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1、 Houlihan Lokey is a leading global investment bank with expertise in mergers and acquisitions,capital markets,financial restructuring,and financial and valuation advisory.Our firm is the trusted advisor to more top decision-makers than any other independent global investment bank.We invite you to l
2、earn more about how our bankers can serve your needs:ABOUT OUR FIRMLearn More About Corporate FinanceLearn More AboutFinancial RestructuringLearn More About Financial and Valuation AdvisoryLearn More AboutOur Industry CoverageKey Facts and FiguresOur Ranking by ServiceHoulihan Lokey Is a Global Firm
3、 North AmericaAtlantaBostonChicagoDallasHoustonLos AngelesMiamiMinneapolisNew YorkSan FranciscoWashington,D.C.Europe and Middle EastAmsterdamDubaiFrankfurtLondonMadridManchesterMilanMunichParisStockholmTel AvivZurichAsia-PacificBeijingFukuokaGurugramHo Chi Minh CityHong Kong SARMumbaiNagoyaOsakaShan
4、ghaiSingaporeSydneyTokyo2,000+CLIENTS SERVEDANNUALLY300+MANAGINGDIRECTORS(1)2,000TOTAL FINANCIALPROFESSIONALS35LOCATIONSWORLDWIDE$1.8BREVENUE(3)$6.5BMARKET CAPITALIZATION(2)23Senior officers dedicated to the sponsor community in North America and EuropeFully Integrated Financial Sponsor Coverage1,00
5、0+Sponsors covered,providing market insights and knowledge of buyer behavior650+Companies sold to financial sponsors over the past five years(1)As of January 2023.Excludes corporate Managing Directors.(2)As of January 2023.(3)LTM ended December 31,2022.1No.1 Global M&A Advisor for Transactions Under
6、$1 BillionLeading Capital Markets AdvisorNo.1 Global M&A Fairness Opinion Advisor Over the Past 25 Years1,000+Annual Valuation EngagementsNo.1 Global Restructuring Advisor1,500+Transactions Completed Valued at More Than$3.0 Trillion CollectivelyCorporate FinanceFinancial RestructuringFinancial and V
7、aluation Advisory2022 Global Distressed Debt&BankruptcyRestructuring RankingsAdvisorDeals1Houlihan Lokey582PJT Partners Inc303Lazard294Rothschild&Co255Moelis&Co21Source:Refinitiv.1998 to 2022 Global M&A Fairness Advisory RankingsAdvisorDeals1Houlihan Lokey1,2322JP Morgan1,0303Duff&Phelps,A Kroll Bus
8、iness9384Morgan Stanley7255BofA Securities Inc710Source:Refinitiv.Announced or completed transactions.2022 M&A Advisory RankingsGlobal Transactions Under$1 BillionAdvisorDeals1Houlihan Lokey3812Rothschild&Co3693JP Morgan2174Lazard2065Goldman Sachs&Co203Source:Refinitiv.Excludes accounting firms and
9、brokers.The human capital management(HCM)services sector operates within Houlihan Lokeys Business Services Group,which has earned a reputation for providing superior service and achieving outstanding results in M&A advisory,capital-raising,restructuring,and financial and valuation advisory services.
10、Our clients run the gamut from early-stage businesses and midsized companies to large,publicly traded corporations.We understand that an industry driven by innovation and change requires the sophistication of an advisor who can think ahead of the market and utilize solid industry relationships to he
11、lp advance your vision.We optimize client outcomes by running executed,competitive processes,by focusing on deep domain knowledge to position for synergy and scarcity value,and by leveraging our world-class strategic and private equity access to bring the right senior decision-makers to the negotiat
12、ion table.HUMAN CAPITAL MANAGEMENTContact UsLearn More About UsRequest a MeetingPlease reach out to us to schedule a call to discuss this quarters market update or to explore how we can serve your business needs.LeadershipThomas BaileyManaging DirectorTBaileyHL.com404.495.7056Axel BauerManaging Dire
13、ctorAxel.BauerHL.com+49(0)89 413 121 39Jon HarrisonManaging DirectorJHarrisonHL.com+44(0)20 7747 7564Arthur CallaghanDirectorArthur.CallaghanHL.com+44(0)20 7484 4085Andrew ShellSenior Vice PresidentAShellHL.com404.495.7002Pat OBrienVice PresidentPOBrienHL.com404.495.7042Bennett TullosAssociateBTullo
14、sHL.com843.441.0313John QuirkAssociateJQuirkHL.com404.431.9342Subsector CoverageFeatured Transactions HR Consulting Human Resources Outsourcing(HRO)Managed Service Providers(MSPs)Payroll and Benefits Professional Employer Organizations(PEOs)Recruitment Process Outsourcing(RPO)Staffing and Recruiting
15、 Talent AcquisitionTombstones included herein represent transactions closed from 2019 forward.has acquiredBuyside Advisora portfolio company ofhas been acquired bySellside Advisora portfolio company of Platform Partners and a consortium of investors has been acquired bySellside Advisora portfolio co
16、mpany ofhas been acquired bySellside Advisora portfolio company of funds managed by affiliates ofhas acquireda portfolio company ofBuyside Advisora portfolio company ofhas been acquired bya portfolio company ofSellside Advisora portfolio company ofhas been acquired bySellside AdvisorFunds managed by
17、 affiliates ofhas acquiredBuyside AdvisorINFOR BUSINESS UNITa portfolio company ofhas been acquired bySellside Advisora portfolio company ofhas merged witha portfolio company ofSellside Advisora portfolio company ofhas been acquired bySellside Advisora portfolio company of has been acquired bya port
18、folio company ofSellside Advisorhas been acquired by an affiliate ofSellside Advisorhas been acquired bySellside Advisora portfolio company ofhas been acquired bySellside Advisorhas sold its majority stake into Management andSellside Advisorhas acquiredBuyside Advisorhas been acquired bya portfolio
19、company ofSellside Advisor2SIA EXECUTIVE FORUM NORTH AMERICAWELL SEE YOU THERE!Email Thomas Bailey at TBaileyHL.com or Andrew Shell at AShellHL.com to schedule a time to discuss how the Houlihan Lokey HCM team can best meet your needsSIA Executive Forum North AmericaMarch 69,2023Fontainebleau Hotel,
20、Miami Beach,FLThomas Bailey,Managing DirectorAndrew Shell,Senior Vice PresidentPat OBrien,Vice PresidentBennett Tullos,AssociateJohn Quirk,AssociateSIA Executive ForumMarch 69,2023Fontainebleau Hotel,Miami Beach,FLHoulihan Lokey is excited to once again attend and participate in the SIA Executive Fo
21、rum North America.We are looking forward to seeing you there,whether that means reconnecting or meeting for the first time.We encourage you to reach out to us personally to schedule a time to meet so that we can discuss how the HCM team can best suit your needs.Location:Fontainebleau Hotel4441 Colli
22、ns Avenue,Miami Beach,FL 331403SELECT HOULIHAN LOKEY M&A TRANSACTIONS4Cornell Capital LLC and TorQuest Partners have completed an investmentin S.i.Systems ULC,Canadas largest information technology staffingcompany.Headquartered in Calgary,with offices in Edmonton,Vancouver,Toronto,Mississauga,Montra
23、l,and Ottawa,S.i.Systems leverages its proprietaryMatchGuide technology to offer its customers a comprehensive suite ofsolutions for on-demand access to the high-skilled IT talent necessary tosupport their most critical business initiatives.Led by a best-in-classleadershipteamwithdeepindustryexperie
24、nce,S.i.Systemshasestablished itself as a leading provider of critical IT talent across industriesin Canada and recently entered the high-demand U.S.market through theestablishment of new offices in Chicago and Houston.Cornell Capital and TorQuest together have prior extensive experienceinvesting in
25、 the staffing industry and are excited to partner with S.i.Systems management team.The company will retain its headquarters inCalgary,and Cornell Capital and TorQuest will work closely with thecurrent management teamled by Chief Executive Officer and FounderDerek Bullen,President Leonie Tyler,and Ch
26、ief Financial Officer AndrewWhiteto build on S.i.Systems long track record of supporting itsCanadian clients and accelerating momentum to execute on the companysnext phase of growth.Houlihan Lokey served as the exclusive buyside financial advisor to CornellCapital and TorQuest Partners.November 2022
27、Medical Solutions,one of the nations largest providers of total workforcesolutions serving the healthcare industry,has acquired San Diego-basedHost Healthcare.Host Healthcare,which will continue to operate independently as its ownbrand under the Medical Solutions parent company,was founded in 2012an
28、d has experienced rapid growth in the healthcare staffing industry.Specializing in nursing,allied,and therapy staffing,Host Healthcare hasearned numerous healthcare staffing industry awards in categories such asfastest-growing privately held companies in the U.S.and best places towork.HoulihanLokey
29、servedastheexclusivefinancialadvisortoHostHealthcare and assisted in marketing,structuring,and negotiating thetransaction on behalf of the company.November 2022has been acquired bya portfolio company ofSellside Advisorhas acquiredBuyside AdvisorSPOTLIGHT:PROFESSIONAL EMPLOYER ORGANIZATIONS(PEOs)Sour
30、ces:NAPEO,Trinet,Insperity,and ADP investor presentations and filings.The PEO market is positioned for sustained growth;the space is highly fragmented,with hundreds of firms serving a very large and diverse client base.In particular,the market for SMBs(defined as a company with less than 500 employe
31、es)is underpenetrated,with only 7%of worksite employees(WSEs)at SMBs working through a PEO.There Is a Confluence of Supportive Tailwinds for PEOsHeightened compliance and regulatory matters generated from the pandemic(i.e.,distributed workforce,changing tax implications,new health and safety regulat
32、ions)create a favorable environment for PEOs.Post-Pandemic Trends in the PEO Sector7%+57mm Incremental WSEs61mmAddressable WSEsAlready served by a PEOUnderpenetrated SMB Market%of PopulationFirstEarly AdopterEarly MajorityLate MajorityLast2.5%13.5%34%34%16%HCMPEOEarly marketPEO Adoption Phase61mmEmp
33、loyees within the PEO target market(work for companies with 500 or fewer employees)Only 7%The approximate percentage of WSEs who work for SMBs using a PEO480+The number of PEO service providers within the industryPEO WSE Growth Summary(Year-Over-Year)1Q192Q193Q194Q191Q202Q203Q204Q201Q212Q213Q214Q211
34、Q222Q223Q224Q22TNET0.1%1.6%4.4%4.4%6.3%(3.4%)(3.3%)(2.4%)(3.2%)8.6%9.6%10.0%6.8%3.2%1.1%(3.1%)2.5%ADP9.1%5.2%7.0%6.4%7.4%(4.6%)(2.5%)(0.9%)0.0%16.2%15.0%15.4%15.6%14.3%11.9%7.7%7.7%NSP15.3%13.8%12.0%9.9%5.5%(1.8%)(3.8%)(1.8%)(2.0%)6.7%11.1%12.4%19.5%19.4%17.8%14.3%9.3%calculated as the average for 1
35、Q19 through 4Q225HCM M&A ACTIVITYSources:S&P Capital IQ,Staffing Industry Analysts,Mergermarket,public company filings,press releases.Note:Represents global M&A activity.14%13%8%8%7%6%6%39%Talent Acquisition TechnologyMultiple Staffing SegmentsIT StaffingIndustrial StaffingHealthcare StaffingDirect
36、Work EngagementPlace&SearchAll Other CategoriesYearly HCM Transaction Volume2022 saw 471 transactions,which represents an increase of 9%compared to 2021.In spite of more difficult macroeconomic conditions,this is still significantly above the preceding five-year average of HCM M&A activity of 268 tr
37、ansactions per year for the 20162020 period.Companies with a strong growth profile,dedicated management team,and diversified yet entrenched customer base are highly sought after by both financial and strategic buyers.2022 HCM Transactions by Category2022 saw robust transaction volumes as interest pe
38、rsisted in tech-enabled and high-margin assets.The largest segment of HCM transactions was for firms providing talent acquisition technology.This segment is experiencing significant tailwinds as companies have adjusted their hiring practices during the pandemic.Information technology staffing and he
39、althcare staffing were particularly active sectors in 2022,with a combined 70 transactions.Other professional staffing assets(e.g.,F&A and Creative)are also continuing to experience strong demand.471 Transactions 192 235 316 324 271 431 471 20002262000200320062009200
40、21HISTORICAL PERFORMANCE AND 2022 TRENDSFollowing the volatility in temporary employment in the U.S.in 2020 due to the varied responses to COVID-19,key indicators largely stabilized in 2021 and continued steadily growing in 2022.The U.S.temporary penetration rate settled at 2.0%in December 2022,abov
41、e its average of 1.9%since 2000.Nonfarm employment rose by just 260,000 jobs in December,signaling a slight slowdown to the strong recovery made since the beginning of 2022.In recent years,many continental European countries have seen temporary staffing penetration rates well into the double digits.
42、However,these rates have softened in recent quarters for many countries.While the labor market of each country may differ in key ways,we view the relatively lower U.S.rate as a sign that there is room for further expansion.The Staffing Index shown above reflects an EV/NTM EBITDA multiple of 7.2x as
43、of September 2022.Since 2000,the multiple has averaged 9.5x,reaching a peak in January 2000 and a low in December 2008.Lower valuation multiples are primarily driven by significant monetary policy changes that have created a more difficult financing environment.(1)Staffing Index comprises North Amer
44、ica,the United Kingdom,Europe,APAC,and rest of world(RoW)select public comps(see“Public CompsTrading and Operating Performance”on page 13 for additional detail).Key Market TrendsDenotes Recession7.2x1.97%3.05MEV/NTM EBITDA Staffing Index(1)Temporary EmploymentTemporary Penetration RateSelect Average
45、sAll020707125 YrsLTMEV/EBITDA Staffing Index9.5x10.1x8.1x9.4x7.4xTemp Employment(000s)2,564 2,431 2,279 2,851 3,120 Temp Penetration1.85%1.82%1.70%1.92%2.04%Historic Levels of Dry PowderArmed with brisk fundraising and more than$2 trillion in dry powder,global PEs are expected to continue driving th
46、e unabated dealmaking space.Competition for Select Assets Driving ValuationsValuations are stable in a market filled with buyers holding cash and looking to acquire assets to enhance competitive advantages.Investors Keep an Eye on Inflation and RatesInvestors are keeping a close eye on interest rate
47、s,with inflation rates rising globally,as regulators decide their next steps.M&A Resilient With Abundance of Interested BuyersThe 471 HCM transactions in 2022 demonstrate the market resilience that continued throughout the year despite less-than-ideal macroeconomic conditions.7DEBT CAPITAL MARKETSSo
48、urce:S&P Global Market Intelligence.Average PF Total Debt/EBITDATrends in Loan StatisticsUnited StatesEuropeRecent Issuances and Notable Transactions3.9x4.4x4.6x4.7x4.9x4.7x5.0 x5.0 x5.2x5.2x5.1x5.3x5.3x4.2x4.4x4.5x4.7x5.0 x5.0 x4.9x5.1x5.4x5.3x5.3x5.5x5.5xAverage PF Total Debt/EBITDA($in billions)(
49、$in billions)($in millions)DateBorrowerSponsor(s)UseStructure1st Lien LIBOR/SOFR Spread2nd Lien LIBOR/SOFR SpreadTotal LeverageTotalRC1st Lien2nd LienOct-22Tetra Tech Inc.-Acquisition$500-$500-188-Jul-22Paycom Software Inc.-Corp.Purpose$1,400$650$750-125-Jul-22Fleetcor Technologies Inc.-Acquisition$
50、500$200-Feb-22Cast&Crew EntertainmentEQT PartnersAcquisition$225-$225-375-Feb-22Virtusa CorpBaring Private EquityRecap/Dividend$670-$670-375-Jan-22Vaco HoldingsOlympus PartnersRecap/Dividend$740$40$700-500-Jan-22Addison GroupTrilantic Capital PartnersLBO$590$65$525-425-Nov-21EmployBridge Holding Co.
51、Apollo ManagementAcquisition$200-$200-475-Sep-21CHG Healthcare ServicesLeonard GreenRecap$1,730$150$1,580-350-Sep-21Cornerstone OnDemandClearlake Capital LBO$2,418$300$2,118-375-Aug-21Alight SolutionsBlackstoneAcquisition$525-$525-300-$236$377$465$607$528$433$482$650$624$492$393$798$436 478 601 794
52、948 904 735 787 1,272 1,105 722 638 1,141 481 20000022Leveraged Loan New IssuancesDeal Count$57$60$36$89$106$70$77$136$115$91$74$155$62 102 140 105 189 206 176 176 272 195 169 147 238 110 20000022Leveraged Loan N
53、ew IssuancesDeal Count8GLOBAL EMPLOYMENT STATISTICSInternational Comparison:Unemployment Rates(1)Global unemployment rates continued to decline from COVID-19 peaks through December 2022.According to the OECD,unemployment rates reached a trough in Q2 and will slowly start ticking up throughout 2023 a
54、s global growth slows.Penetration trends in Europe varied by country over 2022 but remained high overall as a result of stringent protections around permanent employment,causing employers to be more cautious about hiring full-time employees.U.S.penetration has generally increased since the financial
55、 crisis and stood at 2.0%as of December 2022.Sources:Bureau of Labor Statistics(U.S.),Eurostat,Office for National Statistics(U.K.),Statistics Bureau(Japan),OECD,SIA.Note:Eurozone comprises the following countries:Austria,Belgium,Cyprus,Estonia,Finland,France,Germany,Greece,Ireland,Italy,Latvia,Lith
56、uania,Luxembourg,Malta,the Netherlands,Portugal,Slovakia,Slovenia,and Spain.(1)U.K.data as of November 2022;all others as of December 2022.(2)Eurozone,France,and Germany data as of Q3 2022;all others as of Q4 2022.International Comparison:Temporary Penetration Rates(2)EurozoneFranceJapanGermanyU.K.U
57、.S.EurozoneFranceJapanGermanyU.K.U.S.6.6%7.1%2.9%2.5%3.7%3.5%15.2%16.6%12.1%2.5%5.8%2.0%9M&A MARKET INTELLIGENCEGlobal M&A ActivitySource:Refinitiv.Notes:Regional breakdowns are by target and are based on total number of transactions.Includes minority equity deals,equity carve-outs,exchange offers,o
58、pen market repurchases,and deals with undisclosed transaction values.U.S.M&A ActivityU.S.M&A activity also experienced a deceleration from 2021 highs,stemming from significant monetary policy changes making financing conditions more difficult.The value and number of deals in the YTD period shrank 38
59、%and 11%,respectively.($in trillions)($in trillions)Global M&A activity declined precipitously from 2021 highs,primarily due to slowing economic recovery and more difficult global financing conditions.Overall,the value and number of announced M&A deals shrunk 37%and 14%,respectively.Tighter conditio
60、ns have driven sponsors and strategic buyers to choose their deals extremely carefully and take significant time to de-risk potential acquisitions.Transaction values have shrunk to their lowest levels since the onset of the COVID-19 pandemic in 1H 2020.$2.0$2.4$2.5$2.5$2.3$3.3$4.2$3.5$3.3$3.9$3.8$3.
61、5$5.7$3.640,02942,81242,18939,86738,16842,34546,29548,31651,79751,62750,60350,85666,12556,898200920000022Value of DealsNumber of Deals$0.8$0.8$0.9$0.9$1.0$1.4$1.9$1.6$1.3$1.7$1.8$1.4$2.5$1.57,8998,3188,6208,8159,12010,23210,83311,55513,59612,93211,66912,83
62、616,43514,680200920000022Value of DealsNumber of Deals10U.S.MACROECONOMIC INDICATORSNonfarm Employment and YoY ChangeTemp Employment and PenetrationSource:U.S.Bureau of Labor Statistics.Source:U.S.Bureau of Labor Statistics.December 2022 nonfarm employment
63、 reached 154.6 million,recording a monthly increase of 260,000,a tepid rise compared to the strong gains made since May 2021.The 260,000 increase compares to the median gain of 254,000 per month over the previous five years.Higher overall employment is a driver of HCM revenue.The temporary penetrati
64、on rate,which measures temporary employment as a percentage of total nonfarm employment,increased from 1.9%in December 2021 to 2.0%in December 2022.Temporary employment was 3.1 million in December 2022,an increase of 20.0%since December 2007.A higher temporary penetration rate signifies a larger mar
65、ket for HCM businesses.Unemployment Rateand ParticipationReal and Nominal Wage GrowthSource:U.S.Bureau of Labor Statistics.Source:U.S.Bureau of Labor Statistics.The unemployment rate was 3.5%in December 2022,while labor force participation(LFP)was 62.3%.The LFP rate dropped sharply during the first
66、few months of the pandemic before making a partial recovery during 2020 and continued to inch higher through 2021 and 2022.Just how long the participation rate will stay at these relatively depressed levels is up for debate.Nominal wages have grown 54.9%since Q4 2007,with the average hourly wage rat
67、e coming in at$32.93 in December 2022,a 4.8%increase over the rate a year prior.Real wages increased 1.2%over the same period.Wage growth is a fundamental contributor to the HCM market,especially the staffing segment.$1,08456%58%60%62%64%66%68%3%5%7%9%11%13%15%07 08 09 10 11 12 13 14 15 16 17 18 19
68、20 21 22U3(Headline Unemployment Rate)Labor Force Participation Rate1.0%1.2%1.4%1.6%1.8%2.0%2.2%1,0001,5002,0002,5003,0003,50007 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22Temp Employment(thousands)Temp Penetration Rate(16%)(12%)(8%)(4%)0%4%8%12%125,000130,000135,000140,000145,000150,000155,00007 0
69、8 09 10 11 12 13 14 15 16 17 18 19 20 21 22Nonfarm Employment(thousands)YoY Change$364$200$400$600$800$1,000$1,20007 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22Nominal WageReal Wage113.0 x6.0 x9.0 x12.0 x15.0 x18.0 xDec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22North AmericaUnited KingdomEu
70、ropeAPAC and RoWPUBLIC COMPSSEGMENT COMPOSITION AND PERFORMANCESource:S&P Capital IQ.Public Equity Markets Performance:Two-Year Change in EV/NTM EBITDAThe recent public markets decline has put a damper on an otherwise strong period of valuation appreciation experienced since the initial sell-off of
71、the early pandemic days.8.2x7.0 x6.8x5.4x(38.9%)(50.3%)(28.0%)(37.1%)AdeccoAllgeierAmadeus FiReBrunelGroupe CRITRandstadSynergieCount:7Career InternationalHRnetGroupLIKEMEITECOUTSOURCINGPasona GroupPERSOLRecruit HoldingsBeNext-YumeshinTrust TechUT GroupCount:11HaysImpellam GroupPageGroupRobert Walte
72、rs Staffline GroupSThreeCount:6AMN HealthcareASGNBG StaffingComputer Task GroupCross Country HealthcareGEE GroupHeidrick&Struggles Kelly ServicesKforceKorn Ferry ManpowerGroupRCM TechnologiesRobert HalfTrueBlueCount:14APAC and RoWEuropeUnited KingdomNorth America123.9%9.0%11.2%5.4%-1.8%3.4%2.2%1.9%5
73、.9%12.2%4.8%-0.4%PUBLIC COMPSBENCHMARKING ANALYSISMargin:2022 EBITDA MarginMultiple:Enterprise Value/2022 EBITDAGrowth:2021 2022 RevenueMargin projections for 2022 are elevated above historical levels,with cost optimizations undertaken during a difficult 2020 and recent wage inflation offering an op
74、portunity to boost to rate spreads.While staffing revenues grew substantially in 2022 in North America,global revenues are expected to decline as economic recovery slows and companies adjust to more difficult market conditions.Valuation multiples throughout 2022 were below historical averages,with s
75、ignificant monetary policy changes depressing valuations.Source:S&P Capital IQ.Note:Select firms are in process of reporting full-year 2022 earnings.Therefore,select figures reflect estimates for 2022.North AmericaUnited KingdomEuropeAPAC and RoW8.1%7.7%9.2%3.9%4.0%5.7%5.0%5.2%5.8%7.0%6.3%8.6%North
76、AmericaUnited KingdomEuropeAPAC and RoW5-Yr Avg3-Yr Avg20225-Yr Avg3-Yr Avg20225-Yr Avg3-Yr Avg20225-Yr Avg3-Yr Avg2022North AmericaUnited KingdomEuropeAPAC and RoW5-Yr Avg3-Yr Avg2022E5-Yr Avg3-Yr Avg2022E5-Yr Avg3-Yr Avg2022E5-Yr Avg3-Yr Avg2022E8.8x8.7x5.8x7.3x8.0 x5.5x8.2x8.1x7.4x9.3x9.1x8.0 xMe
77、dian:6.9xMedian:6.9%Median:5.9%5-Yr Avg3-Yr Avg20225-Yr Avg3-Yr Avg20225-Yr Avg3-Yr Avg20225-Yr Avg3-Yr Avg202213PUBLIC COMPSTRADING AND OPERATING PERFORMANCESources:S&P Capital IQ,public company filings.Notes:Trading multiples are based on share price,other market data,and broker consensus future e
78、arnings estimates from S&P Capital IQ as of February 17,2023.All financials calendarized to a December year-end.Margins and multiples exclude outliers.($in millions,except per share data)Stock%ofEBITDAEV/21-22EPrice52-WeekMarketEnterpriseEBITDAMarginEBITDARevenueCompanySector17/2/2023HighCap.Value20
79、212022E20212022E20212022EGrowthNorth America*Robert Half InternationalDiversified$82.42 67.4%$8,732$8,311$857$950 13.4%13.1%9.7x8.7x13.4%ASGNProfessional 92.46 74.4%4,614 5,610 473 558 11.9%12.2%11.9 10.1 14.7%ManpowerGroupProfessional 88.20 79.0%4,459 5,190 674 750 3.3%3.8%7.7 6.9(4.3%)AMN Healthca
80、reHealthcare 92.50 71.7%4,009 4,805 632 834 16.0%16.1%7.6 5.8 31.2%Korn Ferry Executive Search57.41 83.2%3,026 2,963 499 501 20.5%17.8%5.9 5.9 15.8%KforceProfessional 63.00 80.6%1,241 1,271 124 136 7.9%8.0%10.3 9.3 9.0%TrueBlueDiversified 19.09 63.0%627 617 89 118 4.2%5.2%6.9 5.2 5.9%Heidrick&Strugg
81、les Executive Search31.44 71.5%624 247 123 130 12.3%12.2%2.0 1.9 5.7%Cross Country HealthcareHealthcare 25.60 63.8%955 1,109 161 299 9.6%10.8%6.9 3.7 65.9%Kelly ServicesDiversified 16.91 73.5%629 547 72 112 1.4%2.3%7.6 4.9 0.4%BG StaffingDiversified 15.22 95.0%160 190 16 23 6.7%7.9%11.9 8.3 21.6%RCM
82、 TechnologiesDiversified 14.05 48.8%138 142 9 29 4.6%10.4%16.4 4.8 49.1%Computer Task GroupDiversified 7.40 73.3%116 110 16 16 4.2%5.1%6.7 6.7(18.0%)GEE GroupDiversified 0.44 54.9%50 35 12 11 8.1%6.8%2.8 3.1 7.2%Average71.4%8.9%9.4%8.2x6.1x15.5%Median72.5%8.0%9.2%7.6x5.8x11.2%United Kingdom*HaysDive
83、rsified$1.49 84.3%$2,399$2,505$290$327 3.5%4.0%8.6x7.7x(1.6%)PageGroupDiversified 5.55 75.2%1,766 1,724 240 311 10.8%12.9%7.2 5.5 8.5%SThreeDiversified 5.30 91.7%704 665 94 105 5.3%5.7%7.1 6.3 3.4%Robert Walters Diversified 6.32 70.1%473 454 79 98 6.0%6.9%5.7 4.6 8.3%Impellam GroupDiversified 8.51 9
84、6.3%383 378 42 0 1.4%NM 9.0 NM NM Staffline GroupDiversified 0.46 55.6%75 90 19 20 1.5%1.8%4.7 4.4(10.6%)Average78.9%4.7%6.2%7.1x5.7x1.6%Median79.7%4.4%5.7%7.1x5.5x3.4%Europe*RandstadDiversified$62.75 89.0%$11,463$12,709$1,537$1,669 5.6%5.7%8.3x7.6x6.7%The Adecco GroupDiversified 37.40 72.7%6,173 9,
85、638 1,119 1,029 4.7%4.1%8.6 9.4 4.2%SynergieDiversified 35.06 82.8%841 657 148 176 4.8%5.6%4.4 3.7 1.6%Groupe CRITDiversified 71.61 95.5%795 508 109 139 4.7%5.6%4.7 3.7 8.0%Amadeus FiReProfessional 133.90 77.4%766 866 80 99 18.8%22.9%10.9 8.7 2.7%BrunelDiversified 12.08 88.9%609 585 60 85 5.7%6.9%9.
86、8 6.9 18.4%AllgeierDiversified 31.67 58.7%362 549 36 67 7.9%13.0%15.2 8.2 12.5%Average80.7%7.5%9.1%8.8x6.9x7.7%Median82.8%5.6%5.7%8.6x7.6x6.7%APAC and RoW*RecruitDiversified$28.49 67.7%$45,057$40,960$3,660$3,919 15.7%15.5%11.2x10.5x8.3%PersolDiversified 20.56 85.6%4,698 4,487 528 545 5.9%6.1%8.5 8.2
87、(0.4%)TechnoProDiversified 25.89 84.1%2,789 2,692 193 186 13.3%12.9%14.0 14.5(0.1%)Career InternationalDiversified 7.22 90.0%1,405 1,324 55 67 5.0%5.0%24.2 19.9 21.9%MeitecDiversified 17.86 89.7%1,402 1,075 110 120 12.3%13.5%9.8 8.9(0.5%)BeNext-YumeshinDiversified 14.14 92.4%1,230 1,139 0 0 NM NM NM
88、 NM(1.8%)OUTSOURCINGDiversified 9.09 83.8%1,144 2,178 281 317 5.8%6.3%7.7 6.9 4.6%UT GroupDiversified 17.39 63.0%702 604 64 83 5.0%6.3%9.5 7.3 1.9%HRnetGroupDiversified 0.62 96.0%611 384 61 69 15.3%14.8%6.3 5.6 17.2%Pasona GroupDiversified 14.27 73.4%559 181 227 175 7.3%6.6%0.8 1.0(15.5%)LIKEDiversi
89、fied 14.18 78.8%272 310 47 43 9.5%10.3%6.6 7.1(13.8%)Average82.2%9.5%9.7%9.9x9.0 x2.0%Median84.1%8.4%8.4%9.0 x7.8x(0.1%)Average77.4%8.1%9.0%8.6x7.0 x8.1%Median78.1%6.0%6.9%7.7x6.9x5.9%14NOTABLE RECENT M&A TRANSACTIONSSources:S&P Capital IQ,Mergermarket,public company filings,press releases.DateTarge
90、tAcquirerTarget SegmentTarget Description12/19/22Personnel Decisions Research Institutes,LLCPearson plc(LSE:PSON)Talent Management/DevelopmentProvides talent workforce assessment solutions such as assessment&hiring and career management12/16/22MINAGINE Co.,Ltd.Chatwork Co.,Ltd.(TSE:4448)Payroll/PEOO
91、ffers outsourcing of payroll,attendance management systems,and personnel evaluation systems12/13/22Hireup Leadership Inc.Cross Country(NasdaqGS:CCRN)Talent Management/DevelopmentProvides healthcare interim and permanent recruitment services12/01/22Kanden Joinus Co.,Ltd.Pasona Group Inc.(TSE:2168)Tal
92、ent Management/DevelopmentProvides human resources services,including temporary staffing,outsourcing,recruitment,and training services11/10/22Launch Recruitment Pty Ltd.geechs inc.(TSE:7060)IT ConsultingProvides IT human resource services10/11/22Helpster Pte.Ltd.PERSOL Asia Pacific Pte.Ltd.StaffingO
93、ffers an on-demand staffing platform providing recruitment,shift scheduling,and workforce analytics10/11/22Talentherder LLCRCM Technologies,Inc.(NASDAQGM:RCMT)ATS/Talent Mgmt/DevelopmentOperates as a talent acquisition services firm that identifies and hires talent across tech and nontech functions1
94、0/04/22EmployBridge(Apollo)BluecrewStaffingProvider of commercial staffing services via“Workforce-as-a-Service”mobile platform 09/21/22Optionis GroupAlcentra Ltd.Payroll/PEOProvides workforce and SME support services such as tax,payroll,and human resources consulting09/21/22Spencer Group Ltd.RSK Gro
95、up Ltd.StaffingOffers executive search and selection services09/16/22NKD Learning Ltd.ITA Group,Inc.ATS/Talent Mgmt/DevelopmentProvides employee engagement and experiential learning solutions09/08/22Fusion Employer Services,LLCEngage PEO,LLCPayroll/PEOProvides payroll,workers compensation,medical be
96、nefits,dental and vision benefits,and life insurance08/31/22Direct Recruiters,Inc.NL Starfish Partners Inc.StaffingProvides recruitment services for small firms,middle-market businesses,and Fortune 500 companies08/01/22Infinity Consulting Solutions,Inc.Korn Ferry(NYSE:KFY)StaffingProvides staffing s
97、olutions to various clients and candidates07/28/22Preferred Payroll,Inc.CAVU Human Capital Management LLCPayroll/PEOProvides solutions for payroll,timekeeping,workers compensation,and automated benefit enrollment07/26/22PrincetonOne LLCMy Job Matcher Inc.StaffingProvides recruitment and staffing ser
98、vices for companies across the globe07/26/22I4 Pay Partners Ltd.IPE VenturesPayroll/PEOProvides payroll management services06/28/22Cooper Fitch DMCCLincoln Associates,SASStaffingProvides recruitment,executive search,and human resources advisory services06/22/22EmPower HR,LLCVensure Employer Services
99、,Inc.StaffingProvides human resources management and consulting services to small and midsized businesses05/02/22CoreAxis,LLCeLearning Brothers,LLCATS/Talent Mgmt/DevelopmentProvides corporate training and employee engagement consulting services04/29/22KHS Personnel Ltd.The Jarell GroupVMS/MSP/RPOPr
100、ovides recruitment and workforce management services04/12/22Innovative Employer Solutions,Inc.Engage PEO,LLCPayroll/PEOProvides integrated human resources solutions,such as outsourcing services,payroll,and administration03/31/22InStaff Personnel,LLCUnicorn Content,S.L.ATS/Talent Mgmt/DevelopmentProv
101、ides recruitment and career development solutions03/14/22Volt Information Sciences,Inc.American CyberSystems,Inc.StaffingProvides traditional time,materials-based,and project-based staffing services03/08/22Employer Advantage,LLCG&A Outsourcing,Inc.Payroll/PEOProvides payroll,benefits administration,
102、and human resources services to employers02/24/22Tempay,Inc.Encore Funding,Inc.StaffingOffers temporary staffing,payroll funding and factoring,and temporary payroll finance solutions01/31/22OneSource Employee Management,LLCVensure Employer Services,Inc.Payroll/PEOProvides human resources management,
103、payroll,and workers compensation solutions01/10/22MATRIX ResourcesMotion Recruitment Partners(Littlejohn)StaffingProvides IT staffing,consulting,and telecom services15 Houlihan Lokeys Business Services Group combines extensive industry relationships with substantial experience to offer a broad array
104、 of M&A,corporate finance,restructuring,and financial and valuation advisory services to the business services industry.Based on number of transactions and according to data provided by Refinitiv,Houlihan Lokey was ranked the No.1 investment bank for all global business services M&A transactions in
105、2022.*Excludes accounting firms and brokers.ABOUT OUR BUSINESS SERVICES INDUSTRY GROUPKey Facts and FiguresLearn More About OurBusiness Services Industry CoverageIndustry Sector CoverageWe cover a broad array of sectors,with bankers dedicated to each of our primary coverage areas.124Dedicated Busine
106、ss Services bankers 69Completed business services M&A/private placement transactions in CY22$2.9BIn financing deals in CY22Selected Business Services Industry Transactions2022 M&A Advisory Rankings All Global Business Services TransactionsAdvisorDeals1Houlihan Lokey692Rothschild&Co503Lincoln Interna
107、tional374Goldman Sachs&Co345GCG26Source:Refinitiv.Excludes accounting firms and brokers.BPO ServicesEngineering and InfrastructureEnvironmental ServicesEquipment-as-a-ServiceFacility and Residential ServicesHCM ServicesIT ServicesMarketing ServicesSpecialty Consulting and Risk ServicesTesting,Inspec
108、tion,Certification,and ComplianceTraining and EducationTransportation and Logisticsa portfolio company ofhas acquiredBuyside Advisora portfolio company ofhas been acquired bySellside Advisorhas received a strategic investment fromSellside Advisorhas been acquired bySellside Advisor&Fairness Opinionh
109、as acquireda portfolio company ofBuyside Advisorhas been acquired bya portfolio company ofSellside Advisora portfolio company ofhas been acquired bySellside Advisora portfolio company ofhas received secondaryinvestment fromSellside Advisorhas been acquired bySellside Advisorhas received an investmen
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