tev/ date target buyer(s) segment...westrock company u.s. concrete, inc. the middleby corp. patrick...

http://sdrventures.com/


mailto:[email protected]



http://www.mpdigest.com/2018/05/30/71-5-billion-worth-of-opportunities-for-electronic-test-and-measurement/

https://www.businesswire.com/news/home/20180508005677/en/Cohu-Acquire-Xcerra-Creating-Global-Leader-Back-end

https://www.fluke.com/

https://www.emaint.com/

http://www.cohu.com/

https://xcerra.com/

Date Target Buyer(s) SegmentAmount

($ in Mil)

TEV/

Rev

TEV/

EBITDA6/6/2018 Rawlings Sporting Goods Co., Inc. MLB Advanced Media LP; The Seidler

Co. LLC; Shareholders

Durable Consumer 395 1.2x -

5/18/2018 Taylor Co. The Middleby Corp. Durable Consumer 1,000 3.2x 15.4x

5/16/2018 ABAXIS, Inc. Zoetis, Inc. Medical 1,732 7.1x 37.1x

5/8/2018 Xcerra Corp. Cohu, Inc. Industrial 588 1.2x 8.5x

4/10/2018 Federal-Mogul Holdings LLC Tenneco, Inc. Industrial 5,136 0.7x 8.1x

4/10/2018 Analogic Corp. Altaris Capital Partners LLC Medical 885 1.9x 18.8x

3/19/2018 Extant Components Group Holdings, Inc. TransDigm Group, Inc. Aerospace & Defense 525 - -

3/12/2018 Oclaro, Inc. Lumentum Holdings, Inc. Industrial 1,410 2.3x 9.9x

3/1/2018 Microsemi Corp. Microchip Technology, Inc. Industrial 9,857 5.3x 17.9x

2/26/2018 Spectrum Brands Holdings, Inc. HRG Group, Inc. Durable Consumer 4,762 1.1x 6.4x

2/15/2018 A. Schulman, Inc. LyondellBasell Industries NV Industrial 2,204 0.8x 10.2x

2/1/2018 FMH Aerospace Corp. AMETEK, Inc. Aerospace & Defense 235 4.7x -

1/31/2018 Ply Gem Holdings, Inc. Clayton Dubilier & Rice LLC Building Products 2,224 1.1x 9.8x

1/29/2018 KapStone Paper & Packaging Corp. WestRock Co. Industrial 4,842 1.5x 12.0x

Strategic83%

Financial17%

1771

118

39

259

59

050

100150200250300


https://sdrventures.com/manufacturing-ma-update/?utm_source=Quarterly%20Report&utm_medium=PDF&utm_campaign=1H%202018%20Manufacturing%20Report

Strategic Buyer Inv. Date Select Corporate Acquisitions6/11/2018 ▪ Marine Accessories Corp.

4/30/2018 ▪ Dehco, Inc.

3/5/2018 ▪ IMP Holdings LLC

2/26/2018 ▪ Aluminum Metals Co. LLC

2/20/2018 ▪ Metal Moulding Corp.

12/11/2017 ▪ Nickell Moulding Co., Inc.

11/30/2017 ▪ Larry Methvin Installations, Inc.

9/5/2017 ▪ Baymont, Inc.

5/18/2018 ▪ Taylor Co.

4/16/2018 ▪ JoeTap, Inc.

11/17/2017 ▪ L2F, Inc.

10/18/2017 ▪ Globe Food Equipment Co.

8/31/2017 ▪ QualServ Corp.

6/30/2017 ▪ CVP Systems, Inc.

3/5/2018 ▪ Golden Spread Redi-Mix, Inc.

1/10/2018 ▪ On Time Ready Mix, Inc.

12/20/2017 ▪ Cherokee Bridge & Road, Inc.

10/2/2017 ▪ Harbor Ready-Mix, Inc.

1/29/2018 ▪ KapStone Paper & Packaging Corp.

12/12/2017 ▪ Plymouth Packaging, Inc.

6/21/2017 ▪ Island Container Corp.

6/21/2017 ▪ Combined Container Industries LLC

5/24/2017 ▪ US Corrugated Inc (5 Corrugated Converting Facilities)

WestRock Company

U.S. Concrete, Inc.

The Middleby Corp.

Patrick Industries, Inc.

Financial Sponsor Inv. Date Select Corporate Acquisitions5/24/2018 ▪ Fermatex Vascular Technologies LLC5/7/2018 ▪ Vornado Air LLC4/24/2018 ▪ Springs Window Fashions LLC2/13/2018 ▪ Apex Resource Technologies, Inc.1/31/2018 ▪ Spectrum Plastics Group10/18/2017 ▪ Excelitas Technologies Corp.

5/17/2018 ▪ Clarus Glassboards LLC

12/31/2017 ▪ Hoskin & Muir, Inc.

10/2/2017 ▪ Parker Products, Inc.

7/31/2017 ▪ Paragon Windows & Doors LLC

7/17/2017 ▪ Dreamlight, Inc.

5/14/2018 ▪ Senneca Holdings, Inc.

4/18/2018 ▪ Cadence, Inc.

5/26/2017 ▪ Newell Brands, Inc. (Winter Sports Business)

4/13/2017 ▪ Spinal Elements, Inc.

2/27/2017 ▪ Pexco LLC

4/26/2018 ▪ Electrical Components International, Inc.

2/7/2018 ▪ Cyanco Holding Corp.

1/4/2018 ▪ Isola Group Ltd.

1/31/2018 ▪ Ply Gem Holdings, Inc.

1/31/2018 ▪ Atrium Corp. (New)

3/20/2017 ▪ Safway Group Holding LLC

1/3/2017 ▪ Dr. Fresh LLC

Cerberus Capital Management LP

Clayton Dubilier & Rice LLC

AEA Investors LP

Riverside Partners

Kohlberg & Co. LLC


Company Name SymbolMarket Cap

($ in Mil)Price ($)

LTM

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

The Boeing Co. BA 195,462$ 335.51$ 0.6% 13.8% 89.6% 6.2% 14.1% 2.1x 15.2x 22.3x 2.0x 14.0xHoneywell International, Inc. HON 107,595 144.05 (0.4%) (6.1%) 87.2% 6.1% 20.8% 2.8x 12.7x 62.1x 2.7x 12.2xAirbus SE AIR-FR 90,872 117.06 2.9% 20.8% 94.6% 0.9% 4.7% 1.2x 17.0x 28.7x 1.2x 9.5xGeneral Dynamics Corp. GD 55,370 186.41 (7.4%) (8.4%) 81.0% 20.9% 14.8% 1.9x 12.5x 19.2x 1.6x 10.7xTransDigm Group, Inc. TDG 18,096 345.14 7.7% 25.7% 99.3% 11.4% 47.6% 8.0x 17.0x 26.6x 7.5x 15.2xTextron, Inc. TXT 16,875 65.91 6.1% 16.5% 95.0% 2.3% 10.5% 1.4x 13.0x 44.2x 1.4x 12.1xMohawk Industries, Inc. MHK 15,984 214.27 2.1% (22.3%) 74.7% 8.9% 17.0% 1.9x 10.0x 16.4x 1.8x 8.9xSpirit AeroSystems Holdings, Inc. SPR 9,775 85.91 6.9% (1.5%) 81.7% 6.4% 12.5% 1.5x 9.7x 29.2x 1.4x 8.8xBombardier, Inc. BBD.B-CA 9,551 3.95 31.0% 71.6% 98.0% 13.1% 5.4% 1.1x 22.2x NM 1.0x 11.8xHEICO Corp. HEI 8,731 72.93 3.8% 20.8% 93.7% 10.8% 25.6% 6.4x 26.0x 44.4x 5.9x 23.0xCurtiss-Wright Corp. CW 5,262 119.02 (7.0%) (2.3%) 83.0% 9.2% 16.2% 2.5x 12.4x 23.6x 2.3x 11.6xRBC Bearings, Inc. ROLL 3,144 128.81 10.7% 1.9% 92.0% 11.6% 26.3% 4.8x 19.9x 36.0x 4.3x 17.3xAerojet Rocketdyne Holdings, Inc. AJRD 2,226 29.49 5.5% (5.5%) 81.4% (0.6%) 8.7% 1.2x 12.1x NM 1.2x 10.1xEsterline Technologies Corp. ESL 2,172 73.80 2.7% (1.2%) 73.4% 0.4% 11.5% 1.3x 9.2x 45.0x 1.3x 8.5xTriumph Group, Inc. TGI 974 19.60 (17.1%) (27.9%) 56.7% 9.2% 8.8% 0.8x 9.5x NM 0.7x 9.0xDucommun, Inc. DCO 377 33.09 13.8% 16.3% 92.2% 7.4% 8.9% 1.0x 11.6x 18.6x 1.0x 8.8xSegment Average 3.9% 7.0% 85.8% 7.8% 15.8% 2.5x 14.4x 32.0x 2.3x 12.0xSegment Median 3.4% 0.4% 88.4% 8.2% 13.3% 1.7x 12.6x 28.7x 1.5x 11.2x

Market Stats Operating Stats LTM Multiples NTM Multiples

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

Aerospace & Defense Building Products Durable ConsumerNon-Durable Consumer Industrial MedicalS&P 500



($ in Mil)Price ($)

LTM

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Mohawk Industries, Inc. MHK 15,984$ 214.27$ 2.1% (22.3%) 74.7% 8.9% 17.0% 1.9x 10.0x 16.4x 1.8x 8.9xUSG Corp. USG 6,014 43.12 7.2% 11.8% 99.4% 8.8% 11.8% 2.1x 14.1x NM 2.0x 10.1xArmstrong World Industries, Inc. AWI 3,277 63.20 12.9% 4.4% 97.2% 8.2% 25.0% 3.6x 17.6x 14.3x 4.2x 11.2xJELD-WEN Holding, Inc. JELD 3,043 28.59 1.7% NM 67.6% 18.2% 7.4% 1.1x 11.9x NM 1.0x 8.1xBuilders FirstSource, Inc. BLDR 2,096 18.29 0.3% (16.1%) 78.6% 11.7% 4.4% 0.6x 10.2x 35.9x 0.5x 7.7xAdvanced Drainage Systems, Inc. WMS 1,620 28.55 13.3% 19.7% 92.1% 6.0% 7.5% 1.7x 12.9x 28.8x 1.6x 9.7xAmerican Woodmark Corp. AMWD 1,606 91.55 11.4% (29.7%) 61.7% 36.9% 15.9% 1.9x 14.3x 24.3x 1.3x 8.4xApogee Enterprises, Inc. APOG 1,359 48.17 17.2% 5.3% 82.6% 6.6% 10.7% 1.1x 9.3x 17.6x 1.1x 8.0xGibraltar Industries, Inc. ROCK 1,191 37.50 6.7% 13.6% 92.1% 5.2% 8.6% 1.2x 9.9x 18.0x 1.2x 9.1xContinental Building Products, Inc. CBPX 1,166 31.55 12.3% 12.1% 96.3% 10.1% 26.8% 2.8x 10.2x 19.8x 2.6x 9.3xInsteel Industries, Inc. IIIN 637 33.40 11.2% 17.9% 93.8% 22.2% 10.0% 1.5x 14.6x 26.1x 1.3x 10.0xArmstrong Flooring, Inc. AFI 362 14.04 13.7% (17.0%) 75.5% 1.9% 3.0% 0.4x 8.6x NM 0.4x 5.5xSegment Average 9.2% 0.0% 84.3% 12.1% 12.3% 1.7x 12.0x 22.4x 1.6x 8.8xSegment Median 11.2% 5.3% 87.4% 8.9% 10.4% 1.6x 11.1x 19.8x 1.3x 9.0x



($ in Mil)Price ($)

LTM

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Newell Brands, Inc. NWL 12,526$ 25.79$ (6.7%) (16.5%) 47.6% (1.3%) 9.3% 1.6x 11.7x 5.8x 1.6x 9.3xWhirlpool Corp. WHR 9,435 146.23 (5.6%) (13.3%) 72.9% 0.8% 9.2% 0.7x 7.1x 36.6x 0.8x 7.1xHanesbrands, Inc. HBI 7,935 22.02 19.2% 5.3% 85.6% 4.0% 12.9% 1.8x 11.7x NM 1.8x 10.8xGildan Activewear, Inc. GIL 6,025 28.16 (3.3%) (12.8%) 82.4% 5.9% 19.0% 2.4x 11.8x 17.9x 2.4x 11.0xBrunswick Corp. BC 5,620 64.48 7.7% 16.8% 93.1% 7.8% 13.2% 1.2x 9.2x 37.2x 1.2x 8.5xG-III Apparel Group Ltd. GIII 2,183 44.40 21.7% 20.4% 86.7% 5.8% 5.3% 0.9x 11.2x 26.7x 0.9x 10.2xTupperware Brands Corp. TUP 2,108 41.24 (7.5%) (34.2%) 57.9% (1.6%) NM 1.2x 6.8x NM 1.3x 6.4xLa-Z-Boy, Inc. LZB 1,427 30.60 6.3% (1.9%) 89.3% 3.3% 12.8% 0.8x 8.0x 18.3x 0.8x 8.0xJohnson Outdoors, Inc. JOUT 743 84.53 30.5% 36.1% 93.8% 4.2% 17.6% 1.5x 11.2x 21.8x 1.4x 10.6xFlexsteel Industries, Inc. FLXS 313 39.90 8.8% (14.7%) 69.0% NM 7.7% 0.6x 6.8x 14.7x NM NMCulp, Inc. CFI 306 24.55 (16.9%) (26.7%) 72.1% 4.0% 10.9% 0.8x 7.2x 14.9x 0.8x 7.0xClarus Corp. BDE 248 8.25 15.4% 5.1% 98.8% 15.4% 5.7% 1.4x 43.4x NM 1.2x 14.1xEscalade, Inc. ESCA 203 14.10 6.4% 14.6% 92.5% 3.5% 8.2% 1.3x 12.2x 14.6x 1.2x 10.5xCSS Industries, Inc. CSS 154 16.90 (0.9%) (39.3%) 55.8% 11.3% (14.3%) 0.4x NM NM 0.3x 4.8xDelta Apparel, Inc. DLA 138 19.35 7.0% (4.2%) 82.4% 5.1% 7.9% 0.7x 11.0x NM 0.7x 8.2xSegment Average 5.5% (4.4%) 78.7% 4.9% 9.0% 1.2x 12.1x 20.9x 1.2x 9.0xSegment Median 6.4% (4.2%) 82.4% 4.1% 9.3% 1.2x 11.1x 18.1x 1.2x 8.9x



($ in Mil)Price ($)

LTM

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Colgate-Palmolive Co. CL 56,535$ 64.81$ (0.6%) (14.1%) 83.2% 3.2% 28.7% 4.0x 14.0x 27.5x 3.9x 13.4xThe Clorox Co. CLX 17,516 135.25 15.4% (9.1%) 89.9% 6.5% 19.7% 3.2x 15.0x 22.1x 3.0x 14.1xChurch & Dwight Co., Inc. CHD 13,008 53.16 15.1% 6.0% 98.4% 6.7% 25.3% 3.9x 17.3x 17.6x 3.7x 16.0xCoty, Inc. COTY 10,583 14.10 (18.7%) (29.1%) 65.0% 1.5% 14.9% 2.0x 16.7x NM 2.0x 11.9xEdgewell Personal Care Co. EPC 2,725 50.46 14.6% (15.0%) 65.7% (0.4%) 22.1% 1.7x 9.1x NM 1.7x 9.4xInter Parfums, Inc. IPAR 1,674 53.50 4.5% 23.1% 96.5% 12.9% 19.2% 2.6x 17.2x 37.9x 2.3x 15.4xAvon Products, Inc. AVP 716 1.62 (36.0%) (24.7%) 41.6% 1.4% 6.0% 0.4x 4.8x 44.0x 0.4x 4.4xSegment Average (0.8%) (9.0%) 77.2% 4.5% 19.4% 2.5x 13.4x 29.8x 2.4x 12.1xSegment Median 4.5% (14.1%) 83.2% 3.2% 19.7% 2.6x 15.0x 27.5x 2.3x 13.4x




($ in Mil)Price ($)

LTM

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

United Technologies Corp. UTX 100,031$ 125.03$ 4.1% (2.0%) 89.8% 8.6% 15.2% 2.0x 12.7x 22.4x 1.8x 10.9xIllinois Tool Works, Inc. ITW 46,932 138.54 (2.5%) (17.0%) 77.4% 5.6% 27.2% 3.6x 13.3x 26.5x 3.4x 12.2xEaton Corp. Plc ETN 32,684 74.74 (0.4%) (5.4%) 83.2% 5.4% 16.5% 1.9x 10.9x 11.0x 1.8x 10.1xIngersoll-Rand Plc IR 22,250 89.73 7.0% 0.6% 91.9% 7.3% 11.3% 1.7x 12.0x 17.5x 1.7x 10.8xRockwell Automation, Inc. ROK 20,875 166.23 1.0% (15.3%) 78.9% 7.1% 21.9% 3.1x 15.5x 52.4x 3.0x 13.1xParker-Hannifin Corp. PH 20,722 155.85 (5.3%) (21.9%) 73.2% 7.7% 17.0% 1.8x 11.0x 21.1x 1.7x 9.5xGardner Denver Holdings, Inc. GDI 5,822 29.39 (7.1%) NA 77.3% 12.1% 21.7% 3.0x 19.8x NM 2.8x 10.9xHubbell, Inc. HUBB 5,801 105.74 1.8% (21.9%) 71.0% 15.6% 14.2% 2.0x 12.2x 24.5x 1.7x 9.7xCrane Co. CR 4,784 80.13 (4.2%) (10.2%) 78.1% 17.8% 16.0% 1.9x 10.9x 27.4x 1.7x 9.2xColfax Corp. CFX 3,785 30.65 (1.2%) (22.6%) 70.8% 8.5% 13.5% 1.3x 10.2x NM 1.3x 9.6xBarnes Group, Inc. B 3,098 58.90 6.1% (6.9%) 80.8% 5.9% 22.0% 2.4x 11.6x 53.1x 2.3x 10.7xChart Industries, Inc. GTLS 1,910 61.68 8.7% 31.6% 83.0% 17.3% 11.3% 2.1x 18.2x 53.2x 1.9x 13.5xActuant Corp. ATU 1,781 29.35 24.6% 16.0% 97.7% 4.1% 13.9% 1.8x 16.1x NM 1.8x 13.4xAlbany International Corp. AIN 1,744 60.15 1.7% (2.1%) 87.4% 9.6% 21.8% 2.6x 13.0x 59.6x 2.4x 10.8xEnPro Industries, Inc. NPO 1,469 69.95 (6.9%) (25.2%) 73.8% 8.8% 13.3% 1.4x 10.8x NM 1.3x 8.6xColumbus McKinnon Corp. CMCO 1,003 43.36 20.8% 8.5% 96.4% 5.3% 13.4% 1.6x 11.2x NM 1.5x 10.3xSegment Average 3.0% (6.3%) 81.9% 9.2% 16.9% 2.1x 13.1x 33.5x 2.0x 10.8xSegment Median 1.4% (6.9%) 79.9% 8.1% 15.6% 2.0x 12.1x 26.5x 1.8x 10.7x



($ in Mil)Price ($)

LTM

Change

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Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Medtronic Plc MDT 115,720$ 85.61$ 6.8% 6.0% 96.0% 3.0% 35.2% 4.4x 13.6x 37.7x 4.3x 13.4xHologic, Inc. HOLX 10,852 39.75 2.5% (7.0%) 86.8% 3.1% 31.5% 4.3x 13.9x NM 4.2x 12.6xDentsply Sirona, Inc. XRAY 9,955 43.77 (13.1%) (33.5%) 63.5% 5.3% 17.4% 2.8x 13.5x NM 2.7x 12.4xInteger Holdings Corp. ITGR 2,070 64.65 17.8% 42.7% 95.2% (0.6%) 17.2% 2.4x 12.9x 26.1x 2.4x 11.2xABAXIS, Inc. ABAX 1,899 83.01 24.7% 67.6% 98.8% 16.6% 21.0% 7.1x NM NM 6.1x 28.4xAnalogic Corp. ALOG 1,050 83.95 1.0% 0.2% 82.5% NM 13.8% 1.8x 17.6x NM NM NMAngioDynamics, Inc. ANGO 819 22.24 14.8% 33.7% 95.7% NM NM 2.5x 19.2x NM 2.5x 15.2xOrthoPediatrics Corp. KIDS 340 26.64 41.6% NA 91.3% 27.6% (30.7%) 6.9x NM NM 5.1x NMSegment Average 12.0% 15.7% 88.7% 9.2% 15.1% 4.0x 15.1x 31.9x 3.9x 15.6xSegment Median 10.8% 6.0% 93.2% 4.2% 17.4% 3.5x 13.7x 31.9x 4.2x 13.0x



tev/ date target buyer(s) segment...westrock company u.s. concrete, inc. the middleby corp. patrick...

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