Corporate Fuel Advisors
Human Capital Solutions Industry
Quarterly Update (3Q 2015)
Summary
Table of Contents
During 3Q15, the staffing market continued to grow, which is unusual at this
point in the economic cycle (almost 6.5 years into an expansion).
Industry Overview
2
Public Market Overview

That said, many market segments are beginning to exhibits signs of
moderation, including the largest segments, light industrial and clerical.
5
M & A Market Analysis
6

The October 2015 BLS and recent ASA reports support the industry slowdown
trend.
Corporate Fuel Advisors Overview
10
Select Business Services Experience
11

In its September 2015 update, Staffing Industry Analysts (SIA), increased its
2015 growth forecast for the industry to 7% from its 6% April 2015 forecast.
This increase includes 1-2% growth for ACA pass-throughs in the industrial and
office/clerical segments and we note that the report was prepared before more
recent signs of moderation (see page 3).


The focus for staffing companies should continue to be gross profit conversion,
which measures how effectively a company manages its bill/pay spread and
overhead expenses.

While public company valuations still exceeded the S&P 500 valuation, they
have contracted during 3Q15 and are moving toward convergence.

The M&A market continued to be very healthy during 3Q15 with buyers still
exceeding sellers and active public/private financing markets.
Exhibits
A: Public Company – Valuation Data
James J. Janesky
Managing Director
10 E. 40th Street
Suite 3210
New York, NY 10016
646-572-0430
13
Industry Overview
BLS and ASA Indexes
 While temporary employment continued to expand during 3Q15, which is unusual at this point in an economic
cycle (almost 6.5 years into an expansion), the growth rate has moderated. According to the Bureau of Labor
Statistics’ (BLS) most recent report, temporary employment rose 3.7% Y/Y in September 2015, which is the slowest
rate since February 2010. Moreover, the BLS made significant downward revisions for temp help jobs in July and
August. Although BLS data can be subject to substantial revisions at any point in the economic cycle, downward
revisions have historically signaled negative staffing market trends and the data suggests close scrutiny is
necessary going forward.
 The American Staffing Association (ASA) Index also exhibited signs of slower growth. This index is skewed towards
the light industrial/clerical staffing; which tends to be more sensitive to cyclicality and generally leads an industry
decline. The index is also reflective of staffing volume, not revenues, but the data has historically been
directionally accurate and does support a moderation thesis.
Temporary Employment Data
Recession
Recession
2,750
2,500
2,250
2,000
1,750
1,500
1,250
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
1,000
2.1%
2.0%
1.9%
1.8%
1.7%
1.6%
1.5%
1.4%
1.3%
1.2%
1.1%
1.0%
Penetration Rate (%)
Temp
Staffing
Indexes Still
Expanding
But Slowing
Number of Workers (in 000's)
3,000
ASA Staffing Index
Temp Workers
Temp Penetration Rate
Source: Bureau of Labor Statistics
Source: American Staffing Association (ASA)
2
Industry Overview (cont.)
Segment Growth & Other Industry Data
 In its September 2015 update, Staffing Industry Analysts (SIA), increased its 2015 growth forecast for the industry
to 7% from its 6% April 2015 forecast. This increase includes 1-2% growth for ACA pass-throughs in the industrial
and office/clerical segments and we note that the report was prepared before more recent signs of moderation.
Pass-through’s are also not considered signs that a market is growing.
 More recent economic and industry reports also project signs of a slowing economy. According to a National
Association for Business Economics (NABE) survey, respondents reported slower profit and employment growth
during 3Q15 and that 4Q15 expectations softened as well for those two areas.
 Large US industrial firms also project a protracted slowdown in sales and employment that will carry-over into
2016.
Staffing Industry Forecast
Several
Segments
Projected to
Grow between
7% and 16% in
2015
$124.8B
$59.4B
IT Staffing: $25.7B
Healthcare: $10.9B
F&A: $6.8B
Creative: $1.1B
Education: $0.8B
$64.2B
IT Staffing: $27.2B
Healthcare: $12.7B
F&A: $7.4B
Creative: $1.2B
Education: $1.0B
Direct Hire: $8.0B
2014
$17.6B
Direct Hire: $9.2B
2015P
Place & Search
Commercial
Source: Staffing Industry Analysts “US Staffing Industry Forecast: September 2015 Update”, September 15, 2015
3
$68.8B
IT Staffing: $28.9B
Healthcare: $14.2B
F&A: $7.9B
Creative: $1.2B
Education: $1.1B
$54.2B
$52.1B
$49.8B
$15.6B
$142.5B
$133.9B
$19.5B
2016P
Professional
Direct Hire: $10.3B
Industry Overview (cont.)
Gross Profit Conversion
Gross Profit Conversion by Segment
 Staffing firms should continue to focus on
one of the most important performance
metrics in the industry: EBITDA as a
Percent of Gross Profit. This metric
measures how effectively a company
manages its bill/pay spread and overhead
expenses.
Company
Adecco S.A.
Barrett Business Services Inc.
General Employment Enterprises Inc.
Kelly Services, Inc.
ManpowerGroup Inc.
Randstad Holding NV
TrueBlue, Inc.
Average
Median
 A focus on this area should allow a
company to avoid yielding to pricing
pressure and expense growth, especially
during times of revenue and profit
softness. Companies with diligence in the
area of gross profit conversion are also
better prepared for growth as we exit an
economic slowdown.
Company
BG Staffing, Inc.
CDI Corp.
Ciber, Inc.
Hudson Global, Inc
Kforce Inc.
Mastech Holdings, Inc.
On Assignment Inc.
RCM Technologies Inc.
Robert Half International Inc.
Volt Information Sciences Inc.
Average
Median
 The chart to the right contains Gross
Profit Conversion percentages for the
various segments of the human capital
industry. Companies with high
EBITDA/GP rates historically garner the
best valuations in both the public and
private markets.
Commercial Staffing
Ticker
SWX:ADEN
NasdaqGS:BBSI
AMEX:JOB
NasdaqGS:KELY.A
NYSE:MAN
ENXTAM:RAND
NYSE:TBI
2012
23.8%
8.6%
0.9%
10.8%
16.4%
16.6%
19.3%
13.8%
16.4%
2013
25.4%
8.4%
NM
8.7%
20.5%
19.2%
19.8%
17.0%
19.5%
2014
27.1%
NM
NM
6.1%
23.2%
22.2%
21.7%
20.1%
22.2%
LTM
27.9%
NM
5.5%
7.3%
23.7%
22.8%
23.4%
18.4%
23.1%
2012
33.0%
19.4%
12.8%
1.5%
3.2%
21.3%
32.8%
16.5%
24.9%
NM
18.4%
19.4%
Executive and Retained Search
Company
Ticker
2012
Hays plc
LSE:HAS
48.3%
Heidrick & Struggles International Inc.
NasdaqGS:HSII
24.5%
Korn/Ferry International
NYSE:KFY
39.8%
Michael Page International plc
LSE:MPI
14.4%
Average
31.8%
Median
32.2%
Healthcare Staffing
Company
Ticker
2012
AMN Healthcare Services Inc.
NYSE:AHS
25.0%
Cross Country Healthcare, Inc.
NasdaqGS:CCRN
2.8%
Team Health Holdings, Inc.
NYSE:TMH
52.3%
Average
26.7%
Median
25.0%
2013
35.9%
15.4%
11.6%
NM
11.7%
27.1%
31.4%
19.9%
25.8%
1.6%
20.1%
19.9%
2014
30.2%
16.9%
10.0%
NM
15.1%
27.3%
31.8%
22.9%
28.4%
6.4%
21.0%
22.9%
LTM
33.8%
12.6%
12.0%
NM
16.7%
23.3%
31.2%
20.1%
30.0%
3.7%
20.4%
20.1%
2013
46.9%
25.4%
37.3%
15.4%
31.2%
31.3%
2014
49.2%
27.8%
44.2%
16.2%
34.4%
36.0%
LTM
52.9%
28.7%
47.1%
16.2%
36.2%
37.9%
2013
25.6%
5.5%
53.6%
28.2%
25.6%
2014
26.5%
10.0%
53.8%
30.1%
26.5%
LTM
29.5%
13.2%
54.2%
32.3%
29.5%
Source: Capital IQ, and CF Estimates
4
Professional Staffing
Ticker
AMEX:BGSF
NYSE:CDI
NYSE:CBR
NasdaqGS:HSON
NasdaqGS:KFRC
AMEX:MHH
NYSE:ASGN
NasdaqGM:RCMT
NYSE:RHI
AMEX:VISI
Public Market Overview
Public Company Valuation
 Public company valuations contracted from 6/30/15 to 9/30/15. Current median multiples are between 0.4X and
1.2X revenues and between 9.7X and 15.6X EBITDA. Healthcare multiples lead the group due to demographic
trends and the supply/demand imbalance of professionals. The rest of the group multiples are moving closer to
the S&P 500 multiple as investors become concerned about future economic and staffing industry growth.
Public Company EBITDA Valuations
Public Valuations
have contracted
since June
Enterprise Value / EBITDA Multiple
19.00x
17.00x
15.00x
13.00x
11.00x
9.00x
7.00x
5.00x
Commercial Staffing Index
Professional Staffing Index
Executive and Retained Search Index
Healthcare Staffing Index
S&P 500 Index
Note: Index Constituents Available in Exhibit A
Source: Capital IQ
Three Year Median Valuations
Index
EBITDA Multiple
Commercial Staffing Index
11.5x
Professional Staffing Index
12.6x
Executive and Retained Search Index
12.5x
Healthcare Staffing Index
14.8x
S&P 500 Index
9.8x
Note: Index Constituents Available in Exhibit A
Source: Capital IQ, and CF Estimates
5
M & A Market Analysis
3Q Global Merger & Acquisition Overview
 The M&A market continued to be very healthy during 3Q15 with buyers still exceeding sellers, more private vs.
public buyers and very few financial vs. strategic transactions. Both public and private financing markets are still
attractive.
 Multiples for staffing companies vary by company size, level of skill sets, percent of direct hire revenues and
EBITDA margins. Current multiples are in a range of 3.0x - 5.0x EBITDA for smaller companies and lower level skill
set platforms to 8.0x - 10.0x EBITDA, or higher, for higher skill set platforms and larger companies.
Public vs. Private
Yearly Transaction Volume
120
112
Number of Deals
100
27%
73%
80
17
30
40
0
99
28
42
29
21
22
18
20
25
28
28
2010
2011
2012
Q1
Private (27 Transactions)
Q2
Q3
37
30
18
26
29
26
24
2013
2014
2015
19
16
87
25
19
60
20
Public (10 Transactions)
86
82
111
Q4
Source: Capital IQ
Source: Capital IQ
3Q Sector Activity
Strategic vs. Financial
Other (9 Transactions)
8%
Commercial (7 Transactions)
Technical (7 Transactions)
8%
5%
24%
11%
IT Staffing (5 Transactions)
92%
Healthcare (4 Transactions)
Executive Search (3 Transactions)
F&A (2 Transactions)
Strategic (34 Transactions)
Financial (3 Transactions)
Source: Capital IQ
Source: Capital IQ
6
14%
19%
19%
M & A Market Analysis (cont.)
3Q Global Merger & Acquisition Activity
Transaction
Date
Target / Issuer
09/29/2015
Milestone Operations Ltd
09/29/2015
Target Description
Buyers / Investors
Milestone Operations Ltd. provides recruitment services specializing in finding temporary and permanent jobs for professional drivers,
w arehouse staff, and industry experts w ithin transport, distribution, industrial, and utility sectors.The company w as incorporated in 2005 and is
based in London, United Kingdom.
Staffline Group plc
(AIM:STAF)
Vision Technology Services, LLC Vision Technology Services, LLC provides IT talent and project management services. The company w as founded in 2001 and is based in Hunt
Valley, Maryland. As of September 28, 2015, Vision Technology Services, LLC operates as a subsidiary of BG Staffing, LLC.
BG Staffing, LLC
09/25/2015
RiseSmart, Inc.
09/25/2015
Selection Group Limited
09/24/2015
Hay Group Investment Holding
B.V.
Hay Group Investment Holding B.V. provides organizational and human consulting advices services and Financial services through its
subsidiaries.The company is based in Zeist, Netherlands.
Korn/Ferry International
(NYSE:KFY)
09/24/2015
Healthcare Staffing Services,
LLC
Healthcare Staffing Services, LLC provides healthcare staffing services. The company recruits temporary travel nurses for urgent staffing
needs to maintain the continuity of care for clients and patients. Healthcare Staffing Services, LLC is based in Greenw ood Village, Colorado.
Thomas H. Lee Partners,
L.P.
09/22/2015
RecruitPro, Inc.
RecruitPro, Inc. provides temporary and temp-to-hire placement services to clients in the San Diego area. The company w as founded in 1989
and is based in La Jolla, California.
CorTech, LLC.
09/21/2015
The Renick Group, Inc.
The Renick Group, Inc. provides executive search services. The company w as founded in 2004 and is based in Roanoke, Virginia.
Arevo Group Inc.
09/17/2015
StrategyHire
StrategyHire provides executive search and staffing services in the IT sector. The company w as founded in 2002 and is based in Viana,
Virginia.
Sonoma Consulting, Inc.
09/16/2015
TRU Cyber LLC
09/15/2015
RiseSmart, Inc. provides career transition, management, and outplacement services to Fortune 1000 companies. RiseSmart, Inc. w as founded in Randstad Holding NV
2007 and is based in San Jose, California w ith an additional office in Pune, India.
(ENXTAM:RAND)
Selection Group Limited provides recruitment services for sales, engineering, accountancy, finance, legal, office services, and call center roles. SF Recruitment Ltd
It also helps candidates w ith interview techniques. The company w as incorporated in 2007 and is based in Leeds, United Kingdom.
TRU Cyber LLC provide clients w ith cyber security, data privacy, and information security staffing solutions. The company w as founded in 2015 TRU Staffing Partners, Inc.
and is based in Brooklyn, New York.
The First String Healthcare, Inc. The First String Healthcare, Inc., together w ith its subsidiaries, provides interim and permanent nurse management and executive recruitment to
hospitals and healthcare related businesses in the United States. The company w as founded in 2002 and is based in Irvine, California.
09/09/2015
HEADS Recruitment Ltd. and
Heads Engineering Ltd.
09/04/2015
Priority Personnel, Inc.
09/04/2015
PeopleShare, Inc.
09/01/2015
A+ Teachers Limited
AMN Healthcare Services
Inc. (NYSE:AHS)
Heads Engineering Ltd. provides contract and permanent recruitment services to engineering and associated industries in the United Kingdom
and overseas. HEADS Recruitment Ltd. provides recruitment services for various market sectors in the United Kingdom. The company is based
in the United Kingdom.
Groupe Proman SAS
Priority Personnel, Inc. operates as a staffing company that provides temporary and long-term employees in light industrial, office-clerical,
technical, professional, and retail occupations.The company w as founded in 1993 and is based in San Marcos, Texas.
The Hamilton-Ryker Group,
LLC
PeopleShare, Inc. provides staffing services. The company specializes in temporary and contract staffing, temp to hire, direct hire, and flexible
staffing services. The company w as incorporated in 2004 and is based in Philadelphia, Pennsylvania.
Trivest Partners, L.P.
A+ Teachers Limited provides education recruitment services for teachers in the United Kingdom. The company w as founded in 2003 and is
based in Berkhamsted, United Kingdom.
Servoca Plc (AIM:SVCA)
Source: Capital IQ
7
M & A Market Analysis (cont.)
3Q Global Merger & Acquisition Activity (cont.)
Transaction
Date
Target / Issuer
09/01/2015
Medical Solutions L.L.C.
08/31/2015
Bay Staffing Solutions, LLC
08/25/2015
Capita Pte. Ltd.
08/10/2015
OnPoint Partners, Inc.
08/06/2015
Bluefin Resources Pty Limited
Target Description
Buyers / Investors
Medical Solutions L.L.C. operates as an interim clinical staffing company in the United States. It offers temporary RN travel jobs to healthcare
professionals. Medical Solutions L.L.C. w as founded in 1997 and is headquartered in Omaha, Nebraska.
Beecken Petty O'Keefe &
Company; Heritage Group,
LLC
Bay Staffing Solutions, LLC provides recruitment services to customers in the San Francisco Bay Area. It specializes in administrative and
professional placement services. The company is based in San Francisco, California.
Atrium Staffing Services,
Ltd.
Capita Pte. Ltd. offers talent management, payroll processing, and temporary and contract placement services. It offers outsourcing services in Temp Holdings Co., Ltd.
the areas of contract executives, temporary hires, project/event hires, and recruitment process outsourcing. Capita Pte. Ltd. w as incorporated in (TSE:2181)
2007 and is based in Singapore.
OnPoint Partners, Inc. provides staffing services in Chicago. The company specializes in direct-hire placements and interim staffing. It focuses
on various applicable talents that range from executive financial management to accounting support staff. The company w as founded in 2004
and is based in Chicago, Illinois.
Catapult Staffing LLC
Bluefin Resources Pty Limited offers permanent and contract recruitment services in the areas of data analytics, market research, risk
management, technology, investment and w ealth management, banking and finance, digital, project services, and marketing in Australia. The
company w as founded in 2003 and is based in Sydney, Australia.
Outsourcing, Inc. (TSE:2427)
08/06/2015
Veritaaq Technology House Inc. Veritaaq Technology House Inc. provides information technology (IT) consulting services to private and public sector organizations in Canada.
Veritaaq Technology House Inc. w as founded in 1983 and is based in Ottaw a, Canada.
Experis US, Inc. (Manpow er
NYSE:MAN)
08/05/2015
ScaleneWorks People Solutions ScaleneWorks People Solutions LLP, a human capital management consulting company, offers talent acquisition services. ScaleneWorks People
LLP
Solutions LLP w as founded in 2010 and is based in Bengaluru, India.
CDI Corp. (NYSE:CDI)
08/04/2015
Hospital Physician Partners, Inc. Hospital Physician Partners, Inc. provides emergency and hospital medicine contract management services. The company offers emergency
medicine management and staffing services in the United States. Hospital Physician Partners, Inc. w as incorporated in 2009 and is based in
Hollyw ood, Florida. The company has additional offices in Durham, North Carolina; and Plantation and Hollyw ood, Florida.
Schumacher Group
08/03/2015
Agile Resources, Inc.
07/29/2015
The York Companies Inc.
07/27/2015
EMAGINE GMBH
07/23/2015
Pertemps People Development
Group Ltd.
Agile Resources, Inc. provides information technology (IT), staff augmentation, and consulting services in the United States. The company w as
founded in 2003 and is based in Alpharetta, Georgia.
General Employment
Enterprises Inc. (AMEX:JOB)
The York Companies Inc. offers staffing and recruiting services. The company w as founded in 1979 and is headquartered in Louisville,
Kentucky.
Elw ood Staffing Services,
Inc.
EMAGINE GMBH provides customized staffing solutions in the areas of information technology (IT), engineering, and business services. The
company is based in Eschborn, Germany w ith locations in Berlin, Munich, Dusseldorf, Hamburg, and Stuttgart, Germany; Paris, France; and
London, United Kingdom.
Financière Valérien SAS
Pertemps People Development Group Ltd. provides w elfare to w ork, training, and recruitment services to government and private companies in
Australia and the United Kingdom. The company w as founded in 1997 and is headquartered in Birmingham, United Kingdom.
Serendipity (WA) Pty Ltd
Source: Capital IQ
8
M & A Market Analysis (cont.)
3Q Global Merger & Acquisition Activity (cont.)
Transaction
Date
Target / Issuer
Target Description
Buyers / Investors
07/20/2015
RedSnapper Recruitment Ltd.
RedSnapper Recruitment Ltd. provides staffing services for the law enforcement, offender supervision, regulatory enforcement, and counter
fraud w ork communities in the United Kingdom. The company w as incorporated in 2004 and is based in London, United Kingdom.
Acumin Consulting Ltd.
07/17/2015
Premier Legal Staffing, Inc.
Premier Legal Staffing, Inc. operates as an executive search company. The company is based in Camarillo, California w ith offices in Fremont,
California; Singapore; Pune, Bengaluru, and Mumbai, India; Scottsdale, Arizona; and Princeton, New Jersey.
Intellisw ift Softw are, Inc.
07/09/2015
S & B Staffing
S & B Staffing provides staffing services. The company offers temporary, temp-to-hire, and direct hire staffing services. It provides staffing
services for positions in fields, such as accounting, administrative, bookkeeping, claims processing, clerical, customer service, data entry,
engineering, financial, human resources, information technology, insurance, light industrial/w arehouse, management, manufacturing, marketing,
paralegal, sales, secretarial, supervisory, technical, and w arehouse. The company w as founded in 1989 and is based in Albany, New York.
H. W. Temps, Inc.
07/09/2015
Lighthouse Placement Services, Lighthouse Placement Services, LLC provides staffing services for engineering and technical professionals in Eastern Massachusetts and
LLC
Southern New Hampshire. The company w as founded in 2001 and is based in Haverhill, Massachusetts.
Staffing 360 Solutions, Inc.
(NasdaqCM:STAF)
07/07/2015
Reichard Staffing Solutions and Reichard Staffing Group Inc. and Rdw Staffing LLC provide staffing services. The companies are based in the United States.
RDW Professional Staffing
Alluvion Staffing, Inc.
07/06/2015
Complete Staffing Services, Inc. Complete Staffing Services, Inc. provides commercial staffing solutions. The company w as founded in 1974 and is based in Houston, Texas.
Active Temporaries Ltd.
07/03/2015
Neville Gee Limited
07/02/2015
Eveready Staffing and Training
Incorporated
07/01/2015
P. Murphy And Associates, Inc. P. Murphy And Associates, Inc. provides integrated information technology staffing assistance for companies. The company w as founded in
1981 and is based in Burbank, California.
07/01/2015
Legacy Engineering, LLC
Neville Gee Limited provides technical and commercial temporary and permanent recruitment services. The company w as founded in 1973 and is Ideal Recruit Ltd
based in Burnley, United Kingdom.
Eveready Staffing and Training Incorporated provide staffing solutions for businesses and job seekers. The company offers temporary,
temporary-to-hire, and direct hire staffing solutions for various positions, such as administrative and clerical, manufacturing, skilled trades, and
more. The company w as founded in 2009 and is based in Ogden, Utah.
Chartw ell Staffing Services,
Inc.
Intellisw ift Softw are, Inc.
Legacy Engineering, LLC provides technical and management professionals to the aerospace and defense industry. The company w as founded PDS Tech, Inc.
in 1998 and is based in Irvine, California.
Source: Capital IQ
9
Corporate Fuel Advisors Overview
General Overview
Founded in 2005, Corporate Fuel Advisors is a New York-based investment banking firm that provides a full range of advisory
services to middle market companies. Corporate Fuel Advisors prides itself on providing independent advice and senior
leadership on every assignment.
Capabilities:
 Mergers & Acquisitions
 Recapitalizations
 Strategic Advisory
 Fairness Opinions
 Business Succession Planning
 Leadership & Talent Recruiting
 ESOPs

Business Valuations

Divestures

Management Buyouts

Raising Debt

Raising Growth Capital

Going Private Initiatives

Restructurings
Focus:
 Companies with revenues between $10-200mm
 Transaction size of $5-100mm
 A broad range of industries with over 400 transactions completed since 2005
Industries Served:
 Healthcare
 Food & Fragrance
 IT & Software
 Industrial
 Consumer Products
 Business Services
Business Services Practice Overview
Areas of Focus:
 IT Staffing / Solutions
 Finance & Accounting

Engineering Staffing
 Educational Technology  Professional Consulting

Healthcare Staffing
 Marketing / Advertising  Lead Generation Technology
Contacts
Business Services Team
James J. Janesky
Marc E. Hirschfield
General Partners
Matthew D. Luczyk
John C. Simons
Charles S. Lachman
Managing Director
Vice President
Associate
Partner
Partner
jim@corporatefuel.com
marc@corporatefuel.com
matthew@corporatefuel.com
john@corporatefuel.com
charles@corporatefuel.com
(646) 572-0430
(646) 572-0423
(646) 572-0425
(646) 572-0419
(646) 572-0422
Corporate Fuel Advisors ♦ 10 E. 40th Street, Suite 3210, New York, NY 10016 ♦ 212-260-2743
www.corporatefuelpartners.com
10
Select Business Services Experience
CF has undertaken assignments for a variety of business services companies, examples of which
are shown below

Technical project management and staffing firm
− Providing valuation and evaluation of strategic options.

IT consulting/solutions firm with a financial services industry focus
– Advising to explore strategic alternatives

IT solutions/staffing firm
– Targeted buy side and market analysis

Online employment & education lead generation firm
– Advising on refinancing of debt

$100 million full service recruitment, temporary staffing and retained search firm
– Provided valuation and evaluation of strategic options

National architectural, engineering, planning and environmental consulting firm
– Advised on series of acquisitions; completed two tactical purchases
– Recruited and placed COO and CFO for the Company’s senior management team

Facilities management and maintenance company providing construction and maintenance staff to
US government facilities domestically and internationally
– Advised the owners on acquisitions

Accounting and finance outsourced services to businesses and high net worth individuals
– Ongoing advisory
11
Select Business Services Experience (cont.)

Marketing services business providing writers and branding resources to major financial services
companies
– Advised on a sale of the Company

Electric company that provides linemen for electrical network systems
– Advised on a sale of the Company

Home healthcare aide business
– Provided valuation services

Medical transcription services business
– Advised on the sale of the Company

Financial services consulting firm
– Business provides finance, credit and risk, operations, compliance and technology support to investment
managers, family offices, banks, broker dealers and institutional investors
– Advised on the sale of the Company

Training and consulting firm active in corporate compliance and ethics
– Completed sale of the Company
– Recruited and placed CFO

$40 million staffing business
– Recruited and placed CFO

CF principals have had extensive involvement as bankers and consultants in the executive and online
recruiting spaces
– Lenders to four executive recruiting companies, of which two were $50 million + businesses
12
Exhibit A: Public Company – Valuation Data
Commercial Staffing
Enterprise
Value
Revenues
Gross Profit
Gross Profit
Margin
EBITDA
EBITDA
Margin
Enterprise
Value /
Revenues
Enterprise
Value / EBITDA
Com pany Nam e
Ticker
Date
Adecco S.A.
SWX:ADEN
6/30/2015
$14,566.6
$23,416.3
$4,392.1
18.8%
$1,226.4
5.2%
0.6 x
11.9 x
Barrett Business Services Inc.
NasdaqGS:BBSI
6/30/2015
$374.9
$699.3
$329.7
47.2%
($43.3)
-6.2%
0.5 x
NM
General Employment Enterprises Inc.
AMEX:JOB
6/30/2015
$73.5
$40.4
$13.8
34.1%
$0.8
1.9%
1.8 x
NM
Kelly Services, Inc.
NasdaqGS:KELY.A
6/28/2015
$635.8
$5,527.0
$900.6
16.3%
$65.4
1.2%
0.1 x
9.7 x
Manpow erGroup Inc.
NYSE:MAN
9/30/2015
$6,868.8
$19,497.1
$3,313.5
17.0%
$784.5
4.0%
0.4 x
8.8 x
Randstad Holding NV
ENXTAM:RAND
6/30/2015
$11,196.6
$20,338.8
$3,780.2
18.6%
$860.7
4.2%
0.6 x
13.0 x
TrueBlue, Inc.
NYSE:TBI
9/25/2015
$1,292.2
$2,576.3
$608.9
23.6%
$142.4
5.5%
0.5 x
9.1 x
Average
$5,001.2
$10,299.3
$1,905.5
25.1%
$433.8
2.3%
0.6 x
10.5 x
Median
$1,292.2
$5,527.0
$900.6
18.8%
$142.4
4.0%
0.5 x
9.7 x
Enterprise
Value /
Revenues
Enterprise
Value / EBITDA
Professional Staffing
Enterprise
Value
Revenues
Gross Profit
Gross Profit
Margin
EBITDA
EBITDA
Margin
Com pany Nam e
Ticker
Date
BG Staffing, Inc.
AMEX:BGSF
6/28/2015
$108.3
$181.6
$37.6
20.7%
$12.7
7.0%
0.6 x
8.5 x
CDI Corp.
NYSE:CDI
6/30/2015
$129.1
$1,066.7
$196.4
18.4%
$24.8
2.3%
0.1 x
5.2 x
Ciber, Inc.
NYSE:CBR
6/30/2015
$311.1
$830.9
$215.0
25.9%
$25.9
3.1%
0.4 x
12.0 x
Hudson Global, Inc
NasdaqGS:HSON
6/30/2015
$52.5
$533.0
$207.1
38.8%
($12.8)
-2.4%
0.1 x
NM
Kforce Inc.
NasdaqGS:KFRC
6/30/2015
$908.8
$1,282.5
$397.4
31.0%
$66.2
5.2%
0.7 x
13.7 x
Mastech Holdings, Inc.
AMEX:MHH
6/30/2015
$47.8
$113.5
$20.7
18.2%
$4.8
4.2%
0.4 x
10.0 x
On Assignment Inc.
NYSE:ASGN
6/30/2015
$2,950.6
$1,934.0
$622.3
32.2%
$194.3
10.0%
1.5 x
15.2 x
RCM Technologies Inc.
NasdaqGM:RCMT
7/4/2015
$79.5
$188.9
$51.9
27.5%
$10.4
5.5%
0.4 x
7.6 x
Robert Half International Inc.
NYSE:RHI
9/30/2015
$6,542.2
$5,011.8
$2,075.1
41.4%
$623.1
12.4%
1.3 x
10.5 x
Volt Information Sciences Inc.
AMEX:VISI
8/2/2015
$289.0
$1,562.6
$239.8
15.3%
$9.0
0.6%
0.2 x
32.2 x
Average
$1,141.9
$1,270.6
$406.3
26.9%
$95.8
4.8%
0.6 x
12.8 x
Median
$209.0
$948.8
$211.0
26.7%
$18.7
4.7%
0.4 x
10.5 x
Source: Capital IQ
Pricing As of October 23, 2015
13
Exhibit A: Public Company – Valuation Data (cont.)
Executive and Retained Search
Enterprise
Value
Revenues
Gross Profit
Gross Profit
Margin
EBITDA
EBITDA
Margin
Enterprise
Value /
Revenues
Enterprise
Value / EBITDA
Com pany Nam e
Ticker
Date
Hays plc
LSE:HAS
6/30/2015
$3,138.9
$6,043.1
$503.4
8.3%
$266.2
4.4%
0.5 x
11.8 x
Heidrick & Struggles International Inc.
NasdaqGS:HSII
6/30/2015
$316.1
$495.3
$156.7
31.6%
$44.9
9.1%
0.6 x
7.0 x
Korn/Ferry International
NYSE:KFY
7/31/2015
$1,527.0
$1,044.4
$302.9
29.0%
$142.6
13.7%
1.5 x
10.7 x
Michael Page International plc
LSE:MPI
6/30/2015
$2,188.3
$1,674.9
$865.0
51.6%
$140.5
8.4%
1.3 x
15.6 x
Average
$1,792.6
$2,314.4
$457.0
30.2%
$148.6
8.9%
1.0 x
11.3 x
Median
$1,857.7
$1,359.6
$403.1
30.3%
$141.6
8.7%
1.0 x
11.2 x
EBITDA
EBITDA
Margin
Enterprise
Value /
Revenues
Enterprise
Value / EBITDA
Healthcare Staffing
Enterprise
Value
Revenues
Gross Profit
Gross Profit
Margin
Com pany Nam e
Ticker
Date
AMN Healthcare Services Inc.
NYSE:AHS
6/30/2015
$1,463.4
$1,221.9
$376.6
30.8%
$111.2
9.1%
1.2 x
13.2 x
Cross Country Healthcare, Inc.
NasdaqGS:CCRN
6/30/2015
$490.0
$755.7
$190.3
25.2%
$25.1
3.3%
0.6 x
19.5 x
Team Health Holdings, Inc.
NYSE:TMH
6/30/2015
$5,019.9
$3,221.4
$594.3
18.4%
$322.3
10.0%
1.6 x
15.6 x
Average
$2,324.4
$1,733.0
$387.1
24.8%
$152.9
7.5%
1.1 x
16.1 x
Median
$1,463.4
$1,221.9
$376.6
25.2%
$111.2
9.1%
1.2 x
15.6 x
Source: Capital IQ
Pricing As of October 23, 2015
CORPORATE FUEL ADVISORS , a New York-based investment banking firm, provides a full range of advisory services to middle market companies. The firm advises on mergers and acquisitions, and raising debt
and equity capital. CFA concentrates on small to mid-size enterprises with revenue between $10 million and $200 million. The diverse experience of our partners and unique market focus allows us to bring an
unmatched level of expertise to our clients. We conduct securities-related transactions through our wholly owned affiliate, Corporate Fuel Securities, LLC, a registered broker dealer. Member FINRA and SIPC.
Corporate Fuel Advisors gathers its data from sources it considers reliable but does not guarantee the accuracy or completeness of the information provided in this publication. Officers, partners or employees
may have investments in the securities of the companies discussed in this publication. Corporate Fuel may from time to time seek or provide investment banking services from the companies contained in this
report.
Any public companies included in the Corporate Fuel Advisors indices are companies commonly used for industry information to show performance within a sector. These indices do not include all public
companies that could be included within the sector and do not imply benchmarks.
This material is being provided to you for educational purposes only. No information presented constitutes a recommendation by Corporate Fuel Advisors or its affiliates to buy, sell or hold any security,
financial product or instrument discussed therein or to engage in any specific investment strategy. The content neither is, nor should be construed as, an offer, or a solicitation of an offer, to buy, sell, or hold
any securities. You are fully responsible for any investment decisions you make. Such decisions should be based solely on your evaluation of your financial circumstances, investment objectives, risk tolerance
and liquidity needs.
14