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www.harriswilliams.com Member FINRA/SIPC Specialty Distribution Industry Update April 2013
www.harriswilliams.com
Member FINRA/SIPC
Specialty Distribution Industry Update
April 2013
Specialty Distribution Industry Update
April 2013
1
CONTENTS WHAT WE’RE READING
M&A MARKET TRENDS
PUBLIC COMPARABLES
NOTABLE M&A ACTIVITY
ECONOMIC UPDATE
HW&Co. TRANSACTIONS
GROUP OVERVIEW Harris Williams & Co. is a leading advisor to the specialty distribution market. Our significant experience covers a broad range of end markets, industries, and business models. This particular report focuses on trends and metrics in the following areas:
• Specialty Catalog and Direct Marketing
• Branch-Based Distributors • Route-Based Distributors • Automotive and Heavy Duty
Aftermarket • Building and Construction
Products • Consumer • Industrial, MRO and Safety • Healthcare • Technology • Electrical and Communications • Alcohol, Tobacco, and Fire Arms
CONTACTS Bob Baltimore | Managing Director [email protected] +1 (804) 915-0129 Derek Lewis | Managing Director [email protected] +1 (804) 915-1118 Dave Kennedy | Director [email protected] +1 (804) 915-0105
www.harriswilliams.com
Modern Distribution Management featured an article highlighting the Manufacturers Alliance for Productivity and Innovation U.S. Industrial Outlook, a report that analyzes 27 industries. The report forecasts that industrial production will increase 2.2 percent in 2013, and that a “further pickup is likely in 2014.” Read the full article here.
U.S. Industrial Activity Poised for Pickup in 2014
Jack Keough with TED Magazine discusses how consolidation will change the distribution landscape and expand distributors’ product lines and geographic breadth. Read the full article here.
Acquisitions Fueled Distributor’s Growth in 2012
What We’re Reading
HW&Co. Distribution Deal Spotlight
“SRS is a remarkable building products platform with an exceptional track record of growth and an outstanding management team. It has been a pleasure working with Ron Ross (CEO) and his team to find a new partner who shares the company’s vision for the future. We have a longstanding relationship with the AEA team and are delighted to have represented them on this transaction.” In 2012, Harris Williams & Co. also served as the exclusive advisor to Roofing Supply Group (RSG), another leading distributor of roofing supplies and related materials. The SRS transaction is a further example of the strong investor interest in building products and materials companies. We expect the ongoing recovery in new construction will continue to drive M&A activity in the sector. Headquartered in McKinney, TX, SRS is the fourth largest residential roofing distributor in the U.S. with 85 locations in 29 states under 19 different brands: Suncoast Roofers Supply (FL), Southern Shingles (TX/OK/LA/MO/AR), SRS Roofing Supply (AL), Rowe Supply (GA/SC), Atlanta Roofing Supply (GA), Cannon Supply (SC), Columbia Wholesale (SC), Midwest Roofing Supply (IL/MN), Gary-Hobart Roofing Supply (IN), River City Wholesale (KY), Superior Distribution (TN/MD/VA/NC), Shake & Shingle Supply (CO/KS/MO/NE/IL), Stewart Building & Roofing Supply (AZ), Roofline Supply (OR/CA/UT), Stoneway Roofing Supply (WA), Pace Supply (PA/CT), Burbank Roofing Supply Group (CA), ABCO Supply (MI) and Sierra Roofing Supply (NV). Key Takeaways:
Strong M&A Appetite for Attractive Distribution Businesses: HW&Co. processes are receiving significant interest from buyers given a noticeable hole in the market (see pg. 2), particularly for attractive distribution businesses such as SRS and Roofing Supply Group, MicroStar, Pine Environmental, Tri-Northern, and Winebow, all of which HW&Co. sold in recent processes.
Aggressive Financing Markets: High quality transactions are receiving strong attention in the market. The attractive financing terms highlight the depth and competitiveness of the current debt markets. Harris Williams & Co. continues to see above-market leverage levels for high quality businesses.
Harris Williams & Co. Advises SRS Distribution in its Sale to Berkshire Partners
Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide, announces the sale of SRS Distribution Inc. (SRS), a leading national distributor of roofing supplies and related materials, to Berkshire Partners. SRS was a portfolio company of AEA Investors LP (AEA). Harris Williams & Co. acted as advisor to SRS. The transaction closed on February 28, 2013.
4.9x4.8x
4.1x4.0x
3.4x3.8x 3.8x
4.3x 4.7x4.7x
5.6x
4.5x
3.3x
4.2x 4.3x4.5x
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
First Lien Debt/EBITDA Second Lien Debt/EBITDA Other Senior Debt/EBITDA Subordinate Debt/EBITDA
M&A Market Trends
2
M&A Activity and Relative Observations
• HW&Co. has witnessed an “air pocket” develop for new deals entering the market so far in 2013.
• While there are a number of deals in both the later stages and the preparation phase, as a percentage, there are fewer deals that are currently in the market. ‒ This dynamic was partially created by deals that rushed to close in 2012
due to tax changes and the delayed effect of the recent election. ‒ Many private equity groups are completing fundraising and are eager to
invest new capital or accumulated dry powder. ‒ Corporations continue to sit on record levels of cash following strong
corporate profits and accessibility to the debt markets, and have excess capital for future investment and hiring.
• In 2011, HW&Co. experienced a similar phenomena, and deal activity entering the market did not pick up until Q2.
Significant Available Capital
• The middle-market lending environment remains supportive of good businesses with strong total leverage levels.
• Due to lower M&A volume in Q1 2013, issuers have witnessed a spike in refinancing and repricings.
• Year-to-date, sponsored loan volume is approximately $81.7 billion, 68.5% and 16.0% of volume is attributable to refinancings and LBOs, respectively.
M&A Trends
For the Years Ended Dec. 31, 1997 – 2012
Source: Standard & Poor’s. Note: Defined as issuers with EBITDA less than $50 million. Other Senior Debt includes Senior Unsecured Loans and Bonds.
Average Debt Multiples for Middle Market LBO Loans
Debt levels returning to pre-recession levels.
Specialty Distribution Public Comparables & Trading Valuations
Key Trading Stats
3
($ in millions, except per share amounts)
As of April 5, 2013
Specialty Distribution Public Comparables Stock Performance Revenue
LTM Margins Current 1-Month 1-Year % of TEV/EBITDA GrowthEBITDA Gross TEV Price Change Change LTM High 2013 LTM 2013E 3-Yr. CAGR
Automotive & Heavy Duty Aftermarket
AutoZone, Inc. 21.6% 51.8% $18,199 $397.20 2.9% 4.3% 98.8% 9.6x 9.0x 7.7%O'Reilly Automotive Inc. 18.7% 50.1% 12,321 103.05 1.5% 14.4% 96.2% 10.7x 9.8x 8.4%Genuine Parts Company 8.6% 29.0% 12,075 77.06 10.2% 23.0% 98.5% 10.8x 9.3x 9.0%LKQ Corp. 12.0% 41.4% 7,436 21.32 (10.2%) 36.8% 88.9% 15.1x 12.2x 26.3%Dorman Products, Inc. 19.7% 37.7% 1,306 36.57 1.2% 61.0% 95.1% 11.6x NA 14.8%Uni-Select Inc. 4.9% 31.4% 835 19.37 (17.8%) (31.3%) 67.1% 9.5x 8.4x 8.8%
Median 15.3% 39.6% 1.3% 18.7% 95.7% 10.7x 9.3x 8.9%Mean 14.3% 40.2% (2.0%) 18.0% 90.7% 11.2x 9.7x 12.5%
Building & Construction Products
CRH plc 8.7% 27.4% $19,351 $21.04 0.1% 0.9% 89.6% 9.8x 8.6x 2.4%Wolseley plc 6.2% 27.8% 14,142 46.64 (0.3%) 17.0% 90.6% 11.6x 9.7x (1.2%)Watsco Inc. 7.1% 23.7% 3,156 82.12 9.4% 14.3% 96.9% 13.0x 11.7x 19.7%Beacon Roofing Supply, Inc. 8.1% 24.7% 2,041 36.81 (0.9%) 50.8% 92.5% 12.2x 10.6x 8.1%Boise Cascade Company 3.6% 13.5% 1,553 30.82 11.8% NA 89.2% 15.5x NM 12.1%Builders FirstSource, Inc. 0.3% 20.0% 753 5.47 (6.3%) 66.3% 83.5% NM NM 16.5%Bluelinx Holdings Inc. 0.7% 12.1% 563 2.44 (24.5%) (9.0%) 70.1% NM NM 5.0%
Median 6.2% 23.7% (0.3%) 15.7% 89.6% 12.2x 10.1x 8.1%Mean 4.9% 21.3% (1.5%) 23.4% 87.5% 12.4x 10.1x 8.9%
Consumer & Food Service
Sysco Corporation 6.0% 18.0% $22,930 $34.38 8.8% 14.0% 96.5% 8.9x 13.6x 6.7%United Natural Foods, Inc. 3.8% 17.1% 2,602 49.40 (10.2%) 5.6% 80.6% 12.4x 10.5x 16.6%Nash Finch Co. 2.4% 8.2% 609 19.34 (5.6%) (31.3%) 72.1% 5.3x 6.2x (2.6%)Core-Mark Holding Company, Inc. 1.1% 6.9% 683 51.57 4.3% 31.5% 99.3% 8.1x 6.1x 11.2%Spartan Stores Inc. 3.9% 20.8% 541 17.44 10.6% (4.5%) 93.1% 5.3x 5.4x 0.7%
Median 3.8% 17.1% 4.3% 5.6% 93.1% 8.1x 6.2x 6.7%Mean 3.4% 14.2% 1.6% 3.1% 88.3% 8.0x 8.3x 6.5%
Industrial, MRO & Safety
W.W. Grainger, Inc. 14.6% 43.8% $15,671 $222.01 2.4% 4.0% 94.9% 12.0x 10.2x 12.9%Fastenal Company 23.2% 51.5% 14,512 49.19 (3.0%) 6.0% 92.2% 20.0x 17.1x 17.5%Airgas, Inc. 18.0% 55.0% 9,571 95.95 (2.0%) 16.2% 92.4% 10.8x 9.7x 8.3%MSC Industrial Direct Co. Inc. 19.2% 45.7% 5,001 82.83 0.6% 0.3% 94.2% 10.9x 10.4x 18.3%Applied Industrial Technologies, Inc. 8.3% 27.5% 1,790 42.95 (2.9%) 5.1% 94.0% 8.9x 8.3x 11.3%United Stationers Inc. 4.8% 15.2% 2,014 37.63 12.9% 25.9% 95.8% 8.3x 7.8x 2.6%DXP Enterprises, Inc. 9.9% 29.1% 1,226 70.60 20.9% 76.2% 91.8% 11.3x 9.2x 23.4%
Median 14.6% 43.8% 0.6% 6.0% 94.0% 10.9x 9.7x 12.9%Mean 14.0% 38.3% 4.1% 19.1% 93.6% 11.7x 10.4x 13.5%
Consumer & Food Service
Building and Construction
Specialty Distribution Public Comparables & Trading Valuations
Key Trading Stats
4
($ in millions, except per share amounts)
As of April 5, 2013
Stock Prices Trailing Twelve Months Stock Price Performance As of April 5, 2013
Specialty Distribution Public Comparables
Industrial, MRO, & Safety
S&P 500
Electrical
Automotive & Heavy Duty Aftermarket
Technology
Healthcare
Stock Performance RevenueLTM Margins Current 1-Month 1-Year % of TEV/EBITDA Growth
EBITDA Gross TEV Price Change Change LTM High 2013 LTM 2013E 3-Yr. CAGR
Healthcare
McKesson Corporation 2.3% 5.5% $26,633 $106.83 2.9% 23.4% 95.8% 9.3x 7.9x 4.5%Cardinal Health, Inc. 2.2% 4.5% 15,112 42.45 (6.0%) 1.5% 89.9% 6.6x 6.4x 2.2%Henry Schein, Inc. 8.5% 28.0% 8,771 90.44 1.5% 23.0% 97.4% 11.4x 10.8x 11.0%Patterson Companies, Inc. 11.0% 32.7% 4,218 36.86 (1.2%) 18.9% 96.4% 10.6x 9.7x 4.0%Owens & Minor Inc. 2.8% 10.4% 2,134 31.84 2.7% 5.8% 96.3% 8.6x 8.0x 3.5%PSS World Medical Inc. 7.8% 32.5% 1,456 28.92 (0.1%) 17.2% 99.8% 0.0x NA 2.7%MWI Veterinary Supply, Inc. 4.6% 12.9% 1,733 131.34 4.7% 57.8% 95.7% 17.1x 15.3x 32.2%
Median 4.6% 12.9% 1.5% 18.9% 96.3% 9.3x 8.8x 4.0%Mean 5.6% 18.1% 0.6% 21.1% 95.9% 9.1x 9.7x 8.6%
Technology
Avnet, Inc. 3.7% 11.8% $5,771 $33.49 (8.0%) (5.2%) 90.9% 6.1x 5.8x 14.7%Arrow Electronics, Inc. 4.4% 13.4% 5,655 38.65 (4.5%) (5.3%) 89.8% 6.3x 6.3x 11.6%Ingram Micro Inc. 1.5% 5.4% 3,260 18.92 2.3% (1.3%) 93.6% 5.8x 5.0x 8.6%Tech Data Corp. 1.4% 5.2% 1,824 44.96 (13.9%) (17.5%) 81.7% 5.1x 4.7x 4.7%SYNNEX Corp. 2.6% 6.3% 1,360 35.11 (5.9%) (15.9%) 85.2% 5.0x 5.1x 9.0%ScanSource, Inc. 3.8% 9.9% 747 26.97 (9.4%) (27.4%) 74.8% 6.7x 6.1x 16.4%
Median 3.2% 8.1% (7.0%) (10.6%) 87.5% 6.0x 5.4x 10.3%Mean 2.9% 8.7% (6.6%) (12.1%) 86.0% 5.8x 5.5x 10.8%
Electrical
Rexel SA 6.2% 24.6% $9,384 $22.01 4.2% 3.9% 92.6% 8.7x 7.7x 6.0%WESCO International Inc. 5.5% 20.2% 4,796 70.49 (4.4%) 7.1% 90.4% 13.2x 8.6x 12.5%Anixter International Inc. 6.0% 22.5% 3,119 68.51 (3.4%) (3.3%) 95.3% 8.3x 7.3x 9.4%Houston Wire & Cable Company 8.1% 22.1% 294 13.15 12.9% (11.0%) 98.1% 9.2x 8.5x 15.5%
Median 6.1% 22.3% 0.4% 0.3% 93.9% 8.9x 8.1x 10.9%Mean 6.4% 22.4% 2.3% (0.8%) 94.1% 9.9x 8.0x 10.8%
(30%)
(20%)
(10%)
0%
10%
20%
30%
Specialty Distribution Notable M&A Activity
Notable Recent Transactions Announced M&A
Transactions
5
March 1, 2013 through April 5, 2013
Deals by Investment Type (‘08 – YTD ‘13)
Buyout/LBO48%
Add-On Acquistion
22%
Secondary Buyout
6%
Private Equity Growth Inv.
6%
Recap4%
Other14%
Source: PitchBook.
Top Private Equity Investors (‘08 – YTD ‘13)
Firm # of Investments
Clayton Dubilier & Rice 10BlackEagle Partners 8CI Capital Partners 8Investcorp 8Audax Group 7Building Industry Partners 6AEA Investors 6Water Street Healthcare Partners 6Kohlberg Kravis Roberts 6The Blackstone Group 5Wellspring Capital Management 5
Private Equity
Date Target Description Acquirer Involvement
Pending American Builders & Contractors Supply Co., Inc. Wholesale distributor of exterior building products in the U.S. Diane M. Hendricks (Seller)
Pending AmerisourceBergen Canada Corporation Distributor of pharmaceuticals to pharmacies, clinics, and hospitals. Kohl & Frisch Limited
Pending Barnes Group Inc., North American Distribution Business Distributor of MRO supplies and logistics support in North America. MSC Industrial Direct Co. Inc.
Pending Bergen Industrial Supply Co., Inc. Distributor of stainless and carbon steel pipes, valves, fittings, and steam systems. F.W. Webb Company
Pending CertainTeed Corporation, Pipe and Foundation Group Manufacturer and distributor of PVC pipe and fittings. North American Pipe Corporation
Pending Clark Office Supply, Inc. Distributor of new and used office furniture and office products. OfficePro Inc.
Pending Exego Group Pty Ltd Reseller and supplier of automotive parts and accessories in Australia. Genuine Parts Company
Pending Lubrication Services, L.L.C. Distributor of lubricants and specialty chemicals to natural gas pipelines. Brenntag AG
Pending Merwin-Stoltz Company Distributor of industrial abrasives, cutting tools, and machine tools. DGI Supply Inc.
Pending Regional Tire Distributors Inc. Distributor of tires in Ontario with five distribution facilities. Trican Tire Distributors (a subsidiary of American Tire Distributors)
(Buyer Parent)
Pending RTI Technology China and Eastele Technology and DSP Solutions
Distributor of wireless, optical, telecom, data communications, and industrial parts. Avnet Electronics Marketing Asia
Pending Supercom Canada Ltd. Distributor of computer hardware and consumer electronic products. Synnex Canada Limited
Pending Wausau Paper Corp., Specialty Paper Business Manufacturer and seller of paper products. KPS Capital Partners
04/02/13 Pro-Lab Laboratuar Teknolojileri Ltd.Sti Distributor of laboratory chemicals and consumables. VWR International LLC
03/29/13 Strategic Equipment and Supply Corporation Distributor and supplier of food service equipment. TriMark USA, Inc. (Buyer Parent)
03/25/13 Bristol County Electrical Supply Distributor of electrical and lighting supplies. Needham Electric Supply Corporation
03/25/13 Lee Wholesale Supply, Inc. Distributor of roofing, windows, siding, and doors in Michigan. ABC Supply Co. Inc.
03/18/13 AssuraMed Holding, Inc. Distributor of wholesale medical supplies for chronic disease patients in the U.S. Cardinal Health, Inc. (Seller)
03/13/13 Interlube Systems Limited Distributor of products for heavy-duty production lines. Timken Co.
03/12/13 Team Express Distributing, LLC Distributor of sporting goods, equipment, footwear, and apparel. Mark Marney & Investor Group
03/12/13 Village Tea Company Distribution Inc. Distributor of packaged and premium loose leaf tea. Total Apparel Group, Inc.
03/05/13 Royal Pet Supplies Distributor of wholesale pet products in the eastern U.S. Phillips Feed & Supply (Buyer Parent)
03/04/13 Easton Communications Provider of voice, data, and Internet protocol (IP) unified communication solutions. SENSUS Communication Solutions Inc.
03/04/13 Labor Import Ltda. Supplier and distributor of medical and healthcare supplies to redistributors. Bunzl plc
03/04/13 Lake Electric Supply Distributor of electrical supplies. Crescent Electric Supply Company
03/04/13 Phönix Armaturen-Werke Bregel GmbH Manufacturer and distributor of specialty valves. Curtiss-Wright Corporation (Seller)
03/04/13 Prime Electro Products Inc. Distributor of components including electro-mechanical products. SMD Inc.
03/01/13 AMKO Service Company Provider of oil and gas equipment (former subsidiary of Praxair Inc). FIBA Technologies, Inc.
03/01/13 Daimler Buses North America Ltd., Orion Parts Business Distributor of aftermarket parts for heavy-duty transit buses. New Flyer Industries Canada ULC
03/01/13 NuCO2 Florida Inc. Distributor of beverage grade carbon dioxide to the food service industry. Praxair Inc.
03/01/13 The Moltan Company, L.P. Distributor of absorbent products made from natural earthen minerals. EP Minerals, LLC
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Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13
Inventories Backlog of Orders
25
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45
50
55
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65
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75
32
38
44
50
56
62
50%
60%
70%
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$100
$125
$150
$175
$200
$225
$250
Economic Update
PMI Index1
6
A Snapshot of Key
Economic Indicators
Durable Goods New Orders7
Industry Production Index3 U.S. Manufacturing Capacity Utilization4
Manufacturing Inventories & Backlog5,6 ($ in billions)
(1) A PMI Index figure greater than 50 indicates expansion.
51.3
78.3% 52.2
$232.1
51.0
49.5
As of April 2013
ISM New Orders Index2
(2) An ISM Index figure greater than 50 indicates expansion.
51.4
(5) A Manufacturing Inventory Index figure greater than 50 indicates expansion. (6) A Backlog Index figure greater than 50 indicates expansion.
(3) A Production Index figure greater than 50 indicates expansion.
(7) Durable Goods New Orders for February 2013. March release on April 24.
(4) Manuf. Capacity Utilization for January 2013. March release on April 16.
HW&Co. Representative Transactions
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Harris Williams & Co. (www.harriswilliams.com) is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services. Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorized and regulated by the Financial Services Authority (FRN #540892). Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct its business. THIS REPORT MAY CONTAIN REFERENCES TO REGISTERED TRADEMARKS, SERVICE MARKS AND COPYRIGHTS OWNED BY THIRD-PARTY INFORMATION PROVIDERS. NONE OF THE THIRD-PARTY INFORMATION PROVIDERS IS ENDORSING THE OFFERING OF, AND SHALL NOT IN ANY WAY BE DEEMED AN ISSUER OR UNDERWRITER OF, THE SECURITIES, FINANCIAL INSTRUMENTS OR OTHER INVESTMENTS DISCUSSED IN THIS REPORT, AND SHALL NOT HAVE ANY LIABILITY OR RESPONSIBILITY FOR ANY STATEMENTS MADE IN THE REPORT OR FOR ANY FINANCIAL STATEMENTS, FINANCIAL PROJECTIONS OR OTHER FINANCIAL INFORMATION CONTAINED OR ATTACHED AS AN EXHIBIT TO THE REPORT. FOR MORE INFORMATION ABOUT THE MATERIALS PROVIDED BY SUCH THIRD PARTIES, PLEASE CONTACT US AT THE ABOVE ADDRESSES OR NUMBERS. The information and views contained in this report were prepared by Harris Williams & Co. (“Harris Williams”). It is not a research report, as such term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy. The information contained herein is believed by Harris Williams to be reliable, but Harris Williams makes no representation as to the accuracy or completeness of such information. Harris Williams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to, have positions in and effect transactions in securities of companies mentioned herein and also may provide, may have provided, or may seek to provide investment banking services for those companies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long or short positions in the securities, options thereon or other related financial products of companies discussed herein. Opinions, estimates and projections in this report constitute Harris Williams’ judgment and are subject to change without notice. The financial instruments discussed in this report may not be suitable for all investors, and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. Also, past performance is not necessarily indicative of future results. No part of this material may be copied or duplicated in any form or by any means, or redistributed, without Harris Williams’ prior written consent. Copyright© 2013 Harris Williams & Co., all rights reserved.
Specialty Distribution
Sources:
• Industrial Distribution
• The Electrical Distributor Magazine
• Modern Distribution Management
• The Wall Street Journal
• Federal Reserve
• PNC Economic Outlook
• S&P Capital IQ
• Thomson Financial – SDC Database
• United States Census Bureau
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