Environmental Services
Industry Update │ December 2013
Harris Williams & Co. Environmental Services│December 2013
Page | 1
MONTHLY SPOTLIGHT CONTENTS
MONTHLY SPOTLIGHT
WHAT WE’RE READING
RELEVANT HW&CO. TRANSACTIONS
PUBLIC MARKETS
PUBLIC COMPARABLES
NOTABLE M&A ACTIVITY
M&A TRANSACTION DETAIL
OUR PRACTICE
Harris Williams & Co. is a leading advisor
to the environmental services M&A market.
Our Environmental Services (ES)
Practice includes experience across a broad
range of sectors, including services and
products that meet environmental demands
for a variety of end markets.
Environmental Services Sectors
Engineering, Construction, and
Consulting (ECC)
Remediation, Cleaning, and
Abatement
Test, Measurement, and Control
Waste Management and Recycling
Water and Wastewater
CONTACTS
Patrick Hanraty | Managing Director
+1 (267) 675-5915
Bob Baltimore | Managing Director
+1 (804) 915-0129
Brian Lucas | Managing Director
+1 (804) 932-1323
David Allebach | Vice President
+1 (267) 675-5920
Marshall Croft | Vice President
+1 (804) 915-0161
Environmental Services 2013 Year End Market Update
As we reflect on the year for environmental services M&A activity in 2013, we
recognize that many of the trends affecting each of our five focus sectors also drove
activity across the broader market. While tax considerations resulted in strong volume in
Q4 2012, H1 2013 was consequently depressed as supply contracted. Despite this slow
start to the year, healthy lending markets, rising public company valuations, and pent up
demand from both strategic and financial buyers have all supported a significant revival
in activity through the back half of 2013. On top of these broader market trends,
environmental services M&A activity in 2013 also has been influenced by persistent
regulatory tailwinds drawing continued buyer interest, a variety of highly active
strategic acquirers, and other market moving industry dynamics, such as an increasing
emphasis on waste diversion, the renaissance in oil & gas production, and the ongoing
privatization of water and wastewater infrastructure. Given these various drivers, as of
December 13th, environmental services middle market M&A volume in 2013 is on track
to achieve a similar level to 2012, adjusted for tax implications. Please reference our
2013 year end market update (see the link below) for additional details.
Moving forward, we believe 2014 will be a strong year for environmental services
M&A activity based largely on a continuation of the above trends that drove the market
in the second half of 2013. Please reach out to us for our more specific perspectives as
you evaluate transaction timing and various opportunities in the New Year.
Environmental Services 2013 Year End Market Update
Environmental Services 2013 Year End Market Update
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 authorised and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name
under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.
1
Regulation and Legislation
Consumer Preferences
Resource Constraints
Corporate Sustainability Initiatives
Societal Awareness
Market Fundamentals
The Environmental Services Opportunity
Key Sectors for Environmental Services
The above macro trends support these
sectors.
Remediation, Cleaning, &
Abatement
Test, Measurement, &
Control
Waste Management &
Recycling
Water & Wastewater
Engineering, Construction,
& Consulting
1
2
3
4
5
Macro Drivers
• Universal preference for a safe, secure, and sustainable
environment at home and in the workplace.
• Powerful market forces driving changes in the way
companies do business.
• Advances in technology creating opportunity.
• Industry leaders very focused on sustainability.
• Green is Good – Initiatives don’t have to sacrifice growth
and profitability.
Implications
2
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13
ES Comps (Key Sectors) S&P 500
9.3x
10.1x
10.9x
11.7x
11.8x
13.8x
Public Markets
12.2x5.9x
5-Year
Minimum
5-Year
Maximum
9.5 x
3-Year
Median
9.1x
5-Year
Median
Data as of December 13, 2013.
Source: S&P Capital IQ.
Data as of December 13, 2013.
Source: S&P Capital IQ.
Median EV/
EBITDA Across
All ES Sectors:
11.7x
Our Environmental Services sectors
are trading at a 16.2% premium to
the S&P 500.
Waste Management &
Recycling
Engineering, Construction, &
Consulting
Remediation, Cleaning, &
Abatement
Test, Measurement, & Control
Water & Wastewater
Comparable Company TEV/LTM EBITDA (‘08 – ‘13)
Trading Statistics (TEV/LTM EBITDA)
TEV/EBITDA – Current Trading Performance
ES
Comps
S&P 500
Public comparables across our environmental services sectors are trading at a 16.2% premium
to the S&P 500 and 28.8% above their 5-year median.
11.7x
Current
3
0
5
10
15
20
25
30
35
40
1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13
Overall M&A Activity
Global Quarterly Environmental Services Middle Market M&A Volume1,2,3
For the Quarters Ended Q1 2007 – 2013 YTD
2007
All M&A: 4,347
ES M&A: 121
Sources: Thomson Financial – SDC database, S&P Capital IQ
(1) Includes transactions between $50 million and $1.5 billion in enterprise value.
(2) Excludes minority purchases, acquisitions of remaining interest, self-tenders and repurchases.
(3) As of December 13, 2013.
M&A volume across all of our environmental services sectors has been generally in line with the
broader market despite some year-to-year variations.
Rebound in volume
after sluggish H1.
2008
All M&A: 3,241
ES M&A: 60
All M&A: (25.4%)
ES M&A: (50.4%)
2009
All M&A: 2,308
ES M&A: 31
All M&A: (28.8%)
ES M&A: (48.3%)
2011
All M&A: 3,497
ES M&A: 49
All M&A: 6.8%
ES M&A: (23.4%)
2010
All M&A: 3,274
ES M&A: 64
All M&A: 41.9%
ES M&A: 106.5%
2012
All M&A: 3,369
ES M&A: 55
All M&A: (3.7%)
ES M&A: 12.2%
2013
All M&A: 3,069
ES M&A: 42
All M&A: (8.9%)
ES M&A: (23.6%)
Harris Williams & Co. Environmental Services│December 2013
Page | 2
WHAT WE’RE READING
Pitchbook Publishes 2013 Private Equity Environmental, Social, and Governance Survey. “When we conducted our
inaugural environmental, social and governance (ESG) survey of private equity (PE) professionals last year, it was startling to see
that 49% of our general partner (GP) respondents did not have an ESG program at their firm and had no plans to create one,
despite heightened concern from limited partners (LPs) on ESG issues. In our second edition of the ESG survey, 60% of GP
respondents work at a firm with an established ESG program and another 26% either have an ESG program in development or
plan to create one in the near future. 84% of LP respondents say that ESG issues are at least somewhat important when deciding
whether or not to commit to a PE fund, with 18% claiming they are essential.” Download the report here.
EPA Plans to Sharply Reduce Inspections. “EPA plans to substantially reduce inspections and civil enforcement cases against
industry over the next five years, arguing that focusing on the biggest polluters would be the most effective way to clean up air
and water. In a draft strategic plan, the EPA proposes to cut federal inspections by one-third from the 20,000 inspections it
conducted in the last fiscal year, ended Sept. 30. Moreover, it plans to initiate about 2,320 civil enforcement cases a year,
compared with the 3,000 cases initiated last fiscal year, a 23% reduction. The EPA said the shift for fiscal years 2014 to 2018 is
not a retreat from enforcement but a more effective allocation of resources.” Read more here.
What Podesta’s White House Return Means for Obama’s Environmental Policy. “John Podesta’s decision to join the White
House staff will not only elevate the importance of climate change within the Obama administration, but it could have much
broader implications for the president’s environmental policies. Podesta will focus on how the administration organizes itself to
deal with how to implement its agenda in the second term and its opportunities to exercise executive authority. He will focus
particularly on climate change given the fact that it involves both of those factors.” Read more here.
Justices May Back EPA on Air Pollution Rule. “States in the Midwest and South whose polluted air affects those in the
Northeast and Mid-Atlantic may have to deal with a federally imposed solution, a slim majority of Supreme Court justices
appeared to indicate. While the court was divided over the method and timing behind EPA’s rule on cross-state air pollution, more
support was voiced for federal authority than the demands of ‘upwind’ states and industries. At issue is whether the EPA acted
before states could come up with their own emissions control plans, and whether its emphasis on cost controls would cause some
states to do more and others less, regardless of their share of the offending pollution.” Read more here.
Call for China Water Management Change. “Industries across China, including the textiles and apparel sector, should look
beyond standard corporate social responsibility reporting on water risks, and instead adopt management systems that look further
than their direct operations, according to a recent report. This applies particularly to China’s textile sector where Ecotextile
News has learned that total wastewater generated by the textile industry in China accounts for 14% of the total wastewater
generated by the 39 industrial sectors nationwide – ranking it third overall.” Read more here.
Columbus, Ohio, Expands Recycling Program. “The city of Columbus, Ohio, is expanding its recycling program to include
condominiums and apartment complexes. The city’s Department of Public Service said in a news release it will expand the
RecyColumbus program to eligible condos and apartments, along with rowhouses and townhomes along city streets, beginning
March 3, 2014.” Read more here.
EPA Updates Sustainability Plan. “The EPA and other federal agencies have released their 2013 Strategic Sustainability
Performance Plans that outline steps the agencies will take to reduce carbon emissions and save energy. The plans are also
intended to help meet the new goal President Obama set with a Presidential Memorandum directing the federal government to
consume 20% of its electricity from renewable sources by 2020 — more than double the current level.” Read more here.
U.S. Environment Chief to Share Air Pollution Lessons with China. “EPA Administrator Gina McCarthy spoke ahead of a
visit to Beijing, Shanghai, and other Chinese locations. ‘While I am all too well aware of the severe air quality challenges that
China now faces, I see these challenges as ones where the United States can truly speak from experience in support of China's
efforts to reduce air pollution,’ McCarthy said at an event hosted by the Center for American Progress.” Read more here.
Harris Williams & Co. Environmental Services│December 2013
Page | 3
RELEVANT HW&CO. ENVIRONMENTAL SERVICES TRANSACTIONS
Regulation, legislation, social awareness, and consumer preferences involving environmental and sustainability issues have
created substantial opportunity for companies that provide Environmental Services (ES). Harris Williams & Co. combines deep
sector knowledge and relationships with the middle market’s best M&A advisory services. We have an established track record of
navigating a complex ES landscape, offering differentiated strategic advice and superior execution to clients across the ES
spectrum.
Pine Environmental Services, Inc.
has been acquired by has been acquired by
has been acquired by
has been acquired by has been acquired by
• Enardo – Provider of safety and environmental control solutions for
storage tanks and vapor control systems.
• BLR – Provider of online employment, safety, and environmental
compliance solutions.
• Cimarron – Manufacturer of customized energy production,
processing, and environmental solutions.
• RECON – Environmental remediation and geotechnical
construction services.
• Hilex Poly – Manufacturer of recycled plastic bags and film
products.
• Pine Environmental Services – Environmental test and
measurement equipment rentals and sales.
• QualaWash – Industrial tank cleaning, maintenance, and repair
services.
• Capula – Independent energy and utility IT solutions provider.
• APS Energy Services – Provider of energy conservation and
renewable energy solutions in the Southwestern U.S.
• PSSI – Provider of contract cleaning for food processors.
• Soil Safe – Provider of soil treatment and placement services.
• ENTRIX – Provider of environmental consulting services in
water resource management.
has been acquired by has been acquired by
Relevant Transactions
has been acquired by
has been acquired by has been acquired by
has been recapitalized
has been acquired by
Harris Williams & Co. Environmental Services│December 2013
Page | 4
PUBLIC MARKETS
Key Trading Statistics1
(1) As of December 13, 2013.
Current Valuations Versus Historical Five-Year Average1
(Current TEV/LTM EBITDA multiple as a % of Five-Year Average)
Stock Price % Change TEV / EBITDA P/E
1 Month 12 Month Dec-12 Jun-13 Current 2013E 2014P Current 2013E
Engineering, Construction, and Consulting
Engineering, Construction, and Consulting (1.1%) 32.9% 8.8x 8.9x 10.7x 8.8x 8.0x 16.3x 15.6x
Remediation, Cleaning, and Abatement
Products (6.0%) 45.1% 11.3x 11.7x 14.1x 13.5x 12.0x 20.3x 22.6x
Services 5.5% 17.3% 7.9x 7.9x 9.0x 8.4x 7.0x 36.6x 18.7x
Test, Measurement, and Control
Test and Measurement Products and Technologies 0.0% 21.5% 12.1x 13.5x 14.2x 13.4x 12.5x 22.3x 20.1x
Testing, Inspection, and Certification Services (5.5%) (2.4%) 12.0x 12.7x 12.5x 11.5x 10.2x 29.5x 21.6x
Control Products and Technologies 0.7% 37.7% 10.3x 11.5x 13.3x 12.7x 11.6x 25.0x 21.9x
Waste Management and Recycling
Diversified Waste Management and Recycling (1.3%) 29.7% 7.7x 9.8x 10.1x 8.5x 8.0x 23.4x 19.1x
Metals Processing and E-Waste (1.6%) 7.1% 7.2x 8.3x 11.0x 8.1x 6.4x 13.9x 17.2x
Recycled Materials 0.1% 35.4% 6.9x 7.8x 8.2x 8.4x 6.4x 20.2x 15.8x
Solid Waste Management and Recycling (1.9%) 18.4% 7.6x 8.3x 8.5x 8.1x 7.7x 29.3x 21.4x
Specialty Waste (1.9%) 11.3% 9.7x 12.2x 10.2x 9.2x 8.0x 29.1x 29.5x
Waste to Energy (4.3%) (5.7%) 10.3x 11.5x 10.7x 9.2x 9.2x 47.6x 45.3x
Water and Wastewater
Products and Technologies (0.8%) 46.3% 9.5x 11.0x 12.4x 12.0x 10.9x 37.9x 22.9x
Utilities and Services (3.2%) 12.0% 9.5x 9.8x 10.1x 9.8x 8.8x 20.3x 19.5x
TEV / LTM EBITDA as of
100%
101%
103%
117%
120%
121%
123%
125%
126%
126%
128%
137%
166%
0% 20% 40% 60% 80% 100% 120% 140% 160% 180%
Specialty Waste
Water and Wastewater Utilities and Services
Solid Waste Management and Recycling
Testing, Inspection, and Certification Services
Diversified Waste Management and Recycling
Test and Measurement Products and Technologies
Remediation, Cleaning, and Abatement Products
Control Products and Technologies
Recycled Materials
Engineering, Construction, and Consulting
Remediation, Cleaning, and Abatement Services
Water and Wastewater Products and Technologies
Metals Processing and E-Waste
Harris Williams & Co. Environmental Services│December 2013
PUBLIC COMPARABLES
Page | 5
($ in millions, excluding stock price)
(1) As of December 13, 2013.
Stock Performance
Stock Price Change from 52-Week TEV / EBITDA P/E
TEV Dec-13 Nov-13 Dec-12 Prior Month Prior Year High % of High Dec-12 Jun-13 Current 2013E 2014P Current 2013E
Engineering, Construction, and Consulting1
Engineering, Construction, and Consulting
Abengoa SA $13,618 $3.15 $3.18 $2.64 (1.0%) 19.5% $3.82 82.5% 8.7x 8.2x 9.6x 7.9x 7.0x 32.1x 15.6x
AECOM Technology Corporation 3,323 27.47 28.95 23.74 (5.1%) 15.7% 35.24 78.0% 7.1x 8.6x 7.3x 7.0x 6.4x 11.7x 11.2x
AMEC plc 5,051 17.10 18.61 16.45 (8.1%) 3.9% 19.71 86.8% 8.9x 8.9x 9.7x 8.8x 8.0x 15.1x 12.5x
Arcadis NV 2,787 32.58 32.03 23.51 1.7% 38.6% 34.52 94.4% 10.0x 10.3x 9.9x 9.8x 8.7x 18.3x 16.6x
Cardno Limited 992 5.93 6.66 6.37 (10.9%) (6.9%) 6.76 87.7% 7.3x 6.1x 8.0x 7.6x 7.0x 12.4x 12.2x
Chicago Bridge & Iron Company N.V. 9,960 78.47 78.15 41.99 0.4% 86.9% 80.24 97.8% 7.0x 13.4x 12.2x 11.2x 8.9x 23.7x 18.9x
Fomento de Construcciones y Contratas, S.A. 11,830 20.39 22.07 12.37 (7.6%) 64.9% 24.36 83.7% 9.5x 13.0x 20.4x 11.0x 9.3x NM NM
GENIVAR Inc. 1,677 29.19 29.21 21.14 (0.1%) 38.1% 30.11 97.0% 12.5x 11.3x 11.5x 10.3x 9.2x 21.1x 21.4x
IHS Inc. 9,806 115.60 112.97 92.03 2.3% 25.6% 117.65 98.3% 19.6x 22.2x 26.7x 17.9x 14.2x 56.4x 23.6x
Interserve plc 1,403 10.77 9.83 5.93 9.6% 81.6% 11.20 96.2% 11.3x 11.3x 15.4x 7.5x 6.6x 5.2x 14.3x
Jacobs Engineering Group Inc. 6,695 56.76 63.29 41.72 (10.3%) 36.0% 64.27 88.3% 7.1x 8.8x 8.7x 7.4x 6.6x 17.6x 15.3x
Leidos Holdings, Inc. 4,361 43.14 48.69 45.92 (11.4%) (6.1%) 64.36 67.0% 10.4x 6.2x 5.8x 15.8x 9.0x 9.6x 46.7x
Stantec Inc. 3,207 65.75 64.25 39.21 2.3% 67.7% 68.19 96.4% 9.5x 9.6x 12.9x 12.8x 11.5x 22.9x 21.9x
Tetra Tech Inc. 1,816 27.05 26.34 25.83 2.7% 4.7% 31.49 85.9% 7.8x 8.4x 13.2x 7.6x 6.8x NM 15.2x
TRC Companies Inc. 188 6.76 7.05 5.37 (4.1%) 25.9% 9.40 71.9% 6.6x 8.0x 21.3x NM NM 5.8x 14.4x
United Envirotech Ltd. 487 0.61 0.69 0.35 (11.1%) 73.0% 0.82 74.3% 10.5x 13.9x 12.3x 10.6x 8.2x 17.7x 22.5x
URS Corporation 5,626 50.69 51.32 39.07 (1.2%) 29.7% 55.79 90.9% 6.5x 6.6x 6.8x 6.6x 6.5x 12.6x 12.2x
WS Atkins plc 1,951 22.02 20.08 12.26 9.7% 79.6% 22.52 97.8% 6.2x 7.0x 9.8x 8.7x 8.0x 14.1x 16.2x
Median (1.1% ) 32.9% 88.0% 8.8x 8.9x 10.7x 8.8x 8.0x 16.3x 15.6x
Remediation, Cleaning, and Abatement1
Products
Ecolab Inc. $37,833 $102.58 $106.29 $70.68 (3.5%) 45.1% $108.34 94.7% 13.5x 13.3x 15.2x 14.8x 13.1x 34.2x 28.9x
Federal Signal Corp. 992 14.13 15.03 6.86 (6.0%) 106.0% 15.89 88.9% 9.1x 10.1x 13.0x 12.1x 10.9x 6.5x 16.3x
Swisher Hygiene Inc. 55 0.46 0.56 1.71 (18.6%) (73.3%) 1.94 23.5% NM NM NM NM NM NM NM
Median (6.0% ) 45.1% 88.9% 11.3x 11.7x 14.1x 13.5x 12.0x 20.3x 22.6x
Services
EMCOR Group Inc. $2,641 $39.73 $37.52 $33.97 5.9% 17.0% $43.98 90.3% 6.6x 7.3x 9.0x 8.6x 7.2x 21.8x 17.9x
Heritage-Crystal Clean, Inc 333 18.54 18.82 15.00 (1.5%) 23.6% 19.17 96.7% 21.0x 21.8x 26.9x 18.1x 9.1x 217.5x 68.2x
Newalta Corporation 1,214 15.69 14.77 16.15 6.2% (2.9%) 15.89 98.7% 9.3x 8.4x 8.9x 8.3x 6.7x 25.1x 19.4x
Rentokil Initial plc 5,069 1.78 1.70 1.52 5.2% 17.7% 1.85 96.2% 6.1x 6.3x 7.6x 6.9x 6.6x 48.1x 13.0x
Median 5.5% 17.3% 96.5% 7.9x 7.9x 9.0x 8.4x 7.0x 36.6x 18.7x
TEV / LTM EBITDA as of
Harris Williams & Co. Environmental Services│December 2013
PUBLIC COMPARABLES
Page | 6
($ in millions, excluding stock price)
Stock Performance
Stock Price Change from 52-Week TEV / EBITDA P/E
TEV Dec-13 Nov-13 Dec-12 Prior Month Prior Year High % of High Dec-12 Jun-13 Current 2013E 2014P Current 2013E
Test, Measurement, and Control1
Test and Measurement Products and Technologies
Badger Meter Inc. $811 $52.21 $52.34 $45.67 (0.2%) 14.3% $55.00 94.9% 14.3x 13.2x 15.9x 15.8x 13.8x 31.7x 30.4x
Danaher Corp. 53,172 74.01 73.76 54.89 0.3% 34.8% 75.93 97.5% 10.0x 11.2x 12.6x 12.7x 11.7x 20.7x 21.7x
FLIR Systems, Inc. 3,965 28.70 29.52 20.46 (2.8%) 40.3% 33.82 84.9% 7.7x 9.4x 10.8x 11.7x 10.4x 18.5x 20.4x
Halma plc 3,652 9.19 9.06 7.28 1.4% 26.2% 9.75 94.2% 13.1x 14.4x 15.0x 13.7x 13.0x 24.0x 19.8x
Horiba Ltd. 1,114 32.84 35.27 28.56 (6.9%) 15.0% 39.23 83.7% 4.4x 8.4x 7.5x 6.9x 5.7x 19.1x 18.3x
Roper Industries Inc. 15,046 129.90 126.26 111.30 2.9% 16.7% 135.69 95.7% 14.7x 14.2x 15.0x 14.1x 12.8x 25.1x 23.2x
Teledyne Technologies Inc. 3,969 89.69 88.76 61.91 1.0% 44.9% 93.58 95.8% 9.8x 10.3x 11.0x 11.8x 10.4x 19.5x 19.2x
Thermo Fisher Scientific, Inc. 41,875 101.34 98.81 64.92 2.6% 56.1% 103.18 98.2% 11.7x 13.9x 15.3x 15.3x 13.2x 27.9x 18.6x
Trimble Navigation Limited 8,876 31.68 32.76 29.15 (3.3%) 8.7% 33.84 93.6% 20.8x 19.0x 21.0x 18.6x 16.1x 43.0x 21.1x
Waters Corporation 7,770 96.03 100.05 87.43 (4.0%) 9.8% 108.89 88.2% 12.4x 13.7x 13.4x 13.1x 12.2x 17.2x 19.4x
Median 0.0% 21.5% 94.6% 12.1x 13.5x 14.2x 13.4x 12.5x 22.3x 20.1x
Testing, Inspection, and Certification Services
Bureau Veritas SA $14,095 $27.70 $28.88 $28.05 (4.1%) (1.3%) $34.86 79.4% 16.6x 15.2x 14.8x 13.7x 12.6x 29.5x 21.7x
Intertek Group plc 8,826 48.01 50.77 49.75 (5.4%) (3.5%) 57.16 84.0% 14.7x 14.2x 14.4x 12.8x 11.6x 26.9x 21.3x
SGS SA 17,700 2,213.96 2,236.35 2,239.86 (1.0%) (1.2%) 2,750.61 80.5% 15.7x 15.0x 14.4x 12.4x 11.0x 26.1x 22.7x
ALS Limited 3,500 7.25 8.94 10.15 (18.9%) (28.6%) 11.14 65.1% 9.2x 8.5x 10.4x 10.7x 9.5x 15.0x 15.6x
Eurofins Scientific SA 4,190 242.16 256.40 159.53 (5.6%) 51.8% 283.13 85.5% 12.7x 14.4x 16.7x 14.9x 12.3x 40.4x 32.7x
SAI Global Limited 896 3.36 3.75 4.50 (10.6%) (25.4%) 4.16 80.6% 11.3x 8.9x 9.6x 9.4x 8.7x NM 16.9x
Mistras Group, Inc. 627 19.81 19.03 22.52 4.1% (12.0%) 25.35 78.1% 10.1x 11.3x 10.1x 8.1x 7.4x 45.0x 23.3x
Furmanite Corporation 409 10.00 11.04 4.56 (9.4%) 119.3% 11.73 85.3% 8.9x 10.5x 10.7x 9.8x 7.8x 30.4x 21.5x
Median (5.5% ) (2.4% ) 80.6% 12.0x 12.7x 12.5x 11.5x 10.2x 29.5x 21.6x
Control Products and Technologies
Calgon Carbon Corporation $1,068 $19.21 $20.43 $13.95 (6.0%) 37.7% $21.00 91.5% 11.8x 12.3x 10.9x 11.0x 9.2x 24.0x 23.4x
CECO Environmental Corp. 471 15.38 15.48 9.32 (0.6%) 65.0% 19.42 79.2% 7.0x 11.1x 23.1x 19.4x 10.0x 41.4x 16.7x
CLARCOR Inc. 2,829 60.23 59.55 45.42 1.1% 32.6% 61.77 97.5% 9.9x 11.7x 13.3x 12.7x 11.9x 25.0x 24.2x
Flowserve Corp. 11,093 72.36 71.06 47.43 1.8% 52.6% 73.04 99.1% 10.5x 11.5x 13.5x 12.7x 11.6x 21.6x 21.1x
Franklin Electric Co., Inc. 2,093 42.25 40.41 29.74 4.6% 42.1% 44.86 94.2% 10.9x 12.0x 13.4x 13.4x 11.8x 25.1x 24.6x
IDEX Corporation 6,071 70.10 70.68 45.08 (0.8%) 55.5% 72.65 96.5% 9.5x 11.0x 13.0x 12.9x 11.9x 84.5x 22.9x
Johnson Matthey plc 11,765 51.46 48.10 38.92 7.0% 32.2% 54.12 95.1% 10.3x 12.1x 12.9x 12.0x 11.2x 21.0x 19.4x
L'Air Liquide SA 51,490 134.39 133.42 124.98 0.7% 7.5% 144.99 92.7% 10.0x 10.1x 10.6x 9.6x 8.9x 19.3x 18.6x
Pall Corporation 8,806 81.65 82.96 61.60 (1.6%) 32.5% 85.55 95.4% 11.3x 11.5x 15.4x 14.1x 12.9x 29.7x 23.9x
Pentair Ltd. 16,411 70.01 68.45 47.84 2.3% 46.3% 72.30 96.8% 28.2x 32.9x 19.1x 13.3x 11.8x 136.2x 21.9x
Rockwell Automation Inc. 14,835 110.52 113.75 82.01 (2.8%) 34.8% 114.76 96.3% 9.7x 10.5x 13.0x 11.0x 10.1x 20.6x 17.9x
Median 0.7% 37.7% 95.4% 10.3x 11.5x 13.3x 12.7x 11.6x 25.0x 21.9x
TEV / LTM EBITDA as of
(1) As of December 13, 2013.
Harris Williams & Co. Environmental Services│December 2013
PUBLIC COMPARABLES
Page | 7
(1) As of December 13, 2013.
($ in millions, excluding stock price)
Stock Performance
Stock Price Change from 52-Week TEV / EBITDA P/E
TEV Dec-13 Nov-13 Dec-12 Prior Month Prior Year High % of High Dec-12 Jun-13 Current 2013E 2014P Current 2013E
Waste Management and Recycling1
Diversified Waste Management and Recycling
Fomento de Construcciones y Contratas, S.A. $11,830 $20.39 $22.07 $12.37 (7.6%) 64.9% $24.36 83.7% 9.5x 13.0x 20.4x 11.0x 9.3x NM NM
ALBA SE 916 84.39 83.55 83.71 1.0% 0.8% 93.02 90.7% 20.9x 26.2x 36.9x NM NM 23.4x 0.0x
Séché Environnement SA 626 37.19 39.15 35.04 (5.0%) 6.1% 49.24 75.5% 6.1x 8.0x 8.2x 5.6x 5.3x NM 14.2x
Pennon Group Plc 7,586 10.49 10.34 10.01 1.5% 4.8% 11.87 88.3% 11.4x 12.0x 11.6x 11.2x 10.5x 55.7x 16.4x
Waste Connections Inc. 7,355 43.04 42.27 32.67 1.8% 31.7% 46.49 92.6% 9.8x 12.9x 11.6x 11.2x 10.2x 29.3x 24.9x
Suez Environnement Company SA 22,310 17.19 16.99 11.92 1.2% 44.2% 18.11 94.9% 6.8x 6.6x 7.3x 6.5x 6.2x 20.5x 19.3x
Shanks Group plc 1,194 1.69 1.76 1.33 (3.8%) 27.3% 1.82 93.3% 6.6x 9.8x 10.1x 8.1x 7.6x NM 18.9x
Transpacific Industries Group Ltd. 2,670 0.97 1.07 0.74 (9.4%) 30.1% 1.06 90.9% 6.6x 6.0x 7.3x 7.7x 7.5x NM 22.9x
Waste Management, Inc. 30,706 43.62 44.18 33.64 (1.3%) 29.7% 46.38 94.0% 7.7x 8.6x 9.0x 8.9x 8.4x 22.0x 20.1x
Median (1.3% ) 29.7% 90.9% 7.7x 9.8x 10.1x 8.5x 8.0x 23.4x 19.1x
Metals Processing and E-Waste
Commercial Metals Company $3,315 $19.58 $18.88 $13.84 3.7% 41.5% $20.23 96.8% 6.4x 8.3x 10.0x 7.7x 6.4x 30.6x 15.8x
Aurubis AG 2,991 57.46 57.30 66.99 0.3% (14.2%) 79.31 72.5% 3.2x 6.2x NM 7.8x 5.4x 5.2x NM
Dowa Holdings Co., Ltd. 4,002 9.64 9.54 6.20 1.0% 55.5% 10.15 94.9% 6.1x 8.1x 8.5x 8.3x 7.7x 13.9x 14.4x
Metalico Inc. 197 1.63 1.70 1.46 (4.1%) 11.6% 2.25 72.4% 9.3x 11.5x 12.1x 9.4x 6.4x NM NM
Schnitzer Steel Industries, Inc. 1,157 29.88 30.95 29.15 (3.5%) 2.5% 32.99 90.6% 8.0x 9.4x 13.5x 8.7x 6.7x NM 28.4x
Sims Metal Management Limited 1,927 8.79 9.33 9.74 (5.9%) (9.8%) 10.21 86.1% 13.1x NM NM 7.7x 5.7x NM 18.5x
Median (1.6% ) 7.1% 88.3% 7.2x 8.3x 11.0x 8.1x 6.4x 13.9x 17.2x
Recycled Materials
Mondi plc $10,070 $14.79 $16.17 $10.67 (8.6%) 38.6% $18.42 80.3% 6.7x 7.4x 7.8x 6.8x 6.4x 19.7x 11.5x
Resolute Forest Products Inc. 1,733 14.66 14.90 12.01 (1.6%) 22.1% 17.54 83.6% 3.5x 4.3x 4.7x 5.1x 4.5x NM 14.0x
Clearwater Paper Corporation 1,637 50.89 52.70 38.87 (3.4%) 30.9% 53.91 94.4% 6.3x 7.6x 8.6x 8.4x 5.7x 26.3x 31.0x
LKQ Corp. 11,393 33.86 32.04 20.93 5.7% 61.8% 34.32 98.7% 14.9x 16.7x 19.4x 18.2x 14.6x 34.5x 31.4x
Colas SA 6,930 163.32 157.95 153.25 3.4% 6.6% 174.98 93.3% 5.8x 4.8x 7.2x NM NM 13.3x 0.0x
Eagle Materials Inc. 4,138 73.97 76.31 55.41 (3.1%) 33.5% 79.91 92.6% 26.0x 29.8x 21.3x 14.2x 9.9x 38.5x 27.4x
Sonoco Products Co. 4,963 40.58 39.87 29.57 1.8% 37.2% 41.13 98.7% 7.1x 8.0x 8.6x 8.4x 7.9x 20.2x 17.6x
Rock-Tenn Company 9,994 100.80 95.81 67.49 5.2% 49.4% 126.05 80.0% 7.2x 9.1x 7.0x 6.1x 5.7x 10.1x 11.9x
Median 0.1% 35.4% 92.9% 6.9x 7.8x 8.2x 8.4x 6.4x 20.2x 15.8x
Solid Waste Management and Recycling
Republic Services, Inc. $19,166 $33.94 $34.61 $29.13 (1.9%) 16.5% $35.61 95.3% 7.5x 8.3x 8.5x 8.1x 7.7x 25.7x 18.1x
Progressive Waste Solutions Ltd. 4,494 25.73 25.59 21.72 0.5% 18.4% 26.74 96.2% 7.6x 7.7x 8.4x 8.6x 8.0x 32.8x 24.7x
Casella Waste Systems Inc. 730 5.54 5.69 4.23 (2.6%) 31.0% 6.20 89.4% 8.3x 8.8x 8.8x 7.5x 6.9x NM NM
Median (1.9% ) 18.4% 95.3% 7.6x 8.3x 8.5x 8.1x 7.7x 29.3x 21.4x
Specialty Waste
Clean Harbors, Inc. $4,503 $55.39 $55.42 $55.45 (0.1%) (0.1%) $64.12 86.4% 9.4x 12.2x 10.0x 8.5x 7.3x 25.3x 28.2x
Stericycle, Inc. 11,177 114.58 117.39 93.30 (2.4%) 22.8% 121.61 94.2% 16.8x 17.8x 17.8x 17.4x 15.6x 33.0x 30.7x
US Ecology, Inc. 803 36.52 35.78 21.18 2.1% 72.4% 39.77 91.8% 7.5x 9.0x 12.2x 11.4x 11.1x 23.3x 20.7x
Heritage-Crystal Clean, Inc 333 18.54 18.82 15.00 (1.5%) 23.6% 19.17 96.7% 21.0x 21.8x 26.9x 18.1x 9.1x 217.5x 68.2x
Newalta Corporation 1,214 15.69 14.77 16.15 6.2% (2.9%) 15.89 98.7% 9.3x 8.4x 8.9x 8.3x 6.7x 25.1x 19.4x
Perma-Fix Environmental Services Inc. 53 3.14 4.06 4.00 (22.7%) (21.5%) 5.25 59.8% NM NM NM NM NM NM NM
Veolia Environnement S.A. 23,954 15.43 16.89 11.85 (8.7%) 30.2% 19.14 80.6% 9.7x 6.8x 6.7x 9.2x 8.0x 77.4x 65.9x
Nuverra Environmental Solutions, Inc. 926 15.41 16.00 42.40 (3.7%) (63.7%) 44.20 34.9% 34.0x 20.0x 10.2x 8.0x 6.6x NM NM
Median (1.9% ) 11.3% 89.1% 9.7x 12.2x 10.2x 9.2x 8.0x 29.1x 29.5x
Waste to Energy
Covanta Holding Corporation $4,469 $17.34 $18.12 $18.39 (4.3%) (5.7%) $21.89 79.2% 10.3x 11.5x 10.7x 9.2x 9.2x 47.6x 45.3x
Median (4.3% ) (5.7% ) 79.2% 10.3x 11.5x 10.7x 9.2x 9.2x 47.6x 45.3x
TEV / LTM EBITDA as of
Harris Williams & Co. Environmental Services│December 2013
PUBLIC COMPARABLES
Page | 8
(1) As of December 13, 2013.
($ in millions, excluding stock price)
Stock Performance
Stock Price Change from 52-Week TEV / EBITDA P/E
TEV Dec-13 Nov-13 Dec-12 Prior Month Prior Year High % of High Dec-12 Jun-13 Current 2013E 2014P Current 2013E
Water and Wastewater1
Products and Technologies
IDEX Corporation $6,071 $70.10 $70.68 $45.08 (0.8%) 55.5% $72.65 96.5% 9.5x 11.0x 13.0x 12.9x 11.9x 84.5x 22.9x
Mueller Water Products, Inc. 1,797 8.34 8.79 5.58 (5.1%) 49.5% 9.29 89.8% 11.2x 11.5x 11.5x 9.3x 7.7x 37.9x 25.8x
Pentair Ltd. 16,411 70.01 68.45 47.84 2.3% 46.3% 72.30 96.8% 28.2x 32.9x 19.1x 13.3x 11.8x 136.2x 21.9x
Watts Water Technologies, Inc. 2,142 58.38 58.44 40.95 (0.1%) 42.6% 60.70 96.2% 8.7x 9.8x 11.6x 11.4x 9.7x 29.2x 25.8x
Xylem Inc. 7,046 33.81 34.32 26.69 (1.5%) 26.7% 34.93 96.8% 9.3x 9.7x 12.4x 12.0x 10.9x 27.0x 17.7x
Median (0.8% ) 46.3% 96.5% 9.5x 11.0x 12.4x 12.0x 10.9x 37.9x 22.9x
Utilities and Services
Aegion Corporation $1,079 $21.05 $20.55 $20.97 2.4% 0.4% $26.10 80.7% 8.7x 9.7x 10.3x 8.6x 6.6x 16.3x 14.3x
American States Water Company 1,362 27.18 28.36 23.23 (4.2%) 17.0% 33.09 82.2% 7.9x 8.4x 8.5x 8.8x 8.6x 17.3x 18.7x
American Water Works Company, Inc. 12,936 40.80 42.41 37.78 (3.8%) 8.0% 45.09 90.5% 9.3x 9.8x 9.9x 9.6x 9.0x 20.0x 18.6x
Aqua America Inc. 5,698 23.05 25.10 19.88 (8.2%) 15.9% 28.12 82.0% 12.0x 13.5x 13.2x 12.5x 11.8x 18.1x 20.2x
California Water Service Group 1,483 21.83 22.49 18.02 (2.9%) 21.1% 23.14 94.3% 8.9x 9.4x 9.7x 9.9x 8.1x 21.1x 24.0x
Kurita Water Industries Ltd. 1,692 21.07 21.65 21.18 (2.7%) (0.5%) 22.61 93.2% 3.1x 4.4x 5.3x 5.9x 5.2x 24.4x 26.0x
Pennon Group Plc 7,586 10.49 10.34 10.01 1.5% 4.8% 11.87 88.3% 11.4x 12.0x 11.6x 11.2x 10.5x 55.7x 16.4x
Severn Trent Plc 13,589 27.16 29.22 25.24 (7.0%) 7.6% 35.83 75.8% 10.4x 11.7x 11.0x 10.0x 9.8x 8.7x 19.6x
Suez Environnement Company SA 22,310 17.19 16.99 11.92 1.2% 44.2% 18.11 94.9% 6.8x 6.6x 7.3x 6.5x 6.2x 20.5x 19.3x
The York Water Company 349 20.76 20.68 17.31 0.4% 19.9% 22.00 94.4% 12.2x 12.5x 13.2x 13.0x 11.4x 28.5x 27.8x
United Utilities Group PLC 16,965 10.70 11.08 11.31 (3.4%) (5.4%) 12.95 82.6% 11.8x 12.1x 10.8x 10.4x 10.0x 6.7x 15.5x
Veolia Environnement S.A. 23,954 15.43 16.89 11.85 (8.7%) 30.2% 19.14 80.6% 9.7x 6.8x 6.7x 9.2x 8.0x 77.4x 65.9x
Median (3.2% ) 12.0% 85.5% 9.5x 9.8x 10.1x 9.8x 8.8x 20.3x 19.5x
TEV / LTM EBITDA as of
Harris Williams & Co. Environmental Services│December 2013
Page | 9
NOTABLE M&A ACTIVITY
AMEC eyes £5bn merger deal with rival Foster Wheeler. Engineering giant AMEC
is reportedly looking to merge with Swiss-based rival Foster Wheeler, but is not
currently in talks with the company. Read more here.
Jacobs Engineering Group acquired MARMAC Field Services, a provider of
engineering and design and construction management for the oil and gas industry.
Read more here.
Kentz has agreed to acquire Valerus Field Solutions, a provider of oil and gas
handling equipment and services for $435 million. Read more here.
Jacobs Engineering Group casts wide net for potential acquisitions of businesses
operating in the oil and gas, telecom, and power industries following its pending
acquisition of Sinclair Knight Merz. Source: Mergermarket.
Engineering,
Construction,
and Consulting
Remediation,
Cleaning, and
Abatement
Test,
Measurement,
and Control
Waste
Management
and Recycling
Water and
Wastewater
NSF International acquired Bioensaios Analysis and Environmental Consulting
Laboratory, providers of water, soil, sediment, waste, and environment studies and
analysis. Read more here.
Tenex Capital Management acquired U.S. GreenFiber, a provider of natural fiber
insulation, fire, and sound products, from Louisiana-Pacific Corporation and Casella
Waste Systems for $18 million. Read more here.
Palisade Investment Partners acquired a 50% stake in Global Renewables
Australia, a provider of municipal and urban solid waste management solutions, from
Ironbridge Capital for $155 million. Read more here.
Ashland calls for second round bids from potential acquirers Bain Capital, Advent
International, Apollo Global Management, and Rhône Group of its water
technologies business. Source: Mergermarket.
American States Water Company is in discussions with several “mom and pop”
utility owners in California. Source: Mergermarket.
GLV could make further divestitures to focus on North American water treatment, and
is likely to acquire businesses in six to 12 months. Source: Mergermarket.
Danaher is scouting for life science and water treatment targets in China. Source:
Mergermarket.
Aquilex Holdings is expected to make additional acquisitions of regional competitors
following its acquisition of Inland Industrial Services Group from Strength Capital
Partners. Source: Mergermarket.
Harris Williams & Co. Environmental Services│December 2013
Page | 10
M&A TRANSACTION DETAIL
Middle Market Envir. Services M&A Volume by Category for 2008 to YTD 20131,2
(# of transactions)
Annual Middle Market Envir. Services M&A Volume1,2
(# of transactions)
Quarterly Middle Market Envir. Services M&A Volume1,2
(# of transactions)
Middle Market Envir. Services M&A Volume
by Category for 2008 to YTD 20131,2
(% of total volume)
Middle Market Envir. Services M&A Volume
by Category for the Last Twelve Months1,2
(% of total volume)
(1) As of December 13, 2013.
(2) Includes only closed transactions with enterprise values between $50 million and $1.5 billion.
0
10
20
30
40
50
60
70
2008 2009 2010 2011 2012 2013 YTD
0
5
10
15
20
25
30
35
4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13
61
89
90
57
110
0 20 40 60 80 100 120
Water and Wastewater
Waste Management and Recycling
Test, Measurement, and Control
Remediation, Cleaning, and Abatement
Engineering, Construction, and Consulting
27%
14%
22%
22%
15%
Engineering, Construction, and Consulting Remediation, Cleaning, and Abatement
Test, Measurement, and Control Waste Management and Recycling
Water and Wastewater
27%
12%
12%
25%
24%
Engineering, Construction, and Consulting Remediation, Cleaning, and Abatement
Test, Measurement, and Control Waste Management and Recycling
Water and Wastewater
Harris Williams & Co. Environmental Services│December 2013
Page | 11
M&A TRANSACTION DETAIL1
(1) As of December 13, 2013.
Closed
Date Target Business Description Acquirer/Seller
Pending Clean City Co., Ltd. Clean City Co., Ltd. produces electricity through waste collection. Inter Far East Energy Company Limited / -
Pending Valerus Field Solutions Valerus Field Solutions provides integrated oil and gas surface facility solutions, including
engineering services.
Kentz Corporation Ltd / Valerus Compression
Services, LP
Pending Water and Wastewater Systems of Woodlawn
Utilities
Water and Wastewater Systems of Woodlawn Utilities supplies water and provides
wastewater treatment services to residential and commercial clients.
Aqua Illinois, Inc. / -
Pending Cardinal Resources LLC Cardinal Resources LLC offers environmental assessments, remediation, and engineering
services to municipalities, industrial clients, and property developers.
JH Designs, Inc. / -
Pending Nuclear Safety Associates, Inc. Nuclear Safety Associates, Inc. provides safety, security, and engineering services to the
nuclear markets.
WS Atkins plc (LSE:ATK) / -
Pending Architectural Testing, Inc. Architectural Testing, Inc. provides architectural testing, product certification, quality
assurance, forensic investigation, and building code compliance.
Intertek Group plc (LSE:ITRK) / Wafra
Partners LLC
Pending Bandit Industries, Inc. Bandit Industries, Inc. manufactures chippers, grinders, and waste recycler units. Alamo Group, Inc. (NYSE:ALG) / -
Pending Taisei Co.,Ltd. (NSE:4649) Taisei Co., Ltd. offers various building maintenance services. Ikk Co.,Ltd. / -
Pending Inland Industrial Services Group, LLC Inland Industrial Services Group, LLC provides environmental and industrial cleaning
services in the Midwest and North Eastern United States.
Aquilex Holdings LLC / Strength Capital
Partners
Pending ZIM Plant Technology GmbH ZIM Plant Technology GmbH offers irrigation monitoring products for the remote control
of plant water status in real time through Internet.
Yara International ASA (OB:YAR) / High-
Tech Gründerfonds Management GmbH
Pending Wah Loon Engineering Pte Ltd Wah Loon Engineering Pte Ltd., provides mechanical engineering, electrical engineering,
systems integration, and project management services.
KLW Holdings Ltd. / -
Pending ProStar Dirt Work Inc. ProStar Dirt Work Inc. operates in excavation and construction business. Actionview International Inc. / -
Pending Scott Corporation Ltd. Scott Corporation Limited transports hazardous materials and bulk solids by road, rail, and
sea in Australia.
K & S Corporation Limited / A.A. Scott Pty
Limited
Pending Vattenfall AB, Heating Plant in Götene Vattenfall AB, Heating Plant in Götene comprises a water heating plant. Götene Vatten & Värme AB / Vattenfall AB
12/12/2013 Mutlu Holding AS Mutlu Holding AS owns and operates waste battery recycling facilities. Metair International Holdings Coöperatief
U.A. / -
12/10/2013 Redhills Limited Redhills Limited provides asbestos and environmental consultancy services in the United
Kingdom.
RCapital Partners LLP / Silverdell PLC
12/9/2013 WWS Associates Inc. WWS Associates Inc., doing business as 2TRG, provides electronic waste recycling, data
destruction, cabling, and technology deployment services.
E-Waste Systems, Inc. / -
12/6/2013 Terra Nova Terra Nova recycles printed circuit boards. Metallica Commodities / -
12/5/2013 U.S. GreenFiber, LLC U.S. GreenFiber, LLC manufactures natural fiber insulation, fire, and sound products. Tenex Capital Management / Casella Waste
Systems Inc.; Louisiana-Pacific Corp.
12/4/2013 Gerens Hill International, S.A. Gerens Hill International, S.A. provides project and construction management services in
Spain and internationally.
Hill International, Inc. / Inversiones
Corporativas, S.A.; Hill International S.A.
12/4/2013 LaTherm GmbH LaTherm GmbH provides warm water heating and supply systems for medium-sized real
estate, such as hospitals and commercial property.
KTG Energie AG / A Consortium of Financial
Buyers
12/3/2013 Y City Recycling LLC Y City Recycling LLC comprises recycled plastics facility. Axion International Holdings, Inc. / Y City
Recycling LLC
12/2/2013 Environmental Management Group, Inc Environmental Management Group, Inc provides waste management and related services. Promotora Ambiental SAB de CV / -
11/29/2013 Global Renewables Australia Pty Ltd. Global Renewables Australia Pty Ltd. provides municipal and urban solid waste
management solutions.
Palisade Investment Partners Limited /
Ironbridge Capital Pty Ltd
11/29/2013 Greencap Limited Greencap Limited provides professional consulting services, and advice in relation to a
range of risk management services primarily in Australia and southeast Asia.
Wesfarmers Industrial And Safety Pty Ltd. / A
Consortium of Financial Buyers
11/28/2013 Proactiva Medio Ambiente, S.A. Proactiva Medio Ambiente, S.A. offers waste management services. Veolia Environnement S.A. / Fomento de
Construcciones y Contratas, S.A.
11/27/2013 Ecovix-Engevix Construcoes Oceanicas S/A Ecovix-Engevix Construcoes Oceanicas S/A provides engineering consulting and
construction management services in the areas of infrastructure and offshore industry.
A Consortium of Financial Buyers / -
Harris Williams & Co. Environmental Services│December 2013
Page | 12
Closed
Date Target Business Description Acquirer/Seller
Boston
Phone: +1 (617) 482-7501
Cleveland
Phone: +1 (216) 689-2400
Minneapolis
Phone: +1 (612) 359-2700
Philadelphia
Phone: +1 (267) 675-5900
Richmond
Phone: +1 (804) 648-0072
San Francisco
Phone: +1 (415) 288-4260
London
Phone: +44 (0)20 7518 8900
Frankfurt
Phone: +49 069 3650638 00
HW&CO. OFFICE LOCATIONS
M&A TRANSACTION DETAIL1
(1) As of December 13, 2013.
11/26/2013 MARMAC Field Services Inc. MARMAC Field Services Inc. provides engineering and design services, mapping, right-of-
way procurement, project support and construction management.
Jacobs Engineering Group Inc. / -
11/26/2013 Winters Bros. Waste Systems CT, LLC Winters Bros. provides residential, commercial and industrial waste and recycling
collection services.
Clairvest Group Inc.; Clairvest Equity Partners
IV, L.P. / -
11/25/2013 Bioensaios Analysis and Environmental
Consulting Laboratory Ltd.
NSF Bioensaios conducts studies and analysis of water, soil, sediment, waste, food,
environment, and products.
NSF International Inc. / -
11/22/2013 National Technical Systems Inc. National Technical Systems, Inc. provides testing and engineering services, including
environmental and safety testing.
Aurora Capital Group / Mill Road Capital
11/21/2013 RK Contractors RK Contractors is a provider of specialty environmental and industrial services. National Response Corporation / -
11/20/2013 Global ID Group Global ID Group, through its subsidiaries, provides testing, certification, and consulting
services for the production of food products worldwide.
Unknown / LFE Capital
11/15/2013 Automated Engineering Services Corp. Automated Engineering Services Corp. provides general and plant engineering services. AMEC plc / -
11/15/2013 Fiberweb plc Fiberweb plc develops, manufactures, and supplies nonwoven fabrics in Europe, North
America, and the Asia Pacific.
Polymer Group, Inc. / A Consortium of
Financial Buyers
11/14/2013 Bollag International Corporation Bollag collects and markets textile fibers and by-products. Martex Fiber Southern Corp. /
11/14/2013 Dale Service Corporation Dale Service Corporation provides wastewater collection and treatment services. Virginia-American Water Company / -
11/13/2013 Four Winds Midstream Solutions Ltd. Four Winds Midstream Solutions Ltd. provides midstream solutions in marketable
hydrocarbon recovery, emulsion treating, and wastewater disposal.
Aqua Terra Water Management, L.P. / -
11/12/2013 Carmagen Engineering, Inc. Carmagen Engineering, Inc. provides engineering consulting and project management
services to the oil and gas industry.
Mistras Group, Inc. / -
11/11/2013 IL Recycling AB, Scrap Metal Facility at the
Port of Gävle
IL Recycling AB, Scrap Metal Facility at the Port of Gävle comprises a scrap metal
recycling facility and is located in Gävle, Sweden.
Stena Recycling AB / IL Recycling AB
11/11/2013 Oran Environmental Solutions, Dry Waste
Mobile Compaction Business
Waste Mobile Compaction Business of Oran Environmental Solutions offers waste
collection services.
William Tracey Ltd / Oran Environmental
Solutions
Harris Williams & Co. Environmental Services│December 2013
Page | 13
SOURCES AND DISCLOSURES
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SOURCES
‒ Crain’s Detroit Business.
‒ Ecotextile News.
‒ EHS Today.
‒ Environmental Leader.
‒ Deal Feed International.
‒ Gannett.
‒ Global Renewables Limited.
‒ Mergermarket.
‒ PE Hub.
‒ Pitchbook.
‒ Recycling Today.
‒ Reuters.
‒ S&P CapitalIQ.
‒ SourceMedia.
‒ The Financial Times.
‒ The Institution of Engineering and
Technology.
‒ The Los Angeles Times.
‒ The Wall Street Journal.
‒ The Washington Post.
‒ Waste360.