Page 1
3
CONTRIBUTORS
Todd McMahon
Managing Director
617-619-3334
[email protected]
Lisa Tolliver
Director
312-674-4532
[email protected]
March 2018www.capstoneheadwaters.com
Year-to-date (YTD) ended March 6
Source: Capital IQ, Pitchbook and Capstone Headwaters Research
Nu
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Capstone Headwaters
MERGER & ACQUISITION OVERVIEW
The Security Solutions industry experienced a record level of M&A activity
during 2017 with 135 transactions announced or closed. Strategic buyers
maintained a stronghold on the marketplace (58.5%) as 15 companies
made multiple acquisitions in the space. However, financial buyers
increased their share of deals from 32.5% in 2016 to 41.5% in 2017 as the
attractiveness of the space lured new investors. For strategic and financial
buyers alike, the most attractive M&A targets will have strong leadership
including a deep bench of rising, future leaders. Likewise, strong customer
relationships, vendor relationships, and IP are all important factors as well.
Due to the cyclical nature of the Security Solutions industry, dealers and
systems integrators anticipate that economic conditions will continue to
have the most significant impact on future sales, according to the 2018 SDM
Security Industry Forecast.1 For years, impressive economic growth, which
has occurred alongside magnified public safety concerns related to crime
and terror, has driven industry revenue growth (up 8.5% relative to last
year, according to SDM). The convergence of these dynamics, amid an era
of advanced connectivity, has yielded a period of tremendous change
within the Security Solutions industry as operators adapt to the growing
demand for products and services that can address a wide range of security
related concerns.
TABLE OF CONTENTS
M&A Overview
Segment Highlights
Notable Transactions
Select Transactions
Public Company Data
Firm Track Record
SECURITY SOLUTIONS
Q1 2018
M&A Activity: Security Solutions
59
85 89
126135
27 34
0
30
60
90
120
150
2013 2014 2015 2016 2017 YTD 2017 YTD 2018
Page 2
SEGMENT HIGHLIGHT: SECURITY INTEGRATION
The unprecedented growth of data and connectivity has rendered an atmosphere
conducive to growth and is driving the M&A opportunity in the Security Integration
segment. Organizations need to merge physical access control systems and logical
security systems, resulting in demand for integrators that can provide comprehensive
solutions. Although we are only a few months into 2018, the year is already shaping up
to be significant for the segment in terms of M&A activity. The acquisition of Convergint
by Ares Management (highlighted on the following page) has caught the attention of
many throughout the industry as it is the most significant integration-related transaction
since the 2016 merger between Johnson Controls and Tyco. In an interview with Security
Sales & Integration (SSI), Dan Moceri, Convergint Co-Founder and Executive Chairman
cited profitability and a “growing company in a growing industry” as the most attractive
characteristics for PEGs when examining a potential acquisition.2
SEGMENT HIGHLIGHT: VIDEO SURVEILLANCE
According to Research and Markets, the global video surveillance market is expected to
grow at a compound annual growth rate of 9.3% to $39.3 billion from 2018 to 2023.3
Traditional growth drivers, such as the ongoing public safety concerns related to terror
attacks and increased crime rate, continue to serve as catalysts for video surveillance
products and services demand. This is particularly true for the commercial end-markets
(hotels, banks and retail enterprises). Meanwhile, emerging trends, such as 360 degree
camera technology and video surveillance as a service (VSaaS), will spur growth in
formerly untapped residential end markets.
Among the four segments that Capstone Headwaters tracks in the Security Solutions
industry (Access Control, Alarm, Diversified IT and Video Surveillance), public companies
within the Video Surveillance have performed exceptionally well and accounted for
In addition to intensified private equity activity in the space, strategic buyers have been highly acquisitive as they have sought
opportunities for growth and expansion into the Security Integration segment. Prior to its initial public offering in January
2018, ADT, the leader in security and automation solutions for homes and business, bolstered its integration solutions with the
acquisitions of Gaston Security, a video surveillance integration company (October); MSE, the nation’s 27th largest integrator
(September); and Protec, one of the leading commercial security system integrators in the Pacific Northwest (August).
Following the IPO, ADT has acquired Acme Security Systems and Arson Security Group (both in March 2018). With the levels
of significant activity continuing into 2018, it is evident that large industry operators are fighting for a share of the space and
will actively explore financial and strategic partnerships to accelerate growth.
some of the most significant industry deals. The two strongest performing companies have been Avigilon, which is currently
trading at 16.1x EBITDA and recently agreed to be acquired by Motorola at a valuation of 22.7x EBITDA (highlighted on the
following page); and FLIR Systems, which is trading at 17.8x EBITDA.
The overwhelming consensus among security professionals is that the Video Surveillance market remains strong and will
continue to grow. Results of the 2018 SDM Security Industry Forecast indicate that the Video Surveillance segment is
expected to have the highest sales potential in 2018. Several factors driving growth are increased integration, a greater
number of applications for video surveillance and the increased adoption of new technologies. SDM reports that the cloud-
based VSaaS market totaled $600.0 million in 2016 and is projected to increase to greater than $1.0 billion by 2020. Further,
SDM estimates 130.0 million surveillance cameras will be shipped globally in 2018; in 2006 it was fewer than 10.0 million.
There is some fear among traditional security operators that tech-oriented companies will penetrate the market via do-it-
yourself (DIY) solutions. Most notably, Amazon has entered the video surveillance space with the acquisition of Blink, a
provider of Wi-Fi enabled home security monitors for approximately $90.0 million in December. Amazon subsequently
acquired Ring, a manufacturer of video doorbells, for roughly $1.0 billion in February. Although moves such as these may
threaten traditional video surveillance and security companies, the DIY phenomenon may help to foster a vibrant M&A
market as companies seek opportunities to combat threats.2
Security Solutions | Q1 2018
Page 3
NOTABLE TRANSACTIONS
Several notable transactions were announced or completed in the last twelve months. Select transactions are outlined
below, followed by a more comprehensive list on the following pages.
Ares Private Equity Group acquires Convergint Technologies
(February 2018, undisclosed)
Los Angeles-based Ares Management has announced that a fund managed by its Private Equity
Group has acquired Convergint Technologies from KRG. Terms of the deal were not disclosed.
Convergint is an industry-leading security integrator that designs, installs and services integrated
building systems, including electronic security, fire alarm and life safety. Under the financial
sponsorship of KRG, Convergint has completed 14 acquisitions since 2016 to expand its servicing
footprint and geographic presence to more than 80 locations across four continents.
Rapid growth in international markets has forced Convergint to seek financial sponsorship that will
support further expansion. In the interview with SIA, Dan Moceri explained that global revenue
tripled to more than $240.0 million over the past three years, and Ares has “resources particularly in
Asia and resources in Europe, which will continue to help [Convergint] build out [their] service
footprint in those areas.” Additionally, Moceri stressed that the deal is more so a financial
partnership rather than an acquisition. “We really look at it as a financial partner coming in to help
us do exactly what we have been successful in doing the last five years with KRG. And not having
somebody come in here and tell us how the business is going to be run,” explained Moceri.
The acquisition marks Ares’ entrance into the integration space. Matt Cwiertnia, Partner and Co-
Head of North American Private Equity at Ares Management, echoed Moceri’s sentiment regarding
the partnership. In the press release, he stressed, “Convergint is a leader in its industry, with a
unique culture and a longstanding track record of fostering the development of its colleagues and
delivering outstanding service to its customers. We are excited to partner with the Convergint
management team and look forward to supporting the company in its next phase of growth.”4
Motorola Solutions to acquire Avigilon
(February 2018, approximately $1.0 billion)
In an effort to enhance its portfolio of mission-critical communications technologies, Motorola
Solutions (NYSE:MSI) has agreed to acquire Avigilon (TSX:AVO) for approximately $1.0 billion in cash
at implied multiples of 2.8x Revenue and 22.7x EBITDA. Avigilon designs, develops and
manufactures surveillance solutions including surveillance cameras, access control solutions,
network video management software and hardware and video analytics. In the press release,
Alexander Fernandes, Avigilon’s Founder and CEO offered excitement about joining Motorola and
noted, “This combination will bring new opportunities to Avigilon, allowing us to accelerate our
innovation and provide even more value to our customers.”5
Motorola will leverage the acquisition to expand into new segments of commercial market business
which provides secure communications technology to various industrial, manufacturing and energy
related end markets. Upon completion of the deal, customers will have access to a wider range of
security and surveillance solutions offerings. “This acquisition will bring Avigilon’s advanced video
surveillance and analytics platform to the rapidly evolving public safety workflow, while also
expanding our portfolio with new products and technologies for commercial customers,” said Greg
Brown, Chairman and CEO, Motorola Solutions in the press release. “Video can play a powerful role
in creating safer cities and thriving businesses. It can serve as highly efficient ‘eyes and ears’ for
monitoring a given location, and advanced video analytics can proactively alert officials to a
perimeter breach or quickly find a person who left behind an object of interest.”
Acquires
Acquires
3
Security Solutions | Q1 2018
Page 4
Enterprise EV / LTM
Date Target Acquirer Target Business Description Value (mm) Revenue EBITDA
03/15/18Acme Security
SystemsADT Offers security systems integration services. - - -
03/05/18 Alphacorp Convergint Installs and maintains access control systems. - - -
03/02/18Aronson Security
GroupADT Provides enterprise security risk management systems. - - -
02/28/18Kratos Public
Safety & SecuritySecuritas
Provides design, engineering, installation and service
of integrated security technology and systems. $69.0 0.5x 15.0x
02/27/18 Ring AmazonManufactures video doorbells and DYI security
applications.~$1,100.0 - -
02/12/18 Keltron ValcomManufactures safety event management systems for
campus, multi-building facility and municipalities.- - -
02/06/18Lorex
TechnologyDahua
Offers HD security camera systems for home, business
and professional grade security solutions.$23.1 0.2x -
02/06/18 3VR IdentivDevelops and operates a video intelligence platform
that allows customers to monitor threats in real time.- - -
02/05/18Covenant Security
ServicesAllied Universal
Provides infrastructure and executive protection
services for government and commercial clients.- - -
02/02/18 Convergint AresProvides comprehensive security integration and fire
and life safety services- - -
02/01/18 Avigilon Motorola SolutionsManufactures advanced security surveillance solutions,
including video analytics and surveillance cameras.$1,083.3 2.8x 22.7x
01/31/18Minuteman Security
TechnologiesProspect Partners
Designs, installs, and supports electronic security
management systems.- - -
01/05/18Western Operations
of AlarmForceTelus
Provides security alarm and personal emergency
response monitoring and video surveillance services.$53.6 - -
01/02/18 Urban Alarm Kastle SystemsProvides access control, video surveillance, remote
video monitoring and guard patrol services.- - -
12/22/17 Blink AmazonProduces battery-powdered connected cameras and
doorbells.~$90.0 - -
12/18/17Genesis Security
SystemsConvergint
Engages in the design, installation, servicing, and
remote monitoring of integrated security systems.- - -
11/30/17 MobileView Safe Fleet HoldingsProvides mobile surveillance and video management
solutions. - - -
11/29/17 NetWatcher QualysOperates a SaaS platform that enables customers to
have security service monitoring networks.- - -
11/13/17 ERMC II SecurAmericaOffers surveillance and monitoring services and
integration services. - - -
11/06/17 AlarmForce BCEProvides security alarm and personal emergency
response monitoring and video surveillance services. $143.0 3.2x 12.0x
11/01/17Evergreen
Security
Bay Alarm
Company
Manufactures security and fire systems for commercial
and residential security.- - -
11/01/17 SPC Company Convergint Provides physical and electronic security systems. - - -
10/23/17Equinox Alarm
ServicesADS Security
Installs and services video surveillance, fire alarm and
security monitoring systems.- - -
Source: Capital IQ, Pitchbook, Company Press Releases and Capstone Headwaters Research 4
SELECT TRANSACTIONS
Security Solutions | Q1 2018
Page 5
Enterprise EV / LTM
Date Target Acquirer Target Business Description Value (mm) Revenue EBITDA
10/19/17 Gaston Security ADTProvides video surveillance integration services to
commercial, industrial and government sectors. - - -
10/13/17 Security DesignsTechnology Install
PartnersDesigns and installs security camera systems. - - -
09/26/17MSE Corporate
SecurityADT
Provides networked physical security products,
installation and services. - - -
09/19/17 Mercury Security HID GlobalDesigns and manufactures access control hardware
and components for facility security applications. - - -
09/18/17Integrated Security
Systems, SDIConvergint Provides integrated security systems and services. - - -
09/15/17 Lint Security SMS IntegrationProvides security systems, fire alarms and custom
home theater systems.- - -
09/07/17 PMI Security ADS Security Designs and installs security systems. - - -
09/06/17KnightHawk
Protection
Veteran Infrastructure
Products
Provides security, personal protection and
investigation services.- - -
08/17/17Professional Fire
Alarm SystemsTech Electronics
Supplies fire alarms, security systems and sounds
systems.- - -
08/09/17 Protec ADTProvides commercial and institutional electronic
security, fire and video systems.- - -
07/31/17OMNIPLEX
World ServicesConstellis
Provides protective security, background investigations
and personal security services.- - -
07/19/17Alarm Capital
Alliance
Oaktree Capital
PartnersProvides residential and business security services. - - -
07/18/17Tel-Tector
of Maryland
Red Hawk Fire &
SecurityDesigns integrated security systems. - - -
07/05/17SigNet
TechnologyConvergint
Operates as a full-service security systems integrator
focused on the enterprise physical security of clients.- - -
07/04/17 Arjo Systems HID GlobalProvides physical and digital identity solutions for
secure government ID applications.- - -
06/14/17AlarmForce, US
Subscription Base
Select
Security
Offers security alarm and personal emergency
response monitoring services.$11.6 - -
06/14/17AS Solution
North AmericaSOS Security
Provides executive protection and security services for
Fortune 500 companies.- - -
06/01/17Integrated Security
SystemsConvergint
Provides premium security and fire and life safety
solutions- - -
05/04/17 Thinklogical BeldenManufactures signal extension and switching systems
to access, distribute and analyze video-rich big data.$160.0 3.1x 9.3x
05/01/17Operational
Security SystemsConvergint
Engages in the design and installation or electronic
protection systems and solutions for corporations.- - -
04/26/17Video Surveillance
and Apex CCTVDirectView
Provides video and audio surveillance and access
control solutions. $2.8 - -
02/07/17 Rauland-Borg AMETEKManufactures notification, school safety and intercom
solutions for education and healthcare markets.$370.0 2.3x -
01/04/17 Innotech SecurityCostar Video
SystemsDesigns, manufactures and sells security products. $15.5 1.9x -
Source: Capital IQ, Pitchbook, Company Press Releases and Capstone Headwaters Research 5
SELECT TRANSACTIONS (CONTINUED)
Security Solutions | Q1 2018
Page 6
PUBLIC COMPANY TRADING & OPERATING DATA: ACCESS CONTROL
Price % 52 Wk Market Enterprise LTM EV / LTM
Company 03/19/18 High Cap Value Revenue EBITDA Margin Revenue EBITDA
Agta Record AG $80.72 98.5% $1,071.3 $1,014.6 $411.6 $56.4 13.7% 2.5x 18.0x
Allegion plc $85.88 95.6% $8,174.5 $9,189.5 $2,408.2 $557.8 23.2% 3.8x 16.5x
ASSA ABLOY AB $22.06 90.9% $24,499.5 $27,260.1 $9,301.3 $1,713.9 18.4% 2.9x 15.9x
dorma + kaba Holding AG $794.00 74.3% $3,317.0 $4,122.6 $2,818.7 $432.9 15.4% 1.5x 9.5x
Mean 17.7% 2.7x 15.0x
Median 16.9% 2.7x 16.2x
Harmonic Mean 17.0% 2.4x 14.1x
Source: Capital IQ and Capstone Headwaters Research as of March 19, 2018 6
Price % 52 Wk Market Enterprise LTM EV / LTM
Company 03/19/18 High Cap Value Revenue EBITDA Margin Revenue EBITDA
Alarm.com Holdings, Inc. $38.60 78.0% $1,822.1 $1,796.8 $338.9 $60.6 17.9% 5.3x 29.7x
Ascent Capital Group, Inc. $4.84 27.1% $62.7 $1,748.8 $553.5 $294.1 53.1% 3.2x 5.9x
ADT Inc. $9.14 70.2% $6,847.1 $17,575.8 $4,315.5 $2,167.7 50.2% 4.1x 8.1x
Mean 40.4% 4.2x 14.6x
Median 50.2% 4.1x 8.1x
Harmonic Mean 31.7% 4.0x 9.2x
PUBLIC COMPANY TRADING & OPERATING DATA: ALARM MONITORING
Price % 52 Wk Market Enterprise LTM EV / LTM
Company 03/19/18 High Cap Value Revenue EBITDA Margin Revenue EBITDA
Diebold Nixdorf, Incorporated $15.85 51.1% $1,203.7 $2,973.1 $4,609.3 $300.8 6.5% 0.6x 9.9x
Honeywell International Inc. $150.20 91.0% $112,406.8 $119,639.8 $40,534.0 $8,305.0 20.5% 3.0x 14.4x
Johnson Controls International $36.41 82.1% $33,720.1 $46,859.1 $30,521.0 $4,838.0 15.9% 1.5x 9.7x
Kratos Defense & Security $9.32 66.9% $964.2 $1,128.9 $751.9 $41.4 5.5% 1.5x 27.3x
Stanley Black & Decker, Inc. $157.35 89.1% $24,249.4 $28,252.1 $12,747.2 $2,077.1 16.3% 2.2x 13.6x
United Technologies Corporation $127.20 91.4% $101,771.0 $122,213.0 $59,837.0 $10,043.0 16.8% 2.0x 12.2x
Mean 13.6% 1.8x 14.5x
Median 16.1% 1.8x 12.9x
Harmonic Mean 10.6% 1.4x 12.9x
PUBLIC COMPANY TRADING & OPERATING DATA: DIVERSIFIED IT SERVICES & INTEGRATION
EV = enterprise value; LTM = last twelve months
$ in millions, except per share data
NM = Not Meaningful
Security Solutions | Q1 2018
Page 7
PUBLIC COMPANY TRADING & OPERATING DATA: VIDEO SOLUTIONS
Source: Capital IQ and Capstone Headwaters Research as of March 19, 2018 7
Price % 52 Wk Market Enterprise LTM EV / LTM
Company 03/19/18 High Cap Value Revenue EBITDA Margin Revenue EBITDA
Avigilon Corporation $20.61 99.6% $917.8 $969.0 $408.6 $60.4 14.8% 2.4x 16.1x
Canon Inc. $36.59 86.7% $39,512.3 $39,836.5 $36,223.3 $5,569.1 15.4% 1.1x NM
FLIR Systems, Inc. $49.44 93.5% $6,868.2 $6,769.8 $1,800.4 $385.2 21.4% 3.8x 17.8x
Mobotix AG $11.71 65.5% $153.9 $170.8 $73.9 NM NA 2.3x NM
Shenzhen Infinova Limited $0.77 66.6% $801.5 $856.5 $447.7 $13.0 2.9% 1.9x NM
Mean 13.6% 2.3x 16.9x
Median 15.1% 2.3x 16.9x
Harmonic Mean 7.6% 2.0x 16.9x
EV = enterprise value; LTM = last twelve months
$ in millions, except per share data
NM = Not Meaningful
Public EBITDA Multiples: Historical Performance
Security Solutions | Q1 2018
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
Mar-15 Jul-15 Nov-15 Mar-16 Jul-16 Nov-16 Mar-17 Jul-17 Nov-17 Mar-18
Diversified IT Acess Controls Alarm Monitoring Video Solutions S&P 500
Page 8
FIRM TRACK RECORD
8
Capstone Headwaters maintains active Security Solutions and Public Safety Solutions practices in the middle market. This
market presence allows Capstone to provide security and public safety companies with experienced, up-to-date market data
and insight into the valuable attributes and likely valuation of target companies, the active buyers in the industry, and the
nuances of transactions in this space.
SECURITY SERVICES
PROVIDER
CLIENT
(CONFIDENTIAL)
is pursing a corporate sale
a portfolio company of
has been acquired by
SECURITY SERVICES
PROVIDER
CLIENT
(CONFIDENTIAL)
is pursing a corporate sale
SECURITY PRODUCTS
MANUFACTURER
CLIENT
(CONFIDENTIAL)
is pursing a corporate sale
REALITY-BASED TRAINING
PRODCUTS
CLIENT
(CONFIDENTIAL)
is pursing a corporate sale
SECURITY SERVICES
PROVIDER
CLIENT
(CONFIDENTIAL)
is pursing a corporate sale
US MIDDLE MARKET
INVESTMENTBANKOF
THE YEAR
2017
BOUTIQUE RESTRUCTURING
INVESTMENT BANK OF
THE YEAR
2017
MIDDLE MARKET
INVESTMENT BANK OF
THE YEAR
2016
TOP 10 MOST REFERRED
INVESTMENTBANKS
2016
Security Solutions | Q1 2018
Page 9
9
CITATIONS
1. Laura Stepanek, SDM, “SDM Security Industry Forecast: Moving Into High Gear,” https://www.sdmmag.com/articles/94
723-sdm-2018-security-industry-forecast-moving-into-high-gear?page=1, accessed March 5, 2018.
2. Rodney Bosch, Security Sales & Integration, “Convergint Exec Dan Moceri Details ‘Financial Partnership’ With Ares,”
https://www.securitysales.com/business/convergint-dan-moceri-details-financial-partnership-ares/, accessed March 5,
2018.
3. Research and Markets, “Video Surveillance Market Report: Trends, Forecast and Competitive Analysis,” https://www.res
earchandmarkets.com/research/mz2wvb/global_video?w=12, accessed March 5, 2018.
4. Ares Management, “Ares Management to Acquire Convergint Technologies,” http://www.aresmgmt.com/about-ares/n
ews/ares-management-to-acquire-convergint-technologies?id=8592, accessed March 2, 2018.
5. Avigilon, “Motorola Solutions to Acquire Avigilon, Leader in Advanced Video Surveillance and Analytics,”
http://ir.avigilon.com/Investor-Relations/Press-Releases/Press-Releases-Details/2018/Motorola-Solutions-to-Acquire-
Avigilon-Leader-in-Advanced-Video-Surveillance-and-Analytics/, accessed March 4, 2018.
Disclosure: This newsletter is a periodic compilation of certain economic and corporate information, as well as completed and announced merger and acquisi-
tion activity. Information contained in this newsletter should not be construed as a recommendation to sell or buy any security. Any reference to or omission of
any reference to any company in this newsletter should not be construed as a recommendation to buy, sell or take any other action with respect to any security
of any such company. We are not soliciting any action with respect to any security or company based on this newsletter. The newsletter is published solely
for the general information of clients and friends of Capstone Headwaters. It does not take into account the particular investment objectives, financial
situation or needs of individual recipients. Certain transactions, including those involving early-stage companies, give rise to substantial risk and are not
suitable for all investors. This newsletter is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it
should not be relied upon as such. Prediction of future events is inherently subject to both known and unknown risks and other factors that may cause actual
results to vary mate- rially. We are under no obligation to update the information contained in this newsletter. Opinions expressed are our present opinions
only and are subject to change without notice. Additional information is available upon request. The companies mentioned in this newsletter may be clients
of Capstone Headwaters. The decisions to include any company in this newsletter is unrelated in all respects to any service that Capstone Headwaters may
provide to such company. This newsletter may not be copied or reproduced in any form, or redistributed without the prior written consent of Capstone
Headwaters. The information contained herein should not be construed as legal advice.
Security Solutions | Q1 2018
Page 10
Lisa Tolliver
Director
[email protected] | 312-674-4532
Lisa has over 18 years of experience in the investment banking industry, primarily focused on advisingmiddle market private business owners in liquidity related transactions. As a Director based in Capstone’sChicago office, she works closely with clients to advise and execute domestic and cross-border M&Atransactions, recapitalizations and capital raises.
Prior to Capstone, Lisa worked in the Capital Strategies Group at Morgan Stanley Smith Barney and alsospent 10 years working for the middle market investment banking arm of Citigroup, where she wasinvolved in the evaluation, marketing and closing of numerous transactions involving private businessesand corporate divestitures. Over her career, Lisa has developed M&A expertise in several industry sectorsand has specific expertise in consumer products, e-commerce, software and technology-enabled businessservices. Lisa received her BA on academic scholarship from Illinois State University and is a Series 7 and63 Registered Securities Representative.
SECURITY SOLUTIONS REPORT CONTRIBUTORS
Todd McMahon
Managing Director
[email protected] | 617-619-3334
Todd McMahon possesses over 20 years of transaction, financial services and corporate executiveexperience. Prior to Capstone Headwaters, Todd was President of Array Financial Services, a Boston basedboutique M&A advisory firm he founded in 2002. He began his career at Putnam Investments, latermoving to Bank Boston’s investment banking group. Later, Todd served as Managing Director at RossCrossland Weston/RCW Mirus, where he was responsible for managing the firm’s technology investmentbanking practice. Todd’s investment banking experience is complemented by his involvement as anentrepreneur and investor where he was involved in various consolidation transactions, raised over$30mm of debt and equity financing and was responsible for managing all aspects of operations. Heearned his BA from the University of Massachusetts his MBA from Boston University.
Security Solutions | Q1 2018
10
Page 11
Report Title | Q4 2017
EXTENDED SECURITY TEAM
11
David BrinkleyManaging Director
917-817-0375
[email protected]
Tom McConnellManaging Director
303-951-7125
[email protected]
Ted PolkManaging Director
312-674-4531
[email protected]
Peter AsiafManaging Director
617-619-3368
[email protected]
Page 12
Report Title | Q4 2017
12
www.capstoneheadwaters.com
Capstone Headwaters is an elite investment banking firm dedicated to serving the corporate finance needs of middle market
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