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Market MonitorWINTER 2020
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Select Apparel, Accessories & Footwear Tombstones
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Holiday Shopping Season Improved Despite Ongoing Trade WarConsumer Spending IndicatorsIndustry Update
• U.S. holiday retail sales ended the year with a 3.4% increase Y-o-Y, driven by
ongoing strong consumer sentiment and low unemployment. Cyber Monday
spending, in particular, reached $12 million a minute during peak hours, ending
with a record $9.4 billion in sales.
• While a stronger dollar and raging trade war have been evident by slower growing
U.S. financial markets, sentiment about future prospects within the apparel and
retail sectors remains cautiously optimistic for 2020 as record online sales gave
struggling retailers a much needed boost this holiday shopping season.
• The National Retail Federation stated that the trade war did not significantly hurt
spending on clothing, toys and electronics over the holiday season; however,
many retailers were forced to get through year-end by asking Chinese suppliers to
hold off on raising costs until the new year. Fortunately, the Phase 1 trade
agreement signals a de-escalation in the trade war, with China agreeing to buy
~$400 billion in U.S. goods and services over the next two years.
• Consumer confidence surged to the best level since October 2000 on brighter
views of the economy and finances, demonstrating how upbeat consumers are
feeling amid cooling U.S. trade tensions with China, record stock prices and the
lowest unemployment in a half century – adding to signs that consumers will
continue to underpin a record-long expansion
• The number of store closures in 2019 have eclipsed 2018 figures; however, off-
price brands such as Ross, Nordstrom Rack, Macy’s Backstage and TJ Maxx have
pushed to open more locations as consumers’ preferences continue to shift
toward lower-priced options. Still, many of the retailers curtailing physical
locations are only shuttering a fraction of their stores, while other apparel
retailers continue to offset their closures by opening new stores in more attractive
markets.
Source: U.S. Department of Commerce, BusinessWeek, CapitalIQ, Bloomberg, Business Insider, Tax Foundation. Fortune, & Moss Adams Capital estimates.
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Same Store Sales
Q4 '17 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19
Abercrombie & Fitch 3.0% 5.0% 3.0% 3.0% 2.0% 1.0% 1.0% 0.0%
American Eagle 4.0% 9.0% 9.0% 8.0% 5.1% 6.0% 2.0% 2.0%
Buckle (7.2%) (3.1%) 1.4% (1.4%) (0.6%) (1.3%) (0.5%) 4.7%
DBI (0.4%) 2.2.% 9.7% 7.3% 5.4% 3.0% 4.0% NA
Gap 3.0% 1.0% 2.0% 2.0% (1.0%) (4.0%) (4.0%) (4.0%)
Genesco 4.0% (1.0%) 3.0% 4.0% 5.0% 5.0% 7.0% 3.0%
Guess? North America 6.0% 1.0% 3.0% 4.0% 6.0% 4.0% 2.5% (3.0%)
Tilly's 0.1% 0.1% 4.4% 4.3% 6.4% 2.4% 1.0% 2.4%
Urban Outfitters 0.8% 10.0% 13.1% 7.7% 3.0% 0.7% (3.0%) 3.0%
Zumiez 5.9% 8.3% 6.3% 4.8% 3.9% 3.3% 3.6% 5.5%
Median 3.0% 1.0% 3.7% 4.2% 4.5% 2.7% 1.5% 2.4%
Non-Farm Payroll y/y growth (left-
axis) Apparel Retailer Sales y/y Growth
(left-axis)
Unemployment Rate (left-axis)
Consumer Confidence (right-axis)
0
20
40
60
80
100
120
140
160
(6%)
(4%)
(2%)
0%
2%
4%
6%
8%
10%
12%
4
Public Company Valuations
Source: CapitalIQ, company filings.
Note: Not meaningful (NM) if EV/Sales is greater than 10x, or EV/EBITDA is greater than 40x. NA if denominator is 0, for percentages and multiples, or if estimates are not available. NTM figures are based on the median estimate of Wall St. analysts.
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($U.S. in millions, except per share amounts) 1/13/20 TTM Data EV Multiple
Company Name
Market
Cap
Enterprise
Value Sales
Gross
Profit
Gross
Margin EBITDA
EBITDA
Margin Sales EBITDA
TTM
Sales
TTM
EBITDA
NTM
Sales
NTM
EBITDA
Performance
NIKE, Inc. $157,139 $160,559 $40,781 $18,387 45.1% $5,961 14.6% 8.1% 9.9% 3.94x 26.9x 3.64x 24.5x
adidas AG 67,220 69,509 25,117 13,267 52.8% 3,791 15.1% 11.0% 15.4% 2.77x 18.3x 2.49x 15.9x
Lululemon Athletica Inc. 30,598 30,708 3,749 2,081 55.5% 951 25.4% 17.0% 14.7% 8.19x 32.3x 7.00x 28.1x
PUMA SE 12,229 12,885 5,724 2,797 48.9% 558 9.7% 14.9% 48.6% 2.25x 23.1x 1.96x 15.5x
Under Armour, Inc. 8,470 9,353 5,216 2,416 46.3% 395 7.6% 4.8% 19.3% 1.79x 23.7x 1.71x 19.9x
Columbia Sportswear Company 6,592 6,780 3,005 1,512 50.3% 510 17.0% 6.0% 3.8% 2.26x 13.3x 2.13x 12.8x
Median $21,796 $5,470 $2,606 49.6% $755 14.9% 9.6% 15.1% 2.51x 23.4x 2.31x 17.9x
Average $48,299 $13,932 $6,743 49.8% $2,028 14.9% 10.3% 18.6% 3.53x 22.9x 3.16x 19.5x
Casual Fashion
Burlington Stores, Inc. $15,211 $18,633 $7,066 $2,959 41.9% $783 11.1% 9.3% 17.4% 2.64x 23.8x 2.41x 20.3x
The Gap, Inc. 6,645 13,396 16,332 7,464 45.7% 1,908 11.7% (0.9%) (24.7%) 0.82x 7.0x 0.83x 9.3x
Farfetch Limited 3,343 3,188 834 378 45.3% (220) NA 67.0% NA 3.82x NA 2.29x NA
Urban Outfitters, Inc. 2,586 3,581 3,943 1,282 32.5% 422 10.7% 3.6% (6.6%) 0.91x 8.5x 0.88x 9.1x
American Eagle Outfitters, Inc. 2,363 3,744 4,238 1,862 43.9% 514 12.1% 3.5% (4.4%) 0.88x 7.3x 0.85x 7.6x
Stitch Fix, Inc. 2,358 2,215 1,656 739 44.6% 29 1.7% 20.9% 29.4% 1.34x NM 1.11x NM
Guess?, Inc. 1,493 2,653 2,673 983 36.8% 200 7.5% 2.7% 13.6% 0.99x 13.3x 0.97x 11.7x
Boot Barn Holdings, Inc. 1,309 1,672 820 289 35.3% 95 11.5% 11.8% 18.1% 2.04x 17.7x 1.82x 15.0x
Designer Brands Inc. 1,163 2,350 3,518 1,258 35.8% 244 6.9% 1.1% 10.9% 0.67x 9.6x 0.66x 8.7x
Abercrombie & Fitch Co. 1,084 2,445 3,594 2,145 59.7% 277 7.7% 1.7% (3.1%) 0.68x 8.8x 0.67x 9.1x
Duluth Holdings Inc. 295 565 607 322 53.1% 46 7.5% 7.6% 26.9% 0.93x 12.4x 0.87x 9.8x
Vince Holding Corp. 183 326 291 143 49.3% 17 5.9% 8.5% (15.1%) 1.12x 19.0x 1.03x 22.3x
J.Jill, Inc. 61 531 694 436 62.9% 67 9.7% (1.1%) (11.5%) 0.77x 7.9x 0.77x 8.9x
Median $2,445 $2,673 $983 44.6% $200 8.7% 3.6% 3.9% 0.93x 9.6x 0.88x 9.3x
Average $4,254 $3,559 $1,559 45.1% $337 8.7% 10.4% 4.2% 1.35x 12.3x 1.17x 12.0x
NTM Est. Growth
5
Public Company Valuations
Source: CapitalIQ, company filings.
Note: Not meaningful (NM) if EV/Sales is greater than 10x, or EV/EBITDA is greater than 40x. NA if denominator is 0, for percentages and multiples, or if estimates are not available. NTM figures are based on the median estimate of Wall St. analysts.
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($U.S. in millions, except per share amounts) 1/13/20 TTM Data EV Multiple
Company Name
Market
Cap
Enterprise
Value Sales
Gross
Profit
Gross
Margin EBITDA
EBITDA
Margin Sales EBITDA
TTM
Sales
TTM
EBITDA
NTM
Sales
NTM
EBITDA
Diversified - Large Cap
V.F. Corporation $37,964 $41,361 $14,157 $7,313 51.7% $2,484 17.5% (13.7%) (15.3%) 2.92x 16.7x 3.39x 19.7x
PVH Corp. 7,331 11,829 9,792 5,361 54.7% 1,303 13.3% 1.6% (5.3%) 1.21x 9.1x 1.19x 9.6x
Skechers U.S.A., Inc. 6,673 7,182 4,993 2,392 47.9% 617 12.4% 9.8% 10.0% 1.44x 11.6x 1.31x 10.6x
Deckers Outdoor Corporation 4,617 4,734 2,087 1,076 51.6% 387 18.6% 5.2% 1.8% 2.27x 12.2x 2.16x 12.0x
Steven Madden, Ltd. 3,499 3,494 1,764 666 37.7% 223 12.7% 6.2% 5.8% 1.98x 15.7x 1.87x 14.8x
Crocs, Inc. 2,942 3,229 1,184 591 49.9% 147 12.4% 14.2% 36.5% 2.73x 22.0x 2.39x 16.1x
Wolverine World Wide, Inc. 2,687 3,691 2,246 921 41.0% 256 11.4% 4.7% 22.8% 1.64x 14.4x 1.57x 11.7x
G-III Apparel Group, Ltd. 1,479 2,426 3,173 1,126 35.5% 279 8.8% 4.6% 2.3% 0.76x 8.7x 0.73x 8.5x
Oxford Industries, Inc. 1,235 1,557 1,124 637 56.7% 138 12.2% 3.1% 0.8% 1.39x 11.3x 1.34x 11.2x
Caleres, Inc. 908 2,126 2,943 1,200 40.8% 206 7.0% 3.1% 4.4% 0.72x 10.3x 0.70x 9.9x
Median $3,592 $2,594 $1,101 48.9% $268 12.4% 4.7% 3.4% 1.54x 11.9x 1.46x 11.5x
Average $8,163 $4,346 $2,128 46.8% $604 12.6% 3.9% 6.4% 1.71x 13.2x 1.66x 12.4x
Diversified - Mid/Small Cap
Weyco Group, Inc. $235 $258 $307 $125 40.7% $31 10.0% NA NA 0.84x 8.4x NA NA
Rocky Brands, Inc. 209 204 262 93 35.4% 25 9.4% 3.2% 7.3% 0.78x 8.3x 0.75x 7.7x
Centric Brands Inc. 118 1,625 2,147 555 25.9% 148 6.9% NA NA 0.76x 11.0x NA NA
Iconix Brand Group, Inc. 18 685 149 149 100.0% 69 46.4% (9.9%) (6.6%) 4.61x 9.9x 5.12x 10.6x
Median $471 $284 $137 38.0% $50 9.7% (3.4%) 0.4% 0.81x 9.2x 2.94x 9.2x
Average $693 $716 $230 50.5% $68 18.2% (3.4%) 0.4% 1.75x 9.4x 2.94x 9.2x
Aspirational
LVMH Moët Hennessy - Louis Vuitton, Société Européenne$239,372 $264,522 $57,076 $37,797 66.2% $13,879 24.3% 10.8% 21.0% 4.63x 19.1x 4.18x 15.8x
Ralph Lauren Corporation 8,802 10,039 6,367 3,939 61.9% 993 15.6% 1.1% 3.8% 1.58x 10.1x 1.56x 9.7x
Tapestry, Inc. 7,569 10,678 6,004 4,064 67.7% 1,130 18.8% 2.5% 8.5% 1.78x 9.5x 1.74x 8.7x
Median $10,678 $6,367 $4,064 66.2% $1,130 18.8% 2.5% 8.5% 1.78x 10.1x 1.74x 9.7x
Average $95,080 $23,149 $15,267 65.3% $5,334 19.6% 4.8% 11.1% 2.66x 12.9x 2.49x 11.4x
NTM Est. Growth
6
Performance Expected to Surge With Phase 1 Signing
Public Market ValuationsNext 12 Months: Estimated Growth
• Performance apparel companies (slide 4) are expected tooutperform the S&P 500 in both NTM sales (9.6% vs 4.4%) andEBITDA growth rates (15.1% vs 13.6%).
• This estimated growth is mainly driven by positive results apparelcompanies are experiencing from their investments in direct-to-consumer focused strategies as well as from a sign that an end tothe trade war could be accomplished this year.
• Publicly traded AAF companies’ EBITDA multiples have increased32.2% since the end of December 2018, experiencing strong growthcompared to the broader S&P 500’s 23.8% growth over the sameperiod.
• Despite recent uncertainty in the tariff wars, AAF companies arecurrently trading at a 30.2% valuation premium to the S&P 500index led by continuing strong macro-economic factors and stronggrowth prospects.
Source: CapitalIQ.
Note: Apparel, Accessories & Footwear is composed of the public companies included on slides 4 & 5.
Sales EBITDA
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Apparel & Footwear
17.8x
S&P 500 13.7x
6.0x
8.0x
10.0x
12.0x
14.0x
16.0x
18.0x
20.0x
EV
/EB
ITD
A
4.4%
9.6%
2.5%
3.6%
4.7%
(3.4%)
S&P 500
Performance
Aspirational
Casual Fashion
Diversified - Large Cap
Diversified -Mid/Small Cap
13.6%
15.1%
8.5%
3.9%
3.4%
0.4%
7
Select, Notable M&A Activity with Disclosed Values
Source: CapitalIQ, PitchBook, company filings, news releases.
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$ in millions
Close EV/ EV/
Date Target Acquirer/Investor Target Description Implied EV Revenue EBITDA
Announced Texas Clothing Holding Corp. Randa Corporation Designs, imports and sells apparel $254.2 0.64x -
Announced Christopher & Banks Corporation CSC Generation, Inc. Specialty retailer of private-brand women’s apparel and accessories $15.2 0.04x -
Dec-19 Blenders Eyewear Safilo Group S.p.A. Manufactures and markets eyewear products for men and women $90.0 2.34x -
Nov-19 Meow, Inc./Parker New York Vince, LLC Manufactures women’s apparel $18.5 0.22x -
Oct-19 Rip Curl Group Pty Ltd Kathmandu, Ltd. Manufactures surfing wetsuits for men, women, and kids $234.5 0.52x 4.8x
Aug-19 B. B. Dakota, Inc. Steven Madden, Ltd. Provides apparel for women $29.0 0.67x -
Aug-19 Greats Brand, LLC Steven Madden, Ltd. Operates an online men’s footwear store $19.0 1.46x -
Aug-19 Hudson's Bay Company The Catalyst Capital Group Inc. Operates stores that offer fashion apparels, accessories, cosmetics, and home products $6,363.0 0.90x -
Aug-19 Jack Wills LTD Sports Direct International plc (nka:Frasers Group plc) Manufactures clothing, accessories, and other items for men and women $15.5 - -
Aug-19 E-Land Footwear USA Holdings Inc. Xtep International Holdings Limited Designs, develops, and markets footwear, apparel, accessories $260.0 1.24x NM
May-19 Maurices Incorporated OpCapita LLP Operates a chain of women's clothing stores $300.0 - -
Apr-19 Original, Inc. World Co., Ltd. Online fashion retailer of custom designed dress shirts $20.0 4.00x -
Mar-19 Janie and Jack Retail Chain of Gymboree Group Inc. The Gap, Inc. Operates children apparel retail stores $35.0 - -
Feb-19 House of Halston LLC Xcel Brands, Inc. Manufactures apparel brands $15.4 - -
Feb-19 Hat World Ames Watson Capital LLC Operates a chain of retail stores for sports hats, apparel, and accessories $101.0 - -
Jan-19 Jack Wolfskin Callaway Golf Company Manufactures functional outdoor clothing, footwear, and equipment $473.3 1.25x 11.9x
Jan-19 Stadium Goods Farfetch Limited Online retailer of sneaker and streetwear footwear and apparel $250.0 - -
Dec-18 Gianni Versace S.p.A. Michael Kors Holdings Limited (nka:Capri Holdings Limited) Designs, manufactures, and distributes fashion and lifestyle products $2,154.2 2.50x -
Nov-18 CafePress Inc. Snapfish, LLC Retailer of personalized products including apparel and accessories $26.7 0.34x -
Nov-18 TP Apparel LLC/TP Apparel Europe Ltd Redbubble Limited Manufactures men's women's, and kid's apparel $41.0 - -
Nov-18 CITY GEAR, LLC Hibbett Sporting Goods, Inc. Operates men's apparel, footwear, and accessories retailers $113.0 0.59x -
Nov-18 Baffin, Inc. Canada Goose Holdings Inc. Manufactures footwear for men, women and kids $24.8 - -
Oct-18 South Cone, Inc. The Relay Shoe Company Manufactures sandals $139.0 0.93x -
Oct-18 Perry Ellis International, Inc. George Feldenkreis Manufactures apparel products, accessories, and fragrances. $486.2 0.56x 8.7x
Oct-18 Vionic Group Caleres, Inc. Manufactures footwear and foot care products $352.7 1.96x -
Oct-18 Utility Garments Inc. Unisync Corp. Markets and manufactures uniforms $18.4 1.39x -
Oct-18 MVMT Watches Inc. Movado Group, Inc. Distributes and sells watches and sunglasses $200.0 2.82x -
Oct-18 Luxottica Group S.p.A. Essilor International Société Anonyme Provides fashion, luxury, sports, and performance eyewear $25,423.7 2.64x 12.3x
Aug-18 Bolle Inc. And Serengeti Eyewear, Inc. And Bushnell Outdoor Products Japan Limited Private Investor Manufactures, and delivers sunglasses, goggles, and helmets $158.0 - -
Jun-18 Rawlings Sporting Goods Company, Inc. Seidler Equity Partners L.P.; Major League Baseball Enterprises, Inc. Manufactures and markets sporting goods including apparel $395.0 1.20x -
Jun-18 The Finish Line, Inc. JD Sports Fashion plc Retailer of athletic shoes and apparel $464.4 0.25x 5.8x
Median $139.0 1.06x 8.7x
8
Select, Recent M&A Activity without Disclosed Values
Source: CapitalIQ, PitchBook, company filings, news releases.
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$ in millions
Close Date Target Acquirer/Investor Target Description
Announced Haggar Clothing Co. Randa Corporation Manufactures men's apparel
Announced Stella McCartney Ltd LVMH Moët Hennessy - Louis Vuitton, Société Européenne Designs women's and men's ready-to-wear, accessories, lingerie and eye-wear
Announced The Bra Shoppe Private Investor Operates women clothing and undergarment stores
Dec-19 Hardwick Clothes, Inc. The Blind Corp Manufactures tailored clothing for men and women
Dec-19 Hurley International LLC Bluestar Alliance, LLC Designs and markets swimwear, eyewear, and apparel
Nov-19 Bow & Drape Inc. Brand Value Growth LLC Retails custom designed apparel and accessories for women online
Nov-19 Lord & Taylor, LLC/LT Card Company LLC Le Tote, Inc. Operates stores that offer women's clothing, shoes, handbags, jewelry and accessories
Oct-19 Big Daddy Clothing Company Panda Apparel, LLC Provides clothing an online retailing platform
Sep-19 Teamwork Athletic Apparel, Inc. Founder Sport Group Manufactures sports team uniforms , activewear, and performance apparel
Sep-19 Spy Optic Inc. BOLLÉ BRANDS SAS Manufactures sunglasses and glasses for men, women, and kids
Aug-19 Lust For Life Renewable Energy and Power, Inc. Designs and sells footwear for women
Aug-19 Uncle Dan's Ltd. Gearhead Outfitters, Inc. Owns and operates outdoor apparel stores
Jul-19 Stanbury Uniforms, Inc Varsity Spirit Corporation Manufactures uniforms for children
Jul-19 Mr. Alan's Shoes and Sportswear, Inc. Rack Room Shoes, Inc. Manufactures and sells apparel and footwear; watches, hats, handbags, sunglasses and school uniforms
Jul-19 Anne Klein Brand of Premier Brands Group WHP Global Provides women's apparel and accessories
Jul-19 Creative Genius, Inc. (Pura Vida) Vera Bradley, Inc. Designs bracelets, jewelry, anklets, rings, necklaces, earing, cuffs and other accessories
Jul-19 Assets of THLETE Outdoors, LLC Ares Outdoors Sells hunting and camo apparel
Jul-19 Solstice Marketing Concepts, LLC Fairway LLC Operates as a retailer of luxury, designer, and sport performance sunglasses for men, women, and kids
Jun-19 Evolv Sports & Designs Co. Oberalp S.p.a. Manufactures performance climbing and outdoor footwear
Jun-19 Three Dots, Inc. FAM LLC Provides designer fashion clothing for men and women
May-19 Alex Apparel Group, Inc. Versa Capital Management, LLC Designs and distributes eveningwear dresses and separates for women
May-19 Pamela Love Jewelry LLC RED Luxury Group Designs and sells jewelry
May-19 American Achievement Corporation Iconic Group, Inc. Manufactures, distributes, and sells commemorative jewelry and recognition products
May-19 Jason Wu LLC Green Harbor Investment Designs, manufactures, and sells apparel and accessories for women
May-19 Peaks Apparel, LLC Xceed México S.A. de C.V. Designs, manufactures, and markets active wear
May-19 Dunlop Industrial and Protective Footwear, Inc. EQT Partners AB Manufactures and offers waterproof professional work boots
Apr-19 The Sportsman's Shop Inc. BSN Sports, LLC Provides online direct marketing and distribution of sports apparel and equipment
Apr-19 Iconery, Inc. Heartbeat Technologies, Inc. Operates an online jewelry marketplace
Apr-19 Atelier Fashion Company, Inc. OTB S.p.A. Operates an online clothing store
Apr-19 VOLCOM, Inc. Authentic Brands Group LLC Designs, markets, and distributes clothing, footwear, accessories, and related products for young men and women
Apr-19 Donald Pliner Studio H 33. Inc. Operator of luxury footwear stores
Apr-19 Michigan Industrial Shoe Company Saf-Gard Safety Shoe Company Manufacturers functional, stylish, and protective footwear for workers in a variety of harsh environments
Mar-19 Fred Segal Inc. Global Icons, LLC Operates clothing stores and boutiques for men, women, and kids
Mar-19 The Shops Buckhead Jamestown L.P. Sells apparel and accessories through retail stores
Mar-19 For Bare Feet, Inc. Taglich Private Equity, LLC Manufactures novelty sports team socks and footwear accessories
Feb-19 Belabumbum, LLC Adore Me, Inc. Designs and manufactures intimate apparel, sleep, lounge, and activewear for expecting and new moms
Feb-19 Meta Threads LLC UMG Media Corp. Manufactures gaming apparel
Jan-19 Nucleus Brands 20nine Design Studios, LLC Operates a portfolio of brands which includes men's apparel
Jan-19 Sector Six Apparel LLC We Are Nations, Inc. Manufactures and markets jerseys and custom apparel for teams
Jan-19 Racetrackers Enterprises, Inc. Running Awards and Apparel, Inc. Supplies promotional apparel and accessories
9
351
289
369384 388
287
241
218
0
50
100
150
200
250
300
350
400
450
U.S. Apparel, Accessories, & Footwear M&A Volume*
• Through 2019, global AAF M&A volume has declined by 11.3% from 2018 levels, primarily attributed to market uncertainty from global geopoliticalturmoil and the ongoing trade wars. However, while transaction volume is expected to continue at a slow pace into 2020, transaction multiples haveremained steady for companies with consistently strong performance.
• Similar to global M&A volume, U.S. AAF M&A activity in 2019 was down 9.5% compared to the previous year. Since the peak in 2016 of 388transactions, volume has sharply declined to 218 transactions in 2019 due to shifting consumer preferences toward online shopping that have placedcontinued pressure on brick & mortar retailers to close additional underperforming stores. Nevertheless, industry performance and M&A activity areexpected to rebound in 2020 as many retailers have started to fundamentally change their strategies to include more investments in technology anddata analytics.
Apparel, Accessories, & Footwear M&A Activity
Source: CapitalIQ, company filings, news releases.
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Outsourced Accounting
Internal Audit
Public Company & SEC
Employee Benefit Plans
Financial Statement Audits
IN S T IT U T IO N A L
IN D IV ID U A LT R A N S A C T IO N S
S T R A T E G Y & O P E R A T IO N S
I T
T A X
A S S U R A N C E
Wealth ManagementConsultingAccounting
Valuations
Restructuring
M&A Tax
Due Diligence
Investment Banking
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Our Global Reach Through Local Relationships
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Mazars Africa40 offices
Mazars Asia25 offices
Mazars Middle East15 offices
Mazars Europe 140 officesMazars M&A 20 offices
Mazars South America20 offices
Moss Adams Capital 2 locationsMoss Adams LLP 30 locations
MNP Corporate Finance 10 officesMNP LLP 70 offices
BKD Corporate Finance 4 officesBKD LLP 33 offices
William Buck CAA 6 offices
Weiser Mazars 6 offices
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Contact Us
Richard AndersonPartner
Tyler DaleDirector
Steve MendozaAssociate
FOR ADDITIONAL INFORMATION CONTACT CONTRIBUTING AUTHORS WITH MOS S ADAMS INVESTMENT BANKING & ADVISORY
IRVINE, CA SEATTLE, WA
(949) 221-4000 (206) 302-6500
WWW.MOSSADAMS.COM/INVESTMENTBANKING
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The material appearing in this presentation is for informational purposes only and should not be
construed as advice of any kind, including, without limitation, legal, accounting, or investment advice.
This information is not intended to create, and receipt does not constitute, a legal relationship, including,
but nor limited to, an accountant-client relationship. Although this information may have been prepared
by professionals, it should not be used as a substitute for professional services. If legal, accounting,
investment, or other professional advice is required, the services of a professional should be sought.
Assurance, tax, and consulting offered through Moss Adams LLP. Wealth management offered through
Moss Adams Wealth Advisors LLC. Investment banking offered through Moss Adams Capital LLC.
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