uarterly pdate • q4 2016 · quarterly update • q4 2016 inside this issue: the first word: 2016...

1

QUARTERLY UPDATE • Q4 2016

INSIDE THIS ISSUE:The First Word: 2016 in Review, 2017 Outlook

2016 can be characterized as a year of uncertainty. From a slowdown in the Chinese economyand crashing oil prices causing markets and buyers to take a momentary pause, to Brexit andthe U.S. Presidential election.

CHILDS continued to grow substantially in 2016 as we added 11 bankers, bringing our totalteam to 40 people. Additionally, we were named Boutique Investment Bank of the Year by TheM&A Advisor, an honor which was validating to us as we continue building what we hope isthe premier brand in middle market M&A.

If the U.S. stock market is any indicator of public sentiment, then the outlook for 2017 is verygood. Subsequent to the Presidential election, U.S. stock markets increased by over 10% intoJanuary. We continue to see evidence of middle market private equity firms raising cash andmoving down-market as public investors seek better returns.

We are also seeing increasing activity with growth equity investors through minorityrecapitalizations. Minority recapitalizations enable owners to realize some liquidity andcontinue to grow their business while having voting control and the assistance of an outsideinvestor. We advised Collaborative Solutions, a premier Workday solutions firm, in theirminority recapitalization with Westview Capital. This was a great example of a successfulcompany gearing up for the next round of growth by prudently diversifying the owners’personal portfolios and adding to its Board some very knowledgeable professionals.

We expect private company valuations to remain at record levels, the economy to stay strong,continued healthy capital markets, and possibly lower taxes in the current administration.Thus, we believe 2017 will be a strong year for the middle market.

We are hosting our annual conference, CHILDSConnect, on May 16th at the St. Regis Hotel inAtlanta. This year we are examining the “Gig Economy” and what implications technology andfreelancing will have on business and employment in the future. We expect a record crowd ofover 300+ owners and investors who are interested in middle market growth opportunities.

Jim Childs

The First Word 1

CHILDSConnect Invitation 2

Market Update 3

Recent CHILDS Transactions 4

Sector Updates 5

About CHILDS 11

CHILDS NEWS AND EVENTS

1/12/17CHILDS advises Trinity Healthcare Staffing Group in its sale to Travel Nurse Across America (Gridiron Capital)

1/9/17 – 1/13/17CHILDS attends JP Morgan’s Healthcare conference in San Francisco, CA

12/30/16CHILDS advises Datavail in its acquisition of Navantis

12/20/16CHILDS advises Freidman Fleischer & Lowe in its recapitalization of Crisis Prevention Institute Inc.

12/2/16CHILDS advises The Channel Company in its recapitalization by Stone-Goff Partners

11/28/16 – 12/2/16CHILDS attends AWS ReInvent conference in Las Vegas, NV

11/8/16 – 11/10/16CHILDS attends SIA’s Healthcare Staffing Summit in Washington, DC

11/4/16CHILDS advises FineLine Technologies in its recapitalization by Summit Partners

11/3/16 – 11/5/16CHILDS attends TechServe’s Annual Conference in Amelia Island, FL

11/1/16CHILDS advises Greythorn Specialist Technology Recruitment in its sale to Vaco(Quad-C Management)

CHILDS ADVISORY PARTNERS

3438 PEACHTREE ROAD NEPHIPPS TOWER, SUITE 1400ATLANTA, GA 30326PHONE: 404.751.3000WWW.CHILDSADVISORYPARTNERS.COM

0

1,000

2,000

3,000

4,000

5,000

6,000

# o

f D

eals

< $100MM $100MM - $500MM

The middle market M&Aenvironment (deals under $500million) felt this uncertainty with adecrease in deal volume (see tablebelow). However, activity fortransactions under $100 million invalue remains strong. This “lower”middle market continues to thriveprimarily because of continuedprivate equity deal-making and anabundance of “add-on” acquisitionsby PE-backed platforms. Valuationsof middle market firms remain at record levels and may signal the “new normal” as the supply of investment capital continues to increase in the middle market.

YOU’RE INVITED - REGISTER TODAY!

“As a past client of CHILDS, I knew the conference would be great. CHILDSConnect provides a very efficient way to meet people and network while still giving attendees valuable and relevant content.”

Dan Campbell, CEO at Hire Dynamics

“Many thanks to the CHILDS Team, the conference was a great format! It’s attended by the right people and delivers relevant content. We are really looking forward to next year!”

Anne Vazquez, Partner at NewSpring Capital

“Outside of the excellent networking opportunities at CHILDSConnect, I found the roundtable discussions to be incredibly valuable. I walked away energized with new ideas within my industry of interest.”

Mark Perlstein, President & CEO at Datavail Corporation

www.childsadvisorypartners.com/childsconnect • 404-751-3000

Cocktail Reception to Follow

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LOWER MIDDLE MARKET M&A UPDATE

CHILDS Quarterly Update: Q4 2016

LOWER MIDDLE MARKET U.S. PRIVATE EQUITY DEAL FLOW

Sources: Capital IQ, Dealogic, Pitchbook

924 987 980

761 853

944 887 853

655 556

448 488 526

814

620 657 732

809 836 740 737

627 564

175

215 204

166

156

199

155 210

158

149

200 200

197

234

235 228

170

216 241

230 186

217

169

1,147

1,238 1,218

961

1,039

1,187

1,078 1,124

847

741

698 735

759

1,097

912 929 937

1,069 1,130

1,018 959

879

781

-

200

400

600

800

1,000

1,200

1,400

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012 2013 2014 2015 2016

Nu

mb

er o

f T

ran

sact

ion

s

<$100MM $100MM - $499MM

1,378 1,409 1,490 1,736

1,927 1,645

722 905 756

922

911

847

733

848844

1077946

7792,833

3,162 3,090

3,735 3,784

3,271

(200)

300

800

1,300

1,800

2,300

2,800

3,300

3,800

2011 2012 2013 2014 2015 2016

Nu

mb

er o

f T

ran

sact

ion

s

Under $25MM $25M - $100MM $100MM - $500MM

3

3

RECENT CHILDS TRANSACTIONS

April 2016

has been recapitalized by

October 2015

has acquired

October 2015

has acquired

October 2015

has been acquired by

October 2015



Note: CHILDS represented company listed on top half of tombstone

September 2015


Highlands Ventures Holdings, LLC

August 2015


September 2015


September 2015


September 2015


November 2015


December 2015


December 2015


December 2015


December 2015


A Portfolio Company of MidOcean Partners

January 2016

has acquired

March 2016


February 2016


A Portfolio Company of Snow Phipps

March 2016


July 2016

has been recapitalized

January 2017


August 2016

has acquired

August 2016


Global Private Equity

September 2016


November 2016


A portfolio company of Quad-C Management

December 2016

has acquired

December 2016

has recapitalized

December 2016


November 2016


September 2016


A portfolio company of New MainStream Capital

A portfolio company of Gridiron Capital

4

A portfolio company of Brockway Moran & Partners

A portfolio company of Chicago Growth Partners

4

PUBLIC COMPANY ANALYSIS

8.9x 9.1x9.8x

12.4x 12.6x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

Industrial /Infrastructure

EnvironmentalServices

Rental /Route-Based

Distribution &Logistics

Facility Services

Forward Year EV/EBITDA

Date Closed Buyer Target Target Description

12/8/16 The Gores Group Triumph Air Repair Provides MRO services to military and commercial airlinecustomers

11/18/16 Gardner Denver Total Equipment Provides oilfield equipment repair services

11/3/16 NAPEC PCT Contracting Provides installation, maintenance, and repair services ofnatural gas utilities

11/1/16 Arrow Material EMS Management Offers repair services to rail fleets

11/1/16 Ainsworth Direct Energy Business Provides maintenance for HVAC and energy services

11/1/16 KONE Downey-Goodlein Provides maintenance and repair services for elevators

INDUSTRIAL SERVICES SECTOR UPDATE


SPOTLIGHT ON MAINTENANCE, REPAIR, AND OPERATIONS – RECENT M&A TRANSACTIONS

Note: Public company data as of January 18, 2017

In this update, we focus on the Maintenance, Repair, and Operations(“MRO”) sector. Driven by customers’ focus on cost savings and timelydelivery, MRO providers are actively seeking to enhance their serviceportfolios, expand their geographical presence, and become one-stopsolutions for their clients. The MRO sector remains highly competitiveand fragmented even as the industry has recently undergonesignificant consolidation driven by an increase in customer demandfor more integrated service providers. The $600+ billion MRO marketis projected to grow at 5%+ annually for the next 3 years and weexpect M&A activity levels to remain high as small and mid-sizeplayers aggressively pursue scale and large players seek to tuck-insmaller, disruptive providers. Below we illustrate some of the keytrends and demand drivers that are driving investment from bothstrategic and financial buyers.

Global and Domestic Increase in Manufacturing: Manufacturingactivity in both the U.S. and emerging economies has been robustin Q4 2016 following four months of contraction. In early 2016,low commodity prices, a strong U.S. dollar, and weak growth inoverseas markets were some of the headwinds plaguing themanufacturing sector. However, in the last few months, commodityprices have stabilized and overseas markets have recovered,bolstered by increasing global consumer demand and favorablegovernment policies. For example, many APAC governments haverecently implemented policies designed to spur growth inmanufacturing and economic activity directly increasing demandfor MRO services.

Technological Advancement: MRO providers are increasing theiruse of technology in order to enhance service offerings, streamlineoperations, and decrease costs. For example, the aircraft MROmarket has been disrupted by technology as service providers nowutilize tablets and other smart devices to communicate withconnected aircraft sensors reducing the time required to identifymalfunctioning equipment or other areas in need of maintenance.

Demand for Predictive Maintenance: The aim of predictivemaintenance is first to predict when equipment failure mightoccur, and secondly, to avoid the occurrence of the failure throughpreventative maintenance. The demand for predictive maintenanceis expected to grow by 27% over the next three years as customersincreasingly focus on lowering repair costs, reducing productiondowntime, and shortening repair cycles. As a result, an increasingnumber of MRO providers have started offering predictivemaintenance as part of their service offerings to customers.

Last Twelve Months Indexed Stock Price Performance

Valuation Multiples

80

100

120

140

160

Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17Facility Services Rental / Route-BasedEnvironmental Services Distribution & LogisticsIndustrial / Infrastructure S&P 500 Index

5

5


0

100

200

300

400

500

600

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2012 2013 2014 2015 2016

HUMAN CAPITAL MANAGEMENT SECTOR UPDATE


M&A volume declined in Q4 vs. both the prior quarter and year overyear. Some of this decline is attributable to the results of the NovemberPresidential election causing sellers to delay closing until 2017 withhope that the incoming administration will influence taxes favorably.Volumes for the year are also off from 2015, but remain at relativelyhealthy levels. With regard to public company trading, HCM companiesare lagging the broader S&P 500 for 2016, but performed better thanthe broader index in Q4. Education and Training saw a substantialboost in valuation after the election, resulting in the subsectoroutperforming the S&P 500 for the year. The staffing subsectorperformed favorably to the broader index in Q4 and HR Servicesremained aligned with the index as it has all year.

Conferences immediately after the election offered some insight intoexpected legislative implications on the sector. Most notable was SIA’sHealthcare Staffing conference where the potential for repeal of theACA was a topic of conversation but the clear consensus was thatindustry fundamentals and demand drivers support continued growthand optimism. These same feelings were relayed at the JPM Healthcareconference in January. Healthcare staffing has remained a hot sectorfor M&A after the election, and there are no indications of a slowdown.

In 2017 we expect to see sustained momentum and M&A activityacross sectors. The evolution of the workforce ecosystem will continueto build-out comprehensive workforce solutions. Employee experiencewill be a focus for employers and grow to extend beyond basicengagement and culture. Finally, training and development will be inthe spotlight, both as a tool to drive retention in the corporateenvironment (particularly as more millennials enter the workforce)and to train healthcare professionals, skilled laborers, IT professionals,and others in the greatest demand in today’s economy.

Education and Training has become a greater focus area for our firm.In December, FFL Partners announced its recapitalization of CPI, aglobal leader in crisis prevention training solutions for the de-escalation of aggressive behaviors and nonviolent physicalintervention. CHILDS advised FFL on the acquisition.

Valuation Multiples

Note: Public company data as of January 18, 2017

U.S. HCM M&A Transactions by Quarter


1/12/17 Travel Nurse Across America Trinity Healthcare Staffing Group Provides travel nurse staffing services

12/20/16 FFL Partners Crisis Prevention Institute (“CPI”) Provides crisis prevention training solutions

12/19/16 Odyssey Investment Partners Addison Group Provides hiring and staffing services

12/12/16 IQNavigator Beeline.com Provides VMS/MSP solutions for managing the extended workforce

11/28/16 Cognizant Technology Solutions Frontica Business Solutions Provides staffing, consulting, technology, and related services

RECENT M&A TRANSACTIONS


60

80

100

120

140

160

Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17

Staffing HR Services Index Education & Training S&P 500

9.2x

14.1x

5.7x

10.2x

8.9x

14.6x

6.2x

11.0x

8.3x

14.5x

6.6x

11.5x

8.2x

13.6x

6.5x

11.5x

–

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

Staffing HR Services Education & Training S&P 500 Index

Q1-2016 Q2-2016 Q3-2016 Q4-2016

6

6



12/9/16 Universal Hospital Services Radiographic Equipment ServicesAcquired as part of UHS strategy to bolster service offerings,Radiographic specializes in the maintenance and repair ofhigh-end diagnostic imaging equipment

12/1/16 Envision Healthcare AmSurg Corp.Mega-merger creating the largest ambulatory surgery centerand hospital-based physician practice management company

11/30/16 nThrive AdreimaClinically-integrated revenue cycle management servicesincluding patient eligibility determination and enrollmentservices

10/31/16* Blackstone Capital Partners TeamHealth Holdings$6.1 billion LBO of one of the nation’s largest providers ofoutsourced services to hospitals. Blackstone previouslyowned TeamHealth prior to its IPO in 2009

10/18/16 Almost Family CHS Home Health$128 million purchase of Community Health Systems’ 74home health and 15 hospice branch locations in 22 states


HEALTHCARE SERVICES SECTOR UPDATE



Surprising only to those not paying attention to the unintended (orintended) effects of the Affordable Care Act on everyday Americans’wallets, the biggest news of Q4 was the presidential election victory ofDonald J. Trump.

The new administration’s intent to repeal the Affordable Care Act wasno secret so the knee-jerk reaction to the election was certainlymarked by heightened anxiety and speculation over healthcareservices business models that have morphed and thrived over the last6-8 years. Against this backdrop, M&A activity in the space, following alight Q3, remained somewhat muted in Q4.

The details, timing, and political will associated with any wholesale orpiecemeal changes, however, remain to be seen. More importantly, themassive underlying demographic trends in the U.S. remain intact withor without Obamacare. Namely, rising premiums for younger and lessfrequent consumers of health insurance (mandate or not) are a plugill-equipped to handle the onslaught of costs caused by the healthcaresystem’s slow-motion collision with the aging population iceberg.

…And so the band plays on. Investment attention remains focused onprovider consolidation/scale to gain leverage with payors; technologyand services to cut costs and improve quality of care; and medicalpractice areas with significant private pay revenue that can shieldreimbursement risk regardless of which way the wind blows fromWashington, D.C.

Valuation Multiples

Note: Public company data as of January 18, 2017* Announcement date 7

7.7x

9.0x

11.7x12.5x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

Hospitals Alternate SiteProviders

Outsourced Services Home Healthcare


80

85

90

95

100

105

110

115

120

125

130

Jan-16 Apr-16 Jul-16 Oct-16 Jan-17

Outsourced Services Technology

Hospitals Alternate Site Providers

S&P 500 Home Healthcare

7



HEALTHCARE TECHNOLOGY SECTOR UPDATE


M&A volume in Q4 for healthcare technology companies in U.S.suffered from similar volume decline as overall market in face ofcontinued economic and political uncertainties.

Public healthcare technology companies continued their steadyperformance, especially the administrative sector which outperformedS&P 500 and achieved premium valuation at 18.0x 2017 EBITDA.

Several notable M&A transactions occurred in Q4, including bothstrategic and financial buyers (see below). CHILDS advised FalconConsulting Group, LLC on its sale to AVVAP. Falcon provides ITconsulting related to EPIC software.

We continue to see a strong outlook for M&A activity and investmentfocus in the space especially for solutions which help medicalprofessionals manage core areas such as:

Quality of Care / Care Coordination

Efficient use of Patient Data

Coding, Billing, and Finance

Patient Engagement

Clinical Data Capture

Valuation Multiples

Note: Public company data as of January 18, 2017* Announcement date

U.S. Healthcare Tech M&A Transactions by Quarter

14.8x

18.0x

6.5x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

20.0x

Medical Records Administrative Revenue Mgmt.


–

50

100

150

200

250

300

350

400

450

500

60

70

80

90

100

110

120

130

140

150

Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17

Medical Records Administrative Revenue Mgmt. S&P 500

8


12/15/16* Lonza Group CapsugelDevelops dosage forms and solutions for the healthcareindustry around the world

12/14/16 Pamplona Capital Management Logicworks CorporationProvides healthcare cloud solutions, including HIPPAcomplaint infrastructure

11/25/16* CC Capital Management Constellation Healthcare TechnologiesProvides outsourced revenue cycle management, practicemanagement, and group purchasing services to physicians

11/7/16 GTCR RevSpringProvides revenue acceleration and account receivablemanagement software solutions

10/4/16 Wolters Kluwer Health Emmi SolutionsDesigns technology-based solutions to deliver patientengagement aspects for hospitals and health systems


8



IT & PROFESSIONAL SERVICES SECTOR UPDATE


A trend throughout 2016 has been higher volume M&A activity in theIT & Professional Services sector versus the rest of the middle market.The fourth quarter was no exception. The sector saw 238 M&Atransactions announced or closed; a quarter over quarter increase,while the broader middle market saw a slight decrease in volume.

Despite this sector’s resilience versus the broader middle market, totaltransaction volume was down in 2016 versus 2015, primarily drivenby fewer quality assets available for purchase. However, buyersremain willing to pay premiums for high quality businesses and theyhave ample capital to do so. The debt capital markets remain open andrelatively inexpensive, strategic buyers have near historic cash, andprivate equity firms continue to successfully raise more capital.

This year we have covered several hot sectors that are responsible fordriving both deal value and volume in IT & Professional Services,including Cloud Technology, Cloud Services, the Workday Ecosystem,and Cybersecurity. In this last column for the year, we will reviewanother subsector that is driving deal volume and that has helped anentire strategic buyer universe pivot their business model - the DigitalAgency / Application Development sector.

The first major strategic transaction was Publicis’ acquisition ofSapient in late 2014. Through this, Publicis, a large advertising firm,expanded its capabilities into digital offerings, applicationdevelopment, and mobility; all hot sectors that are highly in demand.Since then, many formerly less tech-savvy strategic acquirers like StIves plc (formerly print media focused), Globant and WPP, amongothers, have made numerous acquisitions of digital/app dev/mobiletargets in order to expand their capabilities and keep pace with thechanging technology landscape. We expect this trend with strategicbuyers to continue into 2017.

Recent Digital / Application Development Transactions

Globant acquires L4 Mobile (digital product development)

St Ives acquires The App Business (mobile applications)

Claranet Limited acquires Diademys (application development)

Valtech acquires eFocus (digital agency, application development)

Valuation Multiples

Note: Public company data as of January 18, 2017* Announcement date


1/5/17* Gartner Research CEB Data analysis, research and talent assessment firm

12/31/16 Datavail Corporation NavantisSystems integration focused on the Microsoft stack (CRM,SharePoint, Azure)

12/21/16 Leeds Equity Partners Prosci Management consulting and research firm

12/7/16 TekLinks Guidant Partners Managed IT infrastructure services

11/17/16 ABRY Partners Nuspire Networks Managed network security services

11/16/16 Summit Partners Fineline Technologies Lockheed’s government IT services business

11/10/16 Accenture DayNine Consulting Workday consulting firm


8.4x 8.5x

9.9x 9.8x

12.4x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

Federal IT Services SystemsIntegrators/VARs

BPO Consulting Services ManagedServices/Hosting

FY EV/ EBITDA

80

90

100

110

120

130

140

150

Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17

Consulting Services Managed Services/Hosting

Federal IT Services Systems Integrators / VARs

S&P 500 BPO

9

9

0

50

100

150

200

250

300

350

400

450

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2012 2013 2014 2015 2016

SOFTWARE SECTOR UPDATE


Notes: Public company data as of January 18, 2017

M&A transaction volume for software companies continued to decline with only 277 deals closing in Q4 2016. The lull in activity highlightsthe global economic and political uncertainty that has overshadowed the market since the summer. Moving into 2017, CHILDS expects volumeto rebound.

Valuations for publicly traded software companies remained consistent with the previous quarter. At the end of Q4, HR Tech and SaaScompanies traded at significant market premiums of 6.0x and 5.7x LTM revenue, respectively, with slower growth Sales & Marketing Techcompanies at 3.1x.

The CHILDS software indices for HR Tech, Sales & Marketing Tech, and SaaS all had strong Q4 performances as well as solid annualperformance, especially in light of the market lows in Q1 2016.

In December 2016, CHILDS completed another Sales & Marketing Tech transaction with the successful majority recapitalization of TheChannel Company by Stone-Goff Partners.

Public Valuation MultiplesU.S. Software M&A Transactions by Quarter (2012 – Q4 2016)

CHILDS Deal Case Study: The Channel CompanyLast Twelve Months Indexed Stock Price Performance

65

75

85

95

105

115

125

135

Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17

HR Tech SaaS Sales/Marketing Tech S&P 500

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

HR Tech SaaS Sales/Marketing Tech

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016


December 2016

The Channel Company is a leading provider ofIT channel media, events, professional channelservices, and other marketing solutions to theIT channel industry

The Channel Company was founded in 1982and is headquartered in Westborough,Massachusetts

In December 2016, Stone-Goff Partners, aprivate equity firm based in New York,acquired a majority stake in The ChannelCompany

CHILDS Advisory Partners served as the exclusive financial advisor to TheChannel Company to advise in the sale of a majority stake in the business

We received multiple indications of interest and letters of intent as part ofthe process

This transaction represents the 8th deal for CHILDS in Marketing Techincluding sales, marketing, product and supply chain technology

10


12/28/16 Roper Technologies Deltek Enterprise software for professional services

12/19/16 Adobe Systems TubeMogul Cloud-based platform for video advertising spend

12/9/16 LDiscovery Kroll OntrackLegal information management, data recovery, and e-discoverysolutions

12/1/16 Genesys Interactive Intelligence Customer engagement, communication and collaborative solutions

11/29/16 Lanyon Solutions Cvent Corporate events and meetings software solutions

11/14/16 NICE inContact Contact center software solutions

11/1/16 salesforce.com Krux DigitalData management platform for marketers, media companies,publishers and agencies


10

CONTACT INFORMATION

SECTOR FOCUS

OUR SERVICES

ABOUT CHILDS ADVISORY PARTNERS

CHILDS Advisory Partners provides exceptional investment banking services to high‐performing business services, healthcare and technologymiddle market companies. Our unique combination of sector expertise, process excellence, and a deep, experienced team allows us to achievesuccessful outcomes for our clients. Collectively, our senior bankers have executed over 450 transactions. CHILDS Advisory Partners was namedthe 2016 Boutique Investment Banking Firm of the Year by The M&A Advisor. CHILDS is a member of FINRA and SIPC and is a registeredbroker‐dealer. CHILDS is a member of FINRA and SIPC and is a registered broker‐dealer.

Sales and Recapitalizations – CHILDS works with management teams, financial sponsors, and special committees to provide crucial insights into the intricacies and nuances of sale processes

Strategic Acquisitions – Our disciplined methodology coupled with our industry relationships makes CHILDS an ideal buy‐side partner

INDUSTRIAL

SERVICESTECHNOLOGY

HUMAN CAPITAL

MANAGEMENT

IT & PROFESSIONAL

SERVICES

BUSINESS SERVICES

SERVICES SOFTWARE

Alan BuglerManaging DirectorBusiness Services(404) 751-3004

[email protected]

Jim ChildsCEO

(404) [email protected]

Ross DeDeynManaging Director

Healthcare(404) 751-3018

[email protected]

Tom DonahueManaging Director

Technology(617) 290-5433

[email protected]

Don HolbrookManaging Director


[email protected]

Cooper MillsManaging DirectorBusiness Services(404) 751-3003

[email protected]

Dave PhillipsManaging DirectorBusiness Services(904) 292-9305

[email protected]

Scott RhodesManaging Director


[email protected]

Jason WallaceManaging DirectorBusiness Services(404) 751-3020

[email protected]

MERGERS & ACQUISITIONS

CAPITAL

RAISES

FINANCIAL & STRATEGIC ADVISORY

Our proprietary knowledge database consists of active debt and equity investors including senior and mezzanine debt and growth equity

CHILDS is continuously in the market assisting its clients to raise capital for a multitude of purposes including organic growth, acquisitions, and one‐time owner dividends

HEALTHCARE TECHNOLOGY

CHILDS can act as a strategic consultant to help leadership teams develop their strategic road map in order to create and enhance shareholder value

We can undertake a detailed analysis of a company’s tangible and intangible valuation drivers as a separate undertaking or as a precursor to an M&A assignment


11

The preferred investment bank for high performing business services, healthcare and technology companies.www.childsadvisorypartners.com 404.751.3000

uarterly pdate • q4 2016 · quarterly update • q4 2016 inside this issue: the first word: 2016...

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