91x

Trex Company, Inc. NYSE:TREX $3,380.34 $3,487.65 $666.49 $188.08 $170.26 5.07x 19.85x 17.97x 5.01x 17.12x

USG Corporation NYSE:USG $6,650.98 $5,961.98 $3,348.00 $468.00 $321.00 1.99x 17.93x 12.84x 1.89x 11.13x

Median $2,592.34 $2,022.85 $1,185.02 $223.07 $173.86 2.05x 13.42x 8.45x 1.97x 7.98x

Chemicals

Agilent Technologies, Inc. NYSE:A $21,044.24 $21,488.24 $4,914.00 $1,184.00 $974.00 4.28x 21.61x 17.77x 3.95x 15.47x

Balchem Corporation NasdaqGS:BCPC $2,661.95 $2,526.62 $639.40 $155.13 $111.19 4.16x 24.06x 17.22x 3.88x 16.47x

Celanese Corporation NYSE:CE $15,154.20 $12,034.20 $7,059.00 $1,691.00 $1,370.00 2.15x 9.48x 7.90x 2.09x 7.15x

Huntsman Corporation NYSE:HUN $7,635.22 $4,597.22 $9,346.00 $1,479.00 $1,160.00 0.82x 6.29x 4.98x 0.86x 5.75x

RPM International Inc. NYSE:RPM $9,772.86 $7,801.17 $5,483.35 $631.04 $493.14 1.80x 18.74x 14.94x 1.59x 11.28x

The Chemours Company NYSE:CC $7,558.01 $4,828.01 $6,749.00 $1,654.00 $1,372.00 1.12x 5.36x 4.46x 1.17x 4.78x

The Sherwin-Williams Company NYSE:SHW $46,137.17 $36,647.16 $17,449.84 $2,897.36 $2,236.08 2.64x 20.63x 15.92x 2.50x 14.22x

Median $8,704.04 $6,314.59 $6,904.00 $1,566.50 $1,265.00 1.97x 14.11x 11.42x 1.84x 9.22x

Source: Capital IQ

December 201811




Forward TEV/EBITDA


Distribution/MRO

Applied Industrial Technologies, Inc. NYSE:AIT $3,006.42 $2,090.42 $3,257.09 $305.12 $249.12 0.92x 12.07x 9.85x 0.82x 8.40x

DXP Enterprises, Inc. NasdaqGS:DXPE $714.48 $489.16 $1,170.82 $83.41 $56.51 0.61x 12.64x 8.57x 0.59x 7.49x

HD Supply Holdings, Inc. NasdaqGS:HDS $8,621.77 $6,682.77 $5,784.00 $788.00 $704.00 1.49x 12.25x 10.94x 1.36x 9.31x

Kaman Corporation NYSE:KAMN $1,846.31 $1,568.20 $1,848.43 $157.20 $118.34 1.00x 15.60x 11.75x 0.93x 10.16x

MRC Global Inc. NYSE:MRC $2,149.68 $1,104.68 $4,066.00 $185.00 $117.00 0.53x 18.37x 11.62x 0.52x 7.67x

WESCO International, Inc. NYSE:WCC $3,384.78 $2,241.17 $8,161.80 $398.49 $344.81 0.41x 9.82x 8.49x 0.40x 7.70x

W.W. Grainger, Inc. NYSE:GWW $17,782.95 $15,902.65 $11,090.50 $1,596.25 $1,334.92 1.60x 13.64x 11.36x 1.49x 10.30x

Median $3,006.42 $2,090.42 $4,066.00 $305.12 $249.12 0.92x 12.64x 10.94x 0.82x 8.40x

Freight/Logistics

Air Transport Services Group, Inc. NasdaqGS:ATSG $1,846.25 $1,347.62 $934.54 $293.90 $118.17 1.98x 17.03x 6.50x 1.56x 4.65x

C.H. Robinson Worldwide, Inc. NasdaqGS:CHRW $12,606.25 $11,562.74 $16,453.05 $949.59 $867.44 0.77x 14.53x 13.28x 0.71x 11.83x

FedEx Corporation NYSE:FDX $57,282.17 $42,114.17 $68,716.00 $8,648.00 $5,424.00 0.83x 10.56x 6.62x 0.81x 6.40x

Radiant Logistics, Inc. AMEX:RLGT $247.94 $210.24 $863.32 $29.33 $14.88 0.29x 16.66x 8.45x 0.26x 6.49x

United Parcel Service, Inc. NYSE:UPS $102,328.66 $83,779.66 $70,275.00 $9,977.00 $7,721.00 1.46x 13.25x 10.26x 1.37x 9.94x

Median $12,606.25 $11,562.74 $16,453.05 $949.59 $867.44 0.83x 14.53x 8.45x 0.81x 6.49x

Industrial Conglomerates

Carlisle Companies Incorporated NYSE:CSL $6,792.32 $5,985.42 $4,731.80 $733.70 $547.30 1.44x 12.41x 9.26x 1.46x 8.86x

Danaher Corporation NYSE:DHR $82,130.49 $72,277.09 $19,615.20 $4,863.60 $3,568.60 4.19x 23.01x 16.89x 3.97x 16.11x

General Electric Company NYSE:GE $184,102.73 $65,844.73 $115,168.00 $5,991.00 -$2,288.00 1.50x NM 30.73x 1.57x 13.24x

Raven Industries, Inc. NasdaqGS:RAVN $1,231.55 $1,300.16 $414.47 $78.75 $63.66 2.97x 19.31x 15.61x 2.93x 13.06x

Roper Technologies, Inc. NYSE:ROP $32,418.89 $27,566.39 $5,041.47 $1,738.51 $1,378.94 6.43x 23.51x 18.65x 6.12x 17.54x

Median $32,418.89 $27,566.39 $5,041.47 $1,738.51 $547.30 2.97x 21.16x 16.89x 2.93x 13.24x

Source: Capital IQ

December 201812




Forward TEV/EBITDA


Machinery

AGCO Corporation NYSE:AGCO $6,017.98 $4,358.08 $9,287.20 $778.70 $486.30 0.65x 11.55x 7.40x 0.65x 7.43x

Caterpillar Inc. NYSE:CAT $103,611.86 $74,984.86 $50,386.00 $10,982.00 $8,193.00 1.94x 12.60x 9.41x 1.83x 9.22x

Dover Corporation NYSE:DOV $13,453.61 $10,382.30 $7,945.25 $1,408.49 $1,020.40 1.69x 13.18x 9.55x 1.93x 10.56x

Deere & Company NYSE:DE $86,856.70 $47,521.20 $33,350.70 $5,939.80 $4,157.70 2.33x 20.76x 14.56x 2.46x 14.58x

Graco Inc. NYSE:GGG $7,098.18 $6,965.39 $1,621.71 $458.55 $411.02 4.38x 17.27x 15.48x 4.13x 13.76x

ITT Inc. NYSE:ITT $3,859.27 $4,226.67 $2,750.30 $478.20 $368.00 1.40x 10.49x 8.07x 1.37x 7.59x

Snap-on Incorporated NYSE:SNA $9,097.00 $8,090.00 $3,762.80 $1,044.10 $963.80 2.22x 9.43x 8.71x 2.44x 8.60x

Stanley Black & Decker, Inc. NYSE:SWK $23,713.94 $18,087.94 $13,592.50 $2,227.70 $1,724.00 1.74x 13.76x 10.65x 1.67x 9.78x

The Toro Company NYSE:TTC $5,937.42 $5,914.00 $2,618.65 $434.36 $373.09 2.27x 15.45x 13.33x 2.17x 12.73x

Median $9,097.00 $8,090.00 $7,945.25 $1,044.10 $963.80 1.94x 13.18x 9.55x 1.93x 9.78x

Paper/Plastics/Packaging

Ball Corporation NYSE:BLL $21,776.01 $15,596.01 $11,579.00 $1,894.00 $1,176.00 1.88x 18.18x 11.37x 1.91x 11.21x

Berry Global Group, Inc. NYSE:BERY $11,704.43 $6,226.43 $7,869.00 $1,339.00 $801.00 1.49x 14.61x 8.74x 1.43x 7.89x

Domtar Corporation NYSE:UFS $3,057.74 $2,209.74 $5,409.00 $620.00 $315.00 0.57x 9.74x 4.94x 0.55x 3.84x

International Paper Company NYSE:IP $26,593.95 $16,346.95 $23,066.00 $3,816.00 $2,395.00 1.15x 9.79x 6.43x 1.15x 5.76x

Myers Industries, Inc. NYSE:MYE $564.36 $534.18 $568.45 $52.69 $27.52 0.99x 20.51x 10.71x 1.00x 8.33x

Trinseo S.A. NYSE:TSE $2,699.34 $1,937.44 $4,659.60 $537.30 $410.80 0.58x 4.87x 3.96x 0.57x 4.56x

Median $7,381.09 $4,218.09 $6,639.00 $979.50 $605.90 1.07x 12.20x 7.58x 1.08x 6.82x

Test/Measurement

Badger Meter, Inc. NYSE:BMI $1,457.98 $1,432.65 $425.97 $60.71 $36.01 3.42x 40.49x 24.01x 3.24x 16.66x

Luna Innovations Incorporated NasdaqCM:LUNA $47.64 $93.59 $52.40 $2.69 $2.11 0.91x 22.61x 17.71x 1.02x 20.94x

MTS Systems Corporation NasdaqGS:MTSC $1,026.29 $717.12 $778.03 $102.36 $67.90 1.32x 15.11x 10.03x 1.22x 8.35x

National Instruments Corporation NasdaqGS:NATI $5,527.38 $6,009.79 $1,348.78 $234.09 $187.85 4.10x 29.42x 23.61x 3.72x 20.11x

Sensata Technologies Holding PLC NYSE:ST $9,807.25 $7,360.32 $3,514.24 $899.94 $657.39 2.79x 14.92x 10.90x 2.70x 10.05x

Median $1,457.98 $1,432.65 $778.03 $102.36 $67.90 2.79x 22.61x 17.71x 2.70x 16.66x

Source: Capital IQ

December 2018

1.9x 1.4x 1.6x 1.4x 1.2x 1.6x 1.3x

11.5x10.5x 10.0x

10.9x

7.5x

10.5x11.2x

0x

2x

4x

6x

8x

10x

12x

14x

2012 2013 2014 2015 2016 2017 2018

Transaction Multiples

TEV/REV TEV/EBITDA

245 219 200246

155201 204 194 190

226181

248 246

2825 50

44

8851 38 43 50

51

44

48 57

0

50

100

150

200

250

300

350

Q42015

Q12016

Q22016

Q32016

Q42016

Q12017

Q22017

Q32017

Q42017

Q12018

Q22018

Q32018

Q42018

Tran

sact

ion

Co

un

t

Quarterly M&A Transactions

Strategic Financial

12651097 1193

1079 1027 9711101

0

200

400

600

800

1000

1200

1400

2012 2013 2014 2015 2016 2017 2018

Tran

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Co

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Yearly Transaction Overview

13

Mergers & Acquisitions OverviewIndustrials

Source: Capital IQ

December 201814

Target LTM Enterprise Enterprise Value / LTM

Date Acquirer Target Industry Segment Revenue EBITDA Value Revenue EBITDA

Fourth Quarter Transaction OverviewIndustrials

12/31/18 Oliver Printing & Packaging Co. Disc Graphics, Inc. Chemicals - - - - -

12/31/18 iGo, Inc. iGo, Inc. Distribution/MRO $0.06 - - - -

12/31/18 Nephros, Inc. Biocon 1, LLC Chemicals - - - - -

12/31/18 American Insulated Glass, LLC Great Lakes Glass Distributors, LLC Test/Measurment - - - - -

12/31/18 American Industrial Partners Armstrong Wood Products, Inc. Test/Measurment - - $100.00 - -

12/31/18 New-Indy Containerboard LLC Resolute Forest Products Inc. Distribution/MRO - - $300.00 - -

12/21/18 Cobra Aviation Services LLC Brim Equipment Leasing, Inc. Building Products - - $2.00 - -

12/21/18 Mammoth Energy Services, Inc. Air Rescue Systems Corp Distribution/MRO - - $2.70 - -

12/21/18 Duravant LLC Wulftec International, Inc. Chemicals - - - - -

12/20/18 Exchange Income Corporation Wings Over Kississing Distribution/MRO - - $7.40 - -

12/20/18 Monument Chemicals, Inc. Nova Molecular Technologies, Inc. Building Products - - - - -

12/20/18 MJ Harvest, Inc. G4 Products, LLC Distribution/MRO - - - - -

12/20/18 MJ Harvest, Inc. G4 Products, LLC Machinery - - - - -

12/20/18 SureWerx Kimberly-Clark Professional Aerospace and Defense - - - - -

12/20/18 Gen Cap America, Inc. Blower Application Company, Inc. Building Products - - - - -

12/19/18 Brenntag AG Pachem Distribution Inc Aerospace and Defense - - - - -

12/19/18 American Securities LLC FleetPride, Inc. Chemicals - - - - -

12/19/18 GranQuartz, L.P. Regent Products, Inc. Machinery - - - - -

12/19/18 Pamplona Capital Management, Llc Latham Pool Products, Inc. Distribution/MRO - - $375.00 - -

12/19/18 Private Investor Wolf Paving & Excavating Of Madison Machinery - - - - -

12/19/18 Sharp Details, Inc. T Brennan Aircraft Cleaning, LLC Machinery - - - - -

12/18/18 Private Investor Dynasil Corporation of America Test/Measurment $40.68 $1.60 $19.65 0.48x 12.27x

12/18/18 Custom Materials, Inc. Merrico, LLC Machinery - - - - -

12/18/18 Groundworks Companies Independence Materials Group Distribution/MRO - - - - -

12/17/18 Optomec, Inc. Huffman LLC Machinery - - - - -

12/17/18 TruckPro, LLC Terminal Air Brake Supply Inc. Test/Measurment - - - - -

12/17/18 Pella Corporation Avanti Industries, LLC Test/Measurment - - - - -

12/17/18 Brand Industrial Services, Inc. Forming Concepts, Inc. Distribution/MRO - - - - -

12/17/18 PPC Partners Plaskolite, LLC Distribution/MRO - - - - -

12/14/18 Versalift Cannon Truck Equipment Distribution/MRO - - - - -

12/14/18 Equicapita Income GP Ltd. I-XL Building Products Inc. Distribution/MRO - - - - -

Source: Capital IQ

December 201815




12/13/18 HCI Equity Partners JGB Enterprises, Inc. Machinery - - - - -

12/13/18 Janus International Group, LLC Noke, Inc. Chemicals - - - - -

12/13/18 Gardner Denver Holdings, Inc. MP Pumps, Inc. Paper/Plastics/Packaging - - $58.00 - -

12/12/18 Split Peak LLC Clean Designs, LLC Chemicals - - - - -

12/11/18 Lincoln Electric Holdings, Inc. Coldwater Machine Company, LLC Distribution/MRO - - - - -

12/11/18 MSD Partners, L.P. Endries International, Inc. Chemicals - - - - -

12/11/18 ProChem Energy Services, Inc. Greenwell Energy Solutions, LLC Chemicals - - - - -

12/11/18 Ferguson Enterprises, Inc. Blackman Plumbing Supply Distribution/MRO - - - - -

12/11/18 Sun Capital Partners, Inc. VantaCore Partners LP Chemicals - - $205.00 - -

12/10/18 Douglas Products and Packaging LLC AgriEnergy Resources, L.L.C. Freight/Logistics - - - - -

12/10/18 Day & Ross Inc. Stonehammer Transport Inc. Distribution/MRO - - - - -

12/10/18 Axel Johnson Inc. Brazeway, Inc. Machinery - - - - -

12/10/18 Mercer International Inc. Daishowa-Marubeni International Ltd. Distribution/MRO $351.60 $55.30 $359.20 1.02x 6.50x

12/7/18 Advanced Emissions Solutions, Inc. ADA Carbon Solutions, LLC Chemicals $74.97 $12.61 $75.00 1.00x 5.95x

12/6/18 Cascades Inc. Urban Forest Products, LLC Machinery $110.00 - - - -

12/6/18 Teligent Care, Inc. EffTec International, Inc. Distribution/MRO - - - - -

12/6/18 MNX Global Logistics Network Global Logistics Machinery - - - - -

12/6/18 LINXIS Group Unifiller Systems Inc. Aerospace and Defense - - - - -

12/5/18 Wynnchurch Capital, LLC Buchanan Rubber Ltd Distribution/MRO - - - - -

12/5/18 Diamond Mowers, Inc. ArborWolf Building Products - - - - -

12/5/18 Trajan Scientific and Medical Pty Ltd. Soltec, Inc. Paper/Plastics/Packaging - - - - -

12/5/18 ITE Rail Fund L.P. American Railcar Industries, Inc. Aerospace and Defense $495.15 $134.26 $1,798.90 3.63x 13.40x

12/4/18 Lucas Meyer Cosmetics Canada, Inc. Three Products of Kemin Industries Building Products - - - - -

12/4/18 US LBM Holdings, Inc. Deering Lumber, Inc. Chemicals - - - - -

12/4/18 JMP Engineering Inc. All Assets of Alfacon Solutions Machinery - - - - -

12/4/18 Turbine Efficiency Ltd. Gas Turbine Applications Inc. Chemicals - - - - -

12/4/18 FutureStake Inc. New Leaf Paper, LLC Chemicals - - - - -

12/3/18 Mazak Corporation Megastir Technologies LLC Distribution/MRO - - - - -

12/3/18 Vaayu Aerospace, Inc. VT Aviation Services, Inc. Machinery - - $1.50 - -

12/3/18 Lincoln Electric Holdings, Inc. Inovatech Engineering Corp. Machinery - - - - -

12/3/18 The Middleby Corporation Crown Food Service Equipment Ltd. Machinery $20.00 - - - -

Source: Capital IQ

December 201816




12/3/18 Patrick Industries, Inc. Arran Isle, Inc. Chemicals $230.00 - $54.00 0.23x -

12/3/18 Construction Supply Holdings, LLC All-Tex Supply/MASONPRO, Inc. Aerospace and Defense - - - - -

12/3/18 Majestic Steel USA, Inc. All Assets of Titan Metal Service, Inc. Aerospace and Defense - - - - -

12/3/18 Jensen Enterprises, Inc. Brooks Products, Inc. Aerospace and Defense - - - - -

12/3/18 Midwest Industrial Rubber, Inc. Jerry Brothers Industries, Inc. Chemicals - - - - -

12/3/18 Hub Group, Inc. CaseStack, Inc. Freight/Logistics $242.00 $22.00 $255.00 1.05x 11.59x

12/3/18 PPG Industries, Inc. SEM Products, Inc. Test/Measurment - - - - -

12/1/18 INEOS Enterprises Group Limited Flint Hills Resources, LLC Distribution/MRO - - - - -

11/30/18 The Sterling Group, L.P. Tangent Technologies, LLC Chemicals - - - - -

11/30/18 Gladstone Investment Corporation Educators Resource, Inc. Machinery - - - - -

11/30/18 Private Investor ADPma LLC Building Products - - - - -

11/30/18 Pexco LLC Insultab, Inc. Paper/Plastics/Packaging - - - - -

11/30/18 Hexagon Composites ASA Digital Wave Corporation Distribution/MRO $3.80 $0.40 - - -

11/30/18 United Rentals of Canada, Inc. WesternOne Rentals & Sales LP Freight/Logistics - - $91.58 - -

11/29/18 AerSale Inc. Avborne Accessory Group, Inc. Chemicals - - $21.50 - -

11/29/18 Electronic Connector Company Magellan Distribution Corporation Paper/Plastics/Packaging - - - - -

11/29/18 Mansfield Energy Corp. O'Rourke Dist. Co., Inc. Aerospace and Defense - - - - -

11/28/18 Davis-Standard, LLC Thermoforming Systems LLC Machinery - - - - -

11/28/18 Sole Source Capital Perrin Bernard Supowitz, Inc. Machinery - - - - -

11/27/18 Nachurs Alpine Solutions, Corp. Koch Fertilizer, LLC Machinery - - - - -

11/27/18 AMETEK, Inc. Spectro Scientific, Inc. Machinery $50.00 - $190.00 3.80x -

11/27/18 Winsupply Inc. MSI Supply, Inc. Test/Measurment - - - - -

11/27/18 PPC Flexible Packaging LLC Temkin International, Inc. Chemicals - - - - -

11/26/18 CMS North America, Inc Diversified Machine Systems, Inc. Aerospace and Defense $30.00 - - - -

11/26/18 Ontic Engineering and Manufacturing Firstmark Corporation Distribution/MRO - - $97.00 - -

11/26/18 United Technologies Corporation Rockwell Collins, Inc. Distribution/MRO $6,074.00 $1,345.00 $30,365.22 5.00x 22.58x

11/23/18 Cervus Equipment Corporation Deermart Equipment Sales Ltd. Chemicals - - - - -

11/21/18 Private Investor Arion Group Corp. Aerospace and Defense $0.01 NM - - -

11/21/18 Fairmont Supply Company Amerisource Industrial Supply Co. Machinery - - - - -

11/21/18 Fishman Supply Company Sequoia Safety Supply Company Machinery - - - - -

11/20/18 Pfingsten Partners, L.L.C. South-Tek Systems, LLC Aerospace and Defense - - - - -

Source: Capital IQ

December 201817




11/20/18 Australis Capital Inc. Wagner Dimas Inc. Distribution/MRO - - $11.52 - -

11/20/18 Atlas Engineered Products Ltd. Tandelle-Pacer Distribution/MRO $10.99 $1.45 $6.56 0.60x 4.53x

11/19/18 Ferguson Enterprises, Inc. Robertson Supply, Inc. Freight/Logistics - - - - -

11/19/18 Hoffman Equipment, Inc. Saba Holding Company, LLC Chemicals - - - - -

11/19/18 Danfoss A/S AAIM Controls Inc. Machinery - - - - -

11/19/18 Tank Holdings Corp. Channell Commercial Corp. Machinery - - - - -

11/16/18 The Tool House Inc. Hovair Products, LLC Chemicals - - - - -

11/16/18 NanoChem Solutions Inc. ENP Investments LLC Distribution/MRO - - $7.86 - -

11/16/18 KPS Global, LLC Custom Cooler Inc. Distribution/MRO - - - - -

11/16/18 SRS Distribution Inc. Bill Wahl Supply, Inc. Aerospace and Defense - - - - -

11/16/18 Air Water America Inc. Cryogenic Vessel Alternatives, Inc. Test/Measurment - - - - -

11/16/18 EnviroStar, Inc. Worldwide Laundry, Inc. Distribution/MRO - - - - -

11/16/18 American Securities LLC CPM Holdings Inc. Distribution/MRO - - - - -

11/16/18 NCI Building Systems, Inc. Ply Gem Parent, LLC Distribution/MRO - - $3,606.47 - -

11/15/18 Mans Lumber and Millwork Washtenaw Door & Trim, Inc. Paper/Plastics/Packaging - - - - -

11/15/18 Foremost Universal LP Steelcraft Inc. Freight/Logistics - - - - -

11/15/18 Nanometrics Incorporated 4D Technology Corporation Machinery - - $39.87 - -

11/15/18 Cabot Microelectronics Corporation KMG Chemicals, Inc. Distribution/MRO $465.56 $118.65 $1,606.54 3.45x 13.54x

11/14/18 Kafrit Industries (1993) Ltd Polyfil Corporation Chemicals - - $34.70 - -

11/14/18 Audax Group, Inc. Colony Hardware Corporation Chemicals - - - - -

11/14/18 Mann Lake, Ltd. Kelley Beekeeping Company Machinery - - - - -

11/13/18 TorQuest Partners, Inc. Bartek Ingredients Inc. Chemicals - - - - -

11/13/18 The Seals The Gasket Guy of Raleigh Distribution/MRO - - - - -

11/13/18 LBP Manufacturing, Inc. Dominion Packaging Test/Measurment - - - - -

11/13/18 Beaconhouse Capital Management Operations Of The Plastics Group Inc. Machinery - - - - -

11/13/18 KKR & Co. Inc. Quadion LLC Building Products - - - - -

11/12/18 Folience, Inc. Cimarron Trailers, Inc. Paper/Plastics/Packaging - - - - -

11/12/18 McLaughlin Group, Inc. VAC-TRON Equipment, LLC Freight/Logistics - - - - -

11/12/18 Vendors Exchange International, Inc. American Vending Machines, Inc. Test/Measurment - - - - -

11/9/18 Dimor Group Inc. WACO Aircraft Corporation Machinery - - - - -

11/9/18 Brightmark Energy, LLC RES Polyflow LLC Distribution/MRO - - - - -

Source: Capital IQ

December 201818




11/9/18 Harvey Industries, Inc. Northeast Building Products Paper/Plastics/Packaging - - - - -

11/9/18 Manitoulin Global Forwarding Inc. N/J International Inc. Building Products - - - - -

11/9/18 American Vanguard Corporation TyraTech, Inc. Distribution/MRO $1.49 NM $2.90 1.95x NM

11/8/18 Sunbelt Rentals, Inc. Underground Safety Equipment, LLC Chemicals - - $39.00 - -

11/8/18 Wencor Group, LLC Silver Wings Aerospace, Inc. Distribution/MRO - - - - -

11/8/18 Applied Adhesives Prairie Technology Group, Inc. Paper/Plastics/Packaging - - - - -

11/8/18 Drilling Tools International, Inc. RIK Incorporated Aerospace and Defense - - - - -

11/7/18 Anderson Metals Corporation, Inc. Midland Metal Mfg. Company Machinery - - - - -

11/7/18 American Insulated Glass, LLC Innovative Glass of America, Inc. Distribution/MRO - - - - -

11/7/18 Polaris Industries Inc. WSI Industries, Inc. Distribution/MRO $34.60 $2.57 $22.40 0.65x 8.70x

11/7/18 EVITRADE Health Systems Corp. Tree Chest Safety Corp. Distribution/MRO - - $3.70 - -

11/6/18 EnviroStar, Inc. Washington Automated, Inc. Machinery - - - - -

11/6/18 Homewood Holdings LLC Building Supply and Lumber Co., Inc. Distribution/MRO - - - - -

11/6/18 American Refrigeration Company Inc. Refrigeration Engineering Co, Inc. Machinery - - - - -

11/6/18 Gardner Denver Holdings Inc. DV Systems Inc. Test/Measurment - - - - -

11/6/18 Wagner SprayTech Corp. HomeRight, Inc. Distribution/MRO - - - - -

11/6/18 Esdec B.V. Rillito River Solar, LLC Machinery - - - - -

11/6/18 Continental Grain Company Corp. Joyride Coffee Distributors, LLC Aerospace and Defense - - - - -

11/6/18 Advent International Corporation GE Power & Water Distribution/MRO $1,317.00 - $3,250.00 2.47x -

11/5/18 Battery Ventures Audio Precision, Inc. Chemicals - - - - -

11/5/18 microdrones GmbH Navmatica Middle East Aerospace and Defense - - - - -

11/5/18 Private Investor CPS Distributors, Inc. Building Products - - - - -

11/5/18 Morgan Canada Corporation Multivans, Inc. Paper/Plastics/Packaging - - - - -

11/5/18 Reid Canada Inc. Polybottle Group Limited Distribution/MRO - - - - -

11/5/18 Radio Systems Corporation IFD, Inc. Machinery - - - - -

11/5/18 ACR Electronics, Inc. Latitude Technologies Corporation Machinery - - - - -

11/5/18 Innovest Global, Inc. Authority National Supply, LLC Distribution/MRO $24.50 - - - -

11/2/18 Private Investor Performance Engineered Products Building Products $6.00 - - - -

11/2/18 Masterpiece International Limited Domek Logistics, LLC Chemicals - - - - -

11/2/18 Firmenich Incorporated Senomyx, Inc. Distribution/MRO $26.38 NM $59.16 2.24x NM

11/2/18 WestRock Company KapStone Paper and Packaging Distribution/MRO $3,315.66 $404.07 $5,035.90 1.52x 12.46x

Source: Capital IQ

December 201819




11/1/18 Redhead Equipment Ltd. Norsask Farm Equipment Ltd. Chemicals - - - - -

11/1/18 Calian Group Ltd. IntraGrain Technologies Inc. Chemicals $6.10 - - - -

11/1/18 Vopne Capital Dolphin Machine Inc. Test/Measurment - - - - -

11/1/18 Alutiiq, LLC McCallie Associates, Inc. Machinery - - - - -

11/1/18 Electronic Technologies Group, Inc. Specialty Silicone Products, Inc. Aerospace and Defense - - - - -

11/1/18 Lornex Financial Group Inc. Targeted Microwave Solutions Inc. Paper/Plastics/Packaging - $0.71 $1.52 - 2.14x

11/1/18 Analytic Services Inc. Domain X Technologies, LLC Machinery - - - - -

11/1/18 Brandt Industries Ltd. Camex Equipment Sales & Rental, Inc. Distribution/MRO - - - - -

11/1/18 CenterOak Partners LLC Grand Northern Products, Ltd. Distribution/MRO - - - - -

11/1/18 Roser Technologies, Incorporated Vertical Seal Company Aerospace and Defense - - - - -

11/1/18 VisiPak, Inc. Masterpac Corp. Distribution/MRO - - - - -

11/1/18 Industrial Supply Company, Inc. Assets of Paxton Production Tools Machinery - - - - -

11/1/18 Executech Utah, Inc. Hi-Techniques, Inc. Building Products - - - - -

11/1/18 Subsea Global Solutions, LLC Muldoon Marine Services, Inc. Aerospace and Defense - - - - -

11/1/18 Kreos Aviations Inc. Lancaster Aviation Fuels Machinery - - - - -

11/1/18 The Royal Group, Inc. Mid Atlantic Packaging & Specialties Distribution/MRO - - - - -

11/1/18 ND Paper LLC Recycled Pulp Mill of Fibrek Recycling U.S. Inc. Distribution/MRO - - $62.00 - -

11/1/18 Permira Advisers Ltd. Evonik Jayhawk Fine Chemicals Distribution/MRO - - - - -

10/31/18 O2 Investment Partners, LLC Vessco, Inc. Test/Measurment - - - - -

10/31/18 Summit Materials, Inc. Walker Sand & Gravel Ltd Co Machinery - - - - -

10/31/18 Rowmark, LLC Gyford Productions, LLC Machinery - - - - -

10/31/18 Installed Building Products, Inc. Advanced Fiber Technology Inc. Distribution/MRO - - - - -

10/31/18 The Siebold Company Inc. DR Press Equipment, Inc. Distribution/MRO - - - - -

10/31/18 Pollard Banknote Limited Schafer Systems, Inc. Distribution/MRO - - $23.50 - -

10/31/18 Spartan Paper LLC P. H. Glatfelter Company Distribution/MRO $783.00 $30.20 $360.00 0.46x 11.92x

10/30/18 Kingchem Life Science LLC All Assets of Apiscent Labs LLC Distribution/MRO - - $1.20 - -

10/30/18 North Atlantic Corp. Central Woodwork, Inc. Distribution/MRO - - - - -

10/29/18 Cyalume Technologies Holdings, Inc. FAR Research Inc. Distribution/MRO - - - - -

10/26/18 B2B Industrial Packaging LLC Rapid-Pac. Machinery - - - - -

10/26/18 P.T. International Corp. Paul E. Robey & Associates, Inc. Chemicals - - - - -

10/26/18 Artemis Capital Partners Superior Technical Ceramics Corp. Machinery - - - - -

Source: Capital IQ

December 201820




10/26/18 BRB International BV CSL Silicones Inc. Building Products - - - - -

10/25/18 Charter Oak Equity, LP Licaplast Industries-Emballages Inc Aerospace and Defense - - - - -

10/25/18 Latium USA Trading, Inc. Superior Mason Products LLC Aerospace and Defense - - - - -

10/25/18 Ox Industries, Inc. Carthage Specialty Paperboard, Inc. Chemicals - - $9.95 - -

10/24/18 Pranger Enterprises Inc. PR Aqua Paper/Plastics/Packaging - - - - -

10/24/18 Specified Technologies Inc. Alva-Tech Inc. Distribution/MRO - - - - -

10/24/18 Argosy Capital Anderson Cargo Services, Inc. Aerospace and Defense - - - - -

10/24/18 United Stars, Inc. Precision Gears, Inc. Paper/Plastics/Packaging - - - - -

10/24/18 Mill Street & Co Inc The Fastway Group Inc. Distribution/MRO - - - - -

10/24/18 Ferguson Enterprises, Inc. Seven Seas Inc. Machinery - - - - -

10/24/18 Presserv AS Cortec Global Services Building Products - - - - -

10/23/18 LFM Capital Fecon, Inc. Distribution/MRO - - - - -

10/23/18 Iron Container LLC Equipco Manufacturing, Inc. Distribution/MRO - - - - -

10/23/18 Mooncor Oil & Gas Corp. Fox-Tek Canada Inc. Distribution/MRO $0.36 - $0.18 0.51x -

10/22/18 Universal Forest Products, Inc. Pak-Rite, Ltd. Aerospace and Defense - - - - -

10/22/18 Littlejohn & Co. LLC The Cook & Boardman Group, LLC Distribution/MRO - - - - -

10/22/18 MagneGas Applied Technology Paris Oxygen Company Chemicals - - $1.25 - -

10/22/18 Arsenal Capital Partners Polytek Development Corp. Distribution/MRO - - - - -

10/22/18 MagneGas Applied Technology Latex Welding Supply, Inc. Chemicals - - $1.50 - -

10/22/18 LCY Chemical Corp.; Visolis Inc Certain Assets of BioAmber Inc Distribution/MRO - - $4.34 - -

10/19/18 Douglas Products and Packaging Growth Products, Ltd. Distribution/MRO - - - - -

10/19/18 Drexel Building Supply, Inc. Truss Systems, Inc. Distribution/MRO - - - - -

10/19/18 Jet Aviation AG Ideal Aviation Illinois LLC Freight/Logistics - - - - -

10/19/18 ND Paper LLC Bleached Kraft Pulp Mill of CVG, Inc. Machinery - - - - -

10/18/18 RelaDyne, Inc. J. C. Hunt Company, Inc. Chemicals - - - - -

10/17/18 PACEM Defense LLC AMTEC Less-Lethal Systems, Inc. Building Products - - - - -

10/17/18 Aakash Chemicals and Dyestuffs, Inc. Sandream Impact LLC Machinery - - - - -

10/17/18 AIT Worldwide Logistics, Inc. Worldfresh Express, Inc. Aerospace and Defense - - - - -

10/17/18 Atlas Manufacturing Company, Inc. Screening Systems International, Inc. Chemicals - - - - -

10/17/18 Doerfer Corporation Votaw Precision Technologies, Inc. Freight/Logistics - - - - -

10/17/18 Andritz AG Xerium Technologies, Inc. Distribution/MRO $487.26 $98.20 $740.50 1.52x 7.54x

Source: Capital IQ

December 201821




10/16/18 Jet Support Services, Inc. Assets of S3 Aero Specialists Chemicals - - - - -

10/16/18 Acordy SA (nka:Megola, Inc.) Megola, Inc. Distribution/MRO - - - - -

10/16/18 Tokyo Century Corporation GA Telesis, LLC Distribution/MRO - - - - -

10/16/18 EVITRADE Health Systems Corp. Western Agri Supply Solutions Corp. Distribution/MRO - - $5.88 - -

10/15/18 Private Investor Midwest Equipment Company Machinery - - - - -

10/15/18 GrowLife, Inc. EZ-CLONE Enterprises Inc. Building Products - - - - -

10/15/18 Alberta Teachers' Retirement Fund Gaylord Chemical Company, LLC Aerospace and Defense - - - - -

10/15/18 American Builders & Contractors All Assets of CSC Home & Hardware Aerospace and Defense - - - - -

10/15/18 J-B Weld Company, LLC FiberFix, LLC Aerospace and Defense - - - - -

10/15/18 Ply Gem Midco, Inc. Andersen Corporation Distribution/MRO $440.00 - $190.00 0.43x -

10/15/18 Malibu Boats, LLC Pursuit Boats Distribution/MRO $124.00 - $100.00 0.81x -

10/15/18 Addivant USA, LLC SI Group, Inc. Distribution/MRO $1,000.00 - - - -

10/12/18 Skyworks LLC Southern Gulf Equipment Rental Distribution/MRO - - - - -

10/12/18 Builtrite Holdings, LLC Lemco Hydraulics Inc Building Products - - - - -

10/12/18 ECC Diversified Inc. CoTerra Labs Inc. Machinery - - - - -

10/12/18 BRW Paper Co., Inc. High Point Sanitary Solutions Machinery - - - - -

10/12/18 Vitrek Corporation XiTRON Technologies, Inc. Distribution/MRO - - $0.50 - -

10/12/18 Skyway Precision, Inc. Bellwright Manufacturing, LLC Paper/Plastics/Packaging - - - - -

10/12/18 ETI Mission Controls LLC Starwin Industries, Inc. Chemicals - - - - -

10/12/18 Summit Fire Protection Co., Inc. Clark Fire & Safety, Inc. Machinery - - - - -

10/11/18 DecisionPoint Corporation CORTEK, Inc. Distribution/MRO - - - - -

10/11/18 Delmar International Inc. CV Logistics Inc. Chemicals - - - - -

10/11/18 Rollprint Packaging Products, Inc. Alliantz Flexible Packaging Pte. Ltd. Chemicals - - - - -

10/11/18 Q.E.P. Co., Inc. Kraus Inc. Chemicals - - - - -

10/10/18 Seemann Composites, Inc. Materials Sciences Corporation Chemicals - - - - -

10/10/18 FLYHT Aerospace Solutions Ltd. Assets of Panasonic Weather Solutions Chemicals - - - - -

10/10/18 NextGen Growth Partners, LLC Condata Global Aerospace and Defense - - - - -

10/10/18 Marmic Fire & Safety Co. Metropolitan Fire Extinguisher Company Aerospace and Defense - - - - -

10/10/18 Ahlstrom Munksjo Oyj Expera Specialty Solutions, LLC Distribution/MRO $721.00 $66.00 $615.00 0.85x 9.32x

10/9/18 Wahupta Ventures Inc. Curran Technologies Inc Machinery - - - - -

10/9/18 Group Four Transducers Inc Cooper Instruments & Systems Machinery - - - - -

Source: Capital IQ

December 201822




10/9/18 Brilex Industries, Inc. U.S. Shredder and Castings Group Paper/Plastics/Packaging - - - - -

10/9/18 F.M.I., Inc. The Atlas Group Machinery - - - - -

10/9/18 Sunteck Transport Group, Inc. HA Logistics, Inc. Aerospace and Defense - - - - -

10/9/18 Aviall Inc. KLX Inc. Distribution/MRO $1,828.60 $300.40 - - -

10/8/18 Forum Energy Technologies, Inc. Global Heat Transfer Ltd. Chemicals - - $52.00 - -

10/8/18 CUSTOM AMERICA Inc. POS-X, LLC Distribution/MRO - - - - -

10/8/18 Celtic International Inc. Yusen Logistics (Americas) Inc. Aerospace and Defense - - - - -

10/8/18 Grays Peak Capital LP Mcmurray Stern Inc. Distribution/MRO - - - - -

10/8/18 World and Main, LLC Shur-Line LLC/Bulldog Hardware LLC Paper/Plastics/Packaging - - - - -

10/5/18 Quality Models Limited Tomken Plastic Technologies, Inc. Distribution/MRO - - - - -

10/5/18 LongWater Opportunities LLC Lewis Cabinet Specialties Group, LLC Distribution/MRO - - - - -

10/5/18 Dätwyler Holding Inc. Parco, Inc. Freight/Logistics $61.93 - - - -

10/4/18 Industrial Growth Partners Thermoforming Technology Group Chemicals - - - - -

10/4/18 Westfall Technik, Inc. North American Business of Amaray Distribution/MRO - - - - -

10/4/18 Crown Brands, LLC The Meyer Company Distribution/MRO - - - - -

10/4/18 Jrlon, Inc. Rotation Dynamics Corporation Freight/Logistics - - - - -

10/3/18 Ag-Pro Companies Wilson Equipment Company, LLC Distribution/MRO - - - - -

10/3/18 Graycliff Partners Pebble Technology, Inc. Machinery - - - - -

10/3/18 Global Cannabis Innovators Corp. Homeblown Glassworks Incorporated Machinery - - - - -

10/3/18 American Builders & Contractors Assets of DRI Supply Co. Machinery - - - - -

10/3/18 Ashley Industrial Molding, Inc. Paragon Plastics, Inc. Distribution/MRO - - - - -

10/3/18 Argonaut Private Equity Nichols Oil Tools, LLC Distribution/MRO - - - - -

10/3/18 Mason Wells Inc Structural Concepts Corporation Distribution/MRO - - - - -

10/3/18 Grupo AC Marca sl Pacer Technology Inc. Aerospace and Defense - - $23.05 - -

10/3/18 The Siebold Company Inc. Manugraph DGM, Inc. Distribution/MRO - - - - -

10/2/18 Valmet Oyj Enertechnix, Inc. Distribution/MRO - - - - -

10/2/18 VT Industries, Inc. Eggers Industries, Inc. Aerospace and Defense - - - - -

10/2/18 East Range Partners, LLC Atlas High Purity Solutions Chemicals - - - - -

10/2/18 Ox Engineered Products, LLC HomeGuard Building Products, Inc. Building Products - - - - -

10/2/18 Milwaukee Electric Tool Corporation Imperial Blades Llc Paper/Plastics/Packaging - - - - -

10/2/18 Endries International, Inc. Legacy Fastener & Supply LLC Paper/Plastics/Packaging - - - - -

Source: Capital IQ

December 201823




10/2/18 Krones Inc. W.M. Sprinkman LLC Distribution/MRO $35.00 - - - -

10/2/18 Versalift Aspen Aerials, Inc. Paper/Plastics/Packaging - - - - -

10/2/18 Madison Industries Specified Air Solutions LLC Chemicals - - - - -

10/2/18 CapaBunga tote+able Distribution/MRO - - - - -

10/2/18 Ohio Transmission Corporation Tape Industrial Sales, Inc Paper/Plastics/Packaging - - - - -

10/1/18 Asahi/America, Inc. Performance Plastics, Inc. Paper/Plastics/Packaging - - - - -

10/1/18 Gerber Technology LLC MCT of Wisconsin Inc. Distribution/MRO - - $10.00 - -

10/1/18 Applied Energy Systems, Inc. Advanced Research Manufacturing Chemicals - - - - -

10/1/18 Senneca Holdings, Inc. HERCULES Controlled Environment Distribution/MRO - - - - -

10/1/18 Foundation Building Materials, Inc. Agan Drywall Supply, Inc Building Products - - - - -

10/1/18 Rohrer Corporation Transparent Container Co., Inc. Distribution/MRO - - - - -

10/1/18 The Middleby Corporation M-TEK, Inc. Aerospace and Defense $10.00 - - - -

10/1/18 Extant Components Group Holdings NavCom Defense Electronics, Inc. Aerospace and Defense $13.00 - $27.00 2.08x -

10/1/18 Lawson Products, Inc. Screw Products, Inc. Distribution/MRO - - $5.20 - -

10/1/18 Behrman Capital kSARIA Corporation Distribution/MRO - - - - -

10/1/18 Cansel Survey Equipment Inc. Trenchless Utility Equipment Inc. Freight/Logistics - - - - -

10/1/18 The Middleby Corporation M Tek Corporation Distribution/MRO $10.00 - - - -

10/1/18 Dubois Chemicals Canada Inc. IPAC Chemicals Limited Chemicals - - - - -

10/1/18 Motion Industries, Inc. Hydraulic Supply Co. Building Products - - - - -

10/1/18 MasterCraft Boat Company, LLC Crest Marine, LLC Distribution/MRO $65.90 - $80.00 1.21x -

10/1/18 Gulfstream Aerospace Corporation The Nordam Group Inc. Distribution/MRO - - - - -

10/1/18 Atlas Engineered Products Ltd. Coastal Windows Ltd. Paper/Plastics/Packaging - - $0.50 - -

10/1/18 Altra Industrial Motion Corp. Stevens Holding Company, Inc. Distribution/MRO $907.35 $209.04 $2,811.00 3.10x 13.45x

10/1/18 AeroCentury Corp. JetFleet Management Corporation Distribution/MRO - - $5.11 - -

Source: Capital IQ

High $6,074.00 $1,345.00 $30,365.22 5.00x 22.58x

Low $0.01 $0.40 $0.18 0.23x 2.14x

Mean $497.90 $164.85 $902.31 1.67x 10.39x

Median $61.93 $55.30 $39.00 1.13x 11.59x

December 201824

The information and views contained in this report were prepared by Dinan Capital Advisors, LLC. (“Dinan”). It is not a research report, assuch term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as anoffer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategyand is provided for informational purposes only. The information contained herein is believed by Dinan to be reliable, but Dinan makes norepresentation as to the accuracy or completeness of such information. Opinions, estimates and projections in this report constituteDinan’s judgment and are subject to change without notice. Also, past performance is not necessarily indicative of future results. Anyunauthorized reproduction of this information is strictly prohibited.

This report may contain references to registered trademarks, service marks and copyright owned by third-party information providers.None of the third-party information providers is endorsing the offering of, and shall not in any way be deemed an issuer or underwriterof, the securities, financial instruments or other investments discussed in this report, and shall not have any liability or responsibility forany statements made in the report or for any financial statements, financial projections or other financial information contained orattached as an exhibit to the report. For more information about the materials provided by such third parties, please contact us throughthe contact information provided on the following page.

Dinan Capital AdvisorsDisclaimer

December 201825

Dinan Capital Advisors

Dinan Capital Advisors delivers a highly tailored strategic approach for middle-market companies that seek to capitalize on mergerand acquisition transactions. Our services are comparable in scope to those employed by Wall Street investment banks for theworld's most profitable multinational corporations, while using methodologies, processes and cost-effective structures that makesense for middle-market companies.

Based on a highly structured process that leverages our experience, research capabilities, and proprietary technology platforms, weinitiate every engagement by first assessing the market climate, and then developing an understanding of the current situation andstrategic objectives of each company. From there, we partner with our clients to develop a plan that maximizes shareholder valueand delivers the optimal transaction outcome.

Dinan is the registered FINRA member broker-dealer division of the Dinan Group of Companies, responsible for executing thesecurities related transactions of the firm. The Dinan Group is a leading diversified financial services company with over 25 years ofadvisory and merchant banking experience dedicated to middle-market transactions.

For any query regarding this report, please contact:

Robert UllmanManaging Director

[email protected]

William DowningManaging Director

[email protected]

Michael ReisterAssociate

[email protected]

Michael HilcoveVice President

[email protected]

Michael PucciAssociate Director

[email protected]

q4 | 2018 - dinan & company, llc · december 2018 north american industrials m&a activity...

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