3

CONTACTS

Bob BalabanManaging Director303-792-9400bbalaban@capstoneheadwaters.com

Todd McMahonManaging Director 617-619-3334tmcmahon@capstoneheadwaters.com

June 2020www.capstoneheadwaters.com

The unprecedented spread of COVID-19 has sent shockwaves through globaleconomies, significantly disrupting labor market dynamics. In April, the U.S.unemployment rate reached 14.7% (Bureau of Labor Statistics),1 the highest levelexperienced in the post-World War II era. However, the May Jobs Reportindicated the unemployment rate declined to 13.3% and nonfarm payrolls roseby 2.5 million.2 As states begin to reopen and businesses gradually resumeoperations, the number of weekly jobless claims, which fell over 45% in the lastfour weeks of May from a record-high in the prior month, are expected tocontinue decelerating as the labor market shows signs of partial recovery.Despite significant revenue declines in general staffing solutions (median declineof 18% in temporary staffing),3 Human Resources (HR) & Staffing providers withadvanced digital recruiting and placement platforms that serve essential endmarkets display relative resilience.

The swiftness of the pandemic has rippled through the HR & Staffing industry,driving continued jobless claims to surge over 20 million since mid-March,according to the U.S. Department of Labor.4 Companies have responded toCOVID-19 through liquidity preservation and cost reduction initiatives, includinghiring freezes, layoffs, and reduced discretionary spending. The severedeterioration in temporary and permanent hiring demand has been dire inHospitality, Retail, Airline, and non-essential Manufacturing sectors. As statesbegin to reopen, businesses are operating lean and demand for flexible labor isexpected to rise as companies focus on labor cost efficiency and cost control.

In Robert Half’s Q1 earnings call, Keith Waddell, President and CEO, commented:“Because they start lean, employers need help as business picks up and theyresume projects that were put on hold. Variable cost labor models are ideal inthe early stages of a recovery until the business stabilizes. As the recoveryaccelerates, there is typically pent-up demand, especially for specialized skills.”5

Notably, IT personnel that support remote work deployment as well as e-commerce fulfillment and wholesale food services jobs have seen relativeresilience. Operators with digitized platforms that provide contingent laborpromptly are poised to foster demand when businesses reopen.

TABLE OF CONTENTS

Industry Outlook COVID-19 Impacts Trends & Drivers M&A Activity Select Transactions Public Company Data Report Contributors Firm Track Record

HUMAN RESOURCES & STAFFING SERVICESQ2 2020INDUSTRY OUTLOOK

Capstone Headwaters

2x

6x

10x

14x

18xProfessional & Commercial Healthcare Executive & Retained Search S&P 500

Source: Capital IQ and Company Earnings Releases

CYQ1 Public Company Performance and Outlook

2

Human Resources & Staffing Services | Q2 2020

COVID-19 IMPACTS

Company CYQ1 Earnings Performance COVID-19 Impacts

Revenue declined 8.3% year-over-year (YOY) on aconstant currency basis and gross profit declined11.3%.6 Americas Staffing segment declined on lowervolume, primarily in education and light industrial whileits International Staffing segment also contracted. ItsGTS Segment saw the smallest impact from COVID-19,as many of its customers belong to essential industries.The company has not seen any material marginpressure as a result of COVID-19, in part due toexpense savings from restructuring actions and othercost reduction initiatives. Insight, an education staffingprovider acquired in January, faces significantheadwinds but noted several recent contract wins.

• Estimated 2.7% YOY revenue decrease due toCOVID-19 impact

• Reductions in spending included a 10% temporarypay cut, reduced executive compensation, furloughor redeployment of full-time employees, andreduced capital spending by a third

• Slight demand increases in Life Sciences, ContactCenters, and Food Distribution & Supply markets

• Education and Manufacturing markets continue tosee depressed revenues in response to lockdownsand will see further revenue declines in Q2

• Implemented a human cloud platform• Kelly withdrew guidance in mid-April

Revenue of $4.6 billion represents a 6% decline YOY ona constant currency basis, driven by a sudden decreasein activity in mid-March due to COVID-19.7 The revenuedecline was predominantly driven by its Europeanbusiness with a significant drop in France as a result ofits swift lockdown measures. Operating profit in Q1declined 39%, reflecting a $48 million restructuring costincurred in March. Debt to EBITDA of 1.42x and anuntapped $600 million revolving credit facility providesa strong liquidity position. Through April the U.S. hasseen revenue declines of ~20%, concentrated in itsManpower and Talent Solutions businesses, while ITfocused Experis is down mid-single digits.

• Reduced SG&A expenses and deployed technologyto support clients and candidate engagement

• Leveraged opportunities in logistics and foodservices to partially offset declines in manufacturing

• Sharp decline in recruitment process outsourcing asmany clients initiated hiring freezes in March

• Experis, a provider of IT staffing, has shownresilience compared to its other businesses

• Expected material decline in high margin permanentrecruitment activity and anticipates employers toseek temporary staffing solutions to ensureoperational flexibility

• ManpowerGroup withdrew its guidance

Robert Half increased its revenue by ~2% YOY in Q1 onan as-adjusted basis. The company generated $131million in operating income, with $105 million (8.6%operating margin) generated from its staffing divisions.First quarter staffing revenues were down 1% YOY, withU.S. staffing nearly flat and non-U.S. staffing down 4%compared to 2019. Its risk consulting services business,Protiviti, increased revenue by 15% and holds a strongpipeline, particularly in technology and regulatorycompliance engagements. March revenues were down6% in its temporary and consulting staffing divisions,while the first three weeks of April were down 25%.

• Reduced operating costs by 20% and intendsanother 10% decrease through Q2 and Q3

• Revenue declines in its Temporary Staffing businesshave slowed week to week in April and newassignments have flattened out

• IT support assignments have begun to come back,particularly for businesses new to remote work

• Robert Half intends to seek opportunities inFinancial Services, Government, Public Education,and Outsourced Re-shoring, often in conjunctionwith Protiviti’s IT and managed services.

• Robert Half withdrew its guidance.

EV/E

BITD

A

Public HR & Staffing Company EBITDA Multiples vs. S&P 500

March 11: WHO declares COVID-19 a pandemic

13.9x

11.0x

7.1x

4.9x

Public company EBITDA multiplesdeclined following the outbreak ofthe pandemic. HR & Staffing industrysegments have partially recoveredfrom their troughs, including theProfessional & Commercial (+54.2%)and the Executive & Retained Search(+53.8%). The Healthcare segmentwas slower to decline than othersegments, and has recovered 20.5%from its trough compared to the S&P500’s 33.8% recovery.

INDUSTRY TRENDS & DRIVERS

3

Monthly Transaction Volume

Staffing & Recruiting Industry Market Size

Note: Includes Announced and Closed DealsSource: Capital IQ, PitchBook, FactSet, and Capstone Research

HR & Staffing M&A Activity

Human Resources & Staffing Services | Q2 2020

HR & Staffing industry merger and acquisition activity(M&A) slowed down abruptly in the second half of March,as companies focused on internal operational andliquidity risks rather than pursuing or closing new deals.This resulted in a nearly 57% reduction in consolidateddeal activity YOY from March to May.

Private equity (PE) continued to display appetite for thespace, accounting for 42% of total transaction volume,heavily concentrated in add-on deals which composed33% of total activity. Capstone’s conversations with PEfirms have indicated that they are “open for business,”albeit with tightened deal criteria and substantial hurdlesto access leverage. Portfolio companies have shiftedtoward preserving liquidity and managing COVID-19induced risks. However, U.S. PE firms hold a war chest ofdeployable capital which reached ~$1.2 trillion at the endof 2019, according to Pitchbook. With a surplus of dry

3427

2228

2222 21

136

11

0

10

20

30

40

January February March April May

Tran

sact

ion

Volu

me

2019 2020

Digitization: Pre-pandemic trends have continued tobecome magnified as the industry operates under lockdownmeasures. The widespread adoption of remote work hasexpedited demand for virtual HR & staffing solutions. Asbusinesses turn to virtual recruiting, HR & staffing providersthat provide proprietary digital platforms present asignificant competitive advantage. Notably, 86% ofRecruitment industry professionals believe HR & staffingoperators must embrace a digital transformation to remaincompetitive, according to Global Recruitment Insights &Data by Bullhorn.8 As we approach a “new normal,” a shifttoward virtual interviews and onboarding will be bolsteredby the utilization of cloud and AI-enabled applicant trackingsystems, cultivating heightened efficiency and ensuringworkforce safety. In addition, many businesses that are newto remote work have discovered their human capital can beproductive from home, potentially easing geographicbarriers for employment criteria.

IT Staffing: This segment has proved relatively moreresilient in the downturn, with revenues modestly decliningby a median 4% compared to general temporary staffingdeclines of 18% YOY in April, according to the SIA. Beforethe downturn, the U.S. had experienced a historically tightlabor supply, resulting in a shortage of highly specializedtalent. This shortage has softened and it is expected thatdemand for high-end IT skills in cloud, security, andinfrastructure will be met with a relatively larger supply.

$114 $120$126

$135 $138 $143 $148 $152

$119

$136

$0

$20

$40

$60

$80

$100

$120

$140

$160

2012 2013 2014 2015 2016 2017 2018 2019 2020* 2021*

$ in

Bill

ions

Note: *=forecastSource: Statista Research

The U.S. Staffing & Recruiting industry market size isexpected to decline by 21% to $119.4 billion in 2020 andsubsequently rebound to $136.4 billion (14.2% YOY growth)in 2021.9 While the global economy begins to reopen, thereremains downward pressure and uncertainty on temporaryand permanent hiring solutions. Despite this, key pockets ofthe market have shown resilience and have continued tohire, such as IT, Warehousing & Fulfillment, and WholesaleFood Services. Notably, Amazon (NYSE:AMZN) andWalmart (NYSE:WMT) have announced a combined 375,000open positions, according to MarketWatch.10

powder, Capstone Headwaters expects deal appetite toreturn once lending markets stabilize and sellers return tothe M&A market.

Enterprise EV / LTMDate Target Acquirer Target Business Description Value (mm) Revenue EBITDA

05/12/20 Division of The Healy Group HUB International Provides benefits communications, workplace-

wellness plans, and risk management seminars. - - -

05/12/20 Signature Management

Applied Research Associates

Offers business management and human capital consulting services. - - -

05/11/20 Finalist Parrut Provides professional employer organization (PEO) and HR services. - - -

05/05/20 Ignite PEO Services G&A Partners Provides professional employer organization (PEO) and

HR services. - - -

05/05/20 On-Time Payroll Services

Divirglio Insurance Agency

Offers employees background checks and payroll services. $0.2 - -

05/04/20 Intel365 Xalles Technology Provides employment background checks for Healthcare, Staffing, Retail, and other industries. - - -

05/01/20 IT Connect Avrem Technologies

Offers IT staffing services including contract, contract-to-hire, and direct hire placement. - - -

04/22/20 Leading Edge Payroll & HR G&A Partners Engages in HR, risk management, and payroll services

and offers a client branded, online recruitment portal. - - -

04/07/20 Farmington Aon Provides voluntary benefit communications and administration services for employers. - - -

04/03/20 Alternative Staffing Swipejobs Offers employee leasing services, including

distribution, administrative, and support staff. ~$13.0 - -

03/31/20 Chapman and Chapman

USI Insurance Services Provides employee benefits consulting services. - - -

03/18/20 Olson Group Patriot GrowthPartners

Provides employee benefits consulting services, with a focus on retirement planning and group insurance. - - -

03/16/20 Foreman Therapy Services

The Delta Companies

Offers therapy staffing services to home health agencies and healthcare facilities. - - -

03/13/20 LegalPartners Eureka Equity Partners

Provides temporary and permanent staffing services for law firms and corporate law departments. - - -

03/11/20 Benemax Navacord Offers full service benefits management solutions. - - -

03/10/20 Capital TechSearch Alaant Workforce Solutions

Offers IT staffing and recruitment services in Richmond, Virginia and Washington D.C. - - -

03/02/20 Benefits Consulting of Morneau Shepell HUB International Provides employee benefits consulting services. $52.5 - -

02/28/20 Flex-Team Lingo Staffing Offers staffing services for light industrial clients. - - -

02/25/20 Integrated Benefit Consultants People Provides group benefits consulting and administration

services in Central Alberta. $9.2 - -

02/25/20 The Armada Group Eliassen Group Offers on-demand talent solutions, specializing in IT professionals. - - -

02/24/20 Saba Software Cornerstone OnDemand

Provides cloud-based intelligent management solutions to hire, develop, and engage employees. $1,295.0 - -

02/24/20 SQR2 Valtas Group Offers executive recruiting, career counseling and coaching, and HR consulting services. - - -

02/04/20 EdgeRock Technologies BG Staffing Provides IT staffing solutions , including SAP,

Oracle, and PeopleSoft consultants. $21.6 0.5x -

SELECT TRANSACTIONS

4

Source: Capital IQ, PitchBook, FactSet, and Capstone Research

Human Resources & Staffing Services | Q2 2020

PUBLIC COMPANY TRADING & OPERATING DATA: PROFESSIONAL & COMMERCIAL

Source: Capital IQ as of June 25, 2020

5

Price % 52 Wk Market Enterprise LTM EV / LTM

Company 06/25/20 High Cap Value Revenue EBITDA Margin Revenue EBITDAKorn Ferry $29.29 66.6% $1,612.3 $1,696.4 $1,983.0 $345.3 17.4% 0.9x 4.9x

Heidrick & Struggles International $21.18 63.8% $408.2 $364.7 $706.8 $112.7 16.0% 0.5x 3.2x

Mean 16.7% 0.7x 4.1x

Median 16.7% 0.7x 4.1x

Harmonic Mean 16.7% 0.6x 3.9x

Price % 52 Wk Market Enterprise LTM EV / LTM

Company 06/25/20 High Cap Value Revenue EBITDA Margin Revenue EBITDARandstad Holding NV $43.84 69.6% $8,034.6 $9,657.0 $25,683.5 $1,278.0 5.0% 0.4x 7.6x

Adecco Group AG $46.23 69.3% $7,492.6 $8,462.6 $25,187.9 $1,436.3 5.7% 0.3x 5.9x

Robert Half International Inc. $50.34 78.7% $5,678.9 $5,705.3 $6,112.6 $671.2 11.0% 0.9x 8.5

ManpowerGroup Inc. $68.04 67.4% $3,949.7 $4,342.7 $20,437.7 $922.3 4.5% 0.2x 4.7x

ASGN Inc $63.92 88.0% $3,355.8 $4,459.4 $3,990.7 $456.7 11.4% 1.1x 9.8x

Kforce Inc. $27.52 64.5% $571.2 $660.5 $1,355.9 $90.8 6.7% 0.5x 7.3x

Kelly Services, Inc. $15.21 52.6% $595.4 $640.7 $5,234.1 $142.1 2.7% 0.1x 4.5x

TrueBlue, Inc. $14.73 59.0% $512.0 $581.5 $2,310.7 $95.4 4.1% 0.3x 6.1x

Resources Connection, Inc. $11.60 64.7% $372.9 $430.7 $706.9 $53.4 7.6% 0.6x 8.1x

Mean 6.5% 0.5x 6.9x

Median 5.7% 0.4x 7.3x

Harmonic Mean 5.4% 0.3x 6.5xEV = enterprise value; LTM = last twelve months$ in millions, except per share data

PUBLIC COMPANY TRADING & OPERATING DATA: HEALTHCARE

PUBLIC COMPANY TRADING & OPERATING DATA: EXECUTIVE & RETAINED SEARCH

Human Resources & Staffing Services | Q2 2020

EV = enterprise value; LTM = last twelve months$ in millions, except per share data

EV = enterprise value; LTM = last twelve months$ in millions, except per share data

Price % 52 Wk Market Enterprise LTM EV / LTM

Company 06/25/20 High Cap Value Revenue EBITDA Margin Revenue EBITDAAMN Healthcare Services, Inc. $45.35 50.8% $2,130.4 $3,225.7 $2,292.1 $283.7 12.4% 1.4x 11.4x

Cross Country Healthcare, Inc. $5.93 44.2% $222.1 $308.1 $837.1 $37.7 4.5% 0.4x 8.2x

Mean 8.4% 0.9x 9.8x

Median 8.4% 0.9x 9.8x

Harmonic Mean 6.6% 0.6x 9.5xEV = enterprise value; LTM = last twelve months$ in millions, except per share data

HR & STAFFING REPORT CONTRIBUTORS

Benjamin Kelly Research Analystbkelly@capstoneheadwaters.com | 617-619-3390

Ben joined Capstone Headwaters in 2018 and serves as an Analyst on the Boston Research Team. Heworks directly with senior investment bankers, utilizing data and market analysis to deliver key industryinsights to C-suite executives. Ben has a primary focus in the Industrial & Manufacturing and BusinessServices sectors. Prior to joining Capstone Headwaters, Ben worked part time at The Baupost Groupwithin its Portfolio Valuation department. Ben earned a BA in Economics from Providence College andis a Series 79 Registered Investment Banking Representative.

6

Bob BalabanManaging Directorbbalaban@capstoneheadwaters.com | 303-792-9400

Bob Balaban joined Capstone Headwaters in 2011 and brings over 25 years of investment banking andoperating experience. Bob has served as the lead banker on over 75 merger and acquisition transactionsprimarily in the business services marketplace. He has also been involved with over a dozen startupcompanies, including Great Plains Accounting Software, Inc., a software company that was ultimatelyacquired by Microsoft Corp. as well as InaCom Corp., a distribution company that he helped grow toseveral billion dollars in annual revenue before it was acquired by Hewlett Packard. He has appeared innumerous national business publications, including the Wall Street Journal and Fortune Magazine and onnational television as an expert in mergers and acquisitions.

Human Resources & Staffing Services | Q2 2020

2019US MIDDLE MARKET INVESTMENT BANK

OF THE YEAR

TURNAROUND AWARDS

2019INVESTMENT BANKING FIRM

OF THE YEAR

INTERNATIONAL AWARDS

2019INVESTMENT BANKING FIRM

OF THE YEAR

2020INVESTMENT BANKING FIRM

OF THE YEAR

2020MIDDLE MARKET

INVESTMENT BANK OF THE YEAR

Todd McMahonManaging Directortmcmahon@capstoneheadwaters.com | 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 Bostonbased boutique M&A advisory firm he founded in 2002. He began his career at Putnam Investments,later moving to Bank Boston’s investment banking group. Later, Todd served as Managing Director atRoss Crossland Weston/RCW Mirus, where he was responsible for managing the firm’s technologyinvestment banking practice. Todd’s investment banking experience is complemented by hisinvolvement as an entrepreneur and investor where he was involved in various consolidationtransactions, raised over $30mm of debt and equity financing and was responsible for managing allaspects of operations. He earned his MBA from Boston University and his BA from the University ofMassachusetts.

FIRM TRACK RECORD

7

has been acquired by has been acquired by

has been acquired by has been acquired by has been acquired by has been acquired by

has been acquired by has been acquired by

has been acquired by

has been acquired by

CERTIFIED IT & ITRICITY

FREEDOM DATA

has acquired

ARIES GROUP INC.

valuation and financial advisory

has been acquired by

NORTHERNHEALTHCARE CAPITAL

debt financing

has recapitalized with

has recapitalized with

has recapitalized with

A PRIVATEINVESTMENT GROUP

PROVIDER OF STAFFING AND HUMAN RESOURCES

SERVICES TO THE FASHION INDUSTRY

CONFIDENTIAL

corporate sale (IN PROCESS)

has been acquired byhave been acquired by

PROVIDER OF STAFFING SERVICES IN NUCLEAR AND

WASTE OPERATIONS

CONFIDENTIAL

corporate sale(IN PROCESS) has been acquired by

has recapitalized with

has partnered with has partnered with

Human Resources & Staffing Services | Q2 2020

CITATIONS

1. Bureau of Labor Statistics, “The Employment Situation – April 2020,” https://www.bls.gov/news.release/empsit.nr0.htm, accessed June 4, 2020.

2. Bureau of Labor Statistics, “The Employment Situation – May 2020,” https://www.bls.gov/news.release/empsit.nr0.htm, accessed June 5, 2020.

3. Staffing Industry Association, “IT Staffing Report: May 7, 2020,” https://www2.staffingindustry.com/Editorial/IT-Staffing-Report/May-7-2020/IT-benchmarking-survey-showcases-trends-prior-to-disruption-and-possible-opportunities, accessed June 4, 2020.

4. Department of Labor, “Unemployment Insurance Weekly Claims,”, https://www.dol.gov/ui/data.pdf accessed June 26, 2020.5. Robert Half, “Quarterly Conference Calls,” https://www.roberthalf.com/investor-center/quarterly-conference-call#, accessed June 4,

2020. 6. Kelly Services, “Investor Relations,” https://www.kellyservices.com/global/about-us/ir/investor-relations-home/, accessed June 4,

2020. 7. ManpowerGroup, “Investor Relations,” https://investor.manpowergroup.com/investor-overview, accessed June 4, 2020.8. Global Recruitment Insights & Data, “Recruitment Industry Outlook 2020,” https://grid.bullhorn.com/key-findings/, accessed June 4,

2020. 9. Statista, “Staffing and recruiting industry market size in the United States from 2012 to 2021 (in billion U.S. dollars),”

https://www.statista.com/statistics/873648/us-staffing-industry-market-size/, accessed June 4, 2020. 10. MarketWatch, “A record number of Americans are losing their jobs — but Walmart, Amazon, Ace Hardware and others are hiring to

fill 604,000 openings amid coronavirus demand,” https://www.marketwatch.com/story/amazon-is-hiring-100000-workers-7-eleven-will-hire-up-to-20000-here-are-the-sectors-adding-jobs-amid-coronavirus-2020-03-20, accessed June 4, 2020.

Disclosure: This report 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 report should not be construed as a recommendation to sell or buy any security. Any reference to or omission ofany reference to any company in this report should not be construed as a recommendation to buy, sell or take any other action with respect to any security ofany such company. We are not soliciting any action with respect to any security or company based on this report. The report is published solely for thegeneral information of clients and friends of Capstone Headwaters. It does not take into account the particular investment objectives, financial situation orneeds of individual recipients. Certain transactions, including those involving early-stage companies, give rise to substantial risk and are not suitable for allinvestors. This report is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be reliedupon as such. Prediction of future events is inherently subject to both known and unknown risks and other factors that may cause actual results to varymaterially. We are under no obligation to update the information contained in this report. Opinions expressed are our present opinions only and are subjectto change without notice. Additional information is available upon request. The companies mentioned in this report may be clients of Capstone Headwaters.The decisions to include any company in this report is unrelated in all respects to any service that Capstone Headwaters may provide to such company. Thisreport may not be copied or reproduced in any form, or redistributed without the prior written consent of Capstone Headwaters. The information containedherein should not be construed as legal advice.

8

Human Resources & Staffing Services | Q2 2020

LEADERSHIP THROUGH THE COVID-19 ERAINTEGRATED CRISIS MANAGEMENT SOLUTIONS

BUILD REALIZE SUPPORTGROW

As a firm, we have mobilized our collective resources to deliver an integrated solution to business ownersnavigating through these times. We can help frame your decisions, access capital to protect yourposition, and provide specialty transaction expertise to capture opportunities as they arise.

Our full-service capabilities help companies through every aspect of the business, supported by dedicatedindustry experts, market intelligence, and private equity coverage.

Financial Advisory

We specialize in performance improvement and value creation

in difficult situations.

Board Advisory • Strategic Blueprinting• Evaluate Capital Adequacy• Performance Tracking• Management Accountability• Communication

Operational Effectiveness • Cost Structure Management• Operational Assessment• Management Assessment• Sales Augmentation• Organizational Optimization

Crises Management • Turnaround / Interim Mgmt.• Corporate Restructuring• Bankruptcy Protection

Capital Access

We help manage through new or existing lenders or investors and

secure an optimal solution.

Debt Financing• Bridge / Interim Financing• ABL and Cash Flow Revolvers• 1st and 2nd Lien Term Loans• Subordinated Debt• Sale-Leasebacks

Equity Financing • Growth Equity• Secondary Equity Recaps• Structured Equity• Acquisition Financing• Investor Management

Alternatives • Creditor Mediation• DIP and Exit Financing • Government Support Programs

Mergers & Acquisitions

We can assist opportunist acquisitions, execute sales, and

navigate distressed transactions.

Strategic Acquisitions• Target Identification• Valuation & Structure• Buy-Side Due Diligence• Quality of Earnings• Buy-Side M&A Execution

Sales & Divestitures• Corporate Valuation• Market Assessment• Transaction Readiness• Sell-Side M&A Execution• Asset Divestiture

Distressed Transactions• Business Unit Divestiture• Distressed M&A• §363 Sale

WE ARE ENGINEERED TO MEET THE FULL LIFECYCLE DEMANDS OF PRIVATE COMPANIES

12

www.capstoneheadwaters.com

Capstone Headwaters is an elite investment banking firm dedicated to serving the corporate finance needs of middle marketbusiness owners, investors and creditors. Capstone Headwaters provides merger & acquisition, private placement, corporaterestructuring and financial advisory services across 16 industry verticals to meet the life cycle needs of emerging enterprises.Headquartered in Boston, MA and Denver, CO, Capstone Headwaters has 19 offices in the US, UK and Brazil with a globalreach that includes over 450 professionals in 40 countries.

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