Environmental, Health & Safety
M&A Update Report
“Market Intelligence for Business Owners”
Capstone Partners
Investment Banking Advisors
BOSTON | CHICAGO | LONDON | LOS ANGELES | PHILADELPHIA | SAN DIEGO | SILICON VALLEY
Q3 2013
Environmental, Health & Safety
M&A Update Report
MERGER & ACQUISITION ACTIVITY
CAPSTONE PARTNERS LLC
23046 Avenida de la Carlota
Suite 600
Laguna Hills, CA 92653
www.capstonellc.com
David Bench
Managing Director
(949) 460‐6431
dbench@capstonellc.com
Merger and acquisition activity in the Environmental, Health & Safety industry continued
strong in the first half of 2013, with the number of completed transactions totaling 38
through June. Transactions continue to be fueled by low interest rates and an improving
economic environment, with financial sponsors and strategic acquirers alike purchasing
companies in the space at consistently strong valuations.
Year‐to‐date activity is on par with 2012 levels, quite an endorsement of this sector, as
M&A activity across the board dropped in early 2013, primarily the result of transactions
that were hurried to close at the end of 2012 in anticipation of rising capital gains tax
rates. The decline in overall market activity in early 2013 was expected, but the fact that
the EH&S sector continued to experience a healthy deal environment is an indication of
the strong interest in the sector.
Environmental, Health & Safety M&A Transactions
Tracy Patch
Vice President
(949) 460‐6432
tpatch@capstonellc.com
90
79
80
68
70
60
61
59
50
47
43
38
40
30
20
10
0
2007
2008
2009
2010
2011
2012
YTD 2013
YTD through June 2013
Source: Capital IQ and Capstone Partners LLC research
M&A activity in the EH&S industry continues to be supported by strong market
fundamentals, such as a fragmented market, globalization of the industry and strong
corporate interest in safety and risk avoidance. As a result, 2013 is anticipated to be
another solid year and we expect activity in the industry to continue at a healthy pace for
the foreseeable future.
The following pages profile a sampling of active buyers in the EH&S industry, followed by
a list of recent transactions in the space. These profiles and transactions show that
corporate buyers continue to be motivated by a strategic desire to expand their product
and service offerings, acquire expertise in specific vertical markets and expand their
geographic reach. Private equity groups also remain active in the space and are attracted
to the industry’s attractive growth prospects, as well as the opportunity to consolidate
this highly fragmented market.
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Q3 2013
Environmental, Health & Safety
SAMPLE ACQUIRER PROFILE: ANSELL LTD.
Ansell is a global leader in protection solutions. The company manufactures a wide
range of hand and arm protection solutions and clothing for industrial workers and
healthcare professionals. Ansell is organized around four Global Business Units
consisting of Industrial, Medical, Sexual Wellness and Specialty Markets. The
Industrial segment offers hand and upper arm protective gloves for heavy industrial
use, such as the automotive & transportation, chemical, metalworking, construction,
agriculture, warehousing, electronics, pharmaceutical and food processing
industries. The Medical segment provides examination and surgical gloves for
healthcare professionals. The Specialty Markets segment provides application‐
specific gloves for industries, such as food, agriculture, construction, do‐it‐yourself,
janitorial/sanitation, military, first responders and household goods. The company is
headquartered in Richmond, Australia.
Ansell has an active acquisition program with the purpose of building scale and
adding new capabilities in key geographic markets. Magnus Nicolin, Chief Executive
of Ansell, said that company’s mergers and acquisitions "sweet spot" is $30 million to
$75 million. Recent acquisitions include the following:
 Hércules Equipamentos de Protecao Ltda – Acquired in 2013 for approximately
$77 million, the company is located in Brazil and manufactures Personal
Protective Equipment (PPE) for the military, first responders and industrial
workers.
 Preferred Surgical Products L.L.C. – Acquired in 2012, PSP produces infection
prevention products used in invasive areas of hospitals and ambulatory surgery
centers. PSP reportedly fits well within Ansell’s Sandel brand of healthcare safety
products and strategically expands its perioperative safety offering.
 Comasec SAS – Acquired in 2012 for approximately $100 million, the company
manufactures rubber and fabric hand and arm protection products for users
working with hazardous compounds and for electricians.
 Trelleborg Protective Products AB (Sweden) – Acquired in 2012 for $210 million,
Trelleborg manufactures protective products such as rubber dry suits, PU dry
suits, hoods, neck and wrist components, dry suit pockets, valves and hoses,
boots and underwater bags. Its products are used in fire and rescue, defense,
commercial diving, law enforcement, industry, recreational diving and shipping.
 2011 Acquisitions – In 2011, Ansell acquired a minority stake in Lakeland
Industries, a manufacturer of safety garments and accessories for the industrial
protective clothing market worldwide; and Sandel Medical Solutions LLC, a
manufacturer of medical and ergonomic safety products for the healthcare
industry, which it acquired for $13.5 million.
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Environmental, Health & Safety
SAMPLE ACQUIRER PROFILE: W.W. GRAINGER, INC.
W.W. Grainger, Inc. engages in the distribution of maintenance, repair and operating
supplies, as well as other related products and services for businesses and
institutions primarily in the United States and Canada. The company provides a wide
array of products, including safety and security supplies. It sells to small and
medium‐sized businesses, large corporations, government entities and other
institutions.
Grainger has recently focused more attention on the safety, energy efficiency and
sustainability space, a strategy that has included several acquisitions. The company’s
occupational health and safety catalog features a recently‐doubled safety offering
including more safety footwear, clothing, training and reference materials. Grainger
also recently introduced Online SafetyManager, a tool that allows users to create
and manage their safety program to maintain compliance, reduce fines, improve
facility safety, reduce accident and injury rates and cut operating costs. The
company’s recent acquisitions in the EH&S industry include the following.
 Techni‐Tool, Inc. – Acquired in 2012 for an estimated $40 million, Techni‐Tool
distributes electronic production and rework, field service and maintenance
products including apparel, gloves and safety supplies. It distributes products to
telecom companies and security companies, as well as government agencies.
 FABORY Nederland B.V. – Sells fasteners, tools, industrial supplies and safety
products for small businesses, maintenance and repair businesses and OEMs
internationally. Personal care products include personal protection equipment
for eye and face, head, respiratory and hand protection, work wear and
footwear. Grainger acquired FABORY in 2011 for approximately $340 million.
 Wolseley Industrial Products Group, Inc. – Acquired in 2010, Wolseley
distributes industrial products including health and safety items.
 SafetyCertified.com, Inc. – Acquired in 2010, the company is a safety and risk‐
management business that offers an online program to assist organizations in
their efforts to comply with OSHA regulations. The company also provides
regulatory compliance advisory services and guide books, editorial content,
posters and software solutions.
 Solus Securite, Inc. – Provides solutions for workplace safety and the distribution
of safety equipment. The company is based in Canada and had sales of about
CAD 20 million when Grainger acquired the company in 2010.
 Ranson Industrial and Safety Supplies Inc. – Acklands‐Grainger Inc. acquired
Ranson Industrial in 2010. Ranson distributes industrial, safety, fire, paper and
janitorial supplies in Canada.
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Environmental, Health & Safety
SAMPLE ACQUIRER PROFILE: HONEYWELL INTERNATIONAL INC.
Honeywell International Inc. operates as a diversified technology and manufacturing
company worldwide. The Honeywell Life Safety division manufactures intelligent
sensing; gas, fire and smoke detection; health telemonitoring; and personal
protective equipment. Honeywell Life Safety operates as a subsidiary of Honeywell
Automation and Control Solutions and is an important component of Honeywell’s
overall business strategy.
Honeywell had long been in the building safety market and, in 2008, also became a
global leader in the PPE market with the acquisition of Norcross Safety Products and
its product portfolio designed to protect workers from “head to toe” in a variety of
hazardous environments. “We’re excited to have the opportunity to participate in
the dynamic growth of the personal protective industry,” said Mark Levy, President,
Honeywell Life Safety. The company is very active in mergers & acquisitions, which it
utilizes for the opportunity to accelerate product innovation, cross sell with other
Honeywell business lines and expand globally. A sampling of Honeywell’s
acquisitions in the EH&S space include the following:
 RAE Systems Inc. – In 2013, Honeywell acquired RAE Systems Inc. from Vector
Capital, CITIC Capital Partners and other shareholders, for $340 million. RAE
Systems manufactures multi‐sensor chemical and radiation detection monitors
and networks for oil and gas, hazardous material management, industrial safety,
civil defense and environmental remediation applications. The company
generated revenue of $107 million in 2012.
 Fire Sentry Corporation – Acquired in 2012, Fire Sentry Corporation designs and
manufactures electro‐optical fire and flame detectors, portable test lamps,
controllers and control panels used to detect fires. Its products are used in
various industrial applications.
 King's Safetywear Limited – Designs and manufactures safety footwear and
personal safety equipment such as eyewear, boots, fall arrest systems and
helmets. It serves heavy and light industries, including oil and gas, ship repair,
aviation engineering, mining, manufacturing and automotive industries. King’s
was acquired in 2011 for approximately $331 million.
 Sperian Protection S.A. – In 2010, Sperian Protection was acquired by Honeywell
in a transaction valued at $1.1 billion. Sperian manufactures personal protective
equipment such as hearing, respiratory and contamination protection products;
ventilated suits; hand and arm protection; insulating gloves; eye and face
protection; portable and fixed gas detectors; fall protection and safety footwear.
 Norcross Safety Products L.L.C. – Acquired in 2008 for approximately $1.2 billion
to establish Honeywell Safety Products as a provider of personal protection
equipment for workers worldwide.
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Environmental, Health & Safety
SAMPLE ACQUIRER PROFILE: TERRACON CONSULTANTS
Founded in 1965 and based in Olathe, Kansas, Terracon Consultants, Inc. operates as
an engineering consulting company and has evolved into a successful multi‐
disciplinary firm specializing in environmental, facilities, material and geotechnical
consulting.
Driven by a desire to provide a full offering of services to its clients, while at the
same time expanding its geographic footprint across the US, Terracon has been
actively acquiring companies, rolling up a variety of specialty companies that
together create a full‐service offering. Terracon has acquired more than 14
companies in the EH&S space and now has more than 2,800 employees in 140
offices across the US. While much of this growth has been organic, a solid portion of
Terracon’s expansion has been acquisitive.
Terracon President and CEO David Gaboury describes the acquisitions as fulfilling the
company’s expansion strategy in three ways. First, “we’ve been acquiring firms in
our core business—geotechnical materials and geo‐environmental—to expand
geographically,” he notes. Second, in the environmental services arena, Gaboury
explains, “We’ve done some small acquisitions and are planning to be more
aggressive and bring in complementary capabilities, like an industrial hygiene firm or
an asbestos firm, or an indoor air quality firm.” The third prong of the company’s
acquisition strategy consists of diversification into facilities, or “building forensics.”
This acquisition strategy is intended to differentiate the company from competitors,
an ongoing challenge in a market whose services are often viewed as commodity‐like
in nature.
Terracon’s recent acquisitions include the following:
 Liesch Associates, Inc. – Liesch operates as an environmental consulting and
engineering company. As of January 2013, Liesch Associates operates as a
subsidiary of Terracon Consultants, Inc.
 EARTHTEC, Inc. – In November 2012, Terracon acquired EARTHTEC, a
professional consulting company specializing in geotechnical, geo‐environmental
and construction monitoring services in Central and Northern California.
 IHI Environmental Inc. – IHI Environmental provides industrial hygiene,
occupational safety and environmental consulting services in the western United
States. The company was founded in 1980 is based in Salt Lake City, Utah; it was
acquired by Terracon in August 2012.
 IAQ Consultants, Inc. (IAQC) – A Dallas‐based firm specializing in indoor air
quality, asbestos consulting and industrial hygiene. With the addition of IAQC,
Terracon expanded into the industrial hygiene services business. The transaction
was completed in December 2009.
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Environmental, Health & Safety
SAMPLE ACQUIRER PROFILE: UNDERWRITERS LABORATORIES INC.
Underwriters Laboratories Inc. operates as a safety science company. The company
operates through five units: Product Safety, Environment, Life and Health,
Verification Services and Knowledge Services. Together they provide safety testing,
validation and certification, inspection services, training, advisory services, standards
development and auditing services. Recent EH&S transactions include the following.
 Testtech Laboratorios – Acquired in 2013, Testtech Laboratórios provides
electrical safety testing services for equipment used in shops, workshops, farms
and light industry. The company positions UL as a single‐source for appliance
certification, testing and follow‐up services.
 National Everclean Services, Inc. – Provides food safety consultation, training and
auditing programs. This addition further extended UL's capabilities in the food
industry, where the propagation of foodborne illnesses is a growing concern
across the globe. The company works on issues such as labeling, permitting and
auditing. It was acquired by UL in 2013.
 GoodGuide, Inc. – Acquired in 2012, GoodGuide provides online information on
the health, environmental and social impacts of products and companies. Said
George Consagra, Chief Executive Officer of GoodGuide, "This acquisition
represents the union of two mission‐driven marketplace leaders that are
committed to advancing global sustainability, environmental health and safety."
 ICQ Global srl – Provides consumer products safety testing services, including
electrical, chemical, physical, flammability, microbiological and other
performance tests on various products. UL acquired ICQ Global in 2012.
 eco‐INSTITUT GmbH – Acquired in 2012, eco‐INSTITUT provides emissions and
chemical content testing services, indoor air analysis and advisory services.
 EduNeering, Inc. – UL acquired Kaplan’s EduNeering, Inc. for $14.5 million in
2012. EduNeering develops and delivers cloud computing learning solutions for
regulatory compliance, enterprise learning management, safety, corporate
culture, ethics and corporate responsibility.
 PureWorks, Inc. – Acquired in 2011, PureWorks had revenue of $26.4 million and
250 employees at acquisition. PureWorks provides employee safety and health
software training and compliance solutions.
 Air Quality Sciences, Inc. – Provides indoor air quality testing and consulting
services. It serves product manufacturers, building owners & managers,
architects & interior design professionals, school administrators, industrial
hygienists and environmental consultants. UL acquired the company in 2011.
6
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Environmental, Health & Safety
SAMPLE ACQUIRER PROFILE: CALTIUS CAPITAL MANAGEMENT
Caltius Capital Management is a private equity firm specializing in bridge financing,
buyouts, turnarounds and mezzanine investments. The firm seeks to invest in
middle market and mature companies across a wide range of industries. For equity
investments, the firm seeks controlling or substantial minority ownership positions
and a board seat in its portfolio companies. Investments range between $5 million
and $20 million in companies with enterprise values of $10 million to $50 million.
Caltius Capital Management was founded in 1997 and is based in Los Angeles,
California.
Some of the firm’s notable acquisitions in the EH&S space include the following:.
 Impact Facility Services, LLC – Impact Facility Services provides fire protection
and alarm services including inspections, repairs, installation and remodels of fire
sprinkler systems, fire pumps and suppression systems. In addition, the company
also provides foam and cleaning agents, fire extinguishers, backflow preventers,
corrosion management services, fire alarm systems and security services
(including intrusion, access control and video services). The company was
acquired by Caltius in 2012.
 Diversified Human Resources, Inc. – In 2009, Diversified Human Resources, Inc.
received an additional equity investment from Caltius, following an initial
investment in 2008. As a result, Caltius acquired a majority stake in the company
and is now the primary shareholder. Diversified Human Resources provides
human resource services to companies operating in the United States. Its
services include HR management, training, safety programs, compliance and
records management, specialized HR projects and recruiting.
 Consolidated Fire Protection – Consolidated Fire Protection was formed in
January 2000 by Caltius Equity Partners and co‐investors to acquire Cosco Fire
Protection, Inc. and Firetrol Protection Systems, Inc., separately operated
subsidiaries of U.S. Industries, Inc., as part of a corporate divestiture. The
company repairs, services, inspects, designs, fabricates and installs fire
suppression and fire alarm and detection systems for commercial, industrial and
institutional customers throughout the Western United States. Caltius Equity
Partners was attracted to Cosco's and Firetrol's solid reputations in their
respective markets and to the opportunity to expand the businesses, both
organically through additional service offerings and vis‐à‐vis acquisitions. Caltius
believed that Consolidated Fire would benefit from the fire and life safety
industry's built‐in regulatory environment and fragmentation to become a
market leader, particularly in the high margin repair and service sector. Five
years after it was formed, in 2005, Caltius sold Consolidtaed Fire Protection to
Gryphon Investors, who in‐turn sold it to Minimax GmbH in 2007.
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Environmental, Health & Safety
SAMPLE ACQUIRER PROFILE: KRG CAPITAL PARTNERS
KRG Capital Partners is a private equity firm specializing in investments in middle‐
market companies. The firm invests in owner recapitalizations, management
buyouts of public and private companies, add‐on acquisitions, industry
consolidations, family successions and outright purchases.
KRG tends to invest in manufacturing, distribution and service‐oriented industries,
with a focus on packaging, transportation and logistics, healthcare, medical devices,
business services, advertising and construction materials. KRG seeks out companies
that are customer centric and have viable buy‐and‐build strategies. It prefers to take
a controlling stake in its portfolio companies and have full control over the board of
directors. KRG was founded in 1996 and is based in Denver, Colorado with additional
offices in Mill Valley, California and Las Vegas, Nevada.
KRG has been particularly active in the middle market space in the last 5 years,
acquiring over 10 companies, including the following in the EH&S industry:
 Convergint Technologies, LLC – Convergint Technologies designs, installs and
services building systems, such as electronic security, fire alarm, life safety and
building automation systems. It offers installation, support, automation and
communications services. The company also provides electronic security
solutions, such as card access, closed‐circuit television, IP based cameras, IP video
management systems, alarm intrusion solutions, digital video recording solutions
and physical security information management solutions.
 Fire and Life Safety America, Inc. – Fire and Life Safety America, Inc. designs,
fabricates, installs, inspects and services fire protection systems. Fire alarm and
life safety solutions include intelligent fire and smoke detection, one‐ and two‐
way emergency voice communication, notification, graphic and directory
annunciation, air sampling detection, area of rescue assistance, monitoring and
suppression system solutions. Fire and Life Safety America, Inc. was founded in
1997 and is headquartered in Richmond, Virginia.
 Trafficware, Ltd. – Headquartered in Sugar Land, Texas, Trafficware is a leading
provider of innovative hardware and software solutions for arterial traffic
management. The company is a “one‐stop‐shop” for proprietary, integrated
hardware and software products that allow users to control traffic through
intelligent systems. In 2012, Trafficware made an add‐on acquisition with its
purchase of Naztec, a designer and manufacturer of advanced traffic control
hardware and software for transportation agencies.
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Environmental, Health & Safety
SAMPLE ACQUIRER PROFILE: RHV CAPITAL, LLC
RHV Capital, LLC is a private equity firm specializing in direct and fund of fund
investments. It focuses on acquisitions, buyouts, recapitalizations and growth
investments in the lower middle market. Targeting companies with enterprise value
in the range of $10 million to $50 million, RHV seeks to make co‐investments with
owners, private equity firms and other private investors.
The firm’s website states that, “RHV seeks investments that afford us the
opportunity to co‐invest with the owner‐manager operating the business. We invest
to provide funds for a variety of purposes, which may include growth initiatives,
acquisitions, buyout of selling shareholders, and/or a recapitalization to provide
partial liquidity to the owner‐manager. RHV’s focus is on companies with recurring
or repeating revenue streams, low customer concentration and low customer
attrition. We look for industries that support sustainable profitability and are
fragmented or have other characteristics that allow small enterprises to develop
good market positions. Our Principals have a unique blend of experience that
provides a basis to add value to the companies in which we invest. That experience
includes Board of Directors (public and private), owner‐manager, operations,
finance, information technology and investment banking.”
Currently RHV Capital maintains an ownership stake in the following EH&S
companies:
 Continental Fire & Safety Inc. – In 2012, RHV acquired Continental Fire & Safety
Inc., a company that provides fire, safety and suppression equipment and
services in the United States. The company offers adapters, airbags, rescue
struts, fire escape systems training and CPR and AED training. Continental Fire &
Safety Inc. was founded in 1974 and is based in Trenton, New Jersey.
 Pyott‐Boone Electronics, Inc. – Acquired in 2011, Pyott‐Boone Electronics
manufactures electronic monitoring and communication products for the
underground mining industry worldwide. The company’s products are used in
fan and pump monitoring, coal mine monitoring, underground radio
communications and processing plant applications. Since its acquisition by RHV,
Pyott‐Boone has made two of its own purchases, acquiring TR Minecom in 2013
and Mine Radio Systems Inc. in 2013. Both companies provide communications,
tracking and safety solutions for mining, tunneling and industrial applications.
 Workplace Answers, LLC – Workplace Answers provides online compliance
training courses to educational institutions, corporate enterprises and
government organizations in the United States. It offers a full selection of safety
training services for the workplace. The company offers courses in the areas of
sexual harassment and discrimination prevention, diversity awareness and
inclusion and safety and workforce management. Workplace Answers was
founded in 1997 and is based in Austin, Texas.
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Environmental, Health & Safety
SAMPLE ACQUIRER PROFILE: THE RIVERSIDE COMPANY
The Riverside Company is a private equity firm specializing in leveraged buyouts,
management buyouts, public to private transactions and recapitalizations of middle
market companies. The company makes investments with a focus on healthcare,
education, software and information technology, software‐as‐a‐service (SaaS),
franchisors, energy and sustainability, cleantech, materials, financial service
companies, communication technology and consumer products.
The firm typically invests between $3 million and $100 million in companies having
enterprise values between $10 million and $250 million. It targets companies with
revenue between $5 million and $25 million and EBITDA between $1 million and $25
million, and typically holds its investments from four to ten years. The firm seeks to
make both minority and majority equity investments.
Riverside’s investments in EH&S companies include the following:
 Alchemy Systems, LP – Acquired in January 2013, Alchemy Systems provides
food and workplace safety training services for production workers. It offers
courses in the areas of workplace safety, food safety, food service, poultry
handling, animal welfare, HR training and customer service. The company
provides both onsite and online training services, customized content for training
and identifies funding sources and secures grants. Alchemy is actively seeking
add‐on acquisitions and recently acquired Avatar Technology Inc., an IT
consulting firm.
 DISA Global Solutions, Inc. – DISA Global provides employee screening and
compliance services to safety‐sensitive employers in the United States and
internationally. It offers drug and alcohol testing, employee background
screening, occupational health screening, safety training and driver qualification
file management services. The company also provides contractor compliance
services for the petrochemical industry, Department of Transportation
compliance services, audit assistance, online Occupational Safety & Health
Administration, substance‐abuse training programs and electronic document
management services. DISA was acquired by Riverside in early 2011. Later that
year, DISA and Riverside acquired Bay Area Training, a provider of safety
orientation programs for major refineries.
 Health & Safety Institute – Acquired in 2006, Health & Safety Institute provides
emergency care and response training services. Health & Safety Institute was
acquired as a platform for other acquisitions. It acquired Medic First Aid
International, Inc., a provider of CPR/first aid emergency care training programs
for business, industry and the public; and JSL Communications LLC, which designs
and creates workplace training solutions. Riverside sold Health & Safety Institute
in 2012 to DW Healthcare Partners.
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Environmental, Health & Safety
RECENT ENVIRONMENTAL, HEALTH & SAFETY M&A TRANSACTIONS
Date
Jun‐13
Jun‐13
Jun‐13
Jun‐13
Jun‐13
May‐13
Apr‐13
Apr‐13
Apr‐13
Target
American Radiation Services, Inc.
Birdsall Services Group, Inc.
Target Business Description Acquiror
Offers environmental consulting services.
The Aleut Corporation
Operates as an engineering and environmental consulting company. Manufactures multi‐sensor chemical and radiation detection monitors RAE Systems Inc.
and networks for oil and gas, industrial safety and other markets.
Data Transfer Solutions Provides services and software used to support fire protection, planning, LLC, Wildfire Division
response, suppression and incident management.
DeLuca‐Hoffman Provides civil and environmental engineering services in Maine and Associates, Inc.
northern New England.
Powerline EHV; Southern Manufactures LED lighting and provides utility infrastructure safety Energy; Innovative Elect. training services and energy & green building consulting/verification.
MSi Testing & Provides metallurgical testing and failure analysis services including Engineering Inc.
consumer product, corrosion and other safety testing.
Global Safety Provides drug safety services to the life sciences industry and hosting Surveillance, Inc.
services for the Oracle Argus Safety Suite.
Provides consulting, system engineering and project management for Macro Corporation
public safety/homeland security and other markets.
Enterprise
EV / LTM
Value Revenue
EBITDA
($mm)
‐
‐
‐
$8.1
‐
‐
$340.0
3.2x
‐
‐
‐
‐
‐
‐
‐
$4.3
‐
‐
‐
‐
‐
Telerx Marketing Inc.
‐
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‐
Ross & Baruzzini, Inc.
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Partner Assessment Corporation
Honeywell Analytics Ltd.
Timmons Group, Inc.
Fay, Spofford & Thorndike, Inc.
PowerSecure
International
SGS SA (SWX:SGSN)
Apr‐13
Arges Group, Inc.
Provides risk control and management services.
R. J. Ahmann Co.
Mar‐13
Charles Haller Enterprises, Inc.
Mar‐13
Citation Global, Inc.
Supplies tools and services including a full array of safety items for the commercial and industrial construction trades.
Offers environmental, health and safety compliance management solutions.
Colony Hardware Corporation
A group of private investors
Mar‐13
Ashburn Hill Corp.
Provides fire protective gear.
INVISTA S.à.r.l.
‐
‐
‐
Mar‐13
Stone Pump and Trench (Certain Assets)
Provides trench safety and pumping solutions.
National Trench Safety, LLC
‐
‐
‐
Mar‐13
DataTech911, Inc.
Engages in the development, testing and installation of software products for the management of the public safety industry.
Offers environmental engineering, occupational hygiene, and health & safety services.
Provides engineering and environmental consulting, as well as solid waste management services.
Provides inspection software and safety compliance management solutions.
Provides food safety training and technical services to the food and beverage industry.
ElanTech, Inc.
‐
‐
‐
Conestoga‐Rovers & Associates, Inc.
Stearns, Conrad & Schmidt Con. Engng.
Master Lock Canada, Inc.
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NSF International Inc.
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High Park Capital Partners
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‐
Mar‐13
INSPEC‐SOL Inc.
Mar‐13
SCS Aquaterra
Feb‐13
N4 Systems Incorporated
Guelph Food Technology Centre
eCompliance Management Provides occupational health and safety (OHS) management solutions.
Solutions Inc.
Alexander/Ryan Marine & Supplies marine safety products and services to the oil and gas industry Safety Co. Inc.
worldwide.
Pelican Bay Trading Designs and manufactures safety eyewear and goggles.
Company, Inc.
Provides environmental, forensic, occupational and analytical laboratory INALAB, Inc.
services in Hawaii and the Pacific Rim basin.
Manufactures temperature and refrigeration monitoring systems to Modularm Corporation
protect perishables, save energy and increase operator safety.
Provides environmental moisture control products for the waterproofing, DryDog Barriers, LLC
repair and grading industries. Drew Marine, Inc.
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‐
Radians, Inc.
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Galson
Laboratories Inc.
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‐
Kitchen Brains, LLC
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‐
GMX, Inc.
‐
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‐
Jan‐13
Liesch Associates, Inc.
Operates as an environmental consulting and engineering company.
Terracon
Consultants, Inc.
‐
‐
‐
Jan‐13
Fire Research Corporation
Manufactures and distributes equipment and solutions for fire, rescue and R∙O∙M Corporation
emergency services throughout the world.
‐
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‐
Jan‐13
Backcountry Access, Inc.
Manufactures and distributes ski and snow safety products.
K2 Sports
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‐
‐
Provides food safety consultation, training and auditing programs.
Underwriters Laboratories Inc. ‐
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Feb‐13
Feb‐13
Jan‐13
Jan‐13
Jan‐13
Jan‐13
Jan‐13
Jan‐13
Jan‐13
National Everclean
Services, Inc.
Lotspeich and Associates, Inc.
An ecological consulting company, provides natural resource assessment GAI Consultants, Inc.
and regulatory compliance assistance services. Sources: Capstone Partners LLC research, Capital IQ, Pitchbook
LTM = last twelve months; EV = enterprise value
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Environmental, Health & Safety
CAPSTONE PARTNERS: REPRESENTATIVE EH&S TRANSACTIONS
CLIENT
(CONFIDENTIAL)
CLIENT
(CONFIDENTIAL)
is pursuing a
corporate sale
is pursuing a
corporate sale
has been
acquired by
FIRE RESISTANT
COATINGS
FIRE
PROTECTION
SYSTEMS
PROVIDER OF
CORPORATE
TRAINING
H.P. White Laboratory, Inc.
has
recapitalized with
has
recapitalized with
has been
acquired by
has been
acquired by
has been
acquired by
has secured
financing from
has been
acquired by
has been
acquired by
Hyde Park
Holdings LLC
PRIVATE
INVESTOR GROUP
a division of
a division of
HUNT CAPITAL.
has been
acquired by
has been
acquired by
has been
acquired by
Jarex
Distribution LLC
has been
acquired by
has been
acquired by
has been
acquired by
has been
acquired by
has been
acquired by
has been
acquired by
acquisition
advisory
THE ENVIRONMENTAL, HEALTH & SAFETY TEAM
David Bench, Managing Director
dbench@capstonellc.com • (949) 460‐6431
David is Capstone’s Managing Director in charge of the West Region, based out of Los Angeles.
Prior to Capstone, David managed the West region for Morgan Stanley Smith Barney’s Capital
Strategies Group and its predecessor, Citi Capital Strategies. David has focused on middle
market investment banking for over 25 years and has been the lead banker in over 250 M&A
transactions involving both domestic and foreign corporate buyers, as well as leveraged recaps
with private equity sponsors. David’s achievements in the investment banking industry have
gained national recognition by The M&A Advisor: in 2008, one of his transactions was awarded
the “Energy Deal of the Year” and, in 2007, he was awarded Middle Market Financing
Professional of the Year. Mr. Bench holds a BS and an MBA in Finance from Brigham Young
University. He is a Series 7 and 63 Registered Securities Representative and a Series 24
Registered Securities Principal.
Tracy Patch, Vice President
tpatch@capstonellc.com • (949) 460‐6432
Tracy is a Vice President in the Los Angeles office, supporting the management of the West
Region. Prior to Capstone, Tracy worked as a senior banking professional in Morgan Stanley
Smith Barney’s Capital Strategies Group and its predecessor, Citi Capital Strategies. She
possesses ten years of experience in middle market investment banking, working on both
domestic and cross‐border transactions. Her previous finance experience includes working in
the hedge fund industry with Collins/Bay Island Securities LLC and Talisman Capital Partners.
Prior to that, Mrs. Patch worked with institutional fixed income sales at both Vining Sparks IBG,
LP and Robert Thomas Securities, Inc. Tracy also enjoyed tenure in management at The Disney
Company. Mrs. Patch holds an MBA from Pepperdine University and a BS in Finance from
Miami University of Ohio. She is a Series 7 and 63 Registered Securities Representative.
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ABOUT CAPSTONE PARTNERS
Capstone Partners LLC is a leading international investment banking firm dedicated to serving the corporate finance needs of middle
market business owners, investors and creditors. The firm provides merger & acquisition, private placement, corporate restructuring,
valuation and financial advisory services. Capstone maintains various industry specialties including one in the Environmental, Health &
Safety sector. The firm also possesses merchant banking capabilities to actively co‐invest in transactions.
Additional information about Capstone Partners can be found at www.capstonellc.com.
LEADERSHIP TEAM
NATIONAL
John Ferrara
Founder, President
(617) 619‐3325
jferrara@capstonellc.com
CHICAGO
Ted Polk Managing Director (312) 674‐4531 tpolk@capstonellc.com LOS ANGELES
David Bench Managing Director (949) 460‐6431 dbench@capstonellc.com SAN DIEGO & SILICON VALLEY
David Michaels
Managing Director
(858) 926‐5950
dmichaels@capstonellc.com
BOSTON
Jacob Voorhees
Director and Principal (617) 619‐3323 jvoorhees@capstonellc.com LONDON
John Snead
Managing Director +44 7979 704302
jsnead@capstonellc.com PHILADELPHIA
Eric Williams
Managing Director
(215) 854‐4065
ewilliams@capstonellc.com
CORPORATE RESTRUCTURING
Brian Davies
Managing Director
(617) 619‐3328
bdavies@capstonellc.com
Capstone Partners
Investment Banking Advisors
www.capstonellc.com
World Class Wall Street Expertise. Built for the Middle Market.
© 2013 Capstone Partners LLC. All rights reserved.