《华利安:2023Q1工程、工业和基础设施服务行业报告(英文版)(11页).pdf》由会员分享,可在线阅读,更多相关《华利安:2023Q1工程、工业和基础设施服务行业报告(英文版)(11页).pdf(11页珍藏版)》请在三个皮匠报告上搜索。
1、ENGINEERING,INDUSTRIAL,AND INFRASTRUCTURE SERVICESINDUSTRY UPDATE|SPRING 20231Dear Clients and Friends,Houlihan Lokey is pleased to present its Engineering,Industrial,and Infrastructure(EI&I)Services Industry Update for Q2 2023.We have included important news stories,transaction announcements,a publ
2、ic markets overview,and other industry insights tohelp you stay ahead in our dynamic and constantly evolving industry.We are available to discuss our perspectives on the state of the market and opportunities for your business.Please feel free to reach out to us at our contact information listed belo
3、w.We look forward to staying in touch.Regards,Houlihan Lokey EI&I Services UpdateMs.DeRudder is a Los Angeles native and joined Houlihan Lokey in July 2022.Prior to joining Houlihan Lokey,Ms.DeRudder interned as an Equity Research Summer Analyst at RBC Bank,where she focused on the technology,media,
4、and telecom sector.Ms.DeRudder graduated from Stanford University with a B.A.in Economics and M.A.in Public Policy.In her spare time,Ms.DeRudder enjoys running,going to the beach,and traveling.Her favorite city to visit has been Berlin,where she spent a semester in a study abroad program.Sommer DeRu
5、dderFinancial Analyst,Los AngelesHoulihan Lokeys EI&I Team Member SpotlightShane MurrishSenior Vice PresidentAlex HeikaliVice PresidentB.A.EconomicsM.A.Public PolicyScott KolbrennerManaging Director and Co-Head,Engineering&Infrastructure ServicesSKolbrennerHL.com310.712.6524Ranon KentManaging Direct
6、or and Co-Head,Industrial ServicesRKentHL.com310.712.6523James IrelandManaging Director,EuropeJames.IrelandHL.com+44(0)20 7747 2772Jon HarrisonManaging Director,EuropeJHarrisonHL.com+44(0)20 7747 7564Chris HebbleManaging Director,Capital MarketsCHebbleHL.com310.788.5204Scott SergeantManaging Directo
7、r and Co-Head,Industrial ServicesSSergeantHL.com212.497.4275Jennifer KlippensteinVice PresidentChris SweetManaging Director,Capital MarketsCSweetHL.com832.319.5140Mac CahillVice PresidentRonnie Grenier-HemphillVice PresidentJeff SternManaging Director,Financial SponsorsJSternHL.com312.456.4724Justin
8、 AbelowManaging Director,Financial SponsorsJAbelowHL.com212.497.4206DEDICATED CORE EXECUTION TEAMEI&I/INDUSTRIAL SERVICES2Houlihan Lokey is the trusted advisor to more top decision makers than any other independent global investment bank.No.1 Global M&A Advisor Under$1 BillionLeading Capital Markets
9、 AdvisorNo.1 M&A Fairness Opinion Advisor Over the Past 25 Years1,000+Annual Valuation EngagementsNo.1 Investment Banking Restructuring Advisor1,500+Transactions Completed Valued at More Than$3.0 Trillion CollectivelyRecent Houlihan Lokey EI&I TransactionsNo.1 Investment Bank for All Global Business
10、 Services M&A Transactions(2)No.1 Global M&A Advisor Under$1 BillionNo.1 Global Private Equity M&A Advisor(1)(1)Source:PitchBook.(2)Source:Refinitiv.Excludes accounting firms and brokers.has been acquired bySellside Advisora portfolio company ofandhas been acquired bySellside Advisora portfolio comp
11、any ofhas been acquired bySellside Advisorhas received a strategic investment fromSellside Advisorhas been acquired bySellside Advisor&Fairness Opinion2022 M&A Advisory RankingsGlobal Transactions Under$1 BillionDealsAdvisor381Houlihan Lokey1369Rothschild&Co2217JP Morgan3206Lazard4203Goldman Sachs&C
12、o5Source:Refinitiv.Excludes accounting firms and brokers.1998 to 2022 Global M&A Fairness Advisory RankingsDealsAdvisor1,232Houlihan Lokey11,030JP Morgan2938Duff&Phelps,A Kroll Business3725Morgan Stanley4710BofA Securities Inc5Source:Refinitiv.Announced or completed transactions.2022 Global Distress
13、ed Debt&BankruptcyRestructuring RankingsDealsAdvisor58Houlihan Lokey130PJT Partners Inc229Lazard325Rothschild&Co421Moelis&Co5Source:Refinitiv.has acquired a 50%stake ofa portfolio company ofBuyside AdvisorHoulihan Lokey is the trusted advisor to more top decision-makers than any other independent gl
14、obal investment bank.3Debt Capital Markets in Q1 2023Use of Proceeds(1)New Issuance VolumeSource:DLD Weekly.Sources:S&P LCD,LFI Weekly,Lipper Weekly.In the direct market,LBO and add-on M&A made up most of the deal flow in Q4 2022,with similar deal flow continuing in early 2023.LBOs financed by direc
15、t lenders in YTD March 2023 outnumbered those financed in the broadly syndicated loan market by 61 to 4.The high-yield market went quiet in mid-February through the last week of March given market headwinds about the state of the economy,inflation,jobs data,anticipated actions by the Federal Reserve
16、,and ongoing banking industry turmoil.2023 YTD high-yield issuance is$40.0 billion,which is in line with$40.0 billion of issuance last year.Select Recent Capital Markets TransactionsExclusive Placement Agent:Air Pros is a premier residential HVAC services provider and integrationplatform.With a dive
17、rse customer base of more than 350,000 homeowners across seven states,thecompany offers air condition installation,repair,and maintenance services for residential customers.Exclusive Placement Agent:Cascade Environmental,a portfolio company of Snow Phipps Group,is theleading provider of environmenta
18、l and infrastructure drilling,site characterization,and environmentalremediation applications.Exclusive Placement Agent:Hardinge,a portfolio company of Privet,is a leading international provider ofbranded,advanced machine tools and related tooling and accessories,specializing in high-precision metal
19、-cutting machines and workholding technology solutions.Exclusive Placement Agent:BPS Supply Group,a portfolio company of Trive Capital,is a leading WestCoastbased supplier of industrial pipes,valves,and fittings,offering best-in-class distribution and value-added services.($in billions)Transaction S
20、potlightJMC Investment,an engineering-focused investment firm,has acquired Amerequip Corporation.Amerequip is a sole source,preferred premium engineering/manufacturing extension to leading blue-chip OEMs,including John Deere,CAT,and Ariens.Houlihan Lokey served as the exclusive placement agent and a
21、ssisted JMC Investment in arranging,structuring,and negotiating the acquisition financing.Notwithstanding Amerequips customer concentration and cyclicality,Houlihan Lokeys Capital Markets Group was able to leverage its senior relationships and drive competitive tension to secure a highly attractive
22、financing package.JMCs primary objectives were met,including:Maximize debt proceeds at closeClose on an expedited timelineMaximize operational flexibilityExclusive Placement AgentProcess Highlightshas acquired$10,000,000 Revolver$52,000,000 Term LoanAcquisition FinancingExclusive Placement Agent$70$
23、43$25$19$15$41Q4-21Q1-22Q2-22Q3-22Q4-22Q1-23Add-On M&A,19%LBO,81%Revolver&Term LoanAcquisition Financing&Dividend Recapitalization$185,000,000Exclusive Placement Agenta portfolio company ofRevolver&Term LoanAcquisition FinancingExclusive Placement Agenta portfolio company ofRevolver&Term LoanRefinan
24、cingExclusive Placement Agent(1)February 2023 volume by proceeds.a portfolio company of Senior Secured Credit FacilityUnsecured NotesRefinancingPlacement Agent4Upcoming Business Services ConferenceHoulihan Lokeys virtual Spring Summit will be held on Wednesday,April 26.The event will consist of deta
25、iled company presentations and perspectives from leaders across various business services sectors,followed by a day of targeted one-on-one meetings.Executives from high-performing companies will showcase their businesses,participate in live Q&A sessions,and share valuable insights into market dynami
26、cs and strategies within their respective industries.Conference AttendeesSenior executives from leading companiesPrivate equity and hedge fund investors with relevant industry experience and knowledgeInterested in Attending Future Business Services Conferences?Please visit HL.com/about-us/events or
27、email our Business Services Conference team at BUSConferenceHL.com for more information.2022 Fall Business Services Conference Presenting Companies=Indicates EI&I Company5EI&I Public CompaniesOperations,Markets,and Valuation OverviewNote:All LTM data is calculated as of March 31,2023.Source:S&P Capi
28、tal IQ.Stock Price PerformanceMean EV/EBITDA(Past 5 Yrs):14.0 xMean EV/EBIT(Past 5 Yrs):17.6xEngineering ServicesIndustrial ServicesMean EV/EBITDA(Past 5 Yrs):9.4xMean EV/EBIT(Past 5 Yrs):14.0 xInfrastructure ServicesMean EV/EBITDA(Past 5 Yrs):9.2xMean EV/EBIT(Past 5 Yrs):15.2x9.6x 8.1x 10.4x 8.0 x
29、14.1x 11.9x 15.9x 13.0 x TTMNTMTTMNTMQ42022Q12023EV/EBITDAEV/EBIT8.5x 5.6x 9.7x 5.6x 12.5x 8.3x 13.4x 10.6x TTMNTMTTMNTMQ42022Q12023EV/EBITDAEV/EBIT8%7%6%5%2022A2023PEBITDA MarginEBIT Margin6%9%4%5%2022A2023PEBITDA MarginEBIT Margin17.2x 11.6x 18.4x 11.8x 23.0 x 16.6x 22.4x 16.1x TTMNTMTTMNTMQ42022Q
30、12023EV/EBITDAEV/EBIT7%10%6%9%2022A2023PEBITDA MarginEBIT Margin79.0%(9.1%)(1.5%)55.0%21.6%16.8%13.8%(2.5%)7.8%56.9%(10.6%)5.5%5 Year Historical1 Year Historical3 Month HistoricalEngineering Services IndexIndustrial Services IndexInfrastructure Services IndexS&P 500 Index6Significant Infrastructure-
31、Related News StoriesBiden Administration Unveils Nearly$300 Million for Bridge Projects Around U.S.(USN,April 13,2023)The Biden administration is unveiling on Thursday nearly$300 million in funding from its signature infrastructure law for nine bridge projects across the country.The funding will go
32、to projects in eight U.S.states and Washington,D.C.Read MorePresident Biden Announces First of Its Kind Infrastructure Investment for Nine Nationally Significant Mega Projects(U.S.Department of Transportation,January 31,2023)President Biden and Transportation Secretary Pete Buttigieg announced that
33、the Biden-Harris Administration has awarded nearly$1.2 billion from the new National Infrastructure Project Assistance(Mega)discretionary grant program for nine projects across the country.The Mega grant program,created by President Bidens historic infrastructure law,funds projects that are too larg
34、e or complex for traditional funding programs.Eligible projects include highway,bridge,freight,port,passenger rail,and public transportation projects that are a part of one of the other project types.Read MoreWhite House Aims to Speed Up Pace of Building Infrastructure(AP News,October 13,2022)The Wh
35、ite House hosted a summit Thursday to help speed up construction projects tied to the roughly$1 trillion infrastructure law as the Biden administration tries to improve coordination with the mayors and governors who directly account for 90%of the spending.Read MoreU.S.Treasury Awards$408 Million in
36、COVID Broadband Funds to Five States(USN,August 30,2022)The U.S.Treasury on Tuesday announced$408 million in project awards for five states under a COVID-19 capital projects fund for broadband internet access and other public improvements to enable remote work,education,and health monitoring.Read Mo
37、reWhite House Says$110 Billion in Infrastructure Funds Released in First 6 Months(USN,May 16,2022)The White House said it has released$110 billion in funding from the$1 trillion infrastructure package that seeks to fix crumbling roads,expand broadband internet,and improve the electrical grid.The inf
38、rastructure bill includes$110 billion for roads,bridges,and major projects;$65 billion to expand broadband access and affordability;$66 billion for rail;$55 billion for water infrastructure;$25 billion for airports;$39.2 billion in new transit spending;and$5 billion for electric vehicle charging sta
39、tions.Read MoreBiden Admin Offers$500M to Improve K12 Infrastructure(Washington Informer,April 4,2022)The Biden-Harris Action Plan for Building Better School Infrastructure and the U.S.Department of Energy announced Monday a$500 million grant program for K12 public school energy upgrades.Read More7R
40、ecent M&A TransactionsSources:S&P Capital IQ,Mergermarket,PitchBook.Announced DateAcquirerTargetTarget DescriptionTransaction Value($M)Apr.23Apollo ManagementJohn Wood GroupOffers project and modification services,including onshore,engineering,project management,repair orders,construction,commission
41、ing,fabrication,and maintenance services2,060Apr.23H.I.G.InfrastructureTower Engineering Professionals,Inc.Provides multidisciplined engineering services focused on the telecommunications industry,completing more than 100,000 projects annuallyNAMar.23NV5 GlobalGaudet AssociatesManages more than$2 bi
42、llion in design,construction,and environmental projectsNAJan.23GI PartnersAtlas Technical ConsultantsOffers engineering,testing,inspection,and environmental consulting services to clients in various industries1,018Nov.22Brock Group/American Industrial PartnersAegion Corporation(Energy Services Busin
43、ess)Provides cost-effective maintenance,turnaround,and construction services at refineries,petrochemical,and other industrial facilities on the West CoastNASept.22Tetra TechRPS GroupServes a wide range of sectors,offering solutions in project and program management;design and development;water servi
44、ces;environment;management consulting;exploration and development;planning and approvals;health,safety,and risk;oceans and coastal;laboratories;training;and communication and creative735Aug.22Global Infrastructure Solutions Inc.Hill InternationalProvides program management,project management,constru
45、ction management,project management oversight,construction claims,dispute resolution,advisory,facilities management,and other consulting services to clients in a variety of market sectors173July 22MasTecInfrastructure and Energy Alternatives,Inc.Offers solutions in the renewable energy and infrastru
46、cture sectors,with extensive expertise and capabilities spanning engineering,procurement,construction,and other related services1,100July 22ArcadisIBI GroupProvides global architecture,engineering,planning,and technology expertise spanning more than 60 offices and 3,500+professionals around the worl
47、d659June 22Primoris ServicesPLH Group,Inc.Operates as a full-service construction and specialty contractor that serves the electric power and pipeline markets470Apr.22Comfort Systems USAAtlantic ElectricOperates as a full-service electrical contractor with specialization in commercial,industrial,and
48、 institutional electrical installations,data cable,and fiber-optic cable installationNAMar.22Atlas Technical Consultants1 Alliance GeomaticsOperates as a land-surveying and mapping firm providing construction surveying,engineering design mapping,and settlement monitoring services to the public and p
49、rivate sectorsNAMar.22KBRHarmonic Ltd.Provides transformation and delivery consultancy project services to defense and security,transport,outsourcing,infrastructure,and technology sectors in the United KingdomNAMar.22NV5 GlobalFulton Consulting EngineersProvides mechanical,electrical,and plumbing en
50、gineering;lighting and fire protection design;and energy efficiency consulting services to building owners,architects,and contractorsNAMar.22Tetra TechPiteau Associates EngineeringProvides resource development and management,transportation,construction,waste management,and remediation servicesNA8Hou
51、lihan Lokey(NYSE:HLI)is a global investment bank with expertise in mergers and acquisitions,capital markets,financial restructuring,and financial and valuation advisory.The firm serves corporations,institutions,and governments worldwide with offices in the Americas,Europe,the Middle East,and the Asi
52、a-Pacific region.Independent advice and intellectual rigor are hallmarks of the firms commitment to client success across its advisory services.Houlihan Lokey is the No.1 investment bank for global M&A transactions under$1 billion,the No.1 M&A advisor for the past eight consecutive years in the U.S.
53、,the No.1 global restructuring advisor for the past nine consecutive years,and the No.1 global M&A fairness opinion advisor over the past 25 years,all based on number of transactions and according to data provided by Refinitiv.About Houlihan LokeyLocationsIndustry ExpertiseAmericasEurope and Middle
54、EastAsia-PacificAtlantaBostonChicagoDallasHoustonLos AngelesMiamiMinneapolisNew YorkSan FranciscoSo PauloWashington,D.C.BeijingFukuokaGurugramHo Chi MinhCityHong KongSARMumbaiNagoyaOsakaShanghaiSingaporeSydneyTokyoAmsterdamAntwerpDubaiFrankfurtLondonMadrid ManchesterMilan MunichParisStockholmTel Avi
55、vZurichProduct ExpertiseMergers and AcquisitionsCapital MarketsFinancial RestructuringFinancial and Valuation AdvisoryDedicated Industry GroupsBusiness Services Consumer,Food,and Retail Energy Financial Services FinTechHealthcare Industrials Real Estate,Lodging,and Leisure TechnologyFinancial Sponso
56、rsActive Dialogue With a Diverse Group of 1,000+SponsorsPrivate Equity Firms Hedge Funds Capital Alliances 9Disclaimer 2023 Houlihan Lokey.All rights reserved.This material may not be reproduced in any format by any means or redistributed without the prior written consent of Houlihan Lokey.Houlihan
57、Lokey is a trade name for Houlihan Lokey,Inc.,and its subsidiaries and affiliates,which include the following licensed(or,in the case of Singapore,exempt)entities:in(i)the United States:Houlihan Lokey Capital,Inc.,and Houlihan Lokey Advisors,LLC,each an SEC-registered broker-dealer and member of FIN
58、RA(www.finra.org)and SIPC(www.sipc.org)(investment banking services);(ii)Europe:Houlihan Lokey Advisory Limited,Houlihan Lokey EMEA,LLP,Houlihan Lokey(Corporate Finance)Limited,and Houlihan Lokey UK Limited,authorized and regulated by the U.K.Financial Conduct Authority;Houlihan Lokey(Europe)GmbH,au
59、thorized and regulated by the German Federal Financial Supervisory Authority(Bundesanstalt fr Finanzdienstleistungsaufsicht);(iii)the United Arab Emirates,Dubai International Financial Centre(Dubai):Houlihan Lokey(MEA Financial Advisory)Limited,regulated by the Dubai Financial Services Authority for
60、 the provision of advising on financial products,arranging deals in investments,and arranging credit and advising on credit to professional clients only;(iv)Singapore:Houlihan Lokey(Singapore)Private Limited and Houlihan Lokey Advisers Singapore Private Limited,each an“exempt corporate finance advis
61、er”able to provide exempt corporate finance advisory services to accredited investors only;(v)Hong Kong SAR:Houlihan Lokey(China)Limited,licensed in Hong Kong by the Securities and Futures Commission to conduct Type 1,4,and 6 regulated activities to professional investors only;(vi)India:Houlihan Lok
62、ey Advisory(India)Private Limited,registered as an investment adviser with the Securities and Exchange Board of India(registration number INA000001217);and(vii)Australia:Houlihan Lokey(Australia)Pty Limited(ABN 74 601 825 227),a company incorporated in Australia and licensed by the Australian Securi
63、ties and Investments Commission(AFSL number 474953)in respect of financial services provided to wholesale clients only.In the United Kingdom,European Economic Area(EEA),Dubai,Singapore,Hong Kong,India,and Australia,this communication is directed to intended recipients,including actual or potential p
64、rofessional clients(UK,EEA,and Dubai),accredited investors(Singapore),professional investors(Hong Kong),and wholesale clients(Australia),respectively.Other persons,such as retail clients,are NOT the intended recipients of our communications or services and should not act upon this communication.Houl
65、ihan Lokey gathers its data from sources it considers reliable;however,it does not guarantee the accuracy or completeness of the information provided within this presentation.The material presented reflects information known to the authors at the time this presentation was written,and this informati
66、on is subject to change.Any forward-looking information and statements contained herein are subject to various risks and uncertainties,many of which are difficult to predict,that could cause actual results and developments to differ materially from those expressed in,or implied or projected by,the f
67、orward-looking information and statements.In addition,past performance should not be taken as an indication or guarantee of future performance,and information contained herein may be subject to variation as a result of currency fluctuations.Houlihan Lokey makes no representations or warranties,expre
68、ssed or implied,regarding the accuracy of this material.The views expressed in this material accurately reflect the personal views of the authors regarding the subject securities and issuers and do not necessarily coincide with those of Houlihan Lokey.Officers,directors,and partners in the Houlihan
69、Lokey group of companies may have positions in the securities of the companies discussed.This presentation does not constitute advice or a recommendation,offer,or solicitation with respect to the securities of any company discussed herein,is not intended to provide information upon which to base an
70、investment decision,and should not be construed as such.Houlihan Lokey or its affiliates may from time to time provide investment banking or related services to these companies.Like all Houlihan Lokey employees,the authors of this presentation receive compensation that is affected by overall firm profitability.Corporate Finance Financial RestructuringFinancial and Valuation AdvisoryHL.com